TCREUR_Public/090511.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

               Monday, May 11, 2009, Vol. 10, No. 91

                            Headlines

A U S T R I A

A.HOCH GMBH: Claims Registration Period Ends May 13
AHLENBEEK GMBH: Claims Registration Period Ends May 13
BTV GMBH: Claims Registration Period Ends May 13
MY HOME: Claims Registration Period Ends May 15


F R A N C E

GENCORP INC: Lenders Agree to Place French Unit in Bankruptcy
IXIS CORPORATE: Moody's Withdraws 'Ca' Rating on EUR169 Mil. Notes
THOMSON SA: S&P Lowers Corporate Credit Ratings to 'SD'


G E R M A N Y

AUTO STAR: Claims Registration Period Ends May 22
BAYERNLB: Mulls Sale of German and Hungarian Units
BLUEBONNET FINANCE: Fitch Cuts Ratings Class D & E Notes to Low-B
COMMERZBANK AG: Posts US$1.15-Bln 1Q Loss, EU Approves Bailout
FRESENIUS SE: S&P Changes Outlook to Stable; Keeps 'BB' Rating

HIGH TECH: Claims Registration Period Ends July 9
MALER SERVICE: Claims Registration Period Ends June 5
MEXX BODY: Claims Registration Period Ends June 5
MR BAUSTROM: Claims Registration Period Ends June 22
PREPS 2005-2: Moody's Junks Ratings on Two Classes of Notes

SCHIESSER LIFESTYLE: Claims Registration Period Ends June 5
SCHUMAG HOLDING: Claims Registration Period Ends June 18
SKY & FLY: Claims Registration Period Ends July 2
STADER INDUSTRIESERVICE: Claims Registration Period Ends June 10
TONOVA GMBH: Claims Registration Period Ends May 28

TREOFAN HOLDINGS: Moody's Affirms 'Caa2' Corporate Family Rating
VITAL WARENHANDELSGESELLSCHAFT: Claims Registration Ends June 19


I R E L A N D

MAGI FUNDING: Moody's Puts BB Rating on Class K Notes on Watch Neg


I T A L Y

CHRYSLER LLC: Michigan Says Fiat Sale Does Not Protect Workers
FIAT SPA: CEO Plans to Use Existing Platforms for New Cars
UBS AG: Italian Prosecutors Sue Firm on Derivatives Contracts


K Y R G Y Z S T A N

COMMUNICATION SERVICE: Creditors Must File Claims by May 29
MEG ALLIANCE: Creditors Must File Claims by May 29
PROD IMPORT: Creditors Must File Claims by May 29


N E T H E R L A N D S

CREDIT EUROPE: Moody's Comments on Recent Deposit Rating Downgrade


N O R W A Y

STOREBRAND LIVSFORSIKRING: Moody's Cuts Junior Debt Ratings to Ba1


R U S S I A

BANK SOYUZ: S&P Puts 'B-' Rating on Developing CreditWatch
CENTER-INVEST BANK: Moody's Affirms 'E+' Financial Strength Rating
CONSTRUCTION AND TECHNOLOGY: Creditors Must File Claims by May 24
DON-STROY LLC: Creditors Must File Claims by May 24
EVRAZ GROUP: Fitch Puts 'BB' Long-Term IDR on Watch Negative

SPETS-STROY-RESURS LLC: Creditors Must File Claims by May 24
TMK OAO: Moody's Downgrades Corporate Family Rating to 'B1'


S L O V E N I A

ISTRABENZ: Court Postpones Decision on Bawag Receivership Motion


S P A I N

SANTANDER EMPRESAS: S&P Adjusts Rating on Class E Notes to 'B-'


S W I T Z E R L A N D

BADR AUTOMOBILE: Creditors Must File Proofs of Claim by May 14
BERNARD L MADOFF: Irving Picard Subpoenas UBS AG on Accounts
BIOTIKI SCHWEIZ: Claims Filing Deadline is May 14
CASINO RESTAURANT: Creditors' Proofs of Claim Due on May 14
HOUSE SERVICE: Claims Filing Deadline is May 14

M. + F. TSCHANZ: Creditors Must File Proofs of Claim by May 14
SCHOETTLI INTERMETALL: Proof of Claim Filing Deadline is May 14


U K R A I N E

AT M-TRADING LLC: Creditors Must File Claims by May 15
BAGET-B LLC: Creditors Must File Claims by May 16
DNEPROSHYNA OJSC Creditors Must File Claims by May 16
DNEPROYEL LLC: Creditors Must File Claims by May 16
POPOVKA LLC: Creditors Must File Claims by May 16


U N I T E D   K I N G D O M

ALBA 2007-1: S&P Downgrades Rating on Class E Notes to 'B'
BUSINESS MORTGAGE: Fitch Junks Ratings on Three Classes of Notes
C.P.S. LAND: Appoints Liquidator from Tenon Recovery
CASTLELEIGH HOLDINGS: Placed Into Administration
CHERRY MOVE: Appoints Joint Liquidators from Tenon Recovery

CNP: Placed Into Administration; Buyer Sought for Business
CORNERSTONE TITAN: Fitch Junks Ratings on Three Classes of Notes
DIGITAL RIGHTS: Taps Joint Liquidators from Tenon Recovery
ELLIOT HOLDINGS: Taps Joint Liquidators from Tenon Recovery
ELISION HEALTH: Appoints Liquidators from Smith & Williamson

FLEET STREET: Fitch Affirms Rating on Class E Notes at 'BB+'
G A DEVELOPMENT: Calls in Liquidator from Tenon Recovery
GEMINI PLC: Fitch Corrects May 6 Rating Press Release
IMPACT STAFF: Appoints Joint Liquidators from Tenon Recovery
LANDMARK MORTGAGE: S&P Puts 'BB'-Rated Class D Notes on Neg. Watch

NCS SUPPLIES: Appoints Joint Liquidators from Grant Thornton
PANORAMIC PRESENTATIONS: Brings in Liquidators from Tenon Recovery
PREMIUM 1ST: Taps Liquidator from Grant Thornton
TAYLOR WIMPEY: Raising GBP510 Million to Cut Debt
TRIANGLE COMPUTER: Brings in Joint Liquidators from Tenon Recovery

VEDANTA RESOURCES: Pre-Tax Profits for Yr. Ended March 31 Down 57%

* Fitch Says UK Homebuilding Sector May Be Slower to Recover
* UK: Insolvencies in Advertising Sector Up 62% in First Qtr. 2009
* UK Hotel Sector Continues to Suffer in 1Q09, Deloitte Says

* BOND PRICING: For the Week May 4 to May 8, 2009


                         *********


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


A.HOCH GMBH: Claims Registration Period Ends May 13
---------------------------------------------------
Creditors owed money by A.Hoch GmbH have until May 13, 2009, to
file written proofs of claim to the court-appointed estate
administrator:

         Mag. Beate Holper
         Gonzagagasse 15
         1010 Vienna
         Austria
         Tel: 01/533 28 55
         Fax: 01/533 28 55 28
         E-mail: office@anwaltwien.at


Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:15 a.m. on May 27, 2009, for the
examination of claims at:

         Land Court of Korneuburg
         Room 204
         Second Floor
         Korneuburg
         Austria


AHLENBEEK GMBH: Claims Registration Period Ends May 13
------------------------------------------------------
Creditors owed money by Ahlenbeek GmbH have until May 13, 2009, to
file written proofs of claim to the court-appointed estate
administrator:

         Mag. Johanna Abel-Winkler
         Franz-Josefs-Kai 49/19
         1010 Vienna
         Austria
         Tel: 01/533 52 72
         Fax: 01/ 533 52 72 15
         E-mail: office@abel-abel.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on May 27, 2009, for the
examination of claims at:

         Land Court of Korneuburg
         Room 204
         Second Floor
         Korneuburg
         Austria


BTV GMBH: Claims Registration Period Ends May 13
------------------------------------------------
Creditors owed money by BTV GmbH have until May 13, 2009, to file
written proofs of claim to the court-appointed estate
administrator:

         Dr. Brigitte Stampfer
         Stadlergasse 27
         1130 Vienna
         Austria
         Tel: 01/877 33 30 Serie
         Fax: 01(877 33 30 33
         E-mail: office@ra-stampfer.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:30 a.m. on May 27, 2009, for the
examination of claims at:

         Land Court of Korneuburg
         Room 204
         Second Floor
         Korneuburg
         Austria


MY HOME: Claims Registration Period Ends May 15
-----------------------------------------------
Creditors owed money by My home GmbH have until May 15, 2009, to
file written proofs of claim to the court-appointed estate
administrator:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 3:50 p.m. on May 28, 2009, for the
examination of claims at the Civil Court of Graz.


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


GENCORP INC: Lenders Agree to Place French Unit in Bankruptcy
-------------------------------------------------------------
GenCorp Inc. entered into the First Amendment and Consent to
Credit Agreement to the Company's existing Amended and Restated
Credit Agreement, originally entered into as of June 21, 2007, by
and among the Company, as borrower, the subsidiaries of the
Company from time to time party thereto, as guarantors, the
lenders from time to time party thereto and Wachovia Bank,
National Association, as administrative agent for the Lenders.

Snappon SA, a French subsidiary of the Company, that is neither a
Credit Party nor Significant Subsidiary under the Credit Agreement
and has no operations, has had legal judgments rendered against it
under French law, aggregating approximately US$4.0 million related
to wrongful discharge claims by certain former employees of
Snappon.  The Amendment provides for, among other things, the
consent of the Required Lenders to allow Snappon to commence
voluntary bankruptcy, insolvency or similar proceedings or to
allow for an involuntary bankruptcy, insolvency or similar
proceedings against Snappon.

Under the Amendment, the Required Lenders agreed (i) that an event
of default will not be triggered with respect to the legal
judgments rendered against Snappon, unless the judgments equal or
exceed US$10.0 million and shall not have been paid and satisfied,
vacated, discharged, stayed or bonded pending appeal within thirty
(30) days from the entry thereof and (ii) to consent to the
commencement of voluntary or involuntary bankruptcy, insolvency or
similar proceedings with respect to Snappon and that any such
proceeding would not constitute an Event of Default under the
Credit Agreement.

The full-text copy of the Amendment and Consent to Credit
Agreement is available for free at:

               http://ResearchArchives.com/t/s?3c9d

Additionally, the Company agreed to temporarily reduce its
borrowing availability under the Revolving Loan  from US$80.0
million to US$60.0 million commencing on the Effective Date and
ending on the earlier of (i) the date on which an amendment that
permits the renewal, refinancing or extension of the 4.00%
Convertible Notes has been approved by the Required Lenders and
(ii) the date on which the Company redeems the 4.00% Convertible
Notes in accordance with the terms of the Credit Agreement.

                       About GenCorp

Headquartered in Rancho Cordova, Calif., GenCorp Inc. (NYSE: GY)
-- http://www.GenCorp.com/-- is a leading technology-based
manufacturer of aerospace and defense products and systems with a
real estate segment that includes activities related to the
entitlement, sale and leasing of the company's excess real estate
assets.

As reported in the Troubled Company Reporter on April 2, 2009,
Standard & Poor's Ratings Services said it lowered its ratings on
Sacramento-based GenCorp Inc., including lowering the corporate
credit rating to 'CCC+' from 'B+'.  The outlook is developing.

"The downgrade reflects significant uncertainty about GenCorp's
ability to pay off or refinance US$125 million of convertible
notes if put to the company in January 2010," said Standard &
Poor's credit analyst Christopher DeNicolo.  As of Feb. 28, 2009,
the firm had US$80 million of cash and an undrawn US$80 million
revolving credit facility.  However, the revolver cannot be used
to repay the notes and the credit facility will have to be
amended, likely resulting in much higher interest costs.  "In
addition," added Mr. DeNicolo, "the current trading price of the
notes-around 70 cents on the dollar as of the date of this report-
increases the likelihood that the company could enter into a
distressed exchange to address the refinancing."


IXIS CORPORATE: Moody's Withdraws 'Ca' Rating on EUR169 Mil. Notes
------------------------------------------------------------------
Moody's Investors Service has withdrawn its rating of one class of
notes issued by IXIS Corporate and Investment Bank.  Moody's
believes it lacks adequate information to maintain a rating.
The rating action is:

IXIS Corporate and Investment Bank:

(1) Series 2495 EUR169,000,000 Total Return Notes due 2013 linked
to an amount of US$218,900,000 of Class S Floating Rate Notes
issued by Tensyr Limited

  -- Current Rating: WR

  -- Prior Rating: Ca

  -- Prior Rating Date: 18 December 2008, downgraded to Ca from
     Aaa


THOMSON SA: S&P Lowers Corporate Credit Ratings to 'SD'
-------------------------------------------------------
Standard & Poor's Ratings Services said that it has lowered its
long- and short-term corporate credit ratings on French technology
group Thomson S.A. to 'SD' (selective default) from 'CC' and 'C',
respectively.   At the same time, Standard & Poor's affirmed its
'CC' rating on Thomson's EUR1.75 billion senior unsecured bank
loan and its 'C' rating on Thomson's junior subordinated perpetual
notes.

The recovery ratings on the above bank loan and subordinated debt
are unchanged, at '3' and '6', respectively, indicating S&P's
expectation of meaningful (50%-70%) and negligible (0%-10%)
recovery for unsecured and subordinated creditors (respectively)
in the event of a payment default.

The downgrade follows Thomson's agreement with its senior
creditors, announced on April 28, 2009, to defer until June 16,
2009, the repayment of about US$92.5 million of principal debt due
May 17, 2009, under its private placements (which are not rated).

"Under our methodology, given that Thomson has not offered
sufficient compensation for this deferral, the extension of the
debt maturity is tantamount to a restructuring below par by a
distressed issuer, and thus to a default," said Standard & Poor's
credit analyst Leandro de Torres Zabala.

On the same date, Thomson also announced that it had obtained
waivers from its senior creditors until June 16, 2009 (the
scheduled date of its Annual General Meeting) for the covenants
breached under its senior financial debt (including the privately
placed debt and senior unsecured bank loan, for a total of
EUR2.9 billion).  During this period, the group will continue
discussions (ongoing since February 2009) with its senior
creditors on the restructuring of its balance sheet.  Under the
waivers, the senior creditors -- representing substantially all of
Thomson's unsubordinated financial debt -- have agreed not to
accelerate the debt at any time prior to June 16 based on the
breaches of the two financial covenants and of limitations set
forth in the privately placed notes and the senior unsecured bank
loan.

S&P plans to reassess Thomson's capital structure at the end of
the waiver period in June.

"We could lower the long- and short-term corporate credit ratings
on Thomson to 'D' (default) if the group's senior creditors
accelerate the debt and the group is unable to repay, or if
Thomson renegotiates the original terms under its senior unsecured
bank loan, undertakes a distressed exchange offer for all of its
debt, or files for creditor protection," said Mr. de Torres.

If and when Thomson were to then emerge from bankruptcy or another
form of reorganization, Standard & Poor's would reassess the
ratings and the factors behind them, taking into account what
precipitated the default and also any gains achieved through the
reorganization process.


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


AUTO STAR: Claims Registration Period Ends May 22
-------------------------------------------------
Creditors of Auto Star Wash Kiel GmbH have until May 22, 2009, to
register their claims with court-appointed insolvency manager.

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

The meeting of creditors will be held at:

         The District Court of Kiel
         Deliusstr. 22
         Kiel
         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:

         Beate Thompson
         Wil-lestr. 3
         24103 Kiel
         Germany
         Tel. 0431/888970
         Fax: 0431/8889788

The court opened bankruptcy proceedings against the company on
April 24, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Auto Star Wash Kiel GmbH
         Von-der-Tann-Str. 21
         24114 Kiel
         Germany

         Attn: Anita Wenzel, Manager
         Taubertstr. 31 a
         14193 Berlin
         Germany


BAYERNLB: Mulls Sale of German and Hungarian Units
--------------------------------------------------
Chris Reiter at Bloomberg News reports newspaper Sueddeutsche
Zeitung said Bayerische Landesbank a.k.a BayernLB plans to sell
its SaarLB and GWB Immobilien AG units in Germany and the LBLux
division in Luxembourg, reducing the state-owned bank's total
assets to EUR271 million (US$362.9 million) by 2013 from EUR485
million in 2008.

The report relates the newspaper said the bank is also considering
selling Hungary's MKB Bank and Hypo Group Alpe Adria in Austria by
2013 or 2014.

Meanwhile, Patricia Uhlig and John O'Donnell at Reuters report
that experts believe that Germany's seven state-backed regional
lenders, or Landesbanks, will rush to join the queue to use a
government home for unwanted loans and investments.  The report
states that the accident-prone Landesbanks -- such as BayernLB --
have long been a thorn in the side of the community savings banks,
which typically own them with the regional government.

Bayerische Landesbank a.k.a BayernLB --- http://www.bayernlb.de/
--- acts as the principal bank to the state of Bavaria and as the
central clearing house for the 75 Bavarian sparkassen (savings
banks).  Also serving corporations, national and local
governments, financial institutions, and real estate firms, the
bank offers a variety of services, including financing, security
underwriting and trading, and risk management.  It provides retail
and private banking services for individuals through its Internet
bank, Deutsche Kreditbank, and through banking subsidiaries in
central and southeastern Europe.  BayernLB's Landesbank Saar
subsidiary (75% owned) provides financing to small and midsized
businesses in the German state of Saarland and in France.


BLUEBONNET FINANCE: Fitch Cuts Ratings Class D & E Notes to Low-B
-----------------------------------------------------------------
Fitch Ratings has downgraded Bluebonnet Finance plc's floating-
rate notes due December 2016.  Bluebonnet Finance plc is a
refinancing of a loan facility provided by Citigroup Inc. to Lone
Star Fund V to acquire a portfolio of performing loans, sub-
performing loans and non-performing loans from a German mortgage
bank.

  -- EUR257.9 million Class A (XS0279760184): downgraded to 'A'
     from 'AAA'; off Rating Watch Negative; assigned Stable
     Outlook

  -- EUR125 million Class B (XS0279762552): downgraded to 'BBB'
     from 'AA'; off RWN; assigned Negative Outlook EUR85 million
     Class C (XS0279763360): downgraded to 'BBB-' from 'A'; off
     RWN; assigned Negative Outlook

  -- EUR70 million Class D (XS0279764335): downgraded to 'BB+'
     from 'BBB'; off RWN; assigned Negative Outlook EUR40 million
     Class E (XS0280025786): downgraded to 'BB' from 'BBB'; off
     RWN; assigned Negative Outlook

The downgrade reflects the failure to replace the liquidity
facility provider as well as early signs of deterioration in
collections.  In December 2008, the liquidity facility provided to
the issuer by Danske Bank expired.  Ordinarily, a timely renewal
request would be delivered to the provider in order to secure
ongoing services; however, this request was not made, which
permitted the provider to terminate the facility without extending
a standby loan.  Accordingly, Fitch placed all classes of notes on
RWN on January 14, 2009.  On April 20, 2009, having failed to find
a replacement provider, the issuer indicated that such efforts
would be discontinued.

The issuer is expected to remain without a liquidity facility.  As
such, should quarterly collections be insufficient the issuer will
have no means of covering interest payments on the senior notes.
This suggests transaction performance is reliant on a minimum
periodic collection rate being maintained, a task carried out by
the sub-servicer (Hudson Advisors Germany, rated 'RSS2+D/CSS2+D').
In this regard, quarterly collections have been below Fitch's
corresponding base case since October 2008; however there is still
ample senior bond interest coverage.  The latter should rise after
recent falls in 3m Euribor are used to reset subsequent bond
payments.  The presence of performing loans in the portfolio
provides additional comfort given collections are voluntary, less
volatile and rely less on the ability of the sub-servicer.
Despite these mitigants, the lack of a liquidity facility leaves
the issuer more likely to default on its liabilities.

Moreover, although total cumulative net collections as at April
2009 remain above Fitch's corresponding benchmark, if the early
signs of weakening performance herald a trend, cumulative net
collections may fall below Fitch's base case in the short-to-
medium term.  With conditions for German real estate worsening,
the risk of continued underperformance has risen, prompting the
Negative Outlook on class B through E notes.  The class A notes
remain on Stable Outlook because their seniority, and the short
average life that this is expected to confer upon them, ought to
offer protection against longer term trends in performance.

At closing, the pool was made up of German commercial and
residential (primarily largely multi-family) mortgage NPLs and
SPLs with total claims of EUR2.8 billion.  As of April 16, 2009,
the outstanding portfolio accounted for 2,719 unresolved claims,
for a total gross book value of EUR2,138 million.  The pool is
mainly located in west Germany (56% by property value) and
primarily consists of commercial loan (50% by property value).
NPLs remain the larger component by number of claims (59% compared
to 52% at closing), with PLs decreasing in their contribution (17%
from 24% at closing).

Fitch will continue to monitor the performance of the transaction.


COMMERZBANK AG: Posts US$1.15-Bln 1Q Loss, EU Approves Bailout
--------------------------------------------------------------
Jann Bettinga and Aaron Kirchfeld at Bloomberg News report that
the European Union has approved a government bailout for
Commerzbank AG on the condition the lender will sell its Eurohypo
unit.

The report says the European Commission, the EU's executive arm in
Brussels, approved the second part of a state-led bailout when the
bank-rescue fund in January injected EUR10 billion of capital in
return for a government stake of 25 percent plus one share.  The
EU will require Commerzbank to sell commercial- property lender
Eurohypo and focus on retail and corporate banking in Germany and
eastern Europe, the report states.

Eurohypo, a public finance and commercial-property lender which
Commerzbank bought for about EUR4.5 billion in a deal completed in
2006, had a pretax loss of about EUR1.4 billion last year,
Bloomberg News says.

Commerzbank will sell Eurohypo within the next five years and
dispose of Kleinwort Benson Private Bank, Dresdner Van Moer
Courtens S.A, Dresdner VPV NV, Privatinvest Bank AG, Reuschel &
Co. KG and Allianz Dresdner Bauspar AG by the end of 2011, the
Frankfurt-based bank said in a separate statement obtained by
Bloomberg News.

The report relates the EU said Commerzbank will also be subject to
a general ban for three years on acquisitions of financial
institutions or other businesses which potentially compete with
it.

According to Bloomberg News, Commerzbank, which in January
acquired competitor Dresdner Bank AG, first tapped Germany's
Soffin bank-rescue fund for EUR8.2 billion in capital last
November after the bankruptcy of New York-based Lehman Brothers
Holdings Inc. froze credit markets.  It received an additional
EUR10 billion from Germany's bank-rescue fund, known as Soffin, in
January.

                         Paying Gov't Aid

William Launder at Dow Jones Newswires reports Commerzbank Chief
Executive Martin Blessing said Friday the bank intends to pay back
state aid it is recieving from the German government in full and
currently doesn't require further new state aid.

The report relates the bank aims to return to profitability no
later than 2011, with an operating profit of more than EUR4
billion a year beginning in 2012 and a return on equity after
taxes of around 12% from 2012.

Mr. Blessing, as cited by Dow Jones, further said Commerzbank's
integration of Dresdner Bank is on track and the bank's various
brands will be integrated by 2010.

Commerzbank plans to cut a total of 390 jobs at its Eurohypo unit,
Dow Jones notes.

                        1st Quarter Loss

A separate Bloomberg News report says Commerzbank posted a first-
quarter loss that was bigger than analysts estimated because of
debt-related writedowns and higher loan-loss provisions.

According to the report, the bank incurred a net loss of EUR861
million (US$1.15 billion) in the first-quarter, compared to the
EUR772 million median estimate of nine analysts surveyed by
Bloomberg.  The report notes the bank had a pro-forma profit of
EUR236 million a year earlier.

The report relates Commerzbank booked EUR1.8 billion in writedowns
on securities backed by assets including residential mortgages and
on other investments in the quarter.  Loan-loss provisions rose
more than fourfold to EUR844 million as it set aside more money
for possible defaults, the report says.

                       About Commerzbank AG

Germany-based Commerzbank AG (FRA:CBK) --
https://www.commerzbank.com/ --  is an integrated bank and
financial institution.  The Company's operates in five segments:
Private Customers, Mittelstandsbank, Central and Eastern Europe,
Corporates & Markets and Commercial Real Estate.  Commerzbank AG
serves a total of approximately 14 million private and corporate
customers.  Commerzbank is a service provider for private and
business customers, as well as small and mid-sized companies,
while also serving large and multinational corporate customers.
In March 2008, the Company completed the acquisition of a majority
stake of 60% plus one share in the private Ukrainian bank, Bank
Forum.  In May 2008, The Royal Bank of Scotland Group plc and
Commerzbank AG sold their stakes in Hellenic Telecommunications
Organization SA (OTE).  On January 12, 2009, Commerzbank AG
completed the acquisition of Dresdner Bank.


FRESENIUS SE: S&P Changes Outlook to Stable; Keeps 'BB' Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it revised its
outlook on Germany-based health care companies Fresenius SE and
its subsidiary Fresenius Medical Care AG & Co. KGaA to stable from
negative.  At the same, all ratings, including the 'BB' long-term
corporate ratings, were affirmed.

"The rating actions reflect the fact that FME's debt protection
measures are in line with S&P's target ratios for the 'BB' rating,
that S&P expects FSE to achieve these target levels by the end of
2009, and that S&P expects both FSE and FME will be able to
maintain these levels," said Standard & Poor's credit analyst
Marketa Horkova.

Specifically, this means an adjusted ratio of debt to EBITDA of a
maximum of 3.5x and an adjusted ratio of debt to funds from
operations between 15% and 20%.  For the 12 months to March 31,
2009, FSE's adjusted ratio of debt to EBITDA was about 3.9x, still
beyond S&P's guideline but an improvement on the 4.2x at year-end
2008.  Meanwhile, the ratio of adjusted FFO to debt stood at about
17%, in line with S&P's expectations.  For the same period, FME
achieved an adjusted ratio of debt to EBITDA of about 3.4x and FFO
to debt of about 21%.

The rating action also reflects continuing strong revenue growth
in low double digits, supported by organic revenue growth in high
single digits.  FSE estimates the latter to be between 6% and 8%
in 2009.  In the three months to March 31, 2009, FSE achieved
sales growth of 15%, measured in constant currencies and based on
organic growth of 8%.

S&P recognizes the group's commitment to maintain a long-term 'BB'
rating and financial ratios that S&P views as commensurate with
this rating level.  However, S&P does not factor in any sizable
debt-funded acquisitions.

The ratings on FSE and FME reflect Standard & Poor's view of the
group's aggressive financial profile owing to an acquisitive track
record.  In addition, because FME accounts for about 59% of group
revenues, the ratings are further constrained by FME's predominant
focus on a single disease area, although this is tempered by the
continuing diversification of the remainder of the group through
FSE subsidiary Fresenius Helios and expansion into the German
hospital operations sector.

Among the factors supporting the group's satisfactory business
risk profile are FME's position as the world's largest provider of
products and services for dialysis and its integration into FSE as
well as FSE's market-leading position in Europe for clinical
nutrition and infusion therapy.  Additional enhancing factors
include a recurrent revenue stream owing to the chronic nature of
kidney failure, attractive growth prospects due to favorable
demographic trends and increasing health care demand in developing
countries, and rising exposure to the lucrative U.S. market
through FME and APP Pharmaceuticals Inc., which was acquired in
July 2008.

The stable outlook reflects the fact that FME's ratios are in line
with S&P's guidance for the 'BB' rating, that S&P anticipate FSE
will achieve these target levels by the end of 2009, and that both
FSE and FME will be able to maintain these levels.  S&P base these
assumptions on FSE achieving organic growth between 6% and 8% in
2009, while improving its operating performance.  The stable
outlook also reflects the group's commitment to maintain the 'BB'
rating and financial ratios that S&P views as commensurate with
this rating level.  The stable outlook does not factor in any
sizable debt-funded acquisitions.

S&P would consider a negative rating action if FSE fails to
restore its financial metrics in line with S&P's expectations
either due to operational underperformance, an increased cost of
borrowing, unfavorable exchange rate movements, or higher leverage
from add-on acquisitions.  Downward rating pressure could also
come from a failure of both FSE and FME to demonstrate that they
will operate within the stated guidelines for the current rating.

Rating upside is remote at present because of financial policy
limitations.


HIGH TECH: Claims Registration Period Ends July 9
-------------------------------------------------
Creditors of High Tech Venture Partners GmbH have until July 9,
2009, to register their claims with court-appointed insolvency
manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on Aug. 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 Frankfurt/Main
         Hall 2
         Building F
         Klingerstrasse 20
         60313 Frankfurt/Main
         Germany

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

The insolvency manager can be reached at:

         Karl-Heinz Trebing
         Hanauer Landstr. 287 289
         60314 Frankfurt/Mainz
         Germany
         Tel: 069/15051300
         Fax: 069/15051400

The court opened bankruptcy proceedings against the company on
April 24, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         High Tech Venture Partners GmbH
         Wendelsweg 64
         60599 Frankfurt am Main
         Germany

         Attn: Christoph Wackerbarth, Manager
         Jahnstrasse 6
         64347 Griesheim
         Germany


MALER SERVICE: Claims Registration Period Ends June 5
-----------------------------------------------------
Creditors of Maler Service Team GmbH have until June 5, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 a.m. on June 23, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Wilhelmshaven
         Hall 109
         Old Building
         Market Route 15
         26382 Wilhelmshaven
         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. Bernd Sundermeier
         Alte Wiefelsteder Strasse 3
         26316 Varel
         Germany
         Tel: 04451/913880
         Fax: 04451/913839
         E-mail: buero@hsm-stb.de

The court opened bankruptcy proceedings against the company on
April 27, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Maler Service Team GmbH
         Bismarckstrasse 156
         26382 Wilhelmshaven
         Germany

         Attn: Frank Mueller-Angst, Manager
         Luebecker Strasse 5
         26382 Wilhelmshaven
         Germany


MEXX BODY: Claims Registration Period Ends June 5
-------------------------------------------------
Creditors of Mexx Body & Beach GmbH have until June 5, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 2:15 p.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 Konstanz
         Hall 102
         Untere Laube 12
         78462 Konstanz
         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. Volker Grub
         Humboldtstr. 16
         70178 Stuttgart
         Germany

The court opened bankruptcy proceedings against the company on
April 27, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Mexx Body & Beach GmbH
         Attn: Karl-Achim Klein, Manager
         Schuetzenstr. 18
         78315 Radolfzell
         Germany


MR BAUSTROM: Claims Registration Period Ends June 22
----------------------------------------------------
Creditors of MR Baustrom und Elektroanlagen Service GmbH have
until June 22, 2009, to register their claims with court-appointed
insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 a.m. on July 15, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Meiningen
         Meeting Hall A 0208
         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:

         Klaus Siemon
         Strasse der Nationen 51
         09111 Chemnitz
         Germany

The court opened bankruptcy proceedings against the company on
April 28, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         MR Baustrom und Elektroanlagen Service GmbH
         Attn: M.Mueller and
               H. Roscher
         Rennsteigstr. 2
         98544 Zella-Mehlis
         Germany


PREPS 2005-2: Moody's Junks Ratings on Two Classes of Notes
-----------------------------------------------------------
Moody's Investors Service has downgraded its ratings of four
classes of notes issued by Preps 2005-2 plc.

The rating action is a response to i) credit deterioration in the
collateral portfolio, including four defaults and an early
termination totalling EUR47 million, ii) the comparably high
outstanding Principal Deficiency Ledger, mitigated by the
relatively large ratio of assets to liabilities and iii) the
result of the application of revised and updated key modelling
parameter assumptions that Moody's uses to rate and monitor
ratings of collateralized loan obligations and which are also
being applied in its analysis of SME CDOs.  Moody's announced the
changes to these assumptions in a press release published on
Feb. 4, 2009.  The revisions affect default probability and
correlation, which are key parameters in Moody's model for rating
CLOs.

In addition, the equivalent Moody's ratings used in Moody's
analysis are obtained through an econometric model called Riskcalc
developed by Moodys KMV, based on financial statements provided by
the issuers on an annual basis.  The results from the Riskcalc
model were first mapped to Moody's alpha numeric rating scale and
then, in order to compensate for the absence of credit indicators
such as rating reviews, outlooks and adjustments factoring in
cyclical developments in the economy, a 1 notch stress was
applied.

The deal was modeled using CDOROM 2.5 to get a loss distribution
that was then used as an input in a cash flow model.

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

  -- Moody's Approach to Rating Collateralized Loan Obligations
     (December 2008)

  -- Moody's Approach to Rating CDOs of SMEs in Europe (February
     2007)

The rating actions are:

Preps 2005-2 plc:

(1) EUR217,000,000 Class A1 Floating Rate Notes due December 2014
(currently 200 million)

  -- Current Rating: A3

  -- Prior Rating: Aaa under review for possible downgrade

  -- Prior Rating Date: 13 March 2009, Aaa placed under review for
     downgrade

2) EUR53,000,000 Class A2 Fixed Rate Notes due December 2014
(currently EUR49 million)

  -- Current Rating: A3

  -- Prior Rating: Aaa under review for possible downgrade

  -- Prior Rating Date: 13 March 2009, Aaa placed under review for
     downgrade

(3) EUR41,500,000 Class B1 Floating Rate Notes due December 2014

  -- Current Rating: Caa2

  -- Prior Rating: Ba1 under review for possible downgrade

  -- Prior Rating Date: 13 March 2009, Ba1placed under review for
     possible downgrade

4) EUR12,500,000 Class B2 Fixed Rate Notes due December 2014

  -- Current Rating: Caa2

  -- Prior Rating: Ba1under review for possible downgrade

  -- Prior Rating Date: 13 March 2009, Ba1 placed under review for
     possible downgrade


SCHIESSER LIFESTYLE: Claims Registration Period Ends June 5
-----------------------------------------------------------
Creditors of Schiesser Lifestyle GmbH have until June 5, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 2:30 p.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 Konstanz
         Hall 107
         Gerichtsgasse 9
         78462 Konstanz
         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. Volker Grub
         Humboldtstr. 16
         70178 Stuttgart
         Germany

The court opened bankruptcy proceedings against the company on
April 27, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Schiesser Lifestyle GmbH
         Attn: Karl-Achim Klein, Manager
         Schuetzenstr. 18
         78315 Radolfzell
         Germany


SCHUMAG HOLDING: Claims Registration Period Ends June 18
--------------------------------------------------------
Creditors of Schumag Holding GmbH have until June 18, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 1:40 p.m. on July 2, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Essen
         Meeting Hall 293
         Zweigertstr. 52
         45130 Essen

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:

         Bernd Depping
         Alfredstr. 108-112
         45131 Essen
         Germany

The court opened bankruptcy proceedings against the company on
April 27, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Schumag Holding GmbH
         Friedrichstr. 47
         45128 Essen
         Germany

         Attn: Dr. Dietmar Schallwich, Manager
         Birkenweg 31
         42579 Heiligenhaus
         Germany


SKY & FLY: Claims Registration Period Ends July 2
-------------------------------------------------
Creditors of Sky & Fly GmbH have until July 2, 2009, to register
their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on June 23, 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:

         Dr. Martin Prager
         Barthstr. 16
         80339 Muenchen
         Germany
         Tel: 089-8589633
         Fax: 089-85896350

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:

         Sky & Fly GmbH
         Attn: Hosniarah Torah, Manager
         Painbreitenstr. 4
         82031 Gruenwald
         Germany


STADER INDUSTRIESERVICE: Claims Registration Period Ends June 10
---------------------------------------------------------------
Creditors of Stader Industrieservice GmbH have until June 10,
2009, to register their claims with court-appointed insolvency
manager.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on July 22, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Stade
         Hall 113
         Main Building
         Wilhadikirchhof 1
         21682 Stade
         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:

         Stephanie Pidun
         Jungfernstieg 51
         20354 Hamburg
         Germany
         Tel: 040-808136282
         Fax: 040-808136374
         E-mail: spidun@whitecase.com

The court opened bankruptcy proceedings against the company on
April 27, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Stader Industrieservice GmbH
         Sophie-Scholl-Weg 14
         21684 Stade
         Germany

         Attn: Reiner Finken, Manager
         Hasenbeckallee 12
         21789 Wingst
         Germany


TONOVA GMBH: Claims Registration Period Ends May 28
---------------------------------------------------
Creditors of Tonova GmbH have until May 28, 2009, to register
their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on June 22, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

        The District Court of Augsburg
        Law Courts
        Meeting Room 162
        Alten Einlass 1
        86150 Augsburg
        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:

        Rainer U. Mueller
        Schiessstatten St. 15
        86159 Augsburg
        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:

        Tonova GmbH
        Attn: Klaus-Dieter Burchardt and
              Lothar Hiller, Managers
        Werder St. 2
        86159 Augsburg
        Germany


TREOFAN HOLDINGS: Moody's Affirms 'Caa2' Corporate Family Rating
----------------------------------------------------------------
Moody's Investors Service affirmed the Caa2 Corporate Family
Rating of Treofan Holdings GmbH.  At the same time Treofan's
Probability of Default Rating was downgraded to Ca from Caa2 and
the rating on Treofan's EUR170 million Second Lien Notes was
downgraded to Ca from Caa3.  The rating outlook remains negative.

The downgrade of the PDR to Ca was prompted by Treofan's recent
announcement to negotiate a debt for equity exchange with the
holders of the company's EUR170 million second lien notes.  While
no payment default has occurred and there are no material debt
maturities until July 2010, in Moody's opinion the successful
closing of the transaction, which is designed to reduce debt and
interest expense, would represent the occurrence of a deemed
default.  Moreover, the PDR reflects the high likelihood of the
transaction closing in the agency view.

The affirmation of the Corporate Family Rating at Caa2 reflects
the expected recovery rate and probability of default after the
closure of the exchange offer and the new capital structure with
lower debt loading, if successfully implemented.  The rating
outlook is negative in view of (i) the remaining uncertainty
regarding the implementation of the proposed debt for equity
exchange and (ii) in view of the limited visibility for Treofan's
operating performance.

According to Treofan's recent announcement, key elements of the
envisaged restructuring include:

(i) an offer to Second Lien Note holders to tender their notes for
equity of the Treofan Group

(ii) extending the maturity of the existing EUR80 million senior
revolving credit facility by one year to July 2011 along with a
reset of financial covenants (a covenant holiday for Q4/2008 and
Q1/2009 was previously already agreed)

(iii) a capital injection to principally finance planned
operational and financial restructuring measures

Moody's views this transaction as a means of shrinking an
unsustainable debt capital structure which absent the proposed
debt for equity exchange offer may become a source of significant
financial stress. Given the recessionary environment, Moody's
anticipates the company's EBITDA and operating cash flow to remain
weak despite the company's announcement that adjusted EBITDA in Q1
2009 amounted to EUR8.5 million which compares to EUR6.1 million
in Q1 2008 and EUR-0.6 million in Q4 2008.  In sum, these features
cause the envisaged financial restructuring to be viewed as
analogous to a distressed exchange, which is deemed to represent a
default by Moody's and incorporated in the Ca PDR.

Until the implementation of the financial restructuring the Ca PDR
will prevail.  Upon closing of the exchange, the PDR will be
repositioned to Caa2/LD to reflect the limited default that will
have occurred.  This incorporates Moody's current belief that the
going-forward PDR will likely end up at the Caa2 level shortly
after transaction closing.  The "/LD" suffix will be removed after
approximately three business days.

In the event that some debt issues are retired in their entirety
upon transaction closing, the relevant ratings for the same would
be withdrawn.

Rating Changes:

Issuer: Treofan Germany GmbH & Co. KG

  -- Senior Subordinated Regular Bond/Debenture, Downgraded to Ca
     from Caa3

Issuer: Treofan Holdings GmbH

  -- Probability of Default Rating, Downgraded to Ca from Caa2

Issuer: Treofan Germany GmbH & Co. KG

  -- Senior Subordinated Regular Bond/Debenture, Changed to LGD5,
     70% from LGD5, 72%

The last rating action for Treofan has been on December 6, 2007,
when Moody's downgraded the Corporate Family Rating to Caa2 from
Caa1.

Treofan Holdings GmbH, based in Raunheim, Germany, is a
manufacturer of polypropylene film, which is primarily used to
produce flexible packaging as well as labels for food and other
consumer products such as cigarette wrappings and technical
applications such as capacitors.  Since two ownership changes, the
company went through two major restructuring programs, under one
of which Goldman Sachs became majority shareholder.  As per the
last twelve months ending September 2008 Treofan reported EUR497
million of revenues.


VITAL WARENHANDELSGESELLSCHAFT: Claims Registration Ends June 19
---------------------------------------------------------------
Creditors of Vital Warenhandelsgesellschaft mbH have until
June 19, 2009, to register their claims with court-appointed
insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 10:55 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 Cloppenburg
         Hall 6
         Hauptgebaude
         Burgstrasse 9
         49661 Cloppenburg
         Germany

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

The insolvency manager can be reached at:

         Hermann Berding
         Jammertal 1
         49661 Cloppenburg
         Germany
         Tel: 04471/9126-0
         Fax: 04471/82997

The court opened bankruptcy proceedings against the company on
April 27, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Vital Warenhandelsgesellschaft mbH
         Daimlerstrasse 5a
         49661 Cloppenburg
         Germany

         Attn: Jens Nintza, Manager
         Roggenkamp 13
         49681 Garrel
         Germany


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


MAGI FUNDING: Moody's Puts BB Rating on Class K Notes on Watch Neg
------------------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch negative
its credit ratings on the class B, C, and K notes issued by Magi
Funding I PLC.  The 'AAA' rating on the class A notes remains
unaffected.

These CreditWatch negative placements follow S&P's preliminary
review of the deterioration in the credit quality of the
underlying portfolio in this cash flow collateralized debt
obligation transaction.  Based on S&P's assessment of the
portfolio, S&P considers approximately 15% of the assets to be
rated 'CCC+' and below, of which approximately 5% are rated 'D'.

The deterioration is also reflected in the par value ratios as
noted in the trustee report.

In S&P's opinion, portfolio credit deterioration and par losses
increase the risk that cash flows may not be sufficient to fully
repay all the rated classes, thus putting downward pressure on the
ratings.

In determining whether to place a CDO tranche rating on
CreditWatch, S&P takes into consideration a number of factors,
including, but not limited to:

  -- The percentage of assets (including the change in the
     percentage of assets), based on S&P's analysis, rated below
     'B-' and the percentage of defaults already experienced in
     the portfolios;

  -- S&P's rated overcollateralization metric, which provides
     an estimate of rating stability for cash flow CDO tranches
     based on output from Standard & Poor's CDO Evaluator model
     and a simplified cash flow analysis; and

  -- Trends in performance metric results across similar
     transactions.

S&P will closely monitor the transaction's performance and perform
further cash flow analysis before resolving these CreditWatch
placements.

Magi Funding I closed on Feb. 23, 2006, and is a managed cash flow
transaction collateralized by a pool of corporate loans.

                          Ratings List

                       Magi Funding I PLC
                EUR300 Million Floating-Rate Notes

              Ratings Placed on CreditWatch Negative

                                  Rating
                                  ------
             Class       To                     From
             -----       --                     ----
             B           A/Watch Neg            A
             C           BBB/Watch Neg          BBB
             K Combo     BB/Watch Neg           BB


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


CHRYSLER LLC: Michigan Says Fiat Sale Does Not Protect Workers
--------------------------------------------------------------
The State of Michigan Workers' Compensation Agency and Funds
Administration complains that the proposed sale of Chrysler LLC's
operating assets to a new company 20% owned by Fiat S.p.A. does
not provide sufficient protection for the Debtors' workers in
Michigan.

Dennis Raterink, attorney general from the Workers' Compensation
Unit, says that the sale violates the compensation self-insurance
authority in Michigan and leaves the Debtors' workers without a
source of compensation benefit payments.

"The sale of substantially all assets to the successful bidder,
without that bidder assuming the Debtors' workers compensation
liabilities in Michigan, may leave Debtors without adequate
resources to secure the payment of their workers' compensation
obligations," Mr. Raterink says.  He says that this may require
the agency to revoke the Debtors' self-insured authority and
require the Debtors to acquire workers' compensation insurance
coverage or furnish a bond and other forms of security to cover
their liabilities.

"Should the current sale order be approved, as presented, the
workers' compensation benefits of transferred employees could be
affected, as the successful bidder, being a new employer in
Michigan, could be prohibited from obtaining self-insurance
authority in Michigan," Mr. Raterink says.

Under Michigan law, an employer that is in business less than
five years cannot be considered for self-insured authority unless
its workers' disability compensation liability is guarantied by a
parent corporation or combinable affiliated entity that has been
in business not less than five years and that would qualify for
self-insured authority in Michigan.

"Without self-insured status, the successful bidder would need to
acquire workers' compensation insurance coverage in order to
operate in Michigan," Mr. Raterink points out.

Mr. Raterink further says that if the Self-Insurers' Security
Fund was forced to assume the Debtors' workers' compensation
obligations, enough funds exist only to make benefit payments for
a matter of weeks before Security Fund becomes insolvent itself.

The Self-Insurers' Security Fund is one of the three funds that
make up the Funds Administration.  It was created to provide
benefits to affected workers under the Workers' Compensation
Disability Act.

Mr. Raterink says that the Debtors' total workers compensation
obligations may exceedUS$140 toUS$150 million, with yearly payment
obligations of overUS$25 million.

"Even if the Funds Administration levies emergency assessments to
existing self-insured employers, the Self-Insurers' Security
Fund's maximum possible balance would be approximately
US$9 million, substantially less than needed to cover the Debtors'
statutory obligations," he says.

The proposed sale also drew flak from Bridgestone Americas Tire
Operations LLC, Superior Industries Inc., The Timken Company
Harman Becker Automotive Systems Inc., Plast-O-Foam LLC, Flight
Systems Automotive Group LLC, and BASF Corporation.  The
companies disapprove of the proposed procedures governing the
assumption and assignment of executory contracts and leases to
the purchaser.

Bridgestone Americas complains that the proposed procedures may
grant the Debtors or the purchaser authority to change the terms
and conditions of executory contracts or unexpired leases.
Bridgestone Americas points out that there is no provision in
bankruptcy law granting such authority.

Meanwhile, the other companies complain that the proposed
procedures authorize the purchaser to exclude contracts and
leases that have already been designated for assumption and
assignment.  They say it would permit the purchaser to void any
prior assumption and assignment of a contract even if the closing
of the proposed sale has occurred; the Court has entered an order
approving the assumption and assignment; and the cure amount has
been paid.

            Court Approves Bidding Procedures

Chrysler LLC obtained approval from the U.S. Bankruptcy Court for
the Southern District of New York of its proposed bidding
procedures for the sale of substantially all its assets pursuant
to an auction on May 27, 2009, according to a report by Bloomberg
News.

Chrysler offered to sell its assets in the auction to New CarCo
Acquisition LLC, a Delaware company formed by Fiat S.p.A., or to
any other company interested to bid for the assets.  The Fiat
group'sUS$2 billion offer for the assets will be the lead bid in
the auction.

The assets to be sold include intellectual property rights,
facilities, executory contracts and leases, and those related to
the research, production and distribution of vehicles under brand
names that include Chrysler, Jeep(R) and Dodge.  The sale is part
of the Master Transaction Agreement that Chrysler executed with
Fiat and New CarCo on April 30, 2009.

The Court also approved aUS$35 million breakup fee for Fiat in
case it is outbid at the auction, Bloomberg reported.  Meanwhile,
the Court overruled an objection from a group of Chrysler's
secured lenders that the process was overly influenced by
President Barack Obama's administration and would distribute
proceeds improperly because it involved a "sub rosa" or secret
reorganization, the report further said.

At the request of its Creditors' Committee, Chrysler put the
deadline for competing bids at May 20, 2009, and set a May 27,
2009 hearing to approve the winning bid.

Robert Manzo of Capstone Advisory Group LLC, a Chrysler financial
adviser, had testified that the company has essentially been for
sale for more than a year, as Chrysler executives sought
automaker partners around the world and no bidders surfaced.
Without the Fiat alliance, secured creditors may not receive any
recovery, Mr. Manzo told the Court.

                       About Chrysler LLC

Headquartered in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- manufactures Chrysler, Jeep(R), Dodge
and Mopar(R) brand vehicles and products.  The company has dealers
worldwide, including Canada, Mexico, U.S., Germany, France, U.K.,
Argentina, Brazil, Venezuela, China, Japan, and Australia.

In 2007, Cerberus Capital Management LP acquired an 80.1% stake in
Chrysler for US$7.2 billion.  Daimler AG kept a 19.9% stake.

Pursuant to the U.S. Government's Automotive Industry Financing
Program, the U.S. Department of the Treasury made emergency loans
to General Motors Corp., Chrysler Holding LLC, and Chrysler
Financial Services Americas LLC.  The Treasury purchased senior
preferred stock from GMAC LLC.  In exchange, Chrysler and GM
submitted restructuring plans to the Treasury on February 17,
2009.  Upon submission, President Obama's Designee on the Auto
Industry determined that the restructuring plans did not meet the
threshold for long-term viability.  However, on March 30, 2009,
both GM and Chrysler were granted extensions to complete the
restructuring plans to comply with the requirements set forth
under the Automotive Industry Financing Program.

The U.S. Government told Chrysler March 31, 2009, it would provide
up to US$6 billion in financing if (i) Chrysler and Fiat SpA could
complete a deal by the end of April -- on top of the US$4 billion
Chrysler has already received -- and (ii) Chrysler would obtain
concessions from constituents to establish a viable out-of-court
plan.

On April 30, Chrysler LLC and 24 affiliates sought Chapter 11
protection from creditors (Bankr. S.D. N.Y (Mega-case), Lead Case
No. 09-50002).  U.S. President Barack Obama said that Chrysler had
to file for bankruptcy after the automaker's smaller lenders,
including hedge funds that he didn't name -- "a small group of
speculators" -- refused to make the concessions agreed to by the
Company's major debt holders and workers.

In connection with the bankruptcy filing, Chrysler has reached an
agreement with Fiat SpA, the U.S. and Canadian governments and
other key constituents regarding a transaction under Section 363
of the Bankruptcy Code that would effect an alliance between
Chrysler and Italian automobile manufacturer Fiat.

Chrysler has hired Jones Day, as lead counsel; Togut Segal & Segal
LLP, as conflicts counsel; Capstone Advisory Group LLC, and
Greenhill & Co. LLC, for financial advisory services; and Epiq
Bankruptcy Solutions LLC, as its claims agent.

Chrysler's says that as of December 31, 2008, it had
US$39,336,000,000 in assets and US$55,233,000,000 in debts.
Chrysler had US$1.9 billion in cash at that time.

Bankruptcy Creditors' Service, Inc., publishes Chrysler Bankruptcy
News.  The newsletter tracks the Chapter 11 proceedings of
Chrysler LLC and its debtor-affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


FIAT SPA: CEO Plans to Use Existing Platforms for New Cars
----------------------------------------------------------
A Bloomberg News report says as Fiat SpA works on taking over
Chrysler LLC, the Italian automaker's chief executive officer,
Sergio Marchionne, aims to build many cars off of existing
platforms to reduce costs.

The report relates Mr. Marchionne, who plans to become Chrysler's
CEO after the takeover, has said a successful carmaker needs to
sell at least 5.5 million vehicles a year globally to survive and
would add General Motors Corp.'s brands Opel, Vauxhall and Saab to
reach the target.

Just recently, Chrysler reached agreement with Fiat to use the
Alfa Romeo 149 luxury car platform, which is being developed in
Europe, in building new cars in the U.S., Bloomberg News says
citing court filings.

Mr. Marchionne is setting out to build a pan-European car company
from the rubble of the U.S. auto industry, an earlier Bloomberg
News report said.  "My goal is to sell the first Fiat 500 in the
U.S. by the end of 2010," Bloomberg News quoted Mr. Marchionne as
saying.

According to the Troubled Company Reporter, on April 30, Chrysler
and 24 affiliates sought Chapter 11 protection from creditors
(Bankr. S.D. N.Y (Mega-case), Lead Case No. 09-50002).  U.S.
President Barack Obama said that Chrysler had to file for
bankruptcy after the automaker's smaller lenders, including hedge
funds that he didn't name -- "a small group of speculators" --
refused to make the concessions agreed to by the company's major
debt holders and workers.  In connection with the bankruptcy
filing, Chrysler reached an agreement with Fiat, the U.S. and
Canadian governments and other key constituents regarding a
transaction under Section 363 of the Bankruptcy Code that would
effect an alliance between Chrysler and Italian automobile
manufacturer Fiat.

The Agnelli family vie for a 10 percent share of the new company
formed by the two automakers' alliance, Flavia Krause-Jackson at
Bloomberg News relates citing a la Repubblica report.

                         About Fiat SpA

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

                         *     *     *

As reported in the Troubled Company Reporter-Europe on May 8,
2009, Standard & Poor's Ratings Services said that its 'BB+' long-
term corporate credit rating on Italian industrial group Fiat SpA
remains on CreditWatch with negative implications, where it was
placed on Jan. 22, 2009.  At the same time, the 'B' short-term
corporate credit rating was affirmed.

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


UBS AG: Italian Prosecutors Sue Firm on Derivatives Contracts
-------------------------------------------------------------
Elisa Martinuzzi and Sonia Sirletti at Bloomberg News report that
Italian prosecutors said UBS AG deliberately defrauded Milan when
they sold city derivatives contracts.

According to the report, Alfredo Robledo, who is leading the
probe, said in court documents that the bank failed to tell the
city in writing it would be treated as a so-called market
counterparty, instead of an intermediate customer.

Milan is among about 600 Italian municipalities that took out
1,000 derivatives contracts worth a total of EUR35.5 billion, the
report says citing Italy's Treasury.  The city is suing the bank
after it lost EUR298 million on its derivatives as of June while
UBS, along with three other banks, earned about EUR101 million
(US$134 million), the report discloses.  The bank misled the city
on the advantages of the bonds and derivatives by omitting to show
the client the costs, prosecutors said in court documents obtained
by Bloomberg News.

The report relates the court filings said the police seized
EUR75.8 million from UBS on Mr. Robledo's request, which was
approved by judge Giuseppe Vanore, and UBS has since deposited
cash to free up the assets.

The Troubled Company Reporter-Europe on May 7, 2009, citing
Telegraph.co.uk, reported that UBS 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.  The report said
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.

                        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.


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


COMMUNICATION SERVICE: Creditors Must File Claims by May 29
-----------------------------------------------------------
LLC Communication Service has shut down.  Creditors have until May
29, 2009, to submit proofs of claim to:

         Ujny Side Street 25
         Leninskoye
         Alamudun
         Chui
         Kyrgyzstan
         Tel: (+996 312) 44-60-60


MEG ALLIANCE: Creditors Must File Claims by May 29
--------------------------------------------------
LLC Meg Alliance has shut down.  Creditors have until May 29,
2009, to submit proofs of claim.

Inquiries can be addressed to (0-555) 31-58-07.


PROD IMPORT: Creditors Must File Claims by May 29
-------------------------------------------------
LLC Prod Import has shut down.  Creditors have until May 29, 2009,
to submit proofs of claim.

Inquiries can be addressed to (+996 312) 31-30-75, 31-30-73.


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


CREDIT EUROPE: Moody's Comments on Recent Deposit Rating Downgrade
------------------------------------------------------------------
Moody's notes that the recent downgrade of Credit Europe Bank
N.V.'s deposit rating to Ba2 has triggered the occurrence of
certain events relating to the Notes issued by CEB Consumer
Finance S.A. SIC Institutionnelle de droit belge as the 'Issuer'.
The Issuer appointed CEB as a servicer to a portfolio of
securitised consumer loans.  Following the rating action on CEB,
amongst other things, CEB is obliged to appoint a back up servicer
within 90 days, failing which the transaction will enter into
amortisation.  Moody's is closely following the developments and
will provide an update as necessary.

Date of previous rating action: 30 Dec 2008.  Please refer to
Moody's New Issue Report dated 30 Dec 2008.


===========
N O R W A Y
===========


STOREBRAND LIVSFORSIKRING: Moody's Cuts Junior Debt Ratings to Ba1
------------------------------------------------------------------
Moody's downgraded and revised the outlook to stable from negative
the ratings of Storebrand Livsforsikring AS (IFSR to A3 from A2)
and the Baa3 LT Issuer Rating/Senior Unsecured MTN and Ba1
Subordinated MTN/Junior Subordinated MTN debt ratings of
Storebrand ASA.  Moody's said that it would comment separately on
the ratings of Storebrand Bank.

Moody's said that its rating action on Storebrand reflected the
recent weakened solvency position and pressurised profitability at
the Group, which reported a Q1 2009 pre-tax loss of NOK733 million
(Q1 2008: pre-tax profit of NOK535 million), driven primarily by
writedowns on private equity/property, further investment losses
and solvency strengthening activities at the Swedish subsidiary,
SPP.

The Group's reported solvency margin deteriorated from 160% at YE
2008 to 148%, although the de-risking strategy undertaken has
considerably reduced the group's sensitivity to future market
volatility and Moody's notes that as a result of management
actions within SPP, its solvency ratio actually increased
significantly to 187% at Q1 2009.

David Masters, Moody's Analyst and lead analyst for Storebrand
added "Given the deterioration of Storebrand's solvency position
over recent quarters as a result of the financial markets turmoil,
remedial action by management has become increasingly necessary,
including investment de-risking together with a NOK1 billion
capital injection into Storebrand Liv and changes to the financial
statements during 2008 which have affected solvency margins
positively".  In Moody's view these actions, whilst bolstering
solvency, have led to some reduction of financial flexibility.

Mitigating these negative factors to some extent, Moody's notes
that the increasing proportion of loans and receivables on the
balance sheet, with a running yield of 5.3% (compared to an
average guaranteed rate of around 3.5%) should help mitigate the
risk of providing these guarantees to policyholders.  Furthermore,
Moody's views the significant property portfolio as being
relatively conservatively valued on the balance sheet, and notes
that Storebrand continues to maintain its leading market position
in Norway and is benefiting from the integration of SPP, with
premium income in Q1 2009 increasing by 14%/38% respectively for
defined benefit/contribution schemes, compared to Q1 2008.
Moody's stable outlook for Storebrand reflects Moody's expectation
that the Group's strong business franchise should be sufficient to
offset any additional asset-related stresses.

Moody's added that further negative rating action could occur if
Storebrand's solvency margin was to fall below 125%, or if
financial leverage exceeded the low-30%'s in the medium term or in
the event of sustained negative interest results.

Storebrand Group, headquartered in Oslo, Norway, had total
shareholders' equity of NOK15.3 billion as at end Q1 2009.

These ratings were downgraded, all with a stable outlook:

  -- Storebrand Livsforsikring AS insurance financial strength to
     A3

  -- subordinated debt to Baa2

  -- junior subordinated debt to Baa2

  -- subordinated MTN debt to Baa2

  -- junior subordinated MTN debt to Baa2

  -- capital contribution securities to Baa3

  -- Storebrand ASA senior unsecured MTN debt to Baa3

  -- issuer rating to Baa3

  -- subordinated MTN debt to Ba1

  -- junior subordinated MTN debt to Ba1

The last rating action was on October 29, 2008, when Storebrand's
ratings were affirmed with a negative outlook.


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


BANK SOYUZ: S&P Puts 'B-' Rating on Developing CreditWatch
----------------------------------------------------------
Standard & Poor's Ratings Services said that its 'B-' long-term
counterparty credit rating, its 'B-' senior unsecured debt rating,
and its 'ruBBB-' Russia national scale rating on Russia-based Bank
Soyuz remained on CreditWatch, where they were placed with
developing implications on Jan. 14, 2009.  At the same time, the
'C' short-term counterparty credit rating was affirmed.

"The continued CreditWatch status reflects continuing
uncertainties about Bank Soyuz's future development, particularly
of its financial profile and business strategy," said Standard &
Poor's credit analyst Maria Malyukova.

On April 30, 2009, as part of a general agreement on the financial
recovery of Bank Soyuz, Gazpromregiongaz (not rated) and Basic
Element (not rated) announced that Gazfinance had become the owner
of a 75% stake in Bank Soyuz.  Gazfinance is a 100% subsidiary of
Gazpromregiongaz, which is part of OAO Gazprom (BBB/Negative/--).

Although the acquisition has been finalized, there are still major
uncertainties about future support from Gazfinance in terms of
capitalization and funding.  Further scope of business development
due to a possible merger with another financially distressed
Russian bank, Sobinbank -- which has been acquired by the Gazprom
group -- and lack of available information create more
uncertainty.  Bank Soyuz's new majority shareholders will likely
elaborate a detailed development plan in the next few months.

The ratings on Bank Soyuz reflect substantial government support.
The bank is currently undergoing a supervised financial recovery
program that may last for up to five years.  Under the terms of
the program, the Deposit Insurance Agency has provided massive
financial support to the bank, including sufficient funds to
enable early repayment of its Eurobonds.  Bank Soyuz remains under
the supervision of the regulator, which has a representative on
the bank's board of directors.  The bank is not obliged to meet
required regulatory ratios, including minimum capital adequacy
ratios.  To reflect the current government support, S&P adds one
notch to Bank Soyuz's stand-alone credit profile.

S&P considers that the recovery program for Bank Soyuz could
positively affect the bank's liquidity and financial flexibility
and help stabilize the bank in the current financial downturn.  At
the same time, the undefined nature of the program and the
difficult operating conditions in the Russian banking sector
create uncertainties about Bank Soyuz's creditworthiness, which
could lead us to lower the ratings on the bank.

S&P will resolve the CreditWatch placement when S&P has detailed
information of the bank's future development.

An affirmation will depend upon the bank's ability to sustain its
liquidity position, capitalization, and financial standing.

S&P will lower the ratings if its concerns about liquidity and
capitalization are not eased by sufficient support, or if the
ongoing turbulence in Russia's financial markets places higher
stress on the bank.

"Ratings upside is limited without a major enhancement in the
bank's stand-alone creditworthiness, including large funding and
capital injections and sustained improvement in asset quality,"
said Ms. Malyukova.


CENTER-INVEST BANK: Moody's Affirms 'E+' Financial Strength Rating
------------------------------------------------------------------
Moody's Investors Service has changed the outlook on Center-Invest
Bank's B1 long-term deposit ratings to negative from stable and
have affirmed E+ bank financial strength rating with a stable
outlook.  The bank's Not-Prime short-term deposit ratings have
also been affirmed.  Concurrently, Moody's Interfax Rating Agency
downgraded Center-Invest Bank's long-term national scale rating to
A2.ru from A1.ru.  Moscow-based Moody's Interfax is majority-owned
by Moody's, a leading global rating agency.

"The outlook change reflects Moody's concerns that the ongoing
deterioration of economic conditions as well as the limited access
to market funding for refinancing maturing debt are likely to
translate into a deterioration of Center-Invest Bank's financial
fundamentals.  In particular, in Moody's view, ongoing asset
quality deterioration is likely to weaken the bank's capital
cushion while the recent decrease of working assets triggered by
the recent significant wholesale funding repayments puts pressure
on its operating efficiency and profitability," said Semyon
Isakov, a Moscow-based Moody's Assistant Vice President - Analyst,
and lead analyst for this issuer.

Moody's notes that the asset quality of the bank is particularly
vulnerable to overall deterioration of the operating environment
in Russia and the deterioration of the economic situation in the
bank's home region, in particular.  Center-Invest Bank's asset
quality has already started to demonstrate a deterioration, as
captured in its YE2008 IFRS results.  In the second half of 2008
the level of impaired loans rose to 4.42% from 2.90% at end-June
2008, and in Moody's view impairments are expected to continue to
rise throughout 2009.  At the same time, the recent deterioration
in the bank's net interest margin caused by a reduction in working
assets together with an increased cost of funding does not allow
the bank to fully absorb the rising cost of risks, thus providing
negative pressure on the bank's capital.

At the same time, Moody's notes that the bank's ratings continue
to benefit from the high level of capital adequacy with a reported
Basel I capital ratio standing at 20.6% as at end-March 2009
(19.3% at YE2008).  Moody's also explained that it has applied a
number of scenarios (base-case and stressed) to the bank's loan
books and observed that Center-Invest Bank's capital adequacy may
substantially decline over the medium term as soon as the overall
asset quality deteriorates, thus reflected in the negative outlook
on the bank's long-term ratings.  In addition, Moody's notes that
almost 45% of Center-Invest Bank's capital at end-March 2009 was
formed with Tier 2 instruments including fixed assets revaluation
reserves that, in Moody's view, weakens the quality of the bank's
capital base.

Although the bank has recently repaid a substantial portion of its
wholesale funding, including funds attracted from the Central Bank
of Russia and does not expect any material repayments in the short
term Center-Invest Bank's liquidity position, while currently
adequate, remains potentially vulnerable to increased volatility
in the customer deposit base.  However, Moody's notes that Center-
Invest Bank's liquidity profile partly benefits from the remaining
access to shareholders' funds, given its ownership by a group of
high-profile institutional shareholders such as EBRD, DEG and
Erste Bank.

Moody's previous rating action on Center-Invest Bank was on 23
September 2008 when the rating agency changed the outlook on the
bank's ratings to stable from positive.

Headquartered in Rostov-on-Don, Russia, Center-Invest Bank
reported -- at 31 March 2009 -- total consolidated unaudited
assets of RUB46.5 billion (US$1.37 million) and total
shareholders' equity of RUB5.5 billion (US$162 million).  Center-
Invest Bank is the largest private bank in Rostov Region of
Russia, focusing on the SME segment with a well-developed office
presence throughout its home territory.  The largest controlling
shareholders of the bank are EBRD (27.45%), DEG (22.45%) and the
Vysokov Family (17.84%).


CONSTRUCTION AND TECHNOLOGY: Creditors Must File Claims by May 24
-----------------------------------------------------------------
Creditors of LLC Construction and Technology (TIN 6164261651, PSRN
1076164002265) have until May 24, 2009, to submit proofs of claims
to:

         O. Alekseenko
         Temporary Insolvency Manager
         Office 90
         Lermontovskaya St. 83
         344000 Rostov-on-Don
         Russia

The Arbitration Court of Rostovskaya will convene at 11:30 a.m. on
July 27, 2009, to hear bankruptcy supervision procedure on the
company.  The case is docketed under Case No. ?533640/09.

The Debtor can be reached at:

         LLC Construction and Technology
         Khalturinskiy pereulok 83
         Rostov-on-Don
         Russia


DON-STROY LLC: Creditors Must File Claims by May 24
---------------------------------------------------
Creditors of LLC Don-Stroy (TIN 6166042119, PSRN 1026104026519)
(Construction) have until May 24, 2009, to submit proofs of claims
to:

         K. Kovalenko
         Insolvency Manager
         Astrakhanskaya St. 110
         Bataysk
         Rostovskaya
         Russia

The Arbitration Court of Rostovskaya will convene at 10:20 a.m. on
June 22, 2009, to hear the company's bankruptcy proceedings.  The
case is docketed under Case No. ?5326603/2008.

The Debtor can be reached at:

         LLC Don-Stroy
         Tekucheva Pereulok 232/199
         Rostov-on-Don
         Russia


EVRAZ GROUP: Fitch Puts 'BB' Long-Term IDR on Watch Negative
------------------------------------------------------------
Fitch Ratings has placed metals and mining company Evraz Group
SA's Long-term Issuer Default Rating of 'BB' and senior unsecured
ratings of 'BB' on Rating Watch Negative.  At the same time, Fitch
has placed Mastercroft Limited's Long-term IDR of 'BB' on RWN.
Mastercroft is Evraz's core subsidiary and most of its assets are
located in Russia.  Evraz's and Mastercroft's Short-term IDRs have
been affirmed at 'B' respectively.

The placing of Evraz's Long-term IDR and senior unsecured ratings
on RWN reflects Fitch's concern that the company's gross
debt/EBITDA and net debt/EBITDA for the financial years 2009-2011
may not remain commensurate with its present ratings.  Fitch
believes Evraz's profitability could come under pressure following
the significant decrease in global demand and prices for steel
products.  Fitch has observed a persistently negative demand and
price environment during Q109 and now expects this to continue for
the rest of the year.

Fitch believes that Evraz's management has responded appropriately
to the current global economic downturn by announcing significant
production cutbacks, a cost reduction program, conservative
working capital management, and capex reductions.  Management has
also decided not to pay dividends until the deleveraging plan is
completed, and until it sees a market recovery.  However, the
agency is concerned that these measures may not be sufficient to
offset the impact of continued weakening end market conditions,
particularly in the construction and tubular sectors to which
Evraz has the most exposure.

Fitch expects to resolve the RWN over the next two months.  Over
this period the agency will monitor developments in Evraz's key
end-markets and assess the impact on the company's credit profile
of measures implemented by management to reduce financial and
operational risks.  Fitch could potentially downgrade Evraz by one
notch if the agency assesses that the measures it takes are not
sufficient for credit measures to remain commensurate with the
present rating.

At FYE08 Evraz had total debt of US$10bn including US$3.9 billion
of short-term debt.  Gross debt/ EBITDA and net debt/EBITDA stood
at 1.57x and 1.42x respectively, and Fitch notes that the
company's debt at FYE08 increased 47% from FYE07 due to asset
acquisitions.  During the last six months, the company managed to
convert approximately US$650 million of short-term debt into
longer-term debt.  At end-Q1 2009, Evraz reduced total debt by
US$1 billion to US$9 billion, including the repurchase of its
bonds of approximately US$600 million of nominal value.

Fitch considers Evraz's liquidity position as adequate.  At FYE08,
the company had cash of US$929 million, and undrawn committed
facilities of US$486 million.  The company expects proceeds of
US$509 million from the sale of a remaining 49% in NS group to
TMK.  Fitch forecasts FY09 free cash flow in a range of US$2.1
billion-2.3 billion.  Total liquidity sources therefore should
equal at least US$4 billion against expected maturities of US$3.9
billion in 2009.  Evraz is also in the process of negotiating to
extend or refinance a US$1.8 billion loan provided by state-owned
bank VEB.

Evraz is a vertically integrated steel and mining business with
operations based in the Russian Federation, the United States,
Canada, Ukraine, the Czech Republic, Italy and South Africa.  The
company increased its revenue by 58% in FYE08 compared with FYE07
due to the consolidation of newly-acquired assets, which
contributed revenue of US$4,468 million, favorable pricing trends
in Q1-Q3 2008 and a positive product mix shift.


SPETS-STROY-RESURS LLC: Creditors Must File Claims by May 24
------------------------------------------------------------
Creditors of LLC Spets-Stroy-Resurs (TIN 1121011873) have until
May 24, 2009, to submit proofs of claims to:

         A. Belykh
         Temporary Insolvency Manager
         Prospect Dekabristov 43-41
         614022 Perm
         Russia

The Arbitration Court of Komi will convene at 11:45 a.m. on
Aug. 4, 2009, to hear bankruptcy supervision procedure on the
company. The case is docketed under Case No. ?29611/2009.

The Debtor can be reached at:

         LLC Spets-Stroy-Resurs
         Ukhtinskoe Shosse 35/8
         Syktyvkar
         167026 Komi
         Russia


TMK OAO: Moody's Downgrades Corporate Family Rating to 'B1'
-----------------------------------------------------------
Moody's Investors Service has downgraded the Ba3 Corporate Family
Rating for TMK, the Ba3 rating for the US$300 million Loan
Participation Notes due 2009 and US$600 million Loan Participation
Notes due 2011 to B1.  At the same time, Moody's Interfax Rating
Agency, which is majority owned by Moody's, downgraded a Aa3.ru
national scale credit rating to A2.ru.  The outlook was left
unchanged at negative.

The downgrade reflects worsening global macroeconomic conditions,
which negatively affected and would continue to affect the steel
industry including production of pipes.  Moody's commented that
there remains a limited visibility of short-term recovery.
Moody's note that the majority of the company's sales is generated
with customers in cyclical oil and gas industry, although demand
for certain types of tubular products is proved to be more
resilient so far than for others.  The production of seamless OCTG
pipes in Russia, the most profitable part of the company's
operations, demonstrates more stable demand pattern while the
demand for LD pipes is depressed by delays in construction of
large pipeline projects.  TMK IPSCO operations in the US, which
generated 15% sales volumes in 2008, are severely affected by the
current difficult economic environment and reduced oil and gas
exploration and production activities.  Though present limitations
on in demand for tubular goods in the US can also be attributed to
de-stocking activities of customers, the demand could remain
subdued as the inventories are high with estimation going as high
as 10 months supply.

The downgrade also reflects the fact that the company has not met
Moody's rating guidance for the Ba3 category with very limited
potential to come back in line in the intermediate term.
Although, Moody's originally stated that Moody's would tolerate
temporary increase in leverage above 2.5x EBITDA, weaker operating
performance and significant reduction in EBITDA below projected
level for 2009-2010 is likely to leave the leverage significantly
above these parameters at least until the end of 2010.  Moody's
notes that the company still has an elevated level of debt, which
would need to be reduced over time in order to further alleviate
pressure on the rating.

In addition, the short-term liquidity situation is under pressure
with US$1.4 billion coming due in the next 12 months including a
US$300 million Eurobond maturing in September 2009.  The agency
assumes that the banks will remain supportive by continuing roll-
over of short term lines, which constitute the most significant
part of the debt coming due in the next 12 months.  The company is
reportedly discussing refinancing options with a number of banks
that should be concluded in the next few weeks and is also working
on further improvement of its debt maturity profile together with
a gradual reduction in absolute level of debt.  Moody's also notes
that TMK has two outstanding bonds which include a leverage
covenant on which the headroom might tighten significantly over
the next few months though the agency emphasizes that the nature
of the covenant (ie an incurrence test rather than a maintenance
test) provides significant more flexibility to deal with any
potential issue.

Negative outlook reflects uncertainties related to the status of
on-going negotiations with the banks regarding Eurobond 2009
refinancing.  Furthermore, continued negative pressure on the
industry might further affect the TMK's operating performance in
the next 12 months worsening its credit metrics and put a negative
pressure on its ability to reduce debt over time.

The last rating action was implemented on 23 June 2008, when
Moody's confirmed the current rating at Ba3 and changed the
outlook to negative.  The rating could be downgraded further if
the company would not decrease its leverage below 4x with no
visibility to move toward 3x in the medium term.

TMK is Russia's largest and one of the world's leading
manufacturers of value-added steel pipe products for the oil & gas
industry.  TMK shipped 3.2 million metric tones of pipe products,
generated revenues of US$5.7 billion (36.2% increase YoY) and
reported EBITDA of US$1.01 billion (11% increase YoY) in 2008.
Prior to IPO TMK was fully owned by Mr. Pumpyanskiy.  His current
shareholding is 74.83%.


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


ISTRABENZ: Court Postpones Decision on Bawag Receivership Motion
----------------------------------------------------------------
STA reports that Istrabenz d.d. said in a statement on Thursday
that the Koper District Court has postponed a decision on the
receivership motion filed by Austrian bank Bawag until the end of
June.

On April 16, 2009, the Troubled Company Reporter-Europe, citing
Reuters, reported that Bawag filed a bankruptcy petition against
Istrabenz.  Citing local media reports, Reuters disclosed
Istrabenz and its affiliated firms owe EUR80 million to Bawag.

On April 2, 2009, the TCR-Europe, citing Reuters, reported the
company was forced into insolvency after it failed to reach a deal
with its creditors over its debt.  According to Reuters, Istrabenz
and its affiliated firms owe some EUR950 million (US$1.26 billion)
to 19 banks.  Reuters recalled the company made a net loss of
EUR220.8 million (US$294.2 million) in 2008 as a result of falls
in the value of its capital investments.

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


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


SANTANDER EMPRESAS: S&P Adjusts Rating on Class E Notes to 'B-'
---------------------------------------------------------------
Standard & Poor's Ratings Services adjusted its credit rating to
'B-' from 'BB-' on the class E notes issued by Fondo de
Titulizacion de Activos Santander Empresas 4.

The incorrect rating was due an administrative entry error made on
Jan. 23, 2009.

The rating was, however, correctly listed in a media release S&P
published on Jan. 23 taking rating action on these notes, among
others.  However, users of RatingsDirect and other information
sources who searched on this transaction would have found the
incorrect 'BB-' rating.


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


BADR AUTOMOBILE: Creditors Must File Proofs of Claim by May 14
--------------------------------------------------------------
Creditors of Badr Automobile GmbH are requested to file their
proofs of claim by May 14, 2009, to:

         Bassem Badr
         Liquidator
         Amselweg 50
         4528 Zuchwil
         Switzerland

The company is currently undergoing liquidation in Zuchwil.  The
decision about liquidation was accepted at a shareholders' meeting
held on March 23, 2009.


BERNARD L MADOFF: Irving Picard Subpoenas UBS AG on Accounts
------------------------------------------------------------
Irving Picard, the bankruptcy trustee liquidating Bernard L.
Madoff Investment Securities LLC, has subpoenaed UBS AG, said a
report by David Glovin, David Voreacos, and Christopher Scinta at
Bloomberg News, citing people familiar with the matter.

According to Bloomberg, the source said that Mr. Picard is seeking
information about Madoff accounts at UBS.  Bloomberg, citing the
source, states that Mr. Picard is seeking information about UBS
accounts held by several Madoff feeder funds and banks, including
Banco Santander SA.

Bloomberg quoted UBS spokesperson Karina Byrne as saying, "We have
received a third-party subpoena and we are complying."

A person familiar with the matter said that Plaza Investments
International Ltd. is named in the UBS subpoena, Bloomberg states.
Citing Plaza Investments investor and Swiss money manager Notz,
Stucki & Cie, Bloomberg says that Plaza Investments placed money
with Madoff.

Former federal prosecutor Daniel Richman said that Mr. Picard may
be seeking to identify funds from which he can clawback assets,
Bloomberg relates.  Mr. Picard may consult with Florida
prosecutors in the UBS case as well as New York prosecutors in the
Madoff case, the report states, citing Mr. Richman.

Bernard L. Madoff Investment Securities LLC was a market maker in
U.S. stocks, including all of the S&P 500 and more than 350 Nasdaq
stocks.  The firm moved large blocks of stock for institutional
clients by splitting up orders or arranging off-exchange
transactions between parties.  It also performed clearing and
settlement services.  Clients included brokerages, banks, and
other financial institutions.  In addition, Madoff Securities
managed assets for high-net-worth individuals, hedge funds, and
other institutional investors.

The firm is being liquidated in the aftermath of a fraud scandal
involving founder Bernard L. Madoff.

As reported by the Troubled Company Reporter on Dec. 15, 2008, the
Securities and Exchange Commission charged Mr. Madoff and his
investment firm with securities fraud for a multi-billion dollar
Ponzi scheme that he perpetrated on advisory clients of his firm.
The estimated losses from Madoff's fraud were allegedly at least
50 billion.

Also on Dec. 15, 2008, the Honorable Louis A. Stanton of the U.S.
istrict Court for the Southern District of New York granted the
application of the Securities Investor Protection Corporation for
a decree adjudicating that the customers of BLMIS are in need of
the protection afforded by the Securities Investor Protection Act
of 1970.  Irving H. Picard, Esq., was appointed as trustee for the
liquidation of BLMIS, and Baker & Hostetler LLP was appointed as
counsel.

Mr. Madoff, if found guilty of all counts, would be imprisoned for
150 years, but legal experts expect the actual sentence to be much
lower and would still be an effective life sentence for the 70-
year-old defendant, WSJ notes.  Mr. Madoff, WSJ relates, would
also face millions of dollars in possible criminal fines.  The
report says that Mr. Madoff has been free on bail since his arrest
on December 11, 2008.  There was no plea agreement with Mr. Madoff
in which leniency in sentencing might be recommended, the report
states, citing prosecutors.


BIOTIKI SCHWEIZ: Claims Filing Deadline is May 14
-------------------------------------------------
Creditors of Biotiki Schweiz AG are requested to file their proofs
of claim by May 14, 2009, to:

         Christian Ritter
         Liquidator
         A. Emmenegger AG
         Falknerstrasse 1
         4001 Basel
         Switzerland

The company is currently undergoing liquidation in Basel.  The
decision about liquidation was accepted at a general meeting held
on March 24, 2009.


CASINO RESTAURANT: Creditors' Proofs of Claim Due on May 14
-----------------------------------------------------------
Creditors of Casino Restaurant GmbH are requested to file their
proofs of claim by May 14, 2009 to:

         Casino Restaurant GmbH
         Ramsenburgweg 5c
         9100 Herisau
         Switzerland

The company is currently undergoing liquidation in Herisau.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on March 23, 2009.


HOUSE SERVICE: Claims Filing Deadline is May 14
-----------------------------------------------
Creditors of House Service GmbH are requested to file their proofs
of claim by May 14, 2009, to:

         Samuel Hess
         Liquidator
         Halbruetiacker 6
         4614 Hagendorf
         Switzerland

The company is currently undergoing liquidation in Hagendorf.  The
decision about liquidation was accepted at the shareholders'
meeting held on March 17, 2009.


M. + F. TSCHANZ: Creditors Must File Proofs of Claim by May 14
--------------------------------------------------------------
Creditors of M. + F. Tschanz AG are requested to file their proofs
of claim by May 14, 2009, to:

         Juker Andreas
         Stauffacherstrasse 17
         Mail Box 334
         3000 Bern 22
         Switzerland

The company is currently undergoing liquidation in Bern.  The
decision about liquidation was accepted at a general meeting held
on March 24, 2009.


SCHOETTLI INTERMETALL: Proof of Claim Filing Deadline is May 14
---------------------------------------------------------------
Creditors of Schoettli Intermetall AG are requested to file their
proofs of claim by May 14, 2009, to:

         Theo Schoettli
         Liquidator
         Grieshalde 12
         8253 Diessenhofen
         Switzerland

The company is currently undergoing liquidation in Diessenhofen.
The decision about liquidation was accepted at an extraordinary
general meeting held on Feb. 27, 2009.


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


AT M-TRADING LLC: Creditors Must File Claims by May 15
------------------------------------------------------
Creditors of LLC AT M-Trading (code EDRPOU 35370229) have until
May 15, 2009, to submit proofs of claim to:

         LLC PTP Ergofor
         Insolvency Manager
         Office 197
         Yanvarskogo Vosstaniya St. 3-b
         01010 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on Dec. 1, 2008.  The case is docketed under
Case No. 24/77-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 AT M-Trading
         Kikvidze St. 18
         01010 Kiev
         Ukraine


BAGET-B LLC: Creditors Must File Claims by May 16
-------------------------------------------------
Creditors of LLC Trading House Baget-b (code EDRPOU 31582700) have
until May 16, 2009, to submit proofs of claim to:

         S. Lunkova
         Insolvency Manager
         Office 47
         Politboytsov str. 5
         83054 Donetsk
         Ukraine

The Economic Court of Donetsk commenced bankruptcy proceedings
against the company on March 25, 2004.  The case is docketed under
Case No. 27/18B.

The Court is located at:

         The Economic Court of Donetsk
         Artem St. 157
         Donetsk
         Ukraine

The Debtor can be reached at:

         LLC Trading House Baget-b
         Mushketovskaya St. 20-V
         83014 Donetsk
         Ukraine


DNEPROSHYNA OJSC Creditors Must File Claims by May 16
-----------------------------------------------------
Creditors of OJSC Dneproshyna Subsidiary Company Trading House
Dneproshyna (code EDRPOU 30992704) have until May 16, 2009, to
submit proofs of claim to:

         V. Verbas
         Insolvency Manager
         Boris Krotov str. 24
         49600 Dnepropetrovsk
         Ukraine

The Economic Court of Dnepropetrovsk commenced bankruptcy
proceedings against the company on March 11, 2009.  The case is
docketed under Case No. B29/58-09(B15/304-08).

The Court is located at:

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

The Debtor can be reached at:

         OJSC Dneproshyna
         Krotov St. 24
         49600 Dnepropetrovsk
         Ukraine


DNEPROYEL LLC: Creditors Must File Claims by May 16
----------------------------------------------------
Creditors of LLC Dneproyel (code EDRPOU 33690317) have until
May 16, 2009, to submit proofs of claim to S. Ilnitsky, the
company's insolvency manager.

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on April 3, 2009.  The case is docketed under
Case No. 44/22-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Dneproyel
         Surikov St. 3
         03035 Kiev
         Ukraine


POPOVKA LLC: Creditors Must File Claims by May 16
-------------------------------------------------
Creditors of Agricultural LLC Popovka (code EDRPOU 05525983) have
until May 16, 2009, to submit proofs of claim to:

         N. Alekseyenko
         Insolvency Manager
         Office 16
         Engels str. 172
         18018 Cherkassy
         Ukraine

The Economic Court of Cherkassy commenced bankruptcy proceedings
against the company on March 26, 2009.  The case is docketed under
Case No. 01/800.

The Court is located at:

         The Economic Court of Cherkassy
         Shevchenko Boulevard 307
         18004 Cherkassy
         Ukraine

The Debtor can be reached at:

         Agricultural LLC Popovka
         Popovka
         Zvenigorodsky
         20236 Cherkassy
         Ukraine


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


ALBA 2007-1: S&P Downgrades Rating on Class E Notes to 'B'
----------------------------------------------------------
Standard & Poor's Ratings Services took various rating actions on
notes issued by ALBA 2007-1 PLC.

Specifically:

  -- S&P lowered and removed from CreditWatch negative its ratings
     on the class A3, B, C, D, and E notes;

  -- S&P removed from CreditWatch negative and affirmed its
     ratings on the class A2 notes;

  -- S&P affirmed its rating on the MERCs.

On Oct. 10, 2008, S&P placed all the notes in this transaction on
CreditWatch negative.  These CreditWatch placements were due to
the removal of the liquidity facility after the renewal notice was
not delivered under the terms of the liquidity facility agreement
and the fact that the liquidity facility expired on or about
June 17, 2008.

On Jan. 26, 2009, S&P downgraded the class B to E notes following
S&P's analysis of the deteriorating collateral performance.  The
ratings remained on CreditWatch negative due to the continuing
absence of a liquidity facility.  At that time, S&P understood
that the issuer was in negotiations to find a replacement
liquidity facility provider.

S&P understand that the liquidity facility has, so far, not been
replaced.  Therefore, S&P has lowered its ratings on the class A3
to E notes taking into account the information S&P has as to the
current transaction structure and performance.  Were a replacement
liquidity facility to be put in place on substantially the same
terms and conditions, S&P would expect to consider, all else being
equal, raising the ratings to levels reflecting the performance
and capital structure at that point.

According to the March 2009 investor report, the un-indexed
weighted-average current loan-to-value ratio was 84.92%.  The
transaction closed in June 2007.  Between June 2007 and April 2009
the Nationwide house price index indicated a 17.5% fall in U.K.
house prices.  Therefore, in S&P's opinion, a significant
proportion of the pool is now likely to be in negative equity.

The reserve fund is at 33% of its required amount after four
consecutive reserve fund draws.  Cumulative losses increased to
0.95% in March 2009 from 0.57% in December 2008.  The current loss
severity is 34.4%.  S&P believes the reserve fund is likely to be
fully drawn in the near future.

S&P has affirmed and removed from CreditWatch negative its rating
on the class A2 notes because, according to S&P's analysis, they
no longer rely on the liquidity facility to pass S&P's 'AAA'
stress scenario.  The class A1a and A1b notes have redeemed in
full.

                           Ratings List

                         ALBA 2007-1 PLC
        GBP841 Million and EUR190 Million Mortgage-Backed
                       Floating-Rate Notes

      Ratings Lowered and Removed From CreditWatch Negative

                            Rating
                            ------
         Class      To                    From
         -----      --                    ----
         A3         AA                    AAA/Watch Neg
         B          A                     AA/Watch Neg
         C          BBB                   A/Watch Neg
         D          BB                    BBB/Watch Neg
         E          B                     BB/Watch Neg

      Rating Affirmed and Removed From CreditWatch Negative

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

                         Rating Affirmed

                         MERCs      AAA

                        Ratings Withdrawn

                             Rating
                            ------
              Class      To                    From
              -----      --                    ----

              A1a        NR                    AAA
              A1b        NR                    AAA

                          NR Not rated.


BUSINESS MORTGAGE: Fitch Junks Ratings on Three Classes of Notes
----------------------------------------------------------------
Fitch Ratings has downgraded 15 tranches and affirmed 36 tranches
of the Business Mortgage Finance PLC series and revised the
Outlooks on nine tranches:

BMF1 (due 2036):

  -- GBP1.9 million class A notes (XS018220413): affirmed at
     'AAA'; Outlook Stable

  -- Detachable A coupon (XS0186221817): affirmed at 'AAA';
     Outlook Stable

  -- GBP13.8 million class M (XS0186220769): affirmed at 'AAA';
     Outlook Stable

  -- GBP5.3 million class B (XS0186221577): affirmed at 'AA-';
     Outlook revised to Stable from Positive

  -- MERCs (XS0186222468): affirmed at 'AAA'; Outlook Stable

BMF2 (due 2037):

  -- GBP3.0 million class A notes (XS0203851117): affirmed at
     'AAA'; Outlook Stable

  -- Detachable A coupon (XS0203848329): affirmed at 'AAA';
     Outlook Stable

  -- GBP26.7 million class M notes (XS0203851380): affirmed at
     'AA'; Outlook Positive

  -- GBP10.1 million class B notes (XS0203851463): affirmed at
     'BBB+'; Outlook revised to Stable from Positive

  -- MERCs (XS0203846380): affirmed at 'AAA'; Outlook Stable

BMF3 (due 2038):

  -- GBP26.0 million class A1 notes (XS0223481325): affirmed at
     'AAA'; Outlook Stable

  -- Detachable A1 coupon (XS0223483610): affirmed at 'AAA';
     Outlook Stable

  -- EUR27.0 million class A2 notes (XS0223481598): affirmed at
     'AAA'; Outlook Stable

  -- Detachable A2 coupon (XS0223483883): affirmed at 'AAA';
     Outlook Stable

  -- GBP42.5 million class M notes (XS0223481838): affirmed at
     'A'; Outlook revised to Stable from Positive

  -- GBP9.5 million class B1 notes (XS0223482307): affirmed at
     'BBB'; Outlook Stable

  -- EUR8.0 million class B2 notes (XS0223482729): affirmed at
     'BBB'; Outlook Stable

  -- GBP2.5 million class C notes (XS0223483024): affirmed at
     'BB'; Outlook revised to Negative from Stable

  -- MERCs (XS0224878099): affirmed at 'AAA'; Outlook Stable

BMF4 (due 2045):

  -- GBP100.8 million class A (XS0249507947): affirmed at 'AAA';
     Outlook Stable

  -- Detachable A coupon (XS0250410114): affirmed at 'AAA';
     Outlook Stable

  -- GBP41.3 million class M (XS0249508242): affirmed at 'A';
     Outlook Stable

  -- GBP15.0 million class B (XS0249508754): downgraded to 'BB'
     from 'BBB'; Outlook Negative

  -- GBP7.3 million class C (XS0249509133): downgraded to 'B' from
     'BB'; Outlook Negative

  -- MERCs (XS0250413563): affirmed at 'AAA'; Outlook Stable

BMF5 (due 2039):

  -- GBP69.7 million class A1 notes (XS0271320060): affirmed at
     'AAA': Outlook revised to Negative from Stable

  -- Detachable A1 coupon (XS0271321035): affirmed at 'AAA':
     Outlook Stable

  -- EUR125.5 million class A2 notes (XS0271323163): affirmed at
     'AAA': Outlook revised to Negative from Stable

  -- Detachable A2 coupon (XS0271323676): affirmed at 'AAA':
     Outlook Stable

  -- GBP27.0 million class M1 notes (XS0271324724): downgraded to
     'BBB+' from 'A'; Outlook Negative


  -- EUR36.5 million class M2 notes (XS0271324997): downgraded to
     'BBB+' from 'A'; Outlook Negative

  -- GBP12.0 million class B1 notes (XS0271325291): downgraded to
     'B+' from 'BB'; Outlook Negative

  -- EUR11.5 million class B2 notes (XS0271325614): downgraded to
     'B+' from 'BB'; Outlook Negative

  -- GBP8.7 million class C notes (XS0271326000): downgraded to
     'CC' from 'B'; assigned a Recovery Rating of 'RR5'

  -- MERCs (XS0271326778): affirmed at 'AAA': Outlook Stable

BMF6 (due 2040):

  -- GBP87.0 million class A1 notes (XS0299445808): affirmed at
     'AAA', Outlook revised to Negative from Stable

  -- Detachable A1 coupon (XS0299535384): affirmed at 'AAA':
     Outlook Stable

  -- EUR329.0 million class A2 notes (XS0299446103): affirmed at
     'AAA': Outlook revised to Negative from Stable

  -- Detachable A2 coupon (XS0299536515): affirmed at 'AAA':
     Outlook Stable

  -- GBP38.0 million class M1 notes (XS0299446442): downgraded to
     'BBB' from 'A'; Outlook Negative

  -- EUR55.6 million class M2 notes (XS0299446798): downgraded to
     'BBB' from 'A'; Outlook Negative

  -- EUR39.1 million class B2 notes (XS0299447507): downgraded to
     'B' from 'BBB'; Outlook Negative

  -- GBP17.3 million class C notes (XS0299447846): downgraded to
     'CC' from 'B'; assigned a Recovery Rating of 'RR5'

  -- MERCs (XS0300896775): affirmed at 'AAA': Outlook Stable

BMF7 (due 2041):

  -- GBP172.5 million class A1 notes (XS0330211359): affirmed at
     'AAA': Outlook revised to Negative from Stable

  -- Detachable A1 coupon (XS0330212597): affirmed at 'AAA':
     Outlook Stable

  -- GBP38.7 million class M1 notes (XS0330220855): downgraded to
     'BBB' from 'A'; Outlook Negative

  -- EUR5.0 million class M2 notes (XS0330222638): downgraded to
     'BBB' from 'A'; Outlook Negative


  -- GBP12.4 million class B1 notes (XS0330228320): downgraded to
     'BB-' from 'BBB'; Outlook Negative

  -- GBP7.9 million class C notes (XS0330229138): downgraded to
     'CCC' from 'BB'; assigned a Recovery Rating of 'RR5'

  -- MERCs: affirmed at 'AAA': Outlook Stable


C.P.S. LAND: Appoints Liquidator from Tenon Recovery
----------------------------------------------------
Duncan R. Beat of Tenon Recovery was appointed liquidator of
C.P.S. Land and New Homes Ltd. on April 9, 2009, for the
creditors' voluntary winding-up proceeding.

The company can be reached through Tenon Recovery at:

         75 Springfield Road
         Chelmsford
         Essex
         CM2 6JB
         England


CASTLELEIGH HOLDINGS: Placed Into Administration
-------------------------------------------------
David Doyle at Property Week reports that Castleleigh Holdings
Ltd, the developer and owner of Charters, a luxury residential
development near Ascot, has been placed into administration after
running into financial difficulties because of the downturn.

PricewaterhouseCoopers has been appointed administrator of the
company, the report discloses.  The report relates
PricewaterhouseCoopers said 15 apartments have been sold in the
34-apartment Charters scheme.

"Our immediate priority, upon appointment, is to go through a
period of stabilization to ensure that the needs of the current
owners and residents are properly addressed and the small amount
of remaining work is completed quickly and efficiently," the
report quoted Barry Gilbertson, partner in the distressed property
team at PricewaterhouseCoopers, as saying.  "We will then bring
the remaining 19 apartments to the market, while managing the
estate to optimize the amenities for the benefit of current and
future owners in what must be one of the most desirable locations
in the home counties."


CHERRY MOVE: Appoints Joint Liquidators from Tenon Recovery
-----------------------------------------------------------
Ian William Kings and Steven Philip Ross of Tenon Recovery were
appointed joint liquidators of Cherry Move Ltd. on April 21, 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


CNP: Placed Into Administration; Buyer Sought for Business
----------------------------------------------------------
Building's Emily Wright reports that building consultant CNP has
been placed into administration.

Zolfo Cooper is handling the administration, the report discloses.

According to the report, a number of rival consultants are
considering making a bid for the company, which posted a turnover
of GBP14.5 million last year.  The report relates in a letter sent
to clients on Tuesday the company said "suitors are sought for
all, or parts of the business".

The report recalls CNP's parent group, LandAmerica, filed for
Chapter 11 Bankruptcy in November last year and refused to accept
CNP's proposal for a management buyout.

CNP -- http://www.cnpltd.co.uk/-- is a building and project
consultancy specializing in all aspects of building surveying,
project management, quantity surveying, construction technology,
sustainability and energy services.  The company offices
throughout the United Kingdom, Ireland and Europe.


CORNERSTONE TITAN: Fitch Junks Ratings on Three Classes of Notes
----------------------------------------------------------------
Fitch Ratings has downgraded eight classes of Cornerstone Titan
2006-1 Plc's notes, due 2015, and affirmed the class A and class X
notes:

  -- GBP364.7 million class A (XS0262023459) affirmed at 'AAA';
     Outlook revised to Negative from Stable

  -- GBP0.1 million class X (XS0262023707) affirmed at 'AAA';
     Outlook Stable


  -- GBP49.6 million class B (XS0262023962) downgraded to 'AA-'
     from 'AAA'; Outlook revised to Negative from Stable

  -- GBP20.1 million class C (XS0262024184) downgraded to 'A' from
     'AA'; Outlook Negative

  -- GBP25.4 million class D (XS0262024424) downgraded to 'BBB'
     from 'AA'; Outlook Negative

  -- GBP20.6 million class E (XS0262025157) downgraded to 'BB'
     from 'A'; Outlook Negative

  -- GBP28.3 million class F (XS0262025405) downgraded to 'B' from
     'BBB'; Outlook Negative

  -- GBP12.5 million class G (XS0262025744) downgraded to 'CCC'
     from 'BBB-'; assigned a 'RR4' Recovery Rating

  -- GBP5.0 million class H (XS0262026551) downgraded to 'CCC'
     from 'BB'; assigned a 'RR5' Recovery Rating

  -- GBP3.1 million class J (XS0262027104) downgraded to 'CCC'
     from 'B'; assigned a 'RR5' Recovery Rating

The downgrades reflect the impact of deteriorating UK property
market conditions on the creditworthiness of the outstanding loans
in the transaction.  The loans secured by non-prime assets in
secondary locations are particularly impacted.  This is reflected
in the weighted average Fitch A-note LTV of 102.3% compared to a
reported A-note LTV of 72.7%, implying a WA market value decline
of 29% since origination.

The transaction consists of nine commercial mortgage loans.  Since
closing, property disposals, partial prepayments and a small
amount of scheduled amortization have resulted in a reduction of
the pool balance to GBP529.2 million from GBP564.1 million.  The
loans are secured by a mixture of assets across the UK and the
Channel Islands with a large concentration in office properties
(81% by market value, MV) and the London area (75% by MV).  Three
of the loans -- Lloyds Chambers, Argos Distribution and Woolgate
Exchange (71% of the pool) -- have subordinated B-note tranches
that significantly increase the whole loan LTV ratios.

The reported performance of the largest loan, the Woolgate
Exchange Loan (45.4% of the loan pool), remains broadly unchanged
since closing.  The loan is secured on a Grade A office property
in the City of London, which is single-let to West LB AG
('A-'/'F1'/Stable) with an unexpired lease term of 11.7 years.
The loan has a current reported interest coverage ratio of 1.16x.
Fitch estimates a MVD of 32.1% since closing, and the current
Fitch A-note LTV stands at 106.2% compared to the reported A-note
LTV of 72.1%.  On a whole loan basis, Fitch estimates an LTV of
120.3%, and the existence of a B-note tranche reduces the chances
of an orderly payoff at loan maturity in July 2011.

The Peacock Place loan (2.5% of the pool), which is secured by a
secondary shopping centre located in Northampton, is currently in
special servicing.  Multiple retailer administrations, evidenced
by a spike in vacancy levels to 41% from 11% at closing, have
resulted in the borrower being unable to make the full interest
payment due at the April 2009 IPD and the loan was subsequently
transferred to special servicing.  The special servicer, Capmark
Services UK Limited ('CSS2'/Rating Watch Negative), intends to
accelerate the loan and appoint an LPA (Law of property Act 1925)
receiver over the property to control the collection of rental
income and the management of the property.  The significant
widening in yields for secondary retail assets, combined with the
deteriorating income profile of the centre, results in a Fitch LTV
of 117.5% compared to a reported LTV of 79.6%, suggesting a
sizeable MVD of 32.3% since closing.

Income levels for the Argos Distribution Centre, Capital House,
Regency Court and Aldermanbury Square loans (29.1% of the pool)
have remained broadly unchanged since closing.  Fitch LTVs range
between 90% and 110%, resulting in below-average MVDs ranging
between 15% (for the Regency Court loan) and 30% (for the Argos
Distribution Centre loan).  This is mainly driven by the prime
nature of the collateral, the good covenant strength of the
tenants and/or the relatively long unexpired lease terms.

Fitch will continue to monitor the performance of the transaction.


DIGITAL RIGHTS: Taps Joint Liquidators from Tenon Recovery
----------------------------------------------------------
S. J. Parker and T. J. Binyon of Tenon Recovery were appointed
joint liquidators of Digital Rights Management Ltd. on April 17,
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


ELLIOT HOLDINGS: Taps Joint Liquidators from Tenon Recovery
-----------------------------------------------------------
Nigel Ian Fox and Andrew James Pear of Tenon Recovery were
appointed joint liquidators of The House Of Elliot Holdings Ltd.
on April 9, 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


ELISION HEALTH: Appoints Liquidators from Smith & Williamson
------------------------------------------------------------
Robert William Leslie Horton and James Douglas Ernle Money of
Smith & Williamson Limited were appointed joint liquidators of
Elision Health Ltd. on March 20, 2009, for the creditors'
voluntary winding-up proceeding.

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

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


FLEET STREET: Fitch Affirms Rating on Class E Notes at 'BB+'
------------------------------------------------------------
Fitch Ratings has affirmed Fleet Street Finance One Plc's
commercial mortgage-backed floating rate notes, due 2014:

  -- GBP66.5 million class A (XS0224564236): affirmed at 'AAA';
     Outlook Stable

  -- GBP10.8 million class B (XS0224564582): affirmed at 'AA+';
     Outlook Stable

  -- GBP10.2 million class C (XS0224565043): affirmed at 'AA';
     Outlook Stable

  -- GBP10 million class D (XS0224565126): affirmed at 'BBB+';
     Outlook Negative

  -- GBP10.4 million class E (XS0224565639): affirmed at 'BB+';
     Outlook Negative

While the collateral has not been re-valued since December 2004,
Fitch estimates its market value has only slightly deteriorated
since then, resulting in a Fitch loan-to-value ratio of 57.1%
compared to a reported LTV of 47.2%.  The loan benefits from
scheduled amortization leading to a reported exit LTV of 45.8%.

The Negative Outlooks on classes D and E reflect the volatile
nature of the income of the remaining loan, which is secured by 14
hotel properties scattered around the UK, and the negative market
outlook for the UK lodging industry.  They also reflect Fitch's
concern about current difficult lending conditions ahead of the
approaching loan maturity in February 2010.  This could make it
difficult for the loan to be re-financed despite its moderate LTV.

Taking into account the sale of 14 hotels, the remaining assets'
net operating income is broadly the same as it was at closing,
highlighted by a virtually unchanged interest coverage ratio of
2.67x.  However, in Q109 NOI has dropped sharply from its peaks
reached between 2007 and mid-2008, mainly driven by a
significantly reduced occupancy rate (57.1% vs. 66.3% in Q108 and
67.9% in Q107).  Furthermore, Fitch considers this cash flow to be
much more volatile than for standard leased properties and
believes it may be more severely affected by the current economic
downturn, given the expected reduction in demand for
accommodation.

Fitch will continue to monitor the performance of the transaction.


G A DEVELOPMENT: Calls in Liquidator from Tenon Recovery
--------------------------------------------------------
Andrew Appleyard of Tenon Recovery was appointed liquidator of G A
Development Ltd. on April 20, 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


GEMINI PLC: Fitch Corrects May 6 Rating Press Release
-----------------------------------------------------
This comment corrects the version issued.  It verifies that the
class C, D and E notes do not have Outlooks.  The corrected
comment follows.

Fitch Ratings has downgraded Gemini (Eclipse 2006-3) plc's five
classes of notes, due July 2016:

  -- GBP569.15 million class A due July 2016 (XS0273575107):
     downgraded to 'BBB-'(BBB minus) from 'AAA'; Outlook revised
     to Negative from Stable

  -- GBP27.76 million class B due July 2016 (XS0273576289):
     downgraded to 'BB' from 'AAA'; remains on Outlook Negative


  -- GBP101.8 million class C due July 2016 (XS0273576446):
     downgraded to 'CCC' from 'A'; assigned a Recovery Rating of
     'RR5'

  -- GBP81.4 million class D due July 2016 (XS0273576792)
     downgraded to 'CC' from 'BBB'; assigned a Recovery Rating of
     'RR6'

  -- GBP70.21 million class E due July 2016 (XS0273576958):
     downgraded to 'CC' from 'BB'; assigned a Recovery Rating of
     'RR6'

The notes issued by Gemini (Eclipse 2006-3) plc are secured
against a GBP850.4 million interest-only senior loan originated in
November 2006 by Barclays Bank PLC ('AA'/'F1+'/Stable).  In
combination with a GBP105.8 million junior loan, the securitized
loan is secured against a portfolio of 35 generally secondary
quality properties.  The loans breached their LTV covenants in
July 2008 as a result of a downward revaluation of the properties,
and were subsequently transferred into special servicing, where
they have remained since.  The last revaluation of the collateral,
in September 2008, reported a value of GBP801.4 million, and a
senior LTV of 106.1%.  The momentum of generally falling values
has continued since then and Fitch presently estimates the current
market value at GBP627 million, and a Fitch senior LTV of 135%.

The properties are shopping centres and offices located around the
UK, with some exposure to logistics and retail warehouses.
Although income is fairly stable and granular, in a handful of
retail properties vacancy rates are rising or remain excessively
high, which may prove difficult to reverse.  Overall vacancy rates
have fallen, although not enough to prevent the interest coverage
ratio from declining as rental top up payments gradually roll off
in accordance with a set quarterly schedule agreed at closing.

There are two borrower-level interest rate swaps which are both
due to mature in July 2026, 10 years after loan maturity and seven
years after bond legal maturity.  Recent falls in swap rates have
precipitated a negative mark-to-market amount of GBP113 million in
total (as of April 14), and since this amount ranks prior to the
notes, it represents an increase in the leverage of all the notes.
Including this liability, Fitch's calculation for the senior MTM
LTV rises above 150%.  Although the MTM amount may decline as the
swaps' duration falls over time, the long-datedness of the swaps
means that unless applicable rates rise, a material MTM amount
would be payable out of loan recovery proceeds before principal is
repaid to noteholders, irrespective of the timing of a potential
liquidation.

At present, there is a combination of low swap rates and high
property yields.  Although in such an environment the long
duration of the swaps reduces the flexibility available to the
servicer, the prospect of the "yield gap" narrowing over time,
either as swap rates rise or property yields fall, may encourage
the servicer to hold off from liquidation and allow the duration
of the swap to decline.  The granularity and quality of income,
coupled with a relatively benign lease break profile, ought to
facilitate this and are therefore moderating forces in Fitch's
rating action.

Servicing is currently being managed by CB Richard Ellis Loan
Servicing Limited.  This operation, which has a Primary Servicer
Rating of 'CPS3+UK', replaced Barclays Capital Mortgage Servicing
('CPS2UK') in April 2009.  Although Fitch has not assigned a UK
Special Servicer Rating to CBRELS, the agency conducted a review
of its special servicing capabilities, which it deemed sufficient
for this transaction.  The servicing transfer does not have any
immediate impact on ratings.


IMPACT STAFF: Appoints Joint Liquidators from Tenon Recovery
------------------------------------------------------------
Nigel Ian Fox of Tenon Recovery and Andrew James Pear of Tenon
Recovery were appointed joint liquidators of Impact Staff Ltd. on
April 9, 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


LANDMARK MORTGAGE: S&P Puts 'BB'-Rated Class D Notes on Neg. Watch
------------------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch negative
its credit ratings on the class B, C, and D notes issued by
Landmark Mortgage Securities No.1 PLC.

These CreditWatch placements follow S&P's initial review of the
most recent loan-level data and transaction report S&P received
for this transaction.  This analysis was a direct result of the
reserve fund draw the transaction experienced on its March payment
date and its increasing arrears and losses.

The last payment report showed that over a six-month period
(September 2008 to March 2009) 90+ days arrears have risen to
34.13% from 13.93% with total arrears hitting 48.67% from 29.76%
(both measures include repossessions).  S&P notes that some of
these increases may be due to technical movements between arrears
buckets.

Cumulative losses have now reached 1.10% of the original note
balance, up from 0.59% six months ago.  S&P expects this number to
increase due to the high number of 90+ day arrears and 5.14% of
the mortgages currently in repossession.  S&P's calculations show
that the transaction currently has an average loss severity of
25.00%; however, the March 2009 report indicated a loss severity
of 39.91% with the December 2008 report indicating a 32.08% loss
severity.

Both arrears and losses for LMS 1 are trending above S&P's
nonconforming index, and have increased sharply over recent
months.  The transaction is also performing worse than the index
for the 2006 vintage.  This can be seen in S&P's most recent index
report.

S&P has conducted its analysis in line with S&P's U.K. residential
mortgage-backed securities criteria.  S&P will now conduct further
credit and cash flow analysis, to resolve the CreditWatch
placements once S&P has received the April loan-level data.

The notes, issued in 2006, are backed by a portfolio of first-
ranking residential mortgages secured over properties in the U.K.
The mortgage loans were originated by Unity Homeloans Ltd.,
Infinity Mortgages Ltd., and Amber Homeloans Ltd. and subsequently
purchased by Investec Bank (UK) Ltd.

                           Ratings List

              Ratings Placed on CreditWatch Negative

              Landmark Mortgage Securities No.1 PLC
      EUR105.2 Million and GBP127.1 Million Mortgage-Backed
                       Floating-Rate Notes

                                 Rating
                                 ------
             Class      To                     From
             -----      --                     ----
             B          A/Watch Neg            A
             Ca         BBB/Watch Neg          BBB
             Cc         BBB/Watch Neg          BBB
             D          BB/Watch Neg           BB


NCS SUPPLIES: Appoints Joint Liquidators from Grant Thornton
------------------------------------------------------------
Joseph P. McLean and Keith Hinds of Grant Thornton UK LLP were
appointed joint liquidators of NCS Supplies Ltd. on March 13,
2009, for the creditors' voluntary winding-up proceeding.

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

         Earl Grey House
         75-85 Grey Street
         Newcastle upon Tyne
         NE1 6EF
         England


PANORAMIC PRESENTATIONS: Brings in Liquidators from Tenon Recovery
------------------------------------------------------------------
Christopher Benjamin Barrett and Christopher Ratten of Tenon
Recovery were appointed joint liquidators of Panoramic
Presentations Ltd. on April 14, 2009, for the creditors' voluntary
winding-up proceeding.

The company can be reached through Tenon Recovery at:

         Clive House
         Clive Street
         Bolton
         BL1 1ET
         England


PREMIUM 1ST: Taps Liquidator from Grant Thornton
------------------------------------------------
Ian Carr of Grant Thornton UK LLP was appointed liquidator of
Premium 1ST Ltd. on April 21, 2009, for the creditors' voluntary
winding-up proceeding.

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

         Byron House
         Cambridge Business Park
         Cambridge
         CB4 0WZ
         England


TAYLOR WIMPEY: Raising GBP510 Million to Cut Debt
-------------------------------------------------
Scott Hamilton at Bloomberg News reports Taylor Wimpey Plc Chief
Executive Officer Peter Redfern said the company will raise GBP510
million (US$766 million) selling shares as a "last major step" in
its refinancing process.

According to the report, the homebuilder will raise gross proceeds
of GBP266 million by selling new shares to existing shareholders
and another GBP266 million by placing stock with new investors.
The shares in both transactions will be priced at 25 pence apiece,
the report says.

The report relates Taylor Wimpey will use the proceeds to pay down
debt, cutting costs by GBP425 million through 2011 after a
refinancing agreement in April committed Taylor Wimpey to reducing
borrowings or facing higher interest payments.

                 GBP1.57 Billion Debt Refinancing

As reported in the Troubled Company Reporter-Europe on May 4,
2009, Graham Ruddick at Telegraph.co.uk said Taylor Wimpey's
Eurobond holders approved the refinancing of its GBP1.57 billion
of debt.

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

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

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

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

                        About Taylor Wimpey

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

                        *     *     *

As reported in the Troubled Company Reporter-Europe on May 7,
2009, Fitch Ratings 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.


TRIANGLE COMPUTER: Brings in Joint Liquidators from Tenon Recovery
------------------------------------------------------------------
Alexander Kinninmonth and Nigel Ian Fox of Tenon Recovery were
appointed joint liquidators of  on , 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


VEDANTA RESOURCES: Pre-Tax Profits for Yr. Ended March 31 Down 57%
------------------------------------------------------------------
Garry White at Telegraph.co.uk reports that Vedanta Resources
plc's pre-tax profits in the 12-month period to March 31 fell 57%
to US$1.2 billion as commodity prices tumbled in the second half
of the year.

The report relates the company's revenues declined 20% to US$6.58
billion (GBP4.4 billion).

Vedanta, the report discloses, has US$4.9 billion in cash on its
balance sheet while net debt stood at US$200 million after a US$2
billion-plus bond sale to cover investment in capacity extensions
over the period.  According to the report, the company is cash
generative with free-cash flow of US$1.7 billion.

The company's final dividend of 25 cents per share will be paid on
August 5, the report says.  The report notes shareholders can
receive the dividend in sterling at a pre-determined exchange
rate, which equates to 16.7p a share.

                About Vedanta Resources plc

Headquartered in London, Vedanta Resources plc --
http://www.vedantaresources.com/-- operates in business segments
that consist of aluminium, copper, zinc and iron ore, with
residual components being reported as other (mainly energy and
gold).  The Company's operations are located in India, Zambia and
Australia.  On April 23, 2007, Vedanta acquired Finsider
International Company Limited (Finsider), an investment holding
company.  In September 2007, the Company, through one of its
subsidiaries, sold all of the interest it held in Twin Star
International.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on Dec. 26,
2008, Moody's Investors Service downgraded to Ba1 from Baa3 the
corporate family rating of Vedanta Resources plc.  Concurrently,
Moody's downgraded to Ba2 from Ba1 the company's senior unsecured
rating.  Moody's said the outlook on the ratings is stable.


* Fitch Says UK Homebuilding Sector May Be Slower to Recover
------------------------------------------------------------
Fitch Ratings says the expected continuation of weak market
conditions in the UK housing market will restrict the pace at
which the UK homebuilding sector can de-leverage.  The agency
therefore expects that it will take indebted housebuilders a
significant length of time to repair their strained credit
profiles.  As a result the sector may be slower to recover -- from
a credit perspective -- than other industries once general
economic conditions improve, especially compared to industries
with inherently less leverage and better trading prospects.

Over the past nine months a number of indebted UK homebuilders,
such as Taylor Wimpey plc (rated 'CCC' / Rating Watch Positive),
Barratt Development plc and Persimmon plc, have successfully
averted short-term liquidity problems by refinancing debt and/or
amending financial covenants.  With their immediate financial
concerns now seemingly resolved, many homebuilders are now in the
midst of a significant de-leveraging process as they attempt to
adapt to the more austere conditions, notably by reducing
excessive debt levels built up following over-priced land
acquisitions during the boom years of the early- and mid-2000s.
However, de-leveraging is likely to be a slow process.

"Poor market conditions, along with shrinking asset bases and
uncertain prospects for land disposals and equity issuance, will
likely result in cash flows at indebted homebuilders remaining
relatively weak during at least 2009 and 2010," said Ewan
Macaulay, Associate Director in Fitch's EMEA Construction &
Property team.  "This will reduce homebuilders' ability to pay
down debt, and therefore the repairing of credit profiles in this
sector could take a number of years."

Fitch expects weak conditions in the UK housing market to persist
until at least end-2010, and possibly later.  Although housing
data published in April 2009 indicates that the rate of market
deterioration may be slowing, fundamental factors, such as
mortgage lending, affordability, and expected unemployment rates,
remain weak.  Fitch therefore does not expect to see a material
recovery in new house sales or prices for a significant length of
time, and continues to expect a peak-to-trough UK house price
decline of around 30%, possibly stabilizing during 2010.  In turn,
the agency expects operational cash flows at UK housebuilders to
remain weak.  Similarly, the market for asset sales, notably land,
is also expected to remain soft, which will restrict homebuilders'
efforts to de-leverage by way of asset sales.

A further problem could emerge from the decision by various
homebuilders to reduce land purchases to a bare minimum to
preserve near-term liquidity.  Although this is supportive of
credit profiles over the short-term, it could create medium-term
problems as asset bases -- and hence future cash-generating
abilities -- shrink significantly as land assets are not
replenished.  If debt levels do not fall commensurately, and
market conditions remain weak, some homebuilders will struggle to
generate sufficient cash flow to meet medium-term debt maturities.
Fitch also notes that significantly increased cash interest costs,
resulting from recent debt amendments, could add to these medium-
term cash flow concerns.

In response to this risk, some homebuilders, notably Taylor
Wimpey, are looking to raise new equity.  Additional equity would
likely be positive for the credit profiles of UK housebuilders, as
it would help provide sufficient capital to invest in land assets
(and therefore ensure the long-term viability of the business) as
well as reducing debt.  However, the quantum of new equity that
could be raised by the sector remains questionable, especially
given the depressed market capitalizations across the sector.

Fitch currently rates Taylor Wimpey on a public basis and four UK
homebuilders on a shadow basis.  Aggregated gross debt for these
entities totaled approximately GBP5 billion as of Dec. 31, 2008.


* UK: Insolvencies in Advertising Sector Up 62% in First Qtr. 2009
------------------------------------------------------------------
Matt Williams at campaignlive.co.uk reports that insolvencies in
the UK advertising sector increased 62 per cent in the first
quarter of 2009, with  nearly 70 agencies going under.

Citing a report from PricewaterhouseCoopers, campaignlive.co.uk
discloses broadcasting insolvencies reached 20 in the first
quarter of this year, compared with the 11 in the first quarter of
2008, while traditional media advertising is also in double-digit
decline.

"Last year represented the advertising world's Big Bang, as we saw
a collision of severe economic downturn and structural change to
online.  In this world, grabbing and monetising consumer attention
is harder than ever," campaignlive.co.uk quoted David Lancefield,
a partner at PricewaterhouseCoopers, as saying.


* UK Hotel Sector Continues to Suffer in 1Q09, Deloitte Says
------------------------------------------------------------
Deloitte, the business advisory firm, has confirmed that the hotel
industry continued to suffer during the first quarter of 2009 with
a sharp decline in leisure and corporate travel.  UK cities
overall experienced a decline in revenue per available room
(revPAR) by an average of GBP5 (9%).

Despite this, monthly declines were less extreme in March, down
5.2% when compared to a 10.8% drop year-to-February 2009.  On the
surface this seems like good news, but with Easter in Q1 2008 and
Q2 in 2009, stronger hotel performance was expected.

Hotels in London brought up the UK average slightly with a revPAR
decline of 8.1%, falling just over GBP7 to GBP82.  A 4.8% drop in
occupancy was the main culprit while average room rates were not
far behind -- down 3.5% to GBP113.

Marvin Rust, Hospitality Managing Partner at Deloitte, commenting
on the results, said: "The weak pound is one factor helping London
hotels perform better than other UK destinations.  For those who
earn U.S. dollars or Euros, London is less expensive than it has
been for a number of years, and therefore tourists are keen to
take advantage of this and are helping to fill London hotels."

Meanwhile, revPAR drops were more extreme across regional UK, down
10.3% to GBP41.  The largest drops were at Gatwick and Heathrow
Airports, down 23.5% and 21.9% respectively.  BAA reported a 10.1%
drop in passengers at UK airports during the first quarter with
one of the most dramatic falls at Gatwick -- down 14.6%.  Fewer
people travelling abroad is resulting in lower demand at airport
hotels.  Passenger numbers were also down 6.4% at Heathrow
accounting for some of the drop off in hotel performance.
However, the situation was made worse by the surge in new hotel
supply associated with the opening of Terminal 5.  Several new
budget hotels have opened recently in addition to the 605-room
Sofitel London Heathrow.

After strong revPAR growth in 2008, when Liverpool played host to
the European Capital of Culture celebrations, the city has not
been able to maintain this growth and is proving susceptible to
the economic downturn with revPAR down 16.0% to GBP43.

Glasgow is bucking the trend with revPAR down only 1.7%, the
smallest revPAR drop across the UK.  With one of the lowest levels
of revPAR in the UK at GBP41, the city therefore continues to be
an attractive value for money option.

Mr. Marvin added: "Reduced consumer and business spending stemming
from the global economic downturn continues to challenge the hotel
industry and this will be the story until at least the final
quarter of 2009.  Deloitte's first quarter CFO Survey revealed
that cost cutting measures are now almost universal and 95% of
CFO's plan to cut, or have already cut, discretionary spending
such as travel, hotels, entertainment, and training.  More Brits
holidaying in the UK this summer and an increase in the number of
American and European visitors taking advantage of the weak pound
will soften the downturn for hoteliers to a degree.  However, we
are still looking at considerable revPAR declines for both
regional UK and London for the rest of the year."

                          About Deloitte

Deloitte - http://www.deloitte.com/-- provides audit, consulting,
financial advisory, risk management and tax services to selected
clients.

Deloitte & Touche LLP is the United Kingdom member firm of DTT.


* BOND PRICING: For the Week May 4 to May 8, 2009
-------------------------------------------------

Issuer                    Coupon   Maturity   Currency   Price
------                    ------   --------   --------   -----

AUSTRIA
-------
Oester Volksbk            5.450    08/02/19      EUR     72.49
Oester Volksbk            4.810    07/29/25      EUR     58.29
Raiff Centrobank          12.00    07/17/09      EUR     71.23

FRANCE
------
Alcatel SA                4.750    01/01/11      EUR     14.88
Alcatel SA                6.380    04/07/14      EUR     73.04
Axa SA                    7.130    12/15/20      GBP     74.34
Calyon                    6.000    06/18/47      EUR     36.07
Cap Gemini SA             2.500    01/01/10      EUR     51.40
Cap Gemini Soget          1.000    01/01/12      EUR     40.24
Cap Gemini Soget          3.500    01/01/14      EUR     37.52
Cie Fin Foncier           3.880    04/25/55      EUR     73.09
Ciments Francais          4.750    04/04/17      EUR     77.90
Club Mediterrane          4.380    11/01/10      EUR     45.87
CMA CGM                   5.500    05/16/12      EUR     57.75
CMA CGM                   7.250    02/01/13      USD     48.38
CMA CGM                   7.250    02/01/13      USD     38.63
Soc Air France            2.750    04/01/20      EUR     19.37

GERMANY
-------
Aaeral Bank AG           5.330     01/29/19      EUR     75.19
Bayerische Lndbk         4.250     10/05/16      EUR     73.84
Bayerische Lndbk         4.500     02/07/19      EUR     66.08
City of Kiev             8.630     07/15/11      USD     52.40
City of Moscow           5.060     10/20/16      EUR     74.72

IRELAND
-------
Alfa Bank                 8.630    12/09/15      USD     62.41
Alfa Bank                 8.640    02/22/17      USD     57.28
Allied Irish Bks          7.880    07/05/23      GBP     72.89
Allied Irish Bks          5.250    03/10/25      GBP     54.19
Allied Irish Bks          5.630    11/29/30      GBP     46.69
Ardagh Glass              7.130    06/15/17      EUR     71.50
Ardagh Glass              7.130    06/15/17      EUR     70.96
Banesto Finance           6.120    11/07/37      EUR      6.12
Bank of Ireland           4.880    01/22/18      GBP     69.19
Bank of Ireland           4.630    02/27/19      EUR     55.04
Bank Soyuz                9.380    02/16/10      USD     87.48

ITALY
-----
Cartesio  S.r.l           6.020    03/07/33      USD     72.88
Cir SpA                   5.750    12/16/24      EUR     64.26

LUXEMBOURG
----------
Alrosa Finance            8.880    11/17/14      USD     75.54
Alrosa Finance            8.880    11/17/14      USD     72.69
Bank of Moscow            7.500    11/25/15      USD     68.42
Bank of Moscow            6.810    05/10/17      USD     59.08
Beverage Pack             9.500    06/15/17      EUR     70.13
Beverage Pack             9.500    06/15/17      EUR     69.50
Cirsa Capital             7.880    07/15/12      EUR     62.38
Cirsa Capital             7.880    07/15/12      EUR     60.13
Cirsa Fin Lux             8.750    05/15/14      EUR     56.88
Cirsa Fin Lux             8.750    05/15/14      EUR     53.03
Globus Capital            8.500    03/05/12      USD     46.43

NETHERLANDS
-----------
ABN Amro Bank NV          6.000    03/16/35      EUR     56.11
Achmea Hypobk             4.300    04/03/24      EUR     72.32
Achmea Hypobk             4.000    12/27/24      EUR     68.67
Aegon NV                  6.130    12/15/31      GBP     64.66
Air Berlin Finan          1.500    04/11/27      EUR     34.91
ALB Finance BV            9.000    11/22/10      USD     17.49
ALB Finance BV            9.750    02/14/11      GBP     16.49
ALB Finance BV            8.750    04/20/11      USD     16.46
ALB Finance BV            7.880    02/01/12      EUR     14.49
ALB Finance BV            9.250    09/25/13      USD     14.99
ALB Finance BV            9.250    09/25/13      USD     14.95
ASML Holding NV           5.750    06/13/17      EUR     76.50
ATF Capital BV            9.250    02/21/14      USD     54.80
Bk Ned Gemeenten          0.500    06/27/18      CAD     69.43
Bk Ned Gemeenten          0.500    02/24/25      CAD     45.83
BLT Finance BV            7.500    05/15/14      USD     34.37
Cemex Fin Europe          4.750    03/05/14      EUR     61.39
Centercrdt Intl           8.000    02/02/11      USD     64.40
Centercrdt Intl           8.630    01/30/14      USD     52.98
Centercrdt Intl           8.630    01/30/14      USD     48.48
Clondalkin BV             8.000    03/15/14      EUR     40.50
Clondalkin BV             8.000    03/15/14      EUR     42.34
Hit Finance BV            4.880    10/27/21      EUR     71.91
JSC Bank Georgia          9.000    02/08/12      USD     56.71
Turanalem Fin BV          7.880    06/02/10      USD     21.49
Turanalem Fin BV          6.250    09/27/11      EUR     21.47
Turanalem Fin BV          7.750    04/25/13      USD     21.45
Turanalem Fin BV          8.000    03/24/14      USD     21.44
Turanalem Fin BV          8.500    02/10/15      USD     21.44
Turanalem Fin BV          8.250    01/22/37      USD     19.94

ROMANIA
-------
Bucharest                 4.130    06/22/15      EUR     66.61

SPAIN
-----
Abertis Infra             4.380    03/30/20      EUR     79.33
Ayt Cedulas Caja          3.750    06/30/25      EUR     72.29
Bancaja                   4.500    04/11/13      EUR     71.32
Bancaja                   4.250    05/26/13      EUR     71.75
Bancaja                   4.380    02/14/17      EUR     59.96
Cedulas TDA A-6           4.250    04/10/31      EUR     70.82
Comun Auto Canar          3.900    11/30/35      EUR     72.74

UNITED KINGDOM
--------------
Abbey Natl Plc            6.500    10/21/30      GBP     80.86
Alfa-Bank CJSC            9.250    07/26/10      USD     55.94
Alfa-Bank CJSC           12.000    08/11/11      USD     70.00
Alliance&Leic Bld         5.250    03/06/23      GBP     70.14
Alliance&Leic Bld         5.880    08/14/31      GBP     71.81
Alpha Credit Grp          2.940    03/04/35      JPY     61.25
Amlin Plc                 6.500    12/19/26      GBP     66.11
Anglian Wat Fin           2.400    04/20/35      GBP     47.27
Annes Gate Ppty           5.660    06/30/31      GBP     71.42
Arsenal Sec               5.140    09/01/29      GBP     67.95
Ashtead Holdings          8.630    08/01/15      USD     65.38
Ashtead Holdings          8.630    08/01/15      USD     64.63
Aspire Defence            4.670    03/31/40      GBP     64.57
Aspire Defence            4.670    03/31/40      GBP     64.03
Aviva Plc                 5.250    10/02/23      EUR     56.91
Aviva Plc                 6.880    05/22/38      EUR     61.69
Azovstal                  9.130    02/28/11      USD     69.76
Barclays Bk Plc           11.650   05/20/10      USD     48.65
Barclays Bk Plc           5.750    09/14/26      GBP     70.17
Barclays Bk Plc           6.330    09/23/32      GBP     71.11
Beazley Group             7.250    10/17/26      GBP     62.55
BL Super Finance          5.270    07/04/25      GBP     71.18
BL Super Finance          4.480    10/04/25      GBP     74.43
BL Super Finance          5.580    10/04/25      GBP     70.77
Bradford&Bin Bld          7.630    02/16/10      GBP     10.00
Bradford&Bin Bld          4.250    05/04/16      EUR     79.18
Bradford&Bin Bld          5.750    12/12/22      GBP     14.75
Bradford&Bin Bld          6.630    06/16/23      GBP     12.88
Bradford&Bin Bld          4.910    02/01/47      EUR     59.73
Brit Insurance            6.630    12/09/30      GBP     58.53
British Airways           8.750    08/23/16      GBP     73.50
British Land Co           5.360    03/31/28      GBP     71.56
British Land Co           5.260    09/24/35      GBP     68.23
British Tel Plc           5.750    12/07/28      GBP     69.63
British Tel Plc           6.380    06/23/37      GBP     70.06
Britannia Bldg            5.750    12/02/24      GBP     61.98
Britannia Bldg            5.880    03/28/33      GBP     55.54
Brixton Plc               6.000    12/30/10      GBP     69.96
Brixton Plc               5.250    10/21/15      GBP     39.98
Brixton Plc               6.000    09/30/19      GBP     49.88
Broadgate Finance         4.850    04/05/31      GBP     71.94
Broadgate Finance         5.000    10/05/31      GBP     67.23
Broadgate Finance         5.100    04/05/33      GBP     54.36
Broadgate Finance         4.820    07/05/33      GBP     69.84
Cattles Plc               7.880    01/17/14      GBP      9.48
Cattles Plc               8.130    07/05/17      GBP      7.50
CGNU Plc                  6.130    11/16/26      GBP     58.39
City of Kiev              8.250    11/26/12      USD     47.49
City of Kiev              8.000    11/06/15      USD     39.75
Clerical Med Fin          6.450    07/05/23      EUR     50.06
Prudential Bank           6.880    12/29/21      GBP     71.59

                            *********

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 * * *