TCREUR_Public/090513.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Wednesday, May 13, 2009, Vol. 10, No. 93

                            Headlines

A U S T R I A

BETHIX LTD.: Claims Registration Period Ends May 26
IHP LLC: Claims Registration Period Ends May 27
LUFTTECHNISCHE ANLAGEN: Claims Registration Period Ends May 25
SPORTTEX LLC: Claims Registration Period Ends May 26


B E L G I U M

CARMEUSE HOLDING: Moody's Cuts Corporate Family Rating to 'B1'


F R A N C E

KORREDEN SA: Moody's Withdraws 'Ca' Corporate Family Rating
RHODIA SA: Moody's Changes Outlook on 'Ba3' Rating to Negative


G E R M A N Y

BELI ELEKTRO: Claims Registration Period Ends May 25
BIRET DOENERPRODUKTION: Claims Registration Period Ends June 8
BRK REPRODUKTIONS: Claims Registration Period Ends June 16
COMMERZBANK AG: May Sell Kleinwort to Schroders, Standard or RBC
COMMERZBANK AG: S&P Junks Ratings on Various Tier 1 Instruments

COMMERZBANK GROUP: Moody's Cuts Ratings on Various Instruments
DRESDNER BANK: Fitch Affirms Individual Rating at 'E'
DUEWI HANDELS: Claims Registration Period Ends May 23
GAMESOLUTION GMBH: Claims Registration Period Ends June 11
GENERAL MOTORS: Opel Could Go to a Trust if Firm Goes Bankrupt

HERRENHAUSEN GMBH: Claims Registration Period Ends June 22
PICO GALVANIK: Claims Registration Period Ends May 29
TEXTILVEREDELUNG NIEDERFROHNA: Claims Registration Ends June 5
TROCKENBAU GMBH: Claims Registration Period Ends June 2
WIRTH BEDACHUNGEN: Claims Registration Period Ends July 4


I R E L A N D

ANGLO IRISH: Irish Gov't May Waive Capital Adequacy Rules
BCM IRELAND: S&P Cuts Long-Term Corporate Credit Rating to 'B'
GASTRO PUB: Backers to Appoint Liquidator

* IRELAND: Seeks Financial Advisers to Help Set Up Bad Bank


I T A L Y

CHRYSLER LLC: Non-TARP Lenders Withdraw Objections to Fiat Sale
ITTIERRE SPA: Creditors Must File Proofs of Debt
PIAGGIO & C: Moody's Changes Outlook on 'Ba2' Rating to Negative


K A Z A K H S T A N

AIS 2 LLP: Creditors Must File Claims by June 12
KATEMAR AKTAU: Creditors Must File Claims by June 12
KAZAKHGOLD GROUP: Fitch Maintains 'CCC' LT Issuer Default Rating
NGT MUNAI: Creditors Must File Claims by June 12
SIRIUS DAR: Creditors Must File Claims by June 12


K Y R G Y Z S T A N

BUUDAI-TOKMOK OJSC: Court Names A. Mambetov as Insolvency Manager
JER-AZYK JSC: Creditors Must File Claims by June 5


L A T V I A

PAREX BANK: Moody's Retains Stable Outlook on 'E' BFSR


R U S S I A

BARIT LLC: Court Names L.Balashko as Insolvency Manager
INVEST-STROY LLC:  Creditors Must File Claims by June 24
OKTYABRSKOE CONSTRUCTION: Creditors Must File Claims by June 24
SBERBANK: BofA-Merrill Lynch Cuts 2009 Loss Forecast for Firm
STVOR CJSC: Creditors Must File Claims by June 24

VTB BANK: BofA-Merrill Lynch Cuts 2009 Loss Forecast for Firm
ZHIL-INVEST-STROY LLC: Creditors Must File Claims by May 24


S P A I N

CAJA DE AHORROS: Fitch Does Not Expect to Make Rating Actions

* SPAIN: Bankruptcies Up Four Fold to 1,588 in First Quarter 2009


S W I T Z E R L A N D

AGENTUR SPRUDELWASSER: Claims Filing Deadline is May 15
AGIDE GMBH: Claims Filing Deadline is May 15
GLOOR ELECTRONICS: Claims Filing Deadline is May 15
PINK FLAMINGO: Creditors Must File Claims by May 15
VISACOART GMBH: Creditors Have Until May 15 to File Claims


U K R A I N E

ALPHA COMPUTER: Creditors Must File Claims by May 22
FININVEST LLC: Creditors Must File Claims by May 22
GLADIO LLC: Creditors Must File Claims by May 21
KRONOS-MK LLC: Court Starts Bankruptcy Supervision Procedure
NOTER-LVO LLC: Creditors Must File Claims by May 22


U N I T E D   K I N G D O M

AEL LTD: Appoints Joint Liquidators from Tenon Recovery
ASHTON HAULAGE: Tenon Recovery Named Liquidator
CARLISLE CASTLE: S&P Puts BB Rating on Class D Notes on Watch Neg.
BUSINESS MORTGAGE: Fitch Clarifies May 7 Rating Press Release
CASTLE HOLDCO: Moody's Withdraws 'Ca' Corporate Family Rating

FASCO LTD: Appoints Joint Administrators from Baker Tilly
GREAT LEIGHS: To Sell Racing Complex to Terry Chambers
INNER SANCTUARY: Taps Joint Liquidators from Tenon Recovery
LANDSBANKI GUERNSEY: Deloitte Eyes Second Payment in August 2009
LONMIN PLC: To Raise US$457 Million in Rights Issue

LUDGATE FUNDING: S&P Cuts Rating on Class S Notes to 'B'
MCCOYS PROPERTY: Taps Joint Administrators from Ernst & Young
MCCOYS SERVICES: Appoints Administrators from Ernst & Young
MEDICAL FINANCE: Brings in Joint Administrators from Deloitte
PATRINGTON LTD: Taps Joint Administrators from Baker Tilly

REC PLANTATION: S&P Puts BB- Rating on Class E Notes on Watch Neg
ROYAL BANK: Hampton In Talks With Investors Over Hester's Pay Deal
STAINLESS PIPELINE: Appoints Liquidators from Tenon Recovery
TATA MOTORS: To Raise GBP1 Bln; Seeks Banks to Underwrite EIB Loan
TATA MOTORS: May Opt for Overseas Bond Issue to Repay JLR Loan

TISCALI SPA: Carphone's TalkTalk to Acquire UK Business
TRAVIS PERKINS: To Cut Debt Through US$450-Mln Rights Issue
VIRGIN MEDIA: S&P Changes Outlook to Stable; Affirms 'B+' Rating

* U.K.: Gov't Moves to Overhaul Insolvency Rules After Lehman
* Fitch Says Real Global Credit Growth Continues to Fall


                         *********


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


BETHIX LTD.: Claims Registration Period Ends May 26
---------------------------------------------------
Creditors owed money by Bethix Ltd. have until May 26, 2009, to
file written proofs of claim to the court-appointed estate
administrator:

         Dr. Thomas Zeitler
         Huemerstrasse 23
         4020 Linz
         Austria
         Tel: 0732-775544-11
         Fax: 0732-775544-10
         E-mail: insolvenz@bzp.at

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

         Land Court of Linz
         Hall 522
         Linz
         Austria


IHP LLC: Claims Registration Period Ends May 27
-----------------------------------------------
Creditors owed money by IHP LLC have until May 27, 2009, to file
written proofs of claim to the court-appointed estate
administrator:

         Mag. Nikolaus Vogt
         Zeltgasse 3/13
         1080 Vienna
         Austria
         Tel: 402 57 01 33
         Fax: 402 57 01 57
         E-mail: nikolaus.vogt@riess.co.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on June 10, 2009, for the
examination of claims.


