TCREUR_Public/090506.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Wednesday, May 6, 2009, Vol. 10, No. 88

                            Headlines

A U S T R I A

FISCHER SECUREINVEST: Claims Registration Period Ends May 20
FORM LLC: Claims Registration Period Ends May 20
KM LLC: Claims Registration Period Ends May 20
REAL IMMOTRADE: Claims Registration Period Ends May 20
S.P.O.R.T. LLC: Claims Registration Period Ends May 22


F R A N C E

AKERYS HOLDINGS: S&P Withdraws 'SD' Corporate Credit Rating


G E R M A N Y

HYPO REAL ESTATE HOLDING: German Gov't Holds 40.93% Stake
KABU DEVELOPMENT: Claims Registration Period Ends June 5
MASSIV UND FERTIGBAU: Claims Registration Period Ends May 15
ML SPEDITION: Claims Registration Period Ends June 16
MONEYMIX GMBH: Claims Registration Period Ends June 5

MUREK FASHION: Claims Registration Period Ends June 15
OPTIMAL BAU: Claims Registration Period Ends June 10
PROJECTOFFICE COLOGNE: Claims Registration Period Ends June 7
SPIRIT & FOOD: Claims Registration Period Ends May 27
TELEFONMANN GMBH: Claims Registration Period Ends June 2

TREOFAN HOLDINGS: S&P Cuts LT Corporate Credit Rating to 'CC'
U-AGE PUBLIC RELATIONS: Claims Registration Period Ends May 29
UNYLON POLYMERS: Files for Insolvency


G R E E C E

* S&P Takes Rating Actions on Seven Greek and Cypriot Banks


I T A L Y

FIAT SPA: Eyes Opel Takeover, May Spin Off Automobile Division


K A Z A K H S T A N

IMPERIYA LLP: Creditors Must File Claims by June 5
INPROJECT LLP: Creditors Must File Claims by June 5
JANA TRANS 2004: Creditors Must File Claims by June 5
ONTUSTIK POLIGRAFIYA: Creditors Must File Claims by June 5
PAPYRUS LLP: Creditors Must File Claims by June 5


K Y R G Y Z S T A N

FREE ADVERTISING: Creditors Must File Claims by May 22
HOT LINE: Creditors Must File Claims by May 22
TEX STYLE: Creditors Must File Claims by May 22


M A C E D O N I A

* S&P Gives Neg. Outlook on Skopje Municipality; Keeps 'BB' Rating


R U S S I A

AFK SISTEMA: 2008 Net Profit Down 96% to US$62 Million
DARY LESA: Creditors Must File Claims by May 24
NIZHNEKAMSK-KROVLYA OJSC: Creditors Must File Claims by May 24
MECHANICAL PLANT: Creditors Must File Claims by May 24
STROY-OFIS LLC: Creditors Must File Claims by June 24

SUE KAMCHATSKIY: Under External Management Bankruptcy Procedure


S W I T Z E R L A N D

BRIWA LLC: Creditors Must File Proofs of Claim by May 8
CSC ZELTE: Claims Filing Deadline is May 8
HEGICHALLER LLC: Creditors Must File Proofs of Claim by May 8
LUTZ - TEXTIL JSC: Claims Filing Deadline is May 8
VALPROTECT LLC: Proof of Claim Filing Deadline is May 8


U K R A I N E

EVITA-COM LLC: Creditors Must File Claims by May 15
OLVIYA-SERVICE LLC: Creditors Must File Claims by May 15
PAVLOGRAD SPECIALIZED: Creditors Must File Claims by May 14
PROLETARSKOYE-K LLC: Creditors Must File Claims by May 14


U N I T E D   K I N G D O M

ANGLO-WELSH UTILITIES: Appoints Joint Liquidators from BDO
BRITANNIA BUILDING: Members Back Merger with Co-operative
BROOKE MARINE: Goes Into Liquidation
BURLINGTON DIGITAL: Taps Joint Liquidators from Tenon Recovery
CRACK BONDING: Taps Joint Liquidators from Smith & Williamson

D & P CAIRNS: Appoints Joint Liquidators from Tenon Recovery
DANCESHIELD LTD: Taps Joint Liquidators from Grant Thornton
EWRANGE LTD: Appoints Joint Liquidators from Grant Thornton
ITV PLC: Shareholders Eye BskyB Ex-CEO Tony Ball for Top Role
JET OPTIONS: Appoints Joint Liquidators from KPMG

K R S DESIGN: Brings in Joint Liquidators from Tenon Recovery
LINEHAUL LTD: Taps Joint Liquidators from Tenon Recovery
PEARL GROUP: Hugh Osmond Says Resolution Bond an Equity Stake
P R CIRCUITS: Appoints Liquidator from PKF
ROYAL BANK: Finance Director Guy Whittaker to Step Down

ROYAL BANK: Sells 50% Stake in LDA to Bankinter for EUR426 Mln
SOUTHAMPTON LEISURE: Gets Two Offers for Football Club
VISTEON UK: Belfast Workers to Vote on Redundancy Deal on Sunday


                         *********


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


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

         Dr. Eva-Maria Bachmann-Lang
         Opernring 8
         1010 Vienna
         Austria
         Tel: 512 87 01
         Fax: 513 82 50
         E-Mail: bachmann.rae@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:00 a.m. on March 30, 2009, for the
examination of claims.


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

         Dr. Karl F. Engelhart
         Esteplatz 4
         1030 Vienna
         Austria
         Tel: 712 33 30-0
         Fax: 712 33 30-30
         E-mail: kanzlei@engelhart.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.


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

         Mag. Norbert Stiefmueller
         Maximilian Pagl - Strasse 5
         4651 Stadl-Paura
         Austria
         Tel: 07245/21345-0
         Fax: 07245/21345-30
         E-mail: ra.stiefmueller@rechtsvertretung.cc

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:00 a.m. on June 4, 2009, for the
examination of claims.


REAL IMMOTRADE: Claims Registration Period Ends May 20
------------------------------------------------------
Creditors owed money by Real Immotrade JSC have until May 20,
2009, to file written proofs of claim to the court-appointed
estate administrator:

         Dr. Thomas Humer
         Ringstrasse 4
         4600 Wells
         Austria
         Tel: 07242/47240
         Fax: 07242/68650
         E-mail: office@hofer-humer.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:20 a.m. on June 4, 2009, for the
examination of claims.


S.P.O.R.T. LLC: Claims Registration Period Ends May 22
------------------------------------------------------
Creditors owed money by S.P.O.R.T. LLC have until May 22, 2009, to
file written proofs of claim to the court-appointed estate
administrator:

         Dr. Alexander Burkowski
         Graben 32
         4020 Linz
         Austria
         Tel: 0732/65 45 56
         Fax: 0732/65 45 56 57
         E-mail: burkowski.alexander@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on June 5, 2009, for the
examination of claims.


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


AKERYS HOLDINGS: S&P Withdraws 'SD' Corporate Credit Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services said that it has withdrawn its
'SD' corporate credit rating and 'D' senior secured debt ratings
on France-based homebuilder Akerys Holdings S.A.

The withdrawal came at the company's request and follows the
completion on April 28, 2009 of the restructuring of its EUR300
million floating-rate notes due 2014.  The company no longer has
any rated debt outstanding.

S&P believes that the bond restructuring transaction will
substantially improve the group's balance sheet, but that the
continued sharp deterioration of the homebuilding sector will
result in a continuous weakening of Akerys' business profile that
would have been likely to limit the corporate credit rating to the
'B' rating category.


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


HYPO REAL ESTATE HOLDING: German Gov't Holds 40.93% Stake
---------------------------------------------------------
Ulrike Dauer at Dow Jones Newswires reports that the German
government increased its stake in Hypo Real Estate Holding AG to
40.93% Monday.

Dow Jones relates SoFFin financial markets stabilization fund said
that by the end of Monday, shareholders had offered the government
74.59 million shares, adding another 32.28% to the initial 8.7%
stake SoFFin bought in Hypo RE in late March.  Bloomberg News says
by acquiring the new shares, the government wants to push minority
shareholders' stake below 10 percent, which would allow it to
force them out.

The German government's offer to buy shares in Hypo RE at EUR1.39
a share expired at 10:00 p.m. on Monday, May 4, Dow Jones
discloses.

