TCREUR_Public/090423.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Thursday, April 23, 2009, Vol. 10, No. 79

                            Headlines

A U S T R I A

B+B LEIBLFINGER: Claims Registration Period Ends May 15
ELBA MARI: Claims Registration Period Ends May 13
G. HASCHKE: Claims Registration Period Ends May 15
KG SEGUND: Claims Registration Period Ends May 15
KRAUTGARTNER LLC: Claims Registration Period Ends May 13

MAG. POLTNER: Claims Registration Period Ends May 14
SAIGA – HANSER: Claims Registration Period Ends May 13
SO14TEC ENGINEERING: Claims Registration Period Ends May 15


A Z E R B A I J A N

* Fitch Affirms Individual Ratings on 4 Azerbaijani Banks at 'D/E'


G E R M A N Y

ALBA ZIMMEREI: Claims Registration Period Ends May 4
BENASCO TRADING: Claims Registration Period Ends May 5
CONERGY AG: Incurs EUR213-Mln Full-Year Loss, 1Q Revenue Down 70%
EITHO TIEFBAU: Claims Registration Period Ends May 25
ENERGIE GENIE: Claims Registration Period Ends May 25

NEUFA NUTZFAHRZEUGE: Claims Registration Period Ends June 12
NO. ONE FASHION: Claims Registration Period Ends June 16
PW-ANUGRAH COMPUTER: Claims Registration Period Ends May 18
TALLYGENICOM LP: German Liquidator Held in Contempt
THERMOTECH BAU: Claims Registration Period Ends May 26

UNIBETTA IMMOBILIEN: Claims Registration Period Ends April 27
VOSCON GMBH: Claims Registration Period Ends May 11
WOOLWORTH GMBH: 9,700 Jobs in Germany and Austria at Risk

* GERMANY: Subscontractors & Parts Suppliers May Shed 100,000 Jobs


I R E L A N D

VISTEON CORP: Former Visteon UK Workers in Belfast Fight Eviction

* Moody's Reviews Ratings on Securities of Various Irish Banks
* IRELAND: ISME Says Survival of SMEs Threatened by Late Payments


I T A L Y

BANCA ITALEASE: Board Approves Popolare's Stake Purchase Proposal
FIAT SPA: Chrysler's Canadian Auto Workers Balk at Wage Cuts


K A Z A K H S T A N

AGRO CENTRE: Creditors Must File Claims by May 29
AGRO HOLDING-2009: Creditors Must File Claims by May 29
ALFA INTERNATIONAL: Creditors Must File Claims by May 29
ASIA INFORMATION: Creditors Must File Claims by May 29
BERKAT G LLP: Creditors Must File Claims by May 29

GRAD STROY: Creditors Must File Claims by May 29
IRTYSH INTER: Creditors Must File Claims by May 29
PROPERTY MANAGEMENT: Creditors Must File Claims by May 29
REAL CLUB: Creditors Must File Claims by May 29
USTA ART: Creditors Must File Claims by May 29


L U X E M B O U R G

* LUXEMBOURG: EU Commission Okays Export-Credit Insurance Scheme


N E T H E R L A N D S

HEAD NV: Moody's Cuts Corporate Family Rating to 'Ca'


P O L A N D

TVN SA: Moody's Downgrades Corporate Family Rating to 'Ba3'


R O M A N I A

* ROMANIA: EU Commission Proposes Medium-Term Loan to Council


R U S S I A

AMYRSKIY SHIP: Creditors Must File Claims by May 17
BALTIC CONSTRUCTION: Vologodskaya Bankruptcy Hearing Set July 28
BANK OF KHANTY-MANSIYSK: S&P Cuts LT Counterparty Rating to 'B+'
FRAME-AND-PANEL CONST'N: Creditors Must File Claims by May 17
KAURI OJSC: Creditors Must File Claims by June 17

KLIN-STROY LLC: Creditors Must File Claims by May 17
LES-STROY: Moskovskaya Bankruptcy Hearing Set August 20
MOS-OBL-STROY: Moscow Bankruptcy Hearing Set July 2
PARFINSKIY PLYWOOD: Creditors Must File Claims by May 17
RUSSIAN STANDARD: Moody's Cuts Bank Fin'l Strength Rating to 'D-'

SERGIYEVO-POSADSKIY: Creditors Must File Claims by June 17
SEVERSTAL OAO: High River Credit Facilities Assigned by Standard
SISTEMA JSFC: Moody's Lowers Corporate Family Rating to 'B1'
UC RUSAL: Aluminum Output Down 7.2% in First Quarter 2009
URAI-KOM-BANK: Creditors Must File Claims by June 17


S P A I N

CAJA DE AHORROS: Fitch Downgrades Individual Rating to 'D/E'
CAJA GENERAL: Fitch Affirms Supports Rating Floor at 'BB+'


S W I T Z E R L A N D

BOUTIQUE GULP JSC: Claims Filing Deadline is April 30
BROCKENHAUSER LLC: Proof of Claim Filing Deadline is April 30
LOGO-SLATE JSC: Deadline to File Proofs of Claim Set May 1
NABA JSC: Creditors Have Until April 30 to File Proofs of Claim
PROWERBETECHNIK JSC: Creditors' Proofs of Claim Due by May 1

PUBLICABCIONES DES ARTS: Claims Filing Deadline is April 30
SEROYO JSC: Creditors Have Until May 1 to File Proofs of Claim
TISSA SPRACHREISEZENTRALE: Claims Filing Deadline is April 30


U K R A I N E

ALLIANCE-TECHNIC LLC: Creditors Must File Claims by May 7
AUTOLAND-DNIPRO LLC: Court Starts Bankruptcy Supervision Procedure
BASKI PLUS-2004 LLC: Court Starts Bankruptcy Supervision Procedure
BROMINE KRASNOPEREKOPSKY: Court Starts Bankruptcy Supervision
BUDA LLC: Creditors Must File Claims by May 7

ENERGETICAL HOLDING: Creditors Must File Claims by May 7
NADEZHDA CJSC: Creditors Must File Claims by May 7
PANCOM LLC: Creditors Must File Claims by May 6
SALOMON LLC: Creditors Must File Claims by May 6

* Recapitalization of 6 Ukrainian Banks Won't Move Moody's Ratings


U N I T E D   K I N G D O M

AXEON HOLDINGS: Sold to Ironshield in a Pre-Pack Deal
DREAMCLIFF LTD: Appoints Joint Administrators from Ernst & Young
EDWIN DYSON: Taps Joint Administrators from Tenon Recovery
ELECTRABUILD LTD: Taps Joint Administrators from Grant Thornton
GARTMORE GROUP: Declining Balance Sheet Cues Moody's Junk Rating

JC PAYNE TRUCK: Calls in Joint Administrators from Tenon Recovery
LEISURE AND MARINE: Taps Joint Administrators from Ernst & Young
LLOYDS BANKING: UKFI Can Lend Stock to Short-Sellers
MELTON RETREADS: Appoints Joint Administrators from PwC
PAGEBET LTD: Steven Philip Ross Named Administrator

R & H TOMLINSON: Appoints Administrators from Tenon Recovery
RIGSBY NEW HOMES: Taps Joint Administrators from KPMG
ROYAL BANK: UKFI Can Lend Stock to Short-Sellers
SANDWELL COMMERCIAL NO. 3: Fitch Junks Rating on Class E Notes
SHIRES LTD: Appoints Joint Administrators from Ernst & Young

SKI 47 LTD: Taps Joint Administrators from Tenon Recovery
STERLING ENERGY: Banks Grant Loan Waiver Until Mid-August 2009
TAYLOR WIMPEY: In Talks With Investors Over Rights Issue
TUBE LINES: Moody's Withdraws Rating on GBP300 Mil. Bank Loan
V-FUELS BIODIESEL: Appoints Administrators from Tenon Recovery

WORLDWIDE DESTINATIONS: Taps Administrators from Grant Thornton
YELL GROUP: Moody's Cuts Corporate Family Rating to 'B1'

* UK: To Provide GBP1-Bln Funding for Home Developers
* UK: CEBR Says Fin'l Services Job Cuts May Decrease This Year
* UK: EU Commission Okays Asset-Backed Securities Guarantee Scheme
* EU Commission Opens Antritrust Proceedings vs. Four Airlines
* S&P Corrects Ratings on Five European Synthetic CDO Tranches

* Upcoming Meetings, Conferences and Seminars


                         *********


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


B+B LEIBLFINGER: Claims Registration Period Ends May 15
-------------------------------------------------------
Creditors owed money by B+B Leiblfinger LLC have until May 15,
2009, to file written proofs of claim to the court-appointed
estate administrator:

         Mag. Maria Kincses
   Johann Roithner Strasse 9
   4050 Traun
   Austria
   Tel: 07229/74526
   Fax: 07229/7452616
   E-mail: office@advomoser.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on May 29, 2009, for the
examination of claims at:

         Land Court of Linz
         Room 522
         5th Floor
         Linz
         Austria


ELBA MARI: Claims Registration Period Ends May 13
-------------------------------------------------
Creditors owed money by Elba Mari Bautraeger Ltd. have until
May 13, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Maximilian Schludermann
   Reisnerstrasse 32/12
   1030 Vienna
   Austria
   Tel: 715 50 45
   Fax: 715 50 474
   E-mail: office@anwalt-vienna.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 12:00 p.m. on May 27, 2009, for the
examination of claims.


G. HASCHKE: Claims Registration Period Ends May 15
--------------------------------------------------
Creditors owed money by G. Haschke LLC have until May 15, 2009, to
file written proofs of claim to the court-appointed estate
administrator:

         Dr. Kristina Koeck
   Hauptplatz 6
   2020 Hollabrunn
   Austria
   Tel: 02952/30615
   Fax: 02952/30 615 15
   E-mail: office@koeck-heck.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on May 29, 2009, for the
examination of claims at:

         Land Court of Korneuburg
         Room 105
         First Floor
         Korneuburg
         Austria


KG SEGUND: Claims Registration Period Ends May 15
-------------------------------------------------
Creditors owed money by KG Gesund & Sein – Syscomed have until
May 15, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. iur. LL.M. Norbert Mooseder
   Stelzhamerstrasse 1
   4400 Steyr
   Austria
   Tel: +43 7252/42 4 24
   Fax: +43 7252/42 4 24 -24
   E-mail: lawfirm@gltp.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on May 29, 2009, for the
examination of claims at:

         Land Court of Linz
         Room 522
         5th Floor
         Linz
         Austria


KRAUTGARTNER LLC: Claims Registration Period Ends May 13
--------------------------------------------------------
Creditors owed money by Krautgartner LLC have until May 13, 2009,
to file written proofs of claim to the court-appointed estate
administrator:

         Mag.Peter Vogl
   Claudistrasse 5
   4910 Ried im Innkreis
   Austria
   Tel: 07752/82409
   Fax: 07752/80125
   E-mail: office@puttinger-vogl.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:35 a.m. on May 20, 2009, for the
examination of claims at:

         Land Court Ried im Innkreis
         Hall 101
         First Floor
         Ried im Innkreis
         Austria


MAG. POLTNER: Claims Registration Period Ends May 14
----------------------------------------------------
Creditors owed money by Mag. Poltner LLC have until May 14, 2009,
to file written proofs of claim to the court-appointed estate
administrator:

         Dr. Kurt Freyler
         Seilerstatte 5
         1010 Vienna
   Austria
   Tel: 513 31 65
   Fax: 512 20 01
   E-mail: ra-kanzlei@rant-freyler.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:00 a.m. on May 28, 2009, for the
examination of claims.


SAIGA – HANSER: Claims Registration Period Ends May 13
------------------------------------------------------
Creditors owed money by Saiga - Hanser Hoch- Tiefbau LLC have
until May 13, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Anton Ullmann
   Stadtplatz 20
   5230 Mattighofen
   Austria
   Tel.: 07742/2267
   Fax: 07742/4989
   E-mail: rauu@aon.a

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:10 a.m. on May 20, 2009, for the
examination of claims at:

         Land Court Ried im Innkreis
         Hall 101
         First Floor
         Ried im Innkreis
         Austria


SO14TEC ENGINEERING: Claims Registration Period Ends May 15
-----------------------------------------------------------
Creditors owed money by SO14tec Engineering LLC have until May 15,
2009, to file written proofs of claim to the court-appointed
estate administrator:

         Dr. Guenther Dobretsberger
   Starhembergstrasse 58
   4020 Linz
   Austria
   Tel: 773174
   Fax: 77317420
   E-mail: office@do-st.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on May 29, 2009, for the
examination of claims at:

         Land Court of Linz
         Room 522
         5th Floor
         Linz
         Austria


===================
A Z E R B A I J A N
===================


* Fitch Affirms Individual Ratings on 4 Azerbaijani Banks at 'D/E'
------------------------------------------------------------------
Fitch Ratings has affirmed AGBank's and Technikabank's Long-term
Issuer Default Ratings at 'B-' (B minus) respectively, and revised
both banks' rating Outlooks to Negative from Stable.  At the same
time, Fitch has affirmed the Long-term IDRs of three other
Azerbaijani banks, AccessBank (AB, 'BB+'), JSC Azerdemiryolbank
('B-' (B minus)) and Unibank Commercial Bank (UB, 'B-'(B minus))
with Stable Outlooks.

The Negative Outlooks on AGB and TB reflect ongoing and likely
future asset quality deterioration at the two banks, driven by the
sharp slowdown in domestic economic growth and the rapid seasoning
of loan books after recent very fast growth.  Fitch notes the
already significant levels of non-performing loans at AGB and the
high share of restructured loans at TB.  Higher exposure to the
real estate/construction sectors is an additional risk for TB,
although some borrowers are engaged in less risky
infrastructure/social projects.  At the same time, the
affirmations of AGB's and TB's ratings reflect their material loss
absorption capacity, which should enable them to cope with a
moderate further increase in loan impairment, manageable
refinancing risk and currently stable liquidity positions,
although the latter are dependent on the stability of mostly
short-term customer funding.

The affirmation of UB's Long-term IDR with a Stable Outlook is
based on Fitch's understanding that the National Bank of
Azerbaijan and international financial institutions will provide
considerable liquidity and capital support to the bank in Q209.
Should the bank not receive this support to the extent currently
anticipated, negative rating action is likely to be taken on UB's
IDR.  Fitch has meanwhile downgraded UB's Individual Rating to 'E'
from 'D/E' in light of the continuing rapid deterioration of its
asset quality and its vulnerable liquidity position.  The latter
has come under heightened pressure as a result of substantial
deposit outflow in Q109, and the large volumes of wholesale
borrowings which are maturing in Q209.  An Individual Rating
reflects a bank's stand-alone credit strength and does not take
account of the potential for external support.

The affirmation of Azerdemir's ratings takes into account the
moderate reported loan impairment to date, although restructured
loans are significant, relatively stable funding from IFIs and an
adequate accumulated liquidity cushion.  The latter should enable
the bank to repay outstanding wholesale funding obligations in the
near-term, should they not be rolled-over.  Fitch notes that
Azerdemir's loan portfolio, like those of its peers, is now
seasoning in a more challenging environment after a period of very
rapid growth, and a marked deterioration in asset quality could
lead to negative rating action.

The affirmation of AB's Long-term IDR reflects Fitch's view of the
high probability of support available from its IFI shareholders:
the development bank KfW ('AAA'; 20% stake), the European Bank for
Reconstruction and Development ('AAA'; 20%) and the International
Finance Corporation ('AAA'; 20%), in case of need.  AB's 'D/E'
Individual rating is supported by its relatively strong
capitalization, currently very low loan impairment and moderate
refinancing risk due to the large share of relatively stable
funding from dedicated microfinance funds, which is diversified by
tenors and creditors.  Although asset quality is likely to
deteriorate as the loan book seasons in the weakening operating
environment, significant loss absorption capacity and loan book
granularity are important mitigating factors.

Fitch currently forecasts that Azerbaijan's GDP will contract by
2% in 2009, with the non-oil sector likely to act as a drag on
headline growth.  Reduced economic activity and tightened
liquidity in the corporate and SME sectors have already resulted
in an increase in loan impairment across the Azerbaijani banking
sector.  Asset quality is likely to deteriorate further and Fitch
believes the areas of highest risk will be loans to sectors which
have been hardest hit by the economic slowdown, in particular
construction/construction materials/real estate.  Although the AZN
exchange rate is currently stable, lending in foreign currency,
which is notable in some banks, remains a potential source of
credit risk in the mid-term.

At the same time, accumulated foreign exchange reserves are
currently adequate at over USD6bn, refinancing needs on foreign
markets are moderate, and Fitch notes an encouraging recent sign
for the local economy in terms of greater support for the oil
price.  If the Azerbaijani recession turns out to be shallower or
shorter than currently forecast, this would likely be supportive
for banks' asset quality and their overall credit profiles, and
could result in AGB's and TB's Outlooks being revised back to
Stable.

There has been no sector-wide run on deposits, however, some banks
have experienced an outflow of customer funding since September
2008.  To mitigate liquidity risk, the banks have been
accumulating liquidity cushions by reducing their loan portfolios.
In addition, IFIs in many cases have rolled over existing
obligations or extended new funding facilities and the NBA has
already in Q408 provided funding support to UB.  Liquidity might
come under pressure if deposit outflow picks up, driven, for
example, by a sharp AZN depreciation, or if refinancing support is
not provided to the banks as currently expected.  However, those
scenarios are not at present regarded by Fitch as likely.