LUFTTECHNISCHE ANLAGEN: Claims Registration Period Ends May 25
---------------------------------------------------------------
Creditors owed money by Lufttechnische Anlagen LLC have until
May 25, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Otto Werschitz
         Neutorgasse 47/I
         8010 Graz
         Austria
         Tel: 0316/820620
         Fax: 0316/820620-4
         E-mail: office@cgo-masseverwaltung.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on June 9, 2009, for the
examination of claims.


SPORTTEX LLC: Claims Registration Period Ends May 26
----------------------------------------------------
Creditors owed money by Sporttex LLC have until May 26, 2009, to
file written proofs of claim to the court-appointed estate
administrator:

         Dr. Norbert Mooseder
         Stelzhamerstrasse 1
         4400 Steyr
         Austria
         Tel: 07252/42 4 24
         Fax: DW 24
         E-mail: lawfirm@gltp.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 1:45 p.m. on June 9, 2009, for the
examination of claims at:

         Land Court of Steyr
         Hall 7
         Second Floor
         Steyr
         Austria


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


CARMEUSE HOLDING: Moody's Cuts Corporate Family Rating to 'B1'
--------------------------------------------------------------
Moody's Investors Service has downgraded the Corporate Family and
Probability of Default Ratings of Carmeuse to B1.  The rating on
the EUR 250 million Senior Secured Floating Rate Guaranteed Notes
issued by Calcipar SA is also downgraded to B1.  The ratings
remain under review for downgrade.

The downgrade to B1 reflects the further weakening of the
operating and credit metrics of Carmeuse following the rapid and
sharp deterioration in underlying demand for the issuer's key end
markets in the last two months of fiscal year 2008 and at the
start of fiscal year 2009 driven partly by destocking at
Carmeuse's end customers but also to some degree to more
structural weakness in underlying markets.  Moody's expects
operating and credit metrics to further deteriorate in the short
term due to both demand weakness and challenging comparatives from
fiscal year 2008 and does not anticipate a rapid recovery leading
to credit metrics that will not be in compliance with Moody's
previous guidance for the Ba3 rating where Moody's had expected
Debt / EBITDA as adjusted by Moody's to be no higher than 4.0x
among other factors.  Moody's notes that Carmeuse is implementing
various operating and financial measures to contain the
deterioration in the operating performance and credit metrics of
the group which should help support the B1 rating during this very
sharp cyclical downturn and result in cash flow generation
stabilizing as demand levels also begin to level out.

The ratings of Carmeuse remain under review for downgrade
following the group's announcement that they have entered into pro
active negotiations with their banking group with regards to
potential covenant breach risks under its senior secured term loan
and revolving credit facilities at the testing on June 30, 2009,
and on the refinancing of its EUR107 million revolving credit
facility maturing in December 2009.  The review will focus on the
terms and conditions of the waiver and refinancing negotiations
and the resulting impact on the short and medium term liquidity
profile of the group.

Carmeuse had cash on balance sheet as of end of December 2008 of
EUR 42.5 million and access to a EUR195 million Revolving Credit
Facility (fully drawn at December 31, 2008) as well as to a EUR
107 million revolver maturing in December 2009 (undrawn at
December 31, 2008) and various other bilateral facilities.  A
failure to refinance the EUR 107million revolver maturing in
December 2009 and to obtain covenant waivers for the group's
senior lending facilities would lead to an unsustainable liquidity
position for the Carmeuse group.  Moody's also notes that Carmeuse
faces material amortizations under its term loan facilities
contracted to fund the Oglebay Norton acquisition (US$72 million
in Fiscal Year 2010 and US$108 million in Fiscal Year 2011), which
Moody's understand is also being discussed as part of the broader
credit discussions.

These ratings are affected by the rating action:

* Carmeuse Holding S.A. -- Corporate Family Rating / Probability
  of Default Rating downgraded to B1 from Ba3

* Calcipar SA -- Senior Secured Floating Rate Guaranteed Notes
  Rating downgraded to B1 from Ba3

The last rating action was on December 15, 2008 when all ratings
of Carmeuse were downgraded by one notch to Ba3 and the outlook
was changed to negative.

Carmeuse Holding SA is the holding company for the Carmeuse Group.
Carmeuse is one of the world's leading producers of lime and lime-
related products enjoying leading positions in a number of
European markets and a number one position in North America which
has been recently strengthened.  The company operates in a
relatively concentrated industry with only a handful of large
players globally, while its operations are subject to licenses and
are difficult to replicate.  Carmeuse reported EUR1181 million in
revenues in 2008.


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


KORREDEN SA: Moody's Withdraws 'Ca' Corporate Family Rating
-----------------------------------------------------------
Moody's Investors Service has withdrawn all ratings for Korreden
SA (consolidated with its subsidiaries, Akerys) and the rating of
Akerys' EUR300 million senior secured floating-rate notes due
2014, issued by Akerys Holdings SA (a subsidiary of Korreden SA),
following the completion of the company's restructuring program.

Moody's understands that the terms of the proposed restructuring
make it a distressed exchange and include replacing the existing
EUR300 million bonds with EUR80 million in new notes of the same
maturity that are not rated.  The remainder of the noteholders'
claim was made up of exchangeable bonds that are exchangeable into
the company's newly issued "B shares", representing 45% of the
post-restructuring capital of the company.  Existing shareholders
hold "A shares".

These ratings were withdrawn:

Korreden S.A.

  -- Corporate family rating: Ca

Akerys Holdings SA

  -- C rating for EUR300 million senior secured floating rate
     notes

The last rating action was implemented on 4 March 2009, when
Korreden SA's ratings were downgraded.

Headquartered in Toulouse, France, Akerys is the largest player in
the buy-to-let segment of the French homebuilding market, with
7,335 housing units sold in 2007-08.  The Korreden group's main
shareholder is investment holding company Qualis SCA (not rated),
with a 78% interest.  In the financial year to 30 June 2008, the
group reported revenues of EUR790 million.


RHODIA SA: Moody's Changes Outlook on 'Ba3' Rating to Negative
--------------------------------------------------------------
Moody's Investors Services has changed the outlook on all
outstanding ratings of Rhodia to Negative from Stable.  The
revision of the outlook was prompted by the continued weakening in
economic activity during the first three months of the year
leading to an unprecedented slump in sales volume at Rhodia (-27%
year-on-year) and to very low capacity utilization exerting
pressure on the operating yields of the group.  The group's
Polyamide and Silcea businesses have been most affected by the
sharp destocking patterns of the last three months (volumes were
down 32% and 34% respectively).  The issuer has also been
negatively impacted by continued high raw material costs due to
FIFO accounting effects and production cycle time lags mainly at
its Polyamide business unit with a EUR70 million negative impact
at the group level in Q1 2009.  All in all the operating
performance of Rhodia in Q1 2009 has been very weak with a
reported group EBITDA of EUR2 million versus EUR168 million in
previous year.  Estimated debt and cash flow metrics on an LTM Q1
2009 basis are positioning Rhodia weakly in the Ba3 rating
category with Net Debt / EBITDA close to 5.0x and RCF / Net Debt
at around 10%.

Moody's anticipates that trading conditions will remain difficult
throughout fiscal year 2009 notwithstanding that destocking
patterns should ease in the second half of the year as inventory
levels throughout the entire chemicals value chain are reducing
progressively.  However the agency expects that debt and cash flow
metrics of Rhodia will continue to deteriorate over the next two
quarters at least as the issuer will continue to experience
subdued demand levels and comparatives from previous year will
remain challenging.

Moody's positively notes that Rhodia has rapidly adjusted to
depressed market conditions by increasing its focus on free cash
flow generation enabling the company to generate a healthy free
cash flow of EUR73 million during the first three months of the
year.  The agency also gains confidence from the company's renewed
confirmation at the Q1 results call that they will be able to
generate CER volumes of 13 million tons for the full year 2009 and
that they have already hedged 70% of these expected volumes at
EUR14.7 per ton.

