TCREUR_Public/090507.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

             Thursday, May 7, 2009, Vol. 10, No. 89

                            Headlines

A U S T R I A

POLAK KARL: Claims Registration Period Ends May 22
WETTCORNER SOFTWARE: Claims Registration Period Ends May 20
WETTCORNER SPORTWETTEN: Claims Registration Period Ends May 20


F R A N C E

BELVEDERE SA: Moody's Withdraws 'Caa3' Corporate Family Rating


G E R M A N Y

4 D BRA: Claims Registration Period Ends June 10
A & D SPEDITIONSGESELLSCHAFT: Claims Registration Ends May 30
ABC FLUSSKREUZFAHRTEN: Claims Registration Period Ends June 7
CONCEPTION 4 TEXTILVERTRIEBS: Claims Registration Ends April 27
EUROCHRON GMBH: Claims Registration Period Ends June 8

FRANZ HANIEL: Moody's Downgrades Rating to 'Ba1' from 'Baa3'
GENERAL MOTORS: Opel's Merger With Fiat May Lead to Plant Closure
INTELLEVENTS GMBH: Claims Registration Period Ends June 9
K-03 GMBH: Claims Registration Period Ends June 2
METALTRADE DEUTSCHLAND: Insolvency May Hit Ferro-Titanium Market

SIGNALBAU-BAHN-ZSCHORNEWITZ GMBH: Claims Period Ends May 26


I R E L A N D

EUROCREDIT OPPORTUNITIES: S&P Cuts Ratings on Two Notes to 'D'


K A Z A K H S T A N

GRAND B: Creditors Must File Claims by June 5
GULDEN LLP: Creditors Must File Claims by June 5
KOSTANAI CONSULTING: Creditors Must File Claims by June 5
TALAPKER-NT LLP: Creditors Must File Claims by June 5
TRIADA-95 LLP: Creditors Must File Claims by June 5


K Y R G Y Z S T A N

GENTRONIX LLC: Creditors Must File Claims by May 22
PROFESSIONAL SERVICE: Creditors Must File Claims by May 22
TONNY AND COMPANY: Creditors Must File Claims by May 22


L U X E M B O U R G

EURASIA STRUCTURED: Moody's Withdraws Low-B Ratings on Two Notes
STANTON CDO: Standard & Poor's Junks Rating on Class C Notes


R U S S I A

EUROPEAN TECHNOLOGY: Files for Bankruptcy, de Volkskrant Says
KAMYSHINSKIY COTTON: Creditors Must File Claims by May 24
NIZHEGORODSKIY STROITEL: Bankruptcy Hearing Set July 28
POLIKOM LLC: Creditors Must File Claims by June 24
STROY TEKS: Court Names Temporary Insolvency Manager

SUGAR MILL: Creditors Must File Claims by May 24


S P A I N

BANCAJA 12: S&P Puts BB- Rating on Class D Notes on Watch Negative


S W E D E N

AUTOLIV INC: S&P Assigns 'BB' Rating on US$165 Mil. Equity Units


S W I T Z E R L A N D

DESIGNING.CH LLC: Creditors Have Until May 11 to File Claims
EWEC JSC: Claims Filing Deadline is May 11
GERBER LAGER: Proof of Claim Filing Deadline is May 11
GRISFONTA JSC: Creditors Must File Proofs of Claim by May 11
HERMANN SCHWARZE: Claims Filing Deadline is May 11

UBS AG: Posts SWF1.98 Bln First Qtr. Losses, Eyes 4,000 Job Cuts


U K R A I N E

BRV LLC: Creditors Must File Claims by May 15
CONCERN STIROL: Moody's Withdraws 'B3' Corporate Family Rating
PRODEKSIM LLC: Court Starts Bankruptcy Supervision Procedure
UKRAINIAN EXTERNAL: Creditors Must File Claims by May 15


U N I T E D   K I N G D O M

3I QUOTED: Proofs of Claim Deadline is May 15
AMWORTH LTD: Appoints Joint Liquidators from Tenon Recovery
BAA: Posts GBP229 Mln Net Loss for First Quarter of 2009
BAR ROOM: Assets Put Up for Sale
BARNSLEY HOUSE: In Administration; KPMG Appointed

BUSY BAKER: Appoints Liquidator from Tenon Recovery
BRISTOL BENDING: Taps Joint Liquidators from Ernst & Young
CAVENDISH INDUSTRIES: Appoints Liquidators from Ernst & Young
CLARIS LIMITED: Moody's Withdraws 'Ca' Rating on EUR25 Mil. Notes
DSG INTERNATIONAL: Fitch Affirms Issuer Default Ratings at 'B'

EMPIRE INTERACTIVE: In Administration; KPMG Appointed
EOS AIRLINES: Foreign Creditors Can Get Copies of Final Report
EPCOSCAN LTD: Business Put Up for Sale
EQUITAS LIMITED: Scheme Application Hearing Set on June 29
FELTON CONSTRUCTION: Goes Into Administration; 45 Jobs Affected

FRESH OLIVE: Business Put Up for Sale
GENERAL MOTORS: EUR & GBP Noteholders' Meetings Set on May 27
GLOBAL RADIO: Auditors Cast Doubt on Future
HUMOURTREE LTD: Taps Joint Liquidators from PwC
KAUPTHING SINGER: Creditors Meeting Scheduled on May 19

LDV: To Be Sold to Westar, Administration Hearing Adjourned
NER RECRUITMENT: Brings in Joint Liquidators from Tenon Recovery
PREMIUM RESTAURANTS: Cash Flow Problems Cast Doubt on Future
RIVERDALE PUBLISHING: Taps Joint Liquidators from BDO Stoy
RPM REPROGRAPHICS: Taps Joint Liquidators from Tenon Recovery

SCIENS CFO: Creditors Meeting Slated for May 15
SCOTTISH RE: Ernst & Young Raises Going Concern Doubt
SOVEREIGN MARINE: Scheme Payment Percentage Increased to 65%
SPECS GALORE: Appoints Joint Liquidators from Tenon Recovery
SPEYFORD LIMITED: Scheme Application Hearing Set on June 29

TAMESIDE METAL: Appoints Joint Liquidators from Tenon Recovery
TAYLOR WIMPEY: Fitch Shifts 'C' Rating Watch to Positive
VIRGIN MEDIA: Net Losses Widen to GBP154 Mln in First Qtr. 2009

* PwC: Travel Firms Must Prepare for 3-5 Years of Reduced Activity

* Upcoming Meetings, Conferences and Seminars


                         *********


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


POLAK KARL: Claims Registration Period Ends May 22
--------------------------------------------------
Creditors owed money by Polak Karl KG have until May 22, 2009, to
file written proofs of claim to the court-appointed estate
administrator:

         Dr. Michael Lentsch
         Hauptplatz 31
         2700 Wiener Neustadt
         Austria
         Tel: 02622/27041
         Fax: 02622/29246
         E-mail: office@kosch-partner.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on June 4, 2009, for the
examination of claims at:

         Land Court of Wiener Neustadt
         Room 15
         Wiener Neustadt
         Austria


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

         Mag. Gregor Royer
         Ringstrasse 13
         4600 Wells
         Austria
         Tel: 07242/58120
         Fax: 07242/58120-22
         E-mail: office@eigner-royer.at

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

         Land Court of Wels
         Hall 101
         First Floor
         Wels
         Austria


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

         Mag. Gerhard Eigner
         Ringstrasse 13
         4600 Wells
         Austria
         Tel: 07242/58120
         Fax: 07242/58120-22
         E-mail: office@eigner-royer.at


Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:40 a.m. on June 4, 2009, for the
examination of claims at:

         Land Court of Wels
         Hall 101
         First Floor
         Wels
         Austria


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


BELVEDERE SA: Moody's Withdraws 'Caa3' Corporate Family Rating
--------------------------------------------------------------
Moody's Investors Service has withdrawn the ratings of Belvedere
SA.  Moody's has withdrawn the company's ratings for business
reasons.

These ratings are withdrawn:

  -- Corporate Family Rating of Caa3

  -- Probability of Default Rating of D

  -- Senior secured rating on the EUR375 million notes of Caa2
     (LGD2, 26%)

The last rating action on Belvedere was on July 21, 2008, when
Moody's downgraded the company's Corporate Family Rating to Caa3
from Caa1, the probability-of-default rating to D from Caa1, and
the senior secured debt rating to Caa2 from Caa1.

Headquartered in Beaune, France, Belvedere is a leading producer
and distributor of alcoholic beverages i.e. vodka, wine and
spirits, mainly in Poland, France, Spain, Lithuania and Bulgaria.
In July 2008 company's management decided to file for "Procedure
de sauvegarde" (Safeguard procedure) that constituted an event of
default according to the bond indenture.  During the year ended
December 2008, the company reported revenues of EUR1.186 billion.


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


4 D BRA: Claims Registration Period Ends June 10
------------------------------------------------
Creditors of 4 D Bra GmbH, -Eiscafe-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 11:00 a.m. on July 8, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of 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:

         Andreas Mittendorff
         Kupfertwete 7
         38100 Braunschweig
         Germany
         Tel: 0531/6180196
         Fax: 0531/6180214
         E-mail: braunschweig@hofheinz-mittendorff.de

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:

         4 D Bra GmbH, -Eiscafe-
         Attn: Giuseppe Albezzano, Manager
         Burgpassage 8
         38100 Braunschweig
         Germany


A & D SPEDITIONSGESELLSCHAFT: Claims Registration Ends May 30
-------------------------------------------------------------
Creditors of A & D Speditionsgesellschaft mbH have until May 30,
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 3, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Bochum
         Hall A29
         Ground Floor
         Main Building
         Viktoriastrasse 14
         44787 Bochum
         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:

         Robert Fliegner
         Westring 303
         44629 Herne
         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:

         A & D Speditionsgesellschaft mbH
         Schuechtermann St. 2-4
         44628 Herne
         Germany

         Attn: Hakan Acar, Manager
         Am Gruenen Platz 49
         45663 Recklinghausen
         Germany


ABC FLUSSKREUZFAHRTEN: Claims Registration Period Ends June 7
-------------------------------------------------------------
Creditors of ABC Flusskreuzfahrten 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 9:20 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 Koblenz
         Hall 111
         Main Court
         Karmeliterstrasse 14
         56068 Koblenz
         Germany

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

The insolvency manager can be reached at:

         Frank Moessle
         Schlossstrasse 5
         56068 Koblenz
         Germany
         Tel: 0261/29175010
         Fax: 0261/29175019
         E-mail: koblenz@pluta.net
         Website: www.pluta.net

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:

         ABC Flusskreuzfahrten GmbH
         Attn: Klaus Sahr, Manager
         Weitersburger Weg 50
         56170 Bendorf
         Germany


CONCEPTION 4 TEXTILVERTRIEBS: Claims Registration Ends April 27
---------------------------------------------------------------
Creditors of Conception 4 Textilvertriebs GmbH have until
April 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 June 3, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Duesseldorf
         Meeting Hall A 341
         Fourth Floor
         Muehlenstrasse 34
         40213 Duesseldorf
         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. Biner Bahr
         Graf-Adolf-Platz 15
         40213 Duesseldorf
         Germany

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:

         Conception 4 Textilvertriebs GmbH
         Hammer Landstrasse 89
         41460 Neuss
         Germany

         Attn: Gisela Schuster, Manager
         Kaarster Huette 6
         41352 Korschenbroich
         Germany


EUROCHRON GMBH: Claims Registration Period Ends June 8
------------------------------------------------------
Creditors of Eurochron GmbH have until June 8, 2009, to register
their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 8:50 a.m. on July 1, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Meiningen
         Meeting Hall 105
         Lindenallee 15
         Meiningen
         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:

         RA Eduard Uebelacker
         Schwanthaler St. 32
         80336 Muenchen
         Germany

The court opened bankruptcy proceedings against the company on
April 22, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Eurochron GmbH
         Attn: Thilo Zeiss, Manager
         Neue St. 1
         99846 Seebach
         Germany


FRANZ HANIEL: Moody's Downgrades Rating to 'Ba1' from 'Baa3'
------------------------------------------------------------
Moody's Investors Service has downgraded Franz Haniel & Cie's
rating from Baa3 to Ba1.  The outlook on the rating is stable.
This rating action concludes the review for possible downgrade
which was assigned on March 23, 2009.  In accordance with its
established practices, Moody's concurrently assigned a Ba1
Corporate Family Rating to Haniel and expects to withdraw the long
term issuer rating shortly.

The rating action was prompted by the high debt load Haniel has
taken on when the company acquired an additional 16% stake in
Metro, the German retailer in 2007.  Since then the portfolio
valuation of its holdings has been reduced significantly, which
led to a market value gearing above 40% which, in Moody's opinion,
is not in line any more with an investment grade rating in
particular when combined with a debt refinancing profile that
remains relatively short despite some recent management
initiatives that has brought some improvement.

Although the valuation of Metro in the recent couple of weeks
improved by around 50% this only led to an improvement in Haniel's
market value gearing by about 10 percentage points (from around
50% to 40%) -- and still keeps the company above the threshold for
an investment grade rating.

In addition, according to Moody's analysis, Haniel has in the
intermediate term a limited ability to improve its capital
structure again to a level which would place the company
sustainably in the investment grade area again.  Therefore, and
assuming that there is no quick recovery in the economic
environment for the next 12 -- 24 months, Moody's believes that
the Ba1 more appropriately reflects the positioning of Haniel
going forward.

The stable outlook assumes that Haniel will continue to be able to
extend its debt maturities and that in the intermediate term the
company will be able to either extend its remaining maturities in
2010 or reduce its debt load going forward.

Moody's also notes that, Haniel's interest expense might increase,
while dividend payments from its holdings, especially its 100%
owned holdings might be reduced in the current year, thereby
weakening the companies' interest coverage to around 2x.

Finally the rating takes into account (i) the -- albeit more
moderate --  cash-flow coverage of debt; (ii) Haniel's long-term
investment strategy, (iii) management's commitment to preserve or
return to an investment grade rating and (iv) the availability of
around EUR 700 million long-term undrawn committed credit lines
from Haniel's core banks.

Moody's last rating action on Haniel on March 23, 2009, was to
downgrade the company's ratings to Baa3 and put the rating on
review for further downgrade.

Based in Duisburg, Germany, Franz Franz Haniel & Cie.  GmbH is a
large family-owned investment company, with diversified industrial
interests, which generated consolidated sales of EUR26.4 billion
in the year to December 2008.


GENERAL MOTORS: Opel's Merger With Fiat May Lead to Plant Closure
-----------------------------------------------------------------
A senior German official said that Adam Opel GmbH might close one
of its plants if it merges with Fiat SpA, Stacy Meichtry and
Marcus Walker at The Wall Street Journal report.

WSJ relates that Fiat CEO Sergio Marchionne met with German
officials on Monday to present his plan for merging the company
with GM's European operations, which include Opel and British
automaker Vauxhall.  Citing German Economy Minister Karl-Theodor
zu Guttenberg, WSJ states that Mr. Marchionne proposed that Opel
to keep three of its four plants in Germany.  Mr. zu Guttenberg
said that the plan left in doubt the fate of Opel's engine plant
in Kaiserslautern, according to WSJ.

Mr. zu Guttenberg said that Mr. Marchionne assured that potential
layoffs in Germany won't be "too dramatic," WSJ states.  Mr.
Marchionne, according to WSJ, hasn't said whether he intends to
eliminate jobs in Europe.  Automakers need to rein in production
costs to survive, WSJ says, citing Mr. Marchionne.

WSJ notes that Mr. Marchionne would have to wrest concessions from
labor unions in Italy and Germany, which both have laws making it
difficult to lay off workers.

           Lawsuits Imminent on Closure of Dealerships

Automotive News reports that GM could face lawsuits from closed
dealerships due to the Company's restructuring plans.

According to Automotive News, GM's dealership plans will lead to:

    -- reduction of stores by 2700 by the end of 2010.  GM had
       6273 U.S. dealerships, excluding Saab, at year end 2008;

    -- termination of 1000 to 1200 dealerships deemed poor
       performers;

    -- closure of 500 dealerships due to normal attrition.

    -- letting go of 500 dealerships with the sale of Hummer,
       Saturn and Saab;

    -- losing of 35 dealerships with the phaseout of Pontiac; and

    -- consolidation of about 500 dealerships in buy/sell or
       other talks that GM will manage.

Automotive News relates that GM officials will send letters to
around 1200 dealerships slated for franchise contract termination.
Those dealerships, says the report, are considered "poor
performers" due to:

    -- poor sales,
    -- poor customer service feedback, and
    -- being located in dealer-saturated metro areas.

Citing GM officials, Automotive News states that approximately one
in six dealerships are labeled as poor performers.  The report
states that GM will buy back the closed dealerships' remaining
vehicle and parts inventories, although no compensation will be
given for other extraneous business losses or expenditures.

GM may be protected from the barrage of lawsuits if it is forced
to declare bankruptcy, Automotive News says, citing some lawyers.
Many dealers have already hired attorneys who are ready to take
legal action against GM if the Company doesn't go into bankruptcy,
Automotive News states.

          GM Must Buy Back Delphi Plants, Says Senator

Sen. Charles Schumer urged GM to buy back the plants in Lockport,
Rochester, and two other locations from Delphi Corp., Thomas
Hartley at Business First of Buffalo reports.

Citing Sen. Schumer, Business First relates that the four Delphi
plants are considered essential to GM's operation and are seen as
likely to be the first to become profitable again as the economy
turns around.

According to Business First, Sen. Schumer said that the deal would
ensure GM a secure parts supply for vehicle production.  The deal
would also bring security for job retention at the two Upstate
plants of Delphi, the report states.  Sen. Schumer said in a
statement that leaders should work to reach an agreement to
reunite GM and Delphi.

Sen. Schumer's office said that the senator has discussed GM's
purchase of the plants with the Obama administration, which
supports the plan, Business First reports.

                    About General Motors Corp.

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

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

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

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

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

                      Going Concern Doubt

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

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

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


INTELLEVENTS GMBH: Claims Registration Period Ends June 9
---------------------------------------------------------
Creditors of Intellevents GmbH have until June 9, 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 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 Karlsruhe
         Hall IV
         First Floor
         Schlossplatz 23
         76131 Karlsruhe
         Germany

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

The insolvency manager can be reached at:

         Andreas Fischer
         Erbprinzenstrasse 27
         76133 Karlsruhe
         Germany
         Tel: 0721/9338060
         Fax: 0721/93380622

The court opened bankruptcy proceedings against the company on
April 22, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Intellevents GmbH
         Attn: Thomas Waetke, Manager
         Amalienbadstrasse 36 Bau 336
         76227 Karlsruhe
         Germany


K-03 GMBH: Claims Registration Period Ends June 2
-------------------------------------------------
Creditors of K-03 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 10:00 a.m. on July 1, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Munich
         Meeting Room 101
         Infanteriestr. 5
         80097 Munich
         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:

         Ulrich Cramer
         Heiliggeist St. 7+8
         80331 Muenchen.
         Germany
         Tel: 089/21 02 88 58
         Fax: 089/23 24 95 03

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:

         K-03 GmbH
         Attn: Peter Hans-Dieter Habersack, Manager
         Hofmann St. 7 a
         81379 Muenchen
         Germany


METALTRADE DEUTSCHLAND: Insolvency May Hit Ferro-Titanium Market
----------------------------------------------------------------
Metal Bulletin reports that the insolvency of Metaltrade
Deutschland GmbH Engineering & Handel, which has been embroiled in
a legal battle with VSMPO since mid-2007, may have a devastating
effect on the ferro-titanium market.

The report recalls provisional insolvency proceedings for
Metaltrade in Ahlen, in North Rhine Westphalia, started on April
15, with Norbert Kuepper appointed insolvency administrator.

VSMPO, the world's largest producer of ferro-titanium for which
Metaltrade acted as global sales agent until March 2007, filed two
claims in Russia alleging that Metaltrade failed to pay for ferro-
titanium deliveries on several occasions between 2005 and 2007,
the report discloses.  According to the report, recent conclusion
of those proceedings in VSMPO's favor could mean that 800 tonnes
of ferro-titanium will be auctioned into a market that sources say
is ill-equipped to absorb it, resulting in last month's ferro-ti
price gains being wiped out.


SIGNALBAU-BAHN-ZSCHORNEWITZ GMBH: Claims Period Ends May 26
-----------------------------------------------------------
Creditors of Signalbau-Bahn-Zschornewitz GmbH have until May 26,
2009, to register their claims with court-appointed insolvency
manager.

Creditors and other interested parties are encouraged to attend
the meeting at 12:30 p.m. on June 16, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Dessau-Rosslau
         Hall 123
         Willy-Lohmann-Str. 33
         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. Volkhard Frenzel
         Magdeburger Strasse 23
         06112 Halle
         Germany
         Tel: 0345/2311111
         Fax: 0345/2311199

The court opened bankruptcy proceedings against the company on
April 22, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Signalbau-Bahn-Zschornewitz GmbH
         Burgkemnitzer Strasse 13
         06791 Zschornewitz
         Germany

         Attn: Michael Walter, Manager
         Burgkemnitzer Strasse 11
         06791 Zschornewitz
         Germany


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


EUROCREDIT OPPORTUNITIES: S&P Cuts Ratings on Two Notes to 'D'
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'D', removed from
CreditWatch negative and then withdrew its ratings on the class B
and C notes issued by Eurocredit Opportunities I PLC.
At the same time the ratings were then reinstated to 'AA' for
class B and 'BBB-' for class C, following the restructuring of the
transaction.

On February 2, 2009, an over collateralization failure occurred
under the terms and conditions of the original notes.  Under the
original trust deed, the issuer provided a plan to remedy the over
collateralization failure.  As part of that plan, the issuer fully
prepaid all of the outstanding VF notes and fully redeemed all of
the outstanding class A notes on February 23, 2009.

After this prepayment and redemption of the VF notes and the class
A notes, the class B noteholders became the controlling class.  In
addition, as part of the plan, the issuer sought and obtained
extraordinary resolutions from the holders of each class of the
original notes still outstanding, under which S&P understands each
such class of noteholders consented to the amendment and
restatement of the terms and conditions applicable to all the
relevant classes of notes and to the investment manager advances,
which were at that time due and unpaid.

The ratings on the existing notes have been lowered to 'D' and
removed from CreditWatch negative because the existing terms have
been amended with respect to coupon payment, coupon frequency as
well as the original maturity of the notes.

The restructuring of the transaction includes, amongst other
matters, changes in the coupon payment frequency, a maturity
extension and the removal of the market value triggers which were
originally embedded in the Eurocredit Opportunities I
documentation.  The documentation changes have transformed the
transaction from a market value into a static sequential-pay cash
flow structure.  S&P has factored the effect, in S&P's opinion, of
these changes into S&P's ratings on the restructured notes.

S&P first assigned ratings to the Eurocredit Opportunities I
market value collateralized debt obligation in November 2005.

                           Ratings List

      Ratings Lowered and Removed From Creditwatch Negative

                                   Rating
                                   ------
  Class                  To                        From
  -----                  --                        ----
  B                      D                         AA/Watch Neg
  C                      D                         A/Watch Neg

                        Ratings Withdrawn

                                       Rating
                                       ------
      Class                  To                        From
      -----                  --                        ----
      B                      NR                        D
      C                      NR                        D

                        Ratings Reinstated

                  Class                  Rating
                  -----                  ------
                  B                      AA
                  C                      BBB-


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


GRAND B: Creditors Must File Claims by June 5
---------------------------------------------
Creditors of LLP Grand B 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 16, 2009.


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

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

The Specialized Inter-Regional Economic Court of Karaganda
commenced bankruptcy proceedings against the company on Dec. 12,
2008.


KOSTANAI CONSULTING: Creditors Must File Claims by June 5
---------------------------------------------------------
Creditors of LLP Kostanai Consulting 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 19, 2009.


TALAPKER-NT LLP: Creditors Must File Claims by June 5
-----------------------------------------------------
Creditors of LLP Talapker-NT 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 19, 2009.


TRIADA-95 LLP: Creditors Must File Claims by June 5
---------------------------------------------------
Creditors of LLP Triada-95 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
region commenced bankruptcy proceedings against the company on
March 13, 2009.


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


GENTRONIX LLC: Creditors Must File Claims by May 22
---------------------------------------------------
LLC Gentronix has shut down.  Creditors have until May 22, 2009,
to submit proofs of claim to:

         FEZ "Bishkek"
         Ak-Chyi
         Chui
         Kyrgyzstan


PROFESSIONAL SERVICE: Creditors Must File Claims by May 22
----------------------------------------------------------
LLC Professional Service has shut down.  Creditors have until
May 22, 2009, to submit proofs of claim to:

         Micro district 8, 5-37
         Bishkek
         Kyrgyzstan
         (+996 312) 51-42-48


TONNY AND COMPANY: Creditors Must File Claims by May 22
-------------------------------------------------------
LLC Tonny and Company has shut down.  Creditors have until May 22,
2009, to submit proofs of claim to:

         Zainabetdinov Str. 13/16
         Osh
         Kyrgyzstan


===================
L U X E M B O U R G
===================


EURASIA STRUCTURED: Moody's Withdraws Low-B Ratings on Two Notes
----------------------------------------------------------------
Moody's Investors Service has withdrawn the rating of the notes
issued by Eurasia Structured Finance No. 1, S.A., Compartment 1
following the full early redemption at the request of the
originator adopted through a written resolution of the noteholders
on February 10 2009.

  -- Baa2 on the EUR100,000,000 Class A-1 Consumer Loan
     Receivables Backed Floating Rate Notes due May 2012;
     previously on 9th of December 2005, Assigned Baa2

  -- Ba2 on the EUR13,500,000 Class A-2 Consumer Loan Receivables
     Backed Floating Rate Notes due May 2012; previously on 9th of
     December 2005, Assigned Ba2

  -- Ba3 on the EUR13,000,000 Class B Consumer Loan Receivables
     Backed Floating Rate Notes due May 2012; previously on 9th of
     December 2005, Assigned Ba3

Eurasia Structured Finance No. 1, S.A., Compartment 1 was a
securitization by Home Credit & Finance Bank of part of its
consumer loan book.  It was the first structured finance
transaction backed by Rouble-denominated assets to be rated by
Moody's.  The securitization incorporated an innovative rolling
forex and interest rate hedging mechanism, which combined with
external liquidity, mitigated in Moody's view market risks to a
degree of comfort commensurate with the ratings assigned to the
Notes.

Moody's had initially analyzed and monitored this transaction
using the rating methodology as described in the New Issue Report
published for this transaction on January 20, 2006.


STANTON CDO: Standard & Poor's Junks Rating on Class C Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
the class A-1, A—2, B, and C notes issued by Stanton CDO I S.A., a
cash flow collateralized debt obligation of CDO transaction that
closed in October 2003.  At the same time, the class A-1 notes
were placed on CreditWatch negative, and the class A-2, B, and C
notes remain on CreditWatch negative.

These rating actions reflect S&P's assessment of a continued
credit deterioration of assets in the transaction's underlying
portfolio.  According to information provided to us by the
trustee, the class A, B, and C over collateralization test ratios,
and the class A, B, and C interest coverage test ratios have
breached their respective trigger levels under the transaction
documents, with the class A over collateralization test ratio
being close to 100%.  A drop of the class A over collateralization
test ratio to below 100% that continues on any interest payment
date will trigger an event of default under the conditions of the
notes.

In S&P's view, the likelihood that noteholders will not be repaid
in full has increased because S&P believes there is a significant
likelihood that the class A overcollateralization test ratio may
drop to below 100%.  In certain circumstances, an event of default
notice may lead to enforcement proceedings, whereby the collateral
securing the rated notes will be liquidated and then distributed
in accordance to a priority of payments set out in the transaction
documentation.

In addition, S&P took into account in S&P's rating analysis the
proportion of assets currently placed on CreditWatch negative.
According to S&P's analysis, assets on CreditWatch negative
account for 30% of the total portfolio.  On April 6, 2009, S&P
published S&P's revised assumptions related to structured finance
assets with ratings on CreditWatch held within CDO transactions.
Under these revised assumptions, S&P adjust downward in S&P's
analysis the ratings on these assets currently on CreditWatch
negative by at least three notches.

Based on the asset ratings S&P consider appropriate in S&P's
analysis, 12% of the portfolio is currently rated 'CCC+' or lower.

In S&P's opinion, the deterioration in the credit quality of the
portfolio has led to an increase in scenario default rates.  At
the same time, S&P's cash flow analysis indicates that breakeven
default rates for all rated classes have fallen.  As a result, in
S&P's opinion, the available credit enhancement on the class A-1,
A-2, B, and C notes is no longer commensurate with the existing
ratings.  S&P has therefore lowered the ratings on these notes as
set out in the ratings list below.

The most recent rating action on this transaction occurred on
March 10, 2009, when S&P placed the class A-2, B, and C notes on
CreditWatch negative.

Stanton CDO I is a managed cash flow CDO transaction, which
according to S&P's analysis comprises primarily U.S.
collateralized loan obligations and, to a lesser extent, U.S. CDOs
of asset-backed securities, U.S. Trust Preferred CDOs, and
Emerging Market CDOs.  The largest exposure by country according
to S&P's analysis is to the U.S, and the second largest is to the
U.K.

                          Ratings List

                       Stanton CDO I S.A.
   US$378.31 Million Senior, EUR48 Million Senior, US$25 Million
    Deferrable Interest, US$40 Million Subordinated Secured
                      Floating-Rate Notes

        Ratings Lowered and Placed on Creditwatch Negative

                                     Rating
                                     ------
           Class           To                     From
           -----           --                     ----
           A-1A            BBB/Watch Neg          AAA
           A-1B            BBB/Watch Neg          AAA
           A-1U            BBB/Watch Neg          AAA

         Ratings Lowered and Kept on Creditwatch Negative

                                 Rating
                                 ------
       Class           To                     From
       -----           --                     ----
       A-2U            BB/Watch Neg           AAA/Watch Neg
       A-2E1           BB/Watch Neg           AAA/Watch Neg
       A-2E2           BB/Watch Neg           AAA/Watch Neg
       B               B/Watch Neg            AA/Watch Neg
       C               CCC/Watch Neg          A/Watch Neg


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


EUROPEAN TECHNOLOGY: Files for Bankruptcy, de Volkskrant Says
-------------------------------------------------------------
Matt Thurber at AIN reports that according to Netherlands
newspaper de Volkskrant, European Technology and Investment
Research Center (Etirc), founded by Roel Pieper, has filed for
bankruptcy.

Etirc Aviation, the report discloses, was the exclusive Eclipse
distributor in Europe, Russia and CIS countries.  The company, the
report says, had planned to assemble Eclipse 500s in Russia.

The report relates Mr. Pieper said at last year's NBAA Convention
that he had invested US$150 million in Eclipse Aviation.
According to the report, after Eclipse filed for Chapter 11
bankruptcy late last year, Mr. Pieper attempted to buy Eclipse
Aviation but was unable to raise the money to see the acquisition
through.


KAMYSHINSKIY COTTON: Creditors Must File Claims by May 24
---------------------------------------------------------
Creditors of LLC Kamyshinskiy Cotton Factory (TIN 3436015515, PRSN
105345016451) have until May 24, 2009, to submit proofs of claims
to:

         V. Bondarev
         Temporary Insolvency Manager
         Lenina Prospect 72
         400005 Volgograd
         Russia

The Arbitration Court of Volgogradskaya will convene at 10:30 a.m.
on June 16, 2009, to hear bankruptcy supervision procedure on the
company.  The case is docketed under Case No. ?12–4687/2009.

The Debtor can be reached at:

         LLC Kamyshinskiy Cotton Factory
         Lenina Str. 5
         Kamyshin
         403874 Volgogradskaya
         Russia


NIZHEGORODSKIY STROITEL: Bankruptcy Hearing Set July 28
-------------------------------------------------------
The Arbitration Court of Nizhegorodskaya will convene at 11:00
a.m. on July 28, 2009 to hear bankruptcy supervision procedure on
LLC Nizhegorodskiy Stroitel (Construction).  The case is docketed
under Case No. ?43–4160/2009,27–34.

The Temporary Insolvency Manager is:

         M. Smirnov
         B. Pecherskaya Str. 45a
         Nizhny Novgorod
         Russia

The Debtor can be reached at:

         LLC Nizhegorodskiy Stroitel
         Krasnoselskaya Str. 11B
         Nizhny Novgorod
         Russia


POLIKOM LLC: Creditors Must File Claims by June 24
--------------------------------------------------
The Arbitration Court of Komi commenced bankruptcy proceedings
against LLC Polikom (TIN 1101044817) (Forestry) after finding it
insolvent.  The case is docketed under Case No. ?29–3920/2008.

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

         N. Vasilenko
         Insolvency Manager
         Apt. 21
         K. Marksa Str. 38
         603159 Nizhny Novgorod
         Russia
         Tel: 8 831 2 20 28 70

The Debtor can be reached at:

         LLC Polikom
         Ordzhonokidze Str. 16
         Syktyvkar
         Komi
         Russia


STROY TEKS: Court Names Temporary Insolvency Manager
----------------------------------------------------
The Arbitration Court of Astrakhanskaya appointed M. Shkarupin as
temporary insolvency manager for LLC Stroy Teks (TIN 3016045235,
PSRN 1053000614655)(Construction).  The case is docketed under
Case No. ?06–3226/2008.  He can be reached at:

         Post User Box 2684
         400120 Volgograd
         Russia

The Debtor can be reached at:

         LLC Stroy Teks
         Savushkina Str. 4
         414000 Astrakhan
         Russia


SUGAR MILL: Creditors Must File Claims by May 24
------------------------------------------------
The Arbitration Court of Belgorodskaya commenced bankruptcy
supervision procedure on JSC Sugar Mill named after Lenin (TIN
3109000043).  The case is docketed under Case No. ?08–1966/2009–
11B.

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

         I. Korneev
         Temporary Insolvency Manager
         Apt. 8
         Yunosti Blvd. 7a
         308036 Belgorod
         Russia


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


BANCAJA 12: S&P Puts BB- Rating on Class D Notes on Watch Negative
------------------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch negative
its credit ratings on the class B, C, and D notes issued by
Bancaja 12 Fondo de Titulización de Activos.  The class A notes
remain on CreditWatch negative.

Caja de Ahorros de Valencia, Castellon y Alicante (Bancaja; NR/--/
NR) is the interest rate swap provider for this transaction.  S&P
downgraded Bancaja on September 23, 2008, and it is currently
unrated (S&P withdrew the rating on Bancaja on December 10, 2008).
Consequently, S&P placed Bancaja 12's class A note on CreditWatch
negative on November 27, 2008.

According to S&P's published criteria, an unrated derivative
counterparty is not an eligible supporting party at any rating
level.  S&P understands that Bancaja is taking steps to replace
itself with an eligible entity as swap counterparty for this
transaction.  However, as of today, no replacement has been found.
Therefore, S&P will assume in S&P's analysis that the transaction
does not benefit from the swap and will be consequently exposed to
the basis risk embedded in the difference between the indexation
mechanisms of assets and liabilities.

S&P expects to complete this analysis shortly, which may result in
us lowering the ratings on all the classes of notes by several
rating categories.

                          Ratings List

           Bancaja 12, Fondo de Titulizacion de Activos
         EUR2.1 Billion Mortgage-Backed Floating-Rate Notes

              Ratings Placed On Creditwatch Negative

                                   Ratings
                                   -------
              Class       To                    From
              -----       --                    ----
              B           A/Watch Neg            A
              C           BBB-/Watch Neg         BBB-
              D           BB-/Watch Neg          BB-

             Rating Remaining on Creditwatch Negative

                    Class       Rating
                    -----       ------
                    A           AAA/Watch Neg


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


AUTOLIV INC: S&P Assigns 'BB' Rating on US$165 Mil. Equity Units
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its long-
term 'BB' rating to the US$165 million equity units issued by
Sweden-based auto supplier Autoliv Inc.

Each equity unit has a stated amount of US$25 and consists of a
purchase contract and an undivided beneficial ownership interest
in a US$1,000 principal amount of Autoliv's 8% senior unsecured
notes due 2014.  The purchase contract obligates the equity unit
holders to purchase from the company a variable number of newly
issued shares of Autoliv's common stock no later than April 30,
2012.

The rating on the units applies to the company's obligations to
service the debt component to issue common shares under the
forward contract that is linked to these bonds.  S&P is
incorporating an element of equity risk in the rating on these
notes because they are being pledged as collateral for the
investors' promise to purchase a variable number of common shares
of Autoliv's common stock by April 30, 2012.  As a result, the
holders of these units bear the risk of a lower stock price in the
future.  The rating does not fully address the safety of
principal, which will depend on the future market value of the
company's common stock.  S&P understand from the company that the
proceeds from either the equity issue due 2012 or a successful
remarketing of the notes will be used to repay existing debt
outstanding.  Therefore, the equity units and associated debt will
be given a high equity content for the purposes of S&P's analysis
and ratio calculations.

The issue of these equity units was completed on March 27, 2009,
as part of a broader action to raise capital, which also included
the sale of treasury shares for US$235 million.  As a result of
the exercise of an overallotment option that granted the
underwriter with up to approximately 10% in additional common
stock and approximately 10% in additional equity units, Autoliv
was able to raise a total of US$400 million, translating into
US$377 million after transaction costs.

                           Rating List

                           New Rating

                           Autoliv Inc.

                 US$165 mil. equity units      BB


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


DESIGNING.CH LLC: Creditors Have Until May 11 to File Claims
------------------------------------------------------------
Creditors of designing.ch LLC are requested to file their proofs
of claim by May 11, 2009, to:

         Fanny Rutz-Mendez
         Liquidator
         Rotachstrasse 72
         8003 Zurich
         Switzerland

The company is currently undergoing liquidation in Zurich.  The
decision about liquidation was accepted at a shareholders' meeting
held on December 1, 2008.


EWEC JSC: Claims Filing Deadline is May 11
------------------------------------------
Creditors of Ewec JSC are requested to file their proofs of claim
by May 11, 2009, to:

         Basler Fritz
         Liquidator
         Landhausweg 2
         4802 Strengelbach
         Switzerland

The Company is currently undergoing liquidation in Baar.  The
decision about liquidation was accepted at a general meeting held
on March 2, 2009.


GERBER LAGER: Proof of Claim Filing Deadline is May 11
------------------------------------------------------
Creditors of Gerber Lager LLC are requested to file their proofs
of claim by May 11, 2009, to:

         Gerber Lager LLC
         Roemerstrasse 28
         4147 Aesch BL
         Switzerland

The company is currently undergoing liquidation in Arlesheim.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Oct. 4, 2007.


GRISFONTA JSC: Creditors Must File Proofs of Claim by May 11
------------------------------------------------------------
Creditors of Grisfonta JSC are requested to file their proofs of
claim by May 11, 2009, to:

         Zinsli Nater & Ganzoni
         Dr. jur. Urs A. Nater
         Via Maistra 5
         7500 St. Moritz
         Switzerland

The company is currently undergoing liquidation in St. Moritz.
The decision about liquidation was accepted at a general meeting
held on March 23, 2009.


HERMANN SCHWARZE: Claims Filing Deadline is May 11
--------------------------------------------------
Creditors of Hermann Schwarze LLC are requested to file their
proofs of claim by May 11, 2009, to:

         Hermann Schwarze
         Liquidator
         Alte Winterthurerstrasse 65
         8304 Wallisellen
         Switzerland

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


UBS AG: Posts SWF1.98 Bln First Qtr. Losses, Eyes 4,000 Job Cuts
----------------------------------------------------------------
Philip Aldrick at Telegraph.co.uk reports that UBS AG incurred
losses of SWF1.98 billion in the first quarter of the year,
compared with a loss of SWF9.56 billion for the three months to
December.

According to Telegraph.co.uk, UBS's quarterly loss was once again
caused by the troubled investment bank, which posted a pre-tax
loss of SWF3.16 billion.  It reported a SWF1.9 billion markdown
linked to the monoline bond insurers, Telegraph.co.uk discloses.

                        Job Cuts

Telegraph.co.uk says to meet its planned SWF3.5 billion-SWF4
billion of cost reductions by the end of next year, UBS will
shed 4,000 jobs at its wealth management and Swiss banking unit.
The investment bank, the division that has been responsible for
most of UBS's US$50 billion of losses and writedowns, will cut
2,500, while another 2,500 will go in the wealth management
Americas unit, 500 in global asset management and 500 at the head
office, Telegraph.co.uk states.   Telegraph.co.uk notes it is not
clear how many jobs will be lost in London, but it is expected to
be between 500 and 1,000.

Telegraph.co.uk relates John Cryan, finance director of UBS, which
sold its Brazilian operation UBS Pactual, said the bank may shed
more assets.

                         Tax Case

In a May 1 report BBC News disclosed UBS asked a federal court in
Florida not to go ahead with a tax case involving more than 50,000
US customers with Swiss accounts, arguing it would violate Swiss
laws on banking secrecy if it provided the information on its
clients.

According to BBC, UBS said no specific evidence has been presented
against its clients, meaning it is unable to waive bank secrecy
rules.  The US suspects 52,000 Americans of using UBS accounts to
hide almost US$15 billion of assets and unpaid taxes, BBC noted.

"Switzerland's laws prohibit the release of confidential
information to foreign governments when the request has not been
made through authorised inter-governmental channels," BBC quoted
the Swiss government as saying.  "If the court were to order UBS
to produce evidence from Switzerland, and backed that order with
coercive powers, the court would be substituting its own authority
for that of the competent Swiss authorities, and therefore would
violate Swiss sovereignty and international law."

BBC recalls US and Swiss officials have begun negotiations on a
new tax treaty that Washington hopes will help it track tax
evaders.  BBC states according to Swiss officals, it could take
until the end of the year to reach an agreement.

                         About UBS AG

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


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


BRV LLC: Creditors Must File Claims by May 15
---------------------------------------------
Creditors of LLC BRV (code EDRPOU 33595109) have until May 15,
2009 to submit proofs of claim to M. Titarenko, the company's
insolvency manager.

The Economic Court of Kiev commenced bankruptcy proceedings
against the company.  The case is docketed under Case No. 44/419-
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 BRV
         Avtoparkovaya Str. 5
         02021 Kiev
         Ukraine


CONCERN STIROL: Moody's Withdraws 'B3' Corporate Family Rating
--------------------------------------------------------------
Moody's Investors Service has withdrawn the B3 corporate family
and other associated ratings assigned to OJSC Concern Stirol.
Stirol does not have any outstanding debt rated by Moody's.
Moody's has withdrawn Stirol's ratings for business reasons.

The last rating action on Stirol was on May 23, 2008, when Moody's
changed the outlook for the B3 CFR to stable from negative.
Domiciled in Gorlovka, Ukraine, OJSC Concern Stirol is a leading
manufacturer of ammonia and its derivatives, generating UAH4.29
billion (US$557 million) and UAH923,7 million (US$120 million) in
EBITDA as of December 31, 2008 (unaudited financial statements in
accordance with Russian GAAP).


PRODEKSIM LLC: Court Starts Bankruptcy Supervision Procedure
-----------------------------------------------------------
The Economic Court of Vinnitsa commenced bankruptcy supervision
procedure on LLC Prodeksim (code EDRPOU 31352824).

The Insolvency Manager is:

         P. Kalinin
         Office 411
         Hmelnitsky Highway 2
         Vinnitsa
         Ukraine

The Court is located at:

         The Economic Court of Vinnitsa
         Hmelnitsky Highway 7
         21100 Vinnitsa
         Ukraine

The Debtor can be reached at:

         LLC Prodeksim
         Pervomayskaya Str. 60
         21050 Vinnitsa
         Ukraine


UKRAINIAN EXTERNAL: Creditors Must File Claims by May 15
--------------------------------------------------------
Creditors of LLC Trading Company Ukrainian External Trade
Investment (code EDRPOU 34576574) have until May 15, 2009, to
submit proofs of claim to, M. Titarenko, the company's insolvency
manager.

The Economic Court of Kiev commenced bankruptcy proceedings
against the company.  The case is docketed under Case No 44/142-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 Trading Company Ukrainian External Trade Investment
         P. Lumumba str. 15-A
         01042 Kiev
         Ukraine


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


3I QUOTED: Proofs of Claim Deadline is May 15
---------------------------------------------
3i Quoted Private Equity Plc's creditors have until May 15, 2009
to file their proofs of claim.

The company has been placed under liquidation on April 27, 2009.
Mark James and Nicholas Vermeulen at PricewaterhouseCoopers LLP
have been appointed as joint liquidators.


AMWORTH LTD: Appoints Joint Liquidators from Tenon Recovery
-----------------------------------------------------------
Carl Jackson and Nigel Fox of Tenon Recovery were appointed joint
liquidators of Amworth Ltd. on April 2, 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


BAA: Posts GBP229 Mln Net Loss for First Quarter of 2009
--------------------------------------------------------
Edinburgh Evening News reports BAA posted a GBP229 million net
loss for the first three months of 2009.

Edinburgh Evening News says the loss was blamed on higher
depreciation following the opening of Heathrow's Terminal 5 and
declines in the market value of its derivatives.

Graham Ruddick at Telegraph.co.uk reports passenger numbers fell
by 10pc, almost three million, in the first three months of 2009
as the recession struck travelers.  BAA, however, said despite the
decline, the company was able to report a 15.5pc growth in revenue
to GBP522 million, due to higher landing charges paid by airlines
and resilient spending in its airport retail outlets,
Telegraph.co.uk states.

BAA's pre-tax loss in the first quarter of the year was GBP316.2
million, significantly larger than the GBP55.6 million reported
last year, Telegraph.co.uk discloses.  According to
Telegraph.co.uk, the loss, which includes GBP140.7 million of
losses on derivatives, has been driven by a dramatic growth in
interest charges for debt-laden BAA from GBP80.7 million to
GBP327.2 million.

                            Gatwick

Telegraph.co.uk discloses BAA said it has received a "number of
bids" for Gatwick and an announcement about a deal is "expected in
the coming weeks".  The company, as cited by Telegraph.co.uk, said
it would use proceeds from the sale of Gatwick, expected to be in
the region of GBP1.6 billion, to pay down debt.

BAA, Telegraph.co.uk notes, has debts of GBP9.6 billion, linked to
its GBP10.1 billion acquisition in 2006 by a consortium controlled
by Ferrovial.   BAA chief executive Colin Matthews, however, said
despite net debt of GBP11.3 billion, the group still has access to
GBP2.5 billion of committed finance, Alistaire Osborne of
Telegraph.co.uk reports.

"The leverage at the regulated airports is not particularly high,"
Telegraph.co.uk quoted Mr. Matthews as saying.

                            Appeal

According to Telegraph.co.uk, BAA has until May 19 to decide
whether to appeal the Competition Commission's ruling to force the
disposal of Gatwick, Stansted and either Glasgow or Edinburgh
airport.

Telegraph.co.uk notes industry sources have speculated it is
unlikely for BAA to use an appeal to postpone the Gatwick disposal
as the company's latest financial results implied it needs the
cash from selling Gatwick.

                      Debt Refinancings

As reported in the Troubled Company Reporter-Europe on Jan. 8,
2009, Telegraph.co.uk said Ferrovial will have to carry out two
debt refinancings or risk losing more of its equity in BAA.

Telegraph.co.uk disclosed Ferrovial, which holds a 56% stake in
BAA, must refinance GBP1.55 billion of subordinated debt, which
must be repaid by May 2011.  Ferrovial, Telegraph.co.uk stated,
must also refinance a EUR2.3 billion (GBP2.25 billion) loan that
funds its equity stake in the holding company for BAA.

Telegraph.co.uk noted there are questions as to how Ferrovial
plans to refinance the loan, which must be repaid by 2014, given
the lack of cash flow and construction interests.  The first
EUR630 million installment on the loan, which is backed by
Ferrovial's controlling stake in road toll operator Cintra, itself
highly leveraged, is due in 2010, Telegraph.co.uk said.

Telegraph related that in a detailed note to investors, Robert
Crimes, an analyst at Credit Suisse, warned there is a 35%
probability of a BAA default.

"Firstly, BAA is unable to issue new bonds in the next 29 months
to upstream cash to pay down the holdco [holding company]
subordinated debt," Telegraph.co.uk quoted Mr. Crimes as saying.
"Secondly, the debt at Ferrovial Infraestructuras, which we
consider effectively to be fully recourse, [cannot] be paid down
from cash and asset sales by April 2014."

Telegraph.co.uk disclosed that according to Mr. Crimes, BAA will
need to raise GBP1.7 billion of new bonds just to pay down GBP1.55
billion of subordinated debt.

BAA -- http://www.baa.co.uk-- owns and manages seven airports in
the UK, including London's Heathrow, Gatwick, and Stansted.  The
company oversees functions such as cargo handling, fire
protection, property management, retail operations (including its
own World Duty Free stores), and security. In addition, it runs
the Heathrow Express rail service to London and works with other
mass transit operators.  Outside the UK, BAA has a 65% stake in
the Naples International Airport in Italy and manages the retail
operations at three US airports in Pittsburgh, Baltimore, and
Boston.  A group led by Spanish infrastructure manager Ferrovial
acquired BAA in 2006 for more than GBP10 billion in stock.


BAR ROOM: Assets Put Up for Sale
--------------------------------
Bar Room Bar Limited's joint administrators, Ryan Grant, Nick
Cropper and Anne O'Keefe of Zolfo Cooper LLP, offer the company's
business and assets for sale.

The company operates a chain of 10 licensed bars and public houses
across the UK.

For further information, contact Richard Ferrier at 020 7332 5078.


BARNSLEY HOUSE: In Administration; KPMG Appointed
-------------------------------------------------
Jane Moriarty and Richard Hill of KPMG were appointed joint
administrators of Barnsley House Limited, which incorporates
Barnsley House Hotel, The Village Pub and The Catherine Wheel pub,
on May 5, 2009.

Barnsley House Hotel, a Grade 2* listed house built in 1697, is
located in Barnsley, four miles north-east of Cirencester in the
Cotswolds.  It is a luxury hotel with 18 letting bedrooms,
restaurant, bar, spa, conference facilities and a cinema.  The
Village Pub, opposite the hotel, is a popular gastro pub with
seven bedrooms while The Catherine Wheel in the nearby village of
Bibury has four bedrooms.  The business employs a total of 70
full- and part-time employees.

Jane Moriarty, joint administrator and partner at KPMG said:
"Although the businesses have been trading well despite the
pressure on hotels and pubs in the economic climate, the structure
of the company is not sustainable and unfortunately can no longer
continue.  We are currently continuing to trade all three parts of
the business as normal while we market the business and assets for
sale.  It is anticipated that all deposits for bookings will be
honoured by a new purchaser."

The sale of the businesses will be handled by the Cirencester
office of national hotel agents Colliers Robert Barry.  Alastair
Murchie, director, said: "Hotels of the quality of Barnsley House
are available for sale incredibly rarely and this is a tremendous
opportunity.  There is synergy between the hotel and the adjacent
Village Pub and we are offering this as an optional extra with the
hotel."

Any interested parties should contact Colliers Robert Barry on
01285 852852 or email alastair.murchie@colliersrobertbarry.co.uk.

For queries regarding reservations or bookings please contact
Barnsley House Limited (in administration) on 01285 74000 or via e
mail on info@barnsleyhouse.com


BUSY BAKER: Appoints Liquidator from Tenon Recovery
---------------------------------------------------
Nicholas Charles Osborn Lee of Tenon Recovery was appointed
liquidator of The Busy Baker (Kirkby) Ltd. on April 17, 2009, for
the creditors' voluntary winding-up proceeding.

The company can be reached through Tenon Recovery at:

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


BRISTOL BENDING: Taps Joint Liquidators from Ernst & Young
----------------------------------------------------------
David Kenneth Duggins and Christopher Marsden of Ernst & Young LLP
were appointed joint liquidators of Bristol Bending Services Ltd.
on April 7, 2009, for the creditors' voluntary winding-up
proceeding.

The company can be reached through Ernst & Young LLP at:

         One Bridewell Street
         Bristol
         BS1 2AA
         England


CAVENDISH INDUSTRIES: Appoints Liquidators from Ernst & Young
-------------------------------------------------------------
David Kenneth Duggins and Christopher Marsden of Ernst & Young LLP
were appointed joint liquidators of Cavendish Industries Ltd. on
April 7, 2009, for the creditors' voluntary winding-up proceeding.

The company can be reached through Ernst & Young LLP at:

         One Bridewell Street
         Bristol
         BS1 2AA
         England


CLARIS LIMITED: Moody's Withdraws 'Ca' Rating on EUR25 Mil. Notes
-----------------------------------------------------------------
Moody's withdrew the rating of one class of notes issued by Claris
Limited.  These notes were redeemed in full on March 3, 2009.

The rating action is:

Claris Limited:

(1) Series 38/2005 Tranche 1 EUR25,000,000 Napa Valley III
Synthetic CDO of ABS Floating Rate Notes due 2025

  -- Current Rating: WR
  -- Prior Rating: Ca


DSG INTERNATIONAL: Fitch Affirms Issuer Default Ratings at 'B'
-------------------------------------------------------------
Fitch Ratings has affirmed DSG International plc's Long-term
Issuer Default Rating at 'B' and Short-term IDR at 'B'.  The
Outlook on the Long-term IDR remains Negative.  Fitch has
simultaneously assigned a rating of 'BB-'(BB minus)/'RR2' to the
company's senior unsecured bank facility.

Fitch has also downgraded the rating of the senior unsecured
GBP300m bond, due 2012, to 'B+'/'RR3' from 'BB-'(BB minus)/'RR2',
reflecting revised recovery assumptions due to an enhanced
guarantee package which has been provided to the lending banks.
Both the bank debt and bond are senior unsecured obligations, but
the bond is supported by guarantees from DSG group entities
representing 41% of group gross assets, and the renegotiated bank
facility benefits from guarantees from group entities representing
an overlapping 79% of group gross assets.

The affirmation of DSG's ratings reflects the company's April 30,
2009 announcement of a fully underwritten placing and rights issue
which could raise an estimated GBP311 million.  The rights issue
is fully underwritten by Citigroup Global Markets U.K. Equity
Limited and J.P. Morgan Securities Ltd.  The net proceeds will be
used to support DSG's working capital requirements and to invest
in its store renewal and transformation plan.  At the same time,
DSG has renegotiated its existing GBP400 million Revolving Credit
Facility and related financial covenants.  Fitch views these
actions as positive as they improve covenant headroom and ease
liquidity concerns.  However, Fitch still sees a number of
challenges ahead including execution risks associated with the
store transformation plan and the difficult trading environment.

Although there is evidence to suggest that the implementation of
DSG's transformation plan (approximately 10% of the total store
portfolio has been completed to-date) is starting to generate
sales and gross profit uplifts, the currently difficult trading
environment, especially in DSG's core UK market, could delay a
sustainable improvement until after 2010.  The group's underlying
operating profit margin has narrowed, falling to 2.2% in FY08 for
the year ended 3 May 2008, and is expected to deteriorate further
in FY09.  DSG's lease adjusted leverage will increase to over 6.0x
at FYE09, but Fitch expects leverage to decline to a level around
mid-5x at FYE10 due mainly to a normalization of the working
capital position.

The recovery rates for the senior unsecured bank debt and senior
unsecured bond differ because of the stronger guarantee package
which has been given to the banks.  Fitch's recovery analysis
indicates a 71%-90% recovery for the bank debt holders in a
distressed scenario, equating to a Recovery Rating of 'RR2' which
leads to a 'BB-' (BB minus) rating in accordance with Fitch's
notching guidelines.  Fitch estimates recovery on the bond in a
distressed scenario of 51-70%, equating to a Recovery Rating of
'RR3'.  This leads to the 'B+' rating on the bond.

While it is Fitch's expectation that the placing and rights issue
will be approved by DSG's shareholders, a failure to achieve
approval could lead to downward rating pressure.

DSG's ratings continue to be supported by the group's leading
positions in the UK consumer electronics market -- where it has a
market share of approximately 20% which is three times larger than
its nearest UK rival, Kesa --  and the Nordic, Greek and European
online consumer electronics markets.


EMPIRE INTERACTIVE: In Administration; KPMG Appointed
-----------------------------------------------------
Ian Corfield and Jane Moriarty from KPMG Restructuring were
appointed Joint Administrators of Empire Interactive Europe
Limited on May 1, 2009.

Empire was a developer and publisher of video games across a
number of platforms including PS2, Wii, Xbox360, PSP, DS and PC in
the UK, Europe and USA Their games include Flatout Head On and
Flatout Ultimate Carnage which won the PSP Office Guidebook Gold
Award last year.

Ian Corfield, Restructuring Director and administrator from KPMG
said: "Despite the fact that the gaming industry has been
relatively unscathed by the current recession, trading losses,
development spend and a delay in recent new product approval had a
fatal impact on the Empire's cash flow.  We are not looking to
sell the business as a going concern and are effecting an orderly
wind-down of Empire's operations."

Empire which is based in Muswell Hill, London ceased trading on
appointment and 49 of the staff have been made redundant.  Six
staff have been retained to assist KPMG with wind down of the
business.

Empire's Intellectual Property rights have been sold to New World
IP LLC, which is based in the US.

All creditor queries should be directed to Russell Deen, KPMG
Restructuring on 020 7311 4813.


EOS AIRLINES: Foreign Creditors Can Get Copies of Final Report
--------------------------------------------------------------
EOS Airlines Inc.'s former joint administrators, Geoffrey Wayne
Bouchier and Andrew Gordon Stoneman of MCR, have been directed by
the High Court of Justice in London to provide the company's
foreign creditors and members copies of the joint administrators'
progress and final report.

Pursuant to the Court's order dated July 2, 2008, foreign
creditors unable to download a copy of the report at
www.kcclc.net/eosairlines/ may write to the former joint
administrators of EOS Airlines Inc. (formerly in administration)
at:

        MCR
        43-45 Portman Square
        London W1H 6LY
        United Kingdom

The administration of EOS Airlines ended on April 24, 2009.


EPCOSCAN LTD: Business Put Up for Sale
--------------------------------------
Epcoscan Limited's joint administrators, Lee Antony Manning and
Matthew David Smith, offer for sale the businesses and assets of
the
company.

The company, trading as Bay Trading Company, is a high street
fashion chain with over 250 stores across the United Kingdom and
the Republic of Ireland targeting young, fashionable women aged
16-30.  It employs 1,800 people and operates from a leased head
office in Hatfield, Hertfordshire.

For more information, contact:

    Barry Murphy or Kate Harris
    Deloitte LLP
    Tel: +44 (0) 20 7303 8491
    Fax: +44 (0) 20 7007 3512


EQUITAS LIMITED: Scheme Application Hearing Set on June 29
----------------------------------------------------------
On Nov. 26, 2008, Equitas Limited and Speyford Limited presented
an application to the High Court of England and Wales to commence
proceedings towards obtaining an order:

   1) sanctioning a scheme for the transfer to Speyford
      Limited of the whole of the non-life business
      effected and/or carried out at Lloyd's by open
      and closed year Names and originally allocated
      to the 1992 or prior years of account, excluding
      any such business re-signed or re-allocated pursuant
      to premium transfer, into the 1993 (or later) year
      of account; and

   2) making ancillary provisions to implement the
      scheme.

For free copies of the report prepared by an independent expert,
Mr. Allen Kaufman of Navigant Consulting (Europe) Limited,
contact:

     PricewaterhouseCoopers LLP
     Plumtree Court
     London EC4A 4HT
     Tel: +44 (0) 20 7213 5125

Presentations to explain the transfer will be held in London, New
York, Chicago and Los Angeles and details of dates and venues for
the presentations can be found at www.equitas.co.uk

All claims in relation to the transferring business currently
being dealt with
by Resolute Management Services Limited will, after the proposed
transfer, continue to be handled by or on behalf of RMSL.

Equitas and Speyford's scheme application is scheduled to be heard
on June 24, 2009.  Objections are due June 9, 2009.


FELTON CONSTRUCTION: Goes Into Administration; 45 Jobs Affected
---------------------------------------------------------------
Liverpool Daily Post reports that Felton Construction Ltd. has
gone into administration, resulting in the loss of 45 jobs.

LDP Business relates directors of the company called in
administrators from Liverpool city center-based Parkin S Booth
after talks with bankers at Natwest.  Parkin S Booth partners,
Jonathan Booth and Robert Rutherford, are handling the
administration, LDB Business discloses.

Mr. Booth told LDP Business the company, which generated a
turnover of GBP32 million in the year to December 31, 2008,
"experienced significant bad debts when two major developers went
into liquidation".

"Felton had tried a number of cost-cutting measures when cashflow
was extremely tight, but regrettably these measures and the market
conditions were not sufficient to resist pressure from creditors,"
LDP Business quoted Mr. Booth as saying.

Based in Wirral, Felton Construction Ltd. --
http://www.feltonconstruction.co.uk/-- is an independent,
privately owned company offering comprehensive construction
services via traditional or design and build procurement to a wide
ranging portfolio of clients in both the public and private
sectors.


FRESH OLIVE: Business Put Up for Sale
-------------------------------------
The Fresh Olive Company of Provence Limited's joint
administrators, Alistair Beveridge, Nick Cropper and Stuart
Mackellar of Zolfo Cooper LLP, offer the company's business and
assets for sale.

The company is a processor and distributor of Mediterranean food.

For further details, contact Louise Jones or Daniel Coen at 020
7332 5064.


GENERAL MOTORS: EUR & GBP Noteholders' Meetings Set on May 27
-------------------------------------------------------------
General Motors Corporation will convene a meeting of the holders
of its 2013, 2033,
2015 and 2023 notes at 1:00 p.m. on May 27, 2009 at the offices
of:

                Weil, Gotshal & Manges
                One South Place
                London EC2M 2WG

General Motors Corporation issued EUR1 billion 7.25% notes due
2013 and EUR1.5 billion 8.375% notes due 2033, and guaranteed
GBP350 million 8.375% notes due 2015 and GBP250 million 8.875%
notes due 2023 issued by General Motors Nova Scotia Finance
Company.


GLOBAL RADIO: Auditors Cast Doubt on Future
-------------------------------------------
James Ashton at The Sunday Times reports that auditors to Global
Radio concerns about the company's future after it failed to
reorganize its debts before posting overdue accounts.

The report relates in a filing this week, Global directors will
admit "there is a material uncertainty that may cast significant
doubt over the ability . . . to continue as a going concern”.
However, Ashley Tabor, Global's chief executive, dismissed the
warning as "accounting nonsense", insisting the company did not
face covenant tests and did not need more funds despite a double-
digit fall in advertising revenue, the report notes.

The company's total underlying earnings the year to March 2008
were GBP31 million before write-offs, on sales of GBP269 million,
the report discloses.

The report says the company, which was created after the purchase
of Chrysalis Radio and GCap Media for a combined GBP545 million,
in 2007 and 2008, is in talks to sell eight Midlands licenses to
Bauer.  The GBP40 million proceeds would be used to pay off debts
and then reorganize them, the report states.  According to the
report, although Chrysalis and GCap have merged, the estimated
GBP200 million of debt that funded the deals has not been combined
so Global cannot give its lenders a clear earnings forecast.

                         Job Cuts

On May 1, 2009, John Plunkett at guardian.co.uk reported that
Global implemented a further round of job cuts at the group's Xfm
and Gold network of stations.  According to guardian.co.uk,
estimates put the total number of job losses at between 20 and 30.
guardian.co.uk, citing sources, stated jobs will also go in
Global's online team, with the threat of further job losses in its
marketing and design departments.  It is understood that Xfm will
be run by the programming team in charge of Capital, while Gold
will come under the auspices of the Heart network, guardian.co.uk
said.

Global also announced pay freeze across the whole company for the
rest of the financial year, guardian.co.uk added.

Global Radio UK Ltd. -- http://www.globalradiosales.com-- is the
UK's leading commercial radio broadcaster.  It operates a slew of
networks including Galaxy and Heart that target younger audiences
with music and entertainment programming, as well as Arrow, its
home for classic rock hits.  Other networks include Xfm, Classic
FM, and Capital FM.  The company reaches about 40% of radio
listeners.  In addition to traditional radio broadcasting, Global
Radio distributes programming over the Internet and to mobile
devices.  An investment group led by chairman Charles Allen owns
the company.


HUMOURTREE LTD: Taps Joint Liquidators from PwC
-----------------------------------------------
Nicholas Edward Reed and Ian David Green of PricewaterhouseCoopers
LLP were appointed joint liquidators of Humourtree Ltd. on April
9, 2009, for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Humourtree Ltd.
         15-17 Walter Street
         Leeds
         LS4 2BB
         England


KAUPTHING SINGER: Creditors Meeting Scheduled on May 19
-------------------------------------------------------
A meeting of Kaupthing Singer & Friedlander (Isle of Man)
Limited's creditors will be held at 11:00 a.m. BST on May 19,
2009, at:

      Villa Marina
      Harris Promenade
      Douglas, Isle of Man
      IM1 2XP

At the meeting, creditors will vote to approve a proposed scheme
of arrangement.

For more information, contact the company's provisional
liquidator:

      Michael Simpson
      PO Box 197
      Samuel Harris House
      5-11 St. Georges Street
      Douglas, Isle of Man
      IM99 1SN


LDV: To Be Sold to Westar, Administration Hearing Adjourned
-----------------------------------------------------------
Jean Eaglesham, Jonathan Guthrie and John Burton at the Financial
Times report that Russia's GAZ Group agreed on Wednesday to sell
LDV to Malaysian company Westar.

The FT relates a court hearing which was expected to place LDV
into administration was adjourned for a week after the government
on Tuesday night agreed to provide a GBP5 million one-off bridge
loan, which is designed to keep LDV afloat while Weststar
completes its due diligence on the deal.  Maria Antonova of The
Moscow Times discloses according to the term of the bridge loan,
Westar would have four weeks to complete the deal.  Graham Ruddick
at Telegraph.co.uk reports Judge Cooke ruled that proceedings will
be held back until next Wednesday at Birmingham County Court.

Telegraph.co.uk relates LDV has warned there are still "major
steps" to be negotiated in its takeover by Weststar.
Telegraph.co.uk says there are also doubts about how many of LDV's
850 employees will be saved.   According to Telegraph.co.uk, a
spokesman for LDV said Weststar would look to secure "as many jobs
as possible" but that the "marketplace and the economy is going to
determine exactly how many people are required to build vehicles
and assemble them".

The Moscow Times notes a source at GAZ, which bought LDV for GBP22
million in 2006 from investment fund Sun Capital, told
Handelsblatt newspaper it will not take on any financial
commitment, instead offering production lines and a servicing
network in Russia.

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


NER RECRUITMENT: Brings in Joint Liquidators from Tenon Recovery
----------------------------------------------------------------
S. J. Parker and T. J. Binyon of Tenon Recovery were appointed
joint liquidators of Ner Recruitment Ltd. on April 9, 2009, for
the creditors' voluntary winding-up proceeding.

The company can be reached through Tenon Recovery at:

         Sherlock House
         73 Baker Street
         London
         W1U 6RD
         England


PREMIUM RESTAURANTS: Cash Flow Problems Cast Doubt on Future
------------------------------------------------------------
Peter McCusker at nebusiness.co.uk reports that Newcastle-based
Premium Bars and Restaurants Plc said its cash flow problems have
cast significant doubt on its ability to continue as a going
concern.

According to the report, the company, which operates Blu Bambu,
Sea, Chase and Jimmyz as well as the Living Room restaurant on
Grey Street, may run out money on June 26 if it cannot agree new
loans with its bankers or sell some of its assets.  The company
said it will be able to survive if its banking facilities are
extended beyond the end of June, the report notes.  The report
recalls last month bankers had given the company three months
grace from its previous repayment deadline of April 4.

The report discloses for the year ended June 30, 2008, the company
posted a loss before tax of GBP21.4 million, which included a
writedown of GBP20.5 million.  Its turnover rose to GBP66 million
following the purchase of the Living Room and Bel and the Dragon
restaurant chains, the report states.

The report recounts shares in the company were suspended from
trading at the end of last year after its bankers refused to give
them more cash.  Its value has plunged from GBP75 million this
time last year to just GBP770,000, the report says.

Based in Newcastle-Upon-Tyne, Premium Bars and Restaurants Plc,
formerly Ultimate Leisure Group plc, -- http://www.pbr.uk.com/--
owns and operates licensed premises.  During the fiscal year ended
June 30, 2007, the Company disposed of two non-core nightclub
sites in Rotherham and South Shields.  It acquired four premium
bar sites; two leasehold bars in Belfast -- The Advocate and the
Potthouse, and two freehold bars -- The Attic in Newcastle and The
Cotton Factory in Huddersfield.  On June 18, 2007, the Company
acquired the Bel and The Dragon business.  The Bel and The Dragon
business is a premium pub restaurant brand.  On June 25, 2007, it
acquired Living Ventures Ltd (Living Ventures).  Living Ventures
owns the Living Room brand.  The Living Room is a restaurant and
bar business, operating from 13 sites situated in England and
Scotland.


RIVERDALE PUBLISHING: Taps Joint Liquidators from BDO Stoy
----------------------------------------------------------
Francis Graham Newton and Toby Scott Underwood of BDO Stoy Hayward
LLP were appointed joint liquidators of Riverdale Publishing Ltd.
on April 1, 2009, for the creditors' voluntary winding-up
proceeding.

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

         1 Bridgewater Place
         Water Lane
         Leeds
         LS11 5RU
         England


RPM REPROGRAPHICS: Taps Joint Liquidators from Tenon Recovery
-------------------------------------------------------------
Andrew James Pear and Ian M.D.G. Cadlock of Tenon Recovery were
appointed joint liquidators of RPM Reprographics (Chichester) Ltd.
on April 14, 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


SCIENS CFO: Creditors Meeting Slated for May 15
-----------------------------------------------
A meeting of Sciens CFO I Limited's creditors has been scheduled
for Friday, May 15, 2009, at 11:00 a.m. (BST).

The meeting will be held at the offices of:

     Ernst & Young LLP
     I More London Place
     London SE1 2AF

At the meeting, creditors will receive a report by the joint
administrative receivers, Ernst & Young LLP, and will decide on
the creation of a creditors committee.

To vote at the meeting, creditors must be able to submit their
proofs of claim by 12 noon on May 14, 2009 to the administrative
receivers.

Creditors whose claims are wholly secured are not entitled to
attend or to be represented at the meeting.


SCOTTISH RE: Ernst & Young Raises Going Concern Doubt
-----------------------------------------------------
Ernst & Young LLP in Charlotte, North Carolina, in its audit
report dated April 28, 2009, raised substantial doubt about the
ability of Scottish Re Group Limited to continue as a going
concern.

The auditor explained that Scottish Re Group Limited's primary
operating subsidiary -- Scottish Re (U.S.), Inc. -- is operating
its business in run-off under an Order of Supervision with the
Delaware Department of Insurance and Scottish Re has reported a
net loss for the year ended December 31, 2008, and has a
shareholders' deficit at December 31, 2008.

For the year ended December 31, 2008, Scottish Re reported a net
loss attributable to ordinary shareholders of US$2.7 billion as
compared to a net loss attributable to ordinary shareholders of
US$1.02 billion for the prior year period.  The net loss
attributable to ordinary shareholders was driven by US$1.89
billion in net realized and unrealized losses on investments and a
US$216.0 million net change in the value of embedded derivatives.
The majority of these investment losses were contained in the
Company's non-recourse securitization structures.

For the year ended 2008, the Company posted US$1.65 billion in
revenues, lower compared to the US$1.73 billion in 2007.

As of December 31, 2008, the Company's balance sheet showed total
assets of US$8.02 billion, total liabilities of US$9.84 billion,to
resulting to a shareholder's deficit of US$2.41 billion.

In February 2008, Scottish Re announced the pursuit of these key
strategies:

  * Dispose of non-core assets or lines of business, including
    the Life Reinsurance International Segment and the Wealth
    Management business;

  * Develop, through strategic alliances or other means,
    opportunities to maximize the value of core competitive
    capabilities within the Life Reinsurance North America
    Segment, including mortality assessment and treaty
    administration; and

  * Rationalize cost structure to preserve capital and liquidity.

The strategies materially impacted the conduct of Scottish Re's
business going forward.  In particular, Scottish Re ceased writing
new business, notified existing clients that it would not be
accepting any new reinsurance risks under existing treaties and
placed remaining treaties into run-off.

SRUS consented to the issuance by the Delaware Department of
Insurance on January 5, 2009, of an Order of Supervision against
SRUS.  The Order of Supervision requires, among other things, the
Department's consent to any transaction by SRUS outside the
ordinary course of business or with its affiliates, and in large
part formalizes certain reporting and processes already informally
implemented between SRUS and the Department during 2008.  The
Order of Supervision, which was set to lapse on April 5, 2009 --
and every 90 days thereafter pursuant to Delaware regulation --
subsequently was amended and replaced with a Continued and Amended
Order of Supervision, dated April 3, 2009, which amends and
clarifies certain matters contained within the original
Order of Supervision.

To further preserve liquidity, Scottish Re began deferring
interest payments as of March 4, 2009, on floating rate capital
securities and trust preferred securities issued and sold through
certain statutory trusts that Scottish Re previously established.
Under the terms of the securities, Scottish Re is entitled to
defer interest payments for up to 20 consecutive quarterly
periods.

Scottish Re Group Ltd. -- http://www.scottishre.com/-- is a
global life reinsurance specialist.  Scottish Re has operating
businesses in Bermuda, Grand Cayman, Guernsey, Ireland, the United
Kingdom, United States, and Singapore.  Its flagship operating
subsidiaries include Scottish Annuity & Life Insurance Company
(Cayman) Ltd. and Scottish Re (US), Inc.  Scottish Re Capital
Markets, Inc., a member of Scottish Re Group Ltd., is a registered
broker dealer that specializes in securitization of life insurance
assets and liabilities.

As reported in the Troubled Company Reporter-Latin America on
February 13, 2009, A.M. Best Co. downgraded the financial strength
rating to D from C- and issuer credit ratings to "c" from "cc" of
the primary operating insurance subsidiaries of Scottish Re Group
Limited (Scottish Re) (Cayman Islands).

Concurrently, A.M. Best downgraded the FSR to E (Under Regulatory
Supervision) from C- and ICR to "rs" from "cc" of Scottish Re,
Inc.  A.M. Best also affirmed the ICR of "c" and all debt ratings
of Scottish Re.  The outlook for all ratings is negative, with
exception of the FSR and ICR of Scottish Re (U.S.), Inc and the
US$125 million non-cumulative preferred shares of Scottish Re.

According to a TCRLA report on June 17, Moody's Investors Service
placed on review with direction uncertain Scottish Re Group Ltd.'s
senior unsecured shelf of (P)Caa1, subordinate shelf of (P)Caa2,
junior subordinate shelf of (P)Caa2, preferred stock of Caa3, and
preferred stock shelf of (P)Caa3.  Moody's had previously placed
the ratings on review for possible downgrade.


SOVEREIGN MARINE: Scheme Payment Percentage Increased to 65%
------------------------------------------------------------
KPMG in the UK said Tuesday it will make an additional
distribution of some US$60 million to creditors of the insolvent
Sovereign Marine & General Insurance Company Limited (Sovereign).

John Wardrop and Mike Walker, the joint scheme administrators of
Sovereign, said there was an increase in the scheme payment
percentage from 40 per cent to 65 per cent with immediate effect.

John Wardrop, restructuring partner at KPMG, said: "We are pleased
to announce this further substantial increase in the payment
percentage to 65 per cent.  This increase represents a further
distribution of some US$60 million to scheme creditors. The
increase reflects the ongoing success of the scheme administrators
in agreeing scheme claims and demonstrates our commitment to
distributing Sovereign's assets to creditors at the earliest
possible opportunity."

It is expected that some US$47 million will be paid out by the end
of June 2009 to all creditors with an agreed scheme claim.

Sovereign entered provisional liquidation in July 1997, following
which a scheme of arrangement (scheme) was authorized by the
court.  The scheme became effective in January 2000.  The initial
scheme payment percentage was set at 30 per cent in March 2001,
was increased to 35 per cent in May 2003 and to 40 per cent in
July 2004.

On September 17, 2007 the High Court of Justice sanctioned a
closing scheme of arrangement which became effective and binding
on Sovereign and its scheme creditors on 10 October 2007, with a
claims bar date on April 7, 2008.

Mr. Wardrop continued: "Since the bar date, we have agreed claims
with a large number of creditors in the Sovereign scheme, and we
continue to work with our creditors to reach mutually acceptable
values.  We will continue to review the payment percentage on a
regular basis."


SPECS GALORE: Appoints Joint Liquidators from Tenon Recovery
------------------------------------------------------------
Ian William Kings and Steven Philip Ross of Tenon Recovery were
appointed joint liquidators of Specs Galore (Morpeth) Ltd. on
April 16, 2009, for the creditors' voluntary winding-up
proceeding.

The company can be reached through Tenon Recovery at:

         Tenon House
         Ferryboat Lane
         Sunderland
         Tyne & Wear
         SR5 3JN
         England


SPEYFORD LIMITED: Scheme Application Hearing Set on June 29
-----------------------------------------------------------
On Nov. 26, 2008, Equitas Limited and Speyford Limited presented
an application to the High Court of England and Wales to commence
proceedings towards obtaining an order:

   1) sanctioning a scheme for the transfer to Speyford
      Limited of the whole of the non-life business
      effected and/or carried out at Lloyd's by open
      and closed year Names and originally allocated
      to the 1992 or prior years of account, excluding
      any such business re-signed or re-allocated pursuant
      to premium transfer, into the 1993 (or later) year
      of account; and

   2) making ancillary provisions to implement the
      scheme.

For free copies of the report prepared by an independent expert,
Mr. Allen Kaufman of Navigant Consulting (Europe) Limited,
contact:

     PricewaterhouseCoopers LLP
     Plumtree Court
     London EC4A 4HT
     Tel: +44 (0) 20 7213 5125

Presentations to explain the transfer will be held in London, New
York, Chicago and Los Angeles and details of dates and venues for
the presentations can be found at www.equitas.co.uk

All claims in relation to the transferring business currently
being dealt with by Resolute Management Services Limited will,
after the proposed transfer, continue to be handled by or on
behalf of RMSL.

Equitas and Speyford's scheme application is scheduled to be heard
on June 24, 2009.  Objections are due June 9, 2009.


TAMESIDE METAL: Appoints Joint Liquidators from Tenon Recovery
--------------------------------------------------------------
Ratten and Jeremy Woodside of Tenon Recovery were appointed joint
liquidators of Tameside Metal Polishing & Bead Blasting Co. Ltd.
on April 3, 2009, for the creditors' voluntary winding-up
proceeding.

The company can be reached through Tenon Recovery at:

         Arkwright House
         Parsonage Gardens
         Manchester
         M3 2LF
         England


TAYLOR WIMPEY: Fitch Shifts 'C' Rating Watch to Positive
--------------------------------------------------------
Fitch Ratings has changed the Rating Watch on Taylor Wimpey plc's
Long-term Issuer Default rating and senior unsecured 'CCC' ratings
and Short-term 'C' IDR to Positive from Negative.  The Recovery
Rating on TW's senior unsecured debt instruments is at 'RR4'.  The
rating action follows the announcement by TW on April 30, 2009
that it has received bondholder consent to amend its debt
facilities (consent from TW's other creditors was granted on
April 7, 2009).  This amendment of facilities should ensure that
TW does not breach financial covenants -- at least over the near
term -- and as a result the risk of an imminent default has
subsided considerably.

The risk of a covenant breach and its consequences has weighed
heavily on TW's ratings since mid-2008.  The strong reduction of
this risk now means that TW's overall credit profile has likely
strengthened.  The Rating Watch Positive status reflects that TW's
ratings could be upgraded, possibly by more than one notch, once
Fitch has had the opportunity to conduct a full review of the
company's new financing structure, operational strategy and
forecasts.  Fitch believes that with the removal of imminent
covenant pressures, TW's credit profile could now be consistent
with a rating in the single 'B' rating category.

The key risk to TW's ratings is whether the company will be
sufficiently cash generative over the coming three years to allow
the company to repay or refinance up to GBP2,282 million of debt
maturities in 2012, especially if market conditions remain weak.
Fitch expects the UK housing market to remain soft until end-2010,
and possibly later, with peak-to-trough house price declines of
approximately 30%.  TW remains over-leveraged, with net debt of
GBP1,529 million at FYE08 (GBP1,415 million at FYE07) relative to
funds from operations of GBP58.9 million (GBP225.4 million in
FY07), and in Fitch's opinion it may take a considerable period of
time for the company to significantly de-leverage.

TW's decision to reduce land expenditures and work-in-progress is
supportive of its short-term credit profile as it allows the
company to unwind working capital, and therefore generate positive
cash flow from operations (GBP155.9 million in 2008 versus
negative GBP163.3 million in 2007) despite weak housing sales.
However, this could create medium-term problems as its asset base
and hence future cash-generating ability -- will shrink --
significantly as land assets are not replenished.  If debt levels
do not fall commensurately, and market conditions remain weak, TW
could struggle to generate sufficient cash flow to service debt
over the medium term.

Interest costs are also a concern, given that TW's weighted
average cash interest has increased to about 9% as a result of the
debt amendment, up from approximately 5% in FY08.  Moreover, this
could increase further if certain de-leveraging targets are not
met by June 2009 and June 2010.  If TW's debt levels remain
stubbornly high, it could leave TW with large cash interest costs,
therefore weighing on the ratings.

However, TW's intention of raising approximately GBP350 million of
new equity would likely be positive for the ratings, especially if
proceeds are used to reduce debt levels, although TW's ability to
raise funds of this size is uncertain.  In the agency's opinion,
equity-raising is likely to be the only viable method by which the
company can significantly reduce debt over the near term, as
operational cash flows and asset disposal prospects will be
subdued while market conditions remain weak.

Fitch also reiterates its concern that the debt amendments may
have resulted in TW's senior unsecured debt becoming structurally
subordinated, which in turn could result in the existing Recovery
Rating of 'RR4' being downgraded and therefore TW's senior
unsecured rating being notched down from the IDR.  Fitch has yet
to be provided with full documentation by TW, and will only be
able to fully assess these risks once these documents are made
available.


VIRGIN MEDIA: Net Losses Widen to GBP154 Mln in First Qtr. 2009
---------------------------------------------------------------
Amanda Andrews at Telegraph.co.uk reports that Virgin Media's net
losses widened to GBP154 million in the first quarter of 2009,
from GBP104.4 million last year, despite announcing that the
average revenue per customer had increased.

According to the report, Virgin Media's average revenue per user
(ARPU) increased year-on-year for the third successive quarter to
GBP42.29 from GBP41.95, while the number of customers leaving fell
to a record low of 1.1pc.

The report discloses operating income was GBP13 million, up from a
loss of GBP1.9 million in the corresponding period in 2008.

Virgin Media Inc. -- http://www.virginmedia.com/--  is a United
Kingdom-based entertainment and communications business.  Virgin
Media is a residential broadband and mobile virtual network
operator, and a provider in the United Kingdom of pay television
and fixed-line telephone services.  Virgin Media manages its
business through three segments: Cable, Mobile and Content. The
Cable segment includes the distribution of television programming
over the Company's cable network, and the provision of broadband
and fixed-line telephone services to consumers, businesses and
public sector organizations.  The Mobile segment includes the
provision of mobile telephone services under the name Virgin
Mobile to consumers over cellular networks owned by third parties.
The Company's Content segment includes the operations of its
United Kingdom television channels, such as Virgin1, Living and
Bravo's portfolio of retail television channels.  In April 2009,
Virgin Media Inc. announced that AURELIUS AG has acquired sit-up
Ltd.

                       *     *     *

Virgin Media Inc. continues to carry a 'BB-' long-term issuer
default rating from Fitch Ratings with a stable outlook.


* PwC: Travel Firms Must Prepare for 3-5 Years of Reduced Activity
------------------------------------------------------------------
Ian Oakley-Smith, PricewaterhouseCoopers LLP, has dismissed the
idea of a short term recession in the travel industry and warned
agents and operators to prepare for three to five years of reduced
activity.

With an 80% increase in travel company insolvencies from Q4 2008
to Q1 2009, the beginning of this year mirrors the level of
insolvencies last Autumn, when 13 companies in the XL Group
collapsed.

This time around no single group accounts for a large number of
failures, there are simply more small travel businesses falling at
the first hurdle.

Ian Oakley-Smith, PricewaterhouseCoopers LLP, said: "History shows
that there has always been a strong correlation between total
consumer spend and consumer spend on travel.  Travel businesses
should therefore expect this trend to continue, which is likely to
mean that spending on travel will decline for some time yet.

In the last recession, holidays were impacted at both volume and
value levels.  This is likely to recur and will take its toll on
travel companies."

The combination of the wide variety of ways in which holidays can
now be booked, with the move away from just the standard two-week
summer break towards multi-trips of varying length and
destination, may leave the industry more vulnerable than in the
previous recession.

"It is now easier for consumers to skim off the number of
discretionary short breaks and keep the standard, traditional
holiday.  This will hurt an industry geared up to offering lots of
pre-planned and last minute, mini trips," Mr. Oakley-Smith added.

Insolvencies in this sector have risen by 145% over the last year,
but as in all recessions there will be winners as well as losers.

"The travel market has swollen with both supply and demand over
the recent boom years, but we are now headed into a new reality.
2009 will be a journey of discovery to assess how deep the
recession actually is and therefore how long it will impact
travel," Mr. Oakley-Smith continued.

"The fundamentals suggest that demand will not return to the
previously high levels, quickly.  Travel companies must avoid
making any short-termist decisions now and focus on guiding their
business through a medium term industry recession.  In turn this
will help them create a sustainable business model for the years
ahead -- both good and bad."

Weak financial management is the primary reason why travel
businesses fail.  All efforts should be made to utilize good
quality and regular information to predict the impact of any
reduction in bookings, set aside cash reserves, and, if necessary,
discuss financing arrangements with lenders and shareholders to
ensure that businesses remain in control.

Constant analysis and the collation of in-depth financial
information are vital to foresee the market outlook.

Mr. Oakley-Smith explained: "The travel industry is almost unique
as it holds consumer cash months before it delivers the product.
It is therefore easy to mistakenly believe the business is cash
rich.  In reality, a lack of bookings can catch up with cash flows
very quickly."

"Monitoring website and telephone enquiries, for example, can ring
the alarm bells well in advance of any drop off in bookings --
giving companies the time to plan for this scenario.  Winners will
be forward thinking and open-minded -- and decisive action will
distinguish them from those who will succumb to the pressures of
the downturn," Mr. Oakley-Smith concluded.

            About PricewaterhouseCoopers LLP

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


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

May 4, 2009
AMERICAN BANKRUPTCY INSTITUTE
    New York City Bankruptcy Conference
       New York Marriott Marquis, New York City
          Contact: 1-703-739-0800; http://www.abiworld.org/

May 7-8, 2009
RENASSANCE AMERICAN MANAGEMENT, INC.
    6th Annual Conference on
    Distressted Investing - Europe
       The Le Meridien Piccadilly Hotel, London, U.K.
          Contact: 1-903-595-3800 or
                   http://www.renaissanceamerican.com/

May 7-10, 2009
AMERICAN BANKRUPTCY INSTITUTE
    27th Annual Spring Meeting
       Gaylord National Resort & Convention Center
       National Harbor, Maryland
          Contact: http://www.abiworld.org/

May 12-15, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Litigation Skills Symposium
       Tulane University, New Orleans, La.
          Contact: http://www.abiworld.org/

May 14-16, 2009
ALI-ABA
    Chapter 11 Business Reorganizations
       Langham Hotel, Boston, Massachusetts
          Contact: http://www.ali-aba.org

June 10-13, 2009
ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
    25th Annual Bankruptcy & Restructuring Conference
       The Ritz-Carlton Orlando Grande Lakes
          Orlando, Florida
             Contact: http://www.aria.org/

June 11-14, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa
          Traverse City, Michigan
             Contact: http://www.abiworld.org/

June 21-24, 2009
INTERNATIONAL ASSOCIATION OF RESTRUCTURING, INSOLVENCY &
    BANKRUPTCY PROFESSIONALS
       8th International World Congress
          TBA
             Contact: http://www.insol.org/

July 16-19, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Northeast Bankruptcy Conference
       Mt. Washington Inn
          Bretton Woods, New Hampshire
             Contact: http://www.abiworld.org/

July 29-Aug. 1, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Southeast Bankruptcy Conference
       The Westin Hilton Head Island Resort & Spa,
       Hilton Head Island, S.C.
          Contact: http://www.abiworld.org/

Aug. 6-8, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Conference
       Hotel Hershey, Hershey, Pa.
          Contact: http://www.abiworld.org/

Sept. 10-11, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Complex Financial Restructuring Program
       Hyatt Regency Lake Tahoe, Incline Village, Nevada
          Contact: http://www.abiworld.org/

Sept. 10-12, 2009
AMERICAN BANKRUPTCY INSTITUTE
    17th Annual Southwest Bankruptcy Conference
       Hyatt Regency Lake Tahoe, Incline Village, Nevada
          Contact: http://www.abiworld.org/

Oct. 2, 2009
AMERICAN BANKRUPTCY INSTITUTE
    ABI/GULC "Views from the Bench"
       Georgetown University Law Center, Washington, D.C.
          Contact: http://www.abiworld.org/

Oct. 5-9, 2009
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       Marriott Desert Ridge, Phoenix, Arizona
          Contact: 312-578-6900; http://www.turnaround.org/

Oct. 20, 2009
AMERICAN BANKRUPTCY INSTITUTE
    NCBJ/ABI Educational Program
       Paris Las Vegas, Las Vegas, Nev.
          Contact: http://www.abiworld.org/

Dec. 3-5, 2009
AMERICAN BANKRUPTCY INSTITUTE
    21st Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, California
          Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 29-May 2, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 17-20, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa, Traverse City, Michigan
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 7-10, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Northeast Bankruptcy Conference
       Ocean Edge Resort, Brewster, Massachusetts
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Southeast Bankruptcy Conference
       The Ritz-Carlton Amelia Island, Amelia, Fla.
          Contact: http://www.abiworld.org/

Aug. 5-7, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Workshop
       Hyatt Regency Chesapeake Bay, Cambridge, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 4-8, 2010
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       JW Marriott Grande Lakes, Orlando, Florida
          Contact: http://www.turnaround.org/

Dec. 2-4, 2010
AMERICAN BANKRUPTCY INSTITUTE
    22nd Annual Winter Leadership Conference
       Camelback Inn, Scottsdale, Arizona
          Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 31-Apr. 3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 9-12, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa
          Traverse City, Michigan
             Contact: http://www.abiworld.org/

Dec. 1-3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    23rd Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, California
          Contact: 1-703-739-0800; http://www.abiworld.org/

                            *********

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 * * *