TCREUR_Public/090501.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

              Friday, May 1, 2009, Vol. 10, No. 85

                            Headlines

A U S T R I A

BUSREISEN BURGSTALLER: Claims Registration Period Ends May 11
FARBEN DITTRICH: Claims Registration Period Ends May 11
FOESSL LLC: Claims Registration Period Ends May 4
HECKENBICHLER SAGE: Claims Registration Period Ends May 4


G E R M A N Y

GENERAL MOTORS: Magna Eyes Minority Stake in German Unit


H U N G A R Y

* HUNGARY: Company Insolvencies Up in First Qtr. 2009, Coface Says


I C E L A N D

KAUPTHING BANK: Two Tchenguiz Pub Directors Step Down


I R E L A N D

TRUVO SUBSIDIARY: Moody's Junks Corporate Family Rating from 'B3'
XELO PLC: S&P Downgrades Ratings on 2007 Tranche C to 'B'


I T A L Y

* ITALY: Milan Police Seize Assets of Four Banks in Bond Probe


K A Z A K H S T A N

AIFRI PERFECT: Creditors Must File Claims by June 5
NURPOLIS JSC: Creditors Must File Claims by June 5
SEVER STAL: Creditors Must File Claims by June 5
TEPLO SERVICE E: Creditors Must File Claims by June 5


K Y R G Y Z S T A N

BRAND OIL: Creditors Must File Claims by May 15
SMART CORE: Creditors Must File Claims by May 15
UNI STROY: Creditors Must File Claims by May 15


N E T H E R L A N D S

BITE FINANCE: Moody's Changes Corporate Family Rating to 'Caa1'
CANDIDE FINANCING: S&P Affirms Rating on Class E Notes at 'BB+'
HALCYON STRUCTURED: S&P Junks Rating on Class E Notes
KHAMSIN CREDIT: Moody's Junks Ratings on Super Senior Notes


R U S S I A

ABAKANSKAYA MINING: Creditors Must File Claims by May 24
AK OJSC: S&P Lifts Long-Term Corporate Credit Rating to 'BB+'
INVEST-PROEKT LLC: Creditors Must File Claims by May 24
LSR OJSC: Fitch Cuts Long-Term Issuer Default Rating to 'B-'
NOGINSKIY ROOFING: Creditors Must File Claims by June 24

WOOD-PROCESSING FACTORY: Creditors Must File Claims by June 24
YAMAL-ZHIL-STROY: Bankruptcy Supervision Hearing Set June 18


S L O V E N I A

ISTRABENZ D.D.: Seeks to Boost Capital Through EU475MM Share Issue


S P A I N

CAJA DE AHORROS: S&P Corrects Rating; Cuts Ratings on Four RMBS


S W I T Z E R L A N D

GLATTPARKFEST JSC: Proof of Claim Filing Deadline is May 4
NIMA IMMOBILIEN LLC: Claims Filing Deadline is May 6
PULLMANN METALL LLC: Claims Filing Deadline is May 4
TRANSTIMBER LINE + FINANZ: Claims Filing Deadline is May 4
UBS AG: Shakes Up Top Management; Removes Investment-Banking Chief

YONARO JSC: Creditors Must File Proofs of Claim by May 4


U K R A I N E

COEFFICIENT OF SUCCESS: Creditors Must File Claims by May 10
INFOVEST LTD: Creditors Must File Claims by May 10
INTEK LTD: Creditors Must File Claims by May 10
PROFISYSTEM-M LLC: Creditors Must File Claims by May 10
VERKHOVINA LLC: Creditors Must File Claims by May 10


U N I T E D   K I N G D O M

BRADFORD & BINGLEY: Richard Banks Named New Managing Director
JJB SPORTS: Crystal Amber Buys 12.96% Stake
LDV: Applies for Administration; Has Until May 6 to Secure Funding
LLOYDS BANKING: To Phase Out Clerical Medical Brand
METRONET RAIL: Moody's Withdraws Underlying Ratings on All Bonds

SCREENPRINT PLUS: Goes Into Administration; 170 Jobs at Risk
THPA FINANCE: Fitch Cuts Rating on Class C Notes to 'BB'

* BOOK REVIEW: Beyond the Quick Fix


                         *********


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


BUSREISEN BURGSTALLER: Claims Registration Period Ends May 11
-------------------------------------------------------------
Creditors owed money by Busreisen Burgstaller LLC  have until
May 11, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Mag. Gernot Goetz
         Tirolerstrasse 18
         9800 Spittal/Drau
         Austria
         Tel: 04762/53 52, 24 75
         Fax: 04762/2766
         E-mail: rechtsanwaelte@hammerschmidt-goetz.at

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

         Land Court of Klagenfurt
         Meeting Room 225
         Second Floor
         Klagenfurt
         Austria


FARBEN DITTRICH: Claims Registration Period Ends May 11
-------------------------------------------------------
Creditors owed money by Farben Dittrich LLC have until May 11,
2009, to file written proofs of claim to the court-appointed
estate administrator:

         Dr. Martina Withoff
         Hauptplatz 5
         3910 Zwettl
         Austria
         Tel: 02822/52417
         Fax: 02822/52417-4
         E-mail: dr.withoff@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 8:30 a.m. on May 27, 2009, for the
examination of claims at:

         Land Court of Krems an der Donau
         Hall A
         Second Floor
         Krems an der Donau
         Austria


FOESSL LLC: Claims Registration Period Ends May 4
-------------------------------------------------
Creditors owed money by Foessl LLC have until May 4, 2009, to file
written proofs of claim to the court-appointed estate
administrator:

         Mag. Helmut Holzer
         Bahnhofstrasse 51/DG
         9020 Klagenfurt
         Austria
         Tel: 0463/50 73 50
         Fax: 0463/507350-55
         E-mail: office@juridicom.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on May 11, 2009, for the
examination of claims at:

         Land Court of Klagenfurt
         Meeting Room 225
         Second Floor
         Klagenfurt
         Austria


HECKENBICHLER SAGE: Claims Registration Period Ends May 4
---------------------------------------------------------
Creditors owed money by Heckenbichler Sage LLC have until May 4,
2009, to file written proofs of claim to the court-appointed
estate administrator:

         Mag. Paul Wolf
         Hauptplatz 27a
         9300 St. Veit/Glan
         Austria
         Tel: 04212/36843
         Fax: 04212-36843-43
         E-mail: mag.wolf@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 12:30 p.m. on May 11, 2009, for the
examination of claims at:

         Land Court of Klagenfurt
         Meeting Room 225
         Second Floor
         Klagenfurt
         Austria


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


GENERAL MOTORS: Magna Eyes Minority Stake in German Unit
--------------------------------------------------------
Brian Parkin at Bloomberg News reports that Aurora, Ontario-based
Magna International Inc. is interested in acquiring a minority
stake in Opel, General Motors Corp.'s German unit.

Magna's stake won't exceed 25 percent, Bloomberg News says citing
German Economy Minister Karl-Theodor zu Guttenberg.  Bloomberg
News relates according to Mr. Guttenberg, Magna plans to supply
car parts to Opel, which is seeking EUR3.3 billion (US$4.3
million) in state aid.

Bloomberg News recalls Hendrik Hering, the economy minister for
the state of Rhineland-Palatinate, said April 23 Magna and Italy's
Fiat SpA are the only car-industry bidders for Opel.  Bloomberg
News discloses the Toronto-based Globe & Mail, citing unidentified
people in the industry, reported Monday that Russian carmaker OAO
GAZ, owned by Russian billionaire Oleg Deripaska, may consider
buying 30 percent of the GM unit.  Bloomberg News states according
to Mr. Hering, Fiat is interested only in parts of the GM unit's
assets.  The bidders will meet with GM next week to seek clarity
over financial data before each presenting an "industrial plan",
Bloomberg News notes citing Mr. Guttenberg.

Bloomberg News says Mr. Guttenberg said the European Union
Commission may demand a cut in Opel's production capacity of up to
30 percent as a condition of approving government loan guarantees
for Opel.  The government official, as cited by Bloomberg News,
said the regional administrations may need to underwrite 25
percent of government loan guarantees that may be offered to Opel
as it restructures its business.

                        About General Motors

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

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

For the 2008 calendar year, GM reported an adjusted net loss,
excluding special items, of US$16.8 billion.  This compares to an
adjusted net loss of US$279 million.  Including special items, the
company reported a loss of US$30.9 billion, compared to a reported
loss of US$43.3 billion in 2007, which included a non-cash special
charge of US$38.3 billion in the third quarter related to the
valuation allowance against deferred tax assets.

As of December 31, 2008, GM reported US$91,047,000,000 in total
assets, US$176,387,000,000 in total liabilities, and
US$86,154,000,000 in stockholders' deficit.

GM admitted in its viability plan submitted to the U.S. Treasury
on February 17 that it considered bankruptcy scenarios, but ruled
out the idea, citing that a Chapter 11 filing would result to
plummeting sales, more loans required from the U.S. government,
and the collapse of dealers and suppliers.

                       Going Concern Doubt

Deloitte & Touche LLP, has said there is substantial doubt about
GM's ability to continue as a going concern after reviewing GM's
2008 financial report.  Deloitte cited the Company's recurring
losses from operations, stockholders' deficit and failure to
generate sufficient cash flow to meet the Company's obligations
and sustain the its operations.  It said GM's future is dependent
on the Company's ability to execute the Company's Viability Plan
successfully or otherwise address these matters.  If the Company
fails to do so for any reason, the Company would not be able to
continue as a going concern and could potentially be forced to
seek relief through a filing under the U.S. Bankruptcy Code.

Standard & Poor's Ratings Services on April 10 lowered its issue-
level rating on GM's US$4.5 billion senior secured revolving
credit facility to 'CCC-' (one notch above the 'CC' corporate
credit rating on the company) from 'CCC'.  It revised the recovery
rating on this facility to '2' from '1', indicating its view that
lenders can expect substantial (70% to 90%) recovery in the event
of a payment default.  The corporate credit rating remains
unchanged, at 'CC', reflecting its view of the likelihood that GM
will default -- through either a bankruptcy or a distressed debt
exchange.

Moody's Investors Service said February 18 that the risk of a
bankruptcy filing by GM and Chrysler remains high.  The last
rating action on GM and Chrysler was a downgrade of their
Corporate Family Ratings to Ca on December 3, 2008.


=============
H U N G A R Y
=============


* HUNGARY: Company Insolvencies Up in First Qtr. 2009, Coface Says
------------------------------------------------------------------
Sandor Peto at Reuters reports that according to French credit
insurer Coface, the number of insolvency procedures against
Hungarian companies jumped in the first quarter of 2009 compared
with the same period a year ago.

Reuters relates Coface said the number of bankruptcy, liquidation
and winding up procedures against Hungarian companies rose to
6,906 in the first quarter of this year from 5,532 in the same
period of 2008 and 4,517 in the same period of 2007.

According to MTI-Econews, almost a quarter of the insolvency
procedures were in the wholesale and retail sector and 17% were in
the construction industry.  MTI-Econews notes the number of
insolvencies were also high in the property, tourism, and
automotive sectors.  MTI-Econews states more than 40% of the
procedures were in Budapest and Pest County.

Reuters discloses companies have been hit by a slump in demand
from Germany, Hungary's main export market, cuts in orders in the
vehicle industry, and a fall in state orders for the construction
industry.

"Hungarian companies remain undercapitalized, and this is coupled
with financing problems in the current credit crunch," Reuters
quoted Zoltan Dercze, head of the Hungarian Coface unit, as
saying.

The Hungarian government, Reuters says, expects the country's
economy to contract by 5.5-6 percent this year.


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


KAUPTHING BANK: Two Tchenguiz Pub Directors Step Down
-----------------------------------------------------
Paul Charity at Morning Advertiser reports that Tim Smalley and
Aaron Brown have resigned from the board of Bay Restaurants and
Town and City Pubs, Robert Tchencguiz's two managed pub companies,
after a request from Icelandic bank Kaupthing.

According to the report, the equity in the two companies is now
split between Kaupthing and management.  The report relates a
source said "The equity that Tchenguiz had in number of businesses
was included in the original deal that Tchenguiz did with
Kaupthing last October".  The report recalls the Morning
Advertiser said earlier this year that Kaupthing is maintaining
its debt and equity investment in the two managed pub companies,
with an unpaid GBP643 million overdraft outstanding from a
Tchenguiz-linked company, Ocsatello.

Kaupthing's investment is now overseen by a five-man committee,
three of whom are Icelandic civil servants, the report says citing
Ian Payne, who is chairman of Bay Restaurants and Town & City
Pubs.

                       About Kaupthing Bank

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

                          *     *     *

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

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


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


TRUVO SUBSIDIARY: Moody's Junks Corporate Family Rating from 'B3'
-----------------------------------------------------------------
Moody's Investors Service downgraded the Corporate Family Rating
of Truvo Subsidiary Corp to Caa2 from B3, and the Probability of
Default Rating to Caa1 from B3.  At the same time, Moody's
downgraded the ratings of the EUR395 million and US$200 million
senior notes due 2014 issued by Truvo to Caa3 from Caa2.  The
outlook is negative.

The downgrade reflects Moody's increasing concerns about the
deteriorating trend in the group's operating environment, and the
resulting potential impact on its financial risk profile, together
with Moody's re-evaluation of the potential recovery prospects for
debt holders in the case of distress.

Moody's notes that the company's results for the year-end 2008 are
broadly in line with management's earlier guidance (revenue: down
by approximately 6% y-o-y; and attributable EBITDA: down 6% y-o-
y).  However, its year-to-date (to end-March 2009) sales
performance y-o-y (as communicated by management in the annual
results presentation) shows that top-line pressure has been
accelerating, given the worsening macroeconomic conditions in its
markets, coupled with faster than expected migration to online
from print.  Moody's acknowledges that online revenue growth for
2008 was circa 20% (after stripping out the timing differences),
and management is committed to transforming the business from
directory to a local search and advertising business over the
medium term.  However, in Moody's view, the group's still
developing online positioning in the new cycle implies a degree of
execution risk in the current environment.

Moody's believes that if Truvo experiences a mid-teens revenue
decline throughout 2009, the company's EBITDA generation capacity
could come under substantial pressure (even after taking into
account management's intention to cut costs by around EUR10
million) considering the high operational gearing of the business
together with its sensitivity to revenue declines and its
investments in online activities.  In Moody's view, such full-year
results would significantly undermine the group's free cash flow
generation (possibly turning it negative) and exert further
pressure on its already aggressive leverage profile, so that Total
Debt / EBITDA (as adjusted by Moody's, with EBITDA including
dividends from minorities/JV) is likely to exceed Moody's earlier
guidance of 8.0x over the near term.

The downgrade also reflects Moody's concerns in relation to the
company's capital structure, which Moody's considers
unsustainable, and therefore the risk associated with the
uncertainty over how Truvo will ultimately decide to strengthen
its credit profile in conjunction with reducing its overall debt
burden, which may include the possibility of a distressed
exchange, in the near to medium term.

The rating agency understands that there is still some uncertainty
over the group's potential use of the net proceeds (circa EUR200
million) from the disposal of its Dutch activities; and that Truvo
management is currently evaluating various options, including the
use of over EUR120 million to repay debt.  Moody's will evaluate
the impact of the end result on the group's financial risk profile
and its ratings once there is more clarity on this issue.  Moody's
regards the liquidity profile of the company over the next twelve
months to December 2009 as satisfactory.

The Caa2 CFR incorporates Moody's expectations of below-average
family recovery (more specifically a recovery in the 40%-range
rather than a standard 50% recovery rate assumption), which
reflects Moody's consideration of potential post-default
valuations.  The instrument ratings of Caa3 (LGD5) on the senior
notes due 2014 have been derived using Moody's LGD methodology.

The negative outlook reflects Moody's concerns regarding the
pressures on top-line growth, profitability, and free cash flow
generation capacity, together with limited visibility on the
group's performance and outlook for 2009 and beyond.  The ratings
could be further downgraded if i) the operating environment
deteriorates more severely than currently anticipated; ii) a
liquidity concern arises; and/or iii) a debt restructuring
proposal is pursued that amounts to a diminished financial
obligation relative to the original obligation allowing Truvo to
avoid default over the medium term, which Moody's determines has
the characteristics of a distressed exchange.

The last rating action on Truvo was on October 21, 2008, when
Moody's downgraded the company's ratings to B3.

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

Truvo Intermediate Corp., the parent of Truvo Subsidiary Corp.,
is, through its subsidiaries, the leading directory publisher in
Belgium, Ireland and Romania.  Through its joint venture with
Portugal Telecom, the company is the leading directory publisher
in Portugal and, through its minority interests, holds leading
positions in the directory markets in South Africa and Puerto
Rico.  In 2008, the group generated consolidated revenues of
EUR318.5 million and EBITDA of EUR159.9 million under IFRS.


XELO PLC: S&P Downgrades Ratings on 2007 Tranche C to 'B'
---------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on Xelo PLC
Series 2007 (Spinnaker III Asia Mezzanine 2) Tranche C to 'B',
from 'BB/Watch Neg'.  The rating was subsequently withdrawn at the
request of the issuer.

The downgrade reflects the increased credit risk of underlying
portfolios in the transaction.  The synthetic rated over
collateralization level for tranche fell below 100% at its current
rating level during the SROC analysis for the month of April.
This indicates that the available credit enhancement is lower than
the level required to maintain its current rating.

The rating withdrawal follows noteholders' decision to exercise
their early redemption option in the transaction.

The rating actions on the affected transaction are:

  Name                        Rating To    Rating From    SROC
  ----                        ---------    -----------    ----
Xelo PLC Series 2007
(Spinnaker III Asia Mezz 2)
Tranche C                     B            BB/Watch Neg
100.1840%

Xelo PLC Series 2007
(Spinnaker III Asia Mezz 2)
Tranche C                     NR           B

                            NR — Not rated.


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


* ITALY: Milan Police Seize Assets of Four Banks in Bond Probe
--------------------------------------------------------------
Elisa Martinuzzi at Bloomberg News reports that Milan's financial
police on Monday seized EUR476 million (US$620 million) of assets
belonging to UBS AG, Deutsche Bank AG, JPMorgan Chase & Co. and
Depfa Bank Plc in a probe over alleged fraud linked to the sale of
derivatives.

Bloomberg News relates the financial police said in a statement
that it froze the banks' stakes in Italian companies, real estate
assets and accounts.

According to Bloomberg News, the City of Milan is suing the four
banks after it lost money on derivatives it bought from the
lenders in 2005.  Bloomberg News discloses the city lost EUR298
million as of June on the securities, which swapped a fixed rate
of interest on EUR1.7 billion of bonds for a variable rate.
Bloomberg News states financial police said the banks misled
municipal officials on the advantages of buying the derivatives,
including the impact of the fees they charged on the contracts.
The police, as cited by Bloomberg News, said the banks reaped
about EUR100 million in fees from the transactions.

Italy's Senate, Bloomberg News says, is leading a review of the
use of derivatives among local administrations.  AIAF, a group
representing Italian financial analysts, will next week testify
before the Italian Senate's inquiry into the cities' use of
derivatives contracts, Bloomberg News notes.


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


AIFRI PERFECT: Creditors Must File Claims by June 5
---------------------------------------------------
JSC Aifri Perfect Capital has gone into liquidation.  Creditors
have until June 5, 2009, to submit proofs of claim to:

            Micro District Samal-2, 104
            Almaty
            Kazakhstan

NURPOLIS JSC: Creditors Must File Claims by June 5
--------------------------------------------------
JSC Insurance Company Nurpolis has gone into liquidation.
Creditors have until June 5, 2009 to submit proofs of claim to:

         Protozanov Str. 47-1
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan


SEVER STAL: Creditors Must File Claims by June 5
------------------------------------------------
LLP Sever Stal Stroy Remont declares about its liquidation.
Creditors have until June 5, 2009, to submit proofs of claim to:

         Protozanov Str. 95
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan


TEPLO SERVICE E: Creditors Must File Claims by June 5
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai
commenced bankruptcy proceedings against LLP Teplo Service E on
March 6, 2009.

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

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


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


BRAND OIL: Creditors Must File Claims by May 15
-----------------------------------------------
LLC Brand Oil has shut down.  Creditors have until May 15, 2009,
to submit proofs of claim to.

Inquiries can be addressed to (+996 312) 61-34-12.


SMART CORE: Creditors Must File Claims by May 15
------------------------------------------------
LLC Smart Core KG has shut down.  Creditors have until May 15,
2009, to submit proofs of claim to:

         Baitik Baatyr Str. 5b-2
         Bishkek
         Kyrgyzstan


UNI STROY: Creditors Must File Claims by May 15
-----------------------------------------------
LLC Uni Stroy declares has shut down.  Creditors have until
May 15, 2009, to submit proofs of claim.

Inquiries can be addressed to (+996 312) 24-33-74.


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


BITE FINANCE: Moody's Changes Corporate Family Rating to 'Caa1'
---------------------------------------------------------------
Moody's Investors Service changed the corporate family rating and
the probability of default rating of Bite Finance International
B.V to Caa1.  It also changed the rating on the EUR190 million
senior floating rate notes due 2014 to Caa2.  The rating on the
EUR6.1 million stub of the EUR110 million subordinated notes due
2017 that were not tendered as part of the exchange offer was
changed to Caa3. The outlook is negative.

The rating changes conclude the review that was ongoing following
the completion in March 2009 of the tender offer for the
subordinated notes, which Moody's had classified as a distressed
exchange.  It follows Bite's announcement that EUR50 million of
the EUR103.9 million notes tendered had been cancelled, with the
balance to be cancelled in this quarter.

Despite the reduced debt burden, Moody's expects that Bite's
leverage will remain above 6x in 2009.  In Q1 2009, Bite's service
revenue was 9% lower than in Q1 2008, although Ebitda was only 1%
lower.  The downturn in Bite's core Lithuanian market has resulted
in Ebitda from that country being reduced by 13%.  Although this
was offset by an improved performance in Latvia, Bite's Latvian
Ebitda remains negative, and that country is experiencing an even
more stressed macroeconomic environment.  With capex levels now
being reduced to essentially maintenance levels, Ebitda minus
capex has now turned positive.  However, despite annual interest
costs being reduced by about EUR10 million following cancellation
of the subordinated notes, Moody's is concerned that Bité may
remain marginally free cash flow negative in 2009.

Bite's liquidity will also remain very tight, given Moody's
concerns over negative free cash flow and the fact that at March
31, 2009, its bank revolver was fully drawn, with only EUR9
million in available cash.  Bite's bank covenants will also
continue to tighten, although Moody's does not anticipate this
causing problems in 2009.

The Caa2 rating on the senior notes is one notch below the CFR,
whereas prior to the debt exchange the rating on those notes had
been a notch above the CFR.  This change reflects the removal of a
large amount of junior debt from the capital structure, which had
previously more than offset the impact of the prior ranking of the
bank revolver.  The Caa3 rating on the EUR6.1 million stub of
subordinated notes also incorporates their revised status as
effectively unsecured, following the amendments that removed
substantially all covenants and released collateral.

The negative outlook reflects the company's current weak
liquidity, combined with Moody's view that free cash flow will
remain negative in 2009.

The last rating announcement for Bite was on March 20, 2009, when
the PDR was changed to Ca/LD upon completion of the tender offer.

Bite Finance International B.V. is the Dutch holding company of
the Lithuanian company Bite Lietuva UAB.  Bite is a mobile
telecommunications operator in Lithuania and Latvia, which
reported 2008 service revenue of about EUR188 million.  In
February 2007 a private equity consortium led by Mid Europa
Partners acquired Bite through a leveraged buyout for a total
consideration of EUR443 million.


CANDIDE FINANCING: S&P Affirms Rating on Class E Notes at 'BB+'
---------------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch positive
its credit ratings on the class B and C notes in Candide Financing
2005 B.V. and the class B notes in Candide Financing 2006 B.V.
S&P also affirmed its ratings on the remaining notes in these
transactions.

S&P placed the notes on CreditWatch positive due to the
deleveraging of the transactions and increased credit quality of
the pools.

Loans more than 60 days in arrears in S&P's Dutch RMBS
(residential mortgage-backed securities) Index for Q4 2008 were at
0.52%, with the 2005 vintage showing arrears of 0.79% and the 2006
vintage 0.50%.  Both transactions perform in line with their
vintages, with 60+ day arrears of 0.84% for Candide 2005 and 0.62%
for Candide 2006 for the same period.  However, 60+ day arrears
for the two transactions have risen in the past quarter, to 0.99%
and 0.82%, respectively.

In S&P's opinion, the pools' seasoning and the decrease of their
loan-to-foreclosure value ratios (stemming from a combination of
house price increases and mortgage repayments) have given rise to
this increase in credit quality.  This is typical of many of the
earlier-vintage Dutch portfolios that S&P rate.

It is worth noting that S&P does not anticipate a continuing rise
in ouse prices in the Dutch mortgage market (in fact, data
suggests that they may be starting to fall) and that prepayment
rates (and hence the rate at which the transaction pays down) were
low in 2008.  The combination of these factors could slow any
further increases in the transaction's overall credit quality.

In placing the notes on CreditWatch positive, S&P considered the
effect of falling house prices as well as rising arrears.

The CreditWatch positive placements follow an initial review of
the most recent loan-level data S&P has received for the
transactions.  S&P has conducted its analysis in line with S&P's
Dutch criteria.  S&P will now conduct further cash flow analysis
based on S&P's European cash flow criteria (see below) in due
course, to resolve the CreditWatch placements.

                           Ratings List

              Ratings Placed on Creditwatch Positive

                    Candide Financing 2005 B.V.
         EUR1.5 Billion Mortgage-Backed Floating-Rate Notes

                                    Rating
                                    ------
              Class         To                   From
              -----         --                   ----
              B             AA/Watch Pos         AA
              C             A/Watch Pos          A

                    Candide Financing 2006 B.V.
        EUR2.016 Billion Mortgage-Backed Floating-Rate Notes

                                    Rating
                                    ------
              Class         To                   From
              -----         --                   ----
              B             AA/Watch Pos         AA

                      Ratings Affirmed

                    Candide Financing 2005 B.V.
        EUR1.5 Billion Mortgage-Backed Floating-Rate Notes

                      Class         Rating
                      -----         ------
                      A             AAA
                      D             BBB
                      E             BB+

                    Candide Financing 2006 B.V.
        EUR2.016 Billion Mortgage-Backed Floating-Rate Notes

                      Class         Rating
                      -----         ------
                      A1            AAA
                      A2            AAA
                      A3            AAA
                      C             A+
                      D             BBB


HALCYON STRUCTURED: S&P Junks Rating on Class E Notes
-----------------------------------------------------
Standard & Poor's Rating Services lowered its ratings on five
classes of notes issued by Halcyon Structured Asset Management CLO
2008-II B.V.  S&P affirmed the ratings on the senior notes.

HSAM 2008-II closed in August 2008 and was due to become effective
on Feb. 14, 2009.  The effective date portfolio presented to us
failed to meet the effective date requirements under the
transaction documentation.  Specifically, interest coverage
covenants as set out in the transaction documents were breached
for all classes of notes, and the transaction did not pass the CDO
Monitor Test at the current rating levels.  The portfolio
comprises over 90% senior secured loans, with over two-thirds of
the pool backed by European obligors.

As provided in the transaction documents, the collateral manager
submitted a plan outlining the steps taken to remedy the breaches
in order to obtain rating agency confirmation on the effective
date.  However, while interest coverage triggers were brought back
into compliance with the transaction documentation, the collateral
quality of the pool was not sufficiently improved to enable the
relevant classes of notes to pass S&P's CDO Monitor Test.
Furthermore, the shortfall of interest proceeds led to a deferral
of interest at the transaction's first payment date in March 2009,
on all but the 'AAA' rated class A1 and A2 notes.

In S&P's view, the interest coverage failure was due to the fall
in the European interbank offered rate in late 2008.  The notes
pay semi-annually, and the interest rate for the interest payment
period ending in March 2009 was set in August 2008.  As more than
four-fifths of the portfolio assets reset more frequently than
semi-annually, the EURIBOR linked interest rate on the assets was,
during part of this period, lower than the EURIBOR linked interest
rate on the notes.  This interest rate mismatch resulted in a
shortfall in proceeds available to pay interest on some of the
rated notes.

In addition, during the ramp-up period, the transaction has been
exposed to several defaults and to an increase in assets rated
'CCC+' and below.  S&P's analysis indicates that the probability
of default has increased for all classes of notes, but it is most
marked for the class B, C, D, and E notes.

The existing ratings on these notes are, in S&P's opinion, no
longer consistent with the available credit enhancement and S&P
has therefore lowered the ratings on these notes as set out in the
ratings list below.

                           Ratings List

       Halcyon Structured Asset Management CLO 2008-II B.V.
       EUR405.5 Million Floating-Rate Notes and EUR38.5 Million
                        Subordinated Notes

                          Ratings Lowered

                                      Rating
                                      ------
              Class            To              From
              -----            --              ----
              B                A+              AA-
              C1               A-              A
              C2               BBB+            A-
              D                BB              BBB-
              E                CCC+            BB-

                          Ratings Affirmed

                      Class            Rating
                      -----            ------
                      A1               AAA
                      A2               AAA


KHAMSIN CREDIT: Moody's Junks Ratings on Super Senior Notes
-----------------------------------------------------------
Moody's Investors Service has downgraded its rating of these notes
issued by Khamsin Credit Products (Netherlands) B.V., a leveraged
super senior note issuer.  The underlying reference portfolio
consists of significant exposure to RMBS, CMBS, CLO and SF CDOs
predominantly originated in Europe.

The rating actions are:

  -- Khamsin Credit Products (Netherlands) B.V. US$2,000,000,000
     Limited Recourse Secured Note Programme Series 7, 8 and 9

  -- EUR25,000,000 Leveraged Super Senior Portfolio Credit Linked
     Notes due 2090, Series 7, Downgraded to C, Previously on
     9/10/2008 Downgraded to B1 and remains on Review for
     Downgrade.

  -- EUR20,000,000 Leveraged Super Senior Portfolio Credit Linked
     Notes due 2090, Series 8, Downgraded to C, Previously on
     9/10/2008 Downgraded to B1 and remains on Review for
     Downgrade.

  -- EUR15,000,000 Leveraged Super Senior Portfolio Credit Linked
     Notes due 2090, Series 9, Downgraded to C, Previously on
     9/10/2008 Downgraded to B1 and remains on Review for
     Downgrade.

Each transaction incorporates a Loss Trigger Event whose
occurrence depends on the total losses of the underlying reference
portfolio.  Each transaction also incorporates a Downgrade Trigger
Event that depends on the credit rating of the Benchmark
Obligation.  The Benchmark Obligation is EUR70,000,000 Class A3-a
House of Europe Funding V PLC Floating Rate Notes due 2090 issued
by House of Europe Funding V PLC.  Following a Loss Trigger Event
or Downgrade Trigger Event, the investors may decide to incur the
mark-to-market loss of the super senior tranche up to the initial
investment or increase the size of their investment.

Moody's explained that its rating methodology applicable to this
transaction assumes no recovery for a leveraged super senior note
once a Trigger Event is breached.

Moody's received notice on April 27, 2009 that a Downgrade Trigger
Event occurred as the Benchmark Obligation was downgraded to C on
March 18, 2009.


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


ABAKANSKAYA MINING: Creditors Must File Claims by May 24
--------------------------------------------------------
Creditors of LLC Abakanskaya Mining Company (Coal Mining) have
until May 24, 2009 to submit proofs of claims to:

         A. Petrenko
         Temporary Insolvency Manager
         Prospect Druzhby 7
         654041 Novokuznetsk
         Russia

The Arbitration Court of Khakasiya will convene on Aug. 6, 2009,
to hear bankruptcy supervision procedure on the company.  The case
is docketed under Case No. ?74–1027/2009.

The Debtor can be reached at:

         LLC Abakanskaya Mining Company
         Gogolya Str. 103A
         Chernogorsk
         Khakasiya
         Russia


AK OJSC: S&P Lifts Long-Term Corporate Credit Rating to 'BB+'
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it had raised its
long-term corporate credit rating on Russian oil product pipeline
company OJSC AK Transnefteproduct to 'BB+' from 'BB-'.  The Russia
national scale rating was raised to 'ruAA+' from 'ruAA'.  The
outlook is negative, mirroring that on the parent, OAO AK
Transneft (BBB/Negative/--).

"The upgrade is based on our perception that TNP is now more
closely integrated with its 100% shareholder and our expectation
of the relatively high likelihood of extraordinary support from
Transneft," said Standard & Poor's credit analyst Andrey Nikolaev.

S&P now follow a top-down approach in assessing
Transnefteproduct's credit quality and notch down two notches from
the rating on Transneft to reflect the expected support

S&P currently assess TNP's stand-alone credit quality at 'B+',
reflecting the company's position as a relatively small and mainly
commercial operator competing with other transportation providers
(notably rail), in addition to fairly weak debt metrics and
possible further negative free cash flow, assuming the company
embarks on new development projects, such as the South pipeline.

Construction of the North project over 2005-2008 has pushed
Transnefteproduct's gross debt to Russian ruble 22 billion as of
Sept. 30, 2008, translating into relatively weak adjusted debt to
EBITDA of 2.9x.  As the construction is now over and the capacity
utilization of the new route is gradually increasing, S&P expects
free operating cash flow to be positive for fourth-quarter 2008
and in 2009.  In the near term, TNP's financial metrics will be
pressured by ruble devaluation because most of TNP's debt is
denominated in U.S. dollars, while revenues are in rubles.

Key credit strengths are Transnefteproduct's position as one of
the key transportation vehicles for Russia's oil product exports,
the country's flexible regulatory regime, and TNP's adequate
liquidity.

As of March 31, 2009, Transnefteproduct's short-term debt of
RUR2.5 billion related to credit linked notes maturing in October
2009 was more than offset by RUR8.5 billion in cash.

The outlook is negative because the outlook on its parent
Transneft is negative.  Transneft's outlook mirrors that on the
Russian Federation (foreign currency BBB/Negative/A-3; local
currency BBB+/Negative/A-2; Russia national scale 'ruAAA').

"Given our top-down approach on TNP, S&P would likely downgrade
TNP in case of a downgrade of Transneft," said Mr. Nikolaev.

In the medium to long term, a decrease in the differentiation
between the ratings on TNP and those on its parent from two
notches to one notch is not excluded, but would depend on an
increased share of intragroup and guaranteed debt from Transneft
and/or a significant strengthening of TNP's stand-alone credit
profile.

The latter would depend on meaningful improvement in profit
generation and deleveraging in 2009 on the back of higher capacity
utilization of the North pipeline and on further tariff increases
without compromising volumes transported.  The company's long-term
investment ambitions and the potential for important debt
increases from the South pipeline project would also be an
important factor.


INVEST-PROEKT LLC: Creditors Must File Claims by May 24
-------------------------------------------------------
Creditors of LLC Invest-Proekt (TIN 7733505703; PSRN
1037739863644) (Construction) have until May 24, 2009, to submit
proofs of claims to:

         M. Dyakonov
         Temporary Insolvency Manager
         Post User Box 481
         111141 Moscow
         Russia

The Arbitration Court of Moscow commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
?40–14376/09–86–31B.

The Debtor can be reached at:

         LLC Invest-Proekt
         Geroev Panfilovtsev Str. 8
         125480 Moscow
         Russia


LSR OJSC: Fitch Cuts Long-Term Issuer Default Rating to 'B-'
------------------------------------------------------------
Fitch Ratings has downgraded Russia-based OJSC LSR Group's Long-
term foreign currency Issuer Default rating and senior unsecured
rating to 'B-' (B minus) from 'B'.  The IDR remains on Rating
Watch Negative.

Simultaneously, the agency has withdrawn the senior unsecured
rating of 'B-' (B minus)/RWN with a Recovery Rating of 'RR4'.  The
RWN on the senior unsecured rating has not been resolved at the
time of withdrawal because of LSR's IDR remaining on RWN.

The downgrade reflects Fitch's view that there is now an increased
risk that LSR may not in time obtain financing which is needed to
meet its short-term debt maturities.  The company's ratings were
placed on RWN on January 20, 2009, as a result of a possible
breach of a bank facility interest cover covenant, and the
challenge in obtaining new financing to cover 2009 debt
maturities.  In particular, at the time of this rating action,
Fitch highlighted that a downgrade of LSR's ratings could be
triggered by its failure to achieve new financing by end-April to
cover 2009 debt maturities.

During Q109 LSR's liquidity score (measured as sources of
liquidity divided by uses of liquidity over a 12-month period)
decreased to 0.5x from 0.6x following a reduction in cash and
undrawn credit facilities and an increase in short-term debt.
Although Fitch understands that LSR has sufficient liquidity to
repay its Q209 debt maturities, the company remains highly reliant
on new bank financing to repay its Q309-Q110 debt maturities.
Fitch understands that LSR is currently close to signing long-term
loan agreements with several state-controlled banks, which would
support its liquidity until approximately end-Q309.  However, with
this financing yet to be committed and considering the potential
creditors' prevailing negative sentiment towards the construction
sector in Russia, the risk of LSR failing to obtain the needed
financing in time increases.

The RWN continues to reflect LSR's growing challenge in obtaining
a substantial amount of new financing needed to refinance its
short-term debt maturities, especially as the substantial Q409-
Q110 debt maturities approach, as well as Fitch's concern that LSR
may breach a bank facility interest cover (EBIT/interest expenses)
covenant within the next 12 months.  In addition, the RWN now
reflects a concern that LSR may breach a bank facility total debt/
EBITDA covenant over the next 12 months, following a decrease in
the company's EBITDA and increase in total debt for 2009
forecasted by Fitch.  The RWN on the senior unsecured rating
reflects a possible structural subordination of LSR's senior
unsecured debt to the debt of its subsidiaries.  Currently, about
75% of the debt is located at the subsidiary level and potentially
structurally senior to unsecured obligations at the parent company
LSR level.

Fitch positively notes LSR's FY08 operating results.  In
particular, revenue increased 43% from FY07 to US$2,004 million,
driven by building materials and aggregates (52%), real estate
development (24%), and construction and construction services
(24%).  EBITDA grew 71% to US$530 million and the EBITDA margin
was up at 26.5% (versus 22.1% in FY07).  However, Fitch forecasts
indicate that LSR's operating performance will weaken in FY09
following the downturn in the Russian economy and property market.

The IDR could be affirmed if LSR obtains sufficient liquidity to
cover the next 12-months debt maturities and if it successfully
renegotiates the EBIT/interest expense and total debt/EBITDA
covenants, or if the probability of a covenant breach
substantially decreases.  Conversely, a downgrade of the IDR could
be triggered by a covenant breach and/or a failure to increase
LSR's liquidity by end-June to cover Q309 debt maturities.


NOGINSKIY ROOFING: Creditors Must File Claims by June 24
--------------------------------------------------------
Creditors of CJSC Noginskiy Roofing and Waterproofing Materials
Plant (TIN 5031028319, PSRN 1035006107333) have until June 24,
2009, to submit proofs of claims to:

         T. Melnichuk
         Insolvency Manager
         L. Bazanovoy Str. 5/41
         170100 Tver
         Russia

The Arbitration Court of Moskovskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?41–14401/08.


WOOD-PROCESSING FACTORY: Creditors Must File Claims by June 24
--------------------------------------------------------------
Creditors of LLC Wood-Processing Factory (TIN 3525148210, PSRN
1053500023950) have until June 24, 2009 to submit proofs of claims
to:

         V. Korotaev
         Insolvency Manager
         Chernyshevskogo Str. 30/19
         160014 Vologda
         Russia

The Arbitration Court of Vologodskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?13–8741/2008.


YAMAL-ZHIL-STROY: Bankruptcy Supervision Hearing Set June 18
------------------------------------------------------------
The Arbitration Court of Yamalo-Nenetskiy will convene at 9:00
a.m. on June 18, 2009 to hear bankruptcy supervision procedure on
LLC Yamal-Zhil-Stroy (Construction).  The case is docketed under
Case No. ?81 - 5240/2008.

Creditors have until June 24, 2009, to submit proofs of claims to:

         B. Umarov
         Temporary Insolvency Manager
         Post User Box 1149
         Dzerzhinskogo Str. 6a
         640007 Kurgan
         Russia

The Court is located at:

         The Arbitration Court of Yamalo-Nenetskiy
         Chubynina Str. 37a
         Salekhard
         Russia

The Debtor can be reached at:

         LLC Yamal-Zhil-Stroy
         Taezhnaya Str. 224
         Novyy Urengoy
         Yamalo-Nenetskiy
         Russia


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


ISTRABENZ D.D.: Seeks to Boost Capital Through EU475MM Share Issue
------------------------------------------------------------------
Manca Ulcar at Reuters reports that Istrabenz d.d said on
Wednesday it is considering launching a EUR475 million share issue
that will boost its capital eightfold as its seeks to stave off
bankruptcy proceedings.

Reuters relates analysts, however, said the share issue -- 34.4
million shares at EUR13.8 each -- is unlikely to be successful.

"It is unlikely that anyone would bring fresh money into the
company.  There will be quite some uncertainty as to where this
will go in the coming weeks," Matej Tomazin, of investment firm
Alfa Invest, told Reuters.

Reuters states shareholders are expected to decide on the capital
increase in early June.  Reuters says if approved, the new shares
will be offered to existing shareholders.

On April 2, 2009, the Troubled Company Reporter-Europe, citing
Reuters, reported Istrabenz was forced into insolvency after it
failed to reach a deal with its creditors over its debt.
Istrabenz CEO Igor Bavcar quit his post following the company's
insolvency, Reuters stated.  Mr. Bavcar will remain head of the
company until May 15, Reuters noted.

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

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

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

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


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


CAJA DE AHORROS: S&P Corrects Rating; Cuts Ratings on Four RMBS
---------------------------------------------------------------
This media release, published earlier, is being republished to
clarify certain points within paragraphs five, six, 10, and 11.

Standard & Poor's Ratings Services lowered several credit ratings
across four Spanish residential mortgage-backed securities
transactions originated by Caja de Ahorros y Monte de Piedad de
Madrid.

Specifically, S&P:

  -- Downgraded the class A2, B, C, D, and E notes and affirmed
     the class A1 notes in MADRID RMBS I, Fondo de Titulizacion de
     Activos;

  -- Downgraded the class A2, A3, B, C, and D notes and affirmed
     the class A1 and E notes issued by MADRID RMBS II, Fondo de
     Titulizacion de Activos;

  -- Downgraded the class A1, A2, A3, B, C, and D notes and
     affirmed the class E notes issued by MADRID RMBS III, Fondo
     de Titulizacion de Activos;

  -- Downgraded the class A1, A2, B, C, D, and E notes issued by
     MADRID RMBS IV, Fondo de Titulizacion de Activos; and

  -- Removed certain classes from CreditWatch negative.

These rating actions follow a full credit and cash flow analysis
of the most recent transaction information that S&P has received.
The results of S&P's analysis showed that, due to deterioration of
the underlying mortgage pools, credit enhancement available to the
downgraded notes was not commensurate with the ratings.

The notes, issued between November 2006 and December 2007, are
each backed by a portfolio of residential mortgage loans secured
over properties in Spain.  Caja Madrid originated and services the
loans.

The mortgage portfolios underlying these transactions continue to
generate high levels of arrears.  As of the end of February, loans
in arrears more than 90 days, including outstanding defaulted
loans, are 14.31% (MADRID I), 15.85% (MADRID II), 15.27% (MADRID
III), and 16.82% (MADRID IV) of their current mortgage portfolios.
This is well above the average for other Spanish RMBS transactions
with similar seasoning.

Recent performance data, combined with the portfolio
characteristics, suggests that delinquencies will continue to
rapidly increase over the next few quarters.  From Q3 2008 to Q1
2009, severe delinquencies, defined as arrears greater than 90
days including outstanding defaulted loans, reached 14.31% from
5.2% (MADRID I), 15.85% from 7.1% (MADRID II), 15.27% from 5.1%
(MADRID III), and 16.82% from 5.0% (MADRID IV).

All the transactions feature a structural mechanism that traps
excess spread to provide for defaults.  Defaults in these
transactions are defined as arrears greater than six months, with
the exception of MADRID IV, where defaults are defined as arrears
greater than 12 months.  These definitions are generally more
conservative than those in other Spanish RMBS.

As a result of a significant portion of loans being classified as
defaulted, all the transactions have drawn down their cash
reserves.  At present, only MADRID IV has a cash reserve balance;
the other transactions have already used their entire reserves.

In S&P's opinion, the effect of the reserve drawings is twofold.
Firstly, it prevents excess spread from flowing from the deals
until the reserve fund is replenished.  Secondly, it impairs the
internal liquidity of the transactions for so long as recoveries
on defaulted assets are not received.

When the level of defaulted loans in these securitizations reaches
a certain percentage of the initial collateral balance, the
priority of payments is altered so as to shut off interest
payments to the related class of notes.  The trustee informs us
that, as of the end of February, these ratios were 6.7% (trigger
level: 8.00% for the most junior rated class of notes), 7.9%
(8.00%), 8.4% (8.94%), and 2.1% (8.19%), for MADRID I, II, III,
and IV, respectively.

For the same reporting period, 90+ day arrears plus outstanding
defaults as a percentage of the closing balance were 11.70%,
12.90%, 13.75%, and 15.50%, respectively.  In S&P's opinion, it is
reasonable to assume that a high percentage of loans 90+ days in
arrears will come to be classified as defaulted, with consequent
deferrals of interest.

The rating actions therefore take into account the relative
likelihood of nonpayment of interest in the light of recognized
defaults and an assessment of the default risk in the residual
portfolios.

                           Ratings List

         MADRID RMBS I, Fondo de Titulizacion de Activos
  EUR2 Billion Residential Mortgage-Backed Floating-Rate Notes

     Ratings Lowered and Removed From CreditWatch Negative

                              Rating
                              ------
           Class      To                 From
           -----      --                 ----
           A2         AA                 AAA/Watch Neg
           B          A-                 AA/Watch Neg
           C          BB                 A/Watch Neg
           D          B                  BBB/Watch Neg
           E          CCC                B/Watch Neg

     Rating Affirmed and Removed From CreditWatch Negative

                              Rating
                              ------
           Class      To                 From
           -----      --                 ----
           A1         AAA                AAA/Watch Neg


         MADRID RMBS II, Fondo de Titulizacion de Activos
         EUR1.8 Billion Mortgage-Backed Floating-Rate Notes

      Ratings Lowered and Removed From CreditWatch Negative

                              Rating
                              ------
           Class      To                 From
           -----      --                 ----
           A2         AA                 AAA/Watch Neg
           A3         AA                 AAA/Watch Neg

                         Ratings Lowered

                              Rating
                              ------
           Class      To                 From
           -----      --                 ----
           B          BBB                A
           C          BB                 BBB
           D          CCC                B

      Rating Affirmed and Removed From CreditWatch Negative

                              Rating
                              ------
           Class      To                 From
           -----      --                 ----
           A1         AAA                AAA/Watch Neg

                         Rating Affirmed

                        Class      Rating
                        -----      ------
                        E          CCC


        MADRID RMBS III, Fondo de Titulizacion de Activos
         EUR3 Billion Mortgage-Backed Floating-Rate Notes

      Ratings Lowered and Removed From CreditWatch Negative

                              Rating
                              ------
           Class      To                 From
           -----      --                 ----
           A1         AA                 AAA/Watch Neg
           A2         AA                 AAA/Watch Neg
           A3         AA                 AAA/Watch Neg

                         Ratings Lowered

                 B          BBB                A
                 C          BB                 BBB
                 D          CCC                B

                         Rating Affirmed

                        Class      Rating
                        -----      ------
                        E          CCC


         MADRID RMBS IV, Fondo de Titulizacion de Activos
         EUR2.4 Billion Mortgage-Backed Floating-Rate Notes

       Ratings Lowered and Removed From CreditWatch Negative

                              Rating
                              ------
           Class      To                 From
           -----      --                 ----
           A1         AA-                AAA/Watch Neg
           A2         AA-                AAA/Watch Neg
           B          A-                 AA/Watch Neg
           C          BB                 A-/Watch Neg
           D          B                  BB/Watch Neg
           E          B-                 B/Watch Neg


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


GLATTPARKFEST JSC: Proof of Claim Filing Deadline is May 4
----------------------------------------------------------
Creditors of Glattparkfest JSC are requested to file their proofs
of claim by May 4, 2009, to:

         Beatrix Jud
         Liquidator
         Grossackerstrasse 43
         8152 Opfikon
         Switzerland

The company is currently undergoing liquidation in Glattbrugg.
The decision about liquidation was accepted at an extraordinary
general meeting on June 8, 2007.


NIMA IMMOBILIEN LLC: Claims Filing Deadline is May 6
----------------------------------------------------
Creditors of NIMA Immobilien LLC are requested to file their
proofs of claim by May 6, 2009, to:

         BLT Treuhand + Immobilien JSC
         Hardackerstrasse 5
         5301 Station Siggenthal
         Switzerland

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


PULLMANN METALL LLC: Claims Filing Deadline is May 4
----------------------------------------------------
Creditors of Pullmann Metall LLC are requested to file their
proofs of claim by May 4, 2009, to:

         Werner Burkhard Treuhand JSC
         Zollstrasse 3
         9434 Au SG
         Switzerland

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


TRANSTIMBER LINE + FINANZ: Claims Filing Deadline is May 4
----------------------------------------------------------
Creditors of Transtimber Line + Finanz JSC are requested to file
their proofs of claim by May 4, 2009, to:

         Dr. Urs Wehinger
         Liquidator
         Arnold Wehinger Kaelin & Ferrari Company
         Riesbachstrasse 52
         8008 Zurich
         Switzerland

The company is currently undergoing liquidation in Basel.  The
decision about liquidation was accepted at an extraordinary
general meeting held on March 13, 2009.


UBS AG: Shakes Up Top Management; Removes Investment-Banking Chief
------------------------------------------------------------------
Stephen Fidler and Katharina Bart at Dow Jones Newswires report
that Oswald Gruebel, the new chief executive of UBS AG,
shook up the top of the bank's investment-banking unit Monday.

The report relates Mr. Gruebel removed investment-banking chief
Jerker Johansson after just over a year in the job.  According to
the report, UBS said Mr. Johansson, who was hired last March to
help untangle the investment bank's heavy losses, would leave his
position immediately.  Mr. Gruebel installed two executives to
succeed Mr. Johansson: UBS veteran Alex Wilmot-Sitwell, an
investment-banking and mergers-and-acquisitions specialist, and
Carsten Kengeter, a former partner at Goldman Sachs Group with a
background in fixed-income products, the report states.

The report discloses in a statement Monday, Mr. Gruebel played
down speculation that UBS would seek to sell or shut down
the investment bank as part of its austerity drive.  The bank, as
cited in the report, said closing down the investment bank would
leave UBS unable to satisfactorily offer valuable and lucrative
advisory and execution services to its high-net-worth clients.
The report recalls the the bank's investment-banking unit
generated more than US$50 billion in losses since the financial
crisis began in August 2007.  The unit's difficulties have left it
unable to risk the capital needed to generate trading profits, the
report notes.

Mr. Gruebel, the report says, has announced a plan to return to
profitability that includes shedding 8,700 jobs, 11% of the bank's
total work force.

                      About UBS AG

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


YONARO JSC: Creditors Must File Proofs of Claim by May 4
--------------------------------------------------------
Creditors of Yonaro JSC are requested to file their proofs of
claim by May 4, 2009, to:

         Rolf Tschudin
         Liquidator
         Schatti + Partner JSC
         Zugerstrasse 76B
         6340 Baar
         Switzerland

The company is currently undergoing liquidation in Baar ZG.  The
decision about liquidation was accepted at an extraordinary
general meeting held on March 9, 2009.


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


COEFFICIENT OF SUCCESS: Creditors Must File Claims by May 10
------------------------------------------------------------
Creditors of LLC Coefficient of Success Company (code EDRPOU
33936627) have until May 10, 2009, to submit proofs of claim to:

         S. Benediuk
         Insolvency Manager
         Post Office Box 157
         03110 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on March 31, 2009.  The case is docketed under
Case No. 44/140-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Coefficient of Success Company
         Zdolbunovskaya Str. 7-A
         02081 Kiev
         Ukraine


INFOVEST LTD: Creditors Must File Claims by May 10
-------------------------------------------------
Creditors of LLC Infovest Ltd (code EDRPOU 34486800) have until
May 10, 2009, to submit proofs of claim to:

         S. Benediuk
         Insolvency Manager
         Post Office Box 157
         03110 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on March 31, 2009.  The case is docketed under
Case No. 44/138-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Infovest Ltd
         Petrovskaya str. 15
         04071 Kiev
         Ukraine


INTEK LTD: Creditors Must File Claims by May 10
-----------------------------------------------
Creditors of LLC Firm Intek Ltd (code EDRPOU 35644058) have until
May 10, 2009, to submit proofs of claim to:

         S. Benediuk
         Insolvency Manager
         Post Office Box 157
         03110 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on March 31, 2009.  The case is docketed under
Case No. 44/141-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Firm Intek Ltd
         Office 2K01
         Derevoobrabatyvayuschaya Str. 12, B. 1
         01013 Kiev
         Ukraine


PROFISYSTEM-M LLC: Creditors Must File Claims by May 10
-------------------------------------------------------
Creditors of LLC Profisystem-m (code EDRPOU 35644739) have until
May 10, 2009, to submit proofs of claim to:

         S. Benediuk
         Insolvency Manager
         Post Office Box 157
         03110 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on March 31, 2009.  The case is docketed under
Case No. 44/139-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Profisystem-m
         Ac. Zabolotny Str. 15
         03143 Kiev
         Ukraine


VERKHOVINA LLC: Creditors Must File Claims by May 10
----------------------------------------------------
Creditors of LLC Verkhovina (code EDRPOU 30708111) have until May
10, 2009, to submit proofs of claim to:

         V. Ischenko
         Insolvency Manager
         Post Office Box 21
         Melitopol
         72311 Zaporozhye
         Ukraine

The Economic Court of Zaporozhye region commenced bankruptcy
proceedings against the company on April 1, 2009.  The case is
docketed under Case No. 25/238/06-19/329/08.

The Court is located at:

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

The Debtor can be reached at:

         LLC Verkhovina
         Post Office Box 21
         Melitopol
         72372 Zaporozhye
         Ukraine


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


BRADFORD & BINGLEY: Richard Banks Named New Managing Director
-------------------------------------------------------------
The Scotsman's Victoria Thomson reports that Bradford & Bingley
plc on Monday appointed Richard Banks as its new managing
director.

According to the report, Mr. Banks, who will oversee the winding
down of the bank's loan book, will receive a GBP250,000 salary.
The report says the loan book, which has come under pressure due
to its buy-to-let and self-certified mortgages, is being wound
down to repay Treasury support last year as well as the GBP14
billion cost to the Financial Services Compensation Scheme of
transferring B&B's savings business to Santander's Abbey.

Richard Pym, currently executive chairman of B&B, will step down
to a non-executive role after a hand-over period, the report
discloses.

                 About Bradford & Bingley

Headquartered in Bingley, United Kingdom, Bradford & Bingley plc
-- http://www.bbg.co.uk/-- offers residential mortgages, and
focus on a range of areas providing mortgages for individuals.
It focuses on its savings business and provides a range of
savings products through 197 branches and network of 140 third-
party branch-type agents, by phone, post and Online.


JJB SPORTS: Crystal Amber Buys 12.96% Stake
-------------------------------------------
Crystal Amber, an activist fund, has bought a 12.96% stake in JJB
Sports plc for an undisclosed sum, sharecast.com reports.

Crystal Amber now has 32.5m shares in JJB, sharecast.com says.

As reported in the Troubled Company Reporter-Europe on April 29,
2009, BBC News said JJB has avoided going into administration
after creditors and landlords on Monday voted overwhelmingly for a
company voluntary agreement (CVA) 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 disclosed, will now be lodged with the courts and, if
there is no successful challenge, is expected to become effective
at the end of May.

                       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.


LDV: Applies for Administration; Has Until May 6 to Secure Funding
------------------------------------------------------------------
Graham Ruddick at Telegraph.co.uk reports that LDV, the
Birmingham-based van group owned by Russian oligarch Oleg
Deripaska, has applied to enter administration, putting 850 jobs
at the company and 6,000 in the supply chain at risk.

The report relates Tony Woodley, joint general secretary of Unite,
said LDV will go into administration on May 6 unless the
government injects funds into the company, which had been seeking
a GBP4 million-GBP5 million bridging loan while it tries to
complete a deal with interested foreign investors, believed to
include Malaysian group Westar.  The government, the report
states, has been reluctant to pump funding into LDV as it has
already provided GBP25 million for the business over the last 15
years and is not convinced the company, which has been loss-making
for seven years, has a viable business plan going forward.  Mr.
Deripaska, whose personal wealth and prestige have suffered as the
downturn grips Russia and aluminium prices, has also been hesitant
to support the company, the report notes.

According to the report, Evgeniy Vereshchagin, the LDV chief
executive, said it has until May 6 to secure funding for the
company.  The report discloses in a letter to staff, Mr.
Vereshchagin said he could not guarantee that staff will be paid
beyond the end of last week.

The report recalls plans for a management buy-out at LDV broke
down before hopes rose that two interested foreign investors could
rescue the business.  Mr. Vereshchagin, as cited in the report,
said although he was still working with the interested investors,
they are "finding it difficult to secure the necessary funds".

LDV, the report recounts, shut down production last December.  The
company, the report says, has suffered amid the financial crisis
and a fall of more than 70pc in commercial vehicle sales.

Based in Birmingham, UK, LDV -- http://www.ldv.com/-- designs,
manufactures and distributes the MAXUS range of light commercial
vehicles.  Originally formed in 1993 as Leyland DAF Vans Ltd, it
later changed its name to LDV Group Ltd and is now under Gaz Group
ownership since July 2006.

LDV have an annual turnover of GBP160 million and export vehicles
to Europe, the Middle East and to the Asian Pacific Rim.  They
employ approximately 900 people producing at a current rate of
approximately 13,000 vehicles per year.

The Group also includes Birmingham Pressings, a stamping business
producing body panels and subassemblies for LDV and external
customers.


LLOYDS BANKING: To Phase Out Clerical Medical Brand
---------------------------------------------------
Jonathan Russell at Telegraph.co.uk reports that Lloyds Banking
Group plc is merging the sales force of its life insurance and
investment businesses Scottish Widows and Clerical Medical.

The merger, the report notes, follows Lloyds takeover of HBOS, the
owner of Clerical Medical.

The report relates Lloyds said it would cut 305 jobs and phase out
the brand Clerical Medical for new business as part of the
restructuring.  The bank, as cited in the report, said the job
cuts would be split between the sales team, which would lose 190
jobs and customer services, where 115 jobs would be lost.  The job
cuts are not due to be introduced until July, the report says.

According to the report, under the restructuring plan the two
companies will maintain their head offices, Scottish Widows in
Edinburgh and Clerical Medical in Bristol.  The report discloses
pension products would be provided by Scottish Widows, while
onshore and offshore investment products would be provided by
Clerical Medical.

                  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 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 has
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 have been 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.


METRONET RAIL: Moody's Withdraws Underlying Ratings on All Bonds
----------------------------------------------------------------
Moody's has withdrawn the Underlying Ratings of all bonds issued
by Metronet Rail BCV Finance plc and Metronet Rail SSL Finance
plc.  At the same time Moody's has withdrawn the ratings of the
bonds issued by BCV Finance and SSL Finance which are
unconditionally and irrevocably guaranteed by Ambac Assurance UK
Limited.  The ratings of the bonds issued by BCV Finance and SSL
Finance which are unconditionally and irrevocably guaranteed by
Financial Security Assurance (UK) Limited are unaffected.

The Underlying Ratings have been withdrawn because Moody's
believes it lacks adequate information to maintain a rating.
Please refer to Moody's Withdrawal Policy on www.moodys.com.

The ratings of the bonds issued by BCV Finance and SSL Finance
which have been unconditionally and irrevocably guaranteed by
Ambac have been withdrawn for business reasons.  The rating
withdrawal reflects Moody's current policy to withdraw ratings on
Ambac-wrapped securities for which there is no published
underlying rating.  Should Ambac's rating subsequently move back
into the investment grade range, Moody's would reinstate the
rating to the wrapped instruments.  For further information,
please refer to Moody's special comment: 'Assignment of Wrapped
Ratings When Financial Guarantor Falls below Investment Grade (May
6, 2008).

These ratings have been withdrawn:

Metronet Rail SSL Finance plc:

* GB165 million Senior Secured Index-Linked Notes due 2032,
  unconditionally and irrevocably guaranteed by Ambac Assurance UK
  Limited * WR

* Underlying rating of the above * WR

* Underlying Rating of GB350 million Senior Secured Fixed Rate
  Notes due 2032, unconditionally and irrevocably guaranteed by
  Financial Security Assurance (UK) Limited * WR

Metronet Rail BCV Finance plc:

* GB350 million Senior Secured Fixed Rate Notes due 2032,
  unconditionally and irrevocably guaranteed by Ambac Assurance UK
  Limited * WR

* Underlying Rating of the above * WR

* Underlying rating of GB165 million Senior Secured Index-Linked
  Notes due 2032, unconditionally and irrevocably guaranteed by
  Financial Security Assurance (UK) Limited * WR

Following this rating action, these ratings remain outstanding:

Metronet Rail SSL Finance plc:

* GB350 million Senior Secured Fixed Rate Notes due 2032,
  unconditionally and irrevocably guaranteed by Financial Security
  Assurance (UK) Limited -* Aa3

Metronet Rail BCV Finance plc:

* GB165 million Senior Secured Index-Linked Notes due 2032,
  unconditionally and irrevocably guaranteed by Financial Security
  Assurance (UK) Limited -* Aa3

Moody's last rating action on both BCV Finance and SSL Finance was
on April 13, 2009 when the bonds guaranteed by Ambac were
downgraded to Ba3 from Baa1, following the downgrade of Ambac's
Insurance Financial Strength Rating to Ba3 from Baa1.

The ratings of BCV Finance and SSL Finance were assigned by
evaluating factors believed to be relevant to the credit profile
of the issuer such as i) the business risk and competitive
position of the issuer versus others within its industry or
sector, ii) the capital structure and financial risk of the
issuer, iii) the projected performance of the issuer over the near
to intermediate term, and iv) the issuer's history of achieving
consistent operating performance and meeting budget or financial
plan goals.  These attributes were compared against other issuers
both within and outside of BCV Finance and SSL Finance's core peer
group and BCV Finance and SSL Finance's ratings are believed to be
comparable to ratings assigned to other issuers of similar credit
risk.

Metronet Rail BCV Finance plc is a financing conduit that raised
finance and lent the proceeds to Metronet Rail BCV Limited, and
Metronet Rail SSL Finance plc is a financing conduit that raised
finance and lent the proceeds to Metronet Rail SSL Limited.
Metronet Rail BCV Limited and Metronet Rail SSL Limited are
companies that were set up to provide infrastructure upgrade,
operation and maintenance services to London Underground Limited
under the terms of the Service Contracts forming part of the
London Underground Public Private Partnership.


SCREENPRINT PLUS: Goes Into Administration; 170 Jobs at Risk
------------------------------------------------------------
Helen Morris at printweek.com reports that Screenprint Plus, a
unit of the SPP Group, has gone into the administration,
threatening the jobs of up to 170 staff at the company.

Andrew McTear and Chris Williams of McTear Williams & Wood were
appointed administrators to the company on April 17, the report
relates.

The report discloses according to the company's latest accounts,
dated March 31, 2007, it had a turnover of GBP10.8 million and a
pre-tax profit of GBP338,000.

BAsed in Norfolk, Screenprint Plus --
http://www.screenprintplus.co.uk/-- operates out of SPP Group's
4,300m2 factory in Great Yarmouth, which also houses the group's
SPP Digital and Cherry Cube brands.


THPA FINANCE: Fitch Cuts Rating on Class C Notes to 'BB'
--------------------------------------------------------
Fitch Ratings has taken several rating actions with respect to
THPA Finance Limited's notes as detailed below:

  -- GBP145 million class A2 secured 7.127% fixed-rate notes due
     2024: affirmed at 'A'; Outlook revised to Negative from
     Stable

  -- GBP70 million class B secured 8.241% fixed-rate notes due
     2028: affirmed at 'BBB'; Outlook revised to Negative from
     Stable

  -- GBP30 million class C secured floating-rate notes due 2031:
     affirmed at 'BB'; Outlook revised to Negative from Stable

The affirmation follows recent discussions with management and a
review of THPA's financial performance for the period ended
December 2008.  Although THPA has improved its financial
performance in last twelve months (with EBITDA before exceptional
items growing year-on-year by 1.9% to GBP43.2 million), its
operations, especially in the last quarter ended December 2008,
have been impacted by the worsening UK and global economic
environment.  Port operations have suffered from a reduction in
steel slab transportation volumes, lower unitized cargo traffic
and a decline in car imports.  Conservancy and property revenues
have benefited from increased contributions from property rentals,
which partially offset lower river volumes related to the steel
and chemical industries and crude oil transportation.
Nevertheless, the overall impact on EBITDA, which showed a decline
in the last quarter of 2008, has so far been mitigated by the
minimum volume guarantee for steel slab handling with Corus, and
the favorable effect of a business rates reduction for Teesport.

While management continues to diversify THPA's revenue sources by
attracting new projects and customers on its land holdings, a
significant proportion of the transaction's revenues and EBITDA
still arise from key customers, notably ConocoPhillips' Seal Sands
oil terminal, Corus' Redcar steel plant and P&O's ferry services
to Rotterdam and Zeebrugge.  Among these, Fitch still views
Conoco's oil volumes as the most vulnerable in the medium term,
especially due to potentially diminishing North Sea oil reserves
being transported through the Ekofisk pipeline.  Fitch
additionally expects ferry services and the traffic generated by
the Redcar steel plant to suffer from the current recessionary
environment.  Moreover, Fitch understands that there are currently
negotiations taking place between Corus and a consortium headed by
Mantova-based Marcegaglia to sell the Redcar plant, however, it's
uncertain at present what the outcome of the negotiations will be.

THPA's reported EBITDA debt service coverage ration stood at
2.00x, as of end December 2008, ahead of its 1.25x default
covenant, whilst its net cash flow DSCR stood at 1.73x.  However,
Fitch notes that THPA's credit metrics currently only consist of
interest payments on the class A2, B and C notes following the
early redemption of class A1 notes in 2004.  The agency continues
to view the prepayment of the class A1 notes as credit negative as
debt service requirements will markedly increase in 2011 when
principal amortization starts for the A2 tranche.  However, the
de-leveraging effect means that the annuity-based net cash flow
DSCR at the 'BB' level stood at 1.50x as of December 2008.

Fitch expects challenging economic conditions to continue, but the
agency believes the ratings of the notes sit comfortably at their
current levels, given the de-leveraging effect and EBITDA growth
since original closing in 2001.  The agency has nonetheless
revised the Outlook for all note classes to Negative from Stable
to reflect a potential negative impact of the worsening UK and
global economic environment on THPA's operations.

THPA is a securitization of the assets held, and earnings
generated, by the PD Ports group which owns the port of Tees &
Hartlepool on the northeast coast of England.  PD Ports is owned
by Babcock & Brown Infrastructure Ltd, an Australia-based
infrastructure investment vehicle.


* BOOK REVIEW: Beyond the Quick Fix
-----------------------------------
Author: Ralph H. Kilmann
Publisher: Beard Books
Hardcover: 320 pages
Listprice: US$34.95
Review by Henry Berry

Every few years, a new approach is offered for unleashing the full
potential of organized efforts.  These are the quick fixes to
which the title of this book refers.  The jargon of the quick fix
is familiar to any businessperson: decentralization, human
resources, restructuring, mission statement, corporate strategy,
corporate culture, and so on.  These terms are all limited in
scope or objective, and some are even irrelevant or misconceived
with regard to the overall well-being and purpose of a
corporation.

With his extensive experience as a corporate consultant, author of
numerous articles, and professor in business studies, Kilmann
recognizes that each new idea for optimum performance and results
is germane to some area of a corporation.  However, he also
recognizes that each new idea inevitably falls short in bringing
positive change -- that is, a change that is spread throughout the
corporation and is lasting.  At best, when a corporation relies on
an alluring, and sometimes little more than fashionable, idea, it
is a wasteful distraction.  At worst, it can skew a corporate
organization and its operations, thereby allowing the
corporation's true problems or weaknesses to grow until they
become ruinous.  As the author puts it, "Essentially, it is not
the single approach of culture, strategy, or restructuring that is
inherently ineffective.  Rather, each is ineffective only if it is
applied by itself -- as a "quick fix"."

Kilmann tells corporate leaders how to break the cycle of
embracing a quick fix, discarding it after it proves ineffective,
and then turning to a newer and ostensibly better quick fix that
soon proves to be equally ineffective.  For a corporation to break
this self-defeating cycle, the author offers a five-track program.
The five tracks, or elements, of this program are corporate
culture, management skills, team-building, strategy-structure, and
reward system.  These elements are interrelated.  The virtue of
Kilmann's multidimensional five-track program is that it addresses
a corporation in its entirety, not simply parts of it.

Kilmann's five tracks offer structural and operational aspects of
a corporation that executives and managers will find familiar in
their day-to-day leadership and strategic thinking.  Thus, the
author does not introduce any unfamiliar or radical perspectives
or ideas, but rather advises readers on how to get all parts of a
corporation involved in productive change by integrating the five
tracks into "a carefully designed sequence of action: one by one,
each track sets the stage for the next track."  Kilmann does more,
though, than bring all significant features of a modern
corporation together in a five-track program and demonstrate the
interrelation of its elements.  His singularly pertinent and
useful contribution is providing a sequence of steps to be
implemented with respect to each track so that a corporation
progresses toward its goals in an integrated way.

Beyond the Quick Fix is a manual for implementing and evaluating
the progress of a five-track program for corporate success. The
book should be read by any corporate leader desiring to bring
change to his or her organization.

Ralph H. Kilmann has been connected with the University of
Pittsburgh for 30 years.  For a time, he was its George H. Love
Professor of Organization and Management at its Katz Graduate
School of Business.  Additionally, he is president of a firm
specializing in quantum transformations.

                            *********

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.


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