The rating actions are:

AccessBank

  -- Long-term IDR: affirmed at 'BB+'; Outlook Stable
  -- Short-term IDR: affirmed at 'B'
  -- Individual Rating: affirmed at 'D/E'
  -- Support Rating: affirmed at '3'

AGBank

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

JSC Azerdemiryolbank

  -- 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'

Technikabank

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

  -- Senior unsecured debt: affirmed at 'B-'(B minus); Recovery
     Rating at 'RR4'

  -- Short-term IDR: affirmed at 'B'

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

  -- Support Rating: affirmed at '5'

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

Unibank Commercial Bank

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


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


ALBA ZIMMEREI: Claims Registration Period Ends May 4
----------------------------------------------------
Creditors of Alba Zimmerei GmbH have until May 4, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 10:45 a.m. on May 18, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Undine Haller
         Bismarckstrasse 39
         74074 Heilbronn
         Germany
         Tel: 07131/173032
         Fax: 07131/171112

The court opened bankruptcy proceedings against the company on
April 14, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Alba Zimmerei GmbH
         Attn: Enver Fejzaj, Manager
         Luisenstrasse 6
         74354 Besigheim
         Germany


BENASCO TRADING: Claims Registration Period Ends May 5
------------------------------------------------------
Creditors of Benasco Trading GmbH have until May 5, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on June 2, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Leipzig
         Hall 056
         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:

         Ruediger Wienberg
         Mozartstr. 3
         04107 Leipzig
         Germany
         Tel: 0341/9839830
         Fax: 0341/98398350

The court opened bankruptcy proceedings against the company on
April 9, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Benasco Trading GmbH
         Attn: Benjamin Tessmer, Manager
         Ernst-Thalmann-Strasse 10
         04758 Cavertitz OT Bucha
         Germany


CONERGY AG: Incurs EUR213-Mln Full-Year Loss, 1Q Revenue Down 70%
-----------------------------------------------------------------
Kari Lundgren at Bloomberg News reports Conergy AG fell 48
percent, or 80 cents, to 85 cents on April 21 in Frankfurt
trading, the most since its initial public offering in March 2005,
after missing full-year earnings targets and reporting a 70
percent decline in first-quarter sales.

The stock has retreated 79 percent in the past twelve months,
giving the company a market value of EUR338.4 million (US$439
million), Bloomberg News says.

The full-year loss before interest and taxes was EUR213 million
while first-quarter revenue declined 70 percent to EUR65 million,
Conergy said in a statement obtained by Bloomberg News.

Separately, Christoph Steitz at Reuters reports Conergy is trying
to cancel its contract with a key supplier.  Reuters recalls the
company last month postponed its annual news conference due to
"ongoing negotiations with an important supplier".

According to Reuters, the company, which is in the midst of a
massive restructuring drive, is trying to exit a contract with
U.S. silicon wafer manufacturer MEMC Eletronics Materials Inc
about a 10-year wafer supply contract struck in October 2007.

Reuters relates analysts have called Conergy's wafer-supply
contract with MEMC unfavourable, mainly highlighting two issues.

"It is decisive for Conergy that they re-negotiate the contract
with MEMC.  The contract has extremely negative conditions for
Conergy ... and renegotiating it will be key in turning around the
company," Reuters quoted WestLB analyst Peter Wirtz as saying.

SES Research analyst Karsten von Blumenthal meanwhile said that
the contract includes fixed prices for wafers that decrease each
year but not in line with the market, which has been hit by a
massive price slump, Reuters discloses.

"Prices for wafers have fallen, albeit less than for cells and
modules, but this means that Conergy as a downstream player can
source itself to probably much better conditions than the current
ones in the existing contract with MEMC," Mr. Wirtz said as quoted
by Reuters.

Germany-based Conergy AG (FRA:CGY) --- http://www.conergy.com/---
is a global manufacturer of products for the solar power
generation, operating through two business divisions: SunTechnics
and EPURON.  The SunTechnics division provides such services as
installation of turnkey systems for using renewable energy and is
specialized in the sales to end customers, offering consulting,
planning, customized financing, installation and system monitoring
services.  The activities of EPURON division encompass project
development and structured financing in the field of renewable
energies.  EPURON develops, finances and implements solar farms,
as well as solar thermal power plants and bioenergy systems,
mainly for institutional investors.


EITHO TIEFBAU: Claims Registration Period Ends May 25
-----------------------------------------------------
Creditors of EITHO Tiefbau & Freiflachengestaltung 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 1:20 p.m. on June 22, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of 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:

         Dr. Volkhard Frenzel
         Magdeburger St. 23
         06112 Halle
         Germany
         Tel: 0345/2311111
         Fax: 0345/2311199

The court opened bankruptcy proceedings against the company on
April 9, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         EITHO Tiefbau & Freiflachengestaltung GmbH
         Gewerbegebiet "Kohrener Land"
         OT Pflug Nr. 9
         04655 Kohren-Sahlis
         Germany

         Attn: Frank Eifert, Manager
         An der Rodelbahn 7
         04655 Kohren-Sahlis
         Germany


ENERGIE GENIE: Claims Registration Period Ends May 25
-----------------------------------------------------
Creditors of Energie Genie 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 9:20 a.m. on June 25, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Giessen
         Hall 415
         Fourth Floor
         Building B
         Gutfleischstrasse 1
         35390 Giessen
         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. Hans Joerg Laudenbach
         Carlo Mierendorff Strasse 15
         35398 Giessen
         Germany
         Tel: 0641/98292-18
         Fax: 0641/98292-16

The court opened bankruptcy proceedings against the company on
April 9, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Energie Genie GmbH
         Siemensstrasse 5
         35415 Pohlheim
         Germany

         Attn: Matthias Michel, Manager
         Burgweg 26
         35516 Muenzenberg
         Germany


NEUFA NUTZFAHRZEUGE: Claims Registration Period Ends June 12
------------------------------------------------------------
Creditors of Neufa Nutzfahrzeuge GmbH have until June 12, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on June 16, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Fulda
         Hall 3100
         Koenigstrasse 38
         36037 Fulda
         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:

         Andreas Gross
         Prof.-Heller-St. 27
         36043 Fulda
         Germany
         Tel: 0661-29112-40
         Fax: 0661-29112-42

The court opened bankruptcy proceedings against the company on
April 9, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:


         Neufa Nutzfahrzeuge GmbH
         Washingtonallee 13-15
         36041 Fulda
         Germany

         Attn: Bilgi Kocyigit, Manager
         Baugulf St. 14
         36037 Fulda
         Germany


NO. ONE FASHION: Claims Registration Period Ends June 16
--------------------------------------------------------
Creditors of No. One Fashion GmbH have until June 16, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.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 Krefeld
         Meeting Room H 131
         Nordwall 131
         47798 Krefeld
         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:

         Eberhard Stock
         Wilhelmshofallee 75
         47800 Krefeld
         Germany
         Tel: (02151) 5813-0
         Fax: +4921515813134

The court opened bankruptcy proceedings against the company on
April 4, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         No. One Fashion GmbH
         Johannes-Cleven-St. 1-3
         41334 Nettetal
         Germany

         Attn: Pascal Spee, Manager
         Brabanter St. 4
         41334 Nettetal
         Germany


PW-ANUGRAH COMPUTER: Claims Registration Period Ends May 18
-----------------------------------------------------------
Creditors of PW-Anugrah Computer Handelsgesellschaft mbH have
until May 18, 2009, to register their claims with court-appointed
insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 10:05 a.m. on June 2, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of 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 8, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         PW-Anugrah Computer Handelsgesellschaft mbH
         Daniel Utomo Purwito, Manager
         Bullerdeich 14
         20537 Hamburg
         Germany


TALLYGENICOM LP: German Liquidator Held in Contempt
---------------------------------------------------
The German liquidator for TallyGenicom AG, a subsidiary of
TallyGenicom LP, was held in contempt by the U.S. Bankruptcy Court
for the District of Delaware for interfering with the sale of the
U.S. company's assets.

According to Bill Rochelle at Bloomberg, in an order signed March
27, the bankruptcy judge ruled that the German liquidator was in
contempt of court for interfering with the sale.  The judge said
there will be another hearing to decide how much to assess in
damages for contempt.  The bankruptcy judge transferred the
Chapter 15 case for the German company from Boston to his court in
Delaware.

As reported by the TCR on March 25, 2009, the German liquidator
for TallyGenicom AG filed a Chapter 15 petition, in Boston,
Massachusetts, aiming to stop the sale of assets of its Germany-
based company's parent, which has filed for Chapter 11 in
Delaware.

The Delaware Court has approved the sale of U.S. based
TallyGenicom LP's business to Printronix Inc. for US$36.6 million,
including the assumption of US$23 million in secured debt, US$6.75
million in warranty claims and US$4 million in accounts payable.
Michale Pluta, the preliminary insolvency administrator of
TallyGenicom A.G. sought a stay of the sale pending its appeal,
citing that it has rights to some of the property.  The Delaware
Court, however, refused to issue a stay order.

According to Bloomberg's Bill Rochelle, the German liquidator
filed the Chapter 15 petition for TallyGenicom A.G., the
subsidiary, in Boston on March 19.  Late in the day on March 19,
the parent's lawyers went to the bankruptcy judge in Delaware who
the same day signed an order stopping proceedings in Boston on the
Chapter 15 petition by the subsidiary.  The parent based its
action on a provision in bankruptcy law giving the judge in the
first-filed case the ability to decide where any affiliate's
later-commenced bankruptcy proceeding should take place.
The bankruptcy judge in Boston, being informed of the action by
the Delaware judge, immediately canceled a hearing that had been
scheduled for March 20 in Boston.

TallyGenicom L.P.'s lender required a quick sale of the
business.

                   About TallyGenicom L.P.

Headquartered in Chantilly, Virginia, TallyGenicom L.P. aka
Datacom Manufacturing LP -- http://www.tallygenicom.com-- provide
an array of business and industrial imaging devices and printer
parts.

TallyGenicom L.P. and two of its affiliates filed for Chapter 11
protection on January 27, 2009 (Bankr. D. Del. Lead Case No. 09-
10266).  Ann C. Cordo, Esq., and Gregory Thomas Donilon, Esq., at
Morris Nichols Arsht & Tunnell LLP, represent the Debtors in their
restructuring efforts.  The Debtors propose Proskauer Rose LLP as
their special corporate counsel; CRG Partners Group LLC as
financial advisor; and Donlin Recano & Company Inc. as their
claims agent.  Suzzanne Uhland, Esq., at O'Melveny & Myers LLP,
and Mark D. Collins, Esq., at Richards, Layton & Finger, P.A.,
represent Printronix Inc., the stalking horse bidder.  Randall L.
Klein, Esq., at Goldberg Kohn Bell Black Rosenbloom & Moritz,
Ltd., and Steven K. Kortanek, Esq., at Womble Carlyle Sandridge &
Rice, PLLC, represent Dymas Funding Company LLC, agent to
Printronix' lenders.  When the Debtors filed for protection from
their creditors, they listed assets and debts betweenUS$10 million
toUS$50 million each.

Tallygenicom AG is a Germany based subsidiary of TallyGenicom L.P.
Its German liquidator filed a Chapter 15 petition for the comapny
on March 19, 2009 (Banrk. D. Mass., Case No. 09-12253).  The
petitioner, Michale Pluta is the Preliminary Insolvency
Administrator and putative foreign representative of TallyGenicom
AG under Germany's Insolvenzordnung Insolvency Act pending before
the Amtsgericht, the Local Court of Ulm.  The petitioner's
counsel, is Steven T. Hoort, Esq., at Ropes & Gray, in Boston,
Massachusetts.  The company estimated assets and debts ofUS$10
million toUS$50 million.


THERMOTECH BAU: Claims Registration Period Ends May 26
------------------------------------------------------
Creditors of ThermoTech Bau GmbH have until May 26, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on June 2, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of 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:

         Joern Weitzmann
         Arnold-Heise-Strasse 9
         20249 Hamburg
         Germany

The court opened bankruptcy proceedings against the company on
April 8, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         ThermoTech Bau GmbH
         Attn: Stefan Koepcke, Manager
         Am Hegen 60
         22149 Hamburg
         Germany


UNIBETTA IMMOBILIEN: Claims Registration Period Ends April 27
-------------------------------------------------------------
Creditors of Unibetta Immobilien & Services GmbH have until
April 27, 2009, to register their claims with court-appointed
insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on June 5, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Bonn
         Hall W 1.26
         William-Strasse 23
         53111 Bonn
         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:

         Christoph Seeliger
         Am Hofgarten 7
         53113 Bonn
         Germany

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

The Debtor can be reached at:

         Unibetta Immobilien & Services GmbH
         Buergerstr. 21
         53173 Bonn
         Germany

         Attn: Salaheldin Gourashi Idries El Fatih, Manager
         Michaelplatz 6
         53177 Bonn
         Germany


VOSCON GMBH: Claims Registration Period Ends May 11
---------------------------------------------------
Creditors of Voscon GmbH have until May 11, 2009, to register
their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 2:15 p.m. on June 10, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Stuttgart
         Room 178
         Hauffstr. 5
         70190 Stuttgart
         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:

         Klaus Albert Maier
         Wilhelm St. 12
         70182 Stuttgart
         Germany
         Tel: 0711/16 42 40
         Fax: 0711/16 42 424

The court opened bankruptcy proceedings against the company on
April 6, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Voscon GmbH
         Attn: Thomas Schorr, Manager
         Kleiner Schlossplatz 13
         70173 Stuttgart
         Germany


WOOLWORTH GMBH: 9,700 Jobs in Germany and Austria at Risk
---------------------------------------------------------
Michael Regens and Marius Heuser at World Socialist Web Site
report that according to Woolworth's Germany's insolvency
administrator, Ottmar Herman, at least 9,700 of the company's
11,000 jobs in Germany and Austria could go at more than 300
branches of the chain.

The report notes that while the business can continue operating
for the moment, as long as the workforce receives payment from the
insolvency fund instead of their usual wages, this, however, is
far from certain.

As reported in the Troubled Company Reporter-Europe on April 16,
2009, Bloomberg News said Germany-based department store operator
Woolworth GmbH & Co. filed for insolvency after losing sales to
discount retailers.


* GERMANY: Subscontractors & Parts Suppliers May Shed 100,000 Jobs
------------------------------------------------------------------
Monsters and Critics reports that subcontractors and parts
suppliers in Germany warned of further job cuts.

According to the report, as many as 100,000 of their collective
workforce could lose their jobs if the recession persists.

The sector, which supplies parts to bigger industry, currently
employs about 1 million people, the report discloses.

The report relates Theodor L. Tutmann, spokesman for the Supplier
Working Party, representing 8,000 companies, said at the Hanover
Fair, 10 to 15 per cent of the companies were at risk of
insolvency.

Mr. Tutmann, as cited by the report, said in the first quarter of
this year, the sector had taken 40 per cent fewer orders than one
year earlier.


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


VISTEON CORP: Former Visteon UK Workers in Belfast Fight Eviction
-----------------------------------------------------------------
BreakingNews.ie reports that former workers at the Visteon factory
in west Belfast refused to end their sit-in despite attempts by
the company administrators to secure an eviction order.

The report relates a legal bid by the company administrators KPMG
in the High Court for an expulsion order was adjourned until
Friday, April 24.

John Maguire, the unite shop steward at the plant, as cited by the
report, said the workers would wait to see what happened in court
before deciding whether to voluntarily comply with any expulsion
order.

"We will wait and see and make that call after Friday," the report
quoted Mr. Maguire as saying.  "We don't expect a decision by the
court that day, there is still a need for further negotiation."

The report recalls some of the 210 workers made redundant at the
plant have been occupying the plant since March when they, and
around 400 workers at two sister plants in England, were told
their jobs were gone.  According to the report, they refused to
vacate the factory, claiming they had been given guarantees on pay
and conditions when the company was hived off from Ford nine years
ago.

The report notes a similar sit-in at the Visteon site in Basildon,
Essex ended after KPMG took court action against union leaders.

                       Redundancy Payments

The report recounts last week, workers at the west Belfast site
rejected Visteon's offer to give most workers an initial cash
payment equal to 16 weeks' pay followed by additional payments
which they said would equate to about what was in their employment
agreement.

As reported in the Troubled Company Reporter-Europe on April 1,
2009, Visteon Corp. said Visteon UK Limited, a company organized
under the laws of England and Wales and an indirect, wholly owned
subsidiary of the company, filed on March 31, 2009, for
administration under the United Kingdom Insolvency Act of 1986
with the High Court of Justice, Chancery division in London,
England.

The UK Administration was initiated in response to continuing
operating losses of the UK Debtor and mounting labor costs and
their related demand on the Company's cash flows.

Under the UK Administration, the UK Debtor will likely be run
down.  The UK Debtor has operations in Enfield, UK, Basildon, UK,
and Belfast, UK and recorded sales of US$250 million for the year
ended December 31, 2008.  The UK Debtor had total assets of US$153
million as of December 31, 2008.

                       About Visteon Corp.

Headquartered in Van Buren Township, Michigan, Visteon Corporation
(NYSE: VC) -- http://www.visteon.com/-- is an automotive supplier
that designs, engineers and manufactures innovative climate,
interior, electronic and lighting products for vehicle
manufacturers, and also provides a range of products and services
to aftermarket customers.  The company has corporate offices in
Van Buren Township, Mich. (U.S.); Shanghai, China; and Kerpen,
Germany.  It has facilities in 27 countries and employs roughly
35,500 people.

                          *     *     *

As reported by the Troubled Company Reporter on February 27, 2009,
Visteon, for fourth quarter 2008, posted a net loss of
US$328 million on sales from continuing operations of US$1.7
billion.  For fourth quarter 2007, Visteon reported a net loss of
US$43 million on sales of US$2.9 billion.  For the full year 2008,
Visteon reported a net loss of US$663 million on sales of
US$9.5 billion compared with a net loss of US$372 million on sales
of US$11.3 billion for full year 2007.

As of Dec. 31, 2008, Visteon had US$5.26 billion in total assets,
US$1.71 billion in current liabilities, US$2.61 billion in long-
term debt.  Visteon also had US$627 million in employee benefit
obligations, including pension obligations; US$404 million in
postretirement benefits other than pensions; US$139 million in
deferred income tax obligations; US$365 million in other non-
current liabilities; and US$264 million in minority interests in
consolidated subsidiaries.  Visteon has an US$869 million
shareholders' deficit.