According to Dow Jones, the tender offer includes a 10% premium on
the statutory minimum share offer price of EUR1.26.  Dow Jones
says at that pricing, Hypo RE is worth around EUR321 million, with
a current market value of around EUR293 million.

As reported in the Troubled Company Reporter-Europe on April 29,
2009, Dow Jones said Hypo RE will ask shareholders June 2 to
approve a capital increase that would exclude existing
shareholders from participation.

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

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

                      About Hypo Real Estate

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

                        *     *     *

As reported in the Troubled Company Reporter-Europe on Dec. 2,
2008, Dominion Bond Rating Service downgraded its long-term
ratings for Hypo Real Estate Holding AG (Holding) and related
entities (together Hypo Real Estate or the Group), including the
Senior Unsecured Long-Term Debt rating for Holding, which was
downgraded to A (low) from "A".  Concurrently, all ratings have
been placed Under Review with Negative Implications.

DBRS's rating action followed the announcement of Hypo Real
Estate's Q3 2008 results, the announcement of an additional EUR20
billion short-term debt guarantee and of additional information
about the Group's liquidity challenges, earnings outlook and
pending application for more comprehensive external support.

The downgrade and the Under Review Negative status reflect DBRS's
concern that Hypo Real Estate's franchise has been weakened by its
ongoing liquidity challenges.  The Group's lack of access to
market funding currently restricts its ability to write new
business and requires it to seek more comprehensive support,
demonstrating the weakening of its intrinsic fundamentals, the
rating agency said.

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

On Oct. 28, 2008, the TCR-Europe reported Standard & Poor's
Ratings Services lowered its long-term counterparty credit ratings
on the seven rated entities of Hypo Real Estate (HRE) group to
'BBB' from 'BBB+', namely, Germany-based commercial real estate
lenders Hypo Real Estate Bank International AG and Hypo Real
Estate Bank AG, public-finance lenders Depfa Deutsche
Pfandbriefbank AG, Ireland-based DEPFA BANK PLC, Depfa ACS, and
Hypo Public Finance Bank, and Luxembourg-based Hypo Pfandbriefbank
Bank International S.A.

"These rating actions reflect the group's strained financial
profile, weak funding position, and concerns about the viability
of its business model," said Standard & Poor's credit analyst
Volker von Kruechten.  "We expect HRE to restructure and downsize,
which may cause further pressure on earnings and capital, owing to
the difficult market environment and a deteriorating credit
cycle."


KABU DEVELOPMENT: Claims Registration Period Ends June 5
--------------------------------------------------------
Creditors of Kabu Development + Logistics GmbH have until June 5,
2009, to register their claims with court-appointed insolvency
manager.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on July 2, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Christian Hellmich
         Koenigsstr. 20
         70173 Stuttgart
         Germany

The court opened bankruptcy proceedings against the company on
April 20, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Kabu Development + Logistics GmbH
         Attn: Verena Burghardt and
               Andreas Vetter, Managers
         Karlsruher St. 20
         75179 Pforzheim
         Germany


MASSIV UND FERTIGBAU: Claims Registration Period Ends May 15
------------------------------------------------------------
Creditors of Massiv und Fertigbau GmbH have until May 15, 2009, to
register their claims with court-appointed insolvency manager.

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

The meeting of creditors will be held at:

         The District Court of Crailsheim
         Room 113
         Schillerstrasse 1
         74564 Crailsheim
         Germany

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

The insolvency manager can be reached at:

         Gerhard Ehrmann
         Christian-Buerkert-Str. 4
         74653 Ingelfingen
         Germany
         Tel: 07940/53051
         Fax: 07940/53031

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

The Debtor can be reached at:

         Massiv und Fertigbau GmbH
         Attn: Philipp Ernst, Manager
         Ellwanger St. 50
         74564 Crailsheim
         Germany


ML SPEDITION: Claims Registration Period Ends June 16
----------------------------------------------------
Creditors of ML Spedition GmbH have until June 16, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on July 15, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Braunschweig
         E 01
         Martinikirche 8
         38100 Braunschweig
         Germany

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

The insolvency manager can be reached at:

         Henning Jung
         Thiestrasse 5
         38226 Salzgitter
         Germany
         Tel: 05341-86609-00
         Fax: 05341-86609-08
         E-mail: H.Jung@leonhardt-westhelle.eu

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

The Debtor can be reached at:

         ML Spedition GmbH
         Attn: Juergen Doeler, Manager
         Hauptstrasse 23
         38159 Vechelde
         Germany


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

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on July 6, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Hall B 405
         Fourth Floor Annex
         Civil Justice Bldg.
         Sievkingplatz 1
         20355 Hamburg
         Germany

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

The insolvency manager can be reached at:

         Dr. Achim Ahrendt
         Albert-Einstein-Ring 11/15
         22761 Hamburg
         Germany

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

The Debtor can be reached at:

         Moneymix GmbH
         Attn: Volker Kuehl, Manager
         Hauptstr. 28
         21629 Neu Wulmstorf
         Germany


MUREK FASHION: Claims Registration Period Ends June 15
------------------------------------------------------
Creditors of Murek Fashion Verwaltungs GmbH have until June 15,
2009, to register their claims with court-appointed insolvency
manager.

Creditors and other interested parties are encouraged to attend
the meeting at 12:00 p.m. on July 6, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Hall B 405
         Fourth Floor Annex
         Civil Justice Bldg.
         Sievkingplatz 1
         20355 Hamburg
         Germany

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

The insolvency manager can be reached at:

         Reinhard Titz
         Gertrudenstrasse 3
         20095 Hamburg
         Germany

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

The Debtor can be reached at:

         Murek fashion Verwaltungs GmbH
         Attn: Heiner Boss, Manager
         Modering 3
         22457 Hamburg
         Germany


OPTIMAL BAU: Claims Registration Period Ends June 10
----------------------------------------------------
Creditors of Optimal Bau GmbH have until June 10, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on July 10, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Tuebingen
         Room 1.01
         Schulberg 14
         72074 Tuebingen
         Germany

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

The insolvency manager can be reached at:

         Dr. Axel Kulas
         Gansheidestr. 43
         70184 Stuttgart
         Germany
         Tel: 0711/70707580
         Fax: 0711/7070758-8

The court opened bankruptcy proceedings against the company on
April 21, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Optimal Bau GmbH
         Schwarzwaldstrasse 43
         72149 Neustetten
         Germany

         Attn: Gerhard Hochmann, Manager
         Neuhauser Strasse 44
         72181 Starzach-Bierlingen
         Germany


PROJECTOFFICE COLOGNE: Claims Registration Period Ends June 7
-------------------------------------------------------------
Creditors of Projectoffice Cologne GmbH have until June 7, 2009,
to register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:50 a.m. on July 7, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Cologne
         Room 1216
         Luxemburger Strasse 101
         50939 Cologne
         Germany

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

The insolvency manager can be reached at:

         Rene Bruckhoff
         Im Zollhafen 18
         50678 Koeln
         Germany
         Tel: 0221/7716-322
         Fax: +492217716335

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

The Debtor can be reached at:

         Projectoffice Cologne GmbH
         Neurather Ring 1
         51063 Koeln
         Germany

         Attn: Peter Willert, Manager
         Neurather Ring 1
         51063 Koeln
         Germany


SPIRIT & FOOD: Claims Registration Period Ends May 27
-----------------------------------------------------
Creditors of Spirit & food Verwaltungs GmbH have until May 27,
2009, to register their claims with court-appointed insolvency
manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on July 8, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Osnabrueck
         Branch N 301
         Nebenstelle
         Kollegienwall 10
         49074 Osnabrueck
         Germany

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

The insolvency manager can be reached at:

         Klaus Niemeyer
         Schillerstr. 20
         49074 Osnabrueck
         Germany
         Tel: 0541 / 33 85 00
         Fax: 0541 / 33 850-50

The court opened bankruptcy proceedings against the company on
April 20, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Spirit & food Verwaltungs GmbH
         Werner-von-Siemens-Str. 35
         49219 Glandorf
         Germany

         Attn: Leni Heilmann-Lueckener, Manager
         Wilhelm-Busch-Str. 10
         49219 Glandorf
         Germany


TELEFONMANN GMBH: Claims Registration Period Ends June 2
--------------------------------------------------------
Creditors of TelefonMann GmbH have until June 2, 2009, to register
their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:35 a.m. on July 9, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Hall B 405
         Fourth Floor Annex
         Civil Justice Bldg.
         Sievkingplatz 1
         20355 Hamburg
         Germany

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

The insolvency manager can be reached at:

         Markus Luedtke
         Johannes-Brahms-Platz 1
         20355 Hamburg
         Germany

The court opened bankruptcy proceedings against the company on
April 20, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         TelefonMann GmbH
         Attn: Praetorius Jatzkowski and
               Gabriele Jatzkowski, Managers
         Rehdersweg 14
         22399 Hamburg
         Germany


TREOFAN HOLDINGS: S&P Cuts LT Corporate Credit Rating to 'CC'
------------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit ratings on Germany-based flexible
packaging producer Treofan Holdings GmbH and its operating
subsidiary Treofan Germany GmbH & Co. KG to 'CC' from 'CCC'.  The
outlook is negative.

At the same time, S&P lowered its issue rating on Treofan's
EUR170 million subordinated second-lien notes due 2013 to 'CC'
from 'CCC'.  The '4' recovery rating on the notes remains
unchanged, indicating S&P's expectation of average recovery (30%-
50%) in the event of payment default.  The recovery rating will be
reviewed as additional information about a proposed exchange offer
becomes available.

"The rating action follows Treofan's recent announcement of a
public offer to convert the EUR170 million notes into equity in
the company.  Based on S&P's current estimates, S&P believes that
this exchange offer may be at a substantial discount to the par
value (plus accrued interest) of the outstanding issue.  Under
S&P's rating criteria, S&P considers the proposed debt
restructuring to be a distressed exchange and, as such, tantamount
to default," said Standard & Poor's credit analyst Izabela
Listowska.

In addition, S&P understands that the company's financial
restructuring measures include a capital injection to principally
finance planned operational and financial restructuring measures
and an extension of the maturity of an existing senior revolving
credit facility  due July 2010 along with a resetting of financial
covenants.  This reflects, in S&P's view, the increasingly weak
financial position of the company and the need to secure its
liquidity position.

Upon completion of the tender offer, S&P expects to lower the
corporate credit rating on the company to 'SD' (selective default)
and lower the ratings on the notes to 'D' (default).  S&P would
then assign a new corporate credit rating to Treofan based, inter
alia, on the company's new capital structure and liquidity
profile, subject to sufficient information and other
considerations.


U-AGE PUBLIC RELATIONS: Claims Registration Period Ends May 29
--------------------------------------------------------------
Creditors of U-Age Public Relations und Sales Promotion
Agenturges. mbH have until May 29, 2009, to register their claims
with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on June 25, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Hall B 405
         Fourth Floor Annex
         Civil Justice Bldg.
         Sievkingplatz 1
         20355 Hamburg
         Germany

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

The insolvency manager can be reached at:

         Hendrik Rogge
         Haferweg 22
         22769 Hamburg
         Germany

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

The Debtor can be reached at:

         U-Age Public Relations und
         Sales Promotion Agenturges. mbH
         Schellingstrasse 10 a
         22089 Hamburg
         Germany

         Attn: Ulrich Rathmann, Manager
         Am Pulverhof 21
         22045 Hamburg
         Germany


UNYLON POLYMERS: Files for Insolvency
-------------------------------------
Plasteurope reports that Unylon Polymers has filed for insolvency.

Plasteurope relates Unylon, Unylon Polymers' parent company, said
the aim is to implement a reorganization plan that would keep the
48,000 t/y production afloat and preserve jobs.

According to Plasteurope, reports say the polymer producer has
been unsuccessful in passing on higher feedstock costs.

Headquartered in Guben, Germany, Unylon Polymers –
http://www.unylon-polymers.de-- is a wholly-owned subsidiary of
Hamburg-based Unylon.


===========
G R E E C E
===========


* S&P Takes Rating Actions on Seven Greek and Cypriot Banks
-----------------------------------------------------------
Standard & Poor's Ratings Services said that it has taken rating
actions on seven Greek and Cypriot banks after reviewing the
expected impact of a steeper-than-anticipated economic downturn
than in S&P's late-2008 review, both domestically and in other
Southeastern European markets, where most of these banks have
meaningful exposure.  The actions are:

  -- S&P lowered its long-term counterparty credit rating on
     Greece-based EFGEurobank Ergasias S.A. to 'BBB+' from 'A-'.
     The outlook is negative.  At the same time, S&P affirmed its
     'A-2' short-term counterparty credit rating on the bank.  S&P
     also lowered S&P's ratings on EFG's hybrid capital securities
     (preferred stock) to 'BB-' from 'BB+'.

  -- S&P lowered its long-term counterparty credit rating on
     Greece-based Piraeus Bank S.A. to 'BBB' from 'BBB+'.  The
     outlook is stable.  At the same time, S&P affirmed its 'A-2'
     short-term counterparty credit rating on the bank.  S&P also
     lowered its ratings on Piraeus's hybrid capital securities
     (preferred stock) to 'B+' from 'BB'.

  -- S&P lowered its long-term counterparty credit ratings on
     Cyprus-based Marfin Popular Bank Public Co. Ltd. and its core
     Greek subsidiary Marfin Egnatia Bank, S.A. to 'BBB-' from
     'BBB'.  The outlook on both banks is stable.  At the same
     time, S&P affirmed its 'A-3' short-term counterparty credit
     ratings on both banks.

  -- S&P lowered its long-term counterparty credit rating on
     Emporiki Bank of Greece S.A. to 'BBB' from 'A-'.  The outlook
     is stable.  At the same time, S&P affirmed its 'A-2' short-
     term rating on the bank.

  -- S&P revised its outlooks on National Bank of Greece S.A. and
     Greek peer Alpha Bank A.E. to negative from stable.  At the
     same time, S&P affirmed its 'BBB+/A-2' long- and short-term
     counterparty credit ratings on both banks.  S&P also lowered
     its ratings on the hybrid capital securities of NBG
     (preferred stock) and Alpha (preferred stock and junior
     subordinated debt) to 'BB-' from 'BB'.

Given S&P's expectations for increased strain on profitability of
all of the seven banks listed above, the downgrades of the hybrid
securities reflect S&P's opinion of the now greater likelihood of
the banks deferring its dividend payments on preferred stock and
coupon payments on junior subordinated debt if the banks incur
losses.  Standard & Poor's recently lowered its GDP growth
forecasts for 2009 and 2010 for Greece, Cyprus, and most other SEE
markets where Greek and Cypriot banks operate (notably Romania,
Bulgaria, and Turkey).  With the exception of Cyprus, where S&P
still expect the economy to grow by slightly more than 1% in 2009,
S&P's expectations now range from almost no economic growth in
2009 and 2010 for some countries to outright sharp GDP
contractions for at least 2009 for some other economies.  In all
cases, however, S&P's revised estimates compare with relatively
fast economic growth rates in 2008 and previous expectations of
still positive GDP growth, albeit lower than that reported in
2008.

S&P believes that this tougher economic scenario will place the
Greek and Cypriot banks' asset quality and performance under
greater pressure than previously anticipated.  S&P expects
significant deterioration of asset quality metrics for all banks
included in the review, with problem loans likely reaching
relatively high levels by 2010 compared with those of Western
European peers.  S&P based its expectations partially on S&P's
view of the inherently higher credit risk in the Greek, Cypriot,
and SEE expansion markets, as well as of the embedded risks in the
large proportion of loan books that will season in a much less
favorable economic environment following past rapid expansion.

S&P also takes into account the significant acceleration, with few
exceptions, in gross new problem loans in the fourth quarter of
2008 amid only incipient economic weakening.  S&P expects asset
quality problems to stem mainly from consumer and SME (small and
midsize enterprise) lending, residential mortgages with high risk
features (such as high loan-to-value, and foreign currency
denominations), and some highly cyclical sectors that are already
experiencing stress to varying degrees (including shipping,
construction, tourism, and leveraged finance in some other
industries).  S&P expects the deterioration in SEE expansion
markets to be faster and of a significantly greater magnitude than
in the Greek portfolios.

Nevertheless, S&P believes that there will be differences among
banks' asset quality performance, depending mainly on underwriting
standards, the degree of concentration on worse-performing
economic segments and industries, the magnitude of total exposure
in the SEE region and concentration in specific countries, and
single-name concentration.

S&P also believes that the tougher environment will likely
pressure Greek and Cypriot banks' historically above-average
revenues.  Lower asset growth and increased retail funding costs,
paired with reduced commissions and market earnings, are, in S&P's
opinion, set to weigh on pre-provision returns, with only some
mitigating effect from loan repricing efforts and cost containment
or reduction measures now that all banks have halted their
aggressive expansion plans.  In line with S&P's views of asset
quality trends, S&P expects significantly higher and increasing
credit costs to weigh on bottom-line returns.

While not an immediate concern given the availability of European
Central Bank and government-sponsored liquidity and medium-term
funding, S&P notes that funding imbalances still exist, albeit
generally stabilized, among the Greek players--including some
banks' high reliance on comparatively cheaper short-term wholesale
and ECB funding.  The eventual unwinding of these imbalances, is
likely to translate, in S&P's view, into a structural change to
higher funding costs and, hence, in revenue generation profiles,
in the Greek market.  This would come on top of already evident,
albeit easing, retail funding cost pressures.

S&P's ratings on all seven banks mentioned above reflect their
stand-alone creditworthiness. Under Standard & Poor's criteria,
S&P considers the Greek and Cypriot authorities to be supportive
rather than interventionist.  S&P's ratings on all of the banks
listed above consequently include the soft benefits derived from
their systemic importance and from being banks in a regulated
environment, such as the relative stability of access to liquidity
(like that provided under the Greek government's support package
for Greek institutions) and the strength of their franchises.

                    EFG EUROBANK ERGASIAS S.A.

S&P's downgrade of EFG reflects S&P's expectation that EFG's asset
quality performance will likely deteriorate significantly to
levels close to those of other top Greek banks -- narrowing the
gap between EFG's historically stronger asset quality metrics and
those of other major Greek banks -- and returns will come under
pressure.  The negative outlook reflects the possibility that S&P
could lower the ratings on EFG if its problem loans rise to a
point where they significantly impair its operating performance,
and/or if pre-provisioning profitability weakens materially.

                         PIRAEUS BANK S.A.

S&P's downgrade of Piraeus reflects S&P's view that Piraeus has a
somewhat less commanding positioning and more limited revenue
generation capacity than larger Greek peers, which could result in
weaker performance in the context of a tougher economic
environment.  The stable outlook reflects S&P's belief that,
despite their worsening, Piraeus' returns and asset quality
metrics will likely remain consistent with the current rating
level.

   MARFIN POPULAR BANK PUBLIC CO. LTD./MARFIN EGNATIA BANK, S.A.

S&P's downgrades of MPB and MEB reflect S&P's opinion that group's
asset quality is vulnerable to a prolonged economic downturn and
S&P's expectation that delinquencies will rise materially, placing
increasing pressure on the group's profitability.  The stable
outlook reflects S&P's opinion that, if MPB's financial profile
deteriorates beyond S&P's current expectations, the Cypriot
government would likely provide extraordinary support to the bank
given its high systemic importance to the country's banking
system.  The trend in MPB's stand-alone credit profile remains
negative, however.

                   EMPORIKI BANK OF GREECE S.A.

S&P's downgrade of Emporiki reflects S&P's view of its poor
business and financial prospects and S&P's expectation that
Emporiki's credit risk metrics, which rose in 2008, are likely to
further materially deteriorate in 2009.  S&P views Emporiki as a
strategically important subsidiary of France-based Credit Agricole
S.A. (CASA; AA-/Stable/A-1+).  The stable outlook on Emporiki
reflects S&P's belief that it will continue to benefit from CASA's
support and financial commitment.  It also incorporates S&P's
expectation that, although Emporiki will make losses in the coming
quarters, it will gradually stabilize its retail franchise and
address the ongoing weakening in revenues and steep deterioration
in asset quality.

                   NATIONAL BANK OF GREECE S.A.

The outlook revision on NBG reflects S&P's expectation that,
because of the sharper-than-expected economic downturn, NBG's
asset quality and returns are likely to come under greater
pressure.  The negative outlook reflects the possibility of a
downgrade if NBG's problem loans increase to a level that S&P
believes would significantly impair its operating performance,
and/or if pre-provisioning profitability weakens materially.

                           ALPHA BANK A.E.

The outlook revision on Alpha reflects S&P's expectation that
Alpha's asset quality and returns will come under greater pressure
in the context of a significantly more negative economic
environment than previously envisaged.  The negative outlook
reflects the possibility of a downgrade if Alpha's problem loans
increase to a level that S&P believes would significantly impair
its operating performance, and/or if pre-provisioning
profitability weakens materially.

Ratings pressure on all seven banks could also emerge if S&P
envisages a more prolonged negative economic environment, beyond
2010, or a sharper downturn than S&P currently expects.

Individual research updates published on RatingsDirect provide
S&P's updated rationales and outlooks on the abovementioned banks.


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


FIAT SPA: Eyes Opel Takeover, May Spin Off Automobile Division
--------------------------------------------------------------
David Risser and Steve Rothwell at Bloomberg News report that
Sergio Marchionne, chief executive officer of Fiat SpA, on Monday
presented his plan for Opel, General Motors Corp.'s German unit.

Mr. Marchionne, Bloomberg News recalls, said last week he regards
Opel as an "ideal partner" and would concentrate on buying that
part of Detroit- based General Motors after the unveiling of the
Chrysler agreement.

Bloomberg New relates after meeting with Mr. Marchionne, Germany
Economy Minister Guttenberg told reporters that Fiat's proposal
would retain Opel's factories in three of four German cities,
although he said a fourth plant, in Kaiserslautern, may be shut.
Fiat plans to keep the Opel brand and won't put its own debt into
Opel under its proposal, Bloomberg News says citing Mr.
Guttenberg.

According to AFP, Rainer Einenkel, head of the Opel works
committee at Opel's factory in Bochum in west Germany, said Fiat
has raised its offer for Opel to EUR1 billion.

Bloomberg New recounts Opel's managing director Hans Demant told
reporters in Eisenach, Germany on Monday GM is reviewing potential
bids for the German unit, which is running out of cash and seeking
EUR3.3 billion (US$4.4 billion) in German aid.  Bloomberg News
discloses Foreign Minister Frank-Walter Steinmeier said offers for
Opel still need to be refined, and a final decision will be taken
in the coming weeks.

Citing one of the people familiar with negotiations, Bloomberg
News notes other parties interested in Opel include sovereign
wealth funds Abu Dhabi Investment Council and the Government of
Singapore Investment Corp., and three private-equity funds.

                          Spinoff

According to Bloomberg News, Fiat may spin off its automobile unit
following a purchase of Opel.  Bloomberg News says a spinoff of
Fiat Automobile, which accounted for 45 percent of Fiat's 2008
sales, would leave Italy's largest manufacturer with assets such
as the CNH Global NV agricultural and construction-equipment unit,
and Iveco trucks.

Bloomberg News notes according to Massimo Vecchio, an analyst at
Mediobanca Securities in Milan who has an "outperform" rating on
Fiat, a spinoff or an initial public offering of the auto division
"could unlock Fiat Auto value and could eliminate the risk of
rights issue".

Mr. Marchionne will seek "over the next few weeks" to assess the
viability of a combination and a new company, Bloomberg News says
citing Fiat's board in a statement.  Bloomberg News relates the
board said Monday a combined company would have EUR80 billion in
annual sales.

                       About Fiat SpA

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

                          *     *     *

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


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


IMPERIYA LLP: Creditors Must File Claims by June 5
--------------------------------------------------
Creditors of LLP Imperiya have until June 5, 2009, to submit
proofs of claim to:

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

The Specialized Inter-Regional Economic Court of West Kazakhstan
region commenced bankruptcy proceedings against the company on
March 24, 2009.


INPROJECT LLP: Creditors Must File Claims by June 5
---------------------------------------------------
Creditors of LLP Design Manufacturing Firm Inproject have until
June 5, 2009, to submit proofs of claim to:

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

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


JANA TRANS 2004: Creditors Must File Claims by June 5
-----------------------------------------------------
Creditors of LLP Jana Trans 2004 have until June 5, 2009, to
submit proofs of claim to:


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

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


ONTUSTIK POLIGRAFIYA: Creditors Must File Claims by June 5
----------------------------------------------------------
Creditors of LLP Trade House Ontustik Poligrafiya have until
June 5, 2009, to submit proofs of claim to:

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

The Specialized Inter-Regional Economic Court of South Kazakhstan
region commenced bankruptcy proceedings against the company on
March 30, 2009.


PAPYRUS LLP: Creditors Must File Claims by June 5
-------------------------------------------------
Creditors of LLP Joint Enterprise Papyrus 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 24, 2009.


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


FREE ADVERTISING: Creditors Must File Claims by May 22
------------------------------------------------------
LLC Free Advertising has shut down.  Creditors have until May 22,
2009, to submit proofs of claim.

Inquiries can be addressed to (0-555) 99-10-94.


HOT LINE: Creditors Must File Claims by May 22
----------------------------------------------
LLC Hot Line has shut down.  Creditors have until May 22, 2009, to
submit proofs of claim.


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


TEX STYLE: Creditors Must File Claims by May 22
-----------------------------------------------
LLC Tex Style has shut down.  Creditors have until May 22, 2009,
to submit proofs of claim.

Inquiries can be addressed to (+996 312) 47-07-03.


=================
M A C E D O N I A
=================


* S&P Gives Neg. Outlook on Skopje Municipality; Keeps 'BB' Rating
------------------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised its
outlook on the Municipality of Skopje to negative from stable,
following its downgrade of the Republic of Macedonia (foreign
currency BB/Negative/B; local currency BB+/Negative/B).  The 'BB'
long-term issuer credit rating was affirmed.

"The rating on Skopje reflects our opinion that the municipality's
fiscal flexibility is extremely limited, due to the initial stage
of fiscal decentralization," said Standard & Poor's credit analyst
Jean-Louis Renaud.

Low wealth levels, obstacles to local economic development, and
contingent liabilities arising from the municipality's companies
also constrain the rating.

These factors are mitigated by Skopje's marginal tax-supported
debt, set to increase only moderately; recent revenue growth
stemming from initial stages of fiscal decentralization; and an
accumulated fiscal surplus available for future capital spending.

As of Dec. 31, 2008, the municipality had accumulated liquidity
(classified by the municipality as "surplus from previous years")
of Macedonian denar 516 million (EUR8.4 million), of which
MKD451.8 million is free cash (can be applied to any expenditure
item).

"The outlook is negative because the outlook on Macedonia is
negative," said Mr. Renaud.  "The downward evolution of the rating
on Skopje will follow the evolution of the ratings on Macedonia."

The outlook on Skopje could be revised to stable if the outlook on
Macedonia is revised to stable or positive, assuming that the
municipality's fundamentals do not fall below S&P's initial
expectations.

The rating on Skopje would be lowered either in the event of a
further drop in the sovereign rating or in the event of a
deterioration in the city's financial profile.


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


AFK SISTEMA: 2008 Net Profit Down 96% to US$62 Million
------------------------------------------------------
RIA Novosti reports that AFK Sistema's US GAAP net profit plunged
96%, year-on-year, in 2008 to US$62 million.

According to the report, the company's consolidated revenues
increased 24.3% to US$16.67 billion.  The report relates the
company said it had posted a loss of US$713.9 million in the
fourth quarter against a profit of US$466.8 million in the same
period of the previous year.

                       About Sistema

Headquartered in Moscow, Russia, AFK Sistema OAO --
http://www.sistema.com/-- is a diversified consumer services
company in Russia.  The Company's businesses are
telecommunications, high technology, and real estate development.
Its potential businesses are retail, finance, media, travel and
healthcare.  The Company also maintains a portfolio of other
businesses, including radar and space and pharmaceuticals, as well
as financial investments in the petrochemicals area.  It develops
and manages businesses in service-based industries through a
number of subsidiaries: MTS and Comstar United Telesystems in the
telecommunications sector; SITRONICS is in the field of
technology; Sistema Mass Media is a media company; the Moscow Bank
for Reconstruction and Development is engaged in retail banking;
Sistema-Hals specializes in real estate and construction, and
Detsky Mir Group retail.  In February 2008, the Company integrated
its Healthcare Services division's assets into the Medsi Companies
Group Holding, its wholly owned subsidiary.

                         *     *     *

Sistema currently carries a long-term corporate family rating and
a probability default rating of 'B1' from Moody's Investors
Service with stable outlook.


DARY LESA: Creditors Must File Claims by May 24
-----------------------------------------------
The Arbitration Court of Irkutskaya commenced bankruptcy
proceedings against LLC Dary Lesa (TIN 3811093756, PSRN
1053811141120) (Forestry) after finding it insolvent.  The case is
docketed under Case No. ?19–4266/09–49.

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

         D. Murashov
         Insolvency Manager
         Dekabrskikh Sobytiy Str. 109-48
         664007 Irkutsk
         Russia

The Debtor can be reached at:

         LLC Dary Lesa
         Lesnaya St. 8
         Molodezhny
         664531 Irkutskiy
         Russia


NIZHNEKAMSK-KROVLYA OJSC: Creditors Must File Claims by May 24
--------------------------------------------------------------
Creditors of OJSC Nizhnekamsk-Krovlya (TIN 1651006808, PSRN
1021602499566) (Roofing Materials Production) have until May 24,
2009 to submit proofs of claims to:

         Sh. Valeev
         Temporary Insolvency Manager
         Post User Box 3
         420124 Kazan
         Russia

The Arbitration Court of Tatarstan will convene on Sept. 21, 2009,
to hear bankruptcy supervision procedure on the company.  The case
is docketed under Case No. ?65–5231/2009-SG4–35.

The Court is located at:

         The Arbitration Court of Tatarstan
         Courtroom 13
         Kremlin
         Kazan
         Tatarstan
         Russia


MECHANICAL PLANT: Creditors Must File Claims by May 24
------------------------------------------------------
Creditors of LLC Mechanical Plant (TIN 2806005086) have until
May 24, 2009, to submit proofs of claims to:

         N. Surov
         Temporary Insolvency Manager
         Office 212
         Pereulok Svyatitelya Innokentiya 13
         Blagoveshchensk
         675000 Amurskaya
         Russia

The Arbitration Court of Amurskaya will convene on July 14, 2009,
to hear bankruptcy supervision procedure on the company.  The case
is docketed under Case No. ?04–1161/2009.

The Debtor can be reached at:

         LLC Mechanical Plant
         Shosseynaya Str. 8
         Novoraychikhinsk
         676780 Amurskaya
         Russia


STROY-OFIS LLC: Creditors Must File Claims by June 24
-----------------------------------------------------
The Arbitration Court of Khabarovskiy commenced bankruptcy
proceedings against LLC Stroy-Ofis-Servis (TIN 2721088703)
(Construction) after finding it insolvent.  The case is docketed
under Case No. ?73–1369/2007–39/37.

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

         G. Chmutina
         Insolvency Manager
         Office 5
         Frunze Str. 119
         680028 Khabarovsk
         Russia

The Debtor can be reached at:

         LLC Stroy-Ofis-Servis
         Apt. 15
         Zaparina Str. 3
         680028 Khabarovsk
         Russia


SUE KAMCHATSKIY: Under External Management Bankruptcy Procedure
---------------------------------------------------------------
The Arbitration Court of Kamchatskiy has commenced external
management bankruptcy procedure on SUE Kamchatskiy Fish and Food
Products Plant.  The case is docketed under No. ?24–4306/2007.

The External Insolvency Manager is:

         N. Postnikov
         Post User Box 43/3
         680013 Khabarovsk
         Russia

The Debtor can be reached at:

         SUE Kamchatskiy Fish and Food Products Plant
         Abelya Str. 6
         Petropavlovsk-Kamchatskiy
         Russia


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


BRIWA LLC: Creditors Must File Proofs of Claim by May 8
-------------------------------------------------------
Creditors of Briwa LLC are requested to file their proofs of claim
by May 8, 2009, to:

         Walter Wagner
         Humpergstrasse 22
         3377 Walliswil bei Wangen
         Switzerland

The company is currently undergoing liquidation in Walliswil bei
Wangen.  The decision about liquidation was accepted at a
shareholders' meeting held on Dec. 17, 2008.


CSC ZELTE: Claims Filing Deadline is May 8
------------------------------------------
Creditors of CSC Zelte LLC are requested to file their proofs of
claim by May 8, 2009, to:

         Juerg Oeschger
         Marktplatz 6
         5080 Laufenburg
         Switzerland

The company is currently undergoing liquidation in Laufenburg.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Oct. 14, 2008.


HEGICHALLER LLC: Creditors Must File Proofs of Claim by May 8
-------------------------------------------------------------
Creditors of Hegichaller LLC are requested to file their proofs of
claim by May 8, 2009, to:

         Peter Baur
         Hegi 26
         8197 Rafz
         Switzerland

The company is currently undergoing liquidation in Rafz.  The
decision about liquidation was accepted at a shareholders' meeting
held on Dec. 11, 2007.


LUTZ - TEXTIL JSC: Claims Filing Deadline is May 8
--------------------------------------------------
Creditors of Lutz-Textil JSC are requested to file their proofs of
claim by May 8, 2009, to:

         Hans Peter Lutz Kuegeli
         Liquidator
         Soodstrasse 12
         8955 Oetwil an der Limmat
         Switzerland

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


VALPROTECT LLC: Proof of Claim Filing Deadline is May 8
-------------------------------------------------------
Creditors of Valprotect LLC are requested to file their proofs of
claim by May 8, 2009, to:

         Biner Irma
         Triestenweg 2
         3904 Naters
         Switzerland

The company is currently undergoing liquidation in Naters.  The
decision about liquidation was accepted at a shareholders' meeting
held on March 18, 2009.


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


EVITA-COM LLC: Creditors Must File Claims by May 15
----------------------------------------------------
Creditors of LLC Evita-com (code EDRPOU 35364315) have until May
15, 2009, to submit proofs of claim to:

         I. Kapeliushny
         Insolvency Manager
         Post Office Box 53
         03037 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on April 3, 2009.  The case is docketed under
Case No. 44/166-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Evita-com
         Svetlitsky Str. 24-A
         04215 Kiev
         Ukraine


OLVIYA-SERVICE LLC: Creditors Must File Claims by May 15
--------------------------------------------------------
Creditors of LLC Olviya-Service (code EDRPOU 35430979) have until
May 15, 2009, to submit proofs of claim to:

         I. Kapeliushny
         Insolvency Manager
         Post Office Box 53
         03037 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on April 3, 2009.  The case is docketed under
Case No. 44/167-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Olviya-Service
         Krasnozvezdny Str. 128
         03118 Kiev
         Ukraine


PAVLOGRAD SPECIALIZED: Creditors Must File Claims by May 14
-----------------------------------------------------------
Creditors of CJSC Dneproelectro Installation Subsidiary Company
Pavlograd Specialized Department #417 (code EDRPOU 32952543) have
until May 14, 2009, to submit proofs of claim to:

         A. Kudrin
         Insolvency Manager
         Post Office Box 354
         Pavlograd
         51402 Dnepropetrovsk
         Ukraine

The Economic Court of Dnepropetrovsk commenced bankruptcy
proceedings against the company on Feb. 27, 2009.  The case is
docketed under Case No. B26/40/20-08.

The Court is located at:

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


PROLETARSKOYE-K LLC: Creditors Must File Claims by May 14
---------------------------------------------------------
Creditors of LLC Proletarskoye-k (code EDRPOU 21417885) have until
May 14, 2009, to submit proofs of claim to:

         I. Kozak
         Insolvency Manager
         Priluki Str. 32
         Ivkovtsy
         Priluki
         17580 Chernigov
         Ukraine

The Economic Court of Chernigov region commenced bankruptcy
proceedings against the company on March 30, 2009.  The case is
docketed under Case No. 9/68b.

The Court is located at:

         The Economic Court of Chernigov
         Mir Avenue 20
         14000 Chernigov
         Ukraine

The Debtor can be reached at:

         LLC Proletarskoye-k
         Zvezdnaya Str. 2
         Proletarskoye
         Koropsky
         16262 Chernigov
         Ukraine


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


ANGLO-WELSH UTILITIES: Appoints Joint Liquidators from BDO
----------------------------------------------------------
Graham David Randall and Mark Peter George Roach of BDO Stoy
Hayward LLP were appointed joint liquidators of Anglo-Welsh
Utilities Ltd. on April 9, 2009, for the creditors' voluntary
winding-up proceeding.

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

         Fourth Floor
         One Victoria Street
         Bristol
         BS1 6AA
         England


BRITANNIA BUILDING: Members Back Merger with Co-operative
---------------------------------------------------------
Members of Britannia Building Society have voted overwhelmingly in
favor of merging with The Co-operative Financial Services (CFS) to
create the first super-mutual -- an ethical alternative to
shareholder- and Government-owned banks.

More than 450,000 Britannia members voted at the Society's annual
general meeting, held at the Birmingham National Exhibition Centre
on Wednesday, April 29.  88.6% of savings members voted in favor,
well over the 75% majority required, and 86.2% of borrowing
members supported the proposal, well over the 50% majority
required.

The merger, which has already been approved by The Co-operative
Group and CFS boards, is expected to become effective on August 1,
subject to confirmation by the Financial Services Authority.

In the first-ever merger between different types of member-owned
businesses, the new organization will combine the strong CFS
personal and corporate banking, insurance and investment expertise
with Britannia's extensive high street presence and savings and
mortgage strength.

Combining CFS, part of the world's biggest consumer co-operative,
with Britannia, the UK's second biggest building society, will
create a business with GBP70 billion of assets, nine million
customers, 12,000 employees, more than 300 branches and 20
corporate banking centres.

The business will be led by current Britannia group chief
executive Neville Richardson.  Bob Burlton, the current CFS non-
executive chairman, will chair the new board.

Mr Richardson said: "I'm delighted that Britannia members have
endorsed their Board's recommendation to merge with CFS.  They
recognised that the combined business will offer them everything
they love about Britannia --  we'll remain mutual, we'll maintain
an extensive branch network and we'll continue to share profits
with members -- while offering them enhanced products and
services, the benefits of being part of a larger group and the
chance to earn even greater member rewards.

"The combined and complementary strengths of our businesses will
offer customers a strong, fair and ethical alternative to banking
plcs.  Customers will be owners and will have available all the
services they would expect from a major financial provider,
together with a real say in setting strategy and a share of the
profits."

CFS chairman Bob Burlton added: "This move will accelerate the
momentum within the co-operative and mutual sector.  Both
businesses have been pursuing successful strategies independently
and are strong in their own right but we recognise we could be
even more successful by coming together to create the UK's most
trusted financial services business."

"The co-operative and mutual movements have never been more
relevant.  People are crying out for a new way of doing business
with a financial business that truly has their interests at heart.
This proposed merger offers a unique opportunity to create a new
force in British financial services, with the scale to offer
customers a full range of products and services that are ethical,
mutual and co-operative."

The new business will be a wholly owned subsidiary of The Co-
operative Group, one of the world’s largest and most successful
consumer co-operatives with core business interests in financial
services, food, travel, pharmacy and funeral care.  Britannia
members will become members and co-owners of The Co-operative
Group.

Customers will see no immediate change to the products and
services they receive and the new business will continue to trade
under the Britannia and Co-operative brands.

The full range of banking, savings, investment, insurance and
mortgage services will become available from an expanded network
of more than 300 branches, British-based call centers and the
Internet after integration of the two businesses, which is
expected to take up to three years.

Britannia and CFS have a tradition of sharing profits with their
members, and customers will have the potential to earn greater
member rewards through the wider range of products offered by the
most broadly based and diversified financial services mutual in
the UK, and through wider membership of The Co-operative Group.

The combined business will expect to deliver more than GBP60
million a year in efficiency and revenue benefits and, as a
customer-owned business, customers will share in these savings
through more competitive rates, improved customer service or
increased member dividends.

The merged business will continue to have a significant presence
in Leek and Manchester.  Combining the two branch networks will
increase the number of branches available for customers to more
than 300.  Where there are two branches in the same town, these
may be merged in due course but there will be no compulsory
redundancies among branch staff as a result of the merger.

It is expected that there will be some reduction in roles during
the three-year integration process, however significant synergy
benefits are also expected from procurement and supplier savings.
Any compulsory redundancies will be kept to a minimum through
redeployment, re-training and normal staff turnover over the
three-year timeframe.

Britannia Building Society -- http://www.britannia.co.uk/-- is a
United Kingdom-based mutual organization.  The Company's wholly
owned subsidiaries include Britannia Treasury Services Limited,
Britannia Development and Management Company Limited, and
Britannia Asset Management Limited.  The Company's services
include mortgage, savings, lending and insurance.

                     *     *     *

Britannia Building Society currently carries a 'D+' bank financial
strength rating from Moody's Investors Service.


BROOKE MARINE: Goes Into Liquidation
------------------------------------
The Lowestoft Journal reports that Commercial Road, Lowestoft-
based boatbuilder Brooke Marine Yachts has gone into liquidation.

The report relates Brooke has closed down just over a year after
starting work to transform a MV Sulisker, a former Scottish
fisheries vessel, into a luxury super yacht.  According to the
report the project, which was being funded by a group of
investors, called the Whistlejacket Club, was worth GBP25 million.


BURLINGTON DIGITAL: Taps Joint Liquidators from Tenon Recovery
--------------------------------------------------------------
Alexander Kinninmonth and Nigel Ian Fox of Tenon Recovery were
appointed joint liquidators of Burlington Digital Print Ltd. on
April 8, 2009, for the creditors' voluntary winding-up proceeding.

The company can be reached through Tenon Recovery at:

         Highfield Court
         Tollgate
         Chandlers Ford
         Eastleigh
         Hampshire
         SO53 3TZ
         England


CRACK BONDING: Taps Joint Liquidators from Smith & Williamson
-------------------------------------------------------------
Robert William Leslie Horton and Anthony Murphy of Smith &
Williamson Limited were appointed joint liquidators of Crack
Bonding Repairs Ltd. on April 6, 2009, for the creditors'
voluntary winding-up proceeding.

The company can be reached through Smith & Williamson Limited at:

         No. 1 Bishops Wharf
         Walnut Tree Close
         Guildford
         Surrey
         GU1 4RA
         England


D & P CAIRNS: Appoints Joint Liquidators from Tenon Recovery
------------------------------------------------------------
Stanley Donald Burkett-Coltman and Nigel Ian Fox of Tenon Recovery
were appointed joint liquidators of D & P Cairns Ltd. on Feb. 25,
2009, for the creditors' voluntary winding-up proceeding.

The company can be reached through Tenon Recovery at:

         Highfield Court
         Tollgate
         Chandlers Ford
         Eastleigh
         Hampshire
         SO53 3TZ
         England


DANCESHIELD LTD: Taps Joint Liquidators from Grant Thornton
-----------------------------------------------------------
Amanda Wade and Kevin John Hellard of Grant Thornton UK LLP were
appointed joint liquidators of Danceshield Ltd. on April 8, 2009,
for the creditors' voluntary winding-up proceeding.

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

         30 Finsbury Square
         London
         EC2P 2YU
         England


EWRANGE LTD: Appoints Joint Liquidators from Grant Thornton
-----------------------------------------------------------
Amanda Wade and Kevin John Hellard of Grant Thornton UK LLP were
appointed joint liquidators of Danceshield Ltd. on April 8, 2009,
for the creditors' voluntary winding-up proceeding.

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

         30 Finsbury Square
         London
         EC2P 2YU
         England


ITV PLC: Shareholders Eye BskyB Ex-CEO Tony Ball for Top Role
-------------------------------------------------------------
Mark Kleinman and Amanda Andrews at Telegraph.co.uk report that
Tony Ball, the former chief executive of BskyB, has been
approached by shareholders in ITV plc about taking the top role at
the company.

The report relates Mr. Ball has been talking to Legal & General
Investment Management (LGIM), which owns about 5pc of ITV, and
other leading shareholders, about his potential candidacy for
several weeks.  However, the report notes it was unclear whether
Mr. Ball was willing to participate in the formal appointment
process now being carried out by ITV or whether the company would
consider him for the job.  The report says Mr. Ball is understood
to want to be sure of sufficient investor support before engaging
in talks with ITV.  According to the report, the appointment of
Mr. Ball would almost certainly increase ITV's chances of securing
additional funding from investors.

ITV, the report discloses, will this week appoint headhunters to
recruit an executive to succeed Michael Grade, who will step down
as executive chairman and will become non-executive chairman of
the company.  The report states the length of Mr. Grade's tenure
as non-executive chairman, which will commence before the end of
the year, will depend to some degree on the identity of the new
chief executive.

"In stepping up to become non-executive chairman, new contractual
arrangements will be put in place to cover Mr. Grade's time
commitments to the company and his remuneration package.  The new
arrangements will reflect market rates and will be at the
discretion of the board," the report quoted a spokesman for ITV as
saying.

The report notes Mr. Grade's existing contract states that he
would receive a GBP500,000-a-year salary for a four-day week when
he became non-executive chairman.

As reported in the Troubled Company Reporter-Europe on April 27,
2009, Telegraph.co.uk said Mr. Grade will not quit his post as
executive chairman until a regulatory decision is reached on the
Contract Rights Renewal (CRR) mechanism, which governs airtime
trading deals with advertisers.

                           About ITV plc

ITV plc -- http://www.itvplc.com/-- is a United Kingdom-based
advertising funded broadcaster.  The Company also operates as an
advertising funded media owner in the United Kingdom across all
media, including television, radio, press, cinema, outdoor and the
Internet.  As a producer, ITV makes hours of network television.
Its digital channels include ITV2, ITV3, ITV4 and Citv.  ITV also
makes programs for the BBC, Channel 4, five, Sky and other
broadcasters.  ITV produces programs watched on screens from San
Francisco to Sydney.  In addition, it produces a range of products
related to ITV programs, such as digital video disks (DVDs) and
computer games.  Its online properties include itv.com,
itvlocal.com and Friends Reunited

                          *     *     *

As reported in the Troubled Company Reporter-Europe on March 9,
2009, Standard & Poor's Ratings Services lowered its long-term
corporate credit and senior unsecured debt ratings on U.K. private
TV broadcaster ITV PLC to 'BB-' from 'BB+'.  The outlook is
stable.

On March 9, 2009, the TCR-Europe reported that Moody's Investors
Service downgraded ITV plc's senior unsecured ratings, Corporate
Family Rating and Probability of Default rating, to Ba2 (from
Ba1).  The rating outlook for ITV is negative.


JET OPTIONS: Appoints Joint Liquidators from KPMG
-------------------------------------------------
Mark Jeremy Orton and Richard James Philpott of KPMG LLP were
appointed joint liquidators of Jet Options Ltd. on April 14, 2009,
for the creditors' voluntary winding-up proceeding.

The company can be reached through KPMG LLP at:

         2 Cornwall Street
         Birmingham
         B3 2DL
         England


K R S DESIGN: Brings in Joint Liquidators from Tenon Recovery
-------------------------------------------------------------
Robert C. Keyes and Gareth W. Roberts of Tenon Recovery were
appointed joint liquidators of K R S Design and Build Ltd. on
April 14, 2009, for the creditors' voluntary winding-up
proceeding.

The company can be reached through Tenon Recovery at:

         Aquarium
         1-7 King Street
         Reading
         Berkshire
         RG1 2AN
         England


LINEHAUL LTD: Taps Joint Liquidators from Tenon Recovery
--------------------------------------------------------
Andrew James Pear and Ian M. D. G. Cadlock of Tenon Recovery were
appointed joint liquidators of Linehaul (UK) Ltd. on April 8,
2009, for the creditors' voluntary winding-up proceeding.

The company can be reached through Tenon Recovery at:

         Third Floor
         Lyndean House
         43/46 Queens Road
         Brighton
         East Sussex
         BN1 3XB
         England


PEARL GROUP: Hugh Osmond Says Resolution Bond an Equity Stake
-------------------------------------------------------------
Garry White at Telegraph.co.uk reports that Pearl Group Ltd. boss
Hugh Osmond is to meet with bondholders today to discuss over a
deferred coupon payment.

The report recalls Pearl deferred an interest payment worth GBP33
million on a GBP500 million bond issue, prompting holders of the
group's subordinated debt to form a steering committee.  The
committee, the report discloses, includes units of Rathbone
Brothers, Abaci Investment Management, Axa, Fidelity
International, Oceanwood Capital Management, F&C Asset Management
and HSBC, Zaman Khan of Abaci told Bloomberg.  Pearl, the report
notes, did not make the coupon payment, arguing there was a need
for "an increased level of prudence".

Mr. Osmond, the report says, is expected to argue that the bonds
were issued by Resolution plc before the company was acquired as
tier one capital, so they should be regarded as an equity stake in
a financial institution rather than as a traditional bond.  Helen
Pow at Money Marketing said the bonds were issued by Clive
Cowdery's original Resolution before it was taken over by Pearl in
2007.

"These instruments are tier one capital instruments issued as
hybrids, so effectively they are equity for a financial
institution.  They were issued by Resolution plc as part of its
equity capital so they are a legacy issue," the report quoted Mr.
Osmond as saying.

Pearl, the report states, has GBP2.2 billion of debt in Impala,
the bid vehicle that bought Resolution, and a further GBP800
million across the rest of the business.  According to the report,
the company is believed to be in talks with bankers regarding a
partial debt-for-equity swap.

Pearl Group Ltd. -- http://www.pearlgrouplimited.co.uk/-- is a
manager of closed life funds owned by Hugh Osmond’s Sun Capital
Partners Ltd. and TDR Capital LLP.  Its companies include Pearl,
London life, NPI, Phoenix, Scottish Mutual International, Ignis
Asset Management and Axial.


P R CIRCUITS: Appoints Liquidator from PKF
------------------------------------------
Ian James Gould of PKF (UK) LLP was appointed liquidator of P R
Circuits Ltd. (formerly Mayneskill Ltd.) on April 7, 2009, for the
creditors' voluntary winding-up proceeding.

The company can be reached through PKF (UK) LLP at:

         New Guild House
         45 Great Charles St.
         Queensway
         Birmingham
         B3 2LX
         England


ROYAL BANK: Finance Director Guy Whittaker to Step Down
-------------------------------------------------------
The Times reports that Guy Whittaker, Royal Bank of Scotland Group
plc's finance director, will leave the bank by October.

According to the Times, Mr. Whittaker, who joined RBS from
Citigroup in 2006, will leave the bank with a severance package of
GBP559,000.  The Times discloses Mr. Whittaker, 52, was paid a
base salary of GBP829,000 and a GBP282,000 annual payment in lieu
of pension and was on 12 months' notice.  Ragnhild Kjetland of Dow
Jones Newswires relates Mr. Whittaker's remuneration in 2008
totaled GBP1.12 million, down 54% from 2007 due to the elimination
of a performance bonus.

Jon Menon of Bloomberg News recalls Mr. Whittaker assisted in
acquisitions, including the EUR14.3 billion (US$19.1 billion)
purchase of ABN Amro Holding NV’s investment-banking and Asian
units that was completed just as credit markets froze.  Bloomberg
News states the ABN Amro deal, under the leadership of former CEO
Fred Goodwin, contributed to losses that forced RBS to give a 70
percent stake to the government in return for state aid.
Bloomberg News recounts a number of investors at last month's
annual shareholders meeting "were calling for directors who were
there when they bought ABN Amro to go."

Mr. Whittaker's departure, the Times notes, leaves RBS with only
one executive director from the era of Sir Fred Goodwin: Gordon
Pell, the deputy chief executive.

                        About RBS

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


ROYAL BANK: Sells 50% Stake in LDA to Bankinter for EUR426 Mln
--------------------------------------------------------------
The Royal Bank of Scotland Group plc said Thursday it has agreed
to sell its 50% shareholding in Linea Directa Aseguradora ("LDA")
to its joint venture partner, Bankinter, for a cash consideration
of EUR426 million.

The price of EUR426 million represents a consideration of 2.5x the
tangible book value, and a price to earnings ratio of 11.9x 2008
earnings.  The impact of this sale is expected to result in a net
gain on sale of just over GBP200 million.

RBS will continue to operate its Insurance businesses in the UK,
Germany and Italy.

The disposal of LDA is consistent with the strategy as announced
on February 26, 2009.  As a 50/50% joint venture, Linea Directa
Aseguradora has operated as a largely independent Spanish
insurance operation with limited connection to the Group.

On April 22, 2009, the Troubled Company Reporter-Europe on April,
citing the Scotsman, reported an RBS spokesman said a clause from
the 1994 deal establishing LDA allowed either bank the right to
buy the other's share should a third party take control of either
of them.  According to the report, that clause was triggered last
November when the UK government took a 58 per cent majority stake
in RBS after investors shunned a rescue rights issue.

The report disclosed independent auditor PricewaterhouseCoopers
set the price for the Spanish vehicle insurance specialist, which
has 1.6 million policyholders.

The report noted an RBS source said that there were no plans to
sell the bank's wholly-owned Direct Line subsidiaries in Italy and
Germany.

                           About RBS

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


SOUTHAMPTON LEISURE: Gets Two Offers for Football Club
------------------------------------------------------
BBC News reports that there had been two offers for Southampton
Football Club, which will start next season in League One on minus
10 points after its parent company Southampton Leisure Holdings
Plc went into administration in April.

"The administrators are considering an offer," the report quoted
Mark Wotte as saying.  "I think there are two groups.  The sooner
there's a solution the better."

According to the report, there is speculation one of the parties
involves Saints legend Matt Le Tissier.

As reported in the Troubled Company Reporter-Europe on April 6,
2009, The Times said Southampton Leisure Holdings went into
administration after it failed to reach a deal with its bank over
its debts.  According to the Daily Telegraph's Jeremy Wilson, the
company's net debt stood at GBP27.5 million, of which GBP4.5
million was an overdraft from Barclays Bank.  The remaining GBP23
million essentially related to the loan on the building of St
Mary's, the Daily Telegraph said.  The Times recalled the company
was unable to agree to an extension of its overdraft with Barclays
Bank las.  Mark Fry and David Hudson, partners of Begbies Traynor,
the accountancy firm, were appointed as administrators of the
business, the Times related.  Rupert Lowe, the executive chairman
of the club's parent company, resigned, alongside directors Andrew
Cowen and Michael Wilde, the Times disclosed.  The company, as
cited by the Times, said the club is unaffected by the insolvency
proceedings.  The Times noted a buyer must be found before the
summer or the club itself may need to be put into administration.

Headquartered in Southampton, United Kingdom, Southampton Leisure
Holdings plc -- http://www.saintsfc.co.uk-- is a holding company
engaged in the operation of a professional football club.  Through
its subsidiaries, the Company is engaged in the provision of
football entertainment, issuer of loan notes, insurance services
and radio services.  In July 2007, the Company disposed of
Southampton Insurance Services Limited to Chorley Holdings
Limited.  Its subsidiaries include Southampton Football Club
Limited, St Mary's Stadium Limited, Southampton Mortgage &
Financial Centre Limited and Secure Retirement Limited.


VISTEON UK: Belfast Workers to Vote on Redundancy Deal on Sunday
----------------------------------------------------------------
BBC News reports that the Unite union, which represents Visteon
workers in west Belfast, agreed improved redundancy terms
with the company.

The deal, the report says, includes enhanced payments for
redundancy, as well as compensation in lieu of notice and holiday
pay.  The report relates according to Unite spokesman Roger
Madison, the deal was "ten times what people were being offered
originally".

"Unfortunately we weren't able to keep these people in their jobs,
but in terms of a financial package, we think we've done the best
we possibly can," the report quoted Mr. Madison as saying.

The workers are to vote on the deal on Sunday, the report
discloses.  The report says the workers are expected to call off
their month-long sit-in at the factory if the offer is accepted.
The report recalls about 200 former employees in Belfast have
occupied the site in the city since they were made redundant
almost a month ago.  According to the report, almost 600 jobs were
lost at Visteon's three plants in Belfast, Basildon and Enfield,
with staff being given less than an hour's notice.

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

The UK administration does not include the company or any of the
company's other subsidiaries.

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

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

                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


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