TCREUR_Public/090429.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Wednesday, April 29, 2009, Vol. 10, No. 83

                            Headlines

A U S T R I A

AUTO - BIKE SIMHANDL: Claims Registration Period Ends May 15
DOPPELHOFER LLC: Claims Registration Period Ends May 15
DOPPELHOFER & DOPPELHOFER: Claims Registration Period Ends May 15
ETS ELEKTROANLAGEN: Claims Registration Period Ends May 12
GANGLBERGER LLC: Claims Registration Period Ends May 12

INDUSTRIEDIENSTLEISTUNGEN MUSTER LLC: Claims Filing Ends May 12
JOSEF BAUER: Claims Registration Period Ends May 12
S.A.G. LLC: Claims Registration Period Ends May 15
UNICREDIT BANK: Moody's Cuts Financial Strength Rating to 'D+'


E S T O N I A

SWEDBANK AS: Moody's Reviews 'D' Bank Financial Strength Rating


F R A N C E

CALYON: Moody's Cuts Ratings on Three Junior Daphne Swaps to Low-B
SRF S.A.: Applies for Insolvency; 154 Jobs Affected
STADE FINANCE: S&P Withdraws 'CCC' Rating on EUR121.852 Mil. Notes


G E R M A N Y

ARTECH RECYCLINGTECHNIK: Claims Registration Period Ends May 14
CPF BETEILIGUNGS: Claims Registration Period Ends May 15
EVENTWERK TELTRONIK: Claims Registration Period Ends May 27
GOURMET GASTRO: Claims Registration Period Ends June 3
HYPO REAL: To Seek Shareholder Nod on June 2 for Capital Increase

I.A.V. GMBH: Claims Registration Period Ends June 16
INTECHMA GMBH: Claims Registration Period Ends June 15
LESCH GETRANKE: Claims Registration Period Ends May 20
VG MICROFINANCE-INVEST: Fitch Cuts Rating on Senior Notes to 'BB+'
ZEUS VERWALTUNGS: Claims Registration Period Ends June 5


I R E L A N D

SKYE CLO: Moody's Junks Rating on EUR27.5 Mln Class E Notes

* IRELAND: Court Judgments for Unpaid Debt Up 96% in 1Q 2009


I T A L Y

INEOS VINYLS: Sartor Threatens Insolvency Over Eni Dispute
TISCALI SPA: In Talks Over Disposal of UK Broadband Business


K A Z A K H S T A N

ALLIANCE DPR: Fitch Junks Ratings on US$67.9 Mil. 2006-B Notes
ALLIANCE TRADE: Creditors Must File Claims by May 29
AMRITA-T LLP: Creditors Must File Claims by May 29
DOMUS REALTY: Creditors Must File Claims by May 29
FEESKO LLP: Creditors Must File Claims by May 29

INFORMER SERVICE: Creditors Must File Claims by May 29
JUMAT LLP: Creditors Must File Claims by May 29
KAZTEMIRTRANS JSC: Moody's Downgrades Issuer Rating to 'Ba1'
MUNAI KURYLYS-EMBA: Creditors Must File Claims by May 29
SAR SU RAM: Creditors Must File Claims by May 29

TAIGER LLP: Creditors Must File Claims by May 29
TOKYMA LLP: Creditors Must File Claims by May 29


K Y R G Y Z S T A N

AMANTA CAPITAL: Creditors Must File Claims by May 8
ERKIN TRADE: Creditors Must File Claims by May 8
INFOX STROY: Creditors Must File Claims by May 8
TETRABASE RETAIL: Creditors Must File Claims by May 8
UNITED AUDIT: Creditors Must File Claims by May 8


N E T H E R L A N D S

IMPRESS HOLDINGS: S&P Changes Outlook to Stable; Keeps 'B+' Rating


P O L A N D

GETIN BANK: Moody's Cuts Bank Financial Strength Rating to 'D-'
LOT: May Go Bankrupt if New Investor Not Found


R U S S I A

DAIRY PLANT: Creditors Must File Claims by June 17
GLAZOVSKIY WOOD: Creditors Must File Claims by May 17
KAZANORGSINTEZ OJSC: Fitch Cuts LT Issuer Default Rating to 'C'
METALLURGICAL COM'L: Moody's Assigns 'E+' Fin'l Strength Rating
OLYMPIC ZHIL: Creditors Must File Claims by May 17

ROSSIYANKA OJSC: Creditors Must File Claims by May 17
SEV-ZAP-STROY LLC: Creditors Must File Claims by May 17
SHCHERBAKOVSKIY BREWERY: Creditors Must File Claims by June 17
STROY-BALT LLC: Creditors Must File Claims by May 17
URAL CONSTRUCTION: Creditors Must File Claims by June 17

YUM-CHER-MET LLC: Creditors Must File Claims by May 17
ZAURALSKIY FOUNDRY: Creditors Must File Claims by May 17

* Moody's Confirms 'B3' Currency Ratings on Moscow's Oblast Region


S W I T Z E R L A N D

ALECON JSC: Creditors Must File Proofs of Claim by June 2
AB + AUF BAU: Creditors Must File Proofs of Claim by June 2
BAUMANN KMU-TREUHAND LLC: Claims Filing Deadline is May 26
EUROPEAN ENTERTAINMENT: Proofs of Claim Filing Deadline is May 29
FANTOP LLC: Creditors Have Until Oct. 21 to File Proofs of Claim

HOTEL ROESSLI: Claims Filing Deadline is June 9
IBUS ZENTRALSTRASSE: Claims Filing Deadline is April 1, 2010
PB HAUSTECHNIK: Creditors Must File Proofs of Claim by June 2
PENTA CONTAINER: Creditors' Proofs of Claim Due by June 15


U K R A I N E

BARREL PLUS: Creditors Must File Claims by May 10
GRADCOMSERVICE SUBSIDIARY: Creditors Must File Claims by May 9
GRANDSIMBUILDING LLC: Creditors Must File Claims by May 10
GRANITE QUARRY: Court Starts Bankruptcy Supervision Procedure
SIS LOGISTIC: Creditors Must File Claims by May 10


U N I T E D   K I N G D O M

CAPITAL & REGIONAL: Auditors Express Going Concern Doubt
DIPLOMAT EXTRUSIONS: Appoints Administrators from Tenon Recovery
INTEMPO DIGITAL: Taps Joint Administrators from PwC
ITV PLC: Moody's Cuts Rating to 'Ba3' on Weak UK TV Ads Markets
J. MCINTYRE LTD: Taps Joint Administrators from Tenon Recovery

JJB SPORTS: Creditors Back CVA Proposal; Avoids Administration
LLOYDS BANKING: To Cut 985 Jobs at Bank of Scotland Dealer Finance
LUDGATE FUNDING: S&P Junks Rating on Class E Notes
PREMIER ELECTRICAL: Appoints Administrators from Tenon Recovery
RIVERDANCE GROUP: Taps Joint Administrators from Grant Thornton

RMAC SECURITIES: S&P Puts 'BB' Rating on B1C Notes on Neg. Watch
ROYAL BANK: Expects GBP4.5BB Profit From Bond Buyback Program

* UK: Gov't to Consult Two Proposed Changes to Insolvency Laws
* Begbies Traynor Says UK Recession Continues Unabated
* PwC Expects Room Rate Declines in London and Regional Hotels


                         *********


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


AUTO - BIKE SIMHANDL: Claims Registration Period Ends May 15
------------------------------------------------------------
Creditors owed money by Auto - Bike Simhandl LLC have until
May 15, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Mag. Michael Schnalzer
         Bismarkstrasse 5
         8280 Fuerstenfeld
         Austria
         Tel: 03382/52 610
         Fax: 03382/52 331 - 16
         E-Mail: kbs@recht-so.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on May 20, 2009, for the
examination of claims.


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

         Mag. Wolfgang Dlaska
         Joanneumring 11/4
         8010 Graz
         Austria
         Tel: 0316/825580-0
         Fax: 0316/825580-10

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:50 a.m. on April 15, 2009, for the
examination of claims.


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

         Mag. Wolfgang Dlaska
         Joanneumring 11/4
         8010 Graz
         Austria
         Tel: 0316/825580-0
         Fax: 0316/825580-10
         E-mail: office@dlaska.at

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


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

         Dr.iur., M.B.L. Guenther Grassner
         Suedtirolerstrasse 4-6
         4020 Linz
         Austria
         Tel: +43 70 77 08 15
         Fax: +43 70 77 08 16
         E-mail: lawfirm@gltp.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on May 26, 2009, for the
examination of claims at:

         Land Court of Linz
         Hall 522
         Linz
         Austria


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

         Mag. Gerhard Nathschlager
         Huemerstrasse 23
         4020 Linz
         Austria
         Tel: 0732/77 55 44-16
         Fax: 0732/77 55 44-10
         E-mail: insolvenz@bzp.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:00 a.m. on May 26, 2009, for the
examination of claims at:

         Land Court of Linz
         Hall 522
         Linz
         Austria


INDUSTRIEDIENSTLEISTUNGEN MUSTER LLC: Claims Filing Ends May 12
---------------------------------------------------------------
Creditors owed money by Industriedienstleistungen Muster LLC have
until May 12, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Mag. Clemens Richter
         Esteplatz 4
         1030 Vienna
         Austria
         Tel: 712 33 30
         Fax: 712 33 30-30
         E-mail: kanzlei@engelhart.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:30 a.m. on May 26, 2009, for the
examination of claims.


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

         Dr. Stephan Riel
         Schiesstattring 35/13
         3100 St. Poelten
         Austria
         Tel: 02742/74 731
         Fax: 02742/74 731-22
         E-Mail: kanzlei@jsr.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:50 a.m. on June 2, 2009, for the
examination of claims at:

         Land Court of St. Poelten
         Room 216
         Second Floor
         St. Poelten
         Austria


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

         Mag. Herbert Ortner
         Hauptplatz 46
         8570 Voitsberg
         Austria
         Tel: 03142/22 3 03
         Fax: 03142/22 3 03 - 6
         E-mail: office@recht-kompetent.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:40 a.m. on May 20, 2009, for the
examination of claims.


UNICREDIT BANK: Moody's Cuts Financial Strength Rating to 'D+'
--------------------------------------------------------------
Moody's Investors Service has downgraded the bank financial
strength rating of UniCredit Bank Austria AG to D+ from C+ and its
long-term debt and deposit ratings to A1 from Aa2.  In addition,
the bank's preferred stock ratings were downgraded to A3 from A1.
The outlook on all the ratings is negative.  The Prime-1 short-
term deposit rating was affirmed.

The downgrade of the BFSR to D+ which maps into a BCA of Baa3
reflects Moody's expectation that the accelerating global
macroeconomic downturn is likely to have a material and continuing
effect on Bank Austria's performance given that the dominant share
of its revenues stem from activities in struggling Central &
Eastern Europe countries and to a lesser extent in Austria.
Consequently, the bank is confronting increasing pressure on asset
quality (exacerbated by some concentration risks in its loan
portfolio), capital ratios, revenues and earnings.

"Bank Austria is a dominant player in the Austrian corporate
banking market.  Furthermore, it has built a geographically
diversified presence throughout Eastern Europe with favourable
long-term prospects in particular in countries that will join the
EU and the Eurozone.  Nonetheless, the economic uncertainty and
instability in many of these CEE markets at present and the
pressure on corporate clients due to the global economic
environment will weaken revenues and earnings streams and further
damage asset quality," said Dominique Nutolo, a Frankfurt-based
Moody's Assistant Vice President and lead analyst for Bank
Austria.

Bank Austria's performance is heavily dependent on the group's
well-established banking franchises across many countries in the
CEE region.  Under the UniCredit group's strategy, most of the
group's activities in the region have been positioned under Bank
Austria.  In 2008, Bank Austria's CEE division contributed the
majority of its pre tax profit of EUR1.5 billion, with Russia,
Turkey, Croatia and the Czech Republic being the most important
markets, followed by the activities in Bulgaria, Ukraine and
Romania.  Moody's BFSR downgrade also captures the pressure that
the bank will be facing to maintain an adequate capital ratio in
view of the likely additional write downs that the bank will incur
in addition to the hefty provisions set aside in 2008.  Overall
Moody's believes that a D+ BFSR better captures this mixed
profile.

The rating agency adds that the D+ BFSR is contingent upon Bank
Austria's capital ratios benefiting from a significant capital
injection by the Austrian government, which is expected to be in
the range of EUR2 billion to EUR3 billion.  This should enable the
bank to absorb some of its expected losses and write downs without
adversely affecting its overall credit profile.

Furthermore, Moody's notes that Bank Austria's exposures to
structured credit products are limited and manageable and should
therefore not have a significant impact on its earnings, capital
or liquidity given the mark downs recorded thus far.

The debt and deposit ratings incorporate the unchanged probability
of support from Bank Austria's parent, UniCredit SpA, whereas the
negative outlook on Bank Austria's debt and deposit ratings
reflects the negative outlook on UniCredit SpA's BFSR.

The ratings of Bank Austria's subsidiaries are not affected by
this rating action as they benefit directly from the support of
UniCredit SpA.

Moody's previous rating action on Bank Austria was implemented on
7 October 2008, when it affirmed the Aa2/P-1/C+ ratings in
connection with a rating action on its parent, UniCredit SpA.

UniCredit Bank Austria AG is domiciled in Vienna, Austria.  At the
end of December 2008, it had total consolidated assets of EUR222.2
billion and equity of EUR14.2 billion pursuant to IFRS.  The
group's Tier 1 ratio was 6.8%, according to BIS standards.  For
the financial year 2008, the bank reported consolidated pre-tax
profits of EUR1.5 billion and net income of EUR1.1 billion.


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


SWEDBANK AS: Moody's Reviews 'D' Bank Financial Strength Rating
---------------------------------------------------------------
Moody's Investors Service placed Swedbank AS's D bank financial
strength rating, Baa2 long-term global local currency deposit and
debt ratings and Prime-2 short-term rating on review for possible
downgrade.

Swedbank AS (formerly AS Hansapank) is a wholly owned Estonian
subsidiary of Sweden's Swedbank AB (A1/C-, on review for possible
downgrade), accounting for around 17% of the parent's lending at
the end of March 2009.

The rating action was prompted by the reported rapid decline in
Swedbank AS's profitability and asset quality, which is much more
severe than Moody's previously expected.  The rating agency notes
that this decline exceeds the expected losses from the bank's loan
portfolio that were incorporated into the last rating action, in
February 2009.  The bank's operations continue to be severely
negatively affected by the ongoing recession in the Baltic region.

Swedbank AB's Baltic Banking (which comprises Swedbank AS)
reported an operating loss of SEK2.9 billion in Q1 2009, down from
a profit of SEK1.2 billion in the equivalent period of 2008.  The
decrease was primarily due to a substantial increase in loan loss
provisions, which were SEK4.2 billion in Q1 2009, up from SEK173
million in Q1 2008.

At the same time, decreasing lending volumes and an increase in
overdue loans had a further adverse effect on the bank's
underlying core performance, as reflected by its net interest
income, which decreased by 11% year-on-year.  Also, net commission
income decreased by 15% (in local currency), primarily due to the
low level of activity in global and domestic financial markets.

The share of reported impaired loans increased to 4.9% at the end
of March 2009, up from 2.3% at the beginning of the year.
Impaired loans stood at the highest level in Latvia, at 8.5%,
followed by 3.6% in Lithuania and 2.5% in Estonia.

Moody's says that the review will focus on:

   (i) the amount of capital available to Swedbank AS to absorb
       future high credit losses given the rating agency's revised
       stress scenario assumptions; and

  (ii) Swedbank AS's future earnings capacity and its ability to
       replenish its capital cushion given Moody's expectation
       that large loan loss provisions will continue to constrain
       the bank's profitability.

These ratings of Swedbank AS have been placed on review for
possible downgrade:

  -- BFSR: D
  -- Long-term bank deposit rating: Baa2
  -- Senior unsecured rating: Baa2
  -- Subordinate MTN rating: Baa3
  -- Commercial paper rating: Prime-2
  -- Other short term rating: Prime-2

Moody's previous rating action on Swedbank AS was implemented on
February 27, 2009, when Moody's downgraded the bank's long-term
GLC deposit and debt ratings to Baa2 from A1 and its BFSR to D
from C-.  Also, the bank's short-term ratings were downgraded to
Prime-2 from Prime-1.

Headquartered in Tallinn, Estonia, Swedbank AS reported total
consolidated assets of EUR25 billion at the end of 2008.


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


CALYON: Moody's Cuts Ratings on Three Junior Daphne Swaps to Low-B
------------------------------------------------------------------
Moody's Investors Service has downgraded its ratings of five
credit default swaps entered into by Calyon.  The transactions are
managed synthetic Balance Sheet CDOs referencing a pool of bank
originated corporate loans.

The rating actions reflect the deterioration in the credit quality
of the transaction's reference portfolios, as indicated by the
average increase across the portfolios, in the portfolio average
rating factor by 33% since closing, and the revision of certain
key assumptions that the agency uses to rate and monitor corporate
CDOs.  These revised assumptions incorporate Moody's expectation
that European and global corporate default rates are likely to
greatly exceed their historical long-term averages and reflect the
heightened interdependence of credit markets in the current global
economic contraction.

Specifically, the changes include: (1) a 30% increase in the
assumed likelihood of default for corporate credits in CDOs (2) an
increase in the degree to which ratings are adjusted according to
other credit indicators such as rating Reviews and Outlooks and
(3) an increase in the default correlation applied to corporate
portfolios as generated through a combination of higher default
rates and increased asset correlations.

These revised assumptions are described in greater detail in the
press release published on January 15, 2009.  Moody's notes that
the global corporate loan sector currently has a negative outlook
and has shown signs of increasing weakness in terms of credit
performance.  The sector is further stressed by the anticipated
limited refinancing opportunities for EMEA corporate issuers over
the next six to twelve months.

In addition, for the majority of the underlying referenced assets,
the equivalent Moody's ratings used in Moody's analysis are
obtained through a mapping process between the originator's
internal rating scale and Moody's public rating scale.  To
compensate for the absence of credit indicators such as ratings
reviews and outlooks in mapped ratings, a half notch stress was
applied to the mapping scale.  Because the mapping was performed
prior to April 1, 2007, an additional stress was applied to
capture potential deviations from the established mapping.

Moody's initially analyzed and continues to monitor this
transaction using primarily the methodology and its supplements
for corporate synthetic CDOs as described in Moody's Special
Reports and press releases below:

  -- Moody's Approach To Rating Corporate Collateralized Synthetic
     Obligations (March 2009)

  -- Framework for De-Linking Hedge Counterparty Risks from Global
     Structured Finance Cashflow Transactions (May 2007)

The rating actions are:

Calyon (France) - Enee I Credit Default Swap

  -- EUR6,376,924,000 Super Senior Credit Default Swap,
     Downgraded to Aa1; previously on 24 January 2007 Assigned Aaa

  -- EUR85,176,000 Junior Swap, Downgraded to Baa2; previously on
     24 January 2007 Assigned A3

Calyon - Junior CDS related to Daphne Finance II and III and
Enee I

  -- 2.40%-4.50% Junior Swap of the Daphne Finance II plc
     portfolio, Downgraded to Ba2; previously on 28 September 2007
     Assigned Baa3

  -- 2.40%-4.72% Junior Swap of the Daphne Finance III plc
     portfolio, Downgraded to Ba1; previously on 28 September 2007
     Assigned Baa3

  -- 3.71%-5.01% Junior Swap of the Enee I portfolio, Downgraded
     to Ba2; previously on 28 September 2007 Assigned Baa3


SRF S.A.: Applies for Insolvency; 154 Jobs Affected
---------------------------------------------------
SRF S.A., the facility of Germany-based wheel manufacturer Borbet
Group in the eastern French town of Soultzmatt, has applied for
insolvency, putting 154 jobs at risk, reifenpresse.de reports.

The report says whether production will continue at the site is
now an issue for the liquidator to decide, although it seems
likely that existing orders can be processed.


STADE FINANCE: S&P Withdraws 'CCC' Rating on EUR121.852 Mil. Notes
------------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'CCC' rating on
the EUR121.852 million 5.25% secured notes issued by Stade Finance
a.r.l.

This action follows the April 22 withdrawal of the financial
strength rating on Financial Guaranty Insurance Co.  FGIC provides
financial guarantees for payments on the notes issued by Stade
Finance in cases where transaction cash flows would be
insufficient to make payments.  Under S&P's current criteria, the
rating on Stade Finance would be the higher of the FGIC rating and
a Standard & Poor's underlying rating, which reflects the stand-
alone credit profile of the notes.  When Stade Finance was
initially rated, however, S&P did not assign a public SPUR to the
notes.  Consequently, S&P's rating on the notes was always
equalized to that on FGIC.  Since the notes were issued, the
issuer has provided no information that would enable us to assign
or maintain a SPUR.  If the issuer had provided S&P with
appropriate information, the rating agency would have assigned a
SPUR to Stade Finance.  Following the withdrawal of the rating on
FGIC and absent a Stade Finance SPUR, S&P now withdraws the note
rating, as S&P consider it has no present basis to maintain a
rating.  Moreover, due to the lack of underlying information about
Stade Finance, S&P makes no comment about its credit profile prior
to the rating withdrawal.

The Stade Finance transaction closed in July 1998 and aimed to
provide refinancing to the Consortium Stade de France, owner of a
30-year concession for the construction and operation of the Stade
de France in Paris.


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


ARTECH RECYCLINGTECHNIK: Claims Registration Period Ends May 14
---------------------------------------------------------------
Creditors of ARTech Recyclingtechnik GmbH have until May 14, 2009,
to register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on June 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 Hagen
         Meeting Hall 252
         Second Floor
         Heinitzstrasse 42/44
         58097 Hagen
         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. Norbert Wischermann
         Untermauerstr. 22
         58332 Schwelm
         Germany

The court opened bankruptcy proceedings against the company on
June 16, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         ARTech Recyclingtechnik GmbH
         Attn: Felix Assfalg, Manager
         Rombrocker St. 17 a
         58640 Iserlohn
         Germany


CPF BETEILIGUNGS: Claims Registration Period Ends May 15
--------------------------------------------------------
Creditors of CPF Beteiligungs 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 June 15, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Bad Homburg v.d. Hoehe
         Room E32
         Auf der Steinkaut 10-12
         61352 Bad Homburg v.d. Hoehe
         Germany

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

The insolvency manager can be reached at:

         Angelika Amend
         Minnholzweg 2b
         D 61476 Kronberg/Ts.
         Germany
         Tel: 06173/78340
         Fax: 06173/783422

The court opened bankruptcy proceedings against the company on
April 15, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         CPF Beteiligungs GmbH
         Hessenring 83
         61348 Bad Homburg v. d. Hoehe
         Germany

         Attn: Jean-Paul Vican, Manager
         Stresemannstrasse 11
         61462 Koenigstein/Ts.
         Germany


EVENTWERK TELTRONIK: Claims Registration Period Ends May 27
-----------------------------------------------------------
Creditors of Eventwerk Teltronik 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 9:30 a.m. on July 1, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         Peter Reh
         Austrasse 83
         35745 Herborn
         Germany
         Tel: 02772/6466-0
         Fax: 02772/6466-77
         E-mail: ra@accedis.de

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:

         Peter Reh
         Austrasse 83
         35745 Herborn
         Germany
         Tel: 02772/6466-0
         Fax: 02772/6466-77
         E-Mail: ra@accedis.de

The court opened bankruptcy proceedings against the company on
April 17, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Eventwerk Teltronik GmbH
         Attn: Michael Rene Schramm, Manager
         Paul-Schneider-Strasse 2
         35625 Huettenberg
         Germany


GOURMET GASTRO: Claims Registration Period Ends June 3
------------------------------------------------------
Creditors of Gourmet Gastro Service & Management GmbH have until
June 3, 2009, to register their claims with court-appointed
insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on July 15, 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. Nikolaus Schmidt
         Augustastrasse 1
         06108 Halle (Saale)
         Germany

The court opened bankruptcy proceedings against the company on
April 16, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Gourmet Gastro Service & Management GmbH
         Lessingallee 22 a
         14612 Falkensee
         Germany

         Attn: Andreas Nowatzke, Manager
         Weinbergstrasse 9 A
         14469 Potsdam
         Germany


HYPO REAL: To Seek Shareholder Nod on June 2 for Capital Increase
-----------------------------------------------------------------
Ulrike Daue at Dow Jones Newswires reports that Hypo Real Estate
Holding AG said Friday it will ask shareholders June 2 to approve
a capital increase that would exclude existing shareholders from
participation.

According to Dow Jones, the planned capital increase -- of up to
EUR5.64 billion -- is the only agenda item for the June 2
extraordinary shareholders meeting, which will take place if the
German government doesn't reach a 90% majority by 10:00 p.m. GMT
May 4, when an offer to buy shares in Hypo RE at EUR1.39 a share
expires.  Dow Jones says if SoFFin manages to control 90% --
before or after the EGM -- it plans to squeeze out remaining
shareholders.

As reported in the Troubled Company Reporter-Europe on April 22,
2009, Reuters said the German government has given shareholders
like J Christopher Flowers until June 30 to sell HRE shares or
face expropriation.  The report disclosed offer documents said "If
the government doesn't have assurances "that it will be able to
acquire all HRE shares" by June 30, it intends to "initiate an
expropriation procedure".  The report related Mr. Flowers through
a spokesman said he is studying the offer but he would prefer to
remain a shareholder of Hypo Real Estate.  According to the
report, Germany's Financial Market Stabilisation Fund, which
launched a voluntary takeover offer of EUR1.39 a share, could
implement a capital increase excluding subscription rights of the
shareholders as a way to sideline Mr. Flowers and gain control of
lender.  The report stated by launching a capital increase without
subscription rights, the German government will be able to dilute
the 22 percent stake held by Mr. Flowers and a consortium of
shareholders.

On April 14, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported Germany's bank-rescue fund, Soffin,
offered EUR1.39 or US$1.84 a share, or about EUR290 million, to
acquire all of HRE's outstanding shares.  The move was aimed to
keep HRE from insolvency which "would have substantial, barely
quantifiable consequences for the national and international
financial markets," Soffin said in a statement obtained by
Bloomberg News.  "This in turn would have a considerable impact on
the entire national economy."  Bloomberg News recalled Germany
already provided EUR102 billion of credit lines and debt
guarantees to sustain HRE after a funding shortage at its Dublin-
based Depfa Bank Plc unit brought the company to the brink of
bankruptcy.  According to Bloomberg News, Germany's upper house of
parliament backed legal steps allowing banks to be nationalized on
April 3, and President Horst Koehler signed the bill into law.
The bill was approved by Chancellor Angela Merkel on Feb. 18.
Bloomberg News related J.C. Flowers & Co., which leads a group of
investors holding 24 percent of the bank, said it may take legal
action to block nationalization.

As reported in the Troubled Company Reporter-Europe on March 24,
2009, Andrea Thomas at The Wall Street Journal said Germany's
lower house of parliament backed a bill allowing
nationationalization of HRE for a specified time period, but only
as a last resort.  According to international broadcaster Deutsche
Welle, the government stressed HRE would only be nationalized for
a limited period of time if all other attempts by the state to
take control have been exhausted.  The legislation stipulates that
the government must first try alternatives to expropriation such
as seeking agreement from shareholders to part with stock or their
participation in a capital injection, Deutsche Welle said.  "In
order to get legal certainty and the speed that we need to act, it
is necessary to get quickly a 100% state-controlling majority in
HRE, because we must prevent the collapse of a systemically
relevant bank and any resulting knock-on effect,"
WSJ quoted Deputy Finance Minister Nicolette Kressl as saying.

                      About Hypo Real Estate

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

                        *     *     *

As reported in the Troubled Company Reporter-Europe on Dec. 2,
2008, Dominion Bond Rating Service downgraded its long-term
ratings for Hypo Real Estate Holding AG (Holding) and related
entities (together Hypo Real Estate or the Group), including the
Senior Unsecured Long-Term Debt rating for Holding, which was
downgraded to A (low) from "A".  Concurrently, all ratings have
been placed Under Review with Negative Implications.  DBRS's
rating action followed the announcement of Hypo Real Estate's Q3
2008 results, the announcement of an additional EUR20 billion
short-term debt guarantee and of additional information about the
Group's liquidity challenges, earnings outlook and pending
application for more comprehensive external support.  The
downgrade and the Under Review Negative status reflect DBRS's
concern that Hypo Real Estate's franchise has been weakened by its
ongoing liquidity challenges.  The Group's lack of access to
market funding currently restricts its ability to write new
business and requires it to seek more comprehensive support,
demonstrating the weakening of its intrinsic fundamentals, the
rating agency said.

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

On Oct. 28, 2008, the TCR-Europe reported Standard & Poor's
Ratings Services lowered its long-term counterparty credit ratings
on the seven rated entities of Hypo Real Estate (HRE) group to
'BBB' from 'BBB+', namely, Germany-based commercial real estate
lenders Hypo Real Estate Bank International AG and Hypo Real
Estate Bank AG, public-finance lenders Depfa Deutsche
Pfandbriefbank AG, Ireland-based DEPFA BANK PLC, Depfa ACS, and
Hypo Public Finance Bank, and Luxembourg-based Hypo Pfandbriefbank
Bank International S.A.  "These rating actions reflect the group's
strained financial profile, weak funding position, and concerns
about the viability of its business model," said Standard & Poor's
credit analyst Volker von Kruechten.  "We expect HRE to
restructure and downsize, which may cause further pressure on
earnings and capital, owing to the difficult market environment
and a deteriorating credit cycle."


I.A.V. GMBH: Claims Registration Period Ends June 16
----------------------------------------------------
Creditors of I.A.V. GmbH have until June 16, 2009, to register
their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30a.m. on June 16, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Frankfurt/Main
         Hall 2
         Building F
         Klingerstrasse 20
         60313 Frankfurt/Main
         Germany

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

The insolvency manager can be reached at:

         Frank Moessle
         Pluta Rechtsanwalts GmbH
         Eingang A
         Trakehner Strasse 7-9
         60487 Frankfurt am Main
         Germany
         Tel: 069/85096930
         Fax: 069/850969329
         E-mail: frankfurt@pluta.net
         Website: www.pluta.net

The court opened bankruptcy proceedings against the company on
April 16, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         I.A.V. GmbH
         Attn: Ilhan OEzcan, Manager
         Hanauer Landstrasse 523
         60386 Frankfurt am Main
         Germany


INTECHMA GMBH: Claims Registration Period Ends June 15
------------------------------------------------------
Creditors of Intechma GmbH have until June 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 July 17, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Marburg/Lahn
         Hall 154
         District Court Building
         Universitatsstrasse 48
         35037 Marburg/Lahn
         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:

         Christina Combecher
         Jahnstrasse 18
         35066 Frankenberg
         Germany
         Tel: 06451/71919-22
         Fax: 06451/7191921

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:

         Intechma GmbH
         Attn: Heike Freitag, Manager
         Pforte 6
         35083 Wetter
         Germany


LESCH GETRANKE: Claims Registration Period Ends May 20
------------------------------------------------------
Creditors of Lesch Getranke GmbH have until May 20, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on July 1, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Duisburg
         Hall C315
         Kardinal-Galen-Strasse 124-132
         47058 Duisburg
         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:

         Dirk Hammes
         Hafenstrasse 35
         47119 Duisburg-Ruhrort
         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:

         Lesch Getranke GmbH
         Attn: Christian Schroeder, Manager
         Maassenstrasse 2 b
         46514 Schermbeck
         Germany


VG MICROFINANCE-INVEST: Fitch Cuts Rating on Senior Notes to 'BB+'
------------------------------------------------------------------
Fitch Ratings has downgraded VG Microfinance-Invest Nr. 1 GmbH's
senior CDO notes to 'BB+' from 'BBB', and assigned the notes a
Negative Outlook.

The transaction consists of subordinated credit exposure against
20 (initially 21) microfinance institutions globally distributed
across 15 jurisdictions.  The portfolio's largest geographical
exposures are Azerbaijan: 21.7%, Kenya: 17.1%, and Ecuador: 12.3%.
The institutions were selected by Deutsche Bank AG ('AA-'((AA
minus))/'F1+'/Rating Watch Negative) in its role as seller and
protection buyer.

The downgrade of the senior notes reflects Fitch's concerns about
developments regarding ACODEP, a Nicaraguan MFI which represents
8.8% of the portfolio.  Sharp asset deterioration in the MFI's
loan book and political uncertainty have contributed to Fitch's
assessment that default risks have materially increased regarding
this institution.  A further concern is that MFIs located in
Eastern Europe and Asia may suffer from foreign exchange exposure
as their local currencies have lost value against the US$.

While individual institutions have come under increased pressure,
the credit risk associated with the majority of the portfolio has
remained stable, or in some cases has even improved slightly.  In
addition, the senior notes benefit from subordination of 40%
provided by unrated junior and mezzanine notes, and excess spread
is available to provide credit protection if the portfolio
experiences defaults.  Given the available credit enhancement,
Fitch expects the CDO notes to be able to withstand the default of
5-6 names without incurring a loss.  In its analysis, primarily
due to the subordinated nature of the loan obligations, the agency
assumed that no recoveries would be obtained following a default
of an MFI.

Despite the structural credit support, Fitch views approximately
60% of the portfolio as commensurate with 'CCC' or below risk.
This portfolio credit risk is compounded by concentration risk as
the portfolio is comprised of only 20 positions.  Given these
risks, as well as the performance concerns in selected positions,
Fitch has downgraded the CDO notes by two notches to 'BB+'.  The
agency notes that this is the highest possible non-investment
grade rating, reflecting the significant structural protection
within the transaction.

MFIs support micro-lending business and are generally active in
poor regions of the world, or areas that suffer from under-
developed banking segments.  MFIs loan small sums of finance to
small-scale entrepreneurs who are close to, or below, the poverty
line and would therefore usually be ineligible for financing
within the formal banking system.


ZEUS VERWALTUNGS: Claims Registration Period Ends June 5
--------------------------------------------------------
Creditors of Zeus Verwaltungs u. Beteiligungs 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 9:00 a.m. on June 19, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Cloppenburg
         Hall 6
         Hauptgebaude
         Burgstrasse 9
         49661 Cloppenburg
         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. Christian Ruhe
         Marschstr. 7
         49377 Vechta
         Germany
         Tel: 04441-9272-0
         Fax: 04441-9272-30

The court opened bankruptcy proceedings against the company on
April 16, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Zeus Verwaltungs u. Beteiligungs GmbH
         Hauptstrasse 4 b
         49685 Emstek
         Germany
         Attn: Hartmut Rieger, Manager
         Stormstrasse 2
         49685 Emstek
         Germany


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


SKYE CLO: Moody's Junks Rating on EUR27.5 Mln Class E Notes
-----------------------------------------------------------
Moody's Investors Service has downgraded its ratings of two
classes of notes issued by Skye CLO I Limited.

The transaction is a managed synthetic CDO referencing leveraged
loans and sub-investment grade corporate bonds.  The rating
actions are a response to credit deterioration in the collateral
portfolio and the result of the application of revised and updated
key modelling parameter assumptions that Moody's uses to rate and
monitor ratings of collateralized loan obligations.  Moody's
announced these changes in a press release published on February
4, 2009.  The revisions affect default probability and diversity
score, which are key parameters in Moody's model for rating CLOs.

The weighted average rating factor of the portfolio is
significantly above the test level of 2,140 and securities rated
below B2 represent 29.2% of the portfolio.  Furthermore, defaults
in the portfolio amounted to EUR16.9 million as of April 10, 2009.
This credit deterioration is partially mitigated by early
deleveraging of the transaction, which benefits senior tranches.

Moody's initially analyzed and continues to monitor this
transaction using primarily the methodology and its supplements
for cash flow CLOs as described in Moody's publication below:

  -- Moody's Approach to Rating Collateralized Loan Obligations
     (March 2009)

The rating actions are:

Skye CLO I Limited:

(1) EUR25,000,000 Class D Deferrable Interest Secured Floating
Rate Credit-Linked Notes due 2019

  -- Current Rating: Baa3
  -- Prior Rating: Baa2, on review for possible downgrade
  -- Prior Rating Date: 4 March 2009

(2) EUR27,500,000 Class E Deferrable Interest Secured Floating
Rate Credit-Linked Notes due 2019

  -- Current Rating: Caa1
  -- Prior Rating: Ba3, on review for possible downgrade
  -- Prior Rating Date: 4 March 2009


* IRELAND: Court Judgments for Unpaid Debt Up 96% in 1Q 2009
------------------------------------------------------------
BreakingNews.ie reports that according to figures from the Inter
Company Comparisons Information group, the number of court
judgments against companies in Ireland for the recovery of unpaid
debt increased by 96% for the first three months of the year.

The report discloses that judgments worth EUR8.7 million were
handed out in the first quarter compared to the same period in
2008.

According to the report, companies based in Dublin accounted for
the majority of the judgments at 39%, followed by Cork with 15%
and Limerick on 13%.


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


INEOS VINYLS: Sartor Threatens Insolvency Over Eni Dispute
----------------------------------------------------------
Plasteurope reports that Italian entrepreneur Fiorenzo Sartor has
threatened to declare Ineos Vinyls Italia SpA insolvent over a
dispute between the company and Eni about the pricing and supply
of dichloroethane for its VCM facilities.

Mr. Sartor, the report discloses, acquired the three VCM/PVC sites
of Ineos Vinyls Italia at Porto Marghera, Porto Torres and
Ravenna.

Headquartered in Venezia-Marghera, Italy, Ineos Vinyls Italia SpA
-- http://www.ineoschlor.com/-- is part of INEOS ChlorVinyls, one
of the major chlor-alkali producers in Europe.


TISCALI SPA: In Talks Over Disposal of UK Broadband Business
------------------------------------------------------------
Rupert Neate at Telegraph.co.uk reports that Tiscali SpA confirmed
Friday last week that it was in talks over the disposal of its UK
broadband business.

According to Telegraph.co.uk, Tiscali is expected to receive a
binding offer from Carphone Warehouse before the end of April.
Carphone is now offering about GBP200 million, almost two-thirds
less than the GBP550 million it offered last year, Telegraph.co.uk
says citing a source close to the deal.

Telegraph.co.uk discloses Tiscali, which is seeking to reduce its
EUR500 million (GBP453 million) debt pile, negotiated a stay of
execution from creditors, giving it until June to sort out its
finances.

Tiscali, as cited by Telegraph.co.uk, said sale negotiations were
taking place in "parallel with the debt renegotiation process".

                       Auditor's Doubts

On April 17, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported that Tiscali said it disagreed with Ernst
& Young for not issuing an opinion on 2008 accounts and
questioning the viability of its business.  Citing Tiscali in a
stock-exchange statement, the report related Ernst & Young has
said it "can't express an opinion" on 2008 results as it is
uncertain the company's business can continue unless Tiscali signs
a debt renegotiation deal.  According to the report, Tiscali said
it has the backing of its main lenders and believes debt
renegotiation can be completed by year's end.

Bloomberg News recalled that in March, Tiscali halted payments on
long-term bank debts.  It had about EUR500 million (US$662
million) of long-term bank borrowings at the end of last year, the
report said.  JPMorgan Chase & Co. and Intesa SanPaolo SpA were
the original underwriters and about 30 percent of the debt was
later underwritten by four other financial institutions, according
to Bloomberg News.

                        About Tiscali

Cagliari, Italy-based Tiscali S.p.A. (BIT:TIS) --
http://www.tiscali.com/-- is an Internet communications company
providing broadband and narrowband access for consumer and
business applications, as well as communications services and
content.  The Company's portfolio includes Internet access in the
form of dial-up, broadband, satellite and leased lines, and
hosting services, such as co-location, shared hosting and managed
hosting.  Tiscali also offers streaming media, telephony and such
services as virtual private networks (VPN), allowing companies to
communicate with remote branches.  Its consumer products and
services include Internet access, voice, media, Internet Protocol
Television (IPTV) and value-added services, such as e-mail, Net
calendar, Net fax, Net phone, mail, instant messaging and Web
hosting.  It is operational in Europe through its subsidiaries and
joint ventures.  As of June 30, 2008, Tiscali had approximately
3.2 million active users in Italy and the United Kingdom.


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


ALLIANCE DPR: Fitch Junks Ratings on US$67.9 Mil. 2006-B Notes
--------------------------------------------------------------
Fitch Ratings has downgraded Alliance DPR Company SA's 2006-B and
2007-A notes, removed them from Rating Watch Negative (RWN) and
assigned them a Recovery Rating of 'RR4'.  Fitch also affirmed the
2006-A note.  The rating actions are:

  -- Series 2006-A US$95 million notes affirmed at 'AAA'; Outlook
     Stable

  -- Series 2006-B US$67.9 million notes downgraded to 'CC' from
     'B-' (B minus); off RWN; assigned 'RR4' Series 2007-A US$75
     million notes downgraded to 'CC' from 'B-' (B minus); off
     RWN; assigned 'RR4'

The transaction is a securitization of present and future
diversified payment rights originated by Alliance Bank JSC, a
private commercial bank headquartered in Almaty, Kazakhstan.

Fitch's downgrade follows further changes in the collection flows
for the diversified payment rights transaction, highlighting the
agency's concerns regarding the volatility and composition of the
flows, expressed in a commentary issued on April 14, 2009.

According to Alliance's unaudited monthly report for March 2009,
total monthly collections have dropped to US$14.4 million, from
US$156.4 million the previous month, taking the monthly debt
service coverage ratio to 1.4x, from 27.2x in February 2009.
Fitch views this drop in the monthly DSCR as an indication that
the flows to the transaction have been seriously impacted by the
loss of confidence in the bank and by the general deterioration in
the Kazakh economy.  Fitch's downgrade of the notes to 'CC'
reflects the agency's view that future flows may not be sufficient
to repay the notes in full.

As of March 2009, reported non-Kazakh collections were US$12.9
million, increasing from the previous month's value of US$1.6
million; itself a drop from the January non-Kazakh collections of
US$36.1 million.  Having increased substantially in February 2009
to US$154.8 million from US$43.9 million in January, Kazakh
collections fell again in March, to US$1.5 million.

Fitch assigned the 2006-B and 2007-A notes an 'RR4' Recovery
Rating, reflecting the benefit to bondholders of the amount
trapped in the reserve account, reported to be US$49.3 million,
and the pre-funded amount already available to meet payment
obligations in May 2009.  Fitch also gave some credit in its
Recovery Rating to Alliance Bank JSC's recovery prospects.

Fitch's decision to affirm the 2006-A note is based on the
guarantee and reimbursement agreement provided by the Asian
Development Bank ('AAA'/Stable), guaranteeing the full payment of
interest and principal on the note.  Fitch also downgraded
Alliance DPR Company's long-term IDR to 'CC', and placed it on
Rating Watch Negative.


ALLIANCE TRADE: Creditors Must File Claims by May 29
----------------------------------------------------
LLP Alliance Trade AG has gone into liquidation.  Creditors have
until May 29, 2009, to submit proofs of claim to:

         Jeltoksan Str. 118
         Almaty
         Kazakhstan


AMRITA-T LLP: Creditors Must File Claims by May 29
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai
commenced bankruptcy proceedings against LLP Amrita-t.

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

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


DOMUS REALTY: Creditors Must File Claims by May 29
--------------------------------------------------
LLP Domus Realty has gone into liquidation.  Creditors have until
May 29, 2009, to submit proofs of claim to:

Inquiries can be addressed to 8 (7272) 59-00-11.


FEESKO LLP: Creditors Must File Claims by May 29
------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
commenced bankruptcy proceedings against LLP Feesko.

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

         The Specialized Inter-Regional
         Economic Court of Karaganda
         Alalykin Str. 9
         Karaganda
         Kazakhstan


INFORMER SERVICE: Creditors Must File Claims by May 29
------------------------------------------------------
LLP Informer Service has gone into liquidation.  Creditors have
until May 29, 2009, to submit proofs of claim to:

         Almatinskaya Str. 49
         Almaty District
         Astana
         Kazakhstan


JUMAT LLP: Creditors Must File Claims by May 29
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau
commenced bankruptcy proceedings against LLP Jumat.

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

         The Specialized Inter-Regional
         Economic Court of Mangistau
         Building of Former Kindergarten 51
         Micro District 27
         Aktau
         Mangistau
         Kazakhstan


KAZTEMIRTRANS JSC: Moody's Downgrades Issuer Rating to 'Ba1'
------------------------------------------------------------
Moody's Investors Service has downgraded to Ba1 from Baa3 the
issuer rating of JSC Kaztemirtrans'.  The outlook on the rating is
stable.  At the same time Moody's assigned a Ba1 Corporate Family
Rating.  The rating action concludes the review for possible
downgrade that was initiated on January 21, 2009, due to the
challenging market environment facing the company and Moody's
decision to reassess the support and default dependence
assumptions embodied in the company's ratings under the agency's
rating methodology for Government Related Issuers to incorporate
increasing reliance of key domestic businesses in the Republic of
Kazakhstan on the government financial support.  The conclusion of
the review was done simultaneously with the conclusion of the
review of the ratings of JSC National Company Kazakhstan Temir
Zholy as KTT is a wholly-owned subsidiary of KTZ and is managed as
integral part of the KTZ group.

The rating action reflects these Moody's decisions: (i) increase
the default dependence assessment for the company to the high end
of the medium category and, at the same time, (ii) lower somewhat
the support flowing indirectly from the government of the Republic
of Kazakhstan through KTZ.  Moody's has not changed the company's
standalone credit quality assessment, which was confirmed at a
level equivalent to B1, though the agency considers it now weakly
positioned in its category as, following its predominant customer
KTZ, KTT is under pressure from the weakening market for freight
transportation services.

The increase of the default dependence reflects Moody's view that
there is an increasing correlation of the financial profiles of
the government of the Republic of Kazakhstan and its related GRIs
in the crisis environment, as it is likely that the profiles are
largely impacted by the same factors.

Moody's continues to incorporate a high support assessment --
though at a moderately reduced level --  into KTT's rating which
recognizes the key importance of KTT's railcar operator business
for KTZ to play its strategic role as the national rail company in
Kazakhstan.  At the same time, Moody's notes that KTT's access to
the state support is not direct as the company is supported
through KTZ.

Moody's assessment of KTT's standalone creditworthiness at a level
equivalent to B1 is pressured by a reduction of freight
transportation volumes and the respective contraction of business
of KTZ driven by the economic downturn in Kazakhstan and globally.
In the crisis environment, KTT may see its tariffs capped by the
regulatory bodies, as part of the government's efforts to support
the economy.  Given its sizable investment program, though likely
to be adjusted to the changed market needs, KTT's standalone
credit profile and leverage metrics in particular (even
normalized, with KTT's loans to KTZ and JSC Locomotive netted from
KTT's debt) may deteriorate.  The risk is aggravated by the
mentioned foreign currency exposure of the company.

However, the agency notes that KTT's current standalone
assessment, which is rather based on normalized metrics as above
mentioned, can accommodate a limited deterioration of its credit
metrics, should a reduction of the rail-based freight
transportation market be limited to 10% and should KTT be able to
timely adjust its sizable investment program to the market
developments.  A deeper reduction of the market may make the
company's financial profile more aggressive and in line with a
lower rating category.  Moody's positively notes KTT's cash
reserves accumulated by now and its cash accumulation plan (as
part of KTZ's respective plan) to address large mid-term debt
maturities, however, this cushion and further implementation of
the plan may be challenged by the worsening economic conditions.

The stable outlook on KTT's rating reflects Moody's expectation
that KTT will remain highly supported by the government going
forward.  At the same time, the outlook takes into account that
the company's rating could withstand some deterioration of the
company's standalone assessment, given other GRI inputs unchanged.
However, for KTT to maintain its current standalone assessment,
Moody's would expect it to avoid a material deterioration of the
financial profile, maintain a strong liquidity position and
accumulate cash reserves to address mid-term debt maturities in
line with its plan.

Any sign of deterioration of the state support would negatively
affect KTT's rating.  The rating could be downgraded if the
reduction of the rail transportation market were significantly
deeper compared to the currently expected 10% for 2009, with the
company's cash flow generation ability and its leverage metrics
severely deteriorated.  Weakening liquidity position could also
have a downward pressure on the rating.

The last rating action on KTT was implemented on January 21, 2009,
when Moody's placed the company's rating on review for possible
downgrade due the challenging market conditions and the agency's
decision to reassess default dependence and support assumptions
for the company.

Headquartered in the city of Astana, KTT is a 100%-owned
subsidiary of KTZ, which is the 100% state-controlled vertically
integrated railway business in the Republic of Kazakhstan.  The
sole shareholder of KTZ is the state represented by JSC National
Welfare Fund SamrukKazyna.  KTT owns and operates the largest
railcar fleet in Kazakhstan, generating its revenues largely from
leasing railcars out to the KTZ group.  The latter provides about
94% of KTT's 2007 revenues of KZT30.6 billion (approximately
US$250 million).


MUNAI KURYLYS-EMBA: Creditors Must File Claims by May 29
--------------------------------------------------------
LLP Munai Kurylys-Emba has gone into liquidation.  Creditors have
until May 29, 2009, to submit proofs of claim to:

         Promzona
         Birlik
         Atyrau
         Kazakhstan


SAR SU RAM: Creditors Must File Claims by May 29
------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
commenced bankruptcy proceedings against LLP Sar Su Ram.

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

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


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

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

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


TOKYMA LLP: Creditors Must File Claims by May 29
------------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau
commenced bankruptcy proceedings against LLP Tokyma.

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

         The Specialized Inter-Regional
         Economic Court of Mangistau
         Building of Former Kindergarten 51
         Micro District 27
         Aktau
         Mangistau
         Kazakhstan


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


AMANTA CAPITAL: Creditors Must File Claims by May 8
---------------------------------------------------
LLC Amanta Capital Ltd has shut down.  Creditors have until May 8,
2009, to submit proofs of claim.

Inquiries can be addressed to (+996 312) 61-17-31.


ERKIN TRADE: Creditors Must File Claims by May 8
------------------------------------------------
LLC Erkin Trade House has shut down.  Creditors have until May 8,
2009, to submit proofs of claim to:

         FEZ "Bishkek"
         Ak-Chyi
         Bishkek
         Kyrgyzstan


INFOX STROY: Creditors Must File Claims by May 8
------------------------------------------------
LLC Infox Stroy has shut down.  Creditors have until May 8, 2009,
to submit proofs of claim to:

         Chui Ave. 182
         Bishkek
         Kyrgyzstan


TETRABASE RETAIL: Creditors Must File Claims by May 8
-----------------------------------------------------
LLC Tetrabase Retail Equipment has shut down.  Creditors have
until May 8, 2009, to submit proofs of claim to:

         FEZ "Bishkek"
         Ak-Chyi
         Bishkek
         Kyrgyzstan


UNITED AUDIT: Creditors Must File Claims by May 8
-------------------------------------------------
LLC United Audit has shut down.  Creditors have until May 8, 2009,
to submit proofs of claim.

Inquiries can be addressed to (0-550) 55-01-10.


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


IMPRESS HOLDINGS: S&P Changes Outlook to Stable; Keeps 'B+' Rating
------------------------------------------------------------------
Standard & Poor's Ratings Services said it revised its outlook on
The Netherlands-based metal packaging group Impress Holdings B.V.
to stable from negative.  At the same time, S&P affirmed the
ratings on the company, including the 'B+' long-term corporate
credit rating.

"The outlook revision reflects S&P's reduced expectation of a
rating downgrade within the next 12 months, owing, above all, to
the company's improved liquidity situation, its relatively stable
business in the current cyclical downturn, and S&P's view of its
relatively steady cash flow prospects through 2009," said Standard
& Poor's credit analyst Izabela Listowska.

The ratings on Impress continue to be constrained by the company's
high debt leverage and its exposure to input cost pressures.
What's more, the company faces meaningful competition, in
particular from smaller regional players, in fairly mature
markets.  These risks are partially mitigated by Impress' leading
positions in its core markets, three-quarters of which are
relatively recession-resistant.  Furthermore, the company benefits
from its good geographic and customer diversification,
longstanding relationships with key customers, and good
profitability.

Despite adverse currency effects, inability to fully recover
unexpected oil-based input cost inflation, and declining volumes
notably in the Paints & Coatings and Aerosols business segments
(totaling about 20% of Impress operations), Impress' adjusted
EBITDA expanded to about EUR228 million in 2008, from about
EUR217 million in 2007.  This was helped by earnings contribution
from the acquisition of the food-can and aerosol division of
Australia-based Amcor Ltd. (BBB/Stable/A-2) in October 2007.

At the same time, the Processed Food business segment (about 70%
of Impress' operations) demonstrated comparatively defensive
qualities with volumes holding up relatively well in the current
cyclical downturn.

Impress is highly leveraged, with reported debt of about EUR1.07
billion at Dec. 31, 2008.

"We believe that despite difficult economic conditions Impress
will continue to generate relatively stable earnings and cash
flows, helped by its ability to increase selling prices and
realize efficiency gains," said Ms. Listowska.  S&P believes the
company will be able to achieve adjusted FFO to debt at 10%-15%
and adjusted debt to EBITDA below 5.0x, which is commensurate with
the 'B+' rating.


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


GETIN BANK: Moody's Cuts Bank Financial Strength Rating to 'D-'
---------------------------------------------------------------
Moody's Investors Service has downgraded Getin Bank's long-term
local and foreign currency deposit ratings to Ba3 from Ba2.  The
bank financial strength rating was downgraded to D- from D and the
foreign currency debt rating to Ba3 from Ba2.  All the ratings
have been placed on negative outlook

The rating action concluded the review for possible downgrade
initiated in January 2009.  Commenting on the downgrade Moody's
noted that the negative trends on the market which became apparent
in the Q4 2008 may materialise in the polish banking sector and
are exerting pressure on the bank's financial fundamentals.  The
current short-term funding environment and virtual absence of
long-term wholesale opportunities are having a limiting effect on
Getin's until now above-average growth trends and profitability.
Also, the recent FX fluctuations are likely to lead to higher
loan-to-value exposures and higher expected losses on Getin's
mortgage portfolio which is predominantly denominated in Swiss
francs.  The FX mismatch of Getin's asset-liability structure is
currently mitigated by short-term swap arrangements partly with
the government and other foreign counterparties which are renewed
on an on-going basis.  This is relatively costly and puts
additional pressure on the ability of the bank to stabilize its
funding costs.

Getin has substantially increased its retail deposit base during
the first quarter of 2009 in order to replace its maturing
wholesale liabilities.  There is a large Eurobond repayment due on
May 14, 2009 in the residual amount of EUR200 million (excluding
the recent buy-backs of EUR150 million) which the bank intends to
fully retire, having built up sufficient funds to do so.  Moody's
however noted that the incremental funding cost of retail deposits
was above-average and is likely to affect Getin's net interest
margin during this year.  The rating agency added that overall, it
considers that Getin's growth potential is being constrained by
its access to retail and corporate deposits which is being
fiercely contended by other Polish banks.

On the other hand Moody's noted that Getin's historically above-
average profitability and full retention of net profits
contributed to healthy capital ratios (Tier 1 ratio was at 11.7%
as at end-2008).  Provisioning levels were also maintained at a
high level with loan-loss reserves as a percentage of NPLs at 90%
for the same period.  These reserves to some extend can absorb the
expected deteriorating trends in asset quality.  However, the
rating agency said that in its opinion the current operating
environment remains difficult for smaller specialized mortgage
lenders like Getin and the limited diversification of its funding
sources is likely to remain a principal constraining factor in the
bank's ratings.

These considerations also contribute to Moody's negative outlook
on the current ratings.  Moody's said that it also believes that
these fundamental trends outweigh the potentially positive impact
from the merger with Noble Bank (unrated) which was noted Moody's
previous rating action.  Overall, Moody's said that it believes
that due to the relatively limited size, and developing franchise
of Noble Bank and its portfolio, the merger is unlikely to be
rating enhancing for the combined entity.

The last rating action was on January 30, 2009, when Moody's
placed Getin Bank's Ba2 long-term local and foreign currency
deposit ratings, D bank financial strength rating and Ba2 foreign
currency debt rating under review for possible downgrade.  It was
prompted by concerns that recent adverse trends in the Polish
operating environment deepened and it would make it even more
difficult for the bank to maintain its above-average growth rates
and profitability ratios.

These ratings have been downgraded:

  -- Bank financial strength rating to D- from D
  -- Local currency deposit rating to Ba3 from Ba2
  -- Foreign currency deposit rating to Ba3 from Ba2
  -- Senior unsecured debt (Getin Finance Plc) to Ba3 from Ba2

Headquartered in Katowice, Getin Bank reported net profit of
PLN360 million (EUR87.4 million) under IFRS, with total assets of
almost PLN23.3 billion (EUR5.66 billion) in 2008.


LOT: May Go Bankrupt if New Investor Not Found
----------------------------------------------
LOT, Poland's national carrier, could go bankrupt if it fails to
find investors within weeks, Thenews.pl reports.

According the report, the only chance for the airline is to find a
new investor or to be taken over by a competitor.  The report
notes the Polish government can not bail out the airline as this
would contravene competition rules laid down by the European
Commission.

In 2008, LOT incurred a loss of PLN700 million, more than PLN300
million of which resulted from contracts for fuel, made when the
price was high last year, the report discloses.  The report states
an auditor refused to sign the airline's balance sheet.  The
report recalls last month the airline liquidated its subsidiary,
no-frills airline Centralwings.

The airline, Thenews.pl says, is considering job cuts as part of
restructuring efforts.

Headquartered in Warsaw, Poland, Polskie Linie Lotnicze LOT, or
LOT Polish Airlines -- http://www.lot.com-- serves about a dozen
cities in Poland and about 120 destinations across Europe and
North America.  Subsidiaries include regional carrier EuroLOT and
charter operator Centralwings.  Overall, LOT and its affiliates
maintain a fleet of about 55 aircraft, consisting of Embraer
regional jets, Boeing 767s and 737s, and ATR turboprops.  The
airline is a member of the Star Alliance marketing group, and LOT
serves many of its North American destinations through code-
sharing with Star partners United Airlines and Air Canada.  (Code-
sharing allows airlines to sell tickets on one another's flights
and thus extend their networks.) The Polish government owns 68% of
the company.


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


DAIRY PLANT: Creditors Must File Claims by June 17
--------------------------------------------------
The Arbitration Court of Kabardino-Balkaria commenced bankruptcy
proceedings against OJSC Dairy Plant (TIN 0711014025, PSRN
1020700748276) after finding it insolvent.  The case is docketed
under Case No. ?202080/2008.

Creditors have until June 17, 2009, to submit proofs of claims to:

         O. Kiryanov
         Insolvency Manager
         Post User Box 2924
         355029 Stavropol
         Russia

The Debtor can be reached at:

         OJSC Dairy Plant
         Malbakhova Str. 115
         Nalchik
         Kabardino-Balkaria
         Russia


GLAZOVSKIY WOOD: Creditors Must File Claims by May 17
-----------------------------------------------------
Creditors of LLC Glazovskiy Wood-Processing Plant (TIN 1829015120,
PSRN 1041801900601) have until May 17, 2009, to submit proofs of
claims to:

         S. Bulavin
         Temporary Insolvency Manager
         Shlyuzovaya Str. 1a
         Chaykovskiy
         617762 Permskiy
         Russia

The Arbitration Court of Udmurtia will convene at 1:30 p.m. on
Aug. 11, 2009, to hear bankruptcy supervision procedure on the
company.  The case is docketed under Case No. ?711947/2009-G9.

The Debtor can be reached at:

         LLC Glazovskiy Wood-Processing Plant
         Sovetskaya Str. 49
         427620 Glazov
         Udmurtia
         Russia


KAZANORGSINTEZ OJSC: Fitch Cuts LT Issuer Default Rating to 'C'
---------------------------------------------------------------
Fitch Ratings has downgraded Tatarstan-based chemical producer
OJSC Kazanorgsintez's Long-term Issuer Default Rating to 'C' from
'CC'.  The Long-term IDR, Short-term IDR of 'C' and Kazanorgsintez
SA's US$200m loan participating notes, which have a senior
unsecured debt rating of 'C', remain on Rating Watch Negative.
The Recovery Rating on the notes remains at 'RR6'.

The rating actions reflect Fitch's concerns about the absence of
visible progress in KOS's search for a long-term re-financing
solution to meet its substantial 2009 maturities.

Although demand and prices have improved slightly since Q408 for
domestic producers, KOS's credit metrics remain very weak.  Cash
flow generation and liquidity have been insufficient to cover
short-term maturities and the company is heavily reliant on short-
term maturity extensions from bilateral lenders while it seeks
funding alternatives.  Recourses being explored by KOS, including
state bank funding and/or shareholder support, have yet to
materialize.

The re-financing risk is compounded by a looming covenant testing
deadline with respect to the US$200 million notes.  As previously
noted, Fitch forecasts a breach of the 6.0x leverage covenant
which is due to be tested at end May 2009, upon release of the
group's FYE08 IFRS audited numbers.  Fitch believes the FYE08
results will reflect a material deterioration in KOS's operating
cash flow generation and debt servicing capacity due to weak
market conditions in H208.

In the absence of viable re-financing alternatives in the next few
weeks, a new covenant waiver request and/or debt restructuring
negotiations with lenders appear unavoidable to stave off a
default on some or all of KOS' obligations.

Funding from state banks or shareholders remains a possibility.
However, Fitch notes that difficult economic and financial
conditions in Tatarstan could make it difficult to obtain
shareholder support from either TAIF or SINEK ('BBB-'((BBB
minus))/Stable), and that such support would only partially
address the company's re-financing issues.

Fitch will monitor and assess KOS's situation and potential debt
restructuring closely.


METALLURGICAL COM'L: Moody's Assigns 'E+' Fin'l Strength Rating
---------------------------------------------------------------
Moody's Investors Service has assigned B3 long-term and Not Prime
short-term local and foreign currency deposit ratings, and E+ bank
financial strength rating to Metallurgical Commercial Bank.  The
outlook on all ratings is stable.  At the same time, Moody's
Interfax Rating Agency has assigned a Baa3.ru long-term national
scale credit rating to the bank.  Moscow-based Moody's Interfax is
majority owned by Moody's.

According to Moody's, MCB's ratings are underpinned by close
cooperation with and dependence on OAO Severstal (rated Ba2,
negative outlook) Russia's largest steel producer, and strong
capital adequacy.  However, the ratings are constrained primarily
by the bank's low visibility on the market, large concentrations
on both sides of the balance-sheet and a deteriorating operating
environment that will stress the bank's currently modest financial
performance.

MCB -- ultimately controlled by Mr. Alexey Mordashov -- is heavily
reliant on funding from its sister company Severstal which
contributed over 80% of the bank's non-equity funding as at 31
December 2008, while close to 50% of the loan book was exposed to
related parties which accounted for close to 100% of Tier 1
capital as at YE2008.  MCB has adopted a strategy of diversifying
its business profile by expanding regional coverage in Russia and
introducing products for retail and SME, and, as part of this
expansion, the bank received substantial capital -- 20% of total
assets -- and accumulated sufficient liquid assets (over 60% of
total assets as at YE2008) to be invested under the
diversification strategy.  The implementation of MCB's new
strategy has slowed down due to the deteriorating operating
environment, and the bank is currently building adequate
infrastructure solutions; however, the accumulated capital and
liquidity cushion to a certain extent mitigates risks associated
with high single-name and related-party concentrations on both
sides of the balance-sheet.

Moody's notes that successful implementation of the strategy to
diversify MCB's business away from related parties and current key
customers, as well as a decline in the level of credit and
customer concentration, could have positive implications for the
bank's risk positioning and, thus, for its ratings, as this
strategy would reduce the vulnerability of the bank's
profitability and capitalization to any sharp asset quality
correction.  Moreover, the bank's ability to improve currently
moderate financial fundamentals together with acceptable asset
quality in the current stressed operating environment could, on
the one hand, be positive to the ratings.  On the other hand, a
significant weakening of the bank's liquidity position, further
increase in borrower and related-party concentrations and/or
weakening profitability and capital adequacy levels would exert
negative pressure on MCB's ratings, and cause material
deterioration of the bank's franchise.

Headquartered in the City of Cherepovets, North-West region of
Russia, MCB reported total IFRS assets of RUB19 billion (US$645
million) as at December 31, 2008, and net income of RUB131 million
(US$4.5 million) for 2008.


OLYMPIC ZHIL: Creditors Must File Claims by May 17
--------------------------------------------------
Creditors of LLC Olympic Zhil-Stroy (TIN 2320149476, PSRN
1072320005581) (Construction) have until May 17, 2009, to submit
proofs of claims to:

         V. Rybachenko
         Temporary Insolvency Manager
         Office 228
         Armavirskaya Str. 45
         Yeysk
         353680 Krasnodarskiy
         Russia

The Arbitration Court of Krasnodarskiy will convene on Aug. 17,
2009, to hear bankruptcy supervision procedure on the company.
The case is docketed under Case No. ? -323118/200914/95B.

The Debtor can be reached at:

         LLC Olympic Zhil-Stroy
         Konstitutsii Str. 26/2
         Sochi
         354000 Krasnodarskiy
         Russia


ROSSIYANKA OJSC: Creditors Must File Claims by May 17
-----------------------------------------------------
Creditors of OJSC Rossiyanka (Macaroni Factory) (TIN 2124001000,
PSRN 1022100905276) have until May 17, 2009, to submit proofs of
claims to:

         Yu. Berestnev
         Temporary Insolvency Manager
         Apt. 50
         Krasnodonskaya Str. 63
         443035 Samara
         Russia

The Arbitration Court of Chuvashia will convene at 9:30 a.m. on
June 9, 2009, to hear bankruptcy supervision procedure on the
company.  The case is docketed under Case No. ?791543/2009.

The Debtor can be reached at:

         OJSC Rossiyanka
         Promyshlennaya Str. 27
         Novocheboksarsk
         Chuvashia
         Russia


SEV-ZAP-STROY LLC: Creditors Must File Claims by May 17
-------------------------------------------------------
Creditors of LLC Sev-Zap-Stroy (TIN 7810018545) (Construction)
have until May 17, 2009, to submit proofs of claims to:

         A. Yenkov
         Temporary Insolvency Manager
         Office 521
         Mezhevoy Kanal 5
         198035 Saint-Petersburg
         Russia

The Arbitration Court of Saint-Petersburg will convene at 10:45
a.m. on June 22, 2009, to hear bankruptcy supervision procedure on
the company.  The case is docketed under Case No. ?5650782/2008.

The Debtor can be reached at:

         LLC Sev-Zap-Stroy
         Moskovskiy Prospect 155A
         196128 Saint-Petersburg
         Russia


SHCHERBAKOVSKIY BREWERY: Creditors Must File Claims by June 17
--------------------------------------------------------------
Creditors of LLC Shcherbakovskiy Brewery have until June 17, 2009,
to submit proofs of claims to:

         L. Zimina
         Insolvency Manager
         Apt. 33
         Pionerskaya Str. 7V
         454138 Chelyabinsk
         Russia

The Arbitration Court of Chelyabinskaya will convene at 11:00 a.m.
on April 28, 2009, to hear bankruptcy proceedings on the company.
The case is docketed under Case No. ?7610373/200848-185.

The Debtor can be reached at:

         LLC Shcherbakovskiy Brewery
         KolkhoznayaStr. 1
         Shcherbakovskaya
         Kaslinskiy
         456844 Chelyabinskaya
         Russia


STROY-BALT LLC: Creditors Must File Claims by May 17
----------------------------------------------------
Creditors of LLC Stroy-Balt (Construction) have until May 17,
2009, to submit proofs of claims to:

         I. Babenko
         Temporary Insolvency Manager
         Post User Box 6
         194214 Saint-Petersburg
         Russia

The Arbitration Court of Saint-Petersburg will convene on
Sept. 10, 2009, to hear bankruptcy supervision procedure on the
company.  The case is docketed under Case No. ?567538/2009.

The Debtor can be reached at:

         LLC Stroy-Balt
         Bolshoy Sampsonievskiy prospect 60A
         Saint-Petersburg
         Russia


URAL CONSTRUCTION: Creditors Must File Claims by June 17
--------------------------------------------------------
The Arbitration Court of Chelyabinskaya commenced bankruptcy
proceedings against LLC Ural Construction Technologies (TIN
7450029690, PSRN 1037402814426)  after finding it insolvent.  The
case is docketed under Case No. ?76-17100/2008-34-102.

Creditors have until June 17, 2009, to submit proofs of claims to:

         Ye. Babanov
         Insolvency Manager
         Post User Box 12592
         454080 Chelyabinsk
         Russia

The Debtor can be reached at:

         LLC Ural Construction Technologies
         Montazhnikov Str. 12
         454038 Chelyabinsk
         Russia


YUM-CHER-MET LLC: Creditors Must File Claims by May 17
------------------------------------------------------
Creditors of LLC Yum-Cher-Met-Samara (TIN 6319061256) (Metallurgy)
have until May 17, 2009, to submit proofs of claims to:

         I. Slyusarenko
         Temporary Insolvency Manager
         Post User Box 39
         432980 Ulyanovsk
         Russia

The Arbitration Court of Samarskaya will convene at 2:30 p.m. on
Oct. 2, 2009, to hear bankruptcy supervision procedure on the
company.  The case is docketed under Case No. ?553753/2009.

The Debtor can be reached at:

         LLC Yum-Cher-Met-Samara
         Office 101
         Molodezhnaya Str. 13/106
         Samara
         Russia


ZAURALSKIY FOUNDRY: Creditors Must File Claims by May 17
--------------------------------------------------------
Creditors of CJSC Zauralskiy Foundry (TIN 4510022665, PSRN
1074510000245) have until May 17, 2009, to submit proofs of claims
to:

         A. Borovitchenko
         Temporary Insolvency Manager
         Post User Box 222
         620141 Yekaterinburg
         Russia

The Arbitration Court of Kurganskaya will convene at 9:30 a.m. on
June 17, 2009, to hear bankruptcy supervision procedure on the
company.  The case is docketed under Case No. ?34626/2009.

The Debtor can be reached at:

         CJSC Zauralskiy Foundry
         Apt. 2
         AvtozavodskayaStr. 1a
         640003 Kurgan
         Russia


* Moody's Confirms 'B3' Currency Ratings on Moscow's Oblast Region
------------------------------------------------------------------
Moody's Investors Service has confirmed the B3 foreign and local
currency ratings of the Oblast (region) of Moscow.  The outlook is
negative.  The action concludes the review of the ratings for
possible downgrade originally initiated in October 2008.

The negative outlook reflects the region's weak stand-alone
capacity to generate additional budget revenue sufficient for
servicing high direct and indirect debt payments coming due in the
next 12-18 months.

"Moscow Oblast's budgetary performance has been seriously impaired
by a decline in tax proceeds stemming from the current recession
in the local and national economies," explained Alexander Proklov,
a Moscow-based Moody's Vice President-Senior Analyst and lead
analyst for this issuer.  Although the Oblast's government has
introduced some material cuts on both the operating and capital
sides of the budget, the worsening economic environment could call
for additional drastic measures from the government, while the
timeliness and sufficiency of possible further budget curtailments
is unclear.

The rating and negative outlook also underline the remaining
uncertainty surrounding the Oblast's missed put option payment on
LC bonds issued by the regional mortgage agency and frozen under a
court ruling.  "Moody's appreciates the regional government's
intention to manage the issue in the near future; however, the
issue remains unresolved," explained Mr. Proklov.  A few companies
affiliated with the Oblast also have recently failed to meet their
debt obligations.  The missed payments, albeit not guaranteed by
the Oblast, are indicative of the region's weak financial
capacity.

The confirmation of the rating factors in the recent improvements
in the Oblast's maturity profile, backed by material direct and
indirect support from the national government.  "Thanks to federal
financial support the Oblast has repaid or rolled over its bond
issue, bank loans and guaranteed obligations since December," said
Mr. Proklov.  Moody's understands that the anticipated additional
federal transfers and budget loans will be vital for the Oblast to
service its debt during the rest of 2009.

Going forward, Moody's will continue to focus on the Oblast's
liquidity profile, own-source revenue trends and the central
government's willingness to continue to provide liquidity support
the Oblast's debt service obligations.  The ability of the
regional government to manage the missed put option payment and to
restructure its indirect debt exposure will also be an important
rating factor in the next 12-18 months.

Moscow Oblast is located in the area surrounding the City of
Moscow. With 6.6 million inhabitants, it accounts for 4.5% of the
total population of Russia, and its contribution to the national
GDP is 4% of the total.  The region posted average annual gross
regional product growth of 7% in 2003-07.

The last rating action was implemented on December 23, 2008, when
Moody's downgraded the Oblast's foreign and local currency issuer
ratings to B3 from B1.  The ratings were originally placed on
review for possible downgrade on October 6, 2008, and downgraded
on October 30, 2008, to B1 from Ba2, but remained under review.


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


ALECON JSC: Creditors Must File Proofs of Claim by June 2
---------------------------------------------------------
Creditors of Alecon JSC are requested to file their proofs of
claim by June 2, 2009, to:

         Herrn Reto Mueller
         JSC Reto Mueller & Partner Treuhand
         Lilienweg 3a
         5074 Eiken
         Switzerland

The company is currently undergoing liquidation in Eiken.  The
decision about liquidation was accepted at a general meeting held
on March 3, 2009.


AB + AUF BAU: Creditors Must File Proofs of Claim by June 2
-----------------------------------------------------------
Creditors of AB + AUF Bau LLC are requested to file their proofs
of claim by June 2, 2009 to:

         Adrian Sonderegger
         Liquidator
         Kretzgasse 22
         5416 Kirchdorf AG
         Switzerland

The company is currently undergoing liquidation in Obersiggenthal.
The decision about liquidation was accepted at a general meeting
held on March 6, 2009.


BAUMANN KMU-TREUHAND LLC: Claims Filing Deadline is May 26
----------------------------------------------------------
Creditors of Baumann Kmu-Treuhand LLC are requested to file their
proofs of claim by May 26, 2009, to:

         Baumann Kmu-Treuhand LLC
         Burgunderstrasse 3
         4562 Biberist
         Switzerland

The company is currently undergoing liquidation in Biberist.  The
decision about liquidation was accepted at a general meeting held
on February 25, 2009.


EUROPEAN ENTERTAINMENT: Proofs of Claim Filing Deadline is May 29
-----------------------------------------------------------------
Creditors of European Entertainment Consulting LLC are requested
to file their proofs of claim by May 29, 2009, to:

         Josef Eugster
         Weissbadstrasse 1
         9050 Appenzell
         Switzerland

The company is currently undergoing liquidation in Diepoldsau.
The decision about liquidation was accepted at a shareholders'
meeting held on June 27, 2007.


FANTOP LLC: Creditors Have Until Oct. 21 to File Proofs of Claim
----------------------------------------------------------------
Creditors of Fantop LLC are requested to file their proofs of
claim by October 21, 2009, to:

         Fantop LLC
         Birchwilerstrasse 24
         8303 Bassersdorf
         Switzerland

The company is currently undergoing liquidation in Bassersdorf.
The decision about liquidation was accepted at a general meeting
held on July 27, 2007.


HOTEL ROESSLI: Claims Filing Deadline is June 9
-----------------------------------------------
Creditors of Hotel Roessli LLC are requested to file their proofs
of claim by June 9, 2009, to:

         Gabriella Steinemann
         Im Buchenegg 23
         8406 Winterthur
         Switzerland

The company is currently undergoing liquidation in Zell.  The
decision about liquidation was accepted at a shareholders' meeting
held on March 28, 2002.


IBUS ZENTRALSTRASSE: Claims Filing Deadline is April 1, 2010
------------------------------------------------------------
Creditors of Ibus Zentralstrasse JSC are requested to file their
proofs of claim by April 1, 2010, to:

         Jost Windlin
         Zwicky Windlin & Partner
         Gartenstrasse 4
         6304 Zug
         Switzerland

The company is currently undergoing liquidation in Zollikon.  The
decision about liquidation was accepted at an extraordinary
general meeting held on February 24, 2009.


PB HAUSTECHNIK: Creditors Must File Proofs of Claim by June 2
-------------------------------------------------------------
Creditors of PB Haustechnik JSC are requested to file their proofs
of claim by June 2, 2009, to:

         Reto-Nicola Dora
         Liquidator
         Salihalde 7
         6005 Luzern
         Switzerland

The company is currently undergoing liquidation in Lachen SZ.  The
decision about liquidation was accepted at the extraordinary
general meeting held on February 23, 2009.


PENTA CONTAINER: Creditors' Proofs of Claim Due by June 15
-----------------------------------------------------------
Creditors of Penta Container Line JSC are requested to file their
proofs of claim by June 15, 2009, to:

         Heinz Amacker and Joerg Arnold Hauser
         Liquidators
         Wiesendamm 4
         4057 Basel
         Switzerland

The company is currently undergoing liquidation in Basel.  The
decision about liquidation was accepted at a general meeting held
on November 18, 2008.


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


BARREL PLUS: Creditors Must File Claims by May 10
-------------------------------------------------
Creditors of LLC Barrel Plus (code EDRPOU 33767981) have until
May 10, 2009, to submit proofs of claim to:

          T. Gubanova
          Insolvency Manager
          B. 1 office 35
          Ac. Williams Str. 81
          Odessa
          Ukraine

The Economic Court of Odessa commenced bankruptcy proceedings
against the company on March 30, 2009.  The case is docketed under
Case No. 32/41-09-1107.

The Court is located at:

         The Economic Court of Odessa
         Shevchenko Avenue 29
         65032 Odessa
         Ukraine

The Debtor can be reached at:

         LLC Barrel Plus
         Pervomayskaya str. 56
         Kominternovskoye
         Odessa
         Ukraine


GRADCOMSERVICE SUBSIDIARY: Creditors Must File Claims by May 9
--------------------------------------------------------------
Creditors of Joint Stock Company Dnepropetrovsk Building Company
Gradobudivelnik Subsidiary Company Gradcomservice (code EDRPOU
20270351) have until May 9, 2009, to submit proofs of claim to E.
Galchenko, the company's insolvency manager.

The Economic Court of Dnepropetrovsk commenced bankruptcy
proceedings against the company on March 24, 2009.  The case is
docketed under Case No. B24/290-08.

The Court is located at:

         The Economic Court of Dnepropetrovsk region
         Kujbishev str. 1a
         49600 Dnepropetrovsk
         Ukraine

The Debtor can be reached at:

         Joint Stock Company Dnepropetrovsk Building Company
         Gradobudivelnik Subsidiary Company Gradcomservice
         Commissar Crylov Str. 2-a
         49079 Dnepropetrovsk
         Ukraine


GRANDSIMBUILDING LLC: Creditors Must File Claims by May 10
----------------------------------------------------------
Creditors of LLC Grandsimbuilding (code EDRPOU 34446600) have
until May 10, 2009 to submit proofs of claim to:

         Columbus Trade Limited Company
         Insolvency Manager
         Post Office Box 166
         03087 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on Feb. 24, 2009.

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 Grandsimbuilding
         K. Marks Str. 80
         Fastov
         08500 Kiev
         Ukraine


GRANITE QUARRY: Court Starts Bankruptcy Supervision Procedure
-------------------------------------------------------------
The Economic Court of Vinnitsa commenced bankruptcy supervision
procedure on LLC Granite Quarry (code EDRPOU 31398448).

The Insolvency Manager is:

         R. Bakhur
         Keletskaya Str. 106/70
         Vinnitsa
         Ukraine

The Court is located at:

         The Economic Court of Vinnitsa
         Hmelnitsky Highway 7
         21100 Vinnitsa
         Ukraine

The Debtor can be reached at:

         LLC Granite Quarry
         Mogilevka
         Zhmerinka District
         23141 Vinnitsa
         Ukraine


SIS LOGISTIC: Creditors Must File Claims by May 10
--------------------------------------------------
Creditors of LLC Sis Logistic (code EDRPOU 35137921) have until
May 10, 2009, to submit proofs of claim to:

         Columbus Trade Limited Company
         Insolvency Manager
         Post Office Box 166
         03087 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on Feb. 24, 2009.

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 Sis Logistic
         Nauka Avenue 119-b
         03040 Kiev
         Ukraine


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


CAPITAL & REGIONAL: Auditors Express Going Concern Doubt
--------------------------------------------------------
Graham Ruddick at Telegraph.co.uk reports that Capital & Regional
plc said its auditors expressed doubt on the group's ability to
continue as a going concern after reporting an annual pre-tax loss
of GBP516.3 million.

Telegraph.co.uk states the auditors' report was also unqualified,
but "modified" to include a paragraph on the uncertainty
surrounding the group.  According to Telegraph.co.uk, the doubts
are linked to the availability of funding amid dramatic falls in
the values of commercial property and the danger of breaching
banking covenants.

The company, Telegraph.co.uk says, is close to completing a fund-
raising and renegotiation of banking facilities in its Junction
and X-Leisure funds, selling assets and refinancing its core
lending agreement.  Telegraph.co.uk recalls the company scrapped
its final dividend after net asset value per share, a key measure
for property companies, fell 73pc to 267p.  Telegraph.co.uk
discloses shares in the company have lost 90pc since December
2007.

Headquartered in London, England, Capital & Regional plc --
http://www.capreg.com-- operates as a co-investing property asset
manager.  The Company manages property assets for funds, in which
it holds a significant stake.  As of December 30, 2007, it had
three principal funds: The Mall, The Junction and X-Leisure.  The
Company's park portfolio, FIX UK, became a fund in March 2008.
The Company has developed six brands, such as The Mall, which
includes shopping center portfolio; The Junction, which includes
retail parks portfolio; X-Leisure, which includes leisure centre
portfolio, Xscape, which includes leisure destinations anchored by
ski slopes and cinemas; FIX UK, which includes trade centers, and
SNO!zone, which includes the ski operator at the three Xscapes.
During the fiscal year ended December 30, 2007, it acquired 85.4%
interest in Lauchhammer KG, 85.4% interest in Hameln KG and
Taufkirchen II KG, 100.0% interest in Landmark Limited.  In
October 2008, it announced the completion of the sale of
approximately half of its German business.


DIPLOMAT EXTRUSIONS: Appoints Administrators from Tenon Recovery
----------------------------------------------------------------
Steven Philip Ross and Ian William Kings of Tenon Recovery were
appointed joint administrators of Diplomat Extrusions Ltd. on
April 21, 2009.

The company can be reached at:

         Diplomat Extrusions Ltd.
         Team Valley Trading Estate
         Gateshead
         Tyne & Wear
         NE11 0PZ
         England


INTEMPO DIGITAL: Taps Joint Administrators from PwC
----------------------------------------------------
David Thornhill and Stephen Mark Oldfield of
PricewaterhouseCoopers LLP were appointed joint administrators of
Intempo Digital Ltd. on April 21, 2009.

The company can be reached at:

         Intempo Digital Ltd.
         City Wharf
         New Bailey Street,
         Manchester
         M3 5ER
         England


ITV PLC: Moody's Cuts Rating to 'Ba3' on Weak UK TV Ads Markets
---------------------------------------------------------------
Moody's Investors Service said that it has downgraded ITV plc's
senior unsecured ratings, Corporate Family Rating and Probability
of Default rating, to Ba3 (from Ba2).  The rating outlook for ITV
is negative.  The downgrade reflects the continued very weak state
of the UK's TV advertising markets and is prompted by the recent
announcement by ITV's board that the company has currently no
plans for a rights issue.  It also factors in Moody's opinion that
ITV's current search for a new CEO creates incremental strategic
uncertainty for the company.

By excluding a near-term rights issue from its arsenal of
potential measures to strengthen its balance sheet, the execution
risk for ITV's strategic plans has increased in Moody's opinion.
While Moody's considers SDN, which ITV has put up for sale to be
an attractive asset, the agency notes that the market for asset
sales remains difficult.  The sale would also lose ITV a solid and
dependable source of incremental revenues and profits, the agency
added.  ITV's estimates regarding first quarter 2009 trading
suggest that negative trends continue unabated with a further
sequential worsening relative to the fourth quarter of 2008
expected with both ITV and the market down by as much as ~ 17%
year-on-year.  Industry data for April and May indicate ongoing UK
NAR decline at similar levels.  ITV's board has recently agreed to
executive chairman Michael Grade's request to relinquish his
executive responsibilities on conclusion of the ongoing regulatory
reviews (expected towards the end of 2009) and to become non-
executive chairman.  While the board has initiated the search for
a CEO this creates some strategic uncertainty at a time when the
company faces a very challenging environment.  A negative outlook
reflects amongst other things (i) the ongoing uncertainty about
the extent of the downturn in TV advertising in 2009 and beyond
(ii) execution risks on the company's envisaged asset sales and
(iii) a degree of management uncertainty as the company conducts
the search for a new chief executive.

Nevertheless the Ba3 rating remains supported by the still
considerable strength of ITV's broadcasting franchise, its well
established programming operations and the positive impact of the
company's efforts to compensate for the decline in ITV1's NAR, by
developing the share of audience and therefore NAR of a broader
family of digital channels.  Moody's also notes that recent
regulatory developments suggest that there might be some easing of
the burden for ITV as the CRR and public service reviews are
expected to close by 2009 year-end and that ITV is focused towards
implementing a number of additional initiatives to combat the
effects of top line pressures.

Moody's regards ITV's liquidity profile as sufficient for its
current needs.  As of December 31, 2008, the company had cash and
cash equivalents of GBP446 million (excluding certain restricted
and unavailable cash amounts totalling GBP170 million).  During
the first quarter of 2009, ITV also drew down GBP50 million under
a new ten-year loan and GBP125 million under a new five-year
facility, which together with cash on hand allowed the company to
repay a GBP250 million bond that matured in March 2009 and to make
a GBP50 million final payment in respect of the earn-out relating
to the Friends Reunited acquisition in 2005.  The remaining cash
on hand together with a committed GBP75 million, which the company
expects to utilize during 2009 and a further GBP58 million
financing ITV has agreed terms for should allow the company to
satisfy its near-term operational liquidity needs. However,
Moody's will carefully monitor developments during 2009 and would
expect ITV to underpin its liquidity position further when
possible, e.g. from asset sales such as the proposed disposal of
SDN. The agency notes that ITV has now no material scheduled debt
maturity before October 2011.

While Moody's believes that ITV will not contemplate any material
acquisitions in the near-term, Moody's would expect any such
transaction to be funded from the proceeds of asset or equity
sales.  Moody's has excluded the company's GBP450 million
Revolving Credit Facility (due June 2011) from its liquidity
considerations as the company is unlikely to be in compliance with
the financial covenants for the facility.

Ratings downgraded are: ITV's EMTN program to Ba3 (from Ba2),
long-term debt issues under the program falling due 2011, 2015 and
2017 to Ba3 (from Ba2) as well as ITV's CFR and PDR to Ba3 (from
Ba2).

The last rating action for ITV was on March 6, 2009, when Moody's
downgraded the company's senior unsecured ratings to Ba2 (from
Ba1).  The rating outlook was maintained as negative.

Headquartered in London, England, ITV plc is the leading owner of
channel 3 franchises in the UK free-to-air TV market, and
generated turnover of just over GBP2 billion in the year to
December 2008.


J. MCINTYRE LTD: Taps Joint Administrators from Tenon Recovery
--------------------------------------------------------------
Patrick B. Ellward and Dilip K. Dattani of Tenon Recovery were
appointed joint administrators of J. Mcintyre (Machinery) Ltd. on
April 22, 2009.

The company can be reached through Tenon Recovery at:

         The Poynt
         45 Wollaton Street
         Nottingham
         NG1 5FW
         England


JJB SPORTS: Creditors Back CVA Proposal; Avoids Administration
--------------------------------------------------------------
BBC News reports JJB Sports plc has avoided going into
administration after creditors and landlords on Monday voted
overwhelmingly for a company voluntary agreement that could secure
the company's future, along with almost 12,000 jobs.

According to BBC, the deal could settle debts on 140 closed stores
and allow the retailer to pay monthly, instead of quarterly, rent
on its remaining 250 stores.  The CVA, BBC says, will now be
lodged with the courts and, if there is no successful challenge,
is expected to become effective at the end of May.

Richard Fleming, UK Head of Restructuring at KPMG and Supervisor
of the CVA, said in a statement: "The CVA agreement is ground-
breaking and shows that an innovative approach to tackling the
problems faced by many companies in the harsh economic climate can
ensure the company continues to trade and, in this case, protect
nearly 12,000 jobs.  The meeting itself was a resounding success
with 99% of creditors voting in favor.

"The CVA process can be compared to aspects of Chapter 11, the US
insolvency regime, which seeks to protect the legal entity.
Indeed the recent Budget announcement on insolvency reform shows a
growing sense that the UK system should do more to protect the
legal entity of a company by offering more pre-administration
options.  Administration, which, while an essential tool in the
restructuring kit, should be viewed as the option of last resort."

In the same statement, Brian Green, restructuring partner at KPMG
and Nominee of the CVA, added: "The clear objective of the CVA is
to ensure that the company survives as a going concern.  The
return to landlords of the unoccupied stores under the CVA is
significantly better than it would be under the alternative of
administration.

"Unlike any previous CVA proposal, there are no major changes to
the terms of the open store leases aside from a temporary
amendment for rent to be paid monthly over a 12 month period
starting from the next quarter date.  Landlords of closed stores
will share in a pot of GBP10 million which, on average, should
provide a return in excess of six months rent.

BBC recalls JJB, which placed two of its subsidiaries -- Original
Shoe Company and Qube -- into administration earlier this year,
was forced to sell its gym business in March in order to raise
cash.

                         Fitness Club

On March 27, 2009, the Troubled Company Reporter-Europe, citing
Reuters, reported that JJB sold its fitness club business to the
group's founder Dave Whelan for GBP83.4 million or US$121.4
million.  The report related JJB said proceeds of the sale will be
used to reduce its debt and eventually to fund its working capital
requirements.  The company, the report disclosed, owes about
GBP60 million to its lenders, Barclays, Lloyds, formerly HBOS, and
Kaupthing Singer & Friedlander.  JJB, the report stated, also
secured an agreement from its lenders to extend standstill
arrangements on its loans until it can strike a deal with the
landlords of its closed stores.  JJB will secure a short term
GBP25 million term loan with Barclays and a medium term GBP25
million working capital facility with Lloyds if it successfully
reach a CVA deal with landlords, the report said.

                        About JJB Sports

Headquartered in Wigan, England, JJB Sports plc --
http://www.jjbcorporate.co.uk/-- is engaged in the retailing of
sportswear and sporting equipment.  The company also operates a
chain of fitness clubs, which has a smaller number of indoor
soccer centers attached to them.  It also operates a television
broadcasting and marketing business, which specializes in the
marketing of golf products and fitness equipment through Sky
Television.


LLOYDS BANKING: To Cut 985 Jobs at Bank of Scotland Dealer Finance
------------------------------------------------------------------
BBC News reports that Lloyds Banking Group Plc will cut 985 jobs
at Bank of Scotland Dealer Finance in the next two years after a
review carried out last year by Bank of Scotland found the
business was "no longer financially viable".

BBC discloses Lloyds said 200 jobs in Speke, Merseyside, could be
affected, along with 340 jobs in Chester.  BBC notes these are the
first major job cuts resulting from the merger of Halifax Bank of
Scotland and Lloyds TSB late last year.  Lloyds said it hopes as
many jobs as possible will go by natural turnover, BBC relates.
BBC states the banking group stressed compulsory redundancies
would be a "last resort".

Lloyds, as cited by BBC, said Bank of Scotland Dealer Finance will
not give out any new loans after September but will continue to
serve existing customers through its Black Horse Motor Finance
brand.

                      State Guarantees

As reported in the Troubled Company Reporter-Europe on March 9,
2009, Bloomberg News said Lloyds Banking Group obtained GBP260
billion or US$367 billion in state guarantees increasing the U.K.
government's stake in the bank to as much as 75 percent from 43
percent.  Under the agreement, Lloyds will pay GBP15.6 billion for
asset protection, or 5.2 percent of the insured assets, in the
form of non-voting shares, the report said citing the bank in a
statement.  Lloyds also agreed to increase lending to businesses
and homeowners by GBP28 billion over the next 24 months, the
report related.  In return, the report disclosed Lloyds will get
government insurance for GBP74 billion of residential mortgages,
GBP18 billion of unsecured personal loans, GBP151 billion of
corporate and commercial loans and GBP17 billion of treasury
assets.  The report stated Lloyds will be responsible for the
initial GBP25 billion of losses on the insured assets and will
cover 10 percent of any additional losses, with the Treasury
responsible for the rest.  The government will also underwrite a
GBP4 billion share sale and convert existing preference shares
into equity, the report disclosed.  According to Bloomberg News,
about 83 percent of the assets Lloyds is insuring came from HBOS
Plc.  Lloyds acquired HBOS's deteriorating quality of loans when
it bought the firm in a government-brokered deal, the report said.
The report recalled in September, Lloyds agreed to buy HBOS for
about GBP7.7 billion as the government sought to prevent HBOS from
collapsing after credit markets froze.  In February, HBOS posted a
pretax loss of GBP7.5 billion, the report noted.

                About Lloyds Banking Group PLC

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

The Troubled Company Reporter-Europe reported on February 19,
2009, that Fitch Ratings affirmed the Long-term and Short-term
Issuer Default Ratings of the Lloyds Banking Group plc and its
subsidiaries, Lloyds TSB bank plc, HBOS plc and Bank of Scotland
plc at 'AA-' (AA minus) and 'F1+,' respectively.  The agency
downgraded LBG's, LTSB's and BOS's Individual ratings to 'C/D'
from 'B/C', 'B/C' from 'B' and 'C/D' from 'C' respectively.  All
three Individual ratings were placed on Rating Watch Negative.
The downgrades on the Individual ratings reflect Fitch's concern
about the significant deterioration in certain portfolios within
BOS's corporate banking and treasury units and higher risk parts
of its residential mortgage portfolio, together with the agency's
expectation that problems are likely to continue to increase in a
weakening operating environment, severely challenging
profitability and weakening capitalization over the coming 12-18
months.  The Rating Watch Negative on the Individual ratings
reflects ongoing uncertainty around these exposures and group
capitalization.


LUDGATE FUNDING: S&P Junks Rating on Class E Notes
--------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
the series 2006-FF1 class E and S notes issued by Ludgate Funding
PLC.  S&P also placed the class Ba, Bb, C, and D notes on
CreditWatch negative and affirmed the class A2a and A2b notes and
the MERCs.

The rating actions follow a full credit and cash flow analysis of
the most recent loan-level information.

S&P understands that the reserve fund has been fully drawn and on
the March interest payment date, GBP684,658 was drawn from the
liquidity facility to pay interest due on the notes.  This is
primarily driven by the unhedged mismatch between the Bank of
England base rate received from the loans and three-month LIBOR
due on the notes.  S&P factored in this potential mismatch in
S&P's rating analysis at closing by looking at the historical
difference between LIBOR and BBR and modeling the additional risk
in S&P's cash flow analysis.  S&P has incorporated the current
dislocation between these interest rates into S&P's current cash
flow analysis.

The recent BBR reductions to 0.5% will lower the monthly payments
for the borrowers, with the loans referencing this rate from
April 1.  However, LIBOR reset at 2.03% for this quarter so the
current dislocation is 153 basis points, which places further
pressure on the cash flows.

The outstanding balance on the class E principal deficiency ledger
is currently GBP396,060 as per the March 2009 investor report.  As
defined in the transaction documentation, the liquidity facility
cannot be used to pay class E note interest when this balance is
greater than or equal to 50% of the outstanding class balance (50%
of the class E balance is GBP1.125 million).

Cumulative principal losses are currently GBP627,777, representing
0.17% of the original balance as per the March 2009 investor
report (the principal loss in the last quarter was GBP177,563).
In S&P's opinion, U.K. house prices are likely to continue falling
in 2009, and S&P anticipate higher loss severities in all U.K.
residential mortgage-backed securities transactions.

S&P will continue to monitor the performance of this transaction
using the most recent loan-level data for full credit and cash
flow analyses.  S&P will also focus on the BBR/LIBOR dislocation
and changes to collection rates.

                           Ratings List

                         Ratings Lowered

                       Ludgate Funding PLC
       GBP271.8 Million and EUR156.4 Million Mortgage-Backed
                Floating-Rate Notes Series 2006-FF1

                                    Rating
                                    ------
                Class      To                    From
                -----      --                    ----
                E          CCC-                  B
                S          CCC-                  CCC

              Ratings Placed on CreditWatch Negative

                                    Rating
                                    ------
                Class      To                    From
                -----      --                    ----
                Ba         A+/Watch Neg          A+
                Bb         A+/Watch Neg          A+
                C          BBB/Watch Neg         BBB
                D          BB/Watch Neg          BB

                         Ratings Affirmed

                        Class      Rating
                        -----      ------
                        A2a        AAA
                        A2b        AAA
                        MERCs      AAA


PREMIER ELECTRICAL: Appoints Administrators from Tenon Recovery
---------------------------------------------------------------
T. J. Dolder and C. D. Wilson of Tenon Recovery were appointed
joint administrators of Premier Electrical Supplies (UK) Ltd. on
April 17, 2009.

The company can be reached at:

         Premier Electrical Supplies (UK) Ltd.
         99 Canterbury Road
         Whitstable
         Kent
         CT5 4HG
         England


RIVERDANCE GROUP: Taps Joint Administrators from Grant Thornton
---------------------------------------------------------------
Martin Gilbert Ellis and David John Dunckley of Grant Thornton UK
LLP were appointed joint administrators of Riverdance Group Ltd.
on April 8, 2009.

The company can be reached at:

         Riverdance Group Ltd.
         Cleeve Court
         Cleeve Road
         Leatherhead
         Surrey
         KT22 7SD
         England


RMAC SECURITIES: S&P Puts 'BB' Rating on B1C Notes on Neg. Watch
-----------------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch negative
its credit ratings on the class M1a, M1c, M2c, and B1c notes
series 2006-NS3 issued by RMAC Securities No. 1 PLC.  The ratings
on all other classes in this transaction remain unaffected.

These rating actions follow S&P's credit analyses using the most
recent loan-level information S&P has received and a review of the
March 2009 investor report.  The report shows a continued
deterioration in pool performance as demonstrated by reserve fund
draws and loan losses, which are higher than S&P's nonconforming
index losses at a similar level of transaction seasoning.
The reserve has been drawn on each quarter since September 2007
and is currently 0.07% of the outstanding note balance.
Of the mortgages in the portfolio, 36.18% are currently in
arrears.  Of the portfolio, 22.32% is more than 90 days in arrears
but not in repossession.  Principal losses in the interest payment
period from December 2008 to March 2009 were 0.46% of the original
collateral balance and the cumulative losses since closing are
1.26% of the original collateral balance.  The weighted-average
loss severity since closing is 25.75%.

S&P will look to resolve this CreditWatch placement when S&P
perform a cash flow analysis.

                           Ratings List

                    RMAC Securities No.1 PLC
       GBP389.5 Million, EUR200 Million, and US$421.6 Million
        Mortgage-Backed Floating-Rate Notes Series 2006-NS3

              Ratings Placed on CreditWatch Negative

                                   Rating
                                   ------
               Class        To                  From
               -----        --                  ----
               M1a          AA/Watch Neg        AA
               M1c          AA/Watch Neg        AA
               M2c          A-/Watch Neg        A-
               B1c          BB/Watch Neg        BB


ROYAL BANK: Expects GBP4.5BB Profit From Bond Buyback Program
-------------------------------------------------------------
Peter MacMahon and Scott Reid at the Scotsman report that the
Royal Bank of Scotland Group plc told the stock market Friday that
it expected to make a GBP4.5 billion profit from a three-part bond
buyback program.

According to the report, the bank will book the gain in its first-
half results, due August 7.

The buyback offer, which is part of the three to five-year plan to
rebuild the bank, has been put in place by Stephen Hester, who
took over from former chief executive Sir Fred Goodwin, the report
says.  The report discloses that according to RBS, it could add
0.7-0.8 percentage points to its core Tier 1 capital adequacy
ratio, which was estimated at 12.4 percent after the bank reduced
its risk under the UK government's asset insurance scheme.

The report relates in its statement, made an hour before the
market shut for the weekend, the bank said 61 percent of its
investors chose to take up the offer to swap GBP5.75 billion Tier
1 and Upper Tier 2 bonds for senior unsecured bonds.  The bank, as
cited in the report, said 64 per cent of bondholders had opted to
participate in its buyback offer for US$750 million and 3.25
billion worth of Tier 1 and Upper Tier 2 bonds.

             UK Government's Asset Insurance Scheme

The Troubled Company Reporter-Europe on March 2, 2009, citing The
Wall Street Journal, reported that the U.K. government agreed to
provide RBS with as much as GBP25.5 billion (US$36.64 billion) in
capital and insure GBP300 billion of the bank's assets.  The
recent help given to RBS is part of U.K.'s GBP500 billion bank-
insurance plan announced in January.  Under the funding agreement,
the Journal said RBS will pay a fee of GBP6.5 billion to
participate in the insurance plan.  The bank will also absorb the
first GBP20 billion in losses on the GBP300 billion asset pool
before the insurance kicks in, and will be responsible for 10% of
subsequent losses, the Journal disclosed.  RBS will also pay the
insurance fee, and raise an additional GBP13 billion in fresh
capital, by issuing special "B" shares to the government,
according to the Journal.

                             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.


* UK: Gov't to Consult Two Proposed Changes to Insolvency Laws
--------------------------------------------------------------
Large and medium-sized companies facing difficulties could receive
additional help under proposed changes to insolvency laws
announced in the Budget last week.

The Insolvency Service will consult on two important proposals:

    * Giving large and medium-sized companies breathing space
      while they seek legally binding Company Voluntary Agreements
      (CVAs) with their creditors, without first having to place
      their companies into administration.

    * Giving absolute priority to new money lent to companies in
      CVA or administration.  This would make it more attractive
      to lend to companies in this situation, allowing them to
      access the funding they need to get back on their feet and
      stay in business.

Business Minister, Pat McFadden said: "The Government is focused
on helping companies in difficulty.  Giving more businesses extra
breathing space will encourage company rescues.  It could make all
the difference between a firm staying in business or entering
insolvency -- preventing the knock-on effects that failures have
on employees, directors and creditors."

Currently only small companies facing financial difficulty are
able to obtain a moratorium on creditor action while seeking
agreement with their creditors to deal with their debts.  The new
proposals would extend this to larger businesses.

The proposed changes will help to give all companies access to the
new funds they need to get back on their feet.  Investors who put
new money into a company in either a CVA or administration would
be at the top of the list for getting money back if the company
eventually fails.  Such a measure would make it more attractive to
lend to such companies, allowing them to access funding they need
when they need it most.

In addition, the Insolvency Service announced that this summer
will see the publication of the first of a series of regular
reports on the monitoring of the operation of pre-pack sales.

The Statement of Insolvency Practice 16 issued earlier this year
requires administrators to provide creditors with detailed reports
explaining their decisions for a pre-pack administration as soon
as they are appointed.  Closer scrutiny of the reports by The
Insolvency Service is designed to ensure that creditors are not
being treated unfairly through the abuse of pre-pack sales.


* Begbies Traynor Says UK Recession Continues Unabated
------------------------------------------------------
Begbies Traynor's Red Flag Alert shows all sectors to be suffering
from substantial growth of both "Significant" and "Critical"
adverse actions, compared to a year ago.

Some good news as quarter on quarter change in adverse signals is
stabilizing in some sectors.

    * 87% increase in companies with critical problems and 60%
      increase in companies with significant problems in Q1 2009
      compared to Q1 2008

    * Financial Services, Property Services, and Construction
      sectors are all showing over 100% year on year increases in
      critical problems

                       Year on Year

Begbies Traynor, the UK's leading business rescue, recovery and
restructuring specialist, on Friday revealed that the UK's
recession continues unabated.  This is according to the latest
findings of its Red Flag A!ert system which monitors early warning
signs of corporate stress.  The statistics for the first quarter
of 2009 show all sectors to be suffering from substantial growth
of both Significant and Critical adverse actions, in comparison to
the same period a year ago.

With regard to industry sectors the Red Flag statistics indicate
that Property Services, Construction and Financial Services have
been hardest hit when compared to Q1 2008.  Other major sector
casualties include Retail, Advertising, Automotive, Transport &
Communications, and Manufacturing.

The total number of companies showing signs of stress (both
significant and critical problems) has risen to 84,648 in March
2009 compared to 53,240 a year ago, an increase of 59%.

                    Quarter on Quarter

It is evident, however, from the latest results that the quarter
on quarter rate of growth of adverse signals is slowing in some
sectors.

IT and Financial Services both even show slight declines in the
number of companies with critical problems compared to Q4 2008 and
other sectors such as Print & Packaging, Manufacturing,
Professional Services and Transport & Communications show
increases of less than 5%.

Ric Traynor, Executive Chairman of Begbies Traynor Group,
commented: "The findings of our latest Red Flag Alert echo the
findings of other recent surveys, showing as they do increasing
business failures.

"The reduced rate of decline in quarter on quarter adverse actions
is some good news; however, this is not the same as a recovery.
Last week's Budget tax increases and public spending cuts are
unlikely to make life any easier for struggling companies.

"Regrettably experience tells us that company and personal
insolvencies, like unemployment, are a lagging indicator, and are
therefore likely to continue to rise through the recession.

                  About Begbies Traynor

Begbies Traynor -- http://www.begbies-traynor.com/-- is a UK
business rescue, recovery and restructuring specialist, providing
a partner-led service to stakeholders in troubled businesses.


* PwC Expects Room Rate Declines in London and Regional Hotels
--------------------------------------------------------------
Early indicators show UK hotels, of all shapes and sizes are in
for a rough ride over 2009, with nearly 200 per cent more hotel
companies becoming insolvent in Q1 2009 than in the same quarter
last year, according to PricewaterhouseCoopers LLP.

PwC said up to this point it has mainly seen smaller, standalone
hotels, with only a few exceptions of hotel companies where debt
levels have become unsustainable as demand and profits have
declined.

However, new PricewaterhouseCoopers LLP insolvency statistics show
the quarter to quarter rate has slowed with a 20 per cent increase
in insolvencies from Q4 2008 to Q1 2009 -- the highest increase
being over 100 per cent from September to December 2008.

Stephen Broome, director, PricewaterhouseCoopers LLP said: "Many
hotel groups have seen the benefit of December trading which,
despite the downturn, will still have provided some Christmas
cheer.  With the quieter months of January and February now a
distant memory many UK hotels are hopeful of survival through to
the summer when all revenues are pinned on the revival of demand
from domestic holiday visitors."

However, following a PwC consumer poll taken over the Easter
holidays it is clear that consumers are looking to other forms of
accommodation to save funds.  The survey poll shows a 12 per cent
rise in those choosing to go camping, caravanning or to a holiday
park, despite the April showers.

Nearly a third of all UK holidaymakers chose this option, closing
the gap on rival hotels and B&Bs.  In 2008, 35 per cent of those
going away over Easter opted to shell out for a hotel room, a year
later this number has dropped to 31 per cent, while the popularity
of campsites, caravans and holiday parks has surged from 17 per
cent to 29pc.

"It is likely that many of those who remain in the UK over the
summer will opt for self-catering, camping, caravanning, holiday
parks and visiting relatives, rather than staying in hotels.
While current exchange rates should encourage travellers from
abroad to visit and may mitigate some of the effects of a post
budget fall in consumer confidence, the prospect of a warm and
sunny British summer is unlikely to provide much shelter from the
storm for hotels, whatever the weather," Mr. Broome added.

London hotels have performed as expected and in line with the PwC
baseline scenario (14.2 per cent reduction) contained in the PwC
Hospitality Directions forecast released in March this year.
Regional hotel room rates have fallen more dramatically than was
expected (by 11.9 per cent compared to a forecast of 8.7 per
cent).  This is thought to be the result of a reduction in
corporate demand being substituted by lower rate leisure business.

"Given the slow and rocky recovery ahead we therefore expect to
see further room rate declines in both London and regional hotels
through until autumn at least.  Discounts will not drive
additional demand, and are unlikely to persuade those who aren't
planning to travel to leave their homes, or indeed their caravans,
but it will help attract those who are," Mr. Broome concluded.

             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.

                            *********

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 * * *