As reported by the Troubled Company Reporter on March 31, 2009,
Moody's Investors Service lowered Visteon's Probability of Default
and Corporate Family Ratings to Caa3 and Ca, respectively.  In a
related action, Moody's also lowered the ratings of Visteon's
senior secured term loan to Caa2 from B3, unguaranteed senior
unsecured notes to C from Caa3, and guaranteed senior unsecured
notes to Ca from Caa2.  Visteon's Speculative Grade Liquidity
Rating was also lowered to SGL-4 from SGL-3.  The outlook remains
negative.

On March 11, Fitch Ratings downgraded the Issuer Default Rating of
Visteon Corporation to 'C' from 'CC', indicating that a default
was imminent or inevitable.  The ratings were removed from Rating
Watch Negative, where they were placed on Dec. 11, 2008.

The TCR said on Jan. 14, 2009, that Standard & Poor's Ratings
Services lowered its corporate credit rating on Visteon Corp. to
'CCC' from 'B-' and removed all the ratings from CreditWatch,
where they had been placed on Nov. 13, 2008, with negative
implications.  The outlook is negative.  At the same time, S&P
also lowered its issue-level ratings on the company's debt.


* Moody's Reviews Ratings on Securities of Various Irish Banks
--------------------------------------------------------------
Moody's has placed on review for possible downgrade the backed-Aaa
rated long-term senior unsecured debt securities of Allied Irish
Banks, Bank of Ireland, Anglo-Irish Bank, Irish Life & Permanent,
EBS Building Society and Irish Nationwide Building Society, as
well as those issued through branches and of certain subsidiaries.
The backed-Aaa rating of Bank of Ireland's dated subordinated debt
that matures within the guarantee period has also been placed on
review for possible downgrade.  The review on these instruments
follows the placing on review for possible downgrade of the
ratings of Ireland.

The backed-Aaa ratings assigned are based on the unconditional and
irrevocable guarantee from the Irish government and the clear
intention of the Irish government to improve the level of
confidence in the Irish banking system.  The guarantee covers
deposits, senior debt, dated subordinated debt and covered bonds
of the six institutions, both existing and new instruments, for a
two-year period that expires on 29 September 2010.

The institutions covered by the guarantee are:

* Allied Irish Banks plc (rated Aa3/P-1/D) and its subsidiaries
  AIB Mortgage Bank, AIB Bank (CI) Ltd, AIB Group (UK) plc and
  Allied Irish Banks North America Inc.

* Anglo-Irish Bank Corporation plc (rated A2/P-1/E+) and its
  subsidiary Anglo-Irish Bank Corporation (International) plc

* Bank of Ireland (rated Aa3/P-1/D) and its subsidiaries Bank of
  Ireland Mortgage Bank, ICS Building Society (rated A1/P-1/D) and
  Bank of Ireland (I.O.M.) Limited

* EBS Building Society(rated A2/P-1/D)

* Irish Life & Permanent plc (rated A1/P-1/D) and its subsidiary
  Irish Permanent (IOM) Limited

* Irish Nationwide Building Society(rated Baa3/P-3/E+) and its
  subsidiary Irish Nationwide (I.O.M.) Limited

The last rating actions on these institutions were:

* AIB - The last rating action on AIB was on April 8, 2009, when
  the bank's BFSR was downgraded to D (developing outlook) from C
  (negative outlook).  The long-term ratings were affirmed at Aa3
  (negative outlook).

* Anglo Irish Bank - The last rating action on Anglo Irish Bank
  was on January 19, 2009, when the BFSR was downgraded to E+
  (negative outlook) from C+ (on review for possible downgrade)
  and the long-term ratings were downgraded to A2 (negative
  outlook) from A1(on review for possible downgrade).

* Bank of Ireland - The last rating action on Bank of Ireland was
  on April 8, 2009, when the bank's BFSR was downgraded to D
  (developing outlook) from C (negative outlook).  The long-term
   ratings were affirmed at Aa3 (negative outlook).

* EBS Building Society - The last rating action on EBS Building
  Society was on April 8, 2009, when the BFSR was downgraded to D
  (developing outlook) from C- (negative outlook).  The long-term
  ratings were affirmed at A2 (negative outlook).

* ICS Building Society - The last rating action on ICS Building
  Society was on April 8, 2009, when the BFSR was downgraded to D
  (developing outlook) from C (negative outlook).  The long-term
  ratings were affirmed at A1 (negative outlook).

* Irish Life & Permanent - The last rating action on Irish Life &
  Permanent was on April 8, 2009, when the bank's BFSR was
  downgraded to D (negative outlook) from C (on review for
  possible downgrade). The long-term ratings were affirmed at A1
  (negative outlook).

* Irish Nationwide Building Society - The last rating action on
  Irish Nationwide Building Society was on April 8, 2009, when the
  BFSR was downgraded to E+ (negative outlook) from D- (negative
  outlook).  The long-term ratings were affirmed at Baa3 (negative
  outlook).

All of the banks are headquartered in Dublin, Ireland.


* IRELAND: ISME Says Survival of SMEs Threatened by Late Payments
-----------------------------------------------------------------
ISME, the Irish Small & Medium Enterprises Association, has warned
of the consequences for small & medium business of persistent late
payments by big business and state bodies.  The very survival of
many SMEs is threatened by late payment and face bankruptcy
because of the changed bank lending policies, while the government
sits idly by, refusing to accept the new realities.

The ISME Credit Watch Survey was carried out in the second week of
April and had in excess of 680 respondents from the Small & Medium
sector.

The research confirms:

    * Actual average payment period in Ireland for SMEs is longest
      on record at 69 days.

    * Only one in five companies (20%) being paid within 30 days.

    * 32% are experiencing delays of 90 days, an increase from 28%
      in December '08.

    * 10% waiting over 120 days.

    * Ulster's three counties are the slowest at 75 days.

    * SMEs are on average owed twice as much trade credit as they
      themselves owe to larger businesses.

Commenting on the survey results, ISME Chief Executive Mark
Fielding stated, "Late payments are having a disastrous effect on
small & medium businesses that are now waiting on average 69 days
from invoice date, with a massive 42% waiting in excess of three
months for payment.  The result of this delay is, at the very
least, an increase in unnecessary administrative burdens and, at
worse, is leading to insolvency.  The biggest culprits are the
accountancy led big businesses and state organizations that treat
small enterprise debt with disdain but demand payment themselves
'on the button'."

"These large companies create a double bind for small companies
who are only in a position to make payment once they themselves
have been paid.  This abuse of a dominant position amounts to an
'interest free loan' which SMEs are obliged to give to their much
larger and economically stronger customers.  The result of this is
that the smaller businesses have to seek increased facilities from
their banks who are not releasing funds, as detailed in previous
ISME research, and so businesses are closing down, not due to lack
of profits, but due to lack of cash," Mr. Fielding added.

Despite an increase in SME credit management training and
practice, half of small businesses (50%) are waiting longer for
payment, with the average payment period being 69 days; among the
highest in Europe.  Forty-two percent of companies now have to
wait over 90 days to be paid.  The situation is continuously
deteriorating and banks are, in the main, refusing to extend
credit limits on overdrafts to assist cash-flow.

"The fact that so many companies are being forced to wait longer
for payment shows that the seven year old legislation is useless
and should be amended as small businesses continue to be squeezed
by their larger counterparts," Mr. Fielding continued.

The Association called on the Government to introduce:

A mandatory payment period, whereby all companies, regardless of
size, would be guaranteed payment within 30 days from the end of
month of invoice or delivery, as was initially intended by the
legislation, with no exceptions.  This could be introduced over a
three year period.

A mechanism along the lines of the existing small claims court
structure to settle business to business disputes as they arise
and to prevent further abuse of the small business sector.

"This will stop the abuse of dominance by large business, allow
all businesses to predict their cash flow and introduce a level
playing field for all credit transactions.  The alternative 'do
nothing' government approach will hasten the demise of many small
enterprises and throw more workers on the dole," Mr. Fielding
concluded.


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


BANCA ITALEASE: Board Approves Popolare's Stake Purchase Proposal
-----------------------------------------------------------------
Banca Italease SpA's board has approved the proposed buy-out of
its shares by its main shareholder, Banco Popolare SC, Reuters
reports citing the company in a statement.

According to Reuters, Popolare, which owns 31 percent of Banca
Italease, will pay EUR1.50 a share for the remaining shares.

Chiara Remondini at Bloomberg News relates Banca Italease's board
said Banco Popolare's offer is "fair" and had been "evaluated
positively."

The board reviewed a fairness opinion prepared by adviser Morgan
Stanley, Banca Italease said in a stock-exchange statement
obtained by Bloomberg News.

Bloomberg News recalls Banco Popolare said March 16 it will pay
about EUR179 million (US$232 million) to buy out Italease and
reorganize it into three different companies.

As reported in the Troubled Company Reporter-Europe on March 11,
2009, Bloomberg News, citing daily Il Sole 24, said Italease will
be split into three new companies.

The plan includes the spinoff of assets worth EUR6 billion (US$7.6
billion) into a new company while another unit will hold all non-
performing loans, the Italian newspaper said as cited by Bloomberg
News.

Italease posted a nine-month net loss of EUR222 million as it
restructured after huge losses from derivatives investments in
2007, according to Reuters.

Banca Italease SpA (BIT:BIL) -- http://www.italease.it/-- is an
Italy-based banking company.  Banca Italease provides retail
leasing services through: Italease Secondacasa, offering real
estate leasing; Tiarredo, providing furniture leasing; Tiarredo
Arte, specializing in art leasing; Tiguido, offering car and
motorcycle leasing, and Tivaro, providing boat leasing.  Banca
Italease also offers corporate leasing through its subsidiaries:
LeasinGomme, Real Estate Leasing, Industrial Leasing, Public
Sector Leasing and Corporate Car Leasing.  Other areas of
Company’s operations are: subsidized leasing, medium and long-term
lending, insurance products, factoring, long-term car leasing, and
Interest Rate Swap (IRS) contracts.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on Dec. 5,
2008, Fitch Ratings affirmed Banca Italease's Individual rating at
'D/E' and kept the Long-term 'BB' rating of the bank's EUR150
million trust preferred securities on Rating Watch Negative.

Banca Italease continues to carry Moody's Ba1/Not-Prime/D- ratings
on its long- and short-term deposit ratings as well as bank
financial strength (BFSR), respectively.  All ratings have a
stable outlook.


FIAT SPA: Chrysler's Canadian Auto Workers Balk at Wage Cuts
------------------------------------------------------------
Reuters reports the Canadian Auto Workers said Monday it would not
agree to cut its members' wages and benefits by the C$19 an hour
that Chrysler LLC wants.

As reported in the Troubled Company Reporter-Europe on April 20,
2009, Bloomberg News said Fiat SpA Chief Executive Officer Sergio
Marchionne told the Globe and Mail the company will abandon its
planned partnership with Chrysler if the carmaker's unions don't
agree to cost reductions.

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

Separately, Bloomberg News, citing The Wall Street Journal,
reported that in a letter to staff, Chrysler CEO Bob Nardelli said
Fiat and the U.S. government may select a new chief executive and
a largely independent board of directors if plans for an alliance
with the Italian carmaker go through.

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

Meanwhile, Bloomberg News relates a Fiat spokesman said Fiat
scheduled a board meeting today, April 23, at which time the
company will release first-quarter figures.

                         About Fiat SpA

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

                          *     *     *

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


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


AGRO CENTRE: Creditors Must File Claims by May 29
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar
commenced bankruptcy proceedings against LLP Agro Centre Pavlodar.

Creditors have until May 29, 2009, to submit proofs of claim to:

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


AGRO HOLDING-2009: Creditors Must File Claims by May 29
-------------------------------------------------------
LLP Agro Holding-2009 has gone into liquidation.

Creditors have until May 29, 2009, to submit proofs of claim to:

         Djangildin Str. 7a-15
         Kostanai
         Kazakhstan


ALFA INTERNATIONAL: Creditors Must File Claims by May 29
--------------------------------------------------------
LLP Alfa International Construction and Trade Company has gone
into liquidation.

Creditors have until May 29, 2009, to submit proofs of claim to:

         Abai Ave. 10
         Almaty
         Kazakhstan


ASIA INFORMATION: Creditors Must File Claims by May 29
------------------------------------------------------
LLP Asia Information Technologies has gone into liquidation.

Creditors have until May 29, 2009, to submit proofs of claim to:

         Timiryazev Str. 83a-39
         Almaty
         Kazakhstan


BERKAT G LLP: Creditors Must File Claims by May 29
--------------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
commenced bankruptcy proceedings against LLP Berkat G.

Creditors have until May 29, 2009, to submit proofs of claim to:

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


GRAD STROY: Creditors Must File Claims by May 29
------------------------------------------------
LLP Firm Grad Stroy Project has gone into liquidation.

Creditors have until May 29, 2009, to submit proofs of claim to:

         Mendeleyev Str. 10
         Boraldai
         Ilyisky District
         Almaty
         Kazakhstan


IRTYSH INTER: Creditors Must File Claims by May 29
--------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
commenced bankruptcy proceedings against LLP Irtysh Inter story.

Creditors have until May 29, 2009, to submit proofs of claim to:

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


PROPERTY MANAGEMENT: Creditors Must File Claims by May 29
---------------------------------------------------------
LLP Property Management Company Ltd. has gone into liquidation.

Creditors have until May 29, 2009, to submit proofs of claim to:

         Dostyk Ave. 117/6
         Almaty
         Kazakhstan


REAL CLUB: Creditors Must File Claims by May 29
-----------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
commenced bankruptcy proceedings against LLP Real Club.

Creditors have until May 29, 2009, to submit proofs of claim to:

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


USTA ART: Creditors Must File Claims by May 29
----------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube commenced
bankruptcy proceedings against LLP Usta Art.

Creditors have until May 29, 2009, to submit proofs of claim to:

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


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


* LUXEMBOURG: EU Commission Okays Export-Credit Insurance Scheme
----------------------------------------------------------------
The European Commission has authorized, under the EC Treaty state
aid rules, a measure adopted by Luxembourg to limit the adverse
impact of the current financial crisis on export firms.  The
Luxembourg authorities notified the European Commission of the
measure in the context of the Commission Communication on short-
term export-credit insurance and with reference to the
Commission's Temporary Framework for state aid measures to support
access to finance in the current financial and economic crisis,
amended on February 25, 2009.  It should be noted that this
measure is of limited duration and scope, with a budget of EUR25
million.  It is therefore compatible with the principles
underpinning the single market.

Competition Commissioner Neelie Kroes said "European export firms
are affected by the financial crisis in two ways.  The volume of
orders is falling on the one hand, while on the other they face
growing difficulties in obtaining export insurance cover for
particular kinds of risk.  This measure enables the public
authorities to take action in an area from which private market
players have temporarily withdrawn, to help export firms to
continue to create value."

Under the notified scheme, the export-credit agency concerned,
Ducroire Luxembourg, will provide export-credit insurance to
complement insurance policies taken out with private insurance
companies.  Ducroire can provide credit up to a higher limit where
evidence exists that private insurers have excessively reduced or
even refused credit.  The limits authorised by Ducroire will be
based on an analysis of the underlying risk conducted by the
private insurer and a further analysis carried out by Ducroire
itself.  The budget earmarked for this measure amounts to EUR25
million.

The Luxembourg authorities have provided sufficient proof that the
necessary cover is unavailable on the private insurance market.
The premiums required by Ducroire meet the condition of being
aligned to those of the private market, as stipulated by the
safeguard clause in the Commission's Communication on short-term
export-credit insurance.  The premiums are set at a level that
encompasses an additional margin, thereby providing an incentive
for exporters to have recourse to private insurers again once
normal market conditions have been restored.  The measure's impact
in terms of squeezing out private insurers is thus limited, which
the Commission describes as vital in its analysis.

The Commission is therefore authorizing the measure, which was
notified under the Temporary Framework, until December 31, 2010.


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


HEAD NV: Moody's Cuts Corporate Family Rating to 'Ca'
-----------------------------------------------------
Moody's Investors Service has downgraded the Corporate Family
Rating of Head N.V. to Ca from Caa1, the Probability of Default
Rating to Ca from Caa2, and the senior unsecured rating on the
EUR135 million notes issued by HTM Sport- und Freizeitgeräte AG
due 2014 to Ca (LGD4, 65%) from Caa2.  The outlook on the ratings
is stable.

"The rating action follows the company's announcement on the 21
April 2009 of its private exchange offer to existing bond holders
to exchange any and all of the EUR135 million Senior notes to a
price of 35% for new senior secured notes, and Moody's view that
the debt exchange offer represents a distressed exchange" said
Paolo Leschiutta, a Moody's Vice President - Senior Analyst
responsible for Head.  Together with the exchange offer Head is
also seeking consent from holders of existing notes to amend part
of the covenants in the indenture governing the existing senior
unsecured notes.  "While Moody's is not aware of any interest or
capital payment default, in Moody's opinion the proposed
transaction, aimed at reducing interest and debt burden,
represents a deemed default", continued Mr. Leschiutta.

The PDR of Ca reflects Moody's view that the offer is likely to
conclude for at least part of existing bond outstanding.  The CFR
of Ca reflects the relatively low recovery rate for note holders
that accept the offer and the fact that the existing bond
represents most of the liability structure of the company.  The
stable outlook reflects Moody's view that downward pressure on
ratings at current level is relatively limited.

Under the proposed scenario bond holders who accept the exchange
offer will receive 35% equivalent of newly issued senior secured
notes.  The new notes will be secured on a pool of inventories,
receivables, and cash under certain circumstances, will offer a
coupon of 10% and maintain the same maturity as the existing
senior unsecured notes.  The pool of assets offered as a
collateral will have to remain at all times greater than the
amount of the new senior secured notes which will ultimately
depend on the amount of existing bonds tendered to the company.

Downgrades:

Issuer: Head N.V.

  -- Probability of Default Rating, Downgraded to Ca from Caa2

  -- Corporate Family Rating, Downgraded to Ca from Caa1

Issuer: HTM Sport- und Freizeitgerate AG

  -- Senior Unsecured Regular Bond, Downgraded to Ca (LGD4, 65%)
     from Caa2,

The last rating action on Head was on October 8, 2008, when
Moody's downgraded the CFR of Head to Caa1 from B3, the PDR to
Caa2 from B3, and the senior unsecured rating on notes due 2014 to
Caa2 from Caa1.

Head is a leading global manufacturer and marketer of branded
sporting goods serving the skiing, tennis and diving markets, with
strong market positions and a good reputation for product
innovation.  The company reported revenues of EUR326 million at
FYE December 2008.


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


TVN SA: Moody's Downgrades Corporate Family Rating to 'Ba3'
-----------------------------------------------------------
Moody's Investors Service has downgraded the Corporate Family
Rating of TVN S.A. to Ba3 from Ba2.  At the same time, Moody's
confirmed the Ba3 ratings of TVN Finance Corporation plc's
EUR235 million senior unsecured notes due 2013.  The outlook is
stable.

The rating action concludes the review initiated on November 26,
2008, which reflected Moody's concerns that ITI Group's (TVN's
parent company) weak financial risk and liquidity profile could
ultimately result in it relying upon a greater proportion of TVN's
debt capacity and existing financial flexibility than had been
originally anticipated when the ratings were upgraded on November
2007.  The rating action also considers the announcement that TVN
has acquired an additional 26% of the share capital and
shareholder loans of Pay TV DTH operator "n" from ITI Group for a
total consideration of EUR46.2 million (around PLN200 million) in
cash.

"The rating action reflects Moody's view that the acceleration of
TVN's option to take control in 'n' and the level of investments
required for the development of the platform in 2009 should
together result in a significant reduction in the company's cash
balance (around PLN500 million at year-end 2008) while absorbing,
amid weakening macroeconomic environment, a material portion of
TVN's financial flexibility -- particularly from a leverage point
of view (i.e. Debt/EBITDA, as adjusted by Moody's)-- considering
various on- and off-balance sheet financial liabilities to be
taken into account following the completion of the transaction,"
explained Ayse Kayral, an Analyst in Moody's Corporate Finance
Group.  Those liabilities, in Moody's view, include: (1) a
correction payment (capped at EUR60 million) to ITI Group in 2011,
subject to the platform's performance in 2010 compared to pre-
agreed criteria; (2) the shareholder loans provided by ITI Group
to "n", which Moody's considers as debt; and (3) the platform's
operating leases (primarily in connection with the rental of
satellite transponders) for which Moody's makes debt-adjustments.

From a business risk point of view, Moody's regards the increase
in control in "n" to be positive for the company, as it supports
TVN's efforts to diversify its revenues away from cyclical ad
spending and reliance on TVN Channel, while also underpinning the
company's competitive position in transitioning to digital
terrestrial television.  "However, against the backdrop of a
deteriorating macroeconomic environment in Poland, Moody's
believes it will be challenging to deliver the projected growth in
the business in this highly competitive domestic Pay TV market,"
cautioned Mrs. Kayral.

Moody's notes that the Ba3 rating incorporates a degree of
financial flexibility (i.e. scope for the incurrence of some
additional debt and/or for operational underperformance) that did
not exist at the Ba2 level following the acquisition.  The rating
also factors in more cautious assumptions for top-line and
profitability in TVN's mature businesses, taking into account the
limited visibility regarding the extent and duration of
macroeconomic deterioration in Poland and the highly competitive
nature of the Polish TV broadcasting market.  Some further
potential weakness in the Polish zloty against the euro is a risk
that Moody's has already factored into the rating action.

More positively, the rating continues to factor in: (1) TVN's
leading position in the TV broadcasting market in Poland; (2) its
solid audience share levels, supported by its multi-channel and
multi-distribution strategy; (3) its adequate liquidity profile
over the next 12 months to December 2009, taking into account
management's intention to suspend heavy capex investments
scheduled for new studio facilities; and (4) the constraints on
TVN's leverage appetite exerted by TVN's PLN200 million bank
facility, according to which Net Debt/EBITDA should remain below
3.5x until the facility matures in July 2011.

TVN's rating also factors in Moody's current expectations that:
(1) TVN will take steps to strengthen its liquidity profile while
navigating through the deepening economic slowdown; and (2) ITI
Group should be in a position to meet its pro-rata share of
investments required for the development of the platform going
forward without relying on any further financial support from TVN.

Moody's acknowledges that around EUR27.8 million in net proceeds
that ITI Group will receive in cash from TVN in relation to the
acquisition should be adequate to meet its pro-rata share of
investments required for the development of the platform in the
rest of the year.  Nevertheless, if further liquidity is needed,
ITI Group may well not be able to raise additional debt in the
currently challenging markets due to (i) its already weak leverage
profile (as reflected by Consolidated Debt/LTM EBITDA, as reported
by the Group, of around 4.8x as of H1 2008); (ii) its limited
operating cash generation capacity if TVN is excluded and (iii)
the still-developing nature of the Group's other businesses
(i.e.digital platform in which ITI now has a minority interest,
and entertainment).

More cautiously, Moody's notes that concerns exist over ITI
Group's obligations under its EUR320 million senior bank facility
and the tight headroom that could develop over time under its
financial covenants in 2009, due to the depreciation of local
currency against the euro.  Against this background, Moody's
nevertheless takes comfort that a default by ITI Group, should it
occur, will not trigger a default at the TVN level.  However,
Moody's notes that ITI Group had pledged its 52% stake in TVN's
registered shares as security for its senior bank facility and
TVN's euro-denominated notes contain a change of control language.
Therefore, Moody's will continue to closely monitor the financial
risk and liquidity profile of ITI Group, particularly in the
context of its potential impact on TVN's ratings.

TVN's EUR235 million senior unsecured notes due 2013 are rated at
the same level as TVN's CFR (Ba3) given that there is currently a
limited amount of secured debt and trade creditors ranking ahead
of the senior unsecured notes.  This follows the issuance of
PLN500 million senior unsecured notes in June 2008.  Consequently
the bond rating is maintained at the Ba3 level despite the
downgrade of the CFR.  Moody's notes that TVN's euro-denominated
senior notes currently have EUR215 million in nominal value, as
the company has bought back EUR20 million year-to-date.

Moody's believes the ratings could come under pressure if: (1)
top-line and profitability weakens more steeply than expected; (2)
the platform does not deliver positive EBITDA in 2010; (3) the
company makes substantial debt-financed acquisitions/share
buybacks so as to materially weaken its financial risks profile,
as could be indicated by Debt/EBITDA (as adjusted by Moody's)
exceeding 5x; or (4) the company does not take steps to strengthen
its liquidity profile while navigating through the cycle.  At
present, Moody's see no near-term potential for a rating upgrade.
However, a market recovery combined with a restoration of credit
metrics, such that a Debt/EBITDA ratio (as adjusted by Moody's)
below 3.5x times can be achieved on a sustainable basis could lead
to an upgrade in the future.

The last rating action on TVN was implemented on November 26,
2008, when Moody's placed the company's ratings on review for
possible downgrade.

Headquartered in Warsaw, TVN S.A. is one of the leading television
broadcasters in Poland.  TVN and its subsidiaries own and operate
12 television channels: TVN, TVN 7, TVN 24, TVN Meteo, TVN Turbo,
ITVN, TVN Style, TVN Warszawa, Discovery Historia, Telezakupy
Mango 24, NTL and TVN CNBC Biznes.  It also owns and operates
Poland's leading internet portal, Onet.pl, and has 51% stake in
Pay-TV DTH operator "n".  As of December 2008, the company
reported net revenues of approximately PLN1.9 billion and EBITDA
of PLN711 million.  As of April 21, 2009, TVN had a market
capitalization of PLN3.3 billion.


=============
R O M A N I A
=============


* ROMANIA: EU Commission Proposes Medium-Term Loan to Council
-------------------------------------------------------------
The European Commission on Tuesday, April 21, agreed to propose to
the Council to provide medium-term financial assistance to Romania
of up to EUR5 billion.  The proposed European Union loan is part
of a multilateral package which will total up to EUR20 billion.
The financial assistance is conditional upon the implementation of
a comprehensive economic program to which the Romanian authorities
committed to and which will, ultimately, put the Romanian economy
on a sound and sustainable footing.

"EU support to Romania underlines our solidarity to our Member
States.  In return, the support is conditional upon the
implementation by the Romanian authorities of a major program of
fiscal, financial and structural adjustment.  This will ultimately
put Romania in a position to return to a sound and sustainable
convergence path," said European Economic and Monetary Affairs
Commissioner Joaquin Almunia.

The proposed medium-term financial assistance to Romania will
consist of a European Community loan under Council Regulation
332/2002.  The proposal is expected to be on the agenda of the
next meeting of the EU finance ministers on May 5.

The assistance is being provided in conjunction with the
International Monetary Fund (EUR12.95 billion).  Additional
multilateral support of EUR2 billion will be provided by the World
Bank (EUR1 billion), the European Investment Bank and the European
Bank of Reconstruction and Development (EUR1 billion together) on
top of their general lending activities.  This brings the total to
up to EUR20 billion over the period to the first quarter of 2011.

The financial assistance will be disbursed in maximum five
instalments during the coming 24 months, the release of which will
be conditional upon the implementation of a comprehensive economic
policy program.  The policy program is designed to enable the
economy to withstand short-term liquidity pressures while
improving competitiveness and supporting an orderly correction of
imbalances in the medium term, hence bringing the economy back on
a sound and sustainable footing.

In the financial sector, the program would seek to ensure adequate
capitalization of banks and to strengthen financial sector
supervision, including banking and winding-up laws.  The deposit
guarantee scheme would be further bolstered.  The program will
include a commitment by parent commercial banks to rollover and
recapitalization.

A sound management of the funds received is expected with a strong
role for independent and well functioning auditing and anti-
corruption institutions.

A key element of the economic policy package is an immediate and
sustained fiscal consolidation to limit the budget deficit to 5.1%
of GDP in 2009, falling further to below 3% of GDP in 2011.  To
support these targets, measures will be taken to improve budgetary
policy credibility and predictability, as also requested by the
June 2008 Commission Policy Advice to Romania.

The economic program will also include structural reform measures,
in line with the country-specific recommendations by the Council
in the framework of the Lisbon strategy.  Reforms will include
policies towards improving public administration, enhancing the
quality of public expenditure, increased absorption of EU funds,
improving of the business environment and tackling undeclared
work.  The Commission also contributes to local capacity building
via the structural funds, a specific part of which has been
earmarked for technical assistance.

The policy conditions will be further detailed in a Memorandum of
Understanding to be concluded shortly with the Romanian
authorities.  The Commission in collaboration with the Economic
and Financial Committee will monitor regularly and closely that
the economic policy conditions attached to the financial
assistance are fully implemented and may request additional
measures when and if circumstances so require.

The agreed measures and targets will also be reflected in the
forthcoming Convergence Programme update and in the National
Reform Programme, which will be assessed in the context of the
implementation of the Excessive Deficit Procedure and Stability
and Growth Pact, and of the Lisbon Strategy.

The Commission will continue monitoring progress in the area of
judicial reform and fighting corruption under the Cooperation and
Verification Mechanism.  It will also continue monitoring the
correct use of EU funds.

The medium-term financial support to Romania comes on top pre and
post-accession EU funds, which are estimated at about 3% of
Romania's GDP in both 2009 and 2010.  Furthermore, in 2009,
Romania will benefit from an increase in advance payments of
structural funds by about 0.2% of its GDP, as part of the European
Economic Recovery Package.

                        Background

Before Romania, Hungary and Latvia have also been granted balance
of payments (BoP) support of up to EUR6.5 billion and EUR3.1
billion respectively from the EU as part of wider assistance
packages.  The Commission and Council Presidency on March 25 had
already announced their intention to support Romania.  Tuesday's
decision formalizes that proposal.

On April 8 the Commission also proposed to increase the overall
BoP financial assistance ceiling set in the current legislation to
EUR50 billion from EUR25 billion.


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


AMYRSKIY SHIP: Creditors Must File Claims by May 17
---------------------------------------------------
Creditors of LLC Amurskiy Ship Building Plant – Service (TIN
2703005285, PSRN 1022700517003) have until May 17, 2009, to submit
proofs of claims to:

         V. Shvedko
         Temporary Insolvency Manager
         Office 104
         Krasnorechenskaya Str. 118
         680045 Khabarovsk
         Russia
         Tel: (4212) 41-52-20
              (4212) 36-09-62

The Arbitration Court of Khabarovskiy commenced bankruptcy
supervision procedure.  The case is docketed under Case No. ?73–
2370/2009.

The Debtor can be reached at:

         LLC Amurskiy Ship Building Plant
         Alleya Truda 6
         681000 Komsomolsk-on-Amur
         Russia


BALTIC CONSTRUCTION: Vologodskaya Bankruptcy Hearing Set July 28
----------------------------------------------------------------
The Arbitration Court of Vologodskaya will convene at 3:00 p.m. on
July 28, 2009, to hear bankruptcy supervision procedure on LLC
Baltic Construction Company (TIN 3528113329, PSRN 1063528068306,
RVC 52801001).  The case is docketed under Case No. ?13–1849/2009.

The Temporary Insolvency Manager is:

         V.Klubov
         Post User Box 38
         Kadui
         162510 Vologodskaya
         Russia

The Debtor can be reached at:

         LLC Baltic Construction Company
         Andreyevskaya Str. 1
         Cherepovets
         162600 Vologodskaya
         Russia


BANK OF KHANTY-MANSIYSK: S&P Cuts LT Counterparty Rating to 'B+'
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term counterparty credit and Russia national scale ratings on
Russia-based Bank of Khanty-Mansiysk to 'B+/ruA+' from
'BB-/ruAA-'.  At the same time the 'B' short-term counterparty
credit rating was affirmed.  The outlook is stable.

"Accelerating systemic economic risks in Russia and their negative
impact on the bank's credit profile are the main reasons for the
downgrade," said Standard & Poor's credit analyst Maria Malyukova.

Particularly worrying are increased liquidity and funding risks;
the bank's specific exposure to market risk, which S&P expects to
lead to significant losses for 2008; and rising credit risks.

These weaknesses are partly allayed by BKM's strong links to the
Khanty-Mansiysk Autonomous Okrug (KMAO, BBB-/Negative/--), the
bank's solid market position in its home region of KMAO, funding
support from the state, and a manageable repayment burden in 2009.

Standard & Poor's classifies BKM as a "commercial institution"
government-related entity, and therefore accords the long-term
rating on BKM a one-notch uplift for shareholder and government
support above the bank's stand-alone credit profile.

The stable outlook balances the negative pressure on BKM's
business and financial profile stemming from accumulating systemic
risks with the support that the bank receives from the regulator
and KMAO, and its good market position in the region.

A negative rating action could result from a material weakening of
the bank's financial standing in 2009, caused either by credit
risks accelerating significantly (i.e. in case of the total share
of NPLs and restructured loans exceeding 10% of the loan book),
further liquidity shortages, or further strong pressure on its
capitalization.

"An upgrade might be possible if the operating environment
improved substantially, along with an improvement in BKM's
financial performance," said Ms. Malyukova.

Withdrawal of the one-notch uplift attributable to BKM's GRE
status is likely if the bank is further privatized, with KMAO
reducing its ownership to less than a 25% blocking stake and if an
outside party attains a majority ownership stake in the bank.


FRAME-AND-PANEL CONST'N: Creditors Must File Claims by May 17
-------------------------------------------------------------
Creditors of OJSC Frame-and-Panel Construction (TIN 0276040642,
PSRN 1020202858191) have until May 17, 2009, to submit proofs of
claims to:

         R. Nabiyev
         Temporary Insolvency Manager
         Post User Box 230
         450005 Ufa
         Bashkortostan
         Russia

The Arbitration Court of Bashkortostan will convene at 10:00 a.m.
on July 1, 2009, to hear bankruptcy supervision procedure.  The
case is docketed under Case No. ?07–1644/2009.

The Debtor can be reached at:

         OJSC Frame-and-Panel Construction
         Building 1
         Prospect Oktyabrya 132
         Ufa
         450005 Bashkortostan
         Russia


KAURI OJSC: Creditors Must File Claims by June 17
-------------------------------------------------
Creditors of OJSC Kauri (Commercial bank)(TIN 5902300523,
Registration No.776) have until June 17, 2009, to submit proofs of
claims to:

         Investment Insurance Agency
         Acting Insolvency Manager
         Sovetskaya Str. 104
         614990 Perm
         Russia
         Tel: 8-800-200-08-05
              8 (342) 236–17–18

The Arbitration Court of Permskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?50–3486/2009.

The Debtor can be reached at:

         OJSC Kauri
         Belinskogo Str. 47a
         614990 Perm
         Russia


KLIN-STROY LLC: Creditors Must File Claims by May 17
----------------------------------------------------
Creditors of LLC Klin-Stroy (TIN 5020035522, PSRN 1035003958703)
(Construction) have until May 17, 2009, to submit proofs of claims
to:

         Z.Ganiyev
         Temporary Insolvency Manager
         Office 61
         Potapovskiy pereulok 9/11
         101000 Moscow
         Russia

The Arbitration Court of Moskovskaya will convene on August 13,
2009 to hear bankruptcy supervision procedure.  The case is
docketed under Case No. ?41–2881/09.

The Debtor can be reached at:

         LLC Klin-Stroy
         Moskovskaya Str. 31
         141600 Klin
         Moskovskaya
         Russia


LES-STROY: Moskovskaya Bankruptcy Hearing Set August 20
-------------------------------------------------------
The Arbitration Court of Moskovskaya will convene at 10:00 a.m. on
August 20, 2009, to hear bankruptcy supervision procedure on LLC
Les-Stroy-Detal (TIN 5048007518, PSRN 1035009950227) (Lumber,
Timber Production).  The case is docketed under Case No. ?41
-9768/09.

The Temporary Insolvency Manager is:

         S.Blinnik
         Post User Box 58
         119002 Moscow
         Russia

The Debtor can be reached at:

         LLC Les-Stroy-Detal
         Liteynaya Str. 12
         Chekhov
         Chekxovskiy
         142300 Moskovskaya
         Russia


MOS-OBL-STROY: Moscow Bankruptcy Hearing Set July 2
---------------------------------------------------
The Arbitration Court of Moscow will convene at 11:30 a.m. on
July 2, 2009, to hear bankruptcy supervision procedure on OJSC
Mos-Obl-Stroy (TIN 5000000063, PSRN 1027739042253) (Construction).
The case is docketed under Case No. ?40–59830/08–123–184B/260B.

The Temporary Insolvency Manager is:

         S.Perunov
         Tessinskiy Pereulok 3a
         109028 Moscow
         Russia

The Debtor can be reached at:

         OJSC Mos-Obl-Stroy
         Building 4
         Zemlyanoy Val Str. 52-16
         109240 Moscow
         Russia


PARFINSKIY PLYWOOD: Creditors Must File Claims by May 17
--------------------------------------------------------
Creditors of OJSC Parfinskiy Plywood Factory (TIN 5312000125, PSRN
1025302188515) have until August 27, 2009, to submit proofs of
claims to:

         A. Tsybin
         Temporary Insolvency Manager
         Post User Box 27
         Postal Office-1
         172001 Velikiy Novgorod
         Russia

The Arbitration Court of Novgorodskaya will convene at 2:30 p.m.
on August 27, 2009, to hear bankruptcy supervision procedure.  The
case is docketed under Case No. ?44–938/2009.

The Court is located at:

         The Arbitration Court of Novgorodskaya
         Courtroom 8
         Mikhaylova Str. 25
         Velikiy Novgorod
         Russia


The Debtor can be reached at:

         OJSC Parfinskiy Plywood Factory
         Kirova Str. 52
         Parfino
         175130 Novgorodskaya
         Russia


RUSSIAN STANDARD: Moody's Cuts Bank Fin'l Strength Rating to 'D-'
-----------------------------------------------------------------
Moody's Investors Service has downgraded the local and foreign
currency deposit ratings of Russian Standard Bank to Ba3 from Ba2,
the foreign currency senior unsecured debt rating to Ba3 from Ba2,
and the subordinated foreign currency debt rating to B1 from Ba3.
The outlook on all long-term ratings is negative.  At the same
time, the bank financial strength rating was downgraded to D- from
D.  The bank's Not Prime short-term local and foreign currency
deposit ratings were affirmed.  Concurrently, Moody's Interfax
Rating Agency has downgraded the bank's long-term national scale
rating to Aa3.ru from Aa2.ru.  The NSR carries no specific
outlook.  Moscow-based Moody's Interfax is majority owned by
Moody's, a leading global rating agency.

The downgrade of RSB's BFSR to D- -- mapping into a Baseline
Credit Assessment of Ba3 -- reflects Moody's concerns regarding
the bank's still high reliance on wholesale debt and the
significant volumes of funding coming due in the next two years as
well as the generally deteriorating economic environment in the
markets important for the bank's business.  More positively,
Moody's expects these risks to be partially mitigated by RSB's
accumulated liquidity, solid cash generation capacity as a
consumer lender and high capital adequacy.

Overall deterioration in macroeconomic environment made access to
debt markets difficult.  Therefore, RSB has to repay the maturing
debts without any access to refinancing facilities of equal size.
The bank has already repaid almost half of its debt due in 2009;
however, Moody's estimates that RSB has limited opportunity to
repay all its debts in the near term without shrinking its
franchise value or deepening its dependence on emergency funding
from the Central Bank of Russia.

"While refinance risk had been anticipated by RSB, the bank's
customer deposits still contribute only 11% of total liabilities
as of YE2008.  Moreover, RSB has accumulated a sufficient
liquidity cushion to date, mainly via an increase in funding from
CBR. This liquidity is likely to be used to repay RSB's market
debt, rendering the bank significantly reliant on CBR funding,"
said Maxim Bogdashkin, a Moscow-based Moody's Analyst, and the
lead analyst for RSB.

Moody's adds that the bank's funding that matures by the end of
2010 accounts almost for 62% of RSB's total liabilities as of
YE2008 . In the absence of CBR funding, such a concentration on
wholesale debt might force the bank to further decrease its
lending activity, thus significantly impairing its revenue
generation power, market position and franchise value.

In applying different scenarios within its asset quality stress-
tests, Moody's observed that RSB's currently high capital adequacy
(total capital adequacy stood at 24.4% as of YE2008) is likely to
be sufficient to absorb credit losses which could materialize as a
result of expected asset quality deterioration.  The majority of
assets held by RSB are unsecured consumer loans accounting for ca.
83% of total loan book as of YE2008, with credit card loans
amounting to more than a half of these loans.  At the same time,
the rating agency cautions that, although almost 82% of RSB's loan
book as of YE2008 was to be repaid within 12 months, the bank's
liquidity, might be further challenged by an adverse impact of
asset quality deterioration on the bank's cash-generating
capacity.

According to Moody's, a downgrade of RSB's ratings might occur as
a result of the bank's inability to maintain its liquidity or
asset quality in the course of expected contraction in business
volumes.  Deepened concentrations on CBR's loans in the bank's
liabilities or higher than expected deterioration in asset quality
also could exert a downward pressure on the bank's ratings,
however, the likelihood of these events significantly depends on a
longevity of the economic downturn.

In its turn, a revision of RSB's negative rating outlook to stable
could be driven by successful decrease in the bank's funding
concentrations, provided that asset quality and capital adequacy
remain strong.

Moody's last rating action on RSB was on October 10, 2007, when
the rating agency changed the outlook on the bank's scale ratings
to negative from stable.

Domiciled in Moscow, Russia, RSB reported total assets -- under
IFRS -- of US$7.7 billion; capital of US$1.3 billion and net
income of US$252.5 million as of YE2008.


SERGIYEVO-POSADSKIY: Creditors Must File Claims by June 17
----------------------------------------------------------
Creditors of LLC Sergiyevo-Posadskiy Specialized Dairy Plant (TIN
5042068779) have until June 17, 2009, to submit proofs of claims
to:

         A.Kondrashkin
         Insolvency Manager
         Office 34
         Rozhdestvenskiy Blvd. 5/7
         107045 Moscow
         Russia

The Arbitration Court of Moskovskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?41–2322/09.

The Debtor can be reached at:

         LLC Sergiyevo-Posadskiy Specialized Dairy Plant
         Novo-Yglichenskoe shosse 67
         Sergiyev-Posad
         141300 Moskovskaya
         Russia


SEVERSTAL OAO: High River Credit Facilities Assigned by Standard
----------------------------------------------------------------
High River Gold Mines Ltd. said that both credit facilities with
Standard Bank Plc have been assigned by Standard Bank to OAO
Severstal.  Both the credit agreement dated as of July 6, 2007
between Standard Bank, High River, High River Gold Mines (West
Africa) Ltd. and Jilbey Burkina SARL, as amended, and the credit
agreement dated as of April 19, 2007, between Standard Bank,
Societe des Mines de Taparko SA (known as Somita) and High River,
as amended, were assigned by Standard Bank to Severstal as of
April 17, 2009.  Severstal is indirectly High River's largest
shareholder, holding approximately 53% of the issued and
outstanding common shares of High River.

As previously disclosed, both the High River Facility and the
Somita Facility are in default.  Following the assignment to
Severstal, such facilities continue to be in default.  The
aggregate amount outstanding under the two loans is approximately
US$27 million.

High River also said Steven Poad, the Chief Financial Officer of
High River, has been appointed to the Board of Directors on an
interim basis until the next annual meeting of shareholders of
High River.

                       About High River

High River is a gold company with interests in producing mines and
advanced exploration projects in Burkina Faso and Russia.

                        About Severstal

Headquartered in Cherepovets, Russia, OAO Severstal --
http://www.severstal.com/-- is the country's largest steel
producer, with steel production of 17.1 million tons in 2005.
The Company owns Severstal North America, the fifth largest
integrated steel maker in the U.S. with 2005 production of 2.7
million tons, and Lucchini, Italy's second largest steel group
with 2005 production of 3.5 million tons.  Severstal is one of
the world's lowest cost and most profitable steel producers,
with 2005 EBITDA per ton of around EUR150 per ton.

                           *     *     *

As reported in the Troubled Company Reporter-Europe on Dec. 1,
2008, Moody's changed the outlook of Severstal's Ba2 rating to
negative.

As reported by the TCR-Europe on Nov. 18, 2008, Standard & Poor's
Ratings Services revised its outlook on Russia-based steel
producer OAO Severstal to stable from positive.

At the same time, the 'BB' long-term corporate credit and senior
unsecured debt ratings, and the 'ruAA' Russia national scale
rating, on Severstal were affirmed.  The recovery ratings on the
notes were unchanged at '3', indicating S&P's expectation of
meaningful (50%-70%) recovery in the event of a payment default.


SISTEMA JSFC: Moody's Lowers Corporate Family Rating to 'B1'
------------------------------------------------------------
Moody's Investors Service has downgraded the Ba3 corporate family
and probability of default ratings of Sistema JSFC to B1, and the
senior unsecured rating of the existing US$350 million bond of
Sistema Capital SA to B2.  The outlook on the ratings is negative.

The rating action takes into account several factors: (i) limited
visibility with regard to the projected performance of the
acquired assets and their contribution to the group's cash flow;
(ii) increased contingent exposure at the Sistema level due to
increased assumed levels of financial support required by
Sistema's subsidiaries to cover their imminent operating and debt
service needs; and (iii) concerns over refinancing and liquidity
pressures in light of the limited access that Russian corporate
borrowers are having to the international capital markets,
particularly looking into 2010.

The B1 Corporate Family Rating of Sistema nevertheless takes into
account and assumes: (i) the continued strong operating
performance and cash flow generation of its key telecommunication
holdings, (ii) successful execution on a coherent action plan as
outlined to the agency for addressing its liquidity requirements
at both the subsidiaries and holding company level taking into
account the progress already made on this plan with regard to its
2009 liquidity needs; and (iii) the potential positive impact on
the group's business profile as a result of increased
diversification, scale and cash flows from the acquisition of
Bashkir oil assets noting nevertheless that this has been acquired
on a debt financed basis at the Sistema level.

Moody's positively notes Sistema's announced strategy of
realigning the group structure with benchmarked operating
efficiency criteria, which inter alia envisages curtailing
exposure to loss-making operations, optimizing of capital
expenditure commitments, operating expenses and subsidiary
support, and engaging with strategic partners to minimize exposure
to some of its businesses.  Moody's however note various degrees
of execution risk pertaining to a number of these strategic
initiatives regarded as important for strengthening the overall
business and financial profile, and will be closely monitoring the
company's progress.

As part of the rating action, Moody's has also re-introduced
notching for the rated senior unsecured debt obligations of the
company relative to the Corporate Family Rating due to the
incurrence of secured bank debt in the capital structure with a
priority claim on certain assets and holdings relative to the
rated obligations.  Moody's ranks the bonds issued by Sistema pari
passu with other senior unsecured debt of the group.  In line with
its LGD methodology, Moody's assigned the LGD assessment of LGD 4
(59%) to the US$350 million bond maturing in 2011

The assignment of a negative outlook is driven by Moody's concerns
regarding the company's liquidity position over the next 12
months, only partially mitigated by the completion of certain
action plan steps covering the remainder of 2009, and the
execution risk associated with the remaining steps required to be
completed under the action plan being pursued by the company.  The
negative outlook also reflects Moody's assessment of the
challenges presented by the current deterioration in the operating
and credit environments that may affect Sistema's ability to
execute its plans in 2009 and address liquidity needs arising in
the beginning of 2010 in a timely manner.

The corporate family rating of Sistema may come under downward
pressure should the company face difficulties with implementation
of specific steps aimed at supporting overall group liquidity and
enhancement of group operating performance; weakening of the
credit profile of key operating subsidiaries, in particular
increase in leverage measured as Adjusted Debt/Ebitda above 2.0x
at Mobile Telesystems would be another factor negatively affecting
the ratings.

Moody's previous rating action on Sistema was on the October 16,
2008, when the rating agency placed the ratings of Sistema on
review for possible downgrade reflecting a degree of support and
interdependence between Sistema and its various weaker positioned
holdings and operations.  This rating action concludes the review
process.

Domiciled in Moscow, Russia, Sistema Joint Stock Financial
Corporation is a diversified company operating in
telecommunications, technology, banking, real estate, media,
retail and other businesses.  During fiscal year 2008, Sistema
reported revenue of US$15.6 billion and OIBDA of US$5.69 billion.
The founder of the company, Mr. Vladimir Evtushenkov, holds 64.2%
of Sistema's common shares, 16.8% is held by the management and
other shareholders, while 19% is in free float on the London Stock
Exchange.


UC RUSAL: Aluminum Output Down 7.2% in First Quarter 2009
---------------------------------------------------------
RIA Novosti reports that United Company Rusal's primary aluminum
output decreased 7.2% year-on-year in January-March to 1 million
metric tons.

RIA Novosti relates UC RusAL said bauxite production fell 34.2% in
the reporting period to 3 million metric tons, while alumina
output declined 25.3% to 2.1 million metric tons.

"As part of its Cost Efficiency Leader program, RusAl has reduced
production across its most economically inefficient and
environmentally unsound facilities.  By the end of 2009, the total
reduction of aluminum will be 0.5 mln tons, which is approximately
11% of 2008 volume.  The alumina output will be cut by 3.9 mln
tons, approximately 34% of the total output," RIA Novosti quoted
the company as saying.

                         About UC RUSAL

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

                           *     *     *

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

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

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

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

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

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


URAI-KOM-BANK: Creditors Must File Claims by June 17
----------------------------------------------------
Creditors of LLC Urai-Kom-Bank (Commercial bank) have until
June 17, 2009, to submit proofs of claims to:

         Investment Insurance Agency
         Acting Insolvency Manager
         Apt. 62a
         Microregion 2
         Urai
         Khanty-Mansiysk-Yugra
         628285 Tumenskaya
         Russia
         Tel: 8-800-200-08-05
              8-34676-2-31-88

The Arbitration Court of Khanty-Mansiysk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No.A 75–2104/2009.

The Debtor can be reached at:

         LLC Urai-Kom-Bank
         Apt. 62a
         Microregion 2
         Urai
         Khanty-Mansiysk-Yugra
         628285 Tumenskaya
         Russia


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


CAJA DE AHORROS: Fitch Downgrades Individual Rating to 'D/E'
------------------------------------------------------------
Fitch Ratings has downgraded Caja de Ahorros y Monte de Piedad de
Cordoba's Long-term Issuer Default Rating to 'BB+' from 'BBB+',
while downgrading its Short-term IDR to 'B' from 'F2' and the
Individual Rating to 'D/E' from 'C'.  At the same time, Fitch has
affirmed CajaSur's Support Rating at '3' and Support Rating Floor
at 'BB+', which indicate that there is a moderate probability of
support.  CajaSur's Long-term IDR is now at the Support Rating
Floor, and the rating Outlook is Stable.

Fitch has also downgraded CajaSur's senior debt to 'BB+' from
'BBB+' and downgraded its subordinated debt to 'BB' from 'BBB'.
For CajaSur's hybrid capital issues, the agency has also
downgraded the outstanding EUR150 million preference shares to 'B'
from 'BB+', in line with Fitch's criteria for rating capital
instruments.  The preference share issues have also been placed on
Rating Watch Negative.  Fitch's downgrade of CajaSur's preference
shares reflects the agency's view that the possibility of coupon
deferral has increased.

The rating actions reflect the negative impact of the sharp
contraction in the Spanish economy and property sector on
CajaSur's asset quality, profitability and internal capital
generation which has weakened capital ratios to very low levels.
While Cajasur's strong retail franchise should provide it with
retail banking revenues, the current complex economic environment
will continue to negatively affect asset quality, leading to
higher loan impairment charges and ultimately affecting
profitability and capital.  Fitch believes that given the
recessionary economic environment, it will be difficult for the
caja to improve its capital levels by internal capital generation.

Given CajaSur's risk concentration to the Spanish real estate and
construction sectors and to individual names, in 2004, the Bank of
Spain recommended that the institution reduce its concentration to
specific real estate developers with which the caja had joint-
ventures.  Although there have been tangible results to transform
this risk, various organizational and management changes and the
sharp adjustment in economic conditions have made further
improvements difficult to achieve.  CajaSur's exposure to the
construction and real estate sectors accounted for 28% of total
loans at end-2008.  Its impaired to total loans ratio rose to 6.5%
at end-2008 from 2.3% at end-2007, and loan loss reserve cover was
47%.  In addition to pressure on revenues and a high non-interest
cost base, the operating return on assets in 2008 was negatively
affected by significant loan and other impairment charges which
are expected to remain high in 2009 and 2010.  CajaSur's Tier 1
capital ratio at end-2008 was 5.6%, which is very low,
particularly given its risk profile.

Under Fitch's rating criteria, a bank's standalone risk is
reflected in Fitch's Individual Ratings and the prospect of
external support is reflected in Fitch's Support Ratings.

CajaSur is Spain's 18th-largest caja, measured by end-2008 assets,
and its retail activities are largely centred in the Andalusia
provinces of Cordoba and Jaen.


CAJA GENERAL: Fitch Affirms Supports Rating Floor at 'BB+'
----------------------------------------------------------
Fitch Ratings has downgraded Caja General de Ahorros de Granada's
Long-term Issuer Default Rating to 'BBB+' from 'A-' (A minus) and
downgraded its Individual Rating to 'C' from 'B/C'.  At the same
time, Fitch has affirmed Caja Granada's Short-term IDR at 'F2',
Support Rating at '3' and Support Rating Floor at 'BB+'.  The
Outlook on the Long-term IDR is Stable.  The agency has also
downgraded the ratings of Caja Granada's senior unsecured debt to
'BBB+' from 'A-'(A minus).

The rating action reflects the sharp contraction of the Spanish
economy and housing sector which has negatively affected Caja
Granada's asset quality and profitability, in the context of a
tight capital base.  Caja Granada's management has proactively
taken measures to control asset quality and improve capital and
branch productivity, however, the adjustment in the Spanish
economy has been sharper than initially anticipated.
Additionally, unemployment and the number of real estate companies
filing for creditor protection have risen in Spain since end-H108.

The caja is faced with the challenge of managing and reducing its
exposure to the real estate sector and improving its profitability
and capital, under a more difficult economic environment.  Caja
Granada benefits from a strong franchise in its home region and a
stable retail deposit base (70% of lending at end-2008) which
supports liquidity.

Despite its strict cost control, lower operating revenues have
affected Caja Granada's cost-to-income ratio which stood at 66.6%
in 2008.  Additionally, loan loss provisions have impacted the
caja's operating profitability.

Caja Granada's main risk is credit-related.  While construction
and real estate sectors accounted for 28% of total loans at end-
2008, this risk is proactively managed, it does not have single
name concentrations, and the caja has a large share of loans to
individuals (58%), which provide risk diversification.  The caja's
asset quality indicators have not experienced such a sharp
deterioration as the sector average, although it has not been
immune to the contraction of the Spanish economy and housing
sector.  Its impaired/total loans ratio deteriorated to 3.4% at
end-2008 from 1.2% at end-2007 and loan loss coverage was 89%.

In addition to its large customer deposit base, Caja Granada has
around EUR1.5bn in assets eligible for European Central Bank
rediscounting, or for access to the Spanish state liquidity
facility.  Wholesale funding is mainly through mortgage-covered
bonds, with no significant amounts maturing until 2012.  The
caja's Tier 1 capital ratio of 6.5% at end-2008 is tight, although
it consists purely of core capital as Caja Granada has not issued
any hybrid capital to date.  Management is planning to issue
preference shares of EUR100 million to strengthen the Tier 1
capital base.

Caja Granada is Spain's 20th-largest savings bank by end-2008
assets.  Its retail activities are largely based in the Andalusian
provinces of Granada and Jaen.

Under Fitch's rating criteria, a bank's standalone risk is
reflected in Fitch's Individual Ratings and the prospect of
external support is reflected in Fitch's Support Ratings.


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



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

         Sonja Daume
         Industriestrasse 16
         6300 Zug
         Switzerland

The company is currently undergoing liquidation in Zug.  The
decision about liquidation was accepted at an extraordinary
general meeting on March 11, 2009.

BROCKENHAUSER LLC: Proof of Claim Filing Deadline is April 30
-------------------------------------------------------------
Creditors of Brockenhauser LLC are requested to file their proofs
of claim by April 30, 2009, to:

         Bruno Hauser
         Liquidator
         Breite 9
         5623 Boswil AG
         Switzerland

The Company is currently undergoing liquidation in Affoltern ZH.
The decision about liquidation was accepted at a shareholders'
meeting on February 23, 2009.


LOGO-SLATE JSC: Deadline to File Proofs of Claim Set May 1
----------------------------------------------------------
Creditors of Logo-Slate JSC are requested to file their proofs of
claim by May 1, 2009, to:

         Logo-Slate JSC
         Bahnhofstrasse 8
         7000 Chur
         Switzerland

The company is currently undergoing liquidation in Chur.  The
decision about liquidation was accepted at an extraordinary
general meeting on August 15, 2008.


NABA JSC: Creditors Have Until April 30 to File Proofs of Claim
---------------------------------------------------------------
Creditors of Naba JSC are requested to file their proofs of claim
by April 30, 2009, to:

         Rudolf Leuenberger
         Liquidator
         Hasenstrasse 6
         4533 Riedholz
         Switzerland

The company is currently undergoing liquidation in Riedholz.  The
decision about liquidation was accepted at a general meeting on
March 11, 2009.


PROWERBETECHNIK JSC: Creditors' Proofs of Claim Due by May 1
------------------------------------------------------------
Creditors of Prowerbetechnik JSC are requested to file their
proofs of claim by May 1, 2009, to:

         Dr.oec. Kurt Sauter
         Liquidator
         Bodenstrasse 13
         8104 Weiningen ZH
         Switzerland

The company is currently undergoing liquidation in Schluein.  The
decision about liquidation was accepted at a general meeting on
November 28, 2007.


PUBLICABCIONES DES ARTS: Claims Filing Deadline is April 30
-----------------------------------------------------------
Creditors of Publicabciones des Arts LLC are requested to file
their proofs of claim by April 30, 2009, to:

         Bengt Wolfensterger
         Lanzweg 2c
         8942 Oberrieden
         Switzerland

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


SEROYO JSC: Creditors Have Until May 1 to File Proofs of Claim
--------------------------------------------------------------
Creditors of Seroyo JSC are requested to file their proofs of
claim by May 1, 2009, to:

         Seroyo JSC
         Im Drissel 51
         4104 Oberwil BL
         Switzerland

The company is currently undergoing liquidation in Oberwil BL.
The decision about liquidation was accepted at an extraordinary
general meeting on February 20, 2009.


TISSA SPRACHREISEZENTRALE: Claims Filing Deadline is April 30
-------------------------------------------------------------
Creditors of Tissa Sprachreisezentrale Interstudy LLC are
requested to file their proofs of claim by April 30, 2009, to:

         Trust Company "Treuhandbüro Rolf Schweizer"
         Sonnenbergstrasse 11
         8612 Uster 2
         Switzerland

The company is currently undergoing liquidation in Zug.  The
liquidation was decided on February 20, 2009.


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


ALLIANCE-TECHNIC LLC: Creditors Must File Claims by May 7
----------------------------------------------------
Creditors of LLC Alliance-Technic (code EDRPOU 35557479) have
until May 7, 2009, to submit proofs of claim to:

         S. Gritsay
         Insolvency Manager
         Post Office Box 29
         01030 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on 03/03/2009.  The case is docketed under
Case No 44/48-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Alliance-Technic
         Rakhmaninov str. 30/13
         Kiev
         Ukraine


AUTOLAND-DNIPRO LLC: Court Starts Bankruptcy Supervision Procedure
------------------------------------------------------------------
The Economic Court of Dnepropetrovsk region commenced bankruptcy
supervision procedure on LLC Autoland-Dnipro (code EDRPOU
31614281).

The Insolvency Manager is:

         M. Salova
         Heroes of Stalingrad Str. 134
         49000 Dnepropetrovsk
         Ukraine

The Court is located at:

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

The Debtor can be reached at:

         LLC Autoland-Dnipro
         Office 3
         Zaporozhsky Blind Alley 5
         49055 Dnepropetrovsk
         Ukraine


BASKI PLUS-2004 LLC: Court Starts Bankruptcy Supervision Procedure
------------------------------------------------------------------
The Economic Court of Kiev commenced bankruptcy supervision
procedure on LLC Baski plus-2004 (code EDRPOU 33229781).

The Insolvency Manager is:

         O. Yatsiv
         Post Office Box 29

The Court is located at:

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

The Debtor can be reached at:

         LLC Baski plus-2004
         Likhachev Boulevard 1/27
         01133 Kiev
         Ukraine


BROMINE KRASNOPEREKOPSKY: Court Starts Bankruptcy Supervision
--------------------------------------------------------------
The Economic Court of Dnepropetrovsk region commenced bankruptcy
supervision procedure on Krasnoperekopsky OJSC Bromine (code
EDRPOU 05444552).

The Insolvency Manager is:

         M. Salova
         Heroes of Stalingrad Str. 134
         49000 Dnepropetrovsk
         Ukraine

The Court is located at:

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

The Debtor can be reached at:

         Krasnoperekopsky OJSC Bromine
         Laboratornaya Str. 45-A
         49010 Dnepropetrovsk
         Ukraine


BUDA LLC: Creditors Must File Claims by May 7
---------------------------------------------
Creditors of LLC Buda (code EDRPOU 21417885) have until May 7,
2009, to submit proofs of claim to:

         A. Salamanovich
         Insolvency Manager
         Lenkovskaya Str. 11B
         Chernovtsy
         Ukraine

The Economic Court of Chernovtsy region commenced bankruptcy
proceedings against the company on 03/16/2009.  The case is
docketed under Case No 9/113/b.

The Court is located at:

         The Economic Court of Chernovtsy region
         O. Kobilianskaya Str. 14
         58000 Chernovtsy
         Ukraine

The Debtor can be reached at:

         LLC Buda
         Velikaya Buda
         Gertsayevsky District
         60531 Chernovtsy
         Ukraine


ENERGETICAL HOLDING: Creditors Must File Claims by May 7
--------------------------------------------------------
Creditors of LLC Export and Import Energetical Holding Kiev-
Limited (code EDRPOU 31111983) have until May 7, 2009, to submit
proofs of claim to:

         I. Gusar
         Insolvency Manager
         Post Office Box 29
         01030 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on 03/18/2009.  The case is docketed under
Case No 49/195-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Export and Import Energetical Holding Kiev-Limited
         Pechersky Slope 5
         01023 Kiev
         Ukraine


NADEZHDA CJSC: Creditors Must File Claims by May 7
--------------------------------------------------
Creditors of CJSC Nadezhda (code EDRPOU 19266195) have until
May 7, 2009, to submit proofs of claim to:

         E. Baranova
         Insolvency Manager
         Lenin Avenue 158/227
         69057 Zaporozhye
         Ukraine

The Economic Court of Zaporozhye region commenced bankruptcy
proceedings against the company on 03/31/2009.  The case is
docketed under Case No 19/78/09.

The Court is located at:

         The Economic Court of Zaporozhye
         Shaumian Str. 4
         69600 Zaporozhye
         Ukraine

The Debtor can be reached at:

         CJSC Nadezhda
         Ordzhonikidze str. 28
         69009 Zaporozhye
         Ukraine


PANCOM LLC: Creditors Must File Claims by May 6
-----------------------------------------------
Creditors of LLC Ukrainian and Italian Joint Enterprise Pancom
(code EDRPOU 14362066) have until May 6, 2009, to submit proofs of
claim to:

         G. Lutsenko
         Insolvency Manager
         Gretskaya Str. 44
         65026 Odessa
         Ukraine

The Economic Court of Odessa region commenced bankruptcy
proceedings against the company on 02/04/2009.  The case is
docketed under Case No 2/32-09-964.

The Court is located at:

         The Economic Court of Odessa region
         Shevchenko Avenue 29
         65032 Odessa
         Ukraine

The Debtor can be reached at:

         LLC Ukrainian and Italian Joint Enterprise Pancom
         Gretskaya Str. 44
         65026 Odessa
         Ukraine


SALOMON LLC: Creditors Must File Claims by May 6
------------------------------------------------
Creditors of LLC Judicial Firm Salomon (code EDRPOU 31002736) have
until May 6, 2009, to submit proofs of claim to:

         I. Pavlov
         Insolvency Manager
         Office 53
         Karl Marks Str. 5
         Avdeyevka
         86060 Donetsk
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on 11/27/2009.  The case is docketed under
Case No 15/302-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Judicial Firm Salomon
         Turovskaya Str. 18/20
         04080 Kiev
         Ukraine


* Recapitalization of 6 Ukrainian Banks Won't Move Moody's Ratings
------------------------------------------------------------------
Moody's Investors Service said that the recapitalization of six
Ukrainian banks -- namely Bank Finance and Credit, Bank Nadra,
Imexbank, Rodovid Bank, Ukrgasbank and Ukrprombank -- announced by
the Ukrainian government has no immediate implications on ratings
of respective banks.  Pending further details coming available
regarding the term & conditions of this recapitalization program
as well as the pending approval of the National Bank of Ukraine
and the government, Moody's has not taken any rating action.
However Moody's commented that the recapitalization may
potentially have a positive rating impact on the lowest rated
banks while the impact on the higher rated banks will depend,
amongst others, on any possible imposition of a payment freeze on
debt and or deposit obligations as part of this rescue package.

On April 17, 2009, the Ukrainian government announced intention to
inject UAH20 billion (US$2.6 billion) in the 7 banks' capital as
part of the UAH44 billion (US$5.7 billion) budgeted for
recapitalization of the banking system as a whole in 2009.  The
state will take 92% control in Bank Nadra, 99% in Rodovid Bank and
Ukrprombank, 75% plus one share in Imexbank and Ukrgasbank.  The
volume of recapitalization of Bank Finance and Credit has to be
decided yet.  However, recapitalization is subject to final
approval of NBU and the government.

These four banks subject to the recapitalization plans are
currently operating under temporary administration assigned by NBU
and have effectively frozen payments under the central bank's
obligations:

    * Bank Finance and Credit -- Caa2/Not Prime/E (on review,
      review direction uncertain);

    * Bank Nadra -- Caa2/Not Prime/ E (on review for possible
      downgrade);

    * Rodovid Bank -- Caa2/Not Prime/E (on review for possible
      downgrade);

    * Ukrprombank -- Caa2/Not Prime/E (on review, review direction
      uncertain).

These two banks subject to the recapitalization plans are
currently supervised by NBU representatives and continue
operations in normal course of business:

    * Imexbank -- B3/Not Prime/E+ (Negative outlook);

    * Ukrgasbank -- B3/Not Prime/E+ (on review for possible
      downgrade).

Moody's views the recapitalization of the banks as potentially
positive given the banks' increased ability to withstand the
deteriorating operating environment in Ukraine and turbulence on
the global markets.  The new capital injection will support the
banks capital adequacy and ability to absorb potential losses
arising from deteriorating asset quality as well as strengthen its
liquidity profile, while, in general, it can help to restore
depositors' confidence to the banking system as a whole.

Moody's notes that there is no information available about
introduction of temporary administration for the currently
operating banks (Imex-Bank and Ukrgasbank).  If the change of
control brings these operating banks under temporary
administration -- thus imposing the moratorium on third-party
payments -- the ratings of the respective banks will be negatively
affected.  However, if the ability of these two banks to repay
their obligations is not damaged, there could be positive
implications for their ratings together with those lower rated
institutions.

Moody's previous rating action on Bank Finance and Credit was on
March 24, 2009, when Moody's downgraded its long-term global local
currency deposit and foreign currency debt ratings to Caa2 from
B1, long-term global foreign currency deposit rating to Caa2 from
B2, and its BFSR to E from E+.  The short-term deposit ratings
were affirmed at Not Prime.  At the same time, National Scale
Rating was downgraded to B3.ua from Aa3.ua, and the bank's long-
term deposit and debt rating and NSR were placed on review with
direction uncertain.

Moody's previous rating action on Bank Nadra was on February 12,
2009, when Moody's downgraded its long-term global local and
foreign currency deposit ratings to Caa2 from B2 and its BFSR to E
from E+.  The short-term deposit ratings were affirmed at Not
Prime.  At the same time, the NSR was downgraded to B3.ua from
A3.ua.  The bank's long-term deposit ratings have been placed on
review for possible further downgrade.

Moody's previous rating action on Imexbank was on December 30,
2008 when Moody's assigned Negative outlook on its ratings.

Moody's previous rating action on Rodovid Bank was on March 20,
2009, when Moody's downgraded its long-term global local and
foreign currency deposit ratings to Caa2 from B3 and its BFSR to E
from E+.  The short-term deposit ratings were affirmed at Not
Prime.  At the same time, the NSR was downgraded to B3.ua from
Baa3.ua.  The bank's long-term deposit ratings have been placed on
review for possible further downgrade.

Moody's previous rating action on Ukrgasbank was on February 18,
2009, when Moody's downgraded its long-term global local and
foreign currency deposit ratings to B3 from B2.  The short-term
deposit ratings were affirmed at Not Prime.  At the same time, the
NSR was downgraded to Baa3.ua from A3.ua.  All ratings have been
placed on review for possible further downgrade.

Moody's previous rating action on Ukrprombank was on January 22,
2009, when Moody's downgraded its long-term global local and
foreign currency deposit ratings to Caa2 from B2 and its BFSR to E
from E+.  The short-term deposit ratings were affirmed at Not
Prime.  At the same time, the NSR was downgraded to B3.ua from
A3.ua.  All ratings have been placed on review with direction
uncertain.


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


AXEON HOLDINGS: Sold to Ironshield in a Pre-Pack Deal
-----------------------------------------------------
Hamish Rutherford at the Scotsman reports that Axeon Holdings plc
was sold in a pre-pack administration to AG Holdings, a group
controlled by hedge fund Ironshield Capital Management, on Tuesday
after no buyer for the company was found.

The deal, the report relates, came hours after Ironshield, Axeon's
principal lender and largest shareholder, called in administrators
Grant Thornton.  The report discloses it is thought the debts to
Ironshield were in excess of GBP8 million, while the London-based
hedge fund owned just under 15 per cent of Axeon's shares.

According to the report, the sale of Axeon protects more than 500
jobs at the company.  However, joint administrator Malcolm
Shierson warned investment by shareholders, including Scottish
Enterprise (SE) will be wiped out, the report states.

The company's staff, including around 70 based in Dundee, will be
transferred to the new company, the report says citing Mr.
Shierson.

The report recalls in February the company confirmed that it was
in breach of its banking covenants, but was seeking to extend a
temporary waiver on these.

Axeon Holdings plc -- http://www.axeon.com/-- is Europe's largest
independent supplier of lithium-ion battery solutions,
manufacturing over 5 million battery packs.  Axeon designs and
manufactures batteries and battery management systems for three
main sectors: automotive; power tools; and mobile power solutions.


DREAMCLIFF LTD: Appoints Joint Administrators from Ernst & Young
----------------------------------------------------------------
Fiona Livingstone Taylor, Colin Peter Dempster and Andrew James
Davison of Ernst & Young LLP were appointed joint administrators
of Dreamcliff Ltd. on April 1, 2009.

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

         George House
         50 George Square
         Glasgow
         G2 1RR
         Scotland


EDWIN DYSON: Taps Joint Administrators from Tenon Recovery
----------------------------------------------------------
William Duncan and Jonathan Paul Philmore of Tenon Recovery were
appointed joint administrators of Edwin Dyson & Sons Ltd. on
April 3, 2009.

The company can be reached through Tenon Recovery at:

         Unit 1
         Calder Close
         Calder Park
         Wakefield
         WF4 3BA
         England


ELECTRABUILD LTD: Taps Joint Administrators from Grant Thornton
---------------------------------------------------------------
Nigel Morrison and Michael P. Gerrard of Grant Thornton UK LLP
were appointed joint administrators of Electrabuild Ltd. on
April 6, 2009.

The company can be reached at:

         Electrabuild Ltd.
         Unit 9A Eastpark
         Trading Estate
         Gordon Road
         Whitehall
         Bristol
         BS5 7DR
         England


GARTMORE GROUP: Declining Balance Sheet Cues Moody's Junk Rating
----------------------------------------------------------------
Moody's Investors Service has downgraded to Caa1 from Ba3 and will
withdraw the ratings of the Gartmore Group (corporate family
rating of Gartmore Investment Management plc).  The rating
withdrawals are for business reasons

The downgrades reflect the significant deterioration of the
balance sheet and profitability of Gartmore during 2008, as a
consequence of asset market volatility, and likely further
pressure as markets remain depressed.  While EBITDA was GBP90
million in 2008, Gartmore recorded a net loss and has negative net
assets, driven by foreign exchange movements on long-term debt.
With senior debt of about GBP636 million at December 2008, gross
debt/EBITDA leverage was over 7x and is expected to increase
significantly in 2009 as lower management and performance fees
reduce EBITDA levels.  Offsetting this, the company does have
approximately GBP220 million of cash on balance sheet.  Even if
profitability were to be improved, and the exchange rate movements
reversed, Moody's does not expect the financial metrics to be
above the 'Caa' level for some time.

These ratings were downgraded and will be withdrawn:

    * Gartmore Investment Management plc -- corporate family
      rating to Caa1 from Ba3, stable outlook;

    * Oxford Acquisition VII Limited -- senior credit facility to
      Caa1 from Ba3, stable outlook;

    * Oxford US Acquisition LLC -- senior credit facility to Caa1
      from Ba3, stable outlook.

    * Oxford Acquisition III Limited - senior credit facility to
      Caa1 from Ba3, stable outlook.

The last rating action on these issuers was on April 11, 2007,
when Moody's downgraded Gartmore's corporate family rating.

Gartmore is a UK based asset management company and had GBP18.8
billion of assets under management at year end 2008.


JC PAYNE TRUCK: Calls in Joint Administrators from Tenon Recovery
-----------------------------------------------------------------
Andrew Appleyard and Christopher Ratten of Tenon Recovery were
appointed joint administrators of JC Payne Truck Bodies Ltd. on
April 6, 2009.

The company can be reached through Tenon Recovery at:

         Sixth Floor
         The White House
         111 New Street
         Birmingham
         B2 4EU
         England


LEISURE AND MARINE: Taps Joint Administrators from Ernst & Young
----------------------------------------------------------------
Colin Peter Dempster and Fiona Livingstone Taylor of Ernst & Young
LLP were appointed joint administrators of Leisure and Marine
Holdings Ltd. on April 8, 2009.

The company can be reached at:

         Leisure and Marine Holdings Ltd.
         Kintail House
         Carleton New Road
         Skipton
         North Yorkshire
         BD23 2DE
         England


LLOYDS BANKING: UKFI Can Lend Stock to Short-Sellers
----------------------------------------------------
Bloomberg News reports U.K. Financial Investments Ltd., which
oversees the government's shareholdings in banks, is allowed to
lend out the stock to short-sellers.  The report recalls
politicians and investors had blamed short-sellers for
destabilizing markets in September, prompting the Financial
Services Authority to impose a ban on short- selling financial
stocks, a restriction only lifted in January.

UKFI, which owns 70 percent of Royal Bank of Scotland Plc and has
a 43 percent holding in Lloyds Banking Group Plc, legally may loan
stock, according to information obtained by Bloomberg News under a
Freedom of Information Act request.

UKFI meanwhile said it hasn't so far loaned any of its shares, and
has no current plans to do so adding it's a "commercial investor"
and reserves the right to use all means available to investors,
the report relates.

According to Bloomberg News, UKFI was set up by the Treasury in
November to manage the government’s shares in RBS and Lloyds as
well as its stake in Northern Rock Plc.

                    US$367 Bln Asset Insurance

As reported in the Troubled Company Reporter-Europe on Mar. 9,
2009, Bloomberg News said Lloyds obtained GBP260 billion (US$367
billion) in state guarantees increasing the U.K. government's
stake in the bank to as much as 75 percent from 43 percent.

Under the agreement, Lloyds will pay GBP15.6 billion for asset
protection, or 5.2 percent of the insured assets, in the form of
non-voting shares, Bloomberg News said citing the bank in a
statement.

Lloyds also agreed to increase lending to businesses and
homeowners by GBP28 billion over the next 24 months, the same
report said.

In return, the report said Lloyds will get government insurance
for GBP74 billion of residential mortgages, GBP18 billion of
unsecured personal loans, GBP151 billion of corporate and
commercial loans and GBP17 billion of treasury assets.

The report said Lloyds will be responsible for the initial GBP25
billion of losses on the insured assets and will cover 10 percent
of any additional losses, with the Treasury responsible for the
rest.

The government will also underwrite a GBP4 billion share sale and
convert existing preference shares into equity, the report
disclosed.

According to Bloomberg News, about 83 percent of the assets Lloyds
is insuring came from HBOS.  Lloyds acquired HBOS's deteriorating
quality of loans when it bought the firm in a government-brokered
deal, the report said.

The report recalled in September, Lloyds agreed to buy HBOS for
about GBP7.7 billion as the government sought to prevent HBOS from
collapsing after credit markets froze.  Last month, HBOS posted a
pretax loss of GBP7.5 billion, the report noted.

                     About Lloyds Banking Group PLC

Lloyds Banking Group Plc (LON:LLOY) –-
http://www.lloydsbankinggroup.com/-- formerly Lloyds TSB Group
plc, is United Kingdom-based financial services company, whose
businesses provide a range of banking and financial services in
the United Kingdom and a limited number of locations overseas.
The operations of Lloyds TSB Group in the United Kingdom were
conducted through over 2,000 branches of Lloyds TSB Bank, Lloyds
TSB Scotland plc and Cheltenham & Gloucester plc during the year
ended December 31, 2007.  Cheltenham & Gloucester plc (C&G) is the
Company's specialist mortgage arranger.  Following the transfer of
its mortgage lending and deposits to Lloyds TSB Bank, during 2007,
C&G arranges mortgages for Lloyds TSB Bank rather than for its own
account.  International business is conducted mainly in the United
States and continental Europe.  Lloyds TSB Group's services in
these countries are offered through branches of Lloyds TSB Bank.
In January 2009, the Company acquired HBOS plc.


MELTON RETREADS: Appoints Joint Administrators from PwC
-------------------------------------------------------
Stuart David Maddison and Robert Jonathan Hunt of
PricewaterhouseCoopers LLP were appointed joint administrators of
Melton Retreads Ltd. on April 6, 2009.

The company can be reached through PricewaterhouseCoopers LLP at:

         Donington Court
         Pegasus Business Park
         Castle Donington
         DE74 2UZ
         England


PAGEBET LTD: Steven Philip Ross Named Administrator
---------------------------------------------------
Steven Philip Ross of Tenon Recovery was appointed administrator
of Pagebet Ltd. on April 7, 2009.

The company can be reached through Tenon Recovery at:

         Tenon House
         Ferryboat Lane
         Sunderland
         Tyne & Wear
         SR5 3JN
         England


R & H TOMLINSON: Appoints Administrators from Tenon Recovery
------------------------------------------------------------
Steven Philip Ross and Ian William Kings of Tenon Recovery were
appointed joint administrators of R & H Tomlinson Ltd. on April 7,
2009.  The company can be reached through Tenon Recovery at:

         Tenon House
         Ferryboat Lane
         Sunderland
         Tyne & Wear
         SR5 3JN
         England


RIGSBY NEW HOMES: Taps Joint Administrators from KPMG
-----------------------------------------------------
Jane Bronwen Moriarty of KPMG LLP was appointed administrator of
Rigsby New Homes Poole Ltd. on April 8, 2009.

The company can be reached at:

         Rigsby New Homes Poole Ltd.
         Ellar House
         2-4 Sheet Street
         Windsor
         Berkshire
         SL4 1BG
         England


ROYAL BANK: UKFI Can Lend Stock to Short-Sellers
------------------------------------------------
Bloomberg News reports U.K. Financial Investments Ltd., which
oversees the government's shareholdings in banks, is allowed to
lend out the stock to short-sellers.  The report recalls
politicians and investors had blamed short-sellers for
destabilizing markets in September, prompting the Financial
Services Authority to impose a ban on short- selling financial
stocks, a restriction only lifted in January.

UKFI, which owns 70 percent of Royal Bank of Scotland Plc and has
a 43 percent holding in Lloyds Banking Group Plc, legally may loan
stock, according to information obtained by Bloomberg News under a
Freedom of Information Act request.

UKFI meanwhile said it hasn't so far loaned any of its shares, and
has no current plans to do so adding it's a "commercial investor"
and reserves the right to use all means available to investors,
the report relates.

According to Bloomberg News, UKFI was set up by the Treasury in
November to manage the government’s shares in RBS and Lloyds as
well as its stake in Northern Rock Plc.

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

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

                            About RBS

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


SANDWELL COMMERCIAL NO. 3: Fitch Junks Rating on Class E Notes
--------------------------------------------------------------
Fitch Ratings has downgraded all classes except Class A1 of
Sandwell Commercial Finance No.3 Limited commercial mortgage-
backed floating-rate notes.  The Outlooks on Class A1, A2, A3 and
B have been revised to Negative from Stable.  Sandwell Commercial
Finance No.1 plc and Sandwell Commercial Finance No.2 plc were
affirmed.

Sandwell 1 FRN due 2039:

  -- GBP92.2 million Class A (XS0191369221) affirmed at 'AAA';
     Outlook Stable

  -- GBP17.5 million Class B (XS0191371391) affirmed at 'AA';
     Outlook Stable

  -- GBP12.5 million Class C (XS0191372522) affirmed at 'A';
     Outlook revised to Stable from Negative

  -- GBP10 million Class D (XS0191373686) affirmed at 'BBB';
     Outlook Negative

  -- GBP5 million Class E (XS0191373926) affirmed at 'BB'; Outlook
     Negative

Sandwell 2 FRN due 2037:

  -- GBP184.9 million Class A (XS0229030126) affirmed at 'AAA';
     Outlook Stable

  -- GBP17.6 million Class B (XS0229030472) affirmed at 'AA';
     Outlook Stable

  -- GBP15.9 million Class C (XS0229030712) affirmed at 'A';
     Outlook revised to Stable from Negative

  -- GBP20.2 million Class D (XS0229031017) affirmed at 'BBB';
     Outlook Negative

  -- GBP13 million Class E (XS0229031280) affirmed at 'BB';
     Outlook Negative

Sandwell 3 FRN due 2032:

  -- GBP110.5 million Class A1 (XS0357081032) affirmed at 'AAA';
     Outlook revised to Negative from Stable

  -- GBP14.7 million Class A2 (XS0357081206) downgraded to 'AA'
     from 'AAA'; Outlook revised to Negative from Stable

  -- GBP3.6 million Class A3 (XS0357088631) downgraded to 'AA-'
     (AA negative) from 'AAA'; Outlook revised to Negative from
     Stable

  -- GBP19.2 million Class B (XS0357088987) downgraded to 'BBB'
     from 'AA'; Outlook revised to Negative from Stable

  -- GBP10.2 million Class C (XS0357089100) downgraded to 'BB+'
     from 'A'; Outlook Negative

  -- GBP12.6 million Class D (XS0357089365) downgraded to 'B+'
     from 'BBB'; Outlook Negative

  -- GBP10.8 million Class E (XS0357089951) downgraded to 'CCC'
     from 'BB'; Recovery Rating of 'RR5' assigned

The rating actions reflect Fitch's assessment of the impact of
deteriorating commercial property market conditions on the loans
securitized in the transactions.  For all three transactions,
Fitch used portfolio-level information to estimate the expected
change in reported market values based on the timing of the
valuations and market indices of capital values.

Sandwell 1 had a reported weighted average loan-to-value ratio of
69.5% (scheduled to amortise to 50.4% at exit) at the February
2009 interest payment date, based on valuations conducted between
2000 and 2006.  Fitch estimates that Sandwell 1 is likely to have
suffered a market value decline of approximately 19% (after taking
into account any value gains prior to the current market decline),
resulting in a WA Fitch LTV of 87.5% (64% at exit).  However, the
notes have been redeemed by GBP112.8 million since closing (net of
substitutions worth GBP72.9 million and further advances of
GBP12.7 million), leaving only 54.9% of the original issuance
outstanding and resulting in substantial improvements in credit
enhancement levels.  Since closing, loans totaling GBP49.2 million
have been adjusted over time (eg conversions from fixed to
floating rate or vice versa, conversions from amortizing to
interest-only, maturity extensions and margin changes.

The MVD in Sandwell 2 is estimated at 23%, resulting in a WA Fitch
LTV of 98.4% (78% at exit).  The WA LTV, based on valuations
conducted between 2001 and 2007, was reported at 73.8% in March
2009 (57.8% at exit).  Like its predecessor, Sandwell 2 has
amortized significantly since closing, reducing the note issuance
by GBP98.4 million, or to 71.9% of its original size.  The loan
pool has also changed since closing due to substitutions (GBP108.6
million), further advances (GBP9.7 million) and loan term
adjustments (GBP94.9 million).

The pool for the most recent transaction, Sandwell 3, is almost
unchanged since closing.  In March 2009, the second-largest loan
of the pool (15.3% of the original balance) was repurchased
following a breach of the seller mortgage sale warranty; this
removal constitutes the only full loan redemption to date.  In
addition, a GBP0.35 million loan was converted from floating to
fixed-rate in December 2008.  The bulk of the valuations used to
calculate the WA reported LTV (73.9% in March 2009) were conducted
in 2006 and 2007, at the height of the recent property market
boom.  Consequently, Fitch estimates that, on average, these
valuations have declined by approximately 35%, resulting in a WA
Fitch LTV of 116.3%.  The magnitude of the estimated MVD and the
impact on expected loan losses is the key driver of the negative
rating action taken on this transaction.

Fitch will continue to monitor the performance of the Sandwell
transactions.


SHIRES LTD: Appoints Joint Administrators from Ernst & Young
------------------------------------------------------------
Robert Hunter Kelly and Jonathan Peter Sumpton of Ernst & Young
LLP were appointed joint administrators of Shires Ltd. on
March 31, 2009.

The company can be reached at:

         Shires Ltd.
         1 Bridgewater Place
         Water Lane
         Leeds
         LS11 5QR
         England


SKI 47 LTD: Taps Joint Administrators from Tenon Recovery
---------------------------------------------------------
Robert C Keyes and Gareth W. Roberts of Tenon Recovery were
appointed joint administrators of SKI 47 Ltd on April 6, 2009.

The company can be reached at:

         SKI 47 Ltd.
         9 Crossways
         London Road
         Sunninghill
         Ascot
         Berkshire
         SL5 0PL
         England


STERLING ENERGY: Banks Grant Loan Waiver Until Mid-August 2009
--------------------------------------------------------------
Sterling Energy Plc has reached agreement with all its syndicate
banks regarding the granting of a waiver until mid-August 2009, in
connection with the schedule of repayments on its outstanding
loans.

Reflecting the major fall in energy prices in the last few months,
the Company's Borrowing Base at the redetermination date of mid-
January 2009 under its syndicated debt facility was approximately
US$76 million, leaving a current debt gap of approximately US$27
million.  Under the waiver, Sterling expects to continue to
service its adjusted cash flow obligations until at least the next
scheduled Borrowing Base re-determination, due mid-August 2009.
The waiver includes various changes to the terms of the loan,
including fees dependent on the timing of the elimination of the
debt gap, prior bank approvals of capital costs and a monthly
repayment of not less than US$1 million under a cash sweep.

Graeme Thomson, Sterling CEO, said: "Completion of this financing
agreement is clearly a very important step forward for Sterling.
I believe it is a testimony to the strong relationships we have
with our banks as we work together to put in place a robust, long-
term solution to this issue.  I believe there is inherent value in
the production and exploration prospects of our portfolio. In
particular, I anticipate that we will spud our first well in
Kurdistan on plan in the fourth quarter of 2009.  Sterling has a
53.33% interest in the Sangaw North block and is fully carried for
its share of costs, up to the point of testing.  Kurdistan is
proving to be a prolific hydrocarbon region where, in recent
weeks, there has been yet further exciting news of potentially
very significant drilling success."

Headquartered in London, Sterling Energy plc (Sterling), along
with its subsidiaries, -- http://www.sterlingenergyplc.com-- is
engaged in the exploration for, and production of oil and gas in
Africa and in the United States.  In December 2007, the Company
entered into a Production Sharing Contract (PSC) in the Kurdistan
region of Iraq.  The Company has interests in two geographical
segments: North America, and Africa and the Middle East.  On March
29, 2007, the Company acquired Whittier Energy Corporation (WEC).
WEC was subsequently renamed Sterling Energy USA Inc. during the
year ended December 31, 2007.  The Company's annual production
averaged 5,760 barrels of oil equivalent per day.  It drilled 29
wells in the United States, of which 24 were successful in 2007.
Sterling's production in the United States averaged 25.8 million
cubic feet of gas equivalent per day in 2007.  In July 2008, the
Company announced the sale of its entire interest in Forum Energy
Plc.


TAYLOR WIMPEY: In Talks With Investors Over Rights Issue
--------------------------------------------------------
Graham Ruddick at Telegraph.co.uk reports that Taylor Wimpey Plc
is in talks with investors about a rights issue likely to be worth
up to GBP350 million.

However, a source close to the company, which successfully
refinanced its GBP1.57 billion of debt, insisted that talks with
shareholders, who include Barclays, JP Morgan and Standard Life,
were at an early stage, the report notes.

The report meanwhile discloses Taylor Wimpey sold its loss-making
construction businesses in Ghana to existing management for GBP1.

       Shareholder Polaris Doesn't Favor Rights Offering

On April 20, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported Taylor Wimpey shareholder Polaris Capital
Management LLC said the U.K. homebuilder can generate enough
cash to meet repayments without a rights offering if it can
maintain and increase sales.

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

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

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

                    Debt Refinancing Completed

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

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

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

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

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

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

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

                          *     *     *

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


TUBE LINES: Moody's Withdraws Rating on GBP300 Mil. Bank Loan
-------------------------------------------------------------
Moody's Investors Service has withdrawn the rating on the
GBP300 million guaranteed senior secured bank loan from the
European Investment Bank due 2031 originally raised by Tube Lines
Limited in 2002 and subsequently novated to Tube Lines (Finance)
PLC in 2004, guaranteed by Ambac Assurance (UK) Limited.  Moody's
has withdrawn this rating for business reasons.

The rating withdrawal reflects Moody's current policy to withdraw
ratings on Ambac-wrapped securities for which there is no
published underlying rating.  Should Ambac's rating subsequently
move back into the investment grade range or should Tube Lines
subsequently decide to publish the underlying rating, Moody's
would reinstate the rating for the EIB Debt.

The last rating action on Ambac was on April 13, 2009, when its
insurance financial strength rating was downgraded from Baa1 to
Ba3 with developing outlook.

Tube Lines Limited is a special purpose company which in 2002
entered into a 30-year Infrastructure Service Contract with London
Underground Limited for infrastructure upgrade, operation and
maintenance services as part of the London Underground Public
Private Partnership.


V-FUELS BIODIESEL: Appoints Administrators from Tenon Recovery
--------------------------------------------------------------
Steven Philip Ross and Robert Christopher Keyes of Tenon Recovery
were appointed joint administrators of V-Fuels Biodiesel Ltd. on
April 6, 2009.

The company can be reached at:

         V-Fuels Biodiesel Ltd.
         Cambois
         Bedlington
         Northumberland
         NE22 7BA
         England


WORLDWIDE DESTINATIONS: Taps Administrators from Grant Thornton
---------------------------------------------------------------
Nicholas Stewart Wood and Ian Richardson of Grant Thornton UK LLP
were appointed joint administrators of Worldwide Destinations Ltd.
on April 6, 2009.

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

         30 Finsbury Square
         London
         EC2P 2YU
         England


YELL GROUP: Moody's Cuts Corporate Family Rating to 'B1'
--------------------------------------------------------
Moody's Investors Service downgraded the Corporate Family Rating
of Yell Group plc to B1 from Ba3.  At the same time, Moody's
downgraded Yell's Probability of Default Rating to B2 from B1.
The outlook is negative.  The rating action concludes the review
for possible downgrade initiated on February 6, 2009.

"The rating action reflects Moody's increasing concerns about the
sharply deteriorating trend in the group's operating environment
amid weakening macroeconomic conditions in each of its markets,
and the resulting potential impacts on its financial risk
profile," explained Ayse Kayral, an Analyst in Moody's Corporate
Finance Group.  In this context, Moody's notes that Yell's
management had announced on February 5, 2009, these expectations:
(1) group organic revenue for the quarter ending March 31, 2009
(Q4 2008/09) to be down 12% year-on-year, notably worse than the
previous quarter's 4% decline, reflecting increasingly difficult
economic pressures, particularly on print directories; and (2)
full-year EBITDA to be down 2% year-on-year at constant exchange
rates, compared to previous guidance that it would be broadly
flat.  Moody's acknowledges that based on the company's forecasts,
the rate of decline in group revenue is likely to be less in Q1
2009/10 than the decline in Q4 2008/09.  However, looking into the
year ending March 2010, there is still a lack of visibility for
the economic outlook and its resultant impact on the group's
revenue growth, profitability and de-leveraging prospects (as
defined by Net Debt/EBITDA).

Moody's believes that if Yell experiences a high single-digit
revenue decline at constant exchange rates throughout 2009, its
EBITDA generation capacity could come under substantial pressure.
This could possibly constrain its ability to remain comfortably in
compliance with its senior credit facility covenants (which were
reset in October 2008), particularly in the latter part of the
year to March 2010.  To avoid such pressure, Yell would need to
undertake further cost-cutting measures beyond the GBP100 million
(around 5% of revenues) announced in November 2008.  Nevertheless,
considering that the company has already undertaken sizeable cost
reductions (i.e. GBP250 million), Moody's believes further cost-
cutting measures would be harder without undermining the group's
business strategies.

The B1 rating factors in Moody's expectation that the group will
be able to: (1) continue to deliver positive online momentum; and
(2) limit potential deterioration in working capital while
navigating through the recession and maintain strong cash
generation underpinned by solid cash conversion (which is expected
to remain at around 85-90% of EBITDA in the year to March 2009).
The B1 rating also reflects Moody's expectation that going
forward, Net Debt/LTM EBITDA (at consistent exchange rates) should
gradually improve from its December 31, 2008 level of 4.7x, as
this would be vital for the company's ability to refinance
approximately GBP1.98 billion in debt (Facility A under its senior
credit facility) comfortably before its maturity in April 30,
2011.  GBP1.48 billion in debt (Facility B under its senior credit
facility) is due in October 30, 2012.

Moody's notes that, unless the economic outlook further weakens,
looking into H2 2009/10, the rate of revenue decline (year-on-
year) may possibly moderate from its Q4 2008/09 level, given that
H2 2008/09 results/expectations already reflect substantial
pressure on top-line growth.  Were that to be the case, in Moody's
view, Yell should be able to operate within its senior credit
facility covenants in the year to March 2010.  Nevertheless, the
negative outlook reflects Moody's concerns, in light of the
limited visibility, regarding the company's ability to remain
comfortably in compliance with its senior credit facility
covenants in the event operating performance declines do not
moderate as the year progresses.  In the event Moody's anticipates
substantial deterioration under its covenant headrooms, further
downward pressure could be placed on the rating.

The last rating action on Yell was implemented on February 6,
2009, when Moody's placed the company's ratings on review for
possible downgrade.

Yell's ratings were assigned by evaluating factors Moody's believe
are relevant to the credit profile of the issuer, such as (i) the
business risk and competitive position of the company versus
others within its industry, (ii) the capital structure and
financial risk profile of the company, (iii) the projected
performance of the company over the near to intermediate term, and
(iv) management's track record and tolerance for risk.  These
attributes were compared against other issuers both within and
outside of Yell's core industry and Yell's ratings are believed to
be comparable to those of other issuers of similar credit risk.

Yell Group plc is the leading publisher of classified directories
in the UK and, through its subsidiary, Yellow Book, is a leading
independent directories publisher in the US.  Yell also owns 100%
of TPI (renamed Yell Publicidad), the largest publisher of yellow
and white pages in Spain, with operations in certain countries in
Latin America.  Yell's revenue for the 12 months ended March 31,
2008, was GBP2.219 billion and its Adjusted EBITDA (as defined by
the group) was GBP738.9 million.


* UK: To Provide GBP1-Bln Funding for Home Developers
-----------------------------------------------------
Chancellor of the Exchequer Alistair Darling will set aside GBP1
billion (US$1.45 billion) to revive house building in the U.K.,
Gonzalo Vina at Bloomberg News reports citing a person familiar
with the matter.

The government will buy stakes in stalled projects, finance
infrastructure and buy shares of homes to help owners, the person
cited in the report said ahead of formal announcement.

The report relates Chancellor Darling is expected to announce
plans intended to help house builders restart developments stalled
because of a lack of cash.

According to Bloomberg News, orders for new homes fell 46 percent
from a year earlier in February after credit dried up and the
residential property market suffered its worst slump in at least
two decades.  The value of residential-development land in Britain
fell by half last year as demand for newly-built homes slumped,
the report says citing Knight Frank LLP, a property consulting
firm.
Banks approved 38,000 new mortgages in February, less than half
the 104,000 monthly average in 2007, the Bank of England said as
cited in the report.


* UK: CEBR Says Fin'l Services Job Cuts May Decrease This Year
--------------------------------------------------------------
Ambereen Choudhury at Bloomberg News reports the Centre for
Economics & Business Research Ltd said U.K. financial services
companies may cut fewer jobs than forecast as the government's
bailout of the banking system and interest-rate cuts restore
confidence.

Banks and insurers in London may eliminate about 29,000 jobs this
year, 9 percent of the total, before employment growth resumes in
2010, the CEBR said in a report obtained by Bloomberg News.  The
estimated losses are lower than the firm's October forecast of
34,000, the report notes.

"The financial crisis has turned the corner," the CEBR said as
quoted in the report.  "The bank recapitalization, asset
protection scheme and sharp cut in interest rates have all helped
to restore confidence in financial markets."

The CEBR, the report relates, expects the number of corporate
finance jobs to drop to 7,000 this year, from 11,000 in 2008.


* UK: EU Commission Okays Asset-Backed Securities Guarantee Scheme
------------------------------------------------------------------
The European Commission has approved, under EC Treaty state aid
rules, the UK's Asset-Backed Securities Guarantee Scheme, which
forms part of UK measures to support the banking industry during
the current financial crisis.  The scheme was notified on April
17, 2009, and stressed the adverse development of the UK housing
market as a consequence of the credit contraction.  The measure is
intended to expand the funds available to banks to promote lending
to homebuyers and homeowners.  Under the scheme, investors will
benefit from the guarantee provided to securities issued by
special purpose vehicles collateralised with residential
mortgages.  Guarantees allocated under the scheme will be limited
to a total of GBP50 billion.  The Commission found that current
conditions on the financial markets justify the scheme, which aims
at facilitating banks to acquire liquidity and underpin lending to
the UK real economy.  The Commission therefore concluded that the
UK support measures are compatible with EC Treaty rules allowing
aid to remedy a serious disturbance in a Member State's economy
(Article 87.3.b), as explained in the Commission's Guidelines
Communication on the application of state aid rules to banks
during the financial crisis.

Competition Commissioner Neelie Kroes said: "The Commission is
satisfied that this measure will help to reactivate the UK
Residential Mortgage Backed Securities market and facilitate the
restoration of more competitive mortgages for UK borrowers whilst
avoiding disproportionate distortions of competition".

On  April 17, 2009, the UK notified its intention to setting up
another scheme to alleviate the funding constraints that banks are
currently suffering.  The measure is focused on mortgage lending
and intends to restore one of the main sources of leverage that UK
banks used.  The UK Residential Mortgage Backed Securities market
is the second largest such market worldwide.  By guaranteeing AAA
rated notes issued by special purpose vehicles sponsored by a bank
or building society, the UK Government will encourage the return
of confidence in this important market for the UK economy.

The instruments eligible under the ABS Scheme are bonds issued by
vehicles sponsored by UK banks and building societies that have a
substantial business in the UK.

The Commission concluded that the scheme complies with the
conditions laid down in its Guidance Communication on state aid to
the financial sector during the crisis.  In particular, the
Commission found that the scheme is well targeted to remedy a
serious disturbance in the UK economy, proportionate to the
challenge faced and designed to minimise negative spill-over
effects on competitors, other sectors and other Member States.
The scheme is non-discriminatory, limited in time (six months) and
scope and with a market-orientated remuneration.


* EU Commission Opens Antritrust Proceedings vs. Four Airlines
--------------------------------------------------------------
The European Commission has decided to open two formal antitrust
proceedings in relation to cooperation between certain airlines on
transatlantic routes.  The first investigation concerns both
existing and planned cooperation between four current or
prospective members of the Star Alliance -– Air Canada,
Continental, Lufthansa and United.  The second investigation
relates to proposed cooperation between three members of the
oneworld alliance –- American Airlines, British Airways and
Iberia.  The Commission will assess the compatibility of each of
these airlines' cooperation with European rules on restrictive
business practices (Article 81 of the EC Treaty and Article 53 of
the EEA Agreement).

The Commission has opened two separate investigations.  They
respectively relate to two sets of agreements between Air Canada,
Continental, Lufthansa and United, on the one hand, and between
American Airlines, British Airways and Iberia, on the other hand.
The agreements provide for the coordination of the airlines'
commercial, marketing and operational activities on transatlantic
routes (principally routes between the EU and North America).  The
level of cooperation in question appears far more extensive than
the general cooperation between these airlines and other airlines
which are part of the Star and oneworld alliances.  In particular,
the parties to each agreement intend to jointly manage schedules,
capacity, pricing and revenue management on transatlantic routes,
as well as share revenues and sell tickets on these routes without
preference between these carriers.  The scope of the Star Alliance
investigation covers both the existing transatlantic cooperation
between Lufthansa and United and between Lufthansa and Air Canada
as well as the proposed four-party agreement between them and
Continental.

The Commission is assessing whether these joint activities may
lead to restrictions of competition on certain transatlantic
routes.  In its analysis, the Commission will take into
consideration any demonstrated consumer benefits which may arise
from the parties' cooperation.

The opening of proceedings does not imply that the Commission has
conclusive proof of an infringement but merely signifies that the
Commission will deal with the cases as a matter of priority.

As in any other competition case, the companies will be able to
rely on their rights of defence in accordance with the applicable
rules.

There is no strict deadline for the Commission to complete
inquiries into potentially anticompetitive conduct.  Their
duration depends on a number of factors, including the complexity
of each case, the extent to which the undertakings concerned co-
operate with the Commission and the exercise of the rights of
defence.

                 Legal Base for the Decision

The legal base of this procedural step is Article 11(6) of Council
Regulation No 1/2003 and Article 2(1) of Commission Regulation No
773/2004.

Article 11(6) of Regulation No 1/2003 provides that the initiation
of proceedings relieves the competition authorities of the Member
States of their authority to apply Articles 81 and 82 of the
Treaty to the practices under investigation by the Commission.
Moreover, Article 16(1) of the same Regulation provides that
national courts must avoid giving decisions which would conflict
with a decision contemplated by the Commission in proceedings that
it has initiated.

Article 2 of Regulation No 773/2004 provides that the Commission
can initiate proceedings with a view to adopting at a later stage
a decision on substance according to Articles 7-10 of Regulation
No 1/2003 at any point in time, but at the latest when issuing a
statement of objections or a preliminary assessment notice in a
settlement procedure.  In the two present cases, the Commission
has chosen to open proceedings before such further steps.


* S&P Corrects Ratings on Five European Synthetic CDO Tranches
--------------------------------------------------------------
Standard & Poor's Ratings Services corrected its credit ratings on
five European synthetic collateralized debt obligation tranches.

S&P has adjusted the ratings on the tranches listed below.  The
incorrect ratings were due to a data entry error made on April 9,
2009.

The rating actions were correctly listed in a media release S&P
published on April 9 as part of S&P's regular surveillance of
European synthetic CDOs.  However, users of RatingsDirect and
other information sources who searched on these five transactions
would have found incorrect current ratings.

The current ratings are based on S&P's criteria for rating
synthetic CDOs.  As recently announced, however, these criteria
are under review.  As highlighted in this notice, S&P is
soliciting feedback from market participants regarding proposed
changes to S&P's collateralized loan obligation and CDO criteria.
S&P will evaluate the market feedback, which may result in changes
to the criteria.  Any such criteria changes, as well as other
credit factors, may have an impact on S&P's ratings on the notes
affected by the rating actions.

                           Ratings List

         Citibank N.A. and IKB Deutsche Industriebank AG
     24 Million Class B Fixed-Rate Credit Default Swap Credit
                        Assessment (Bora)

                                       Rating
                                       ------
        Class                  To                   From
        -----                  --                   ----
        B                      BBB-srp              BBB+srp

    EUR24 Million Class C Fixed-Rate Credit Default Swap Credit
                         Assessment (Bora)

                                 Rating
                                 ------
  Class                  To                   From
  -----                  --                   ----
  C                      BBB-srp/Watch Neg    BBB+srp/Watch Neg

                            Claris Ltd.
  EUR20 Million Floating-Rate Credit-Linked Notes Series 42/2005
                            Voltaire

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

  US$25 Million Floating-Rate Credit-Linked Notes Series 44/2005
                            Voltaire

                      Rating
                      ------
               To                   From
               --                   ----
               B/Watch Neg          BBB+/Watch Neg

                  Omega Capital Investments PLC
      EUR45 Million Secured Floating-Rate Notes Series 59

                                  Rating
                                  ------
    Class                  To                   From
    -----                  --                   ----
    B                      AAA/Watch Neg        BBB+/Watch Neg


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

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

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

May 1, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Nuts and Bolts for Young Practitioners
       Alexander Hamilton Custom House, New York City
          Contact: 1-7...; http://www.abiworld.org/

May 4, 2009
AMERICAN BANKRUPTCY INSTITUTE
    New York City Bankruptcy Conference
       New York Marriott Marquis, New York City
          Contact: 1-7...; http://www.abiworld.org/

May 7-8, 2009
RENASSANCE AMERICAN MANAGEMENT, INC.
    6th Annual Conference on
    Distressted Investing - Europe
       The Le Meridien Piccadilly Hotel, London, U.K.
          Contact: 1-9... or
                   http://www.renaissanceamerican.com/

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Dec. 3-5, 2009
AMERICAN BANKRUPTCY INSTITUTE
    21st Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, California
          Contact: 1-7...; http://www.abiworld.org/

Apr. 29-May 2, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center, Maryland
          Contact: 1-7...; http://www.abiworld.org/

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

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

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

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

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

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

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

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

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

                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *