TCREUR_Public/090504.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

             Monday, May 4, 2009, Vol. 10, No. 86

                            Headlines

A R M E N I A

ACBA-CREDIT AGRICOLE: Fitch Affirms 'D' Individual Rating
VTB BANK: Fitch Affirms Individual Rating at 'D/E'


A U S T R I A

ABOVO LLC: Claims Registration Period Ends May 20
LEPAN LLC: Claims Registration Period Ends May 20
LUDI LLC: Claims Registration Period Ends May 20
MITTEREGGER LLC: Claims Registration Period Ends May 20
THERMOTREND INSTALLATIONS: Claims Registration Period Ends May 15


B E L A R U S

BTA BANK: Fitch Puts 'CCC' Long-Term IDR on Rating Watch Negative


B E L G I U M

FORTIS SA/NV: S&P Changes Outlook on 'BB' Rating to Positive


F R A N C E

FONDS COMMUN: Moody's Assigns 'Ba3' Rating on Class E Notes
IXIS CORPORATE: Moody's Junks Rating on US$40MM Series 2430 Notes
RHODIA SA: S&P Lowers Corporate Credit Rating to 'BB-'


G E R M A N Y

CONTINENTAL AG: Fitch Puts 'BB' Issuer Rating on Negative Watch
DUERR AG: Moody's Confirms 'B1' Corporate Family Rating
LEHMAN BROTHERS BANKHAUS: Files for Chapter 15 Bankruptcy
LEHMAN BROTHERS BANKHAUS: Voluntary Chapter 15 Case Summary


I R E L A N D

INDEPENDENT NEWS: Casts Doubt on Future After Bond Talks Fail
MAGNOLIA FINANCE: Moody's Withdraws 'Caa1' Rating on 2007-3 Notes


K A Z A K H S T A N

AVTOMOBILIST OJSC: Creditors Must File Claims by June 5
BASKOL & K LLP: Creditors Must File Claims by June 5
ILDAR-SERVICE LLP: Creditors Must File Claims by June 5
NORD SK: Creditors Must File Claims by June 5
SOV DESIGN LLP: Creditors Must File Claims by June 5

TEMIRBANK: Fitch Cuts Long-Term Issuer Default Rating to 'C'


K Y R G Y Z S T A N

BAIT COM: Creditors Must File Claims by May 15
GRAND MOTORS: Creditors Must File Claims by May 15
INTER INVEST: Creditors Must File Claims by May 15
KIRGIR TRADING: Creditors Must File Claims by May 15


R U S S I A

AVANGARD-RAM LLC: Creditors Must File Claims by May 24
DAG-STEKLO OJSC: Creditors Must File Claims by May 24
GAZPROMBANK OAO: Posts RUR60.1 Billion Net Loss in 2008
GAZPROMBANK OAO: Moody's Reviews 'D-' Bank Fin'l Strength Rating
INTERREGIONAL CONSTRUCTION: Creditors Must File Claims by May 24

INZHENER-STROY LLC: Kaliningradskaya Bankruptcy Hearing Set May 25
KVARTS LLC: Creditors Must File Claims by May 24
MOSTRANSAVTO: S&P Affirms 'CC' Long-Term Issuer Credit Ratings
VIMPELCOM: Hearing on Farimex Suit v. Telenor Adjourned to May 6

* Fitch Takes Rating Actions on Seven Russian Insurance Companies
* VOLOGDA OBLAST: S&P Gives Negative Outlook; Affirms 'BB-' Rating


S E R B I A   &   M O N T E N E G R O

ATLASMONT BANKA: Moody's Changes Outlook on B1 Rating to Negative

* Moody's Downgrades Rating on Montenegro's Government to 'Ba3'


S P A I N

IM EMPRESAS: Moody's Assigns 'Caa1' Rating on EUR147.2 Mil. Notes


S W I T Z E R L A N D

ASWENTA HOLDING: Creditors Must File Proofs of Claim by May 6
BINA TRADING: Proof of Claim Filing Deadline is May 6
BIRRER CARPAINT – SOLUTIONS: Claims Filing Deadline is May 4
BKD DISTRIBUTION: Proof of Claim Filing Deadline is May 6
MMC GASTRO: Claims Filing Deadline is May 4


U K R A I N E

ACTIVE-CENTER LLC: Court Starts Bankruptcy Supervision Procedure
DIOS LLC: Court Starts Bankruptcy Supervision Procedure
ENERGYGROUP VERTICAL: Creditors Must File Claims by May 10
MARKET FIALKA: Creditors Must File Claims by May 10
MARKET-TRANS LLC: Creditors Must File Claims by May 10

OBERIG STATE: Creditors Must File Claims by May 10
YUBILEYNY AGRICULTURAL: Creditors Must File Claims by May 10


U N I T E D   K I N G D O M

AQUILA PLC: Fitch Affirms Rating on Class E Notes at 'BB'
DSG INT'L: Raises GBP311 Mln to Step Up Store Transformation
LOOKERS PLC: Casts Doubt on Future; Won't Pay Final Dividend
MECOM GROUP: Mulls GBP140 Million Equity Issue to Pay Down Debt
NEMUS II: Fitch Junks Ratings on Class E and F Notes

ROAD MANAGEMENT: Moody's Withdraws Rating on GBP165 Mil. Bonds
TAYLOR WIMPEY: Completes Refinancing of GBP1.57 Billion Debt

* S&P Takes Rating Actions on 351 European Synthetic CDO Tranches
* S&P Junks Ratings on Two European Loss-Based Senior Notes

* BOND PRICING: For the Week April 27 to May 1, 2009


                         *********


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A R M E N I A
=============


ACBA-CREDIT AGRICOLE: Fitch Affirms 'D' Individual Rating
---------------------------------------------------------
Fitch Ratings has affirmed two Armenian banks, VTB Bank Armenia
and ACBA-Credit Agricole Bank, at Long-term Issuer Default 'BB+'
and 'BB', respectively.  The Outlooks on both banks are Stable.
The Individual Ratings of VTBA and ACBA have been also affirmed at
'D/E' and 'D', respectively.

The IDRs of both banks reflect Fitch's view of the moderate
probability of support being forthcoming, if required, from their
owners.  Fitch believes Russia's JSC VTB Bank ('BBB'/Negative)
would have a strong propensity to support VTBA, in case of need,
due to its 100% ownership, the strategic importance of CIS markets
for VTB and the small size of VTBA relative to its parent.

In respect to ACBA, the probability of support being forthcoming
from Credit Agricole ('AA-' (AA minus)/Stable) is undermined by
CA's minority stake (28%) and the fact that the Armenian market
does not appear to be of high importance for CA; these
considerations are reflected in the lower Long-term IDR of ACBA,
relative to VTBA.  Nevertheless, support is factored into the
ratings of ACBA due to brand association, the close involvement of
CA in establishing and supervising ACBA and ACBA's relatively
small size.

The Individual Ratings of both banks reflect rapid loan growth in
recent years, the high proportion of foreign currency loans and
the high-risk operating environment, but also take into account
the solid capitalization of both banks and their broad domestic
franchises.  However, the high concentration of VTBA's loan book,
its relatively high exposure to the vulnerable construction
sector, the somewhat higher current loan impairment level, larger
tier 2 component in capital and much higher reliance on
shareholder funding/liquidity support make the bank weaker on a
standalone basis, which is reflected in its Individual Rating of
'D/E'.  The Individual Rating of ACBA at 'D' considers the high
granularity of its loan portfolio, diversified funding base and
stable liquidity position, high profitability and good corporate
governance.

ACBA is Armenia's largest bank by assets and loans, with market
shares of 12% and 13%, respectively, at end-2008.  It has a
leading position in agricultural lending with a 71% market share.
The biggest stake in the bank is owned by CA and the remainder is
distributed among 10 regional agricultural unions.

VTBA held 11% of sector loans and 5.9% of retail deposits at end-
2008.  The bank has an extensive branch network covering all
regions of Armenia and is 100%-owned by VTB.

The rating actions are:

VTB Bank (Armenia) CJSC

  -- Long-term foreign and local currency IDR: affirmed at 'BB+';
     Outlook Stable

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

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

  -- Support Rating: affirmed at '3'

ACBA-Credit Agricole Bank CJSC

  -- Long-term foreign currency IDR: affirmed at 'BB'; Outlook
     Stable

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

  -- Individual Rating: affirmed at 'D'

  -- Support Rating: affirmed at '3'


VTB BANK: Fitch Affirms Individual Rating at 'D/E'
--------------------------------------------------
Fitch Ratings has affirmed two Armenian banks, VTB Bank Armenia
and ACBA-Credit Agricole Bank, at Long-term Issuer Default 'BB+'
and 'BB', respectively.  The Outlooks on both banks are Stable.
The Individual Ratings of VTBA and ACBA have been also affirmed at
'D/E' and 'D', respectively.

The IDRs of both banks reflect Fitch's view of the moderate
probability of support being forthcoming, if required, from their
owners.  Fitch believes Russia's JSC VTB Bank ('BBB'/Negative)
would have a strong propensity to support VTBA, in case of need,
due to its 100% ownership, the strategic importance of CIS markets
for VTB and the small size of VTBA relative to its parent.

In respect to ACBA, the probability of support being forthcoming
from Credit Agricole ('AA-' (AA minus)/Stable) is undermined by
CA's minority stake (28%) and the fact that the Armenian market
does not appear to be of high importance for CA; these
considerations are reflected in the lower Long-term IDR of ACBA,
relative to VTBA.  Nevertheless, support is factored into the
ratings of ACBA due to brand association, the close involvement of
CA in establishing and supervising ACBA and ACBA's relatively
small size.

The Individual Ratings of both banks reflect rapid loan growth in
recent years, the high proportion of foreign currency loans and
the high-risk operating environment, but also take into account
the solid capitalization of both banks and their broad domestic
franchises.  However, the high concentration of VTBA's loan book,
its relatively high exposure to the vulnerable construction
sector, the somewhat higher current loan impairment level, larger
tier 2 component in capital and much higher reliance on
shareholder funding/liquidity support make the bank weaker on a
standalone basis, which is reflected in its Individual Rating of
'D/E'.  The Individual Rating of ACBA at 'D' considers the high
granularity of its loan portfolio, diversified funding base and
stable liquidity position, high profitability and good corporate
governance.

ACBA is Armenia's largest bank by assets and loans, with market
shares of 12% and 13%, respectively, at end-2008.  It has a
leading position in agricultural lending with a 71% market share.
The biggest stake in the bank is owned by CA and the remainder is
distributed among 10 regional agricultural unions.

VTBA held 11% of sector loans and 5.9% of retail deposits at end-
2008.  The bank has an extensive branch network covering all
regions of Armenia and is 100%-owned by VTB.

The rating actions are:

VTB Bank (Armenia) CJSC

  -- Long-term foreign and local currency IDR: affirmed at 'BB+';
     Outlook Stable

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

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

  -- Support Rating: affirmed at '3'

ACBA-Credit Agricole Bank CJSC

  -- Long-term foreign currency IDR: affirmed at 'BB'; Outlook
     Stable

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

  -- Individual Rating: affirmed at 'D'

  -- Support Rating: affirmed at '3'


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


ABOVO LLC: Claims Registration Period Ends May 20
-------------------------------------------------
Creditors owed money by abovo LLC have until May 20, 2009, to file
written proofs of claim to the court-appointed estate
administrator:

         Dr. Annemarie Kosesnik-Wehrle
         Oelzeltgasse 4/6
         1030 Vienna
         Tel: 713 61 92
         Fax: 713 61 92 22
         E-mail: kanzlei@kosesnik-langer.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:15 a.m. on June 3, 2009, for the
examination of claims.


LEPAN LLC: Claims Registration Period Ends May 20
-------------------------------------------------
Creditors owed money by Lepan LLC have until May 20, 2009, to file
written proofs of claim to the court-appointed estate
administrator:

         Dipl.Ing.Mag. Michael Neuhauser
         Esslinggasse 7
         1010 Vienna
         Austria
         Tel: 90333
         Fax: 90 333-55
         E-mail: wien@snwlaw.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:15 a.m. on June 3, 2009, for the
examination of claims.


LUDI LLC: Claims Registration Period Ends May 20
------------------------------------------------
Creditors owed money by Ludi LLC have until May 20, 2009, to file
written proofs of claim to the court-appointed estate
administrator:

         Mag. Caroline Klus
         Kohlmarkt 14
         1010 Vienna
         Austria
         Tel: 533 19 39
         Fax: 533 19 39-39
         E-Mail: kanzlei@lp-law.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on June 3, 2009, for the
examination of claims.


MITTEREGGER LLC: Claims Registration Period Ends May 20
-------------------------------------------------------
Creditors owed money by Mitteregger LLC have until May 20, 2009,
to file written proofs of claim to the court-appointed estate
administrator:

         Dr. Christopher Straberger
         Maria Theresia Strasse 19
         4600 Wells
         Austria
         Tel: 07242/47175, 47244
         Fax: 07242/641222
         E-mail: office@straberger.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on June 4, 2009, for the
examination of claims at:

         Land Court of Wels
         Hall 101
         First Floor
         Wels
         Austria


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

         Mag. Andrea Eisner
         Weyrgasse 8/7
         1030 Vienna
         Austria
         Tel: 712 04 77
         Fax: 712 04 77 12
         E-Mail: office@ra-eisner.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:40 a.m. on May 29, 2009, for the
examination of claims.


=============
B E L A R U S
=============


BTA BANK: Fitch Puts 'CCC' Long-Term IDR on Rating Watch Negative
-----------------------------------------------------------------
Fitch Ratings has downgraded Temirbank's Long-term Issuer Default
Rating to 'C' from 'CC', and placed BTA Bank (Belarus)'s Long-term
IDR of 'CCC' on Rating Watch Negative.  Temir's Long-term IDR
remains on RWN.

The rating actions follow the recent announcement by Kazakhstan-
based BTA Bank ('RD' (Restricted Default)) that the standstill on
principal repayments of its wholesale funding will also apply to
its majority-owned subsidiaries where the bank exercises
management control.  Temir and BTA Belarus are both majority-owned
by BTA.

Fitch understands that neither Temir nor BTA Belarus has so far
defaulted on any of its obligations, and hence their ratings have
not been downgraded to 'RD'.  Furthermore, Fitch has been informed
that neither bank has any near-term funding maturities which could
potentially be impacted by the standstill.

However, Temir's 'C' Long-term IDR reflects the now very high
probability that some of the bank's liabilities will be subject to
a coercive debt exchange as part of the expected restructuring of
the liabilities of the broader BTA group.  Should such a CDE take
place, Temir would be downgraded to 'RD'.

Fitch has not yet downgraded BTA Belarus's 'CCC' Long-term IDR in
light of conflicting information the agency has received as to
whether the standstill applies to the bank, as a foreign
subsidiary.  Furthermore, in Fitch's view there is greater
uncertainty as to whether BTA Belarus's liabilities will
ultimately be subject to a CDE in light of the absence of any
public debt at the bank, the small volume of trade finance
liabilities to banks outside of the BTA group and the fact that
BTA Belarus is regulated in a separate jurisdiction.  Fitch will
resolve the RWN on BTA Belarus upon receiving final confirmation
as to whether the standstill applies to the bank and whether the
bank's liabilities are ultimately likely to be subject to
restructuring on the same basis as the Kazakh entities of the
group.

Temir was the eighth-largest bank in Kazakhstan at end-2008 and
held a 2.4% share of the system's assets.  The bank is
predominantly retail-oriented on the asset side, and wholesale-
funded on the liability side.  BTA directly owns a 69.85% stake.

BTA Bank increased its direct ownership in BTA Belarus to 99.3% in
Q408.  At end-2008, BTAB had US$117.5m in assets and ranked 15th
by asset size in Belarus, with 0.4% of system assets.

Rating actions are:

Temirbank

  -- Long-term foreign currency IDR: downgraded to 'C' from 'CC';
     remains on RWN

  -- Short-term foreign currency IDR: 'C' remains on RWN

  -- Individual Rating: affirmed at 'E'

  -- Support Rating: affirmed at '5'

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

  -- Senior unsecured debt: downgraded to 'C' from 'CC'; RWN
     withdrawn; Recovery Rating at 'RR4'

CJSC BTA Bank (Belarus) (BTA Belarus)

  -- Long-term foreign currency IDR: 'CCC'; placed on RWN
  -- Short-term foreign currency IDR: 'C'; placed on RWN
  -- Individual rating: affirmed at 'E'
  -- Support rating: affirmed at '5'


=============
B E L G I U M
=============


FORTIS SA/NV: S&P Changes Outlook on 'BB' Rating to Positive
------------------------------------------------------------
Standard & Poor's Ratings Services said that it has revised its
implications to positive from developing on the CreditWatch
placement of its 'BB' long-term counterparty credit ratings and
'B' short-term counterparty credit ratings on Fortis SA/NV and
Fortis N.V., the two holding companies of the Fortis group.  The
positive implications reflect S&P's view of the upside potential
for Fortis arising from the deal with the Belgian government and
BNP Paribas, which was approved in Fortis shareholder meetings in
Belgium (on April 28, 2009) and the Netherlands (on April 29,
2009).  This agreement is likely in S&P's view to alleviate some
of the uncertainties relating to Fortis' structure and legal
risks, its liquidity and capital positions, and the risks relating
to its noninsurance assets and liabilities.

At the same time, Standard & Poor's maintained the 'A' long-term
counterparty credit and financial strength ratings on Fortis
Insurance Belgium on CreditWatch with negative implications.  S&P
originally placed the ratings on CreditWatch (with positive
implications) on Oct. 6, 2008.  The negative implications on FIB
indicate that, as S&P review FIB's situation, S&P might decide to
lower its assessment of its stand-alone credit profile,
particularly given the difficult operating environment.  In S&P's
opinion, the approval of the new agreement is likely to add
strength to FIB, as it may solidify the bancassurance agreement
with Fortis Bank SA/NV and add good diversification to FIB's
ownership structure.  S&P's opinion, however, is that these
strengths are unlikely to result in an upgrade of FIB, owing to
the limitation of the Fortis Bank ownership to 25%, and to the
execution risk attached to this new agreement.

In a related action, Standard & Poor's maintained the 'BB' long-
term junior subordinated ratings on the three hybrid instruments
issued by Fortis Hybrid Financing on CreditWatch with developing
implications.  The developing implications reflect the
uncertainties regarding the coupon payment on these instruments,
which can be affected in certain circumstances by triggers related
to the financial situation of Fortis, even if it depends first on
payment made by FIB and Fortis Bank SA/NV (FBB; A/Watch Pos/A-1).

"We expect to issue a CreditWatch update on the holding companies
within one month.  S&P expects the upside potential for the
ratings on the holding companies to be up to four notches," said
Standard & Poor's credit analyst Lotfi Elbarhdadi.

S&P also expects to resolve or update the CreditWatch on FIB
within one month.  S&P's decision will depend on results of its
review of the stand-alone credit profile of FIB and S&P's view of
the effect of the new Fortis structure on the operating entities'
and holding companies' overall creditworthiness.  If S&P's
conclusions are negative, S&P could downgrade FIB by one or two
notches.

To resolve the CreditWatch on the instruments of Fortis Hybrid
Financing S&P need to resolve the CreditWatch on the related
parties, including FIB and Fortis SA/NV and Fortis NV, and to
clarify how the triggers set in the documentation will continue to
apply in the new structure of Fortis following the completion of
the transactions as approved by the April 28 and 29 shareholder
meetings.


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


FONDS COMMUN: Moody's Assigns 'Ba3' Rating on Class E Notes
-----------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to these
classes of Notes issued by the Fonds Commun de Titrisation
Marsollier Mortgages:

  -- Aaa to the EUR87.4 Million Class A Mortgage-Backed Notes due
     in September 2050

  -- Aa2 to the EUR13.6 Million Class B Mortgage-Backed Notes due
     in September 2050

  -- A2 to the EUR11.65 Million Class C Mortgage-Backed Notes due
     in September 2050

  -- Baa3 to the EUR25.25 Million Class D Mortgage-Backed Notes
     due in September 2050

  -- Ba3 to the EUR15.55 Million Class E Mortgage-Backed Notes
     due in September 2050

The EUR40.75 Million Class F and EUR0.95 Million Class R notes are
not rated.  The ratings of the notes address the expected loss
posed to investors by legal maturity.  In Moody's opinion, the
structure allows for the timely payment of interest on the Classes
A, B and C Notes.

The Issuer will finance the acquisition of a pool of residential
mortgages originated by J.P. Morgan Bank Dublin Plc, Paris Branch
-- previously named Bear Stearns Bank Plc - with funds to be
raised through the issuance of the Class A, B, C, D, E , F and R
notes.

The Notes are backed by 3,029 residential mortgage loans
(EUR194.24 Million), which are secured by first ranking mortgages
on residential properties located in France. J.P. Morgan Bank
Dublin Plc, Paris Branch has stop originating loans, and servicing
of this portfolio will be performed by J.P. Morgan Europe Limited
(NR) a wholly owned subsidiary of JP Morgan Chase Bank N.A. (Aa1/
P-1).  France Titrisation will be the management company and BNPP
Security Services will act as custodian.

The provisional rating of the Notes is primarily based on the
assessment of:

(1) the credit quality of the underlying mortgage loans, which are
    considered by Moody's as non conforming (high proportion of
    re-mortgages, debt-consolidation and previous bad credit
    history), but which shows a low weighted average Loan-To-Value
    (61.5%).  This is the first time that Moody's assesses a
    French RMBS non-conforming pool and the historical data
    provided does not cover an entire economic cycle.  Moody's
    took conservative assumptions to assess the credit quality of
    this pool by increasing the default probability to address the
    adverse credit characteristics of the pool.  The lack of
    historical data has also been factored in the V-Score
    assessment.

(2) the credit enhancement in the form of notes subordination (55%
    of Notes subordination below Class A), an amortizing reserve
    fund fully funded at closing (0.4% of total mortgage pool), as
    well as the protection provided by the excess spread, which
    has been stressed because it is not guaranteed by the swap
    agreement.

(3) the implied PDL mechanism.

(4) subject to performance triggers, the waterfall may allow
    repayment of the most junior class before other more senior
    Notes.

(5) legal features, including the inherent protections provided by
    the French Securitization Law.

The main provisional portfolio characteristics include: (i) a
weighted average current LTV (loan-to-value) of 61.5%; (ii) a
large proportion of loan granted for debt-consolidation purpose
(83.05%); (iii) a proportion of loans for which borrowers had
previous bad credit history (20.02% of the pool have a
registration in the FCC database and 32.91% in the FICP database).

In addition, Moody's has used modified its default frequency curve
for this transaction to assume a fixed 100% default frequency for
the sub-portfolio that includes the risky portfolio
characteristics of debt consolidation and adverse credit history
and 50% for the remaining pool to factor the incremental risk of
these products and the adverse selection of borrowers in Moody's
rating assessment.

The expected portfolio loss of 8.0% and the MILAN Aaa CE of 55%
serve as input parameters for Moody's cash flow model and
tranching model, which is based on a probabilistic lognormal
distribution.

The V Score for this transaction is Medium/High, which is higher
than the Low/Medium V score assigned for the French RMBS sector.
This is largely driven by the limited data available for the
performance of the non conforming market in France and the
increased complexity which this has created in the analysis of the
transaction.  Two of the four broad components underlying the V
Score have been assessed as High for this transaction, with the
other two assessed as Medium/High.  The V-Score has been assigned
accordingly to the report "V-Scores and Parameter Sensitivities in
the Major EMEA RMBS Sectors" published in April 2009.


IXIS CORPORATE: Moody's Junks Rating on US$40MM Series 2430 Notes
-----------------------------------------------------------------
Moody's Investors Service has downgraded its ratings of one class
of notes issued by IXIS Corporate & Investment Bank.

The transaction is a static synthetic CDO referencing 50 entities
which are exclusively banks, insurance and financial companies.
According to Moody's, the rating action was mainly driven by the
multiple notch downgrade of the monolines insurance names included
in the portfolio including Syncora Guarantee Inc, MBIA and Ambac
Assurance.

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

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

The rating action is:

IXIS Corporate & Investment Bank:

(1) Series 2430 US$40,000,000 Credit-Linked Notes Tranche N°1
(Raphael)

  -- Current Rating: Caa2

  -- Prior Rating: Ba2

  -- Prior Rating Date: 23 February 2009, downgraded to Ba2 from
     Aaa


RHODIA SA: S&P Lowers Corporate Credit Rating to 'BB-'
------------------------------------------------------
Standard & Poor's Ratings Services said that it has lowered to
'BB-' from 'BB' its long-term corporate credit rating on France-
based chemicals producer Rhodia S.A.  S&P affirmed the 'B' short-
term credit rating.  The outlook is stable.

"The rating action reflects our opinion that key cash flow metrics
and free cash flow generation will be under pressure in 2009 and
2010 at least, given weaker demand tied notably to the automotive
end market," said Standard & Poor's credit analyst Lucas Sevenin.

S&P is also concerned by carbon credit prices which S&P assume
will remain low in 2009 and 2010 at least, given lower demand.  On
the supportive side, S&P anticipate that free operating cash flow
will remain somewhat positive in 2009 and 2010, thanks notably to
carbon credits, which S&P expects to remain the main cash flow
source.  S&P also view the group's liquidity as adequate, given
material cash levels and availability under committed lines, no
major debt due before 2013, and expected covenant compliance.

"The stable outlook reflects our expectations that the group will
retain, in 2009 and 2010, material cash levels, comply with all
covenants with adequate leeway, and that discretionary cash flows
after taking into account acquisitions and shareholder
distributions would be slightly negative at worst," said Mr.
Sévenin.

S&P views adjusted FFO to debt of above 15% as commensurate with
the current rating.  However, S&P does not expect this to be
achieved in 2009, but only in 2010.  This mirrors S&P's current
base scenario under which demand would sequentially improve in the
second half of 2009 and in full-year 2010.

Rating pressures would appear if EBITDA does not clearly improve
in the next two quarters compared with the first, if covenant
headroom falls to low levels, or if FOCF becomes clearly negative.


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


CONTINENTAL AG: Fitch Puts 'BB' Issuer Rating on Negative Watch
---------------------------------------------------------------
Fitch Ratings has placed Continental AG's Long-term Issuer Default
Rating and senior unsecured rating of 'BB', respectively, on
Rating Watch Negative.  At the same time, Fitch has affirmed
Continental's Short-term IDR at 'B'.

The rating action reflects Fitch's growing concerns about
Continental's financial profile against the slump in global
vehicle production and the agency's expectation of a protracted
weak auto environment negatively impacting Continental's
profitability, free cash flow generation and ability to reduce its
leverage.  The group faces considerable refinancing risk for its
EUR3.5 billion tranche, related to its Siemens VDO acquisition
facility, maturing in August 2010.  In addition, the weakening
operating performance amid the severe global auto crisis has
tightened financial covenant headroom.  While Continental has
stated that it was able to comply with financial covenants as of
Q109, Fitch believes that ongoing compliance will remain
challenging, which could lead to further amendments during 2009 as
recently seen for several US suppliers.  Fitch notes that
Continental renegotiated the contractual terms of its main credit
facilities in January 2009, allowing for more leeway in its
financial leverage covenants (peak level was raised to 4.75x in
terms of net debt/EBITDA during FY09).

Against this backdrop Continental intends to present a strategic
proposal within 100 days to address the group's financing issues
and the extent of cooperation with its major shareholder,
Schaeffler KG.  Fitch believes that possible steps such as
refinancing and/or equity measures, as well as asset disposals are
exposed to a high level of execution risk given difficult
financial market conditions.

While the investment agreement between Schaeffler and Continental
from August 2008 remains in force, Schaeffler's high indebtedness
continues to create uncertainty.  Under the agreement, Schaeffler
has committed to support Continental's existing strategy and
business policies and to not demand a sale of activities or other
material structural measures.  Cooperation of both groups has so
far been limited to joint purchasing activities.

Fitch intends to resolve the RWN once it has assessed
Continental's strategic proposal.  In view of the uncertainties
about the impact of the ownership structure, any downgrade could
be more than one notch subject to the group's progress in
resolving its financial issues.

Continental reported a 35% y-o-y decline in sales to EUR4.3
billion at end-Q109 and an adjusted negative EBIT EUR47 million
versus EBIT EUR582 million (before purchase price amortization of
intangible assets, changes in the scope of consolidation and
special effects).  The group stated that its available liquidity
was nearly EUR2.9 billion at end-Q109 consisting of cash and
equivalents of EUR1,207 million and undrawn credit facilities of
EUR1,686 million.  Short-term indebtedness stood at EUR2,674m,
while total debt was EUR12.3 billion, slightly higher than FYE08's
level of EUR12.1 billion.

The group's ratings continue to be supported by its strong market
positions within a broad product portfolio, particularly in fuel-
efficient technology as well as safety.  Therefore, Fitch expects
that in the medium-term Continental will benefit from key industry
trends such as more environmental-friendly cars as well as from
expected sector consolidation. Especially in the US, major auto
suppliers such as Delphi and Visteon, the main suppliers to GM and
Ford respectively, are shrinking their operations drastically due
to severe problems facing the OEMs.  Fitch also takes into account
Continental's extensive restructuring measures to support its FCF
generation, including a sizeable cost-cutting program and the
reduction or postponement of capital expenditure, R&D spending and
dividends.

Continental is one of the five largest global automotive suppliers
with sales of EUR24 billion in FY08 and an adjusted EBIT margin of
7.6%.  It focuses on brake systems, vehicle electronics, power
train and chassis systems, engineering elastomers, and tyres.


DUERR AG: Moody's Confirms 'B1' Corporate Family Rating
-------------------------------------------------------
Moody's Investors Service has confirmed Duerr's B1 corporate
family rating and B3 bond rating.  This concludes the rating
review initiated on February 24, 2009.  The rating outlook is
negative.

Rainer Neidnig, lead analyst at Moody's for Duerr, said: "The
negative outlook reflects the ongoing uncertainty around the
development of order intake and Moody's concern that cash flow
generation could materially deteriorate in 2009 if orders were not
to pick-up again.  The rating confirmation reflects an expectation
of continued support by Duerr's core lenders as evidenced in April
2009 when they agreed to an amendment of financial covenants
creating additional headroom, and is based on the assumption of a
material improvement in order inflow near term".

On April 28, Duerr released results for the first quarter 2009
showing that order intake in the first three months remained at
depressed levels, well below revenues.  Order intake in Q1 2009
amounted to EUR208 million which compares to EUR518 million in Q1
2008.  Taking advantage of the order backlog, quarterly sales
declined by only 13% to EUR310 million and reported EBIT remained
positive, though decreasing by more than half to EUR4.8 million.
As a result of lower earnings but more particular due to a working
capital build-up of EUR36 million, reported Free Cash Flow was
negative with EUR42 million.

Moody's acknowledges that Duerr's by now substantial service
activities should prove to be fairly resilient and that strategic
investment projects of customers might be deferred rather than
entirely abandoned.  The current rating assumes that such deferred
projects will be awarded near term and notably improve Duerr's
order intake.  Absent such a recovery in order intake Moody's are
concerned that, financial ratios would deteriorate to levels below
what is required for the current B1 rating over 2009.  This holds
particularly true as a further depressed order intake situation
would not only place a substantial burden on earnings but also
result in decreasing prepayment levels, which would negatively
impact cash flow generation and increase net debt.  Hence, Moody's
will closely monitor capital expenditure decisions in the
automotive and other relevant industries as well as the
development of Duerr's order intake.  Should order intake not
recover notably from the depressed levels of Q4 2008 and Q1 2009,
downward pressure on the ratings would materially increase.
Likewise, further negative Free Cash Flow at similar levels as in
Q1, would put pressure on the rating.  In turn, the outlook could
be stabilized again should a turnaround in order intake allow for
(i) a recovering order book and (ii) increased visibility that
financial ratios remain resilient.

Moody's also notes that Duerr agreed in April with lenders under
its syndicated credit and guarantee facility to amend financial
covenants allowing for more headroom.  Moody's views positively
this degree of support by Duerr's lenders but cautions that the
revised set of covenants was tailored to an updated business plan
leaving only limited room for deviation.  As Duerr's financial
performance will also depend on factors beyond Duerr management's
control, in particular the developments in the automotive
industry, covenant headroom might tighten again.  The current
rating is based on the assumption that Duerr management would
approach such situation proactively as in the past and that core
lenders would continue to support the company through the cyclical
downturn.

In Moody's view the company disposes of an adequate liquidity
position to cover funding needs over the next 12 months which
should mainly arise from working capital, capex and dividends.  As
per Q1 2009 Duerr had a solid cash position of EUR102 million and
substantial availability under its EUR200 million syndicated
credit facility.  There are no major debt maturities before 2011
when EUR100 million high yield notes and the company's syndicated
credit and guarantee facility (EUR200 million cash and EUR240
million guarantee line) come due.

Outlook Actions:

Issuer: Duerr AG

  -- Outlook, Changed To Negative From Rating Under Review

Confirmations:

Issuer: Duerr AG

  -- Probability of Default Rating, Confirmed at B1

  -- Corporate Family Rating, Confirmed at B1

  -- Senior Subordinated Regular Bond/Debenture, Confirmed at 91 -
     LGD6

Moody's last rating action on Duerr was to place the B1 corporate
family ratings to B1 (stable outlook) under review for possible
downgrade on February 24, 2009.

Headquartered in Stuttgart, Germany, Duerr is a leading plant and
mechanical engineering group with 45 locations in 20 countries.
The group generates about 85% of revenues with automobile
manufacturers and their suppliers but increasingly supplies
sectors such as aviation, mechanical engineering, chemical,
pharmaceutical or printing.  Duerr's product offering includes
paint shops, assembly systems, balancing and diagnostic systems,
industrial cleaning systems and related services.  The group holds
strong market positions in all of its activities, e.g. a 40%
global market share in paint shops and painting lines which
account for approximately half of the group's revenues.  In 2008,
Duerr recorded revenues of EUR1.6 billion with about 6,000
employees.


LEHMAN BROTHERS BANKHAUS: Files for Chapter 15 Bankruptcy
---------------------------------------------------------
Tiffany Kary at Bloomberg News reports that Lehman Brothers
Bankhaus AG, Lehman Brothers Holdings Inc.’s German-based
affiliate, filed for Chapter 15 bankruptcy protection in New York
on Wednesday, April 29.

According to the report, the petition for Chapter 15 bankruptcy
listed more than US$1 billion each in debts and assets.  The
report discloses as of April 1, 457 creditors had filed claims
against the German unit, of which 22 were based in the U.S.

The German affiliate, established in 1987, has branch offices in
South Korea, London and Milan, the report states.  The offices in
London and Milan are being wound down as part of the German court
proceedings and the Korean office is subject to a moratorium on
business activities by local banking authorities, the report
relates.

Founded in 1850, Lehman Brothers Holdings Inc. --
http://www.lehman.com-- was the fourth largest investment bank in
the United States, offering a full array of financial services in
equity and fixed income sales, trading and research, investment
banking, asset management, private investment management and
private equity.  Its worldwide headquarters in New York and
regional headquarters in London and Tokyo are complemented by a
network of offices in North America, Europe, the Middle East,
Latin America and the Asia Pacific region.

Lehman filed for chapter 11 on Sept. 15, 2008 (Bankr. S.D.N.Y.
Case No. 08-13555) after Barclays PLC and Bank of America Corp.
backed out of a deal to acquire the company, and the U.S. Treasury
refused to provide financial support that would have eased out a
sale.  Lehman's bankruptcy petition listed US$639 billion in
assets and US$613 billion in debts, effectively making the firm's
bankruptcy filing the largest in U.S. history.  Several affiliates
filed bankruptcy petitions thereafter.

On Sept. 19, 2008, Lehman Brothers, Inc., was placed in
liquidation pursuant to the provisions of the Securities Investor
Protection Act (Case No. 08-CIV-8119).  James W. Giddens was
appointed trustee for the SIPA liquidation of the business of LBI.

Lehman Brothers Finance AG, aka Lehman Brothers Finance SA, filed
a petition under Chapter 15 of the U.S. Bankruptcy Code on
February 10, 2009.  Lehman Brothers Finance, a subsidiary of
Lehman Brothers Inc., estimated both its assets and liabilities at
more than US$1 billion.

LBHI's U.S. bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, has been placed into administration,
together with Lehman Brothers Ltd., LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to wind down the business of LBI
(Europe) on Sept. 15, 2008.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on Sept. 16.  The
two units have combined liabilities of JPY4 trillion -- US$38
billion.  Akio Katsuragi, a former Morgan Stanley executive, runs
Lehman's Japan units.

Lehman Brothers Asia Limited, Lehman Brothers Securities Asia
Limited and Lehman Brothers Futures Asia Limited suspended
operations upon the bankruptcy filing of their U.S. counterparts.

                          Asset Sales

Barclays Bank Plc has acquired Lehman's North American
investment banking and capital markets operations and supporting
infrastructure for US$1.75 billion.  Nomura Holdings Inc., the
largest brokerage house in Japan, on Sept. 22 reached an agreement
to purchased Lehman Brothers Holdings, Inc.'s operations in Europe
and the Middle East less than 24 hours after it reached a deal to
buy Lehman's operations in the Asia Pacific for US$225 million.
Nomura paid only US$2 dollars for Lehman's investment banking and
equities businesses in Europe, but agreed to retain most of
Lehman's employees.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc. and its various
affiliates. (http://bankrupt.com/newsstand/or 215/945-7000)


LEHMAN BROTHERS BANKHAUS: Voluntary Chapter 15 Case Summary
-----------------------------------------------------------
Chapter 15 Petitioner: Dr. Michael C. Frege
                       as insolvency administrator and
                       putative foreign representative

Chapter 15 Debtor: Lehman Brothers Bankhaus AG
                   Barckhausstr. 12-16
                   D-60325 Frankfurt
                   Germany

Chapter 15 Case No.: 09-12704

Type of Business: The Debtor offers financial services excluding
                  (i) mortgage backed lending, (ii) the business
                  of building societies, and (iii) the mutual
                  investment fund business.

Chapter 15 Petition Date: April 29, 2009

Court: Southern District of New York (Manhattan)

Judge: James M. Peck

Chapter 15 Petitioner's Counsel: David Farrington Yates, Esq.
                                 fyates@sonnenschein.com
                                 Sonnenschein, Nath & Rosenthal
                                 LLP
                                 1221 Avenue of the Americas
                                 24th Floor
                                 New York, NY 10020
                                 Tel: (212) 768-6700
                                 Fax: (212) 768-6800

Estimated Assets: More than US$1 billion

Estimated Debts: More than US$1 billion


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


INDEPENDENT NEWS: Casts Doubt on Future After Bond Talks Fail
-------------------------------------------------------------
Amanda Andrews at Telegraph.co.uk reports that Independent News &
Media Plc said there is a material uncertainty which may cast a
significant doubt on the group's ability continue as a going
concern after it failed to reach agreement with bondholders over a
EUR200 million (GBP179 million) bond.

The report relates INM, which has total debts of EUR1.3 billion,
warned there was a "strong likelihood" that it would breach its
financial covenants unless it could reach a deal with its lenders
by May 18.  The report states according to the group, it does not
have sufficient financial headroom available under its existing
facilities in order to meet this maturity and service its debt
obligation.  The group's executives, however, said they "have a
reasonable expectation that the group and company has and will
have adequate resources to continue in operational existence for
the foreseeable future".

INM, which had postponed the announcement of its annual results
twice in the hope that an agreement with bondholders could be
reached beforehand, made a pre-tax loss of EUR161.4 million in the
year to December 2008, the report discloses.  According to the
report, the group said its 2008 losses were mainly due to a
EUR373.1 million exceptional charge, EUR290.9 million of which
related to a decision to write down the value of its newspaper
assets in the light of the economic downturn.

Headquartered in Dublin, Ireland, Independent News & Media PLC
(ISE:IPD) -- http://www.inmplc.com/-- is engaged in printing and
publishing of metropolitan, national, provincial and regional
newspapers in Australia, India, Ireland, New Zealand, South Africa
and the United Kingdom.  It also has radio operations in Australia
and New Zealand, and outdoor advertising operations in Australia,
New Zealand, South-East Asia and across Africa.  The Company also
has online operations across each of its principal markets.  The
Company has three business segments: printing, publishing, online
and distribution of newspapers and magazines and commercial
printing; radio, and outdoor advertising.  INM publishes over 200
newspaper and magazine titles, delivering a combined weekly
circulation of over 32 million copies with a weekly audience of
over 100 million consumers.  In March 2008, it acquired The Sligo
Champion.  During the year ended December 31, 2007, the Company
acquired the remaining 50% interest in Toowoomba Newspapers Pty
Ltd.


MAGNOLIA FINANCE: Moody's Withdraws 'Caa1' Rating on 2007-3 Notes
-----------------------------------------------------------------
Moody's withdrew the rating of one class of notes Magnolia Finance
PLC.  These notes were redeemed in full on January 12, 2009.

The rating action is:

Magnolia Finance PLC:

(1) The Series 2007-3 Credit Linked Notes (C-Star)

  -- Current Rating: WR
  -- Prior Rating: Caa1
  -- Prior Rating Date: 11 November 2008, downgraded to Caa1


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


AVTOMOBILIST OJSC: Creditors Must File Claims by June 5
-------------------------------------------------------
Creditors of OJSC Avtomobilist have until June 5, 2009, to submit
proofs of claim to:

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

The Specialized Inter-Regional Economic Court of Akmola commenced
bankruptcy proceedings against the company on March 20, 2009.


BASKOL & K LLP: Creditors Must File Claims by June 5
----------------------------------------------------
Creditors of LLP Baskol & K have until June 5, 2009, to submit
proofs of claim to:

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

The Specialized Inter-Regional Economic Court of Akmola commenced
bankruptcy proceedings against the company on March 16, 2009.


ILDAR-SERVICE LLP: Creditors Must File Claims by June 5
-------------------------------------------------------
Creditors of LLP Ildar-Service have until June 5, 2009, to submit
proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of North Kazakhstan
         Brusilovsky Str. 60
         Petropavlovsk
         North Kazakhstan
         Kazakhstan

The Specialized Inter-Regional Economic Court of North Kazakhstan
commenced bankruptcy proceedings against the company on March 12,
2009.


NORD SK: Creditors Must File Claims by June 5
---------------------------------------------
Creditors of LLP Nord SK Agro have until June 5, 2009, to submit
proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of North Kazakhstan
         Brusilovsky Str. 60
         Petropavlovsk
         North Kazakhstan
         Kazakhstan

The Specialized Inter-Regional Economic Court of North Kazakhstan
commenced bankruptcy proceedings against the company on March 13,
2009.


SOV DESIGN LLP: Creditors Must File Claims by June 5
----------------------------------------------------
Creditors of LLP Sov Design have until June 5, 2009, to submit
proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Baizakov Str. 273b
         Almaty
         Kazakhstan

The Specialized Inter-Regional Economic Court of Almaty commenced
bankruptcy proceedings against the company on March 19, 2009.


TEMIRBANK: Fitch Cuts Long-Term Issuer Default Rating to 'C'
------------------------------------------------------------
Fitch Ratings has downgraded Temirbank's Long-term Issuer Default
Rating to 'C' from 'CC', and placed BTA Bank (Belarus)'s Long-term
IDR of 'CCC' on Rating Watch Negative.  Temir's Long-term IDR
remains on RWN.

The rating actions follow the recent announcement by Kazakhstan-
based BTA Bank ('RD' (Restricted Default)) that the standstill on
principal repayments of its wholesale funding will also apply to
its majority-owned subsidiaries where the bank exercises
management control.  Temir and BTA Belarus are both majority-owned
by BTA.

Fitch understands that neither Temir nor BTA Belarus has so far
defaulted on any of its obligations, and hence their ratings have
not been downgraded to 'RD'.  Furthermore, Fitch has been informed
that neither bank has any near-term funding maturities which could
potentially be impacted by the standstill.

However, Temir's 'C' Long-term IDR reflects the now very high
probability that some of the bank's liabilities will be subject to
a coercive debt exchange as part of the expected restructuring of
the liabilities of the broader BTA group.  Should such a CDE take
place, Temir would be downgraded to 'RD'.

Fitch has not yet downgraded BTA Belarus's 'CCC' Long-term IDR in
light of conflicting information the agency has received as to
whether the standstill applies to the bank, as a foreign
subsidiary.  Furthermore, in Fitch's view there is greater
uncertainty as to whether BTA Belarus's liabilities will
ultimately be subject to a CDE in light of the absence of any
public debt at the bank, the small volume of trade finance
liabilities to banks outside of the BTA group and the fact that
BTA Belarus is regulated in a separate jurisdiction.  Fitch will
resolve the RWN on BTA Belarus upon receiving final confirmation
as to whether the standstill applies to the bank and whether the
bank's liabilities are ultimately likely to be subject to
restructuring on the same basis as the Kazakh entities of the
group.

Temir was the eighth-largest bank in Kazakhstan at end-2008 and
held a 2.4% share of the system's assets.  The bank is
predominantly retail-oriented on the asset side, and wholesale-
funded on the liability side.  BTA directly owns a 69.85% stake.

BTA Bank increased its direct ownership in BTA Belarus to 99.3% in
Q408.  At end-2008, BTAB had US$117.5m in assets and ranked 15th
by asset size in Belarus, with 0.4% of system assets.

Rating actions are:

Temirbank

  -- Long-term foreign currency IDR: downgraded to 'C' from 'CC';
     remains on RWN

  -- Short-term foreign currency IDR: 'C' remains on RWN

  -- Individual Rating: affirmed at 'E'

  -- Support Rating: affirmed at '5'

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

  -- Senior unsecured debt: downgraded to 'C' from 'CC'; RWN
     withdrawn; Recovery Rating at 'RR4'

CJSC BTA Bank (Belarus) (BTA Belarus)

  -- Long-term foreign currency IDR: 'CCC'; placed on RWN
  -- Short-term foreign currency IDR: 'C'; placed on RWN
  -- Individual rating: affirmed at 'E'
  -- Support rating: affirmed at '5'


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


BAIT COM: Creditors Must File Claims by May 15
----------------------------------------------
LLC Bait Com Service has shut down.  Creditors have until May 15,
2009, to submit proofs of claim to:

         Aitmatov Str. 185a
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 93-16-49


GRAND MOTORS: Creditors Must File Claims by May 15
--------------------------------------------------
LLC Grand Motors has shut down.  Creditors have until May 15, 2009
to submit proofs of claim to:

         Bayalinov Str. 62
         Bishkek
         Kyrgyzstan
         (+996 312) 66-52-14


INTER INVEST: Creditors Must File Claims by May 15
--------------------------------------------------
LLC LLC Inter Invest has shut down.  Creditors have until May 15,
2009, to submit proofs of claim to:

         Chui Ave. 158
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 38-47-21


KIRGIR TRADING: Creditors Must File Claims by May 15
----------------------------------------------------
LLC Kirgir Trading has shut down.  Creditors have until May 15,
2009 to submit proofs of claim to:

         Kojomkulov Str. 20
         Bishkek
         Kyrgyzstan
         Tel: (0-770) 25-60-14


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


AVANGARD-RAM LLC: Creditors Must File Claims by May 24
------------------------------------------------------
Creditors of LLC Avangard-Ram-Stroy (TIN 5040058486,
PSRN1035007923422) (Construction) have until May 24, 2009, to
submit proofs of claims to:

         A. Maltabar
         Temporary Insolvency Manager
         Post User Box 619
         170006 Tver
         Russia

The Arbitration Court of Moskovskaya will convene on Aug. 27,
2009, to hear bankruptcy supervision procedure on the company.
The case is docketed under Case No. ?41–7955/09.

The Debtor can be reached at:

         LLC Avangard-Ram-Stroy
         Doninskoe shosse 4km
         Ramenskoe
         Moskovskaya
         Russia


DAG-STEKLO OJSC: Creditors Must File Claims by May 24
-----------------------------------------------------
The Arbitration Court of Dagestan commenced bankruptcy supervision
procedure on OJSC Dag-Steklo (TIN 0550004111, PSRN 1040501621071)
(Glass Industry).  The case is docketed under Case No. ?15-
261/2009.

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

         A. Bidzhiev
         Temporary Insolvency Manager
         U. Aliev Str. 72
         Cherkessk
         Karachaevo-Cherkessiya
         Russia

The Debtor can be reached at:

         OJSC Dag-Steklo
         Lenina Str. 7
         368611 Dagestanskie Ogni
         Dagestan
         Russia


GAZPROMBANK OAO: Posts RUR60.1 Billion Net Loss in 2008
-------------------------------------------------------
RIA Novosti reports that OAO Gazprombank posted a net loss of
RUR60.1 billion (US$1.9 billion) in 2008 under International
Financial Reporting Standards, compared to a net profit of RUR33.6
billion (US$1 billion) in 2007.

The report relates Gazprombank said in a statement "The main
factors for the 2008 loss are the negative revaluation of the
bank's forward foreign exchange transactions and unrealized losses
from the revaluation of the securities portfolio".

According to the report, Gazprombank will not pay bonuses to board
members for 2008.

                About Gazprombank

Headquartered in Moscow, Russian Federation, OAO Gazprombank --
http://www.gazprombank.ru/-- a subsidiary of OAO Gazprom,
offers services primarily to the gas industry.  It offers
syndicated loans, participation loans, factoring, lease
financing, cash and settlement services, money transfers and
credit cards.

                        *     *     *

Gazprombank continues to carry a 'D-' bank financial strength
rating from Moody's Investors Service with stable outlook.


GAZPROMBANK OAO: Moody's Reviews 'D-' Bank Fin'l Strength Rating
----------------------------------------------------------------
Moody's Investors Service placed the D- bank financial strength
rating of Gazprombank on review for a possible downgrade.  All
debt and deposit ratings are affirmed with a stable outlook: the
Baa2 long-term local- currency deposit and senior unsecured debt
ratings; the Baa2 foreign currency deposit and senior unsecured
debt ratings; and the Prime-2 short-term foreign currency deposit
ratings.  Concurrently, Moody's Interfax Rating Agency affirmed
Gazprombank's Aaa.ru national scale rating for deposits.  Moscow-
based Moody's Interfax is majority- owned by Moody's, a leading
global rating agency.

The review is prompted by the recent announcements that
Gazprombank incurred ca. RUB90 billion (US$2.8 billion) losses
(which is equal to 40% of end-H1 2008 equity) from foreign
exchange derivatives and securities in the second half of 2008.
This translated into RUB60 billion losses for 2008, according to
preliminary IFRS financial statements.  Therefore, Moody's
believes that the bank's ability to withstand increased risk from
deteriorating operating environment -- notably from elevated
credit and market risks -- has declined significantly.

At the same time, Moody's points out that the level of losses is
preliminary and that the ultimate result may differ significantly.
In addition, new capital injections could be received that could
potentially eliminate these immediate concerns.

Moody's review will therefore focus on the resulting capital
adequacy levels, the quality of the loan book, the performance of
other segments of the group, and other exposures leading to market
and credit risks that will be disclosed in its final IFRS
financial statement (expected to be published by end-May 2009).
The review process will be concluded shortly thereafter.

According to Moody's, Gazprombank's debt and deposit ratings
incorporate the rating agency's assessment of a very high
probability of parental support from the leading Russian gas group
Gazprom (stand-alone credit risk profile equivalent to a Ba1 and
an issuer rating of Baa1/Stable), and from the Russian government
(debt rating of Baa1/Stable) which is expected to provide the
majority of support.

Gazprombank's supported debt and deposit ratings are resilient in
case of a possible downgrade of the bank's BFSR as a result of the
conclusion of the review process.  Only if there is a downgrade of
Gazprombank's BFSR by more than two notches would the debt and
deposit ratings fall by one notch.

The previous rating action on Gazprombank was on February 24,
2009, when Moody's downgraded the long-term debt and deposit
ratings to Baa2 from A3 and changed an outlook on D- BFSR to
negative from stable.

Headquartered in Moscow, Russian Federation, Gazprombank -- the
country's third-largest bank -- reported total assets of US$47
billion and equity of US$9.5 billion under IFRS at end-H1 2008.
Gazprom is a monopoly in the natural resources sector, controlled
by the government of Russia.  Gazprombank is the main settlement
vehicle within Gazprom Group, and handles over 75% of the group's
settlements.  In addition, it actively participates in Gazprom's
investment projects, and a large share of its deposits (ca. 21% at
the end of H1 2008) is related to the group.  Gazprombank is an
important payroll agent for the group, and its branch network is
in suitable locations in order to best conduct these operations.


INTERREGIONAL CONSTRUCTION: Creditors Must File Claims by May 24
----------------------------------------------------------------
The Arbitration Court of Moscow commenced bankruptcy supervision
procedure on LLC Interregional Construction Company.  The case is
docketed under Case No. ?40-40664/08-36-122B.

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

        O. Dementyeva
        Temporary Insolvency Manager
        Post User Box 5
        117152 Moscow
        Russia
        Tel: 8(495) 955-90-18


INZHENER-STROY LLC: Kaliningradskaya Bankruptcy Hearing Set May 25
------------------------------------------------------------------
The Arbitration Court of Kaliningradskaya will convene on May 25,
2009 to hear bankruptcy supervision procedure on LLC Inzhener-
Stroy (TIN 3904064500, PSRN 1053900013716) (Construction).  The
case is docketed under Case No. ?21–1136/2009.

The Temporary Insolvency Manager is:

         M. Ferafonov
         Post User Box 195
         Sovetsk
         238750 Kaliningradskaya
         Russia

The Debtor can be reached at:

         LLC Inzhener-Stroy
         Gendalya Str. 5
         236000 Kaliningrad
         Russia


KVARTS LLC: Creditors Must File Claims by May 24
------------------------------------------------
The Arbitration Court of Vladimirskaya commenced bankruptcy
proceedings against LLC Kvarts (TIN 3304012290, PSRN
1053300311844) (Glass Industry)  after finding it insolvent.  The
case is docketed under Case No. ?11-1708/2009.

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

         A. Povolotskiy
         Insolvency Manager
         Building 15
         Nizhegorodskaya Str. 32
         109029 Moscow
         Russia

The Debtor can be reached at:

         LLC Kvarts
         Internatsionalnaya Str. 110
         601550 Gus-Khrustalnyy
         Russia


MOSTRANSAVTO: S&P Affirms 'CC' Long-Term Issuer Credit Ratings
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it had removed its
ratings on Russian bus operator Mostransavto from CreditWatch,
where they had been placed with developing implications on
Dec. 29, 2008.  At the same time, the 'CC' long-term issuer credit
and 'ruCC' Russia national scale ratings were affirmed.  The
outlook is developing.  At the same time, the 'CC' global scale
and 'ruCC' national scale senior unsecured debt ratings on the
company's senior unsecured debt issued by OOO Mostransavto-Finance
were also removed from CreditWatch with developing implications
and affirmed.

"The ratings on Mostransavto reflect its weak liquidity position,
the low predictability of its financial indicators, and its
aggressive financial profile," said Standard & Poor's credit
analyst Felix Ejgel.

The company is fully owned by Moscow Oblast (a region of the
Russian Federation), which somewhat mitigates these factors.
Moscow Oblast provides the company with ongoing, but insufficient
and random, financial support in the form of capital and operating
subsidies.  Another positive factor is Mostransavto's near-
monopoly position in the regional public transport market.

The company suffers from liquidity gaps, due to weak cash
management controls, rising costs, irregular transfers from the
Moscow Oblast budget, and restricted access to capital markets.
Mostransavto also applies an aggressive financial and debt policy
to compensate for decreasing passenger turnover, low
predictability of the oblast's regulated tariffs, and poor
timeliness of payments from the oblast budget.

Mostransavto maintains a minimal amount of cash in its accounts.
The company's self-funding capacity is scarce and it regularly
delays leasing payments.

"The developing outlook reflects a combination of factors, which
may lead to and upgrade, downgrade, or affirmation," said Mr.
Ejgel.

On the positive side, Mostransavto has received substantial
financial support from the Moscow Oblast or Moscow Oblast
companies, and it enjoys formal and informal oblast commitments to
help service almost all of its debts.  On the negative side, the
timeliness of the oblast's support to ensure the repayment of
Mostransavto's debt in a timely manner is uncertain, while the
company's own resources are insufficient to meet its debt
obligations.

If the company takes on material additional short-term debt to
support its currently weak liquidity, or fails to secure funds
needed to repay debts in advance, this could lead to a further
deterioration in its creditworthiness and put pressure on the
ratings.

S&P could affirm or raise the ratings if the Moscow Oblast
strengthens the company's liquidity and cash flow, while
continuing to provide timely support to Mostransavto.  If the
company eases its debt burden with lower debt levels and longer-
term maturities in the medium term, it would also be a key
consideration for any positive rating action.


VIMPELCOM: Hearing on Farimex Suit v. Telenor Adjourned to May 6
----------------------------------------------------------------
The judge of the Moscow City Arbitrazh Court adjourned the hearing
of the request by Telenor East Invest AS to stay enforcement
proceedings commenced by Moscow's bailiff service under the writ
of execution issued by the Omsk court to recover US$1.73 billion
from Telenor East Invest AS following the action brought by
Farimex Products, Inc., a holder of ADRs equal to 0.002% of
VimpelCom shares.

The case is adjourned to May 6, 2009, in order to study the
declaration of the Federal Arbitrazh Court of the West Siberian
District made after the April 28th hearings.

On April 28, 2009, the Federal Arbitrazh Court of the West
Siberian District in Tyumen upheld its denial to stay enforcement
of the US$1.73 billion damages awarded against Telenor.  The court
heard a complaint by Telenor against a previous denial of its
request by the same court.  The damages award was decided by the
Eighth Arbitrazh Appellate Court in Omsk at the suit of Farimex.

On May 26, 2009, the Federal Arbitrazh Court of the West Siberian
District will hear Telenor's appeal against the decision of the
Eighth Arbitrazh Appellate Court.

                      About VimpelCom

Headquartered in Moscow, Russia, VimpelCom (NYSE: VIP) --
http://www.vimpelcom.com/-- provides mobile telecommunications
services in Russia and Kazakhstan with newly acquired operations
in Ukraine, Tajikistan and Uzbekistan.  The Company operates
under the 'Beeline' brand in Russia and Kazakhstan.  In
addition, VimpelCom is continuing to use 'K-mobile' and 'EXCESS'
brands in Kazakhstan.

                        *     *     *

OJSC Vimpel Communications continues to carry Ba2 long-term
corporate family rating from Moody's with negative outlook.


* Fitch Takes Rating Actions on Seven Russian Insurance Companies
-----------------------------------------------------------------
Fitch Ratings has taken various rating actions on seven Russian
insurance companies: The agency has downgraded the Moscow
Insurance Company and revised its Outlook to Negative from Stable;
placed the Rossiya Insurance Company's ratings on Rating Watch
Negative; affirmed the respective ratings of AlfaStrakhovanie PLC,
JSIC Gefest and Russian Insurance Center and revised their
Outlooks to Negative from Stable, and affirmed ACE Insurance
Company CJSC's and Sogaz's ratings with Stable Outlooks.

The rating actions reflect deteriorating trading conditions within
the Russian insurance market, which Fitch expects will result in a
significant reduction in premium volumes and pressure on premium
rates, particularly in the retail segment, as Russian insurers
compete for a smaller volume of premiums.  The agency also expects
profitability in the sector to deteriorate in 2009 due to
continuing volatility in investment performance and pressure on
underwriting profitability.  In particular, recessionary pressures
within Russia, including an increasing frequency of fraudulent
claims, are expected to have a negative impact on underwriting
profitability, which could lead to a significant reduction in
positive cash flows and liquidity strains.  Fitch is concerned
that the generally low quality and low liquidity of Russian
insurers' investment portfolios may expose some companies to
further investment losses, due to the increasing rate of defaults
on corporate bonds and the continuing volatility of Russian stock
markets.  For many Russian insurers this is likely to cause
additional pressures on balance sheet strength.  The pressures
affecting the insurance sector stem from a rapid deterioration in
Russia's economic environment and significant volatility in its
investment markets during 2008, which were reflected in Fitch's
February 2009 downgrade of the Russian Federation to 'BBB' with a
Negative Outlook, and the simultaneous downgrades of several
Russian banks.

The downgrade of MIC's International and National Insurer
Financial Strength ratings reflects the reduced ability of the
company's principal shareholders, the Bank of Moscow ('BBB-'((BBB
minus))/Negative) and the City of Moscow ('BBB-'((BBB
minus))/Negative), to provide financial support in case of need
following the downgrade of their ratings on February 4, 2009.  The
rating action also takes into account the deterioration of the
insurer's capital position, which nonetheless remains adequate for
the rating level, as a result of the greater capital requirements
required to support the 32% increase in net written premiums to
RUB7.2bn in FY08.  Fitch additionally notes MIC's weak
underwriting performance in 2008 (combined ratio of 111%) and
Russia's challenging insurance market conditions, particularly in
retail lines.  The agency remains concerned over the high
concentration of assets in MIC's parent, Bank of Moscow, which
accounted for 56% of total investments at YE08, and the high debt
leverage relating to an issue that matures in 2010.

The revision of MIC's Outlook to Negative reflects the
deteriorating environment in the Russian insurance market and the
continued stresses on financial markets that could result in
writedowns and investment losses.  In particular, Fitch notes the
high proportion of motor insurance in MIC's portfolio and the
highly competitive nature of this segment.  The agency believes
that the intense competition for this segment is likely to result
in underwriting losses for many participants as a result of
pressure on premium rates and increased claims activity in the
current economic environment.  MIC's rating continues to reflect
the strategic importance of the company to its majority
shareholders and their strength relative to MIC.  Fitch also notes
the company's very high solvency ratio of 455% in 2008 (2007:
550%).

Rossiya Insurance Company has been placed on RWN to reflect
Fitch's concerns about the future strategic direction of the
company in light of the change in the insurer's management team in
March 2009, the risky nature of its investment portfolio in light
of the company's modest capital position, and the pressures on
liquidity that could result from a probable decline in premium
volumes and increase in claim payments in the current environment.
Fitch expects to resolve the RWN upon analysis of Rossiya's
planned strategic direction and the measures being taken by the
company to mitigate the risks currently being faced. Fitch notes
that equities accounted for 20% of the investment portfolio at
end-2008 as a result of a significant increase in the equity
portfolio during Q408.  The agency believes this increases
Rossiya's exposure to potential future downturns in Russia's
equity market.

The revision of AlfaStrakhovanie PLC's Outlook to Negative
reflects Fitch's expectation of reduced underwriting earnings as a
result of the company's significant focus on retail lines,
particularly motor insurance.  It also reflects the possibility of
reduced financial support from shareholders following Fitch's
recent downgrade of Alfa-Bank to 'BB-'(BB minus) with a Negative
Outlook.  The agency notes Alfa's strong domestic brand, advanced
underwriting controls and the improvement in the combined ratio on
a Russian GAAP basis to 96% in 2008 (2007: 103%), but is concerned
about the pressure on profitability amid competitive market
conditions and a deteriorating premium rate environment in retail
insurance.  Capital adequacy has improved as a result of a
RUB2.5bn capital injection in 2008, but Fitch notes Alfa's rapid
premium growth and will monitor the increased capital requirements
this may generate.  The agency believes the good credit quality of
the company's investment portfolio will mitigate the effects of a
possible further capital market deterioration in Russia.

The revision of Gefest's Outlook to Negative reflects Fitch's
expectation of deterioration in the company's underwriting
profitability due to the more challenging conditions in the
Russian insurance sector, including in the company's key segment
of insurance of transport-related construction projects.  In
particular, Fitch expects a significant slowdown in Gefest's
recent growth trends due to a reduction in activity in the Russian
construction sector, Gefest's key target market, accompanied by
deteriorating claims experience and pressure on premium rates, as
insurers compete for a share of a smaller volume of premiums.
Fitch notes the positive rating impacts from the RUB147m capital
increase implemented in Q408 which doubled the size of shareholder
funds, and from the steps taken since Q208 to de-risk the
investment portfolio.  Fitch believes these developments are
supportive of Gefest's current rating, and will help the company
to absorb some of the impacts of current challenging market
conditions.

The revision of RIC's Outlook to Negative reflects significant
exposure to the deteriorating market conditions faced by the
company due to the relatively low quality and low liquidity of its
investment portfolio, as well as pressures on its underwriting
profitability in light of the more challenging conditions
affecting the Russian insurance sector.  Fitch believes RIC's main
segment of defence-related and space risks may be more resilient
to the downturn in economic conditions, but expects the portfolio
of civil risks to suffer declines of premium rates, volumes and
profitability, due to intensifying competition amongst insurers
and a higher incidence of fraudulent activity.  Fitch views
positively the company's actions in Q408 and Q109 aimed at
reducing fixed expenses, and the upcoming capital injection by the
shareholders, both of which should alleviate some of the negative
impacts from the deteriorating market conditions.

The affirmation of ACE Russia's International and National IFS
ratings with a Stable Outlook continues to reflect support from
the company's parent, ACE group, strong risk management and
prudent investment policies, and capitalization which is
supportive of the company's current rating.  During 2008, the
company maintained strong underwriting performance, with its
combined ratio improving to 81% (2007: 89%), and achieved good
profitability, reporting net income of RUB43 million (2007: RUB29
million).  Fitch considers the removal in 2009 of the stop-loss
support previously provided to the company by ACE Group as
somewhat negative for ACE's rating.  However, Fitch believes the
ACE Group's willingness and ability to support the company in
future remains at a level appropriate to maintain ACE's rating at
its current level.  In particular, the company benefits from far-
ranging operational support which includes significant reinsurance
from ACE Group companies, actuarial, underwriting, and investment
advice, and planned capital injections by the parent in 2009.  The
conservative underwriting practices of the company have positioned
it well to cope with the deteriorating market conditions
developing in the Russian insurance market.  Fitch expects the
company to maintain its profitability at current levels while
continuing cautious volume growth during 2009.

The affirmation of Sogaz's International and National IFS ratings
with Stable Outlook reflects the company's robust performance in
the face of challenging market conditions, its strong balance
sheet, despite severe investment market pressures, its leading
market position in accident and health insurance, and the high
quality of its technical and financial management.  Fitch believes
that Sogaz's currently good level of capitalization, in part
derived from strong earnings, will enhance the insurer's ability
to withstand earnings pressures that may result from the
deteriorating economic environment in Russia.  Additionally, the
agency believes that the company has the potential to derive
particular benefits from its strong market position and reputation
as some insureds may consider migrating towards stronger insurers.
Notwithstanding these positive aspects, Fitch continues to
recognise the weak credit quality of Sogaz's majority (indirect)
shareholder, Bank Rossiya (rated B-, Stable Outlook) and the
continued, although reducing, reliance on business derived from
minority shareholder Gazprom ('BBB'/Negative).

The rating actions affecting the seven insurers are:

Moscow Insurance Company

  -- International IFS: downgraded to 'BB-' (BB minus) from 'BB';
     Outlook revised to Negative from Stable

  -- National IFS: downgraded to 'A+ (rus)' from 'AA-(AA
     minus)(rus)'; Outlook revised to Negative from Stable

Rossiya Insurance company

  -- International IFS of 'B+' placed on Rating Watch Negative

  -- National IFS of 'A-(A minus)(rus)' placed on Rating Watch
     Negative

AlfaStrakhovanie PLC

  -- International IFS: affirmed at 'BB-'(BB minus); Outlook
     revised to Negative from Stable

  -- National IFS: affirmed at 'A+(rus)'; Outlook revised to
     Negative from Stable

JSIC Gefest

  -- International IFS: affirmed at 'BB-'(BB minus); Outlook
     revised to Negative from Stable

  -- National IFS: affirmed at 'A+(rus)'; Outlook revised to
     Negative from Stable

Russian Insurance Centre

  -- International IFS: affirmed at 'B'; Outlook revised to
     Negative from Stable

  -- National IFS: affirmed at 'BBB-(BBB minus)(rus)'; Outlook
     revised to Negative from Stable

ACE Insurance Company CJSC (ACE Russia)

  -- International IFS: affirmed at 'BBB-'(BBB minus); Outlook
     Stable

  -- National IFS: affirmed at 'AA+(rus)'; Outlook Stable

Sogaz Insurance Company

  -- International IFS: affirmed at 'BB'; Outlook Stable

  -- National IFS: affirmed at 'AA-(AA minus)(rus)'; Outlook
     Stable


* VOLOGDA OBLAST: S&P Gives Negative Outlook; Affirms 'BB-' Rating
------------------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised the
outlook on Russia's Vologda Oblast to negative from stable.  At
the same time, the 'BB-' long-term issuer credit and 'ruAA-'
Russia national scale ratings were affirmed.

"The ratings are constrained by the oblast's revenue volatility,
which arises from a high concentration in the steelmaking
industry, and a weakening budgetary performance, which might
result in the accumulation of short-term debt and liquidity
shortages," said Standard & Poor's credit analyst Karen
Vartapetov.

The acceleration of debt service also constrains the ratings.

However, Vologda has only modest levels of direct debt and
contingent liabilities, as well as room for the optimization of
the capital program stemming from past high per capita revenues,
which supports the ratings.

Vologda Oblast's cash reserves as of April 1, 2009, were
equivalent to three weeks of currently budgeted operating
expenditures.

The outlook is negative because S&P expects Vologda's budgetary
performance to deteriorate in 2009, due to significantly reduced
revenues, particularly from lower profit tax collection.  The
outlook also incorporates the prospects of both growing debt
service and liquidity pressures.  S&P factors in the sizable
federal support (both in terms of long-term loans and operating
grants, which the oblast is expecting to receive in the second and
third quarters of 2009), as well as drastic cost-cutting measures
by the oblast in 2009.

"We could lower the ratings if the oblast's operating expenditures
and deficit after capital expenditures exceed S&P's expectations,
either due to weaker-than-expected tax revenues and/or the
inadequacy and timeliness of federal support," said Mr.
Vartapetov.

Rapid accumulation of short-term debt and the need to repay it
within two or three months in 2010 will also threaten the ratings.

S&P could revise the outlook to stable if the oblast delivers
positive budgetary performance, significantly improves its
liquidity position, and keeps its debt service at a modest level.


=====================================
S E R B I A   &   M O N T E N E G R O
=====================================


ATLASMONT BANKA: Moody's Changes Outlook on B1 Rating to Negative
-----------------------------------------------------------------
Moody's Investors Service has changed to negative from stable the
outlook on the B1 long-term foreign currency deposit rating of
Atlasmont Banka a.d. Podgorica.  This rating action follows the
announcement earlier by Moody's Sovereign Risk Group that it has
downgraded Montenegro's foreign currency bond rating to Ba3 from
Ba2 while maintaining a negative outlook.  At the same time,
Moody's notes that Atlasmont's E+ bank financial strength rating
-- mapping to a B2 Baseline Credit Assessment -- has not been
affected by this rating action.

Atlasmont's foreign currency deposit rating is derived from its B2
BCA and moderate probability of support imputed from Montenegro's
Ba3 (Negative) foreign currency bond rating, resulting in a one-
notch uplift from the BCA.  The negative outlook on the deposit
rating reflects the negative outlook on the government bond
rating.

Although the BFSR of the bank has not been affected, deteriorating
macroeconomic conditions weigh on Atlasmont's funding, asset
quality and earnings -- all of which continue to be closely
monitored.  Currently, the rating is supported by still adequate
financial fundamentals -- i.e. relatively high capitalisation and
a profitable operating result.

In a related action, Moody's sovereign team also downgraded the
foreign currency deposit ceiling to B1 (negative) from Ba3, and is
now at the same level as (but does not constrain) the foreign
currency deposit rating of Atlasmont.

The last rating action on Atlasmont was implemented on March 9,
2009, when Moody's first assigned the foreign currency deposit
ratings and BFSR.

Headquartered in Podgorica, Montenegro, Atlasmont Banka a.d.
Podgorica had total assets of EUR157.6 million as of December
2008.


* Moody's Downgrades Rating on Montenegro's Government to 'Ba3'
---------------------------------------------------------------
Moody's Investors Service has downgraded Montenegro's government
bond rating to Ba3 from Ba2, reflecting the country's
deteriorating economic environment.  The outlook remains negative.
Moody's notes that the economic downturn is expected to place
significant pressure on the government's budget and shift some
contingent liabilities onto the government's balance sheet.

"The economic recession will likely cause a decline in government
revenues, leading to higher government debt that will persist over
time," said Kenneth Orchard, Vice-President/Senior Analyst in
Moody's Sovereign Risk Group.  "Moreover, problems in the
manufacturing and banking sectors could lead to higher debt as the
government supports troubled companies."

Moody's forecasts that the Montenegrin economy will contract by
around 4% in 2009, although there is considerable uncertainty
surrounding the forecast.  "Montenegro will be badly affected by
the recession in the rest of Europe, the end of the global
property boom and the lack of liquidity in the banking sector,"
explained Mr. Orchard.

"Given the past surge in credit and asset prices, Moody's
recognises that there is potential for the upcoming recession to
be even more severe than forecast," cautioned Mr. Orchard.
"However, the small size of the Montenegrin economy means that
growth could be swayed upwards by progress on one or two large
investment projects."

Moody's expects that the government will be forced to provide
financial support to important companies in the private sector.
The government made an emergency loan to the second-largest bank
in late 2008, which may be converted into equity.  The global
economic crisis is also threatening the viability of the two
largest exporters in the country, KAP (aluminium smelter) and
Niksic (steel mill).

"Moody's believes that the government may struggle to fund its
entire borrowing requirements from private creditors in the
current international environment.  Unless there is a significant
improvement in the European banking sector over the next six
months, the government may be forced to seek financial support
from official sources, such as the IMF," cautioned Mr. Orchard.

Moody's notes that an IMF program would open up the possibility of
supplementary macro-fiscal support from the European Union.  Thus,
the recent decision by the EU to commence an evaluation of
Montenegro's readiness to become an official candidate country is
positive.

Moody's estimates that the Montenegrin government's debt/GDP ratio
could increase to almost 50% in 2010 from under 30% in 2007-08,
while future economic growth rates will probably be lower than
recently experienced.  As a result, the government's debt ratios
will probably remain at an elevated level for some time, making a
Ba3 rating more appropriate.

The negative outlook for the Montenegrin government's rating
indicates the significant fiscal risks associated with the
immediate economic deterioration and associated contingent
liabilities.  The recession is also likely to perpetuate problems
in the banking sector.  Moody's has further concerns that the
country could experience a liquidity crunch unless additional
foreign capital is secured.

On the other hand, the Ba3 rating is supported by the stable
monetary regime (euro-isation) and long-term prospects for
economic diversification and convergence.  Moody's expects that
the EU accession process should promote a gradual strengthening of
institutions over time.  Ongoing structural reform and further
European economic integration should also sustain gradual income
convergence towards the EU average, although this process could
take several decades.

In a related action, Moody's downgraded the foreign currency
deposit ceiling from Ba3 to B1.  The outlook remains negative.
The foreign currency bond ceiling remains Baa1 with a stable
outlook.

The last rating action on Montenegro was implemented on December
18, 2008, when Moody's changed the outlook for the foreign
currency debt obligations of the government and the foreign
currency deposit ceiling to negative from stable.


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


IM EMPRESAS: Moody's Assigns 'Caa1' Rating on EUR147.2 Mil. Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned these definitive ratings to
the debt issued by IM Empresas Pastor 7:

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

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

According to Moody's, this deal benefits from several credit
strengths including these: (1) At closing a minimum of 60% in
leasing will be included; (2) strong swap guaranteeing 0.75 % of
excess spread over a notional equal to the notes balance (3) a
16.85% reserve fund to cover potential shortfalls in interest or
principal; and (4) a 18-month artificial write-off mechanism.

However, Moody's notes that the deal also features credit
weaknesses, notably: (1) around 40% of the borrowers are
concentrated in the Real Estate sector (including a 19.3% RED over
total pool); (2) certain relatively large obligor concentrations;
(3) Low % of mortgages guarantees: 38% (being Leasing RE: 13%,
Leasing EQ: 49%, Mortgage: 25% and Other: 13%); (4) weak
historical performance of recent Pastor SME deals; and (5) the
negative impact of the interest deferral trigger on the
subordinated series.  These increased risks were reflected in the
credit enhancement calculation.

The pool of underlying assets was, as of March 2009 composed of a
portfolio of 9,805 loans and 5,726 borrowers, granted to Spanish
SME's and self-employed individuals.  The loans were originated
between 2005 and 2009, with a weighted average seasoning of 1.41
years and a weighted average remaining term of 6.7 years.  Around
38% of the outstanding of the portfolio is secured by a mortgage
guarantee over different types of properties (100% of the
portfolio being first-lien with a weighted average LTV of 58%).
Geographically, the pool is concentrated in Galicia (25%) and
Catalonia (15%).  At closing, there will be a maximum of 8% of
loans up to 30 days in arrears and no loan more than 30 days in
arrears.

Moody's based the ratings primarily on: (i) an evaluation of the
underlying portfolio of loans; (ii) historical performance
information and other statistical information; (iii) the swap
agreement hedging the interest rate risk; (iv) the credit
enhancement provided through the GIC account, the excess spread,
the cash reserve and the subordination of the notes; and (v) the
legal and structural integrity of the transaction.  Moody's
initially analysed and will monitor this transaction using the
rating methodology for EMEA SMEs loan-backed transactions as
described "Moody's Approach to Rating Granular SME Transactions in
Europe, Middle East and Africa", June 2007 and "Refining the ABS
SME Approach: Moody's Probability of Default assumptions in the
rating analysis of granular Small and Mid-sized Enterprise
portfolios in EMEA", March 2009.

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


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


ASWENTA HOLDING: Creditors Must File Proofs of Claim by May 6
-------------------------------------------------------------
Creditors of Aswenta Holding JSC are requested to file their
proofs of claim by May 6, 2009, to:

         Interis JSC
         Liquidator
         Loewenstrasse 20
         8001 Zurich
         Switzerland

The company is currently undergoing liquidation in Zug.  The
decision about liquidation was accepted at an extraordinary
general meeting held on March 4, 2009.


BINA TRADING: Proof of Claim Filing Deadline is May 6
-----------------------------------------------------
Creditors of Bina Trading JSC are requested to file their proofs
of claim by May 6, 2009, to:

         Bina Trading JSC
         Artherstrasse 3
         6301 Zug
         Switzerland

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


BIRRER CARPAINT – SOLUTIONS: Claims Filing Deadline is May 4
------------------------------------------------------------
Creditors of Birrer Carpaint – Solutions LLC are requested to file
their proofs of claim by May 4, 2009, to:

         Joe Birrer
         Aspenweid 7
         6214 Schenkon
         Switzerland

The company is currently undergoing liquidation in Geuensee.  The
decision about liquidation was accepted at an extraordinary
general meeting held on March 12, 2009.


BKD DISTRIBUTION: Proof of Claim Filing Deadline is May 6
---------------------------------------------------------
Creditors of BKD Distribution JSC are requested to file their
proofs of claim by May 6, 2009, to:

         BKD Distribution JSC
         Postgassli 10
         3604 Thun
         Switzerland

The company is currently undergoing liquidation in Thun.  The
decision about liquidation was accepted at an extraordinary
general meeting held on March 20, 2009.


MMC GASTRO: Claims Filing Deadline is May 4
-------------------------------------------
Creditors of MMC Gastro LLC are requested to file their proofs of
claim by May 4, 2009, to:

         MMC Gastro LLC
         Innere Margarethenstr. 17
         4051 Basel
         Switzerland

The company is currently undergoing liquidation in Basel.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on March 16, 2009.


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


ACTIVE-CENTER LLC: Court Starts Bankruptcy Supervision Procedure
----------------------------------------------------------------
The Economic Court of Dnepropetrovsk commenced bankruptcy
supervision procedure on LLC Active-Center (code EDRPOU 33338424).

The Insolvency Manager is:

         M. Salova
         Office 75
         Suvorov Str. 11-B
         49089 Dnepropetrovsk
         Ukraine

The Court is located at:

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

The Debtor can be reached at:

         LLC Active-Center
         Office 5
         Zaporozhsky Blind Alley 5
         49055 Dnepropetrovsk
         Ukraine


DIOS LLC: Court Starts Bankruptcy Supervision Procedure
---------------------------------------------------------
The Economic Court of Dnepropetrovsk region commenced bankruptcy
supervision procedure on LLC Dios (code EDRPOU 31124238).

The Insolvency Manager is:

         I. Ternova
         Gagarin Avenue 169/4/43
         49000 Dnepropetrovsk
         Ukraine

The Court is located at:

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

The Debtor can be reached at:

         LLC Dios
         Liebkneht Str. 7
         Krivoy Rog
         Dnepropetrovsk
         Ukraine


ENERGYGROUP VERTICAL: Creditors Must File Claims by May 10
----------------------------------------------------------
Creditors of LLC Energygroup Vertical (code EDRPOU 34779579) have
until May 10, 2009, to submit proofs of claim to:

         LLC Financial Initiative
         Insolvency Manager
         Post Office Box 162
         03087 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on March 26, 2009.

The Court is located at:

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

The Debtor can be reached at:

          LLC Energygroup Vertical
          Lenin Str. 1-a
          Klavdiyevo-Tarasovo
          Borodiansky District
          07850 Kiev
          Ukraine


MARKET FIALKA: Creditors Must File Claims by May 10
---------------------------------------------------
Creditors of Common Enterprise Market Fialka (code EDRPOU
14194858) have until May 10, 2009, to submit proofs of claim to:

         A. Yuditsky
         Insolvency Manager
         Office 9
         Khimikov Avenue 60
         18018 Cherkassy
         Ukraine

The Economic Court of Cherkassy commenced bankruptcy proceedings
against the company on March 17, 2009.  The case is docketed under
Case No. 14/656.

The Court is located at:

         The Economic Court of Cherkassy
         Shevchenko Boulevard 307
         18004 Cherkassy
         Ukraine

The Debtor can be reached at:

         Common Enterprise Market Fialka
         I. Franko Str. 17
         Smila
         20700 Cherkassy
         Ukraine


MARKET-TRANS LLC: Creditors Must File Claims by May 10
------------------------------------------------------
Creditors of LLC Market-Trans (code EDRPOU 35590102) have until
May 10, 2009, to submit proofs of claim to:

         K. Kavtaridze
         Insolvency Manager
         Oreshanka
         Zolochev District
         Kharkov
         Ukraine

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company on March 31, 2009.  The case is docketed under
Case No. B-19/35-09.

The Court is located at:

         The Economic Court of Kharkov
         Svoboda Square 5
         61022 Kharkov
         Ukraine


OBERIG STATE: Creditors Must File Claims by May 10
--------------------------------------------------
Creditors of State Agricultural Enterprise Oberig (code EDRPOU
00487551) have until May 10, 2009, to submit proofs of claim to:

         S. Sautenko
         Insolvency Manager
         Office 47
         Geroyev Truda Str. 58
         Kharkov
         Ukraine

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company on April 3, 2009.  The case is docketed under
Case No. B-24/158-07.

The Court is located at:

         The Economic Court of Kharkov
         Svoboda Square 5
         61022 Kharkov
         Ukraine

The Debtor can be reached at:

         State Agricultural Enterprise Oberig
         Shevchenko str. 1
         Merefa
         Kharkov
         Ukraine


YUBILEYNY AGRICULTURAL: Creditors Must File Claims by May 10
------------------------------------------------------------
Creditors of Agricultural LLC Yubileyny (code EDRPOU 30903913)
have until May 10, 2009, to submit proofs of claim to:

         N. Gapina
         Insolvency Manager
         Office 4
         Gogol Str. 11
         73000 Herson
         Ukraine

The Economic Court of Herson region commenced bankruptcy
proceedings against the company on March 25, 2009.  The case is
docketed under Case No. 6/79-B-08.

The Court is located at:

         The Economic Court of Herson
         Gorky Str. 18
         73000 Herson
         Ukraine

The Debtor can be reached at:

         Agricultural LLC Yubileyny
         Melitopol Str. 11
         Kakhovka
         74800 Herson
         Ukraine


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


AQUILA PLC: Fitch Affirms Rating on Class E Notes at 'BB'
--------------------------------------------------------
Fitch Ratings has affirmed Aquila (Eclipse 2005-1) plc commercial
mortgage-backed notes due October 2016 and revised the Outlook on
Class C to Stable from Negative.  The rating actions are:

  -- GBP125 million class A (XS0213759425) affirmed at 'AAA';
     Outlook Stable

  -- GBP13.2 million class B (XS0213759854) affirmed at 'AAA';
     Outlook Stable

  -- GBP13.5 million class C (XS0213759938) affirmed at 'A+';
     Outlook revised to Stable from Negative

  -- GBP13.1 million class D (XS0213760274) affirmed at 'BBB';
     Outlook Negative

  -- GBP2.2 million class E (XS0213760431) affirmed at 'BB';
     Outlook Negative

Aquila (Eclipse 2005-1) plc was a securitizations of 10 UK
commercial mortgage loans originated by Barclays Bank plc
('Barclays', rated 'AA-' (AA minus) Outlook Stable/'F1+').  Since
closing in March 2005, five loans have prepaid, leaving the loan
pool with a current balance of GBP167 million.  The remaining five
loans are predominantly secured by office and retail properties
located throughout the UK.

Two loans, the Brighton Marina loan and the Podium & St Georges
loan, are due to mature in October 2009: given the current weak
conditions of the commercial property and the bank lending markets
it is uncertain whether the borrowers will be able to refinance
these loans in time.  A third loan, the Cardiff Retail Park loan,
is due to mature in April 2011.  It is secured by a retail
warehouse park on the outskirts of Cardiff and given the problems
currently being experienced in that sector, Fitch considers the
loan to be at risk.  However, the market exposure risk for these
three loans is somewhat mitigated by the five to seven years
between their respective loan maturity dates and bond legal final
maturity date; the special servicer may be able to reduce leverage
using any excess cash flow over this extended "tail period".

The loan portfolio has a reported weighted-average loan-to-value
ratio of 57.8%, as of the January 2009 interest payment date.
This compares to an estimated WA Fitch LTV of 68.3%, reflecting an
overall market value decline of 15.4%.  This relatively modest
decline suggests the collateral, the majority of which was valued
in H204, appreciated in value prior to the property downturn.

Fitch will continue to monitor the performance of the transaction.


DSG INT'L: Raises GBP311 Mln to Step Up Store Transformation
------------------------------------------------------------
Nic Fildes at Telegraph.co.uk reports DSG International plc has
raised GBP311 million through a fund-raising.

The report discloses DSG will raise GBP100 million through a full-
underwritten placing of new shares at 30p each.  The rights issue
will raise a further GBP211 million whereby shareholders can
subscribe for five new shares at 14p each for every seven they
own, the report states.

According to the report, DSG's fund-raising has eased concerns
about the company's balance sheet and will enable the retailer to
step up its store transformation program.  The report relates the
company, whose sales fell 3pc in the six months to mid-April, said
it will use the funds to refit a further 100 stores over the next
18 months.

DSG's net debt as of March 7 stood at GBP503 million compared to
GBP149.5 million it reported at its interim results in November,
the report notes.  The report says the company's net debt soared
partly as a result of the tightening in trade credit insurance
that has affected some of its key suppliers.

The report relates DSG also said it renegotiated a GBP400 million
revolving credit facility and letters of credit worth GBP75
million.  John Browett, chief executive of DSG, as cited in the
report, said it would take "something really quite extreme" for
the company to breach its banking covenants after it renegotiated
its banking facilities.

Headquartered in Hemel, Hempstead, United Kingdom, DSG
International Plc -- http://www.dsgiplc.com/-- is the parent
company of a group engaged in the multi-channel retail of high
technology consumer electronics, personal computers, domestic
appliances, photographic equipment, communication products, and
related financial and after-sales services.  The Company also
undertakes business to business (B2B) sales.  The Company operates
in three divisions: electricals, computing and e-commerce.  The
electricals division is engaged in the retail sale of high
technology consumer electronics, domestic appliances, photographic
equipment and related services.  The computing division is engaged
in the retail and B2B sale of computer hardware and software,
associated peripherals and related services. The e-commerce
division is engaged in online retail sale of high technology
consumer electronics, domestic appliances, photographic equipment
and related services.

                      *     *     *

As reported in the Troubled Company Reporter-Europe on Jan. 22,
2009, Fitch Ratings downgraded UK-based consumer electronics
retailer DSG International plc's (DSG) Long-term Issuer Default
rating (IDR) to 'B' from 'BB-' (BB minus) and affirmed the
company's Short-term IDR at 'B'.  The Outlook is Negative.  At the
same time, Fitch affirmed DSG's senior notes at 'BB-' (BB
minus), with a Recovery Rating of 'RR2'.


LOOKERS PLC: Casts Doubt on Future; Won't Pay Final Dividend
------------------------------------------------------------
Lookers plc said there said there was material uncertainty which
may cast significant doubt on its ability to continue as a going
concern after posting a pre-tax loss of GBP14.9 million for the
year to December 31 due to restructuring costs, Crain's Manchester
Business reports.

According to Crain's, Lookers said it was awaiting final credit
committee approval for a new facility involving GBP53 million of
revolving credit and two term loans totaling GBP157 million.  The
new facility, Crain's discloses, replaces a revolving credit
facility of up to GBP125 million and two term loans totaling
GBP117.5 million.  Crain's relates the company said it expects to
sign off the new banking deal, which will last until April 2012,
before the end of May.  The company, the report states, warned
that the revised facilities would have to be repaid on demand if
covenant tests are failed.  Telegraph.co.uk relates the company's
debt has risen to 19pc to nearly GBP150 million, putting it at
risk of breaching its banking covenants.

Lookers is not paying a final dividend, Crain's notes.  Shivani
Singh of Reuters says the company is also considering alternative
sources of capital to minimize the extra borrowing costs.

Headquartered in Manchester, United Kingdom, Lookers PLC --
http://www.lookers.co.uk/-- is a motor retail company engaged in
the sale, hire and maintenance of motor vehicles and motorcycles,
including the sale of tires, oil, parts and accessories.  As at
December 31, 2007, the Company was organized into three main
business segments: franchised businesses, used car supermarkets
and parts distribution.  On May 17, 2007, the Company acquired BTN
Turbo Charger Service Limited.  On August 29, 2007, it acquired
certain assets from the Administrator of Dixons Motor Group.  On
October 26, 2007, the Company acquired Dutton Forshaw Group
Limited, the motor retail division of Lloyds TSB Asset Finance
Division.


MECOM GROUP: Mulls GBP140 Million Equity Issue to Pay Down Debt
---------------------------------------------------------------
Georgina Prodhan at Reuters reports that Mecom Group plc is
considering a GBP140 million equity issue to pay down debt and
convertibles amid falling advertising revenues.

Reuters relates Mecom, which has been selling assets to pay debt,
said on Thursday that it had non-binding letters of support from
some existing shareholders and new institutions for the capital
hike, and had agreed to a further deferral of its loan covenant
test date to May 31, subject to its raising of at least GBP130.6
million.  Mecom, as cited by Reuters, said it is expected to
launch the equity issue in mid-May.  It also agreed to defer the
maturity date of its convertible loan notes to July 12, Reuters
states.

Reuters discloses Mecom said in a statement that its net debt at
the end of 2008 was GBP669 million, down from GBP692 million a
year earlier, while its market capitalization is GBP97 million.
According to Telegraph.co.uk, the group said net debt would be
GBP340 million after taking into account the proceeds of the
equity issue and recently completed disposals.  Reuters recalls
the group sold its German assets early this year.

Amanda Andrews of Telegraph.co.uk says Mecom, which has reduced
its workforce of 11,000 in 2007 by 15pc, is planning to shed 500
jobs in 2009.  Reuters notes the group said it planned a further
EUR75 million  (US$99 million) in cost cuts this year and would
pay no dividend for 2008.

                  About Mecom Group plc

Headquartered in London, United Kingdom, Mecom Group plc --
http://www.mecom.co.uk -- is engaged in the acquisition and
operation of newspaper publishing and content businesses in
Europe.  The company owns over 300 titles in its five divisions,
with operations in the Netherlands, Denmark, Norway, Germany and
Poland, together publishing approximately 30 million copies a
week.


NEMUS II: Fitch Junks Ratings on Class E and F Notes
----------------------------------------------------
Fitch Ratings has downgraded Nemus II (Arden) PLC's class A to F
notes due February 2020.  The rating Outlook on class A and B has
been revised to Negative from Stable.  A Recovery Rating has been
assigned to the class E and F notes.  The rating actions are:

  -- GBP202.7 million class A (XS0278300487) downgraded to 'AA+'
     from 'AAA'; Outlook revised to Negative from Stable

  -- GBP16.4 million class B (XS0278300560) downgraded to 'AA-'
     from 'AAA'; Outlook revised to Negative from Stable

  -- GBP11.1 million class C (XS0278301295) downgraded to 'A' from
     'AA'; Outlook Negative

  -- GBP10.1 million class D (XS0278300727) downgraded to 'BBB'
     from 'A'; Outlook Negative

  -- GBP16.8 million class E (XS0278301378) downgraded to 'CCC'
     from 'BBB'; assigned Recovery Rating 'RR5'

  -- GBP1.1 million class F (XS0278301535) downgraded to 'CCC'
     from 'BB'; assigned Recovery Rating 'RR6'

The rating actions reflect deteriorating market conditions that
have weakened the creditworthiness of the loans securitized in
this transaction.  The loan portfolio has a reported weighted-
average loan-to-value ratio of 80.3% (based on valuations with a
WA valuation date of December 2007).  This compares to an
estimated WA Fitch LTV of 98.8%, reflecting an overall WA market
value decline of 18.2%.

Currently, three (63.6% of the portfolio) of the six loans
securitized in Nemus II (Arden) PLC are on the servicer watch list
The largest of these loans is the Victoria loan (49.9% of the
pool), which is secured by an office property at 171 Victoria
Street in Central London.  Following a revaluation in December
2008, the reported whole loan LTV of 104.2% is now in breach of
the covenant of 80.2%.  The covenant breach has not yet been
resolved; in the interim, all surplus cash is being trapped.  In
addition, the loan breached its projected interest coverage ratio
covenant of 1.05x in the previous quarter although this was
remedied by the borrower with a deposit of GBP218,000.  Rental
income has otherwise been stable since closing and the lease and
tenant profile is strong: 79.3% of the income is guaranteed by BP
Company Limited (rated 'AA+/Outlook Stable), and the WA unexpired
lease term stands at 18.5 years.  However, coverage for the loan
is expected to remain tight until loan maturity in October 2013.

The Somerfield Loan (9% of the pool) is secured by 11 retail
properties situated across the UK leased to Somerfield Stores Ltd
for a term of 30 years with fixed annual rental uplifts of 2.25%.
Following a revaluation of the properties in June 2008, the whole
loan LTV of 93.7% breached the covenant of 85%.  The covenant
breach was not enforced; instead, the amortization schedule was
amended to result in a whole loan exit LTV of 88% (previously set
at 93%).  However, the borrower failed to make the additional
amortization payment due in January 2009, which triggered the
issuance of a default notice by the servicer.  The loan was
transferred to special servicing in April 2009, and discussions
are ongoing with the borrower.  Fitch estimates that the value is
likely to have further declined due to ongoing yield widening,
resulting in a Fitch A-note LTV of 93.6%.

The Carlton House loan (4.6% of the pool) comprises three
properties located in Sutton Coldfield (West Midlands).  Each
property is modern, mixed-use (predominantly office and retail)
and multi-let.  This loan was transferred to special servicing in
December 2008 following the non-payment of taxes by the parent
company, which is a co-obligor under the facility agreement.
Fitch understands from the special servicer that this issue has
yet not been settled.  In addition, the borrower failed to make
the full amortization payment due in January 2009 following the
administration of Woolworths (7.5% of the rent), which has since
vacated the property.  Consequently, an amortization holiday,
which ends in January 2012, has been agreed to ensure that the
borrower has sufficient cash flow to meet its operating expenses.
However, the special servicer will control all funds during this
period and a revaluation will be provided by end of April 2009.
Fitch estimates a MVD of 32% which results in a LTV of 113.1%,
compared to the reported LTV of 76.9%.


ROAD MANAGEMENT: Moody's Withdraws Rating on GBP165 Mil. Bonds
--------------------------------------------------------------
Moody's Investors Service has withdrawn the rating on
GBP165 million 9.18% guaranteed senior secured bonds due 2021
issued by Road Management Consolidated plc in 1996, guaranteed by
Ambac Assurance Corporation.  Moody's has withdrawn this rating
for business reasons.

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

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

RMC is a special purpose company which in 1996 entered into two
long-term contracts to upgrade and maintain the A1(M) between
Alconbury and Peterborough, and the A417/419 between Swindon and
Gloucester, under the UK's Private Finance Initiative.


TAYLOR WIMPEY: Completes Refinancing of GBP1.57 Billion Debt
------------------------------------------------------------
Taylor Wimpey plc's Eurobond holders approved Wednesday the
refinancing of its GBP1.57 billion of debt, Graham Ruddick at
Telegraph.co.uk reports.

According to Telegraph.co.uk, the new deal reduces the risk of a
breach of covenants and encourages Taylor Wimpey to raise more
than GBP350 million in new equity.  Anita Likus of Dow Jones
Newswires reports the deal includes punitive potential coupons
should the company fail to repay chunks of its debt.

Dow Jones says Taylor Wimpey remains cautious about a significant
recovery in the housing market in the short term, despite
encouraging trading in the first few months of the year, as it
expects the ongoing economic uncertainty to further impact on
consumer confidence.

The company, Dow Jones discloses, booked net loss of GBP1.84
billion last year while net debt stood at GBP1.52 billion.  Dow
Jones notes the company's net loss was hit by exceptional items of
GBP1.89 billion including write downs, impairment of good will and
other intangible assets.  The average value of the company's UK
home fell by 11pc and sales volumes dried up, Telegraph.co.uk
says.

Telegraph.co.uk relates Pete Redfern, the chief executive, told
The Daily Telegraph the downward pressure on house prices has been
exacerbated amid the financial crisis by valuers not judging
properties on their present value, but prejudging future falls.
He also warned that some lenders, including banks, have
pressurized valuers in an attempt to limit the mortgage they
provide on a home, Telegraph.co.uk states.

                         About Taylor Wimpey

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

                         *     *     *

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


* S&P Takes Rating Actions on 351 European Synthetic CDO Tranches
-----------------------------------------------------------------
Standard & Poor's Ratings Services took credit rating actions on
351 European synthetic collateralized debt obligation tranches.

Specifically, the ratings on:

  -- 269 tranches were lowered and removed from CreditWatch
     negative; and

  -- 82 tranches were lowered and remain on CreditWatch negative.

Of the 351 tranches lowered and/or placed on CreditWatch negative:

  -- One references U.S. residential mortgage-backed securities
     and U.S. CDOs that are exposed to U.S. RMBS, which have
     experienced negative rating actions; and

  -- 350 have experienced corporate downgrades in their portfolio.

The rating actions are part of S&P's regular monthly review of
synthetic CDOs.  The transactions included in this review are
those with tranche ratings on CreditWatch negative.  This review
did not include any transaction that references structures finance
assets that are on CreditWatch negative.  Rating actions on those
transactions will follow separately.  These actions incorporate,
among other things, the effect of recent rating migration within
reference portfolios and recent credit events on several corporate
entities.

This table provides a summary of the rating actions S&P has taken
on European synthetic CDO tranches since October 2008.

           Downgrades  Upgrades
           (no. of     (no. of   Key corporate
           tranches)   tranches) downgrades*
           ----------  --------- -------------
  Nov—08   791         0         Fortis N.V.
                                 (A-/Developing to
                                 BBB-/Watch Neg)
                                 Oct. 6, 2008

                                 Glitnir Bank
                                 (CCC/Watch Neg to D)
                                 Oct. 9, 2008

  Dec-08   396         8         Residential Capital, LLC
                                 (CCC-/Negative to CC/Watch Neg)
                                 Nov. 20, 2008

                                 Financial Guaranty Insurance Co.
                                 (BB/Watch Neg to CCC/Negative)
                                 Nov. 24, 2008

                                 Clear Channel Communications Inc.
                                 (B to CC)
                                 Dec. 5, 2008

  Jan-09   253         2         Citigroup Inc.
                                 (AA-/Watch Neg to A/Stable)
                                 Dec. 19, 2008

                                 Morgan Stanley
                                 (A+/Negative to A/Negative)
                                 Dec. 19, 2008

  Feb-09   344         1         MBIA Inc.
                                 (A-/Negative to BB+/Negative)
                                 Feb. 18, 2009

                                 MBIA Insurance Corp.
                                 (AA/Negative to BBB+/Negative)
                                 Feb. 18, 2009

  Mar-09   208         4         MGIC Investment Corp.
                                 (BB+/Watch Neg to CCC/Negative)
                                 March 13, 2009

                                 MGM MIRAGE
                                 (B/Watch Neg to CCC/Negative)
                                 March 19, 2009

                                 Idearc Inc.
                                 (CCC/Negative to D)
                                 March 31, 2009

  Apr-09   351         0         PMI Group Inc.
                                 (BBB/Watch Neg to CCC/Watch Dev)
                                 April 8, 2009

* Corporate names that have experienced a significant notch
   downgrade, as well as being highly referenced within European
   synthetic CDOs.

These rating actions and the CreditWatch updates follow two
reviews.  The first review was of the CreditWatch placements made
on April 9, 2009.

For the second review, SROC (synthetic rated
overcollateralization) is run for scenarios that project the
current portfolio 90 days into the future, assuming no asset
rating migration.

For those transactions that have been on CreditWatch negative for
longer than 90 days, where S&P has either not received material
levels of information or relative portfolio credit quality has not
improved since the CreditWatch placement to a level sufficient to
affirm the rating, S&P has assessed portfolio credit quality and
not run scenarios 90 days into the future.

                          What Is SROC?

One of the main steps in S&P's rating analysis is the review of
the credit quality of the securitized assets.  SROC is one of the
tools S&P use for this purpose when rating and surveilling ratings
assigned to most synthetic CDO tranches.  SROC is a measure of the
degree by which the credit enhancement (or attachment point) of a
tranche exceeds the stressed loss rate assumed for a given rating
scenario.  It is comparable across different tranches of the same
rating.

Changes in SROC capture any developments in the major influences
on a tranche's creditworthiness: the credit quality of a reference
portfolio, improvement or deterioration of ratings in the
reference portfolio, credit events, and time decay.  When SROC is
100%, there is exactly sufficient credit enhancement to maintain
the rating on a tranche.

When SROC is less than 100%, it indicates that the current credit
enhancement may not be sufficient to maintain the current tranche
rating.  If the SROC is less than 100%, but the 90 day projection
indicates that the SROC would return to a level above 100% at that
time, S&P maintains the rating at its current level and it remains
on CreditWatch negative.  If, on the other hand, the projection
indicates that the SROC would remain below 100%, S&P may lower the
rating subject to S&P's criteria.

If the current SROC of a tranche would be greater than 100% at a
higher rating level than the current rating, S&P may upgrade
subject to S&P's criteria.


* S&P Junks Ratings on Two European Loss-Based Senior Notes
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
eight European loss-based leveraged super senior notes and took
various CreditWatch actions on several of them.

Specifically, S&P:

  -- Lowered its ratings on the series 35 and 36 notes issued by
     Chess II Ltd. and the series 2007-31 and 2007-36 notes issued
     by STARTS (Cayman) Ltd.

  -- Lowered and placed on CreditWatch negative its ratings on the
     series 37 notes issued by Chess II Ltd. and the series 2008-1
     notes issued by STARTS (Ireland) PLC.

  -- Lowered and removed from CreditWatch negative its ratings on
     the series 04/2006 notes issued by IRIS SPV PLC and the
     series 2007-11 notes issued by STARTS (Cayman) Ltd.

These rating actions follow credit events and S&P's assessment of
a  deterioration in the credit quality of the assets in the
underlying reference portfolios.  These factors have, in S&P's
opinion, increased the probability that the portfolio loss
triggers for these tranches will be breached. Accordingly, S&P has
lowered the ratings to a level S&P believes is consistent with the
tranches' loss probability.

S&P's ratings on loss-based transactions factor in the credit risk
associated with the reference portfolio.  Losses on the underlying
reference portfolio may lead to a breach of the loss trigger,
which may cause the transaction to unwind.  S&P assess the
likelihood of breaching the attachment point as well as the
probability of breaching a loss trigger when assigning a rating to
a loss-based transaction.

                           Ratings List

                          Ratings Lowered

                           Chess II Ltd.
EUR10 Million Secured Leveraged Super Senior Credit-Linked Notes
                             Series 35

                           Ratings
                           -------
                 To                        From
                 --                        ----
                 CCC+                      B+

                          Chess II Ltd.
EUR15 Million Secured Leveraged Super Senior Credit-Linked Notes
                            Series 36

                           Ratings
                           -------
                 To                        From
                 --                        ----
                 CCC+                      B+

                       STARTS (Cayman) Ltd.
$600 Million Leveraged Super Senior Credit-Linked Fixed-Rated
                       Notes Series 2007-31

                           Ratings
                           -------
                 To                        From
                 --                        ----
                 BBB-                      A-

                       STARTS (Cayman) Ltd.
US$135 Million Leveraged Super Senior Credit-Linked Fixed-Rate
Notes
                          Series 2007-36

                           Ratings
                           -------
                 To                        From
                 --                        ----
                 BBB                       AA+

        Ratings Lowered and Placed on Creditwatch Negative

                          Chess II Ltd.
EUR50 Million Secured Leveraged Super Senior Credit-Linked Notes
                            Series 37

                           Ratings
                           -------
                 To                        From
                 --                        ----
                 BB-/Watch Neg             BBB

                       STARTS (Cayman) Ltd.
US$425 Million Leveraged Super Senior Credit-Linked Fixed-Rate
Notes
                          Series 2008-1

                           Ratings
                           -------
                 To                        From
                 --                        ----
                 B/Watch Neg               BBB-

      Ratings Lowered and Removed From Creditwatch Negative

                           IRIS SPV PLC
    EUR49.5 Million Leveraged Floating-Rate Credit-Linked Notes
                         Series 04/2006

                        Ratings
                        -------
              To                        From
              --                        ----
              BB                        A-/Watch Neg

                       STARTS (Ireland) PLC
      EUR55 Million Leveraged Super Senior Credit-Linked Notes
                          Series 2007-11

                        Ratings
                        -------
              To                        From
              --                        ----
              B+                        BB+/Watch Neg


* BOND PRICING: For the Week April 27 to May 1, 2009
----------------------------------------------------
Issuer                    Coupon   Maturity   Currency   Price
------                    ------   --------   --------   -----

AUSTRIA
-------
Bawag PSK                 3.500    03/09/17      EUR     74.72
Oester Volksbk            4.810    07/29/25      EUR     63.94
Raiff Centrobank          12.00    07/17/09      EUR     58.67

CYPRUS
------
Abh Financial Lt          8.200    06/25/12      USD     77.60

FRANCE
------
Alcatel SA                4.750    01/01/11      EUR     14.13
Alcatel SA                6.380    04/07/14      EUR     63.46
Axa SA                    7.130    12/15/20      GBP     73.88
Axa SA                    8.600    12/15/30      USD     69.00
Calyon                    6.000    06/18/47      EUR     40.39
Cap Gemini SA             2.500    01/01/10      EUR     51.32
Cap Gemini Soget          1.000    01/01/12      EUR     39.76
Cap Gemini Soget          3.500    01/01/14      EUR     36.23
Cie Fin Foncier           3.880    04/25/55      EUR     73.33
Ciments Francais          4.750    04/04/17      EUR     77.75
Club Mediterrane          4.380    11/01/10      EUR     41.22
CMA CGM                   5.500    05/16/12      EUR     43.13
CMA CGM                   5.500    05/16/12      EUR     43.21
CMA CGM                   7.250    02/01/13      USD     38.63
CMA CGM                   7.250    02/01/13      USD     42.13
Soc Air France            2.750    04/01/20      EUR     18.99

GERMANY
-------
Bayer AG                 5.000     07/29/2105    EUR     75.27
Bayerische Lndbk         4.250     10/05/16      EUR     70.59
Bayerische Lndbk         4.500     02/07/19      EUR     66.04
City of Moscow           5.060     10/20/16      EUR     74.04

GREECE
------
Antenna TV SA            7.250     02/15/15      EUR     64.50

HUNGARY
-------
Agrokor                   7.000    11/23/11      EUR     71.66

IRELAND
-------
Alfa Bank                 8.630    12/09/15      USD     57.50
Alfa Bank                 8.640    02/22/17      USD     55.14
Allied Irish Bks          7.880    07/05/23      GBP     66.09
Allied Irish Bks          5.250    03/10/25      GBP     58.86
Allied Irish Bks          5.630    11/29/30      GBP     46.66
Ardagh Glass              7.130    06/15/17      EUR     70.42
Ardagh Glass              7.130    06/15/17      EUR     72.88
Banesto Finance           6.120    11/07/37      EUR      6.12
Bank of Ireland           4.880    01/22/18      GBP     67.73
Bank of Ireland           4.630    02/27/19      EUR     52.70
Bank Soyuz                9.380    02/16/10      USD     69.97

ITALY
-----
Cir SpA                   5.750    12/16/24      EUR     60.88

LUXEMBOURG
----------
Alrosa Finance            8.880    11/17/14      USD     72.45
Alrosa Finance            8.880    11/17/14      USD     73.08
Bank of Moscow            7.500    11/25/15      USD     66.00
Bank of Moscow            6.810    05/10/17      USD     56.98
Beverage Pack             8.000    12/15/16      EUR     72.71
Beverage Pack             9.500    06/15/17      EUR     53.21
Beverage Pack             9.500    06/15/17      EUR     60.13
Cirsa Capital             7.880    07/15/12      EUR     55.63
Cirsa Capital             7.880    07/15/12      EUR     57.50
Cirsa Fin Lux             8.750    05/15/14      EUR     43.63
Cirsa Fin Lux             8.750    05/15/14      EUR     49.75
Globus Capital            8.500    03/05/12      USD     47.43
Severstal OAO             9.750    07/29/13      USD     77.08
Severstal OAO             9.750    07/29/13      USD     76.90
Severstal OAO             9.250    04/19/14      USD     73.58
Severstal OAO             9.250    04/19/14      USD     75.54

NETHERLANDS
-----------
ABN Amro Bank NV          6.000    03/16/35      EUR     56.58
ABN Amro Bank NV          6.250    06/29/35      EUR     39.41
Achmea Hypobk             4.300    04/03/24      EUR     69.01
Achmea Hypobk             4.000    12/27/24      EUR     65.41
Aegon NV                  6.130    12/15/31      GBP     64.17
Air Berlin Finan          1.500    04/11/27      EUR     35.69
ALB Finance BV            9.000    11/22/10      GBP     14.99
ALB Finance BV            9.750    02/14/11      GBP     14.99
ALB Finance BV            8.750    04/20/11      EUR     17.48
ALB Finance BV            7.880    02/01/12      EUR     11.49
Alfa Bk Ukraine           9.750    12/22/09      USD     58.53
ASM Holding NV            5.750    06/13/17      EUR     73.50
ASM Intl NV               4.250    12/06/11      USD     75.74
Astana Finance            9.000    11/16/11      USD     22.46
ATF Capital BV            9.250    02/21/14      USD     50.96
Bk Ned Gemeenten          0.500    06/27/18      CAD     70.11
Bk Ned Gemeenten          0.500    02/24/25      CAD     46.91
Cabot Finance             5.250    09/01/13      USD     74.39
Cemex Fin Europe          4.750    03/05/14      EUR     55.58
Centercrdt Intl           8.000    02/02/11      USD     58.30
Centercrdt Intl           8.630    01/30/14      USD     47.20
Centercrdt Intl           8.630    01/30/14      USD     48.48
Clondalkin BV             8.000    03/15/14      EUR     39.50
Clondalkin BV             8.000    03/15/14      EUR     39.88
Hit Finance BV            4.880    10/27/21      EUR     70.19
JSC Bank Georgia          9.000    02/08/12      USD     44.39
Turanalem Fin BV          7.130    12/21/09      GBP     32.49
Turanalem Fin BV          7.880    06/02/10      USD     21.49
Turanalem Fin BV          6.250    09/27/11      EUR     19.98
Turanalem Fin BV          7.750    04/25/13      USD     20.45
Turanalem Fin BV          8.000    03/24/14      USD     20.44
Turanalem Fin BV          8.500    02/10/15      USD     20.44
Turanalem Fin BV          8.250    01/22/37      USD     19.44

ROMANIA
-------
Bucharest                 4.130    06/22/15      EUR     62.70

SPAIN
-----
Abertis Infra             4.380    03/30/20      EUR     78.68
Ayt Cedulas Caja          3.750    12/14/22      EUR     74.77
Ayt Cedulas Caja          3.750    06/30/25      EUR     69.63
Bancaja                   4.380    02/14/17      EUR     66.28
Banco Bilbao Viz          4.380    10/20/19      EUR     75.33
Bankinter SA              6.000    12/18/28      EUR     74.40
Cedulas TDA 6             3.880    05/23/25      EUR     75.04
Cedulas TDA A-6           4.250    04/10/31      EUR     71.39

UNITED KINGDOM
--------------
Alpha Credit Grp          2.940    03/04/35      JPY     47.71
Amlin Plc                 6.500    12/19/26      GBP     64.59
Anglian Wat Fin           2.400    04/20/35      GBP     46.37
Anglo American            9.380    04/08/19      USD    100.33
Annes Gate Ppty           5.660    06/30/31      GBP     74.32
Arsenal Sec               5.140    09/01/29      GBP     68.47
Ashtead Holdings          8.630    08/01/15      USD     58.38
Ashtead Holdings          8.630    08/01/15      USD     59.13
Aspire Defence            4.670    03/31/40      GBP     62.37
Aviva Plc                 5.250    10/02/23      EUR     43.36
Aviva Plc                 6.880    05/22/38      EUR     42.78
Aviva Plc                 6.880    05/20/58      GBP     55.74
Barclays Bk Plc           11.650   05/20/10      USD     48.65
Barclays Bk Plc           4.500    03/04/19      EUR     76.23
Barclays Bk Plc           5.750    09/14/26      GBP     68.95
Barclays Bk Plc           6.330    09/23/32      GBP     66.67
Beazley Group             7.250    10/17/26      GBP     62.45
BL Super Finance          5.270    07/04/25      GBP     64.63
BL Super Finance          4.480    10/04/25      GBP     74.42
BL Super Finance          5.580    10/04/25      GBP     72.49
Bradford&Bin Bld          4.880    06/28/17      EUR     75.66
Bradford&Bin Bld          5.750    12/12/22      GBP     13.75
Bradford&Bin Bld          6.630    06/16/23      GBP     10.38
Bradford&Bin Bld          4.910    02/01/47      EUR     57.21
Brit Insurance            6.630    12/09/30      GBP     57.53
British Airways           8.750    08/23/16      GBP     74.00
British Land Co           5.360    03/31/28      GBP     76.22
British Land Co           5.260    09/24/35      GBP     66.27
British Land Co           5.260    09/24/35      GBP     70.32
British Tel Plc           5.750    12/07/28      GBP     70.43
British Tel Plc           6.380    06/23/37      GBP     71.01
Britannia Bldg            5.750    12/02/24      GBP     64.45
Britannia Bldg            5.880    03/28/33      GBP     59.75
Brixton Plc               6.000    12/30/10      GBP     62.45
Brixton Plc               5.250    10/21/15      GBP     46.57
Brixton Plc               6.000    09/30/19      GBP     38.06
Broadgate Finance         4.850    04/05/31      GBP     73.57
Broadgate Finance         5.000    10/05/31      GBP     66.26
Broadgate Finance         5.100    04/05/33      GBP     60.41
Broadgate Finance         4.820    07/05/33      GBP     69.96
Cattles Plc               7.880    01/17/14      GBP      9.48
Cattles Plc               8.130    07/05/17      GBP      7.88
CGNU Plc                  6.130    11/16/26      GBP     55.49
City of Kiev              8.250    11/26/12      USD     39.39
City of Kiev              8.000    11/06/15      USD     34.39
Clerical Med Fin          6.450    07/05/23      EUR     40.17
Guardian Royal            6.630    08/21/23      GBP     87.82
Heating Finance           7.880    03/31/14      GBP     44.88
Prudential Bank           6.880    12/29/21      GBP     74.43

                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *