TCREUR_Public/090424.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

             Friday, April 24, 2009, Vol. 10, No. 80

                            Headlines

A U S T R I A

AGAN IMPORT: Claims Registration Period Ends May 13
CADIRCI LLC: Claims Registration Period Ends May 12
FAIRLEAD INSTITUTE: Claims Registration Period Ends May 12
H.S.L. INSTALLATION : Claims Registration Period Ends May 12
HANDBLITZ LLC: Claims Registration Period Ends May 12

HEAD NV: S&P Cuts Long-Term Corporate Credit Rating to 'CC'
HOLZSCHUH FMZ: Claims Registration Period Ends May 12
MONTEX LLC: Claims Registration Period Ends May 13
SFK-CENTER: Claims Registration Ends May 13


F R A N C E

FAURECIA SA: First Quarter Sales Down 38.1%
PEUGEOT CITROEN: Sales Decline 25% in First Quarter 2009


G E R M A N Y

BRELA COSMETISCHE: Claims Registration Period Ends May 25
CARBOSYSTEMS GMBH: Claims Registration Period Ends May 15
COFFEE SUITE: Claims Registration Period Ends July 14
COMMERZBANK AG: Shares Hit One-Week High on Eurohypo Sale News
DRESDNER BANK: Ex-Dresdner Kleinwort Chief Seeks Severance Payment

EBINGER GMBH: Claims Registration Period Ends June 5
G.S.Z. GMBH: Claims Registration Period Ends June 10
KOMMUNALER TECHNISCHER: Claims Registration Period Ends May 15
LABORATE GMBH: Claims Registration Period Ends June 7
M. + S. AUTOGLAS: Claims Registration Period Ends May 27

PRAKTIKER AG: First Quarter Loss Widens to EUR49.2-Mln


I C E L A N D

SPRON SAVINGS: MP Bank Drops Acquisition Plans Over Kaupthing Row


I R E L A N D

CHEYNE CLO: S&P Junks Ratings on Three Classes of Notes
ELAN CORPORATION: 1st Qtr Net Loss Increased to US$102.6-Mln

* IRELAND: IMF Says Bank Bailouts Cost Higher Than Other Countries


I T A L Y

FIAT SPA: May Sell CNH Unit to Fund Chrysler Deal
TELECOM ITALIA: May Sell Stake in Telecom Argentina


K A Z A K H S T A N

ADILGAZY LLP: Creditors Must File Claims by June 5
COMPANIYA XXI: Creditors Must File Claims by June 5
GRAND TAVRIYA: Creditors Must File Claims by June 5
KALAMKAS LLP: Creditors Have Until June 5 to Submit Claims
KAZ AGRO: Creditors Must File Claims by June 5

KAZ STAL: Creditors Have Until June 5 to File Claims
KAZ UGLE: Creditors Must File Claims by June 5
REMBIK-2004 LLP: Creditors Must File Claims by June 5
TECHNOPARK CJSC: Creditors Must File Claims by June 5
ULKEN JAN: Creditors Must File Claims by June 5


K Y R G Y Z S T A N

MEGAPOLIS BISHKEK: S. Asankozhoyev Named Insolvency Manager
NETWORK NOIR: Creditors Must File Claims by May 1
WINCOR LLC: Creditors Must File Claims by May 1


N E T H E R L A N D S

UPC BROADBAND: Moody's Assigns 'B2' Rating on EUR200 Mil. Notes


P O R T U G A L

LUSITANO MORTGAGES: S&P Puts BB-Rated Class E Notes on Pos. Watch


R U S S I A

ALFA-STROY: Sverdlovskaya Bankruptcy Hearing Set September 4
APSHERONSKIY WOOD: Creditors Must File Claims by May 10
BIYSKIY TANNERY: Creditors Must File Claims by May 10
KOCHUBEYEVSKAYA GARMENT: Creditors Must File Claims by June 10
NORTH-WESTERN INSURANCE: Bankruptcy Hearing Set August 17

REPAIR AND ENGINEERING: Bankruptcy Hearing Set July 23
RIK-STROY: Court Names N. Alakina as Insolvency Manager
RUBTSOVSKIY COLD: Creditors Must File Claims by June 10
SINTEZ-OIL: Creditors Must File Claims by June 10
SWEDBANK OAO: Fitch Assigns 'D/E' Individual Rating

TERENGULSKIY CERAMICS: Creditors Must File Claims by July 13
VOLGA-MET: Creditors Must File Claims by June 10


S P A I N

CAIXA GALICIA: Moody's Assigns 'Ba3' Rating on Series D Notes
CAMGE CONSUMO: Moody's Assigns 'Ba2' Rating on EUR95.5 Mil. Notes
IM PASTOR: Moody's Assigns '(P) Caa1' Rating on EUR147.2MM Notes
REALIA BUSINESS: Creditor Seeks Administration Over Unpaid Debt
TDA 25: Fitch Junks Ratings on Class C & D Tranches; Outlook Neg.

TDA 27: Fitch Junks Ratings on Class E & F Tranches; Outlook Neg.
TDA 28: Fitch Junks Ratings on Class E & F Tranches; Outlook Neg.


S W E D E N

VOLVO AB: Eyes 1,543 Job Cuts in Sweden Amid Plummeting Demand


S W I T Z E R L A N D

FOPPA SPORT: Proof of Claim Filing Deadline is May 6
IMMOBILIEN, MEYER - MUELLER JSC: Claims Filing Deadline is May 6
INVEST ALLIANCE: Proof of Claim Filing Deadline is May 6
LANDMARK PARTNERS: Claims Filing Deadline is May 6
MINIBOX LLC: Creditors Must File Proofs of Claim by May 6

MTS MINING: Creditors Must File Proofs of Claim by May 6
REBIMMO BAU: Deadline to File Proofs of Claim Set May 6
RIFAS CONSULTING: Creditors Must File Claims by May 6
SCHREIBER – TARAG JSC: Creditors Have Until May 6 to File Claims
WINTECH WINDING: Creditors' Proofs of Claim Due by May 6


U K R A I N E

AGROINCAM LLC: Court Starts Bankruptcy Supervision Procedure
ALPHA-TRADE LLC: Creditors Must File Claims by May 6
ASTRA-CENTER LLC: Creditors Must File Claims by May 6
DANVER TRADE: Creditors Must File Claims by May 6
DONBASS MECHANICAL: Creditors Must File Claims by May 6

GIVARA CJSC: Creditors Must File Claims by May 6
PLANETA LLC: Court Starts Bankruptcy Supervision Procedure
YUNONA MH LLC: Creditors Must File Claims by May 6

* Moody's Corrects Press Release on Ratings of Six Ukrainian Banks


U N I T E D   K I N G D O M

ABBOT GROUP: S&P Cuts Long-Term Corporate Credit Rating to 'B-'
AD WASTE: Faces Liquidation; Council May Take Direct Control
ADVANTAGE TRADE: Appoints Administrators from Tenon Recovery
AFFINITY CONNECTED: Assets Sold to TU Ink Limited
BOARD ENVELOPES: Brings in Administrators from Tenon Recovery

CEVA GROUP: Moody's Junks Corporate Family Rating from 'B3'
CHIC HOTELS: Taps Joint Administrators from Grant Thornton
CORSAIR NO 2: S&P Raises Ratings on Series 94 from 'BB'
G.M.A ENGINEERING: Appoints Joint Administrators from PwC
HALEYS HOTEL: Goes Into Administration; 20 Jobs at Risk

LEE & AGRAMUNT: Calls in Joint Administrators from Deloitte
OPPORTUNITY GROUP: Taps Joint Administrators from PwC
PCH REALISATIONS: Appoints Joint Administrators from BDO
PLATINUM DEVELOPERS: Brings in Administrators from Grant Thornton
ROYAL BANK: Hires Law Experts to Review Fred Goodwin's Pension

RTS GROUP: Taps Joint Administrators from Baker Tilly
SEAL ENGINEERING: Appoints Joint Administrators from PwC
SRC PROPERTY: Names Joint Administrators from BDO Stoy Hayward
TAYLOR MARINE: Appoints Joint Administrators from Grant Thornton
THOMAS WALKER: Goes Into Administration; Nearly 60 Jobs at Risk

V FOUR RECRUITMENT: Appoints Joint Administrators from Tenon
WHITERIGG ALPINES: Taps Joint Administrators from KPMG

* U.K.: Deficit Triples in Fiscal Year Through March
* UK: BDO Says Tax Payment Ext'n to Benefit Cash-Strapped Firms
* Fitch Sees Potential Losses for European Leveraged Investors
* PwC Says Larger Companies Weather Financial Storm

* BOOK REVIEW: The First Junk Bond: A Story of Corp. Boom & Bust


                         *********


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


AGAN IMPORT: Claims Registration Period Ends May 13
---------------------------------------------------
Creditors owed money by Agan Import – Export LLC have until
May 13, 2009, to file written proofs of claim to the court-
appointed estate administrator:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:45 a.m. on May 27, 2009, for the
examination of claims.


CADIRCI LLC: Claims Registration Period Ends May 12
--------------------------------------------------
Creditors owed money by Cadirci LLC have until May 12, 2009, to
file written proofs of claim to the court-appointed estate
administrator:

         Dr. Elisabeth Achatz-Kandut
         Schillerstrasse 12
         4020 Linz
         Austria
         Tel: 65 69 69
         Fax: 65 69 69 60
         E-mail: e.achatz@hep.co.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on May 26, 2009, for the
examination of claims at:

         Land Court of Linz
         Hall 522
         5th Floor
         Linz
         Austria


FAIRLEAD INSTITUTE: Claims Registration Period Ends May 12
----------------------------------------------------------
Creditors owed money by Fairlead Institute LLC have until May 12,
2009, to file written proofs of claim to the court-appointed
estate administrator:

         Dipl.Ing.Mag. Michael Neuhauser
         Esslinggasse 7
         1010 Vienna
         Austria
         Tel: 90 333
         Fax: 90 333 55
         E-mail: vienna@snwlaw.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on May 26, 2009, for the
examination of claims.


H.S.L. INSTALLATION : Claims Registration Period Ends May 12
------------------------------------------------------------
Creditors owed money by  H.S.L. Installation LLC have until
May 12, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Mag. Petra Diwok
         Landstrasser Hauptstrasse 34
         1030 Vienna
         Austria
         Tel: 713 80 57
         Fax: 713 07 76
         E-mail: diwok@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on May 26, 2009, for the
examination of claims.


HANDBLITZ LLC: Claims Registration Period Ends May 12
-----------------------------------------------------
Creditors owed money by Handblitz LLC  have until May 12, 2009, to
file written proofs of claim to the court-appointed estate
administrator:

         Dr. Kurt Freyler
         Seilerstatte 5
         1010 Wien
         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 10:15 a.m. on May 26, 2009, for the
examination of claims.


HEAD NV: S&P Cuts Long-Term Corporate Credit Rating to 'CC'
-----------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered to 'CC'
from 'CCC+' its long-term corporate credit rating on Netherlands-
based and Austria-managed sports equipment manufacturer Head N.V.
(Head).  The outlook is negative.

At the same time, S&P lowered its issue-level rating on Head's
EUR111.6 million 8.5% senior unsecured notes due February 2014,
issued by related entity HTM Sport und Freizeitgeraete AG, to 'C'
from 'CCC', as a result of S&P's downgrade of Head.  As of
Dec. 31, 2008, audited accounts showed that Head had EUR160
million in reported debt outstanding.

These rating actions follow Head's announcement that it is
inviting holders of its senior unsecured notes to exchange any and
all of their notes for new euro-denominated secured notes,
maturing on the same date, and carrying a 10% coupon.  Head's
announcement states that the new notes will have priority over
certain receivables, inventory, and, in certain circumstances,
cash, and will be guaranteed on an unsecured basis by Head's main
subsidiaries.  The announcement specifies that bondholders have
until May 22, 2009 (the Expiration Date), to respond to the offer.
The exchange price is specified to be 35% of the par price, or 30%
of the par price if acceptance of the exchange offer is
communicated after May 11, 2009 (the Early Tender Date).

"We take the position that under our criteria this exchange offer
is equivalent to a default, given that acceptance of the new notes
would represent a substantial discount to the par amount of the
outstanding issues," said Standard & Poor's credit analyst Diego
Festa.

In the 12 months to Dec. 31, 2008, Head's adjusted ratio of debt
to EBITDA was 13.4x and EBITDA interest coverage was 1.0x.  Head,
which is now only listed on the Vienna Stock Exchange following
its delisting from the New York Stock Exchange, is effectively
controlled by its chairman and CEO, Johan Eliasch, who, together
with members of his family, controls 49.97% of the company.

"The rating outlook is negative.  On completion of the
transaction, S&P would expect to lower the ratings on the
unsecured notes to 'D'.  S&P could also lower the corporate credit
rating to 'SD' if the company continues to honor its other debt
obligations.  As soon as is practical thereafter, and following
S&P's review of the revised liability structure, S&P would
reassess Head's capital structure and liquidity profile, and
assign new ratings based on the amount of notes the company
successfully tendered," said Mr. Festa.


HOLZSCHUH FMZ: Claims Registration Period Ends May 12
-----------------------------------------------------
Creditors owed money by Holzschuh FMZ LLC have until May 12, 2009,
to file written proofs of claim to the court-appointed estate
administrator:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on May 26, 2009, for the
examination of claims at:

         Trade Court of Vienna
         Room 1606
         Vienna
         Austria


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

         Mag. Christoph Danner
         Lamprechtsstrasse 2
         4780 Scharding/Inn
         Austria
         Tel: 07712/5133
         Fax: 07712/5133-20
         E-mail: office@grubeck-danner.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:50 a.m. on May 20, 2009, for the
examination of claims at:

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


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

         Dr. Bajc Erwin
         Mittergasse 28
         8600 Bruck an der Mur
         Austria
         Tel: 03862/51462
         Fax: 03862/51462-10
         E-mail: rechtsanwaelte@bzt.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on May 27, 2009, for the
examination of claims at:

         Land Court of Leoben
         Hall IV
         First Floor
         Leoben
         Austria


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


FAURECIA SA: First Quarter Sales Down 38.1%
-------------------------------------------
Faurecia SA's consolidated sales for the first quarter of 2009
totaled EUR2,007.8 million, slipping 38.1% in relation to the
first quarter of 2008.  Excluding monoliths, like-for-like sales
were down 35.0%, the company said in a statement Tuesday.
Exchange-rate variations meanwhile had a negative impact of 0.9%.

Sales in Europe totaled EUR1,527.1 million, with like-for-like
sales down 34.5% excluding monoliths.  In North America, sales
totaled EUR247.6 million, down 47.3% like-for-like excluding
monoliths.  In South America, sales totaled EUR57.5 million , with
like-for-like sales down 1.2% excluding monoliths while in Asia,
sales dipped by 14% in China and 34.6% in Korea, excluding
monoliths and on a like-for-like basis.  Sales stood at EUR148.2
million for the region as a whole, down 14.9%, a like-for-like
fall of 22.1% excluding monoliths.

"Business in the first quarter was marked by a severe contraction
in January and February," Faurecia said noting the situation began
to stabilize in March.

Faurecia said a plan implemented in the first quarter targeting
cost savings of EUR600 million is now in place and is producing
the expected results.

In April, Faurecia completed the first stage of its campaign to
secure financing. The initial step, covering a total of EUR1,633
million, involves loans totaling EUR1,170 million from banks and
EUR250 million from Peugeot SA, along with an additional credit
line of EUR213 million.

The first two arrangements were renegotiated to adapt covenants to
the sharp drop in automotive production and its impact on 2009
sales, particularly in the first half of the year.

The second stage of the financing plan will involve a capital
increase of EUR450 million  underwritten by Peugeot SA.

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

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

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

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


PEUGEOT CITROEN: Sales Decline 25% in First Quarter 2009
--------------------------------------------------------
BBC News reports sales of PSA Peugeot Citroen SA dropped by 25% in
the first three months of the year, from a year earlier.

The report relates according to the company, the fall "illustrates
the full extent of the crisis being experienced by the automotive
industry worldwide".

Peugeot-Citroen, which made a loss of EUR343 million (US$44.5
million; GBP303.1 million) in 2008 following a dramatic fall in
sales, expects to make a loss this year.  The company, the report
notes, has announced 11,000 job cuts.

The report recalls the company received a EUR3 billion (US$3.78
billion; GBP2.65 billion) loan from the French government
this year.

PSA Peugeot Citroen SA -- http://www.psa-peugeot-citroen.com-- is
a France-based manufacturer of passenger cars and light commercial
vehicles.  It produces vehicles under the Peugeot and Citroen
brands.  In addition to car manufacturing, the Company runs such
divisions as Banque PSA Finance, which federates the Company's
finance entities; Faurecia, producing automotive equipment,
including car seats, exhaust systems and other components; Gefco,
which furnishes transportation and logistics services, and Peugeot
Motocycles, which manufactures scooters and motorcycles.  In 2007,
PSA Peugeot Citroen SA sold over 3.4 million vehicles in 150
countries worldwide.


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


BRELA COSMETISCHE: Claims Registration Period Ends May 25
---------------------------------------------------------
Creditors of Brela cosmetische und chemische Produkte 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 11:30 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 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:

         Axel Roth
         Dittrichring 18-20
         04109 Leipzig
         Germany
         Tel: 0341/1493105
         Fax: 0341/1493111

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:

         Brela cosmetische und chemische Produkte GmbH
         Attn: Manfred Petermueller, Manager
         Am Bahndamm 5
         04539 Groitzsch
         Germany


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

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on May 26, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Mayen
         Hall 12
         St. Veit-Strasse 38
         56727 Mayen
         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:

         Ralf Hildebrandt
         Bahnhof
         St. 2a
         56068 Koblenz
         Germany
         Tel: 02 61 / 9 14 97 26
         Fax: 0261 / 9 14 97 27
         E-mail: rhildebrandt@bl-law.de

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:

         CarboSystems GmbH
         BPS Halle
         Guenther Plueschow Kaserne
         56740 Mendig
         Germany

         Attn: Peter Gerl, Manager
         Im Joch 29
         56651 Niederzissen
         Germany


COFFEE SUITE: Claims Registration Period Ends July 14
-----------------------------------------------------
Creditors of Coffee Suite GmbH have until July 14, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Aug. 4, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Wiesbaden
         E 36 A
         Third Floor
         Building E
         Moritzstrasse 5
         Hinterhaus
         65185 Wiesbaden
         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. J. Blersch
         c/o. Blersch/Goetsch/Partner Insolvenzverwaltungen
         Taunusstrasse 7a
         65183 Wiesbaden
         Germany
         Tel: 0611 / 180 89-100
         Fax: 0611 / 180 89 -189
         E-mail: mail@bgp-insol.de

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:

         Coffee Suite GmbH
         Espressobar Segafredo – im Liliencarre
         Bahnhofsplatz 3
         65189 Wiesbaden
         Germany

         Attn: Kansu Yazici, Manager
         Grundelbach St. 1
         69469 Weinheim
         Germany


COMMERZBANK AG: Shares Hit One-Week High on Eurohypo Sale News
--------------------------------------------------------------
News of Commerzbank AG splitting off its Eurohypo AG unit sent the
company's shares up Wednesday by 11 percent to EUR5.25, the most
in a week in Frankfurt trading, Aaron Kirchfeld at Bloomberg News
reports.

The report relates the stock has declined 23 percent this year,
valuing the company at about EUR4.5 billion (US$5.8 billion).

"Eurohypo is a heavy burden on Commerzbank because of its losses
and risks in commercial real estate," Bloomberg News quoted Olaf
Kayser, an analyst at Landesbank Baden-Wuerttemberg, as saying.
"But Commerzbank would have to sell it at a loss."

On April 8, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported Commerzbank may sell its Eurohypo
commercial property unit or eastern European operations to win
European Union approval for German state aid.

In that TCR-Europe report, Bloomberg News, citing a person
familiar with the matter, noted Commerzbank said in January it
would get EUR10 billion (US$13.4 billion) in a second round of
aid, giving the state 25 percent plus one share.

The disposals are among options under discussion, and no decision
has been made, the person, who declined to be identified because
the talks are private, told Bloomberg News.

Eschborn, Germany-based Eurohypo, a public finance and commercial-
property lender bought by Commerzbank for about EUR4.5 billion in
2006, had a pretax loss of about EUR1.4 billion last year,
according to Bloomberg News.

As reported in the Troubled Company Reporter-Europe on April 6,
2009, William Launder at Dow Jones Newswires said shareholders
will be asked at the company's annual general meeting on May 15 to
approve an agreement Commerzbank reached with the German financial
markets stabilization fund, or SoFFin, in January.  Under the
agreement, Dow Jones said the German government will take a 25%
plus one share stake in Commerzbank and will provide a silent
participation of EUR8.2 billion.

In an earlier report, Bloomberg News said the German bank, which
has tapped the German government for EUR18.2 billion (US$24.2
billion) in capital, will ask shareholders for approval to issue
about EUR1.77 billion of new shares to allow the government to
take the holding.  Commerzbank will also ask shareholders to give
it the option to issue about 258 million new shares, Bloomberg
News added.

Germany-based Commerzbank AG (FRA:CBK) --
https://www.commerzbank.com/ --  is an integrated bank and
financial institution.  The Company's operates in five segments:
Private Customers, Mittelstandsbank, Central and Eastern Europe,
Corporates & Markets and Commercial Real Estate.  Commerzbank AG
serves a total of approximately 14 million private and corporate
customers.  Commerzbank is a service provider for private and
business customers, as well as small and mid-sized companies,
while also serving large and multinational corporate customers.
In March 2008, the Company completed the acquisition of a majority
stake of 60% plus one share in the private Ukrainian bank, Bank
Forum.  In May 2008, The Royal Bank of Scotland Group plc and
Commerzbank AG sold their stakes in Hellenic Telecommunications
Organization SA (OTE).  On January 12, 2009, Commerzbank AG
completed the acquisition of Dresdner Bank.


DRESDNER BANK: Ex-Dresdner Kleinwort Chief Seeks Severance Payment
------------------------------------------------------------------
A Bloomberg News report says Dresdner Bank AG's former capital
markets chief is asking a German court to award him EUR1.5 million
(US$1.9 million) in severance pay after he agreed to leave the
company.

According to the report, at a hearing held April 21 in Frankfurt,
Jens-Peter Neumann claimed he was entitled to a severance payment
negotiated before he departed.  Mr. Neumann, the report says,
received a bonus payment of EUR3 million when he left the
investment banking unit, Dresdner Kleinwort, after the January
takeover by Commerzbank AG.

Both parties declined to settle the case prompting Judge Klaus
Koettinger to schedule a hearing for Aug. 6.

Bloomberg News relates Matthias Woldter, an in-house lawyer for
Dresdner, told the Labor Court that Mr. Neumann isn't eligible for
the severance payment because his unit contributed EUR5.7 billion
of the bank's record EUR6.3-billion loss last year.

Meanwhile, Tanja Karhausen, Mr. Neumann's lawyer, as cited in the
report, said the payments were due independent of the 2008
results.

Dresdner Bank booked about EUR5 billion in writedowns and
impairments from collateralized debt obligations, asset- backed
securities, bond insurers, loans for leveraged buyouts and its
structured investment vehicle K2 Corp. in 2008, the report says
citing data from Allianz SE, which sold Dresdner to Commerzbank.

Commerzbank meanwhile has tapped the German government for EUR18.2
billion and said in February it decided to cut bonuses for
Dresdner Kleinwort bankers by 90 percent, Bloomberg News
discloses.  The report notes some bankers at the unit hired
London-based law firm Mishcon de Reya earlier this year as they
considered a possible lawsuit to recoup bonuses.

The case is: ArbG Frankfurt, 3 Ca 1957/09, according to Bloomberg
News.

Germany-based Dresdner Bank AG --  http://www.dresdner-bank.com/
--  is a financial services firm which has more than 1,000
branches throughout its home country, in addition to some 60
offices in Europe, Asia, and the US.  The company's operating
divisions are Private & Corporate Clients (personal, private,
business, and corporate banking; private wealth management) and
Investment Banking (capital markets and global banking), which
includes subsidiary Dresdner Kleinwort.  In 2009 fellow German
bank Commerzbank AG bought Dresdner Bank from insurance giant
Allianz SE for approximately US$14.5 billion.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on Mar. 4,
2009, Moody's Investors Service downgraded the bank financial
strength rating of Dresdner Bank AG to E+ from C-.  Dresdner
bank's E+ BFSR now carries a stable outlook, reflecting Moody's
expectation of no further rating action until completion of
Dresdner Bank's merger with its parent bank, Commerzbank AG, in Q2
2009.

As reported in the Troubled Company Reporter-Europe on Jan. 15,
2009, Fitch Ratings said Dresdner Bank AG's Individual Rating of
'D' remains on RWN.


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

Creditors and other interested parties are encouraged to attend
the meeting at 2:30 p.m. on June 30, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Pforzheim
         Hall 142
         Lindenstr. 8
         75179 Pforzheim
         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:

         Thomas Kind
         Eisenbahn St. 19-23
         77855 Achern
         Germany

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:

         Ebinger GmbH
         Attn: Dr. Michael Rebholz, Manager
         Industrie St. 2
         75223 Niefern-Oeschelbronn
         Germany


G.S.Z. GMBH: Claims Registration Period Ends June 10
----------------------------------------------------
Creditors of G.S.Z. GmbH have until June 10, 2009, to register
their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 3:00 p.m. on July 9, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Rottweil
         Room 037
         Koernerstr. 20
         78628 Rottweil
         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. Thomas Troll
         Hoch St. 1
         88045 Friedrichshafen
         Germany
         Tel: 07541-289670
         Fax: 07541-289679

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:

         G.S.Z. GmbH
         Attn: Jens von Grambusch, Manager
         Kreuz St. 21
         78532 Tuttlingen
         Germany


KOMMUNALER TECHNISCHER: Claims Registration Period Ends May 15
--------------------------------------------------------------
Creditors of Kommunaler Technischer Handel GmbH have until
May 15, 2009, to register their claims with court-appointed
insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 2:15 p.m. on June 24, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Potsdam
         Hall 24
         Justice Center
         Jagerallee 10-12
         14469 Potsdam
         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. Bruno M. Kuebler
         Einemstrasse 24
         10785 Berlin
         Germany

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

The Debtor can be reached at:

         Kommunaler Technischer Handel GmbH
         Blumenstrasse 29a
         15711 Zeesen
         Germany

         Attn: Oleksandr Kanyuchenko, Manager
         Giesserstrasse 47
         09130 Chemnitz
         Germany


LABORATE GMBH: Claims Registration Period Ends June 7
-----------------------------------------------------
Creditors of Laborate GmbH Systemhaus fuer Bildung, Arbeit und
Freizeit have until June 7, 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 July 7, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Dortmund
         Hall 3.201
         Gerichtsplatz 22
         44135 Dortmund
         Germany

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

The insolvency manager can be reached at:

         Achim Thomas Thiele
         Bronnerstrasse 7
         44141 Dortmund
         Germany

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:

         Laborate GmbH Systemhaus fuer
         Bildung, Arbeit und Freizeit
         Paderborner  St. 140 a
         44143 Dortmund
         Germany

         Attn: Christian Peter Feider, Manager
         Baltischer Weg 15
         44143 Dortmund
         Germany


M. + S. AUTOGLAS: Claims Registration Period Ends May 27
--------------------------------------------------------
Creditors of M. + S. Autoglas GmbH have until May 27, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on July 8, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Karlsruhe
         Hall IV
         First Floor
         Schlossplatz 23
         76131 Karlsruhe
         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:

         Steffen Rauschenbusch
         O 3 11+12
         68161 Mannheim
         Germany
         Tel: 0621/5339220

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:

         M. + S. Autoglas GmbH
         Ottostrasse 18
         76227 Karlsruhe
         Germany

         Attn: Saverio Palminteri, Manager
         Pfaffstrasse 8
         76227 Karlsruhe
         Germany


PRAKTIKER AG: First Quarter Loss Widens to EUR49.2-Mln
------------------------------------------------------
Praktiker AG's loss before interest, tax and amortization more
than doubled to EUR49.2 million (US$63.7 million) in the quarter
ended March 31 from EUR20.8 million a year earlier, Joseph
Mapother at Bloomberg News reports citing the company in a
statement Wednesday.  The company's net loss for the first quarter
meanwhile widened to EUR36.8 million from EUR23.5 million, the
report says.

Revenue declined 8 percent to EUR795.6 million in the first three
months.

The report relates Praktiker was the first German retailer to ask
the Federal Labor Office to subsidize wages this year through
short-time work.  In March, the report discloses 81 stores had
employees on reduced hours, which dropped to 32 German stores as
sales improved in April.

"We are experiencing a recessionary environment in all countries
in which we operate," Bloomberg News quoted Chief Financial
Officer Thomas Ghabel as saying during a conference call with
analysts.  "The first quarter was disappointing, but it doesn’t
give an indication of where 2009 is going."

Kirkel, Germany-based Praktiker AG or Praktiker Bau und
Heimwerkermaerkte Holding AG (FRA:PRA) --
http://www.praktiker.de/-- is the holding company for the
Praktiker Group, which is engaged in the retail of supplies for
the do-it-yourself and home improvement markets.  It operates 436
retail stores, 260 under the brand name Praktiker and 76 retail
stores under the brand name Max Bahr, as well as 100 branches in
Luxembourg, Poland, Hungary, Romania, Bulgaria, Greece, Turkey and
Ukraine.  Praktiker offers products for building, renovating,
gardening, hobbies, home repairs and home improvements and caters
for both the professional and do-it-yourself markets.  It offers
products from third-party brand manufacturers, as well as its own
labels.  In addition, Praktiker offers order service, transport
service and brokerage of credit purchase.  The Company has over 19
wholly owned subsidiaries, including Praktiker Bau- und
Heimwerkermaerkte AG, Max Bahr Holzhandlung GmbH & Co KG, BMH
Baumarkt Holding GmbH and Praktiker Finance BV, among others.


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


SPRON SAVINGS: MP Bank Drops Acquisition Plans Over Kaupthing Row
-----------------------------------------------------------------
Iceland Review reports that Margeir Petursson, chairman of MP
Bank, told Stod 2 Friday last week that it will not push through
with its plans to acquire branch network of SPRON savings bank and
its online unit Netbankinn due to a disagreement with New
Kaupthing.

However, Iceland Review relates Styrmir Thor Bragason, CEO of MP
Bank, told visir.is it will stand by its plans if approval is
received from the Financial Supervisory Authority shortly.

As reported in the Troubled Company Reporter-Europe on April 9,
2009, Iceland Review said the Central Bank of Iceland urged the
FME to postpone MP Bank's acquisition of the branch network of
SPRON savings bank and its online banking unit Netbankinn as the
new state-run Kaupthing could suffer from it.

Iceland Review disclosed according to Morgunbladid's sources, the
Central Bank believes that SPRON's former customers might take
their business back to SPRON once its branches reopen and that
Kaupthing might be unable to pay out their entire deposits.

According to Iceland Review, Margeir Petursson, chairman of the
board of MP Bank, told Frettabladid that he is considering filing
a claim with the Competition Authority because of Kaupthing's
involvement in the acquisition.

However, Finnur Sveinbjornsson, director of Kaupthing denied Mr.
Petursson's claims that Kaupthing is trying to prevent
competition, Iceland Review noted.

Iceland Review recounted when SPRON was nationalized last month,
its deposits were relocated to Kaupthing with a bond that was
backed by the entirety of SPRON's assets.

On April 3, 2009, the TCR-Europe, citing Iceland Review, reported
that on March 30, 2009, MP Bank reached an agreement with the
resolution committee of SPRON savings bank on the acquisition of
its branch network and its online unit.

Iceland Review disclosed the agreement is worth almost ISK800
million (US$6.5 million, EUR5.0 million), which includes a payment
to the SPRON resolution committee and overtaking commitments such
as rehiring at least 45 of the bank's employees.

Iceland Review recalled the Financial Supervisory Authority took
over the operations of SPRON on March 21.

On March 24, 2009, the TCR-Europe, citing Reuters, said the FME
decided to take over SPRON as discussions with creditors had been
unsuccessful and the bank's liquidity position had continued to
deteriorate.

According to Reuters, SPRON had total assets of ISK267 billion
Icelandic crowns (about US$880 million) at the end of
September 2008, including ISK212 billion of loans listed as
assets.

SPRON -- http://www.spron.is/-- is a universal bank offering an
extensive range of commercial and investment banking services to
retail and corporate customers as well as institutional investors
in the Greater Reykjavik area.

SPRON's subsidiaries are Frjalsi Investment Bank, the online bank
Netbankinn, SPRON Factoring and SPRON Asset Management.  SPRON
operates branches throughout the Reykjavik area.


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


CHEYNE CLO: S&P Junks Ratings on Three Classes of Notes
-------------------------------------------------------
Standard & Poor's Ratings Services lowered and kept on CreditWatch
negative its credit ratings on all classes of notes issued by
Cheyne CLO Investments I Ltd.

The rating actions follow the receipt of an event of default
notice stating that under the terms and conditions of the notes,
an event of default has occurred.  In addition, the rating actions
reflect S&P's assessment of a deterioration in the credit quality
of the underlying portfolio due to its exposure to tranches of
U.S. CLOs which have recently been downgraded or placed on
CreditWatch.

Another related factor in S&P's rating analysis is the share of
assets in the underlying portfolio currently on CreditWatch
negative.  On April 6, 2009, S&P published its revised assumptions
related to structured finance assets with ratings on CreditWatch
held within collateralized debt obligation transactions.  Pursuant
to these revised assumptions, S&P adjusts downward in its analysis
the ratings on these assets currently on CreditWatch negative by
at least three notches.

If enforcement proceedings were to take place under current market
conditions, S&P believes there is a high likelihood that Cheyne
CLO Investments I would not be able to repay the rated notes at
par.  As a result, the rated notes now face, in S&P's view, a high
risk of nonpayment that is linked to the outcome of the event of
default.

It is likely that all rated notes will continue to remain on
CreditWatch negative while the transaction remains in default.

Cheyne CLO Investments I closed in April 2005 and comprises a
portfolio of U.S. CLO tranches and total return swaps referencing
CLO tranches.  The CDO is managed by Cheyne Capital Management
Ltd.

                           Ratings List

                   Cheyne CLO Investments I Ltd.
               US$140.5 Million Floating-Rate Notes

          Ratings Lowered And Kept On CreditWatch Negative

         Class                 Rating
         -----                 ------
                    To                      From
                    --                      ----
         A          BB/Watch Neg            AAA/Watch Neg
         B          BB-/Watch Neg           AA-/Watch Neg
         C          CCC-/Watch Neg          A-/Watch Neg
         D          CCC-/Watch Neg          BBB-/Watch Neg
         E          CCC-/Watch Neg          BB+/Watch Neg


ELAN CORPORATION: 1st Qtr Net Loss Increased to US$102.6-Mln
------------------------------------------------------------
Elan Corporation plc said its first quarter 2009 revenue increased
14% to US$245.1 million while Adjusted EBITDA losses reduced by
59% to US$6.0 million compared to the first quarter of 2008.

However, Elan said the improvement in its operating performance
was offset by the inclusion of other net charges associated with
the adjustments mainly to the Biopharmaceuticals business
announced in February 2009, non-cash tax charges associated with
the U.S. business, partially offset by a gain on a legal
settlement.  As a result, net loss for the first quarter 2009
increased to US$102.6 million.  The company's net loss in the same
period last year was US$85.5 million.

As of March 31, 2009, Elan's shareholders' deficit increased to
US$323.1 million from US$232.2 million as of December 31, 2008.

                           About Elan

Dublin, Ireland-based Elan Corporation plc (NYSE:ELN) --
http://www.elan.com/-- is a neuroscience-based biotechnology
company.  Its operations are organized into two business units:
Biopharmaceuticals and Elan Drug Technologies (EDT).
Biopharmaceuticals engages in research, development and commercial
activities primarily areas, such as Alzheimer's disease,
Parkinson's disease, multiple sclerosis (MS), Crohn's disease (CD)
and severe chronic pain.  EDT is a specialty pharmaceutical
business unit of Elan.  Elan's marketed products in the the United
States include PRIALT (ziconotide intrathecal infusion), AZACTAM
(aztreonam for injection, USP) and MAXIPIME (cefepime
hydrochloride) for Injection.  On June 5, 2006, Elan and Biogen
Idec announced the approval of a supplemental Biologics License
Application (sBLA) by the United States Food and Drug
Administration for the reintroduction of TYSABRI (natalizumab) as
a monotherapy treatment for relapsing forms of MS to slow the
progression of disability and reduce the frequency of clinical
relapses.

                          *     *     *

On Feb. 26, 2008, Moody's Investors Service revised the rating
outlook for Elan Corporation plc ("Elan") and Elan Finance plc to
positive from stable.  At the same time, Moody's affirmed Elan's
existing ratings including the B3 Corporate Family Rating.


* IRELAND: IMF Says Bank Bailouts Cost Higher Than Other Countries
------------------------------------------------------------------
BreakingNews.ie reports that according to the International
Monetary Fund, Ireland will have to pay more than any other
country to rescue its banks from collapse.

The report says the IMF has estimated the cost of stabilizing
Irish banks at around EUR24 billion.  According to the report,
this accounts for almost 14% of annual GDP, which is a higher
percentage than that which will have to be spent by the US.

The IMF also estimates that Irish Government debt will increase by
more than any other developed country in the three years from 2008
to 2010, the report notes.


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


FIAT SPA: May Sell CNH Unit to Fund Chrysler Deal
-------------------------------------------------
Bloomberg News reports Sanford C. Bernstein Ltd said Fiat SpA may
have to sell its CNH Global NV agricultural and construction-
equipment unit to fund a partnership with Chrysler LLC.

The Italian company is working to acquire an initial 20% stake in
Chrysler and the U.S. automaker, surviving with US$4 billion in
U.S. loans, has until April 30 to, among others, form an alliance
with Fiat to qualify for as much as US$6 billion in additional
loans.

Fiat's debt swelled to EUR5.9 billion at the end of December,
according to Bloomberg News.

"Given Fiat's constrained fund-raising options we are growing
increasingly concerned that Fiat may also need to sell its jewel
assets to support auto industry expansion," Bernstein analysts led
by Max Warburton wrote in a note to clients obtained by Bloomberg
News.

Fiat may also be forced to sell truckmaker Iveco SpA, which could
be worth as much as EUR5 billion, the analysts said as cited in
the report.  CNH and Iveco disposals are "the only remaining
source of funds," Mr. Warburton said.

                         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.


TELECOM ITALIA: May Sell Stake in Telecom Argentina
---------------------------------------------------
Reuters reports Telecom Italia SpA Chairman Gabriele Galateri di
Genola said all options are being looked at for the company's
Argentina operations, including possible sale which he hoped to
conclude in a few months.

Earlier Wednesday, Reuters relates Il Sole 24 Ore newspaper had
said Telecom Italia was considering selling its 50 percent stake
in Sofora Telecomunicaciones SA, the holding company that controls
Telecom Argentina SA and has made contacts with Brazilian
businessmen.

Reuters recalls Argentina's antitrust authority has barred Telecom
Italia from making decisions regarding its Argentina unit and has
rejected the Italian company's appeal against the decision.

Spanish group Telefonica and United Internet are prospective
bidders, sources familiar with the matter told Reuters on Tuesday.

As reported in the Troubled Company Reporter-Europe on April 8,
2009, Bloomberg News said Telecom Italia was ordered by The
Argentine Competition Commission to stop using its voting rights
in local unit Telecom Argentina.

Citing a ruling on the authority's Web site, the report said
Telecom Italia's directors on Telecom Argentina's board were told
to abstain from exercising voting powers while the regulator
investigates Telco SpA's purchase of a controlling stake in
Telecom Italia.

According to Bloomberg News, Telefonica SA, Assicurazioni Generali
SpA, Intesa Sanpaolo SpA, Mediobanca SpA and the Benetton family
gained control of Telecom Italia, through holding company Telco,
in October 2007.  Telco owns 24.5 percent of the Milan-based
company.

The report said on Jan. 9, the Argentine regulator ordered
Telefonica, which also runs Telefonica de Argentina SA, and its
partners to provide documents on their stake in Telecom Italia.

Telecom Italia has said it plans to exercise an option to increase
its stake in Sofora, Bloomberg News noted.

In December, the commission ordered Telecom Italia not to exercise
the option to raise its stake in Sofora until the regulator issues
a final decision, the report said.

                   Denies Need for Fresh Funds

As reported in the Troubled Company Reporter-Europe on Mar. 5,
2009, The Financial Times said Telecom Italia SpA denied a press
report that it might need to tap shareholders for cash to pay for
its investment plans.

The company has ample ability to finance its debt and does not
need a capital injection from investors, Chief Executive Officer
Franco Bernabe was cited by FT as saying.

According to FT, Mr. Bernabe said Telecom Italia's EUR34 billion
(US$42.8 billion) of net debt was sustainable noting that the
company had already refinanced 25 per cent of its debt so far this
year.

"We have no problem whatsoever in funding our debt," Mr. Bernabe
said, adding that the company had also been able to cut its debt
by EUR1.7 billion in 2008 as a consequence of "a very strong
decline in costs".

                   About Telecom Italia S.p.A.

Telecom Italia S.p.A. (NYSE:TI) -- http://www.telecomitalia.it/--
is an Italy-based telecommunications group that operates in
the communications sector, in the television sector using both
analog and digital terrestrial technology, and in the office
products sector.  The Company is engaged principally in the
communications sector and, particularly, in telephone and data
services on fixed lines, for final retail customers and wholesale
providers, in the development of fiber optic networks for
wholesale customers, in Internet services, in domestic and
international mobile telecommunications (especially in Brazil), in
the television sector using both analog and digital terrestrial
technology and in the office products sector.  The Company
operates mainly in Europe, the Mediterranean Basin and in South
America.  In August 2008, ILIAD SA announced that it had finalized
the acquisition of Alice France, the broadband operations of the
Company.


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


ADILGAZY LLP: Creditors Must File Claims by June 5
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty commenced
bankruptcy proceedings against LLP Adilgazy on March 20, 2009.

Creditors have until June 5, 2009, to submit proofs of claim to:

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


COMPANIYA XXI: Creditors Must File Claims by June 5
---------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
commenced bankruptcy proceedings against LLP Companiya XXI Vek
Kazakhstan on March 5, 2009.

Creditors have until June 5, 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


GRAND TAVRIYA: Creditors Must File Claims by June 5
---------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
commenced bankruptcy proceedings against LLP Grand Tavriya Mebel
on February 26, 2009.

Creditors have until June 5, 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


KALAMKAS LLP: Creditors Have Until June 5 to Submit Claims
----------------------------------------------------------
The Specialized Inter-Regional Economic Court of South Kazakhstan
commenced bankruptcy proceedings against  LLP Kalamkas on
March 10, 2009.

Creditors have until June 5, 2009, to submit proofs of claim to:

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


KAZ AGRO: Creditors Must File Claims by June 5
----------------------------------------------
The branch of JSC Kaz Agro Innovatsiya has gone into liquidation.
Creditors have until June 5, 2009, to submit proofs of claim to:

          Matleyev Str. 10
          Koldi
          Karasaisky District
          Almaty
          Kazakhstan


KAZ STAL: Creditors Have Until June 5 to File Claims
----------------------------------------------------
LLP Kaz Stal Complect has gone into liquidation.  Creditors have
until June 5, 2009, to submit proofs of claim to:

          Micro District Samal-2, 105-47
          Almaty
          Kazakhstan


KAZ UGLE: Creditors Must File Claims by June 5
----------------------------------------------
LLP Kaz Ugle Sbyt has gone into liquidation.  Creditors have until
June 5, 2009, to submit proofs of claim to:

         Ippodromnaya Str. 5
         Karaganda
         Kazakhstan


REMBIK-2004 LLP: Creditors Must File Claims by June 5
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai
commenced bankruptcy proceedings against LLP Rembik-2004 on
March 10, 2009.

Creditors have until June 5, 2009, to submit proofs of claim to:

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


TECHNOPARK CJSC: Creditors Must File Claims by June 5
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola commenced
bankruptcy proceedings against CJSC Technopark on March 20, 2009.

Creditors have until June 5, 2009, to submit proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of Akmola
         Gorky Str. 37
         Kokshetau
         Akmola
         Kazakhstan


ULKEN JAN: Creditors Must File Claims by June 5
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola commenced
bankruptcy proceedings against JSC Ulken Jan Uya on March 20,
2009.

Creditors have until June 5, 2009, to submit proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of Akmola
         Gorky Str. 37
         Kokshetau
         Akmola
         Kazakhstan


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


MEGAPOLIS BISHKEK: S. Asankozhoyev Named Insolvency Manager
------------------------------------------------------------
The Inter-District Court of Bishkek for Economic Issues appointed
S. Asankozhoyev as insolvency manager for LLC Megapolis Bishkek.
He can be reached at:

         S. Asankozhoyev  30
         Ibraimov Str. 30-1
         Bishkek
         Kyrgyzstan

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
ED-1031/05 Mbc5.


NETWORK NOIR: Creditors Must File Claims by May 1
-------------------------------------------------
LLC Network Noir Technology has shut down.  Creditors have until
May 1, 2009, to submit proofs of claim to:

         FEZ "Bishkek"
         Ak-Chyi
         Bishkek
         Kyrgyzstan


WINCOR LLC: Creditors Must File Claims by May 1
-----------------------------------------------
LLC Trade Industrial Company Wincor has shut down.  Creditors
have until May 1, 2009, to submit proofs of claim.

For more information, contact (+996 312) 98-25-66.


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


UPC BROADBAND: Moody's Assigns 'B2' Rating on EUR200 Mil. Notes
---------------------------------------------------------------
Moody's Investors Service has assigned a (P) B2 rating to the
proposed issuance of EUR200 million of senior notes.
Concurrently, Moody's affirmed a Ba3 corporate family rating and a
B2 rating on the existing bonds.  Furthermore, the rating agency
affirmed a Ba3 rating on the existing senior secured facility at
the level of UPC Broadband Holding B.V.  The outlook on the
ratings is stable.

The assignment of the rating follows the company's announcement to
issue EUR200 million in senior notes due in 2018 for a partial
exchange from existing notes due 2014.  Additionally, the company
launched an extension request to the lenders of the tranches M and
N under the UPC Broadband Holding B.V. senior secured facility to
partially extend these tranches into new tranches S and T with a
longer maturity.  Furthermore, the company will issue up to
EUR60 million in a new additional senior note issuance which is,
by and large, leverage neutral given the limited amount of new
money to be raised.

Moody's believes that the two requests are a part of the company's
strategy to push out its debt maturities.  As it currently stands,
UPC has approximately EUR6.3 billion of debt maturing in 2014.
However, if the existing bonds due in 2014 remain outstanding in
October 2013 the current tranches M and N (approximately
EUR5.2 billion) fall due for repayment in October 2013.  If the
bank extension and the bond exchange are successful, the company
will be able to spread its maturities to some extent, which is
credit supportive.  However, UPC will still have a material amount
of debt maturing in 2014 or potentially October 2013.

The last rating action was on 20 March 2009 when the corporate
family rating was upgraded to Ba3.

UPC Holding B.V. is a pan-European cable provider, a principal
subsidiary of Liberty Global Inc.  In 2008, the company generated
EUR3.5 billion in revenue and EUR1.6 billion in reported operating
cash flow.


===============
P O R T U G A L
===============


LUSITANO MORTGAGES: S&P Puts BB-Rated Class E Notes on Pos. Watch
-----------------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch positive
its credit ratings on the class D and E notes issued by Lusitano
Mortgages No. 1 PLC.  S&P affirmed the ratings on the class A, B,
and C notes.

The CreditWatch placements follow an initial review of the most
recent information S&P has received, which showed that the
likelihood of a positive rating action has increased.

Levels of credit enhancement available to the junior tranches of
the class D and E notes of Lusitano Mortgages No. 1 increased
because of deleveraging in the transaction.  The performance of
the underlying collateral has, so far, been ahead of S&P's initial
assumptions.

S&P will now carry out a more detailed analysis of this
transaction to investigate whether the junior tranches can attain
a higher rating.  The results of this review and any changes to
the ratings are expected within a few months of this media
release.

Lusitano Mortgages No. 1 is a Portuguese residential mortgage-
backed securities transaction backed by a pool of first-ranking,
fully amortizing mortgage loans secured on residential properties
in Portugal.  The loans were originated between 1994 and 2002 by
Banco Internacional de Credito S.A., a wholly owned subsidiary of
Banco Espํrito Santo, S.A.

                           Ratings List

                  Lusitano Mortgages No. 1 PLC
  EUR1.0 Billion Residential Mortgage-Backed Floating-Rate Notes

             Ratings Placed on CreditWatch Positive

                                    Rating
                                    ------
            Class       To                       From
            -----       --                       ----
            D           BBB/Watch Pos            BBB
            E           BB/Watch Pos             BB

                         Ratings Affirmed

                        Class       Rating
                        -----       ------
                        A           AAA
                        B           AA
                        C           A


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


ALFA-STROY: Sverdlovskaya Bankruptcy Hearing Set September 4
------------------------------------------------------------
The Arbitration Court of Sverdlovskaya will convene on Sept. 4,
2009, to hear bankruptcy supervision procedure on LLC Alfa-Stroy
(TIN 6672226708) (Construction).  The case is docketed under Case
No.A60-6610/09.

The Temporary Insolvency Manager is:

         M.Sachayev
         Post User Box 266
         620014 Yekaterinburg
         Russia

The Debtor can be reached at:

         LLC Alfa-Stroy
         Lunacharskogo Str. 177/308
         Yekaterinburg
         620026 Sverdlovskaya
         Russia


APSHERONSKIY WOOD: Creditors Must File Claims by May 10
-------------------------------------------------------
Creditors of LLC Apsheronskiy Wood-Processing Plant (PSRN
1032314210015) have until May 10, 2009, to submit proofs of claims
to:

         I. Lukakhin
         Insolvency Manager
         Volnaya Str. 25
         Lenina
         350037 Krasnodar
         Russia
         Tel: 928-400-9751

The Arbitration Court of Krasnodarskiy will convene at 12:00 p.m.
on Sept. 3, 2009, to hear the company's bankruptcy proceedings.
The case is docketed under Case No. ?-32–9106/2008–14/283B.

The Debtor can be reached at:

         LLC Apsheronskiy Wood-Processing Plant
         Komarova Str.131
         Apsheronsk
         Krasnodarskiy
         Russia


BIYSKIY TANNERY: Creditors Must File Claims by May 10
-----------------------------------------------------
Creditors of LLC Biyskiy Tannery (TIN 2204018296, PSRN
1042201647575) have until May 10, 2009, to submit proofs of claims
to:

         S. Pupkov
         Temporary Insolvency Manager
         Post User Box 130
         Vorovskogo Str. 40
         Barnaul
         656002 Altayskiy
         Russia

The Arbitration Court of Altayskiy will convene on Sept. 7, 2009,
to hear the company's bankruptcy supervision procedure.  The case
is docketed under Case No. ???–824/2009.

The Debtor can be reached at:

         LLC Biyskiy Tannery
         Chaykovskogo Str. 4
         Biysk
         659311 Altayskiy
         Russia


KOCHUBEYEVSKAYA GARMENT: Creditors Must File Claims by June 10
--------------------------------------------------------------
Creditors of SUE Kochubeyevskaya Garment Factory (TIN 2610000559)
have until June 10, 2009, to submit proofs of claims to:

         A. Vinogradny
         Insolvency Manager
         Post User Box 2924
         355029 Stavropol
         Russia

The Arbitration Court of Stavropolskiy commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No.A63-8324/2008-S5-29.

The Debtor can be reached at:

         SUE Kochubeyevskaya Garment Factory
         Fabrichnaya Str. 14
         Kochubeyevskaya
         Kochubeyevskiy
         357000 Stavropolskiy
         Russia


NORTH-WESTERN INSURANCE: Bankruptcy Hearing Set August 17
---------------------------------------------------------
The Arbitration Court of Saint-Petersburg will convene on
Aug. 17, 2009, to hear bankruptcy supervision procedure on LLC
North-Western Insurance Company (TIN 7802128671, PSRN
1027801536432).  The case is docketed under Case No.A56-2727/2009.

The Temporary Insolvency Manager is:

         V.Zaruba
         Bolshoy Prospect 79A/10N
         197022 Saint-Petersburg
         Russia

The Debtor can be reached at:

         LLC North-Western Insurance Company
         Geroyev Str. 12
         Vsevolozhsk
         Leningradskaya
         Russia


REPAIR AND ENGINEERING: Bankruptcy Hearing Set July 23
------------------------------------------------------
The Arbitration Court of Kemerovskaya will convene on July 23,
2009, to hear bankruptcy supervision procedure on LLC Repair and
Engineering Works.  The case is docketed under Case No. ?27–
2507/09–4.

The Temporary Insolvency Manager is:

         D. Shaptala
         Post User Box 5228
         650055 Kemerovo
         Russia

The Debtor can be reached at:

         LLC Repair and Engineering Works
         Promstroyevskaya Str. 34a
         Novokuznetsk
         Russia


RIK-STROY: Court Names N. Alakina as Insolvency Manager
-------------------------------------------------------
The Arbitration Court of Chelyabinskaya appointed N. Alakina as
Insolvency Manager for LLC RIK-Stroy (TIN 7444022873)
(Construction).  The case is docketed under Case No. ?76–6163/08–
55-52.  He can be reached at:

         R. Krestyanskaya Str. 6/196
         Perm
         Russia

The Court is located at:

         The Arbitration Court of Chelyabinskaya
         Vorovskogo Str. 2
         Chelyabinsk
         Russia

The Debtor can be reached at:

         LLC RIK-Stroy
         Gertsena Str. 6/601
         Magnitogorsk
         Chelyabinskaya
         Russia


RUBTSOVSKIY COLD: Creditors Must File Claims by June 10
-------------------------------------------------------
Creditors of LLC Rubtsovskiy Cold Storage Facility (TIN
2209029037, PSRN 1052201693631) have until June 10, 2009, to
submit proofs of claims to:

         Yu. Remizov
         Insolvency Manager
         Kirova Str. 118
         454091 Chelyabinsk
         Russia

The Arbitration Court of Altayskiy will convene on Sept. 3, 2009,
to hear the company's bankruptcy proceedings.  The case is
docketed under Case No. ?03–6760/2008B.

The Debtor can be reached at:

         LLC Rubtsovskiy Cold Storage Facility
         Orositelnaya Str.225
         Rubtsovsk
         658219 Altayskiy
         Russia


SINTEZ-OIL: Creditors Must File Claims by June 10
-------------------------------------------------
Creditors of LLC Sintez-Oil (TIN 6330024770, RVC 633001001)(Gas
Stations) have until June 10, 2009 to submit proofs of claims to:

         V. Makov
         Insolvency Manager
         Apt. 40
         Molodezhnaya Str. 8
         443031 Samara
         Russia

The Arbitration Court of Samarskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No.A55-12356/2008.


SWEDBANK OAO: Fitch Assigns 'D/E' Individual Rating
---------------------------------------------------
Fitch Ratings has assigned Russia's OAO Swedbank a Long-term
foreign currency Issuer Default Rating of 'BBB+' with a Negative
Outlook, a Support Rating of '2' and an Individual Rating of
'D/E'.

The Long-term IDR reflects the support RSB is likely to receive,
in case of need, from its majority shareholder, Swedbank AB (SAB -
'A'/Outlook Stable).  The Individual Rating is constrained by
RSB's high lending concentrations in the real estate sector and to
individual borrowers and by its low credit loss absorption
capacity in a difficult operating environment, as well as by heavy
reliance on parent funding.  However, it also takes into account
the bank's moderate cost base, low market risk and significant
level of integration into SAB's operations.

RSB's Long-term IDR is constrained by Russia's Country Ceiling of
'BBB+' and will be downgraded in case of a similar rating action
on the sovereign.  The Individual Rating is under significant
asset quality pressure which could lead to a negative rating
action if non-performing loans become significant relative to loan
impairment reserves and the capital cushion.

RSB is 85%-owned by SAB and has the same brand name, while the
remaining 15% stake belongs to the European Bank for
Reconstruction and Development.  RSB was the 53rd-largest bank by
assets in Russia at end-2008 focusing on corporate lending mainly,
with nine outlets and offices located in four cities.

Research on RSB will be available next week on the agency's
subscriber website, www.fitchresearch.com.

The ratings assigned to RSB are:

  -- Long-term foreign currency IDR: 'BBB+'; Negative Outlook
  -- Short-term foreign currency IDR: 'F2'
  -- National Long-term Rating: 'AAA(rus)'; Stable Outlook
  -- Individual Rating: 'D/E'
  -- Support Rating: '2'


TERENGULSKIY CERAMICS: Creditors Must File Claims by July 13
------------------------------------------------------------
Creditors of LLC Terengulskiy Ceramics Plant have until July 13,
2009, to submit proofs of claims to:

         Ye. Ogorodov
         Temporary Insolvency Manager
         Post User Box 3488
         432072 Ulyanovsk
         Russia

The Arbitration Court of Ulyanovskaya will convene at 9:00 a.m. on
the same date to hear the company's bankruptcy supervision
procedure.  The case is docketed under Case No.A72-379/09-20B.

The Debtor can be reached at:

         LLC Terengulskiy Ceramics Plant
         Syzranskoe shosse 7
         Terenga
         Ulyanovskaya
         Russia


VOLGA-MET: Creditors Must File Claims by June 10
------------------------------------------------
Creditors of LLC Volga-Met-M (Scrap Processing) have until
June 10, 2009, to submit proofs of claims to:

         V. Goncharov
         Insolvency Manager
         Office 401
         Prospect Nagibina 33a/47
         344068 Rostov-on-Don
         Russia

The Arbitration Court of Volgogradskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No.A12-2756/2099.

The Debtor can be reached at:

         LLC Volga-Met-M
         Office 203
         Irkutskaya Str. 19
         400074 Volgograd
         Russia


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


CAIXA GALICIA: Moody's Assigns 'Ba3' Rating on Series D Notes
-------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to these
four series of "Bonos de Titulizacion de Activos" (securitization
bonds) of Serie AyT Colaterales Global Empresas Caixa Galicia I,
issued by AyT Colaterales Global Empresas Fondo de Titulizacion de
Activos:

  -- Aaa to the EUR422.0 million Series A notes
  -- A3 to the EUR44.5 million Series B notes
  -- Baa3 to the EUR5.0 million Series C notes
  -- Ba3 to the EUR28.5 million Series D notes

The Serie AyT Colaterales Global Empresas Caixa Galicia I is a new
securitization of small- and medium-sized enterprise loans under
the AyT Colaterales Global Empresas Fondo de Titulizacion de
Activos (the securitization fund).

According to Moody's, this deal benefits from several credit
strengths including these: (1) good diversification across
industries; (2) low exposure to the real estate sector (8.4%); (3)
neither bullet nor refinancing loans will be securitized; (4) good
average seasoning of two years; (5) a strong swap agreement
guaranteeing a gross spread of 0.70%; and (6) a 12-month
artificial write-off mechanism.

However, Moody's notes that the deal also features credit
weaknesses, notably: (1) very concentrated pool in terms of
debtors, with the top ten borrowers representing 21.7% of the
provisional portfolio; (2) geographical concentration in the
Galicia region (44.6%); (3) absence of back-up servicer commitment
at loss of Baa3; however, Moody's has taken this weakness into
account through the fees analysis; (4) relatively low percentage
of mortgage loans (51.1%); (5) pro-rata amortization of the Series
B, C and D notes leads to reduce credit enhancement of the senior
series in absolute terms; and (6) the negative impact of the
interest deferral trigger on the subordinated series.  These
increased risks were reflected in the credit enhancement
calculation.

The provisional pool of underlying assets was, as of February
2009, composed of a portfolio of 2,966 loans and 2,802 borrowers,
granted to Spanish SMEs and corporates.  The loans were originated
between 1986 and September 2008, with a weighted average seasoning
of two years and a weighted average remaining life of 10.4 years.
Around 51% of the outstanding of the portfolio is secured by a
first-lien mortgage guarantee over different types of properties
(with a weighted average LTV of 63.6%).  Geographically, the pool
is concentrated in the Galicia region (44.6%), the main commercial
area for Caixa Galicia.  At closing, a maximum of 6% of the pool
will be in arrears up to 30 days.

Moody's based the ratings primarily on: (i) an evaluation of the
underlying portfolio of loans; (ii) historical performance
information and other statistical information; (iii) the swap
agreement hedging the interest rate risk; (iv) the credit
enhancement provided through the Guaranteed Investment Contract
account, the excess spread, the cash reserve and the subordination
of the notes; and (v) the legal and structural integrity of the
transaction.  Moody's initially analyzed and will monitor this
transaction using the rating methodology for EMEA SMEs loan-backed
transactions as described in the Rating Methodology "Moody's
Approach to Rating Granular SME Transactions in Europe, Middle
East and Africa", June 2007.

The ratings address the expected loss posed to investors by the
legal final maturity of the notes.  In Moody's opinion, the
structure allows for timely payment of interest and ultimate
payment of principal at par on or before the rated final legal
maturity date on Series A, B, C and D.  Moody's ratings address
only the credit risks associated with the transaction.  Other non-
credit risks have not been addressed, but may have a significant
effect on yield to investors.

* Date of previous rating action: P-Rating on  April 15, 2009


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

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

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

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

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

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

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

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

Moody's assigned provisional ratings to this transaction on
April 17, 2009.

Moody's will monitor this transaction on an ongoing basis.


IM PASTOR: Moody's Assigns '(P) Caa1' Rating on EUR147.2MM Notes
----------------------------------------------------------------
Moody's Investors Service has assigned these provisional ratings
to the debt to be issued by IM Pastor Empresas 7:

  -- (P) Aaa to the EUR372,800,000 Series A notes
  -- (P) Caa1 to the EUR147,200,000 Series B notes

IM Pastor Empresas 7 is a cash securitization of standard loan
contracts and leasing contracts granted to Spanish SME and self-
employed individuals out of any guarantee program.  The portfolio
will be also serviced by Banco Pastor.

According to Moody's, the transaction benefits from several credit
strengths including these: (1) At closing a minimum of 60% in
leasing will be included; (2) relatively strong swap guaranteeing
0.75 % of excess spread over a notional equal to the notes balance
(3) a 16.85% reserve fund to cover potential shortfalls in
interest or principal; and (4) a 18-month artificial write-off
mechanism when available excess spread is captured.  However,
Moody's notes that the deal also features credit weaknesses,
notably: (1) around 40% of the borrowers are concentrated in the
Real Estate sector (including a 19.3% Real Estate Developers over
total pool); (2) certain relatively large obligor concentrations;
(3) low relative percentage % of mortgages guarantees (25%); (4)
weak historical performance of recent Pastor SME deals; and (5)
the negative impact of the interest deferral trigger on the
subordinated series.  These increased risks were reflected in the
credit enhancement calculation.

The provisional pool of underlying assets was, as of March 2009,
composed of a portfolio of 9,805 loans and 5,726 borrowers granted
to Spanish SME's and self-employed individuals.  The loans were
originated between 2005 and 2009, with a weighted average
seasoning of 1.41 years and a weighted average remaining term of
6.7 years.  Around 25% of the outstanding of the portfolio is
secured by a mortgage guarantee (100% of them being first-lien
with a weighted average LTV of 58%).  Geographically, the pool is
concentrated in Galicia (25%) and Catalonia (15%).  At closing,
there will be a maximum of 8% of loans up to 30 days in arrears
and no loan more than 30 days in arrears.

Moody's based the provisional ratings primarily on: (i) an
evaluation of the underlying portfolio of loans; (ii) historical
performance information and other statistical information; (iii)
the swap agreement hedging the interest rate risk; (iv) the credit
enhancement provided through the GIC account, the excess spread,
the cash reserve and the subordination of the notes; and (v) the
legal and structural integrity of the transaction.  Moody's
initially analyzed and will monitor this transaction using the
rating methodology for EMEA SMEs loan-backed transactions.

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

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

No previous ratings have been assigned to this transaction.


REALIA BUSINESS: Creditor Seeks Administration Over Unpaid Debt
---------------------------------------------------------------
Feima, a company that handles water and power installations, has
asked a judge to put Realia Business SA into administration for an
unpaid debt of EUR300,000, Andres Gonzalez at Reuters reports
citing a court spokesman.

The report relates in a statement to the stock market regulator,
Realia, which is a joint venture between Spanish builder FCC
(FCC.MC) and savings bank Caja Madrid, said the matter was related
to "contractual discrepancies".  The company, however, denied that
it needed to file for administration, insisting it "regularly
meets its payment obligations and has no liquidity problems", the
report notes.

Realia Business SA -- http://www.realia.es-- is a Spanish company
active in the real estate sector.  The Company specializes in the
development of residential properties as well as the purchase,
sale and lease of commercial buildings.  Its asset portfolio
includes 73 office blocks under lease and another three properties
under development with approximately 400,000 square meters of
lettable property area in use and a further 55,000 square meters
under development.  Realia Business SA operates on both national
and international markets.  It is active in such countries as
Portugal, Poland, Romania and France.  In Spain, it has offices in
the autonomous communities of Andalusia, Catalonia, Madrid,
Asturias, Valencia and the Canary Islands.


TDA 25: Fitch Junks Ratings on Class C & D Tranches; Outlook Neg.
-----------------------------------------------------------------
Fitch Ratings has downgraded four tranches of TDA 25, Fondo de
Titulizacion, with Negative Outlook.  This rating action reflects
the continued increase in defaulted loans, which have now totaled
2.96% of the original collateral balance, and a strong pipeline of
arrears that are likely to result in further defaults.

The rating actions are:

  -- Class A (ISIN ES0377929007) downgraded to 'AA' from 'AAA';
     Outlook Negative

  -- Class NAS-IO (ISIN ESO377929049) affirmed at 'AAA'; Outlook
     Stable

  -- Class B (ISIN ES0377929015) downgraded to 'BB' from 'A-' (A
     minus); Outlook Negative

  -- Class C (ISIN ES0377929023) downgraded to 'CCC' from 'BB+';
     assigned Recovery Rating '5'

  -- Class D (ISIN ES0377929031) downgraded to 'CC' from 'B';
     assigned Recovery Rating '6'

Due to the level of defaults, defined as loans in arrears by more
than 12 months, the reserve fund was fully utilized by the
September 2008 interest payment date to write off these loans.  As
the transaction has not generated enough excess available revenue
since to replenish it, the reserve fund remains fully drawn.  Of
the defaulted loans, EUR4.4 million (2.4% of the current balance)
have not been written-off due to a lack of available revenue.

The transaction uses a combined waterfall, and therefore the
exhaustion of the reserve fund means that principal can be used to
pay interest on the notes, as has been the case for the last two
IPDs.  This can occur until the relevant default trigger for each
class of notes is breached.  The first of these triggers is set at
cumulative defaults of 3.9%, at which point the interest on the
class D notes will be deferred.  As of the February 2009 IPD,
cumulative defaults stood at 2.96% of the portfolio balance at
close.  Following Fitch's analysis of the performance of this
transaction, and noting the increasing pace of defaults, it is
expected that this trigger will be breached in the forthcoming
IPDs.  Interest will therefore be deferred on the class D.
Recoveries to date have been limited at 0.28% of the initial
portfolio balance; Fitch assumes a lengthy recovery timeline in
its analysis of Spanish RMBS.

The inclusion of an interest-only note (NAS-IO) reduces the excess
spread available to cover defaulted loans.  The expiration of the
NAS-IO in September 2009 is unlikely to have an impact on the
performance of TDA 25 given the current quarterly payment is only
EUR225,000; however, any available revenue will be used to cover
defaulted loans and potentially rebuild the reserve fund.

The majority of the arrears and defaults coming through in TDA 25
originate from the Credifimo portion of the pool.  Credifimo
originated 76.5% of the loan pool.  The other originator, however,
Banco Gallego, which originated the remainder of the pool, shows
much stronger performance.

The Negative Outlook on all tranches reflects the uncertainty with
regards to the level of recoveries, anticipated losses resulting
from Fitch's expected house price declines, plus the increased
level of arrears in the transaction.  As of February 2009, loans
in arrears by greater than three months equaled 10% of the current
portfolio balance.  To date almost all loans in TDA 25 that have
reached three months in arrears have eventually defaulted. The
NAS-IO note will mature in September 2009 and therefore the
Outlook is Stable.


TDA 27: Fitch Junks Ratings on Class E & F Tranches; Outlook Neg.
-----------------------------------------------------------------
Fitch Ratings has downgraded five tranches of TDA 27, Fondo de
Titulizacion and has revised the Outlook on five tranches to
Negative from Stable following a performance review.

The rating actions are:

TDA 27

  -- Class A1 (ISIN ES0377954005) affirmed at 'AAA'; Outlook
     Stable

  -- Class A2 (ISIN ES0377954013) affirmed at 'AAA'; Outlook
     revised to Negative from Stable

  -- Class A3 (ISIN ES0377954021) affirmed at 'AAA'; Outlook
     revised to Negative from Stable

  -- Class interest-only (NAS-IO) (ISIN ES0377954088) affirmed at
     'AAA'; Outlook Stable

  -- Class B (ISIN ES0377954039) downgraded to 'AA-' (AA minus)
     from 'AA'; Outlook revised to Negative from Stable

  -- Class C (ISIN ES0377954047) downgraded to 'BBB' from 'A';
     Outlook revised to Negative from Stable

  -- Class D (ISIN ES0377954054) downgraded to 'BB' from 'BBB';
     Outlook Negative

  -- Class E (ISIN ES0377954062) downgraded to 'CCC' from 'BB';
     removed from Rating Watch Negative (RWN); assigned Recovery
     Rating 'RR4'

  -- Class F (ISIN ES0377954070) downgraded to 'CC' from 'B+';
     removed from Rating Watch Negative (RWN); assigned Recovery
     Rating 'RR6'.

The rating actions reflect worse-than-expected deterioration in
the performance of TDA 27, with higher arrears and defaulted
loans; the latter are defined as loans in arrears by more than 12
months.  Defaulted loans are written off, using available excess
spread, and subsequently this has caused the reserve fund to be
drawn upon for the last five interest payment dates.  At the March
2009 IPD, a reserve fund draw of EUR3.1 million (34% of the target
reserve fund amount) was reported, significantly reducing the
credit enhancement available to the class E notes.

Fitch analyzed the transaction based on updated loan-by-loan level
data using the agency's latest Spanish residential mortgage
default model criteria to assess the expected levels of
delinquency, defaults and recoveries based on the current pool.
The majority of the arrears and defaults coming through in TDA 27
originate from Union de Credito Financiero Mobiliario e
Inmobiliario.  The Negative Outlook on all tranches bar the class
A1 reflects uncertainty on the level of recoveries, anticipated
losses resulting from Fitch's expected house price declines, plus
the increased level of arrears in the transaction.  As of February
2009, loans in arrears by greater than three months equalled 4.04%
of the current portfolio balance; cumulative defaults are
currently 1.1% of the initial portfolio balance compared to 0.78%
in January 2009.  To date the majority of loans in TDA 27 that
have reached three months in arrears have eventually defaulted.
The interest-only note (NAS-IO) will mature in September 2009 and
therefore the Outlook is Stable.

The NAS-IO strips excess revenue from the transaction, reducing
the amount of excess spread available for first loss protection
and therefore increasing the probability of a reserve fund draw.
Once the NAS-IO expires the transaction will have an increased
level of excess revenue available to junior items on the revenue
waterfall; however, payments to the NAS-IO total approximately
EUR279,000 per quarter, so any beneficial impact from expiration
of the NAS-IO will be limited given the increasing level of
defaults.

TDA 27 is backed by mortgage loans originated in Spain by Caixa
d'Estalvis de Terrassa (rated 'A-' (A minus)/Outlook
Negtative/'F2'), Caja General de Ahorros de Granada (Caja Granada,
rated 'A-' (A minus)/Outlook Negative/'F2'), Caja de Ahorros de
Vitoria y Alava (Caja Vital, rated 'A'/Outlook Stable/'F1') and
Credifimo.  Credifimo, a specialist mortgage lender in Spain,
originated 17.8% of TDA 27.  The other three financial
institutions of TDA 27, Caixa Terrassa, Caja Granada and Caja
Vital originated 31.1%, 30.3% and 20.8% of the pool, respectively.


TDA 28: Fitch Junks Ratings on Class E & F Tranches; Outlook Neg.
-----------------------------------------------------------------
Fitch Ratings has downgraded six tranches of TDA 28, Fondo de
Titulizacion and has revised the Outlook on three senior tranches
to Negative from Stable following a performance review.

TDA 28

  -- Class A (ISIN ES0377930005) downgraded to 'AA+' from 'AAA';
     Outlook revised to Negative from Stable

  -- Class interest-only (NAS-IO) (ISIN ES0377930062) affirmed at
     'AAA'; Outlook Stable

  -- Class B (ISIN ES0377930013) downgraded to 'AA-' (AA minus)
     from 'AA'; Outlook revised to Negative from Stable

  -- Class C (ISIN ES0377930021) downgraded to 'BBB' from 'A';
     Outlook revised to Negative from Stable

  -- Class D (ISIN ES0377930039) downgraded to 'BB' from 'BBB';
     Outlook is Negative

  -- Class E (ISIN ES0377930047) downgraded to 'CCC' from 'BB';
     removed from Rating Watch Negative (RWN); assigned Recovery
     Rating 'RR4'

  -- Class F (ISIN ES0377930054) downgraded to 'CC' from 'B';
     removed from Rating Watch Negative (RWN); assigned Recovery
     Rating 'RR4'

The rating actions reflect worse-than-expected deterioration in
the performance of TDA 28, with higher arrears and defaulted
loans; the latter are defined as loans in arrears by more than 12
months.  Defaulted loans are written off, using available excess
spread, and subsequently this has caused the reserve fund to be
drawn upon for the last two interest payment dates.  At the
January 2009 IPD, a reserve fund draw of EUR1.6 million (35% of
the target reserve fund amount) was reported.  This significantly
reduced the credit enhancement available to the class E to 0.47%,
compared to 1% at closing.

Fitch analyzed the transaction based on updated loan-by-loan level
data using the agency's latest Spanish residential mortgage
default model criteria to assess the expected levels of
delinquency, defaults and recoveries based on the current pool.
The majority of the arrears and defaults coming through in TDA 28
originate from Union de Credito Financiero Mobiliario e
Inmobiliario.  Credifimo originated 44.4% of the pool and Caixa
d'Estalvis de Terrassa (rated 'A-' (A minus)/Outlook
Negative/'F2'), originated the remaining 56%.

The Negative Outlook on all tranches reflects uncertainty on the
level of recoveries, anticipated losses resulting from Fitch's
expected house price declines, plus the increased level of arrears
and defaults in the transaction.  As of February 2009, loans in
arrears by greater than three months equaled to 9.56% of the
current portfolio balance; cumulative defaults are currently 1.1%
of the initial portfolio balance compared to 0.7% in January 2009.
To date the majority of loans in TDA 28 that have reached three
months in arrears have eventually defaulted.  The interest-only
note (NAS-IO) will mature in July 2010 and therefore the Outlook
remains Stable.

The NAS-IO strips excess revenue from the transaction, reducing
the amount of excess spread available for first loss protection
and therefore increasing the probability of a reserve fund draw.
Once the NAS-IO expires the transaction will have an increased
level of excess revenue available to junior items on the revenue
waterfall; however, payments to the NAS-IO currently total
approximately EUR331,000 per quarter, so any beneficial impact
from expiration of the NAS-IO will be limited given the increasing
level of defaults.


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


VOLVO AB: Eyes 1,543 Job Cuts in Sweden Amid Plummeting Demand
--------------------------------------------------------------
AB Volvo will shed 1,543 jobs in Sweden as a result of plummeting
demand, BBC News reports.

According to the report, the job cuts will come at Volvo Trucks,
Volvo Construction Equipment, Volvo Penta and Volvo Powertrain
divisions.

"As a result of the sharp decline on world markets for heavy
vehicles, the Volvo Group is being forced to implement new
personnel reductions within its Swedish operations," the report
quoted the company as saying.

The report recalls the company incurred an operating loss of
SEK999 million (US$117.4 million; GBP80.6 million) in the October
to December period last year.

                     ??French Gov't Aid

As reported in the Troubled Company Reporter-Europe on Feb. 12,
2009, according to Dow Jones Newswires, Volvo AB said it won't
take loans from the French government for its Renault Trucks unit
as it considers further job cuts.

Volvo has laid off 16,255 employees around the world since
September and has already cut the work force at Renault Trucks in
France by not renewing the temporary contracts of about 2,000
workers, according to Dow Jones.

                         About Volvo AB

Based in Gothenburg, Sweden, Volvo AB (OTC:VOLVY) --
http://www.volvo.com/-- is a supplier of commercial transport
solutions providing products, such as trucks, buses, construction
equipment, drive systems for marine and industrial applications,
as well as aircraft engine components.  The Company is also
engaged in providing financial services.  The business areas of
the Company are Volvo Trucks, Renault Trucks, Mack Trucks, Trucks
Asia, Buses, Construction Equipment, Volvo Penta, Volvo Aero and
Customer Finance.  The business units include Volvo Powertrain,
Volvo 3P, Volvo IT, Volvo Logistics and Volvo Parts.  On April 30,
2007, the Company completed the acquisition of American Ingersoll
Rand's road development division, with the exception of the
operations in India, which followed on May 4, 2007.  During the
year ended December 31, 2007, the Company completed the
acquisition of Nissan Diesel.  In January 2007, AB Volvo completed
the acquisition of 70% in Shandong Lingong Construction Machinery
Co. (Lingong).


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


FOPPA SPORT: Proof of Claim Filing Deadline is May 6
----------------------------------------------------
Creditors of Foppa Sport LLC are requested to file their proofs of
claim by May 6, 2009, to:

         Cathomas + Cabernard JSC
         Mail Box 83
         7130 Illanz
         Switzerland

The company is currently undergoing liquidation in Laax.  The
decision about liquidation was accepted at a shareholders' meeting
on March 23, 2009.


IMMOBILIEN, MEYER - MUELLER JSC: Claims Filing Deadline is May 6
-----------------------------------------------------------------
Creditors of Immobilien, Meyer-Mueller JSC are requested to file
their proofs of claim by May 6, 2009, to:

         Dr. Thomas Waber
         Stampfenbachstrasse 48
         8021 Zurich
         Switzerland

The company is currently undergoing liquidation in Ruemlang.  The
decision about liquidation was accepted at an extraordinary
general meeting on January 30, 2009.


INVEST ALLIANCE: Proof of Claim Filing Deadline is May 6
--------------------------------------------------------
Creditors of Invest Alliance JSC are requested to file their
proofs of claim by May 6, 2009, to:

         Interis JSC
         Liquidator
         Loewenstrasse 20
         8001 Zurich
         Switzerland

The company is currently undergoing liquidation in Zurich.  The
decision about liquidation was accepted at an extraordinary
general meeting on February 25, 2009.


LANDMARK PARTNERS: Claims Filing Deadline is May 6
--------------------------------------------------
Creditors of Landmark Partners LLC are requested to file their
proofs of claim by May 6, 2009, to:

         Landmark Partners LLC
         Am Bahnhof
         Ebni 3
         9053 Teufen AR
         Switzerland

The company is currently undergoing liquidation in Teufen AR.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting on March 20, 2009.


MINIBOX LLC: Creditors Must File Proofs of Claim by May 6
---------------------------------------------------------
Creditors of Minibox LLC are requested to file their proofs of
claim by May 6, 2009, to:

         Rudolf Tschan
         Oberwiesenweg 4
         5436 Wuerenlos

The company is currently undergoing liquidation in Wuerenlos.  The
decision about liquidation was accepted at an extraordinary
general meeting on December 18, 2008.


MTS MINING: Creditors Must File Proofs of Claim by May 6
--------------------------------------------------------
Creditors of MTS Mining & Technical Services JSC are requested to
file their proofs of claim by May 6, 2009, to:

         Hubmann Andreas
         Liquidator
         Baarermattstrasse 3
         6340 Baar
         Switzerland

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


REBIMMO BAU: Deadline to File Proofs of Claim Set May 6
-------------------------------------------------------
Creditors of Rebimmo Bau JSC are requested to file their proofs of
claim by May 6, 2009, to:

         Gallus Johann Schmid
         Liquidator
         Hauptstrasse 19
         5084 Rheinsulz AG
         Switzerland

The company is currently undergoing liquidation in Reinach BL.
The decision about liquidation was accepted at an extraordinary
general meeting on March 19, 2009.


RIFAS CONSULTING: Creditors Must File Claims by May 6
-----------------------------------------------------
Creditors of Rifas Consulting LLC are requested to file their
proofs of claim by May 6, 2009, to:

         Bram & Schuler JSC
         Winkelriedstrasse 4
         5420 Wettingen
         Switzerland

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


SCHREIBER – TARAG JSC: Creditors Have Until May 6 to File Claims
----------------------------------------------------------------
Creditors of Schreiber – Tarag JSC are requested to file their
proofs of claim by May 6, 2009, to:

         Bernhard Schreiber
         Albisblick 49
         6319 Allenwinden
         Switzerland

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


WINTECH WINDING: Creditors' Proofs of Claim Due by May 6
--------------------------------------------------------
Creditors of Wintech Winding Technology JSC are requested to file
their proofs of claim by May 6, 2009, to:

         Dr. Stefan Schalch
         Lutz Rechtsanwalte, Advocacy
         Forchstrasse 2
         Mail Box 1467
         8032 Zurich
         Germany

The company is currently undergoing liquidation in Rapperswil-
Jona.  The decision about liquidation was accepted at an
extraordinary general meeting on September 22, 2008.


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


AGROINCAM LLC: Court Starts Bankruptcy Supervision Procedure
---------------------------------------------------------
The Economic Court of Dnepropetrovsk region commenced bankruptcy
supervision procedure on LLC Agroincam (code EDRPOU 33309241).

The Insolvency Manager is:

         A. Rod
         Post Office Box 1833
         49027 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 Agroincam
         Vatutin str. 11
         Pereschepino
         Novomoskovsky District
         51220 Dnepropetrovsk
         Ukraine

ALPHA-TRADE LLC: Creditors Must File Claims by May 6
----------------------------------------------------
Creditors of LLC Alpha-Trade (code EDRPOU 01415393) have until
May 6, 2009, to submit proofs of claim to:

         M. Shoniya
         Insolvency Manager
         Post Office Box 7978
         69001 Zaporozhye
         Ukraine

The Economic Court of Zaporozhye region commenced bankruptcy
proceedings against the company on Sept. 11, 2008.  The case is
docketed under Case No. 19/106/08.

The Court is located at:

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

The Debtor can be reached at:

         LLC Alpha-Trade
         Rekordnaya Str. 26-a
         69035 Zaporozhye
         Ukraine


ASTRA-CENTER LLC: Creditors Must File Claims by May 6
----------------------------------------------------
Creditors of LLC Astra-Center (code EDRPOU 35997283) have until
May 6, 2009, to submit proofs of claim to:

         O. Sirosh
         Insolvency Manager
         Office 112
         Hmelnitsky Highway Str. 2
         21036 Vinnitsa
         Ukraine

The Economic Court of Vinnitsa region commenced bankruptcy
proceedings against the company on March 26, 2009.  The case is
docketed under Case No. 5/80-09.

The Court is located at:

         The Economic Court of Vinnitsa
         Hmelnitsky Highway 7
         21100 Vinnitsa
         Ukraine

The Debtor can be reached at:

         LLC Astra-Center
         Office 63
         V. Porik str. 1/34
         21030 Vinnitsa
         Ukraine


DANVER TRADE: Creditors Must File Claims by May 6
-------------------------------------------------
Creditors of LLC Danver Trade Group (code EDRPOU 35290898) have
until May 6, 2009, to submit proofs of claim to the insolvency
manager, A. Olefirenko.

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on March 18, 2009.  The case is docketed under
Case No. 49/72-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Danver Trade Group
         Office 65
         Saksagansky Str. 44-A
         01033 Kiev
         Ukraine


DONBASS MECHANICAL: Creditors Must File Claims by May 6
-------------------------------------------------------
Creditors of Order of Labor Red Banner CJSC Building and
Installation Firm Donbass Mechanical Installation (code EDRPOU
01415393) have until May 6, 2009, to submit proofs of claim to:

         T. Pashkova
         Insolvency Manager
         Office 50
         Kuybishev Str. 240
         83122 Donetsk
         Ukraine

The Economic Court of Donetsk region commenced bankruptcy
proceedings against the company on March 19, 2009.  The case is
docketed under Case No. 27/172B.

The Court is located at:

         The Economic Court of Donetsk
         Artem Str. 157
         Donetsk
         Ukraine

The Debtor can be reached at:

         Order of Labor Red Banner CJSC Building and
         Installation Firm Donbass Mechanical Installation
         Eupatoriya Str. 8
         Mariupol
         87515 Donetsk
         Ukraine


GIVARA CJSC: Creditors Must File Claims by May 6
------------------------------------------------
Creditors of CJSC Givara (code EDRPOU 24910787) have until May 6,
2009 to submit proofs of claim to the insolvency manager,
V. Zhytnik.

The Economic Court of Zaporozhye region commenced bankruptcy
proceedings against the company on March 16, 2009.  The case is
docketed under Case No. 25/60(09).

The Court is located at:

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

The Debtor can be reached at:

         CJSC Givara
         Rekordnaya str. 37-b
         69035 Zaporozhye
         Ukraine


PLANETA LLC: Court Starts Bankruptcy Supervision Procedure
-----------------------------------------------------------
The Economic Court of Kharkov commenced bankruptcy supervision
procedure on LLC TV and Radio Company Planeta (code EDRPOU
31415082).

The Insolvency Manager is:

         M. Kosinevsky
         Office 40
         12th of April Str. 22
         61089 Kharkov
         Ukraine

The Court is located at:

         The Economic Court of Kharkov region
         Svoboda Square 5
         61022 Kharkov
         Ukraine

The Debtor can be reached at:

         LLC TV and Radio Company Planeta
         Kirgizskaya Str. 19
         61105 Kharkov
         Ukraine


YUNONA MH LLC: Creditors Must File Claims by May 6
----------------------------------------------------
Creditors of LLC Yunona MH (code EDRPOU 20110357) have until
May 6, 2009, to submit proofs of claim to:

         State Tax Inspection in Vinnitsa
         Insolvency Manager
         30 years of Victory Str. 21
         Vinnitsa
         Ukraine

The Economic Court of Vinnitsa region commenced bankruptcy
proceedings against the company on Jan. 15, 2009.  The case is
docketed under Case No 10/194-08.

The Court is located at:

         The Economic Court of Vinnitsa region
         Hmelnitsky Highway 7
         21100 Vinnitsa
         Ukraine

The Debtor can be reached at:

         LLC Yunona MH
         Office 106
         L. Ratushnaya Str. 26
         Vinnitsa
         Ukraine


* Moody's Corrects Press Release on Ratings of Six Ukrainian Banks
------------------------------------------------------------------
Moody's Investors Service published a revised version on its press
release on the ratings of six Ukrainian banks.

Substitute third paragraph with these: "These three 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 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)."

Substitute forth paragraph with these: "These three banks subject
to the recapitalization plans are currently supervised by NBU
representatives and continue operations in normal course of
business:

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

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

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

The revised release is:

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 ("the banks")
--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
recapitalisation 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
recapitalisation 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 three 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 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 three banks subject to the recapitalization plans are
currently supervised by NBU representatives and continue
operations in normal course of business:

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

    * 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
===========================


ABBOT GROUP: S&P Cuts Long-Term Corporate Credit Rating to 'B-'
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered to 'B-'
from 'B+' its long-term corporate credit rating on U.K.-based
contract drilling operator Abbot Group Ltd. and on parent company
Turbo Alpha Ltd.  At the same time, the ratings on Abbot and Turbo
Alpha were removed from CreditWatch, where they were placed with
negative implications on Feb. 20, 2009.  The outlook on both
companies is negative.

The recovery rating of '3' on the debt facilities issued by Turbo
Alpha and guaranteed by Abbot is unchanged, indicating S&P's
expectation of meaningful (50%-70%) recovery for creditors in the
event of a payment default.

"The downgrades reflect our concerns regarding the effects on
Abbot of what S&P consider to be deteriorating market conditions.
Specifically, these concerns center on Abbot's tight covenant
headroom and lower-than-expected deleveraging.  Following the
leveraged buyout by First Reserve Corp. in March 2008, Abbot had
initial reported debt of US$1.9 billion," said Standard & Poor's
credit analyst Per Karlsson.  "We believe that lower demand for
oil and gas drilling operations will limit Abbot's ability to
generate EBITDA, notably from 2010-2011 when the group's
percentage of contracted revenues looks likely to decline."

For 2009, S&P still expects utilization rates to remain roughly in
line with 2008 levels and a high percentage of revenues to be
contracted.  However, S&P understands that not all contract
pricing is fixed and that Abbot could face push-back by customers
on rates.  Furthermore, S&P also expects Bentec, the segment of
the business that designs offshore drilling facilities, to be
severely affected as its customers reduce their capital
expenditures.

Given the abrupt worsening of market conditions, S&P believes that
Abbot's debt-to-EBITDA ratios will likely remain very high, at 6x
or more, in the coming years.  This contrasts with S&P's previous
expectations of a gradual deleveraging, with debt to EBITDA
improving to 3.5x-4.0x by 2010-2011.  Based on management's
covenant compliance figures for the credit facility agreement,
leverage was 5.32x for financial year-end 2008 (5.50x on S&P's
adjusted calculations).

Furthermore, S&P believes that covenant headroom, although
currently adequate (at 15%-30%), will tighten significantly by
mid-2009 to less than 15%.  In addition, in the absence of a
market recovery, or other measures such as additional shareholder
support, S&P believes it is likely that Abbot will fail to meet
its covenants.  This could happen as early as the end of 2009,
depending on market developments, as under Abbot's credit
agreement the covenant conditions become significantly tighter.

More positively, S&P believes that despite its large debt burden,
Abbot's underlying operations remain sound and should continue to
generate reasonable cash flows.  The group's strong geographic and
operational diversification, and operational track record are
additional relative strengths.

"The negative outlook reflects our views about the group's ability
to meet its covenants, and/or manage its high level of debt, which
comprises US$1.3 billion of senior term loans and a US$0.55
billion mezzanine facility.  Based on our calculations, S&P view a
covenants breach as possible, potentially as soon as the end of
2009, which would result in downward pressure on the rating," said
Mr. Karlsson.

The outlook could be revised to stable subject to, among other
factors, a satisfactory renegotiation of the group's covenants
and/or financing facilities, and given adequate liquidity and
improved contractual or sector visibility.  In view of the current
market conditions, and in the absence of meaningful reductions in
Abbot's debt, S&P currently sees no upward potential for the
rating.


AD WASTE: Faces Liquidation; Council May Take Direct Control
------------------------------------------------------------
BBC News reports AD Waste, owned by Flintshire Council, is facing
liquidation after operating at a loss.

BBC discloses plans by the council to take direct control of the
company, which employs 45 people, are being discussed.

BBC relates according to a report by the Head of Legal and
Democratic Services to the council's Executive Board on
April 1, 2009, a liquidator -- at a likely cost of between
GBP15,000 to GBP20,000 -- would be appointed to deal with
waste company's liabilities and distribute any remaining assets to
the council.


ADVANTAGE TRADE: Appoints Administrators from Tenon Recovery
------------------------------------------------------------
Matthew Colin Bowker and Christopher Benjamin Barrett of Tenon
Recovery were appointed joint administrators of Advantage Trade
Supplies Ltd. on April 8, 2009.

The company can be reached through Tenon Recovery at:

         Clive House
         Clive Street
         Bolton
         Lancashire
         BL1 1ET
         England


AFFINITY CONNECTED: Assets Sold to TU Ink Limited
-------------------------------------------------
Affinity Connected Limited, the Hertfordshire based print and
design company, entered into administration on March 26, 2009.
Peter Hughes-Holland and Frank Wessely, Client Partners at Vantis
Business Recovery Services (BRS), a division of Vantis, the UK
accounting, tax and business advisory group, were appointed Joint
Administrators.

The company recently experienced a downturn in trading conditions
due to the current economic climate and has now ceased to trade.

Commenting on the case, Peter Hughes-Holland said: "Following
interest from a number of potential purchasers, the business
assets were sold to a connected company (by association), TU Ink
Limited, on the same day it was placed into administration.  The
sale of the business has safeguarded all jobs."


BOARD ENVELOPES: Brings in Administrators from Tenon Recovery
-------------------------------------------------------------
Andrew Appleyard and Trevor John Binyon of Tenon Recovery were
appointed joint administrators of Board Envelopes (Nottingham)
Ltd. on April 8, 2009.

The company can be reached through Tenon Recovery at:

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


CEVA GROUP: Moody's Junks Corporate Family Rating from 'B3'
-----------------------------------------------------------
Moody's Investors Service has downgraded CEVA Group plc's
Corporate Family Rating and Probability of Default Rating to Caa1
from B3.  At the same time, Moody's downgraded CEVA's senior
secured rating to B1 from Ba3; senior secured second lien and
senior unsecured ratings to Caa2 from Caa1; and senior
subordinated rating to Caa3 from Caa2.  The action concludes the
review for possible downgrade initiated on March 20, 2009.  The
outlook for the ratings is negative.

"The rating action reflects Moody's view that CEVA's operating
performance is likely to remain subdued over the short to medium
term as difficult market conditions and increasing pricing
pressure are likely to increase the execution risk of the
company's recently launched cost reduction programs," said Paolo
Leschiutta, a Moody's Vice President - Senior Analyst responsible
for CEVA.  "In addition, the action also reflects Moody's concerns
regarding the sustainability of the company's capital structure,
in light of thin operating margins and high interest costs, as
well as its weakening liquidity."

Moody's recognizes the company's success in growing its top line
during a challenging year, with revenues up 1% compared to FY2007
(5% at constant exchange rate), and in maintaining good control on
cash generation.  However, market conditions remain difficult and
are likely to challenge the company's ability to reach the full
amount of expected cost savings for the year.  EBITA interest
cover below 1x and financial leverage, measured as Debt to EBITDA
adjusted for pension and operating leases, approaching 8x in the
context of thin operating margins and difficult market conditions
pose questions about CEVA's long term ability to support its
highly indebted capital structure.  Furthermore, Moody's believes
CEVA's liquidity profile might deteriorate further -- despite the
still good covenant headroom -- as cash flow generation during the
current year might fall short of expectations and thin operating
margins only offer modest headroom to accommodate additional
shocks in the market.

The negative rating outlook reflects Moody's expectations that
difficult market conditions are likely to result in key credit
metrics, particularly financial leverage, remaining weak over the
intermediate term and putting pressure on the company's liquidity
situation.  The ratings could be further downgraded if market
conditions deteriorate further or if CEVA's liquidity profile,
operating margins and/or cash flow generation deteriorate further.
The rating could also be downgraded if Moody's perception of the
potential recovery rate for debt holders in case of default
deteriorates.

Downgrades:

Issuer: CEVA Group plc

  -- Probability of Default Rating, Downgraded to Caa1 from B3,

  -- Corporate Family Rating, Downgraded to Caa1 from B3,

  -- Senior Secured Bank Credit Facility, Downgraded to B1 (LGD2,
     19%) from Ba3,

  -- Senior Secured Second Lien Bond, Downgraded to Caa2 (LGD5,
     73%) from Caa1,

  -- Senior Unsecured Regular Bond/Debenture, Downgraded to Caa2
     (LGD5, 73%) from Caa1,

  -- Senior Subordinated Regular Bond/Debenture, Downgraded to
     Caa3 (LGD6, 95%) from Caa2,

Outlook on ratings is negative.

The last rating action on CEVA was implemented on March 20, 2009,
when Moody's downgraded CEVA's CFR and PDR to B3 from B2 and
placed the ratings on review for possible further downgrade
following ongoing difficult market conditions in the broader
logistic industry and the negative impact on the company's
operating performances.

CEVA's ratings were assigned by evaluating factors Moody's
believes 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 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 CEVA's core industry and the company's ratings are
believed to be comparable to those of other issuers of similar
credit risk.

CEVA Group plc is the fourth-largest integrated logistic provider
in the world in terms of revenues, which were approximately
EUR6.3 billion at FYE2008.  The company has a presence in over 100
countries worldwide, employing around 50,000 people and managing
in excess of 9.2 million square metres of warehouse facilities.
CEVA's activities include the former Contract Logistics business
as acquired from TNT N.V. during 2006 and the Freight Management
business of EGL, a US-based company acquired in August 2007.


CHIC HOTELS: Taps Joint Administrators from Grant Thornton
----------------------------------------------------------
Nigel Morrison and Trevor O'Sullivan of Grant Thornton UK LLP were
appointed joint administrators of Chic Hotels Ltd. on April 6,
2009.

The company can be reached at:

         Chic Hotels Ltd.
         10 Orange Street
         Haymarket
         London
         WC2J 7DQ
         England

Chic Hotels Ltd. manages St. Mary's Hall Hotel located at Church
Street, Hugh Town, St. Mar's, Isles of Scilly, Cornwall, TR21 0JR.


CORSAIR NO 2: S&P Raises Ratings on Series 94 from 'BB'
-------------------------------------------------------
Standard & Poor's Ratings Services raised to 'BBB-' from 'BB' and
removed from CreditWatch negative its credit rating on series 94,
and raised to 'BBB-' from 'CCC+' and removed from CreditWatch
negative the rating on series 95, both issued by Corsair (Jersey)
No. 2 Ltd.

Series 94 and 95 were placed on CreditWatch negative on April 9.

The rating action on series 94 is: (i) a substitution of the
underlying collateral, (ii) a change in the underlying portfolio,
(iii) the extension of the maturity of that series, (iv) an
increase of the interest payable to the noteholders, and (v) a
downward revision to the attachment point for this series.  In
S&P's view, all these changes are sufficient to support a 'BBB-'
rating.

The rating action on series 95 follows a change of the underlying
portfolio (the same portfolio as for series 94), the extension of
the maturity of the series, a decrease of the interest payable to
the noteholders, and an upward revision to the attachment point,
all of which are now sufficient, in S&P's opinion, to support a
'BBB-' rating.


G.M.A ENGINEERING: Appoints Joint Administrators from PwC
---------------------------------------------------------
Lyn Vardy and Stephen Andrew Ellis of PricewaterhouseCoopers LLP
were appointed joint administrators of G.M.A Engineering Company
Ltd. on April 9, 2009.

The company can be reached through PricewaterhouseCoopers LLP at:

         1 East Parade
         Sheffield
         S1 2ET
         England


HALEYS HOTEL: Goes Into Administration; 20 Jobs at Risk
-------------------------------------------------------
Suzanne McTaggart at Headingley Today reports that the Haleys
Hotel in Headingley has gone into administration, putting 20 jobs
at risk.

The report relates Lindsey J. Cooper and Philip E. Pierce, of
Baker Tilly Restructuring and Recovery LLP, were appointed joint
administrators of the hotel, which has 26 bedrooms, on April 16.

Phil Pierce, from Baker Tilly in Leeds, as cited by the report,
said business will continue to trade and all commitments
will be honored.

"Haley's has great potential and we are confident that we will
find a buyer," the report quoted Mr. Pierce as saying.


LEE & AGRAMUNT: Calls in Joint Administrators from Deloitte
-----------------------------------------------------------
William Kenneth Dawson and Ian Brown of Deloitte LLP were
appointed joint administrators of Lee & Agramunt Property
Investments Ltd. on April 15, 2009.

The company can be reached through Deloitte LLP at:

         2 Hardman Street
         Manchester
         M3 3HF
         England


OPPORTUNITY GROUP: Taps Joint Administrators from PwC
-----------------------------------------------------
Lyn Vardy and Stephen Andrew Ellis of PricewaterhouseCoopers LLP
were appointed joint administrators of Opportunity Group
(Holdings) Ltd. on April 9, 2009.

The company can be reached through PricewaterhouseCoopers LLP at:

         1 East Parade
         Sheffield
         S1 2ET
         England


PCH REALISATIONS: Appoints Joint Administrators from BDO
--------------------------------------------------------
Geoffrey Stuart Kinlan and William John Turner of BDO Stoy Hayward
LLP were appointed joint administrators of PCH Realisations Number
2 Ltd. (formerly Plowman Craven & Associates Ltd.) on April 9,
2009.

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

         Prospect Place
         85 Great North Road
         Hatfield
         Herts
         AL9 5BS
         England


PLATINUM DEVELOPERS: Brings in Administrators from Grant Thornton
-----------------------------------------------------------------
Nigel Morrison and Trevor Patrick O'Sullivan of Grant Thornton UK
LLP were appointed joint administrators of Platinum Developers
Ltd. on April 7, 2009.

The company can be reached at:

         Platinum Developers Ltd.
         1 New Street
         Wells
         Somerset
         BA5 2LA
         England


ROYAL BANK: Hires Law Experts to Review Fred Goodwin's Pension
--------------------------------------------------------------
Edinburgh Evening News reports that the Royal Bank of Scotland has
hired law experts, Martin Moore and Paul Newman, to investigate
Sir Fred Goodwin's conduct and whether they can claw back any of
his controversial GBP703,000 a year pension.

According to Edinburgh Evening News, they will determine if the
bank has a case for legal action against its former managers.

As reported in the Troubled Company Reporter-Europe on Feb. 27,
2009, Bloomberg News said the Treasury, through its bank holding
company U.K. Financial Investments, said in a Feb. 25 statement it
has been "vigorously pursuing" with the new chairman of RBS how it
can claw back "some or all of this pension."  The bank has agreed
to review Mr. Goodwin's entitlement and whether there is a legal
basis to challenge it, the Treasury said in the statement obtained
by Bloomberg News.

The review, Edinburgh Evening News notes, is expected to be
completed within weeks.

On April 7, 2009, the TCR-Europe, citing the AFP, dicslosed RBS
chairman Philip Hampton told shareholders at an annual general
meeting in Edinburgh that Mr. Godwin's pension contract was legal
but said they're looking to see if there are any opportunities for
redress.

AFP stated in an interview with Sky News Mr. Hampton said that Mr.
Goodwin was considering a "voluntary reduction" in his pension
worth GBP703,000 a year (EUR772,000, US$1.04 million).  However,
according to Telegraph.co.uk, sources close to the former RBS
chief executive insisted that although Mr. Goodwin had discussed
the matter with Mr. Hampton, they had failed to reach an agreement
and Mr. Goodwin now regarded the matter as closed.

Telegraph.co.uk recalled Mr. Goodwin agreed to leave RBS after the
government stepped in to save the bank last October with a
taxpayer-funded bail-out.  As part of his severance deal the
company agreed to pay him his full pension from the age of 50,
including a tax-free lump sum of GBP2.7 million, Telegraph.co.uk
noted.

                             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.


RTS GROUP: Taps Joint Administrators from Baker Tilly
-----------------------------------------------------
Lindsey Jane Cooper and Donald Bailey of Baker Tilly Restructuring
and Recovery LLP were appointed joint administrators of RTS Group
Ltd. on April 14, 2009.

The company can be reached through Baker Tilly Restructuring and
Recovery LLP at:

         3 Hardman Street
         Manchester
         M3 3HF
         England


SEAL ENGINEERING: Appoints Joint Administrators from PwC
--------------------------------------------------------
Lyn Vardy and Stephen Andrew Ellis of PricewaterhouseCoopers LLP
were appointed joint administrators of Seal Engineering Company
Ltd. on April 9, 2009.

The company can be reached through PricewaterhouseCoopers LLP at:

         1 East Parade
         Sheffield
         S1 2ET
         England


SRC PROPERTY: Names Joint Administrators from BDO Stoy Hayward
--------------------------------------------------------------
Graham David Randall and Shay Bannon of BDO Stoy Hayward LLP were
appointed joint administrators of SRC Property (Westbury) Ltd. on
April 14, 2009.

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

         One Victoria Street
         Bristol
         BS1 6AA
         England


TAYLOR MARINE: Appoints Joint Administrators from Grant Thornton
----------------------------------------------------------------
Alistair Wardell and Nigel Morrison of Grant Thornton UK LLP were
appointed joint administrators of Taylor Marine Engineering Ltd.
on April 7, 2009.

The company can be reached at:

         Taylor Marine Engineering Ltd.
         Canal Parade
         Cardiff
         CF10 5HJ
         England


THOMAS WALKER: Goes Into Administration; Nearly 60 Jobs at Risk
---------------------------------------------------------------
Ian King at Times online reports that Thomas Walker has gone into
administration, putting nearly 60 jobs at risk.

Times Online relates the company said discussions with its bankers
over its possible options had failed to come up with any solutions
to rescue the business.

The company, as cited by Times Online, said "Given the ongoing
deterioration of the economic climate, the directors believe that
the group is now no longer in a position to continue to trade as a
going concern."

Times Online recalls the company announced a strategic review last
month after reporting a downturn in demand, particularly in the
stampings business.  In a report on April 3, 2009,
proactiveinvestors.co.uk disclosed the company is unlikely to be
able to raise the additional finance which the directors have been
seeking in order to implement the restructuring plan.

"As a manufacturing business, the major subsidiary of Thomas
Walker has faced significant challenges as a result of falling
sales and a tough economic climate," Times Online quoted Kim
Rayment, business restructuring partner with BDO Stoy Hayward, the
administrator, as saying.  "We are now assessing the possibility
of securing a going concern sale of some or all of the business."

According to Times Online, the company's pension fund trust is one
of the company's biggest shareholders, owning a 4.63 per cent
stake.  Times Online recounts shares in the company were suspended
at the beginning of the month at 18.5p each.  The company,
proactiveinvestors.co.uk stated, requested its shares be suspended
from trading on AIM pending the completion of discussions with its
bankers and clarification of the group's financial position.

Based in Kings Norton, Birmingham, Thomas Walker PLC --
http://www.thomaswalker.co.uk-- is engaged in two principal areas
of business, as a stamper and finisher of brass components, and
manufacturer and distributor of garment fasteners and personal
identification products.  Its subsidiaries include Thomas Walker
(SEA) Limited, T W Stamping Limited and Thomas Walker (UK)
Limited.


V FOUR RECRUITMENT: Appoints Joint Administrators from Tenon
------------------------------------------------------------
Andrew James Pear and Ian Malcolm Donald Graham Cadlock of Tenon
Recovery were appointed joint administrators of V Four Recruitment
Ltd. on April 8, 2009.

The company can be reached at:

         V Four Recruitment Ltd.
         960 Capability Green
         Luton
         Bedfordshire
         LU1 3PE
         England


WHITERIGG ALPINES: Taps Joint Administrators from KPMG
------------------------------------------------------
Paul Andrew Flint and Brian Green of KPMG LLP were appointed joint
administrators of Whiterigg Alpines Ltd. on April 6, 2009.

The company can be reached at:

         Whiterigg Alpines Ltd.
         St. James' Square
         Manchester
         M2 6DS
         England


* U.K.: Deficit Triples in Fiscal Year Through March
----------------------------------------------------
Bloomberg News reports Britain's deficit swelled to the largest
since World War II and unemployment rose to the highest in 12
years.  The gap almost tripled to GBP90 billion (US$117 billion)
in the fiscal year through March, compared to the government's
GBP77.6 billion shortfall forecast in November, the report says
citing the statistics office.

Jobless claims rose 73,700 in March to 1.46 million, the most
since 1997, the U.K. statistics office said as cited in the
report.  The report relates in the three months through February,
the International Labor Organization's U.K. jobless rate rose to
6.7 percent, the highest since October 1997.


* UK: BDO Says Tax Payment Ext'n to Benefit Cash-Strapped Firms
---------------------------------------------------------------
BDO Stoy Hayward says UK firms struggling with cash flow will
benefit from tax payment extensions.

Stephen Herring, Senior Tax Partner at BDO Stoy Hayward, said:
"Certain businesses facing cash-flow difficulties may benefit from
the announced extension to the Business Payment Support Service.
This allows those businesses that were previously tax paying, but
now anticipate making a loss in the current period, to agree
extensions to tax payment dates where they are temporarily
financially challenged.

"There is still a need for the taxpayer, or their advisors, to
satisfy HMRC that the business is forecasting a loss and does not
have access to cash or bank borrowings, and the relief only
relates to those tax payments not yet made, ie this will not
typically allow businesses to reclaim tax already paid.  While
this service focuses primarily on payments of Income Tax or
Corporation Tax, HMRC is also willing to agree a time to pay
arrangement for other taxes such as VAT or PAYE."


* Fitch Sees Potential Losses for European Leveraged Investors
--------------------------------------------------------------
Fitch Ratings said in a special report published that the rapid
deterioration in credit performance in Q408 and Q109 across many
sectors as a result of worsening economic conditions, has exposed
European leveraged investors to potentially heavy losses in the
form of higher default rates and especially diminished recovery
rates in 2009/2010 than in previous cycles.

"Default rates for European leveraged loan borrowers have
increased substantially to 6% in Q109 including the effect of the
latest distressed debt restructurings, compared with 1.8% at year
end 2008" said Pablo Mazzini, Senior Director at Fitch's Leveraged
Finance team in London.  "As credit performance has continued to
deteriorate in recent months, resulting in an increase of 'CCC'-
rated credits, Fitch expects strong negative momentum on default
rates to persist in the near term."

As of March 2009, 12% of Fitch's 288 privately-rated outstanding
European shadow ratings are rated 'CCC' or below, compared with
just 2% in June 2007 at the onset of the credit crisis, reflecting
non-performing credits for which default is a real possibility as
capital structures are unsustainable or due to near-term liquidity
issues.  Overall, the proportion of leveraged loans 'at risk',
including credits rated 'B-*' (B minus) and with a Negative
Outlook or Rating Watch Negative, has increased to 29% by March
2009.  These are clear candidates for potential distressed debt
exchange in the foreseeable future in the event they need further
capital to survive.  By end-2010, Fitch expects European leveraged
loan cumulative 2008-2010 default rates to climb to, or even
exceed, 20%.

Current credit performance illustrates that business plans for
leveraged loans, especially for recycled deals that were
structured in 2006/2007, were not designed to withstand a deep and
potentially long and global recession.  The extent of
underperformance against the original base case assumptions, of
-5%/-11% on average relative to sales/ EBITDA respectively, based
on the latest financial information analyzed by Fitch generally
through to Q408, and sometimes up to Q109, is not surprising as,
as previously noted by Fitch; many business plans did not factor
in any cyclicality.

Some financial headroom still exists under Fitch's more
conservative and revised case assumptions.  However, for the
distressed sectors, such as building/materials, autos and certain
chemicals, the deterioration in credit performance has been so
fast and severe that even the revised Fitch cases have often not
been met in the most recent reviews.  This along with tighter free
cash flow and liquidity headroom has driven rating downgrades for
almost one third of Fitch's shadow rating actions taken in Q109,
taking the average portfolio shadow IDR to 'B-*' (B minus) and
increasingly into 'CCC' by March 2009, away from the 'B*'/'B-*'
average in June 2007.  Even so, the high proportion of credits on
Negative Outlook or Rating Watch Negative, 37% by March 2009,
continues to reflect the limited ratings headroom available across
borrowers.

Fitch does not rule out the possibility of witnessing widespread
forced debt restructurings in coming years, especially after 2010,
as financial underperformance brings forward the refinancing risk
that would otherwise arise after 2012 when bullet debt maturities
are due.  As the evidence of low senior recoveries suggests from
recent restructurings, as in Autodistribution and British Vita,
the recreation of private risk capital will be key in the longer
term to underpin valuations and allow a less painful roll over of
leveraged loan exposures.


* PwC Says Larger Companies Weather Financial Storm
---------------------------------------------------
Research released by PricewaterhouseCoopers LLP shows that,
despite anticipated problems with going concern, larger companies
have grasped the nettle and survived the first round of reporting
almost unscathed.

In analysis of the first 86 audit reports available in the FTSE
100 (45 reports) and FTSE 250 (41 reports), PricewaterhouseCoopers
found that only two companies had modified reports.  Both of those
companies were in the FTSE 250 and both had an emphasis of matter
around going concern.  The remaining 84, or almost 98%, of those
analysed had clean audit reports.

Andrew Ratcliffe, audit partner, PricewaterhouseCoopers LLP, said:
"These first audit reports of the financial crisis give an
indication of how companies have weathered the storm.  What we've
seen is that it isn't corporate meltdown -- the number of
companies whose audit report highlighted a going concern issue is
lower than many expected.  This shows that companies are coping
and reflects the efforts that companies have put into their going
concern assessment this year.

"Companies are coming through the crisis in one piece.  Among the
large companies, management has concluded that the company can
continue to trade for the foreseeable future and auditors have
concurred.  Very few have waited to be caught off guard."

Qualitative research was also carried out amongst PwC audit
partners responsible for 30 FTSE 100 and 250 audits.

Main qualitative research findings:

    * Nearly all concluded their audit with clean opinions

    * Going concern has been a key focus as companies have
      realized the seriousness of this issue

    * In over 95% of cases, companies have done more work to
      support their going concern assessment this year

    * Disclosure of going concern is enhanced this reporting
      season, typically with associated risks and uncertainties
      being brought together in one place, rather than distributed
      around the annual report

    * Generally companies have started their thinking earlier this
      year

    * Existing forecasting processes have generally been found to
      be adequate but they have been combined with much more
      extensive stress testing and scenario planning

    * The main risks addressed were maturity of bank facilities
      and their renegotiation and covenant triggers.

Andrew Ratcliffe continued: "At the larger end of the scale the
story is 'so far so good'.  Companies have managed their debt and
finance position actively.  What we now need to do is wait and see
how the situation develops as more companies report.  We aren't in
a stable economic environment yet, so we would anticipate there
could be more going concern issues as more companies report."

            About PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP -- http://www.pwc.co.uk/-- provides
industry-focused assurance, tax and advisory services.  It has
more than 16,000 partners and staff in offices around the UK.


* BOOK REVIEW: The First Junk Bond: A Story of Corp. Boom & Bust
----------------------------------------------------------------
Author:     Harlan D. Platt
Publisher:  Beard Books
Paperback:  256 pages
List Price: US$34.95

Order your personal copy at
http://amazon.com/exec/obidos/ASIN/1587981203/internetbankrupt

This is a book that business people will find particularly
enlightening.  It details how Texas International, Inc.'s
bankruptcy filing affected various stakeholders, the bankruptcy
negotiation process, and the alternative post-bankruptcy
structures that were considered.

This engrossing book follows the extraordinary journey of the
company through its corporate growth and decline, debt exchange
offers, and corporate rebirth.

It is a case study of a company that exemplified the 1980s,
complete with fascinating people, financial innovations, and
successive rounds of high stakes poker, as the misfortunes of
the company unfold.

Detailed is the involvement of Drexel Lambert banking house and
its guiding spirit Michael Milken, who secured fresh capital for
the company through the issuance of a high-yield bond with an
above-market rate of interest to counterbalance its elevated
credit risk.

                            *********

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 * * *