Moody's will continue to closely monitor the operating
developments of Rhodia in the short term.  Failure to stabilize
the operating performance of the group after a very weak first
quarter of fiscal year 2009 and to maintain positive free cash
flow generation momentum in order to support the strong liquidity
profile of the group would exert negative pressure on the ratings.

The liquidity position of Rhodia is strong.  The issuer had
EUR528 million of cash & cash equivalents on balance sheet and
access to a largely undrawn EUR600 million revolving credit
facility (EUR541 million undrawn at March 31, 2009).  Rhodia has
recently obtained covenant resets for its revolver which will
offer improved headroom thereby further supporting the liquidity
profile of the group.  While Moody's anticipates that operating
cash flows might become insufficient to cover working capital and
capex needs over the next twelve months, the strong focus of the
group's management on free cash flow generation should help
protect the cash and liquidity position of the group in these
turbulent market conditions.

These ratings of Rhodia S.A. were affected by the action:

  -- Corporate Family Rating at Ba3;

  -- Probability of Default Rating at Ba3;

  -- Rhodia S.A. Senior Unsecured notes rating at B1, LGD 4 (69%);

  -- Rhodia S.A. Senior Unsecured convertible bonds rating at B1,
     LGD 4 (69%).

The last rating action was on December 16, 2008, when the outlook
on Rhodia SA was changed to stable from positive.

Rhodia S.A., headquartered in Paris, France, is a diversified
specialty chemicals group with leading market positions in most of
its business applications.  Rhodia reported consolidated revenues
of EUR4.8 billion and a recurring EBITDA of EUR664 million for the
fiscal year ended 31st December 2008.  The company employed 14,353
employees in 2008.


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


BELI ELEKTRO: Claims Registration Period Ends May 25
----------------------------------------------------
Creditors of Beli Elektro-Vertriebsgesellschaft mbH have until
May 25, 2009, to register their claims with court-appointed
insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on June 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 Bayreuth
         Meeting Hall 520 EG
         Friedrichstr. 18
         Bayreuth
         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. Wolfgang Bilgery
         Humboldtstr. 16
         70178 Stuttgart
         Germany
         Tel: 0711/966890
         Fax: 0711/9668999

The court opened bankruptcy proceedings against the company on
April 30, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Beli Elektro-Vertriebsgesellschaft mbH
         Attn: Werner Walter Jürgen Schreiber, Manager
         Harkortstr. 2
         58339 Breckerfeld
         Germany


BIRET DOENERPRODUKTION: Claims Registration Period Ends June 8
--------------------------------------------------------------
Creditors of Biret Doenerproduktion GmbH have until June 8, 2009,
to register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 10:45 a.m. on July 7, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Tostedt
         Meeting Room I
         Area CE.02
         Linden 23
         21255 Tostedt
         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:

         Gregor Schoene
         Haferweg 22
         D 22769 Hamburg
         Germany
         Tel: 040 / 89 71 86-0
         Fax: 040 / 89 71 86-11

The court opened bankruptcy proceedings against the company on
April 29, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Biret Doenerproduktion GmbH
         Attn: Muhammed Zahid Tasci, Manager
         Ostegrund 1
         27419 Sittensen
         Germany


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

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Stuttgart
         Room 178
         Hauffstr. 5
         70190 Stuttgart
         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. Holger Leichtle
         Danneckerstr. 52
         70182 Stuttgart
         Germany
         Tel: 0711/23 88 90
         Fax: 0711/23 88 930

The court opened bankruptcy proceedings against the company on
April 30, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         BRK Reproduktions GmbH
         Scharnhauser St. 44
         70599 Stuttgart
         Germany


COMMERZBANK AG: May Sell Kleinwort to Schroders, Standard or RBC
----------------------------------------------------------------
Dave McCombs at Bloomberg News reports a Wall Street Journal
report citing investment bankers it didn't name, said Commerzbank
AG is likely to sell its Kleinwort Benson Private Bank unit to
Schroders Plc, Standard Chartered Plc or Royal Bank of Canada.

Standard Chartered declined to comment and RBC was unavailable,
while Rob Taylor, Kleinwort Benson Private Bank chief executive,
said the company has "a road map to achieve better returns, based
on efficiencies and market recovery," Bloomberg News relates
citing the Journal's report.

                        EU Approves Bailout

As reported in the Troubled Company Reporter-Europe on May 11,
2009, Jann Bettinga and Aaron Kirchfeld at Bloomberg News said the
European Union has approved a government bailout for Commerzbank
on the condition the lender will sell its Eurohypo unit.

The report said 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 stated.

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 said.

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 said according to the EU, 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 reported that Commerzbank
Chief Executive Martin Blessing said Friday last week 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 said 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 noted.

                        1st Quarter Loss

A separate Bloomberg News report said 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 noted the bank had a pro-forma profit of
EUR236 million a year earlier.

The report said 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 added.

                       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.


COMMERZBANK AG: S&P Junks Ratings on Various Tier 1 Instruments
---------------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its issue
ratings on various Tier 1 hybrid capital instruments issued by
Germany-based Commerzbank AG (A/Stable/A-1) and related entities
to 'CCC' from 'BB'.  The instruments affected were issued by
Commerzbank Capital Funding Trust I, II, and III, Dresdner Capital
Funding Trust I, II, III, and IV, and by Eurohypo Capital Funding
Trust I and II.  All of these issue ratings remain on CreditWatch,
where they were placed with negative implications on Jan. 12,
2009.  The 'C' ratings on Dresdner Bank's hybrid capital
instruments, issued by HT1 Funding GmbH and UT2 Funding PLC, are
unchanged.

These rating actions follow the May 7 announcements by Commerzbank
and the European Commission that the EC has approved a planned
EUR10 billion capital injection by the Federal Republic of Germany
(AAA/Stable/A-1+) into Commerzbank.  In its announcement, the EC
stated that its approval was based on Commerzbank's restructuring
plan, which includes the suspension of dividend and interest
payments to holders of hybrid capital, aimed at keeping state aid
to a minimum.  Despite the EC ruling, Commerzbank may continue to
make payments on certain hybrids if specific terms contractually
oblige it to do so for the financial years 2009 and 2010.

"The lowering of the issue ratings reflects S&P's view that the
likelihood of payment suspension on these instruments, starting
with payments for financial year ending Dec. 31, 2009, is high,"
said Standard & Poor's credit analyst Stefan Best.  "We base this
opinion on S&P's assessment that Commerzbank, which is in the
process of integrating Dresdner Bank AG (A/Stable/A-1), and
Eurohypo AG (A/Negative/A-1) will likely post losses in 2009.  The
downgrade also reflects S&P's belief that the EC's expectation of
nonpayment on the banks' hybrid capital instruments and pressure
on the banks' financial profiles over the next two to three years
could increase the likelihood of payment deferrals on these
instruments because of the banks' need to preserve capital.  S&P
is also of the view that the EC ruling indicates that it considers
Commerzbank to be in distress."

However, the 'CCC' ratings also reflect S&P's assessment that
payments might be possible in 2009, although some details of the
bank's implementation of the EC ruling and that of the German
authorities are still unclear.  This is because, in its
announcement, Commerzbank did not explicitly refer to
distributions for 2008.  Commerzbank's financial statements for
2008, including dividend accruals for these instruments, have
already been finalized.

The terms of Dresdner FTs' hybrids stipulate that coupon deferral
has to be linked to a declaration by Dresdner Bank's management
board of a "shift" event (that is, that its regulatory Tier 1 or
total capital ratio has fallen below the minimum requirement or
that noncompliance with the minimum is imminent).  This, in S&P's
view, may allow payment, given that Commerzbank's capital ratios
will be strengthened by the government's planned capital
injection.  Because Commerzbank FTs' hybrid instruments could
potentially rank equally with those of the Dresdner FTs following
finalization of Commerzbank's merger with Dresdner Bank, under the
terms of the Commerzbank FTs' hybrids, coupon payments become
mandatory if the bank makes coupon payments on equally ranking
(parity) securities.  Nevertheless, S&P note that German
regulators may have the power to veto payments under the German
Banking Act.

S&P understands that Eurohypo FTs' hybrids would not be considered
parity securities to those of the Dresdner FTs, so payments on the
Dresdner FT instruments would not trigger coupon payments on the
Eurohypo FTs' instruments.  S&P also understand that Commerzbank
is not obliged to cover coupon payments on Eurohypo FTs'
instruments under its profit-and-loss transfer agreement with
Eurohypo.

At this stage, it is unclear to us whether the existing and
planned new hybrid capital instruments held by the German
government would be treated the same as the Dresdner FTs' and
Commerzbank FTs' instruments with respect to coupon payment.  S&P
believes that a EUR1.5 billion annual coupon payment to the German
government, combined with the bank's potential losses over the
next two to three years, would erode Commerzbank's capitalization
and distributable reserves substantially and further increase the
likelihood of nonpayment on all instruments.

"All of these issue ratings remain on CreditWatch with negative
implications, reflecting the uncertainties regarding Commerzbank's
and the German authorities' implementation of the EC ruling, which
could affect all three banks' ability and willingness to meet
coupon payments on individual instruments," said Mr. Best.  "We
would lower the ratings on individual instruments to 'CC', if S&P
believes that a coupon deferral is imminent, and to 'C' if a
coupon payment on an instrument is suspended."

                           Ratings List

                            Downgraded

               Commerzbank Capital Funding Trust I

                                  To                 From
                                  --                 ----
Preferred Stock                  CCC/Watch Neg      BB/Watch Neg

              Commerzbank Capital Funding Trust II

                                  To                 From
                                  --                 ----
Preferred Stock                  CCC/Watch Neg      BB/Watch Neg

              Commerzbank Capital Funding Trust III

                                  To                 From
                                  --                 ----
Preference Stock                 CCC/Watch Neg      BB/Watch Neg

                    Dresdner Funding Trust I

                                  To                 From
                                  --                 ----
Junior Subordinated              CCC/Watch Neg      BB/Watch Neg

                    Dresdner Funding Trust II

                                  To                 From
                                  --                 ----
Junior Subordinated              CCC/Watch Neg      BB/Watch Neg

                   Dresdner Funding Trust III

                                  To                 From
                                  --                 ----
Junior Subordinated              CCC/Watch Neg      BB/Watch Neg

                    Dresdner Funding Trust IV

                                  To                 From
                                  --                 ----
Junior Subordinated              CCC/Watch Neg      BB/Watch Neg

                 Eurohypo Capital Funding Trust I

                                  To                 From
                                  --                 ----
Preferred Stock*                 CCC/Watch Neg      BB/Watch Neg

                Eurohypo Capital Funding Trust II

                                  To                 From
                                  --                 ----
Preferred Stock*                 CCC/Watch Neg      BB/Watch Neg

                        Ratings Affirmed

                        HT1 Funding GmbH

            Junior Subordinated**                  C

                        UT2 Funding PLC

            Junior Subordinated**                  C


     * Guaranteed by Eurohypo AG.
     ** Supported by Allianz SE.
     NB: This list does not include all the ratings affected.


COMMERZBANK GROUP: Moody's Cuts Ratings on Various Instruments
--------------------------------------------------------------
Moody's Investors Service downgraded its ratings on various hybrid
instruments of different Commerzbank Group entities.  At the same
time, it affirmed Eurohypo AG's D bank financial strength rating,
A1 senior unsecured debt and deposit ratings and A2 subordinated
debt rating.  The outlook on these ratings remains negative.
Eurohypo AG's Prime-1 rating for short-term liabilities was also
affirmed.

The rating actions followed announcements that the European
Commission has given approval for state aid under certain
preconditions, including that (i) Commerzbank should dispose of
Eurohypo AG within five years and (ii) Commerzbank and its
subsidiaries should only make any profit-related payments on
hybrid capital instruments such as silent participation and
profit-participation certificates if they are obliged to do so
without reversing accruals or special reserves under 340g of the
German Commercial Code.

Moody's says that the announcement regarding the divestment of
Eurohypo has no impact on the ratings of Commerzbank AG.  Although
Commerzbank will need to divest a business that currently exerts
downward pressure on its own BFSR of C-, the rating agency argues
that positive credit implications from this divestment, if any,
will only be determined closer to the time of the sale, and will
depend on the terms and conditions of the transaction.

             Eurohypo's D BFSR and Senior Debt Ratings

Despite Moody's expectation that Eurohypo is subject to a future
divestment, the rating agency has not changed the bank's A1 senior
unsecured debt and deposit ratings which remain subject to a
negative outlook.  The current rating level reflects Moody's view
on ongoing parental support which is underpinned by a profit &
loss transfer agreement obliging Commerzbank to absorb Eurohypo's
losses (based on local GAAP accounting) until at least mid-2012.
This should offer Eurohypo assistance through a period that
Moody's expects to be very challenging for the bank, given the
sharp deterioration in international commercial real estate
markets.

However, the A1 senior debt and deposit ratings and the A2 rating
for subordinated debt face heightened pressure in the medium term
as the probability of parental support (currently "high") is
expected to diminish after 2012, potentially reducing the uplift
that the ratings receive from Eurohypo's current Ba2 baseline
credit assessment (which maps directly from the D BFSR).
Moreover, Moody's will closely monitor Eurohypo's scaling down of
its core businesses, which over time may result in a lowering of
the rating agency's assessment of the currently high probability
of the bank receiving systemic support in the event of need.  That
said, Eurohypo's prominent position as an issuer of German covered
bonds (Pfandbriefe) would make it a likely candidate to receive
systemic support in the medium term, assuming that both of its
main business lines, i.e. commercial real estate and public sector
finance, will remain part of Eurohypo AG.

             Downgrade of Hybrid Instruments Ratings

Following the previous downgrade of Commerzbank Group's hybrid
capital instruments on March 2, 2009, Moody's further downgraded
the ratings on the silent participation and profit participation
certificates of Commerzbank and its subsidiaries.  The ratings on
the various hybrid instruments now range from Baa3 to Caa1
reflecting Moody's instrument-by-instrument assessment of the
various underlying terms and triggers.

For all instruments except those issued by HT1 Funding Trust GmbH
and UT2 plc, Moody's understands based on issuer feedback that
coupons for financial year 2008 have been -- or will be -- paid in
full, and that the major risk of coupon deferrals or omissions
applies to financial years 2009 and 2010.  Moody's also
understands that any (special) reserves on the balance sheets of
Commerzbank and Eurohypo will be reversed, as necessary, in order
to prevent the potential triggering of principal write-downs.
These reversals would not be acceptable to avoid coupon deferrals
or omissions for the years 2009 and 2010 under the agreement with
the European Commission in the context of the approval for state
aid that has been or will be given to Commerzbank.

1) The Tier I instruments (silent partnership certificates) issued
   by Commerzbank Capital Funding Trust I, II and III were
   downgraded to B2 from Ba3, reflecting Moody's revised
   expectation of likely to be missed coupons for 2009 and 2010.
   All instruments have distributable profits (balance sheet)
   coupon non-payment triggers and are non-cumulative.  The rating
   agency recognizes that substantial reserves are available on
   the non-consolidated balance sheet of Commerzbank AG (which
   will be well in excess of EUR9.0 billion following planned
   recapitalization measures in 2009) that principally offer a
   buffer to trigger breaches.  However, Moody's understands that
   these are unlikely to be used for reversal to ensure interest
   payments for the next two years.

2) Commerzbank's deeply subordinated upper Tier II instruments
    ("Genussscheine") that mature in December 2009 were downgraded
   to Ba3 from Ba1 and those that mature in December 2010 to B2
   from Ba3.  The Ba3 ratings reflect Moody's current estimate of
   non-payment of the final coupon, but no principal write-down
   for the year 2009.  The B2 ratings reflect the rating agency's
   assumption of the omission of two coupons that will come due
   before or at final maturity.  Although these instruments are
   cumulative, the relatively short time-to-maturity is in Moody's
   view unlikely to allow enough time to generate sufficient
   profits to pay deferred coupons.

3) The non-cumulative Tier I hybrid instruments (silent
   partnership certificates) issued by Dresdner Funding Trust I,
   II, III and IV were downgraded to Baa3 from A3, which continues
   to recognize their very weak coupon non-payment triggers, but
   also reflects the heightened risk that even these instruments
   could potentially be subject to coupon omissions for the years
   2009 and 2010.  Based on issuer feedback, Moody's understands
   that the 4% and 8% regulatory capitalization triggers were not
   breached in 2008 and coupons are paid accordingly.  While the
   regulatory capital ratios of Commerzbank will be the reference
   for these instruments going forward, which should translate
   into a low probability that the triggers will be breached,
   Moody's factors in an increasing probability of regulatory
   intervention which may be determined in light of Commerzbank's
   actual performance over the next two years.

4) The Tier I instruments issued by HT1 Funding Trust GmbH, which
   represents a "repacked silent participation" in Dresdner Bank
   AG, were affirmed at Ba2.  This reflects Moody's unchanged
   assumptions: (i) the occurrence of a trigger breach in 2008
    (the distributable profits, i.e. 'balance sheet'-coupon non-
   payment triggers were breached) and the resulting partial loss
   of the coupon and principal write-down for 2008, which amounted
   to 15.75%; (ii) that the principal will be written back on a
   five-year time horizon since the security has a perpetual
   maturity; and (iii) that the coupon payment for 2008 will be
   made for 84.25% thanks to the indemnity of Allianz to pay
   coupons on the (remaining) principal amount of the underlying
   silent participation.

Moody's understands that Allianz's obligation to pay coupons on
these instruments when coupon non-payment triggers are breached
will continue even after the merger of Dresdner Bank with
Commerzbank and will remain in place for the life of these
instruments.  However, as is typical for Tier I instruments, the
coupon payments are non-cumulative, and therefore those parts of
coupons that are not paid (corresponding to the proportion of the
principal written down) will be lost and not subject to payment at
a later date.

5) The dated upper Tier II securities (profit participation
   certificates) issued by UT2 Funding plc, Ireland, were also
   affirmed at Ba2, reflecting (i) the occurrence of a trigger
   breach in 2008 and the resulting deferral of one full coupon
   and principal write-down for 2008, which amounted to 15.75%,
   (ii) coupon deferrals for 2009 and 2010, but no principal
   write-downs, and (iii) Moody's expectation of a high
   probability that the coupons will be paid retroactively before
   maturity in 2016 thanks to the cumulative nature of these
   instruments.

6) The Tier I instruments (trust preferred securities) issued by
   Eurohypo Capital Funding Trust I and II were downgraded to Caa1
   from B2, reflecting Moody's view of a higher probability of a
   depletion of reserves on the unconsolidated balance sheet of
   Eurohypo (which are considerably lower than those of
   Commerzbank) and resulting likely trigger breaches that Moody's
   considers possible will result in the loss of two or more
   coupons on a five-year horizon.  Moody's applies a high
   probability to the loss of two coupons and a medium probability
   to the loss of a third.  As coupon payments are non-cumulative,
   they would not be subject to payment at a later date.

7) The upper Tier II instruments ("Genussscheine") issued by
   Hypothekenbank in Essen (which was merged onto Eurohypo in Q3
   2008), to B3 from Ba1, as these instruments will mature in 2009
   and 2013, respectively.  For the instrument due in 2009,
   Moody's expects a (final) coupon loss and a reduced principal
   repayment at maturity.  The Genussschein due in 2013 is exposed
   to the risk of further coupon deferrals and principal write-
   downs in 2010 and beyond, however this is partly mitigated by
   the possibility of a principal write-up and repayment before
   maturity due to the cumulative nature of the instrument.

The outlook on all these instruments is stable as the ratings are
based on an expected loss calculation and are not notched off from
the senior unsecured debt ratings of Commerzbank and Eurohypo.

             Rating History And Moody's Methodologies

The last rating action on Commerzbank was on March 2, 2009, when
Moody's downgraded the BFSRs of Commerzbank, Dresdner Bank and
Eurohypo and affirmed their senior unsecured debt and deposit
ratings at Aa3 for Commerzbank and Dresdner Bank and at A1 for
Eurohypo, at the same time changing the outlook on these ratings
to negative from stable.  In addition, various hybrid ratings of
instruments issued by Commerzbank and its subsidiaries were
downgraded, as outlined in the respective press release.

Domiciled in Frankfurt, Germany, Commerzbank reported, based on
preliminary financials, total assets of EUR625 billion as at
December 31, 2008 and a pre-tax loss for the year of EUR403
million.

Headquartered in Eschborn, Germany, Eurohypo is a fully owned
subsidiary of Commerzbank.  Based on preliminary results at the
end of 2008, Eurohypo reported total assets of EUR292 billion and
a pre-tax loss of EUR1.4 billion for the full year.


DRESDNER BANK: Fitch Affirms Individual Rating at 'E'
-----------------------------------------------------
Fitch Ratings has affirmed Dresdner Bank AG's Long-term Issuer
Default Rating of 'A+' with Stable Outlook, Short-term IDR of
'F1+', Individual Rating of 'E', Support Rating of '1' and Support
Rating Floor of 'A+'.  The ratings were simultaneously withdrawn.

The rating action follows the announcement that the merger of
Dresdner into Commerzbank AG was entered into the local commercial
register.  As a result all existing rights and obligations of
Dresdner have been transferred to Commerzbank AG.  Among the
liabilities were the below listed hybrid capital instruments that
were issued by Dresdner.  Any clauses in the legal documentations
that cover the conditions for a possible deferral of coupon or
loss absorption will now refer to Commerzbank rather than
Dresdner.

The ratings of the hybrid capital instruments affected by the
change are:

  -- Dresdner Funding Trust I-IV silent participation
     certificates, rated 'B+', Rating Watch Negative

  -- HT1 Funding GmbH Tier 1 Securities, rated 'CC', RWN, Recovery
     Rating at 'RR5'

  -- UT2 Funding plc Upper Tier 2 securities, rated 'CC', RWN,
     Recovery Rating at 'RR4'


DUEWI HANDELS: Claims Registration Period Ends May 23
-----------------------------------------------------
Creditors of Duewi Handels und Produktionsgesellschaft fuer
Elekrozubehoer mbH have until May 23, 2009, to register their
claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on June 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 Bayreuth
         Meeting Hall 520 EG
         Friedrichstr. 18
         Bayreuth
         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. Wolfgang Bilgery
         Humboldtstr. 16
         70178 Stuttgart.
         Germany
         Tel: 0711/966890
         Fax: 0711/9668999

The court opened bankruptcy proceedings against the company on
April 30, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Duewi Handels und
         Produktionsgesellschaft fuer Elekrozubehoer mbH
         Attn: Gerhardt Rank, Manager
         Harkortstr. 2
         58339 Breckerfeld
         Germany


GAMESOLUTION GMBH: Claims Registration Period Ends June 11
----------------------------------------------------------
Creditors of Gamesolution GmbH have until June 11, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on June 17, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Esslingen
         Hall One
         Insolvency Tribunal
         Strohstrasse 5
         73728 Esslingen
         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. Oliver Kirschnek
         Kriegerstrasse 3
         70191 Stuttgart,
         Germany
         Tel: 0711/225583-0
         Fax: 0711/225583-20

The court opened bankruptcy proceedings against the company on
April 30, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Gamesolution GmbH
         [Redacted Nov. 6, 2011]
         Hauptstrasse 171
         70771 Leinfelden-Echterdingen
         Germany


GENERAL MOTORS: Opel Could Go to a Trust if Firm Goes Bankrupt
--------------------------------------------------------------
Tony Czuczka at Bloomberg News reports that a spokesman for the
Economy Ministry in Berlin said Germany may consider government
loan guarantees for General Motors Corp.'s Adam Opel GmbH unit if
GM files for bankruptcy and a deal with an investor to take over
the German unit is "close at hand".

Under the possible scenario envisaged by Economy Minister Karl-
Theodor zu Guttenberg, a private trust would take over Opel from
GM, Berlin's Economy Ministry spokesman Felix Probst told
Bloomberg News in a telephone interview.  "In such a fiduciary
solution, one might offer government guarantees," Mr. Probst said.

On May 6, 2009, the Troubled Company Reporter, citing The Wall
Street Journal,  reported that a senior German official said Opel
might close one of its plants if it merges with Fiat SpA.
According to the WSJ, Fiat CEO Sergio Marchionne met with German
officials Monday last week to present his plan for merging the
company with GM's European operations, which include Opel and
British automaker Vauxhall.  Citing Mr. zu Guttenberg, WSJ said
Mr. Marchionne proposed that Opel should keep three of its four
plants in Germany.  Mr. zu Guttenberg said that the plan left in
doubt the fate of Opel's engine plant in Kaiserslautern, according
to WSJ.  Mr. zu Guttenberg said Mr. Marchionne assured that
potential layoffs in Germany won't be "too dramatic," WSJ noted.
Mr. Marchionne, according to WSJ, hasn't said whether he intends
to eliminate jobs in Europe.  Automakers need to rein in
production costs to survive, WSJ said, citing Mr. Marchionne.  WSJ
noted that Mr. Marchionne would have to wrest concessions from
labor unions in Italy and Germany, which both have laws making it
difficult to lay off workers.

                    About General Motors Corp.

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

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

As reported by the Troubled Company Reporter, GM reported net loss
of US$6.0 billion, including special items, in the first quarter
of 2009.  This compares with a reported net loss of US$3.3 billion
in the year-ago quarter.  Excluding special items, the company
reported an adjusted net loss of US$5.9 billion in the first
quarter of 2009 compared to an adjusted net loss of US$381 million
in the first quarter of 2008.  As of March 31, 2009, GM had
US$82.2 billion in total assets and US$$172.8 billion in total
liabilities, resulting in US$90.5 billion in stockholders'
deficit.

On April 27, General Motors Corp. presented the United States
Department of Treasury with an updated plan as required by the
loan agreement signed by GM and the U.S. Treasury on December 31,
2008.  The plan addresses the key restructuring targets required
by the loan agreement, including a number of the critical elements
of the plan that was submitted to the U.S. government on
December 2, 2008.  Among these are: U.S. market competitiveness;
fuel economy and emissions; competitive labor cost; and
restructuring of the company's unsecured debt.  It also includes a
timeline for repayment of the Federal loans, and an analysis of
the company's positive net present value.

The plan details the future reduction of GM's vehicle brands and
nameplates in the U.S., further consolidation in its workforce and
dealer network, accelerated capacity actions and enhanced
manufacturing competitiveness, while maintaining GM's strong
commitment to high-quality, fuel-efficient vehicles and advanced
propulsion technologies.

GM also launched a bond exchange offer for roughlyUS$27 billion of
unsecured public debt.  If successful, the bond exchange would
result in the conversion of a large majority of this debt to
equity.

GM is also in talks with the UAW to modify the terms of the
Voluntary Employee Benefit Association, and with the U.S. Treasury
regarding possible conversion of its debt to equity.  The current
bond exchange offer is conditioned on the converting to equity of
at least 50% of GM's outstanding U.S. Treasury debt at June 1,
2009, and at least 50% of GM's future financial obligations to the
new VEBA.  GM expects a debt reduction of at least US$20 billion
between the two actions.

In total, the U.S. Treasury debt conversion, VEBA modification and
bond exchange could result in at least US$44 billion in debt
reduction.

GM filed with the Securities and Exchange Commission a
registration statement related to its exchange offer.  The filing
incorporates the revised Viability Plan.  A full-text copy of the
filing is available at http://ResearchArchives.com/t/s?3c09

A full-text copy of GM's viability plan presented in February 2009
is available at http://researcharchives.com/t/s?39a4

                      Going Concern Doubt

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

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

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


HERRENHAUSEN GMBH: Claims Registration Period Ends June 22
----------------------------------------------------------
Creditors of Herrenhausen 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 9:40 a.m. on June 29, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Hannover
         Hall 226
         Second Upper Floor
         Service Bldg.
         Hamburger Allee 26
         30161 Hannover
         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:

         Katja Huebe
         C/o Wilhelm & Kollegen
         Hohenzollernstr. 53
         30161 Hannover
         Germany
         Tel: 0511 696846-50
         Fax: 0511 696846-79

The court opened bankruptcy proceedings against the company on
April 30, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Herrenhausen GmbH
         Markgrafstrasse 5
         30419 Hannover
         Germany

         Attn: Dagmar Koesters, Manager
         Konrad-Adenauer-Strasse 29
         49179 Ostercappeln
         Germany


PICO GALVANIK: Claims Registration Period Ends May 29
-----------------------------------------------------
Creditors of Pico Galvanik und Metallwaren GmbH have until
May 29, 2009, to register their claims with court-appointed
insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on July 1, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Hanau
         Room 211
         Engelhardstrasse 21
         63450 Hanau
         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. Jan Markus Plathner
         Lyoner St. 14
         60528 Frankfurt
         Germany
         Tel: 069-962334-0
         Fax: 069-962334-22
         E-mail: m.plathner@brinkmann-partner.de

The court opened bankruptcy proceedings against the company on
April 29, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Pico Galvanik und Metallwaren GmbH
         Steinau an der Strasse
         Germany

         Attn: Werner Märtens, Manager
         Karl-Marx-Str. 15
         14547 Beelitz
         Germany


TEXTILVEREDELUNG NIEDERFROHNA: Claims Registration Ends June 5
--------------------------------------------------------------
Creditors of Textilveredelung Niederfrohna 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 3:00 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
         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. Thorsten Schleich
         Maggi St. 5
         78224 Singen
         Germany

The court opened bankruptcy proceedings against the company on
April 30, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Textilveredelung Niederfrohna GmbH
         Attn: Karl-Achim Klein, Manager
         Limbacherstr. 28
         09243 Niederfrohna
         Germany


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

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Kempten
         Hall 144/I
         Residenzplatz 4-6
         87435 Kempten
         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:

         Peter M. Hoffmann
         Donaustr. 64
         87700 Memmingen
         Germany
         Tel: (0 83 31) 92 45 97-0
         Fax: (0 83 31) 92 45 97-99

The court opened bankruptcy proceedings against the company on
April 30, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Trockenbau GmbH
         Tannenweg 26
         87452 Altusried
         Germany


WIRTH BEDACHUNGEN: Claims Registration Period Ends July 4
---------------------------------------------------------
Creditors of Wirth Bedachungen GmbH have until July 4, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 10:10 a.m. on July 28, 2009, at which time the
insolvency manager will present her first report.

The meeting of creditors will be held at:

         The District Court of Bad Kreuznach
         Hall A4
         Hofgartenstr. 2
         55545 Bad Kreuznach
         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:

         Johanna Martha Lueers
         Lauterenstrasse 37
         55116 Mainz
         Germany
         Tel:  06131/69304-0
         Fax: 06131/69304-11
         E-mail: j.lueers@brinkmann-partner.de

The court opened bankruptcy proceedings against the company on
Apri 23, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Wirth Bedachungen GmbH
         Attn: Thomas Schwarz, Manager
         Industriestr. 22
         55543 Bad Kreuznach
         Germany


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


ANGLO IRISH: Irish Gov't May Waive Capital Adequacy Rules
---------------------------------------------------------
The Irish government is considering waiving capital adequacy rules
to reduce Anglo Irish Bank's need for state funds, Andras Gergely
at Reuters reports citing the Irish Times.

Reuters relates according to the Irish Times, a big rise in loan
losses could force the government to give Anglo Irish Bank EUR3
billion to stay within guidelines on capital ratios or to waive
the rules for the bank, which was fully nationalized in January
after a director's loan scandal.

Davy analyst Scott Rankin, as cited by Reuters, said the bank's
expected losses and heavy exposure to property lending means the
creation of the National Asset Management Agency to manage the
risky assets could deplete its equity levels much more than at its
peers.

The government, Reuters disclosed, has earmarked a EUR3.5 billion
injection in the form of preference shares in exchange for a 25%
stake in Allied Irish Bank.  However, the report notes after
conducting stress tests the bank said last month it was looking to
raise an additional EUR1.5 billion.

                      About Anglo Irish Bank

Headquartered in Dublin, Ireland, Anglo Irish Bank Corporation plc
-- http://www.angloirishbank.ie/-- operates in three core areas:
Business Lending, Treasury and Wealth Management.


BCM IRELAND: S&P Cuts Long-Term Corporate Credit Rating to 'B'
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered to 'B'
from 'B+' its long-term corporate credit ratings on BCM Ireland
Preferred Equity, BCM Ireland Holdings Ltd., and BCM Ireland
Finance Ltd., the parent companies of leading Irish
telecommunications operator eircom Ltd.  The outlook is stable.

At the same time, the recovery rating on BCMIH's EUR350 million
second-lien debt was changed to '5' from '4', resulting in an
issue rating of 'B-', one notch below the corporate credit rating.
In addition, S&P lowered the issue level ratings on BCMIH's senior
secured debt to 'BB-' from 'BB'; the recovery rating is unchanged
at '1'.  S&P lowered the rating on BCMIF's EUR350 million
subordinated debt to 'CCC+' from 'B-'; the recovery rating is
unchanged at '6'.  S&P lowered to 'CCC+' from 'B-' the issue
rating on the EUR425 million floating rate subordinated payment-
in-kind notes issued by BCMIPE; the recovery rating is unchanged
at '6'.

"The downgrade reflects our view of the current operating
environment and increased risks for the BCMIPE group," said
Standard & Poor's credit analyst Simon Redmond, "For the quarter
to Dec. 31, 2008, eircom's reported fixed-line revenues and EBITDA
declined by 2.9% and 7.3%, respectively, compared with the
previous year, due to the sharp deterioration in the Irish
economy.  S&P believes that BCMIPE group's high financial leverage
and cost structure are likely to hamper a timely and effective
response.  In S&P's view, the disclosed pension deficit and
potential sale of the BCMIPE group also increase downside credit
risk."

BCMIPE reported total debt of EUR4.2 billion and cash of
EUR285 million on Dec. 31, 2008.

The ratings primarily reflect S&P's view of the BCMIPE group's
persistently high debt burden and weak free cash flow generation
in a challenging operating environment.  They also reflect that
weakening EBITDA as a result of cost reductions has been
insufficient to offset pressures on revenues.  Other factors that,
in S&P's view, place pressure on the ratings are BCMIPE group's
tightly regulated tariffs, and the financial burden of investment
in the network that is needed to sustain and grow its business.

eircom retains an entrenched position in the Irish fixed-line
telecoms market, which supports the ratings.  The current ratings
factor in that operational remediation steps currently being
implemented will reverse the sequential decline in group EBITDA in
a timely fashion.  A significant positive credit factor for eircom
is its large share of the total fixed-line market, given the
pressures on its voice traffic revenues (ComReg, the Irish
telecoms regulator gave eircom's fixed-line revenue market share
as 68.4% for the quarter to December).

eircom's cash-generating ability is likely to remain constrained
because of the operating environment, capital expenditures, and a
high interest burden.  S&P currently anticipates that moderating
capital expenditures could provide some capacity for additional
restructuring or pension payments, should these be required.

On a Standard & Poor's adjusted basis BCMIPE's debt to last 12
months' EBITDA increased to 7.2x on Dec. 31, 2008, from 6.6x on
June 30, 2008.  This mostly reflects the reported pension deficit
of EUR433 million, from a surplus in the previous year.

"The stable outlook reflects our view that eircom has the capacity
to sustain credit quality in the near term.  This assumption is
based on eircom's adequate cash on hand, low near-term maturities
and intense current focus on cost reduction to underpin the
performance of its well-positioned operating assets," added Mr.
Redmond.

There are, however, a number of downside risks for the ratings.
These include a lack of near-term progress in reversing the
reported EBITDA decline in the half year to Dec. 31, 2008, a
further tightening of covenant headroom, or unanticipated declines
in the group's liquidity resources.  Such developments would be
likely to weigh rapidly, and possibly significantly, on the
ratings.

Based on current information, S&P does not anticipate a
significant improvement in leverage measures.  That said, S&P will
pay close attention to BCMIPE's debt levels -- both debt with cash
and pay-in-kind interest -- and to the evolution of operating and
free cash flow.  A sustained deterioration in these measures would
likely cause us to revise the ratings or outlook.

In the absence of a substantial turnaround in operating
performance and progress in reducing debt, S&P does not presently
see upside for the ratings.

S&P's ratings do not factor in a change in controlling shareholder
Babcock & Brown Capital Ltd. as there is little clarity as to the
timing or nature of any change.


GASTRO PUB: Backers to Appoint Liquidator
-----------------------------------------
Ian Kehoe and Gavin Daly at the Sunday Business Post Online report
that The Gastro Pub Company's backers may put the company into
liquidation after suffering a 30 percent fall in revenues since
last November.

The report relates Martin Connolly, the company's founder, said
its backers planned to appoint a liquidator and attempt to reach
deals with bankers and trade creditors.

"We had been in talks with a number of investors and we attempted
to get finance from the banks.  Unfortunately, it is a bad time to
be looking for money," the report quoted Mr. Connolly as saying.
"A number of our backers were involved in the property game and,
like everyone in that sector, they have been hit hard.  We have
come under a lot of pressure in recent months."

Mr. Connolly, as cited in the report, said despite the
liquidation, his pub in Dun Laoghaire, Co Dublin, was likely to
remain open.  The report discloses according to Mr. Connolly the
pub, launched in 2007, was trading well, but that the company was
unable to deal with the cost of the development.  Mr. Connolly and
the company's other backers invested more than EUR2 million in
developing the premises, the report states.  The company, the
report adds, had also spent EUR200,000 renovating 10 hotel rooms
over the pub.


* IRELAND: Seeks Financial Advisers to Help Set Up Bad Bank
-----------------------------------------------------------
Rowena Mason at Telegraph.co.uk reports that the Irish government
is on the brink of appointing financial advisers to help it set up
the National Treasury Management Agency, Europe's first "bad bank"
of assets.

According to the report, the new agency, announced in April's
emergency budget, could manage up to EUR90 billion (GBP80 billion)
of property loans, which it will buy at discount from the banks in
return for government debt.

The government, the report states, is already prepared to take a
25% stake in the country's two biggest banks, Allied Irish, and
Bank of Ireland, in return for EUR3.5 billion each in preference
shares.  The two banks could have bad loans of as much as EUR13.8
billion between them, the report says citing analysts at
stockbrokers Davy.

The report notes a group of leading Irish academics has already
criticized government plans for dealing with the crisis, calling
for temporary nationalization rather than the creation of a "bad
bank".


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


CHRYSLER LLC: Non-TARP Lenders Withdraw Objections to Fiat Sale
---------------------------------------------------------------
Chrysler LLC's lenders who are not part of the United States'
Troubled Asset Relief Program, the same group of parties branded
by U.S. President Barack Obama as "speculators" for refusing to
join Chrysler LLC's banks in the government-brokered deal to wipe
out US$6.9 billion debt and move forward with an out-of-court
alliance with Fiat S.p.A., have withdrawn their objection to the
proposal in Chrysler's bankruptcy case to sell assets to a new
company to be partly owned by Fiat, a Bloomberg report said.

According to Bloomberg's Bill Rochelle, Tom Lauria, a lawyer for
lenders who held US$295 million of US$6.9 billion in first-lien
claims, said the Non-TARP lenders group threw in the towel because
they didn't "have critical mass to withstand the enormous pressure
and machinery of the U.S. government."

OppenheimerFunds Inc. and Stairway Capital Management LP
are among the minority of secured lenders who gave up the fight,
the Bloomberg report said.

According to White & Case's FRBP Rule 2019 statement, the members
of the Non-Tarp lenders are:

   Schultze Master Fund Ltd.
   3000 Westchester Avenue, Ste. 204
   Purchase, NY 10577

   Arrow Distressed Securities Fund
   3000 Westchester Avenue, Ste. 204
   Purchase, NY 10577

   Schultze Apex Master Fund 3000
   Westchester Avenue, Ste. 204
   Purchase, NY 10577

   Stairway Capital Management II, L.P.
   519 RXR Plaza
   Uniondale, NY 11556

   Group G Partners LP
   800 Third Avenue, 23rd Floor
   New York, NY 10022

   GGCP Sequoia L.P.
   800 Third Avenue, 23rd Floor
   New York, NY 10022

   Oppenheimer Senior Floating Rate Fund
   Two World Financial Center
   225 Liberty Street
   New York, NY 10281

   Oppenheimer Master Loan Fund LLC
   Two World Financial Center
   225 Liberty Street
   New York, NY 10281

   Foxhill Opportunity Master Fund, LP
   502 Carnegie Center
   Princeton, NJ 08540

                     Legality of Fiat Sale

In the Non-TARP lenders' objections to the Fiat transaction and
other related pleadings, Gerard H. Uzzi, Esq., at White & Case,
pointed out that on April 30, the first time a U.S. President made
a national address announcing a Chapter 11 filing, President Obama
singled out creditors who did not agree to the government's
intentions regarding Chrysler, which includes paying billions of
dollars to unsecured creditors while paying first-lien secured
creditors less than thirty cents on the dollar.  The President's
remarks announcing the bankruptcy filing are merely "the most
public in a series of steps undertaken by the current
administration to subvert the rule of law by forcing Chrysler
stakeholders to agree to a sub rosa plan of reorganization which
wholly ignores time honored bankruptcy principles," Mr. Uzzi
argued.

Ann Woolner, in a commentary at Bloomberg, said that the Fiat-
Chrysler deal may be good for the economy, but the Chrysler deal
with Fiat, which is to be accomplished under Section 363 of the
Bankruptcy Code, is not "legal."

The non-TARP lenders, which constitute the minority, assert that
paying billions to unsecured creditors violates the rules of
priority in bankruptcy because they are to receive only
US$2 billion, which they say is the "rough equivalent" of what
they would realize in liquidation, Mr. Rochelle said.

Under Chrysler's bankruptcy package, secured lenders holding
US$6.9 billion will only recover 30%.  Some unsecured creditors,
which are of lower rank to the secured lenders, however, will
receive payments in the U.S. government and Fiat-backed plan for
Chrysler.

The plan "would bulldoze well-established rights of secured
creditors, property rights the U.S. Constitution guarantees,"
Ms. Woolner says.  Section 1129(b)(2) of the Bankruptcy Code,
known as the "absolute priority rule", provides that a plan under
Chapter 11 is "fair and equitable" with respect to a dissenting
impaired class of claimants if the creditors in the class receive
or retain property of a value equal to the allowed amount of their
claims or, failing that, no creditor of lesser priority, or
shareholder, receives any distribution under the plan.

The non-TARP lenders said improper payments to junior creditors
include US$5.3 billion going to trade suppliers, US$4.5 billion
for warranty claims and employee wages, US$9.8 billion for
workers' benefits, and US$5 billion toward under-funded pensions.

According to Ms. Woolner, a Sec. 363 sale is perfectly legal when
a sound business reason demands it and when it isn't
reorganization in disguise.  But she says that the transaction
appears to be aimed at resolving creditors claims and may be sub
rosa plan of reorganization, a secret reordering dressed up to
look like a sale, which is forbid by bankruptcy law.

Regardless if the Chrysler-Fiat transaction doesn't appear to be a
true sale or whether it appears to favor junior creditors over
senior creditors, the bankruptcy judge may still end up approving
the deal, Ms. Woolner says.

"There's an enormous momentum in favor of the government
plan," Ms. Woolner quoted Jay Westbrook, who teaches bankruptcy
law at the University of Texas, as saying.

In response to questions of whether the "absolute priority rule"
will kill the sale, Jim McCafferty, in an article, points to
Chrysler's opening memorandum which focused on the US Supreme
Court's classic pronouncement in NLRB v. Bildisco & Bildisco, 465
U.S. 513, 528 (1984), where the Court stated that the "fundamental
purpose of reorganization is to prevent the debtor from going into
liquidation, with an attendant loss of jobs and possible misuse of
economic resources."  This principle, Chrysler argues, is
paramount and (quoting NY's judicial patriarch, Bankruptcy Judge
Lifland, in the old Eastern Airlines case) "all other bankruptcy
policies are subordinated" to it.

Mr. McCafferty, on the other hand, says that a Supreme Court
pronouncement that would favor the Non-Tarp lenders is Raleigh v.
Ill. Dep't of Rev., 530 U.S. 15, 24-25 (2000) (argued in victory
by now Chicago Bankruptcy Judge Ben Goldgar), where the Court
stated:

  Bankruptcy courts are not authorized in the name of equity to
  make wholesale substitution of underlying law controlling the
  validity of creditors' entitlements, but are limited to what
  the Bankruptcy Code itself provides.

                       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 Dec. 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)


ITTIERRE SPA: Creditors Must File Proofs of Debt
------------------------------------------------
Avv. Stanislao Chimenti, Dott. Roberto Spada and Dott. Andrea
Ciccoli, extraordinary commissioners of Ittierre SpA and its
subsidiaries and affiliated companies, are inviting creditors and
holders of personal rights and indefeasible rights on movables and
immovables owned by or in the hands of the companies to file
proofs of debt at:

         The Registry of the Court of Isernia
         The Bankruptcy Section
         Piazza Tullio Tedeschi
         N.1
         First Floor
         Room N. 12

The court declared Ittierre S.p.A. in A.S. insolvent on Feb. 17,
2009.  Dott.ssa Laura Ligouri was appointed official receiver.
Creditors have until June 20, 2009, to file proofs of debt.  A
court hearing to establish liabilities will be held at 9:30 a.m.
on July 8, 2009.

The court declared IT Holding Commercial Services Srl insolvent on
March 11, 2009.  Dott.ssa Laura Ligouri was appointed official
receiver.  Creditors have until June 20, 2009, to file proofs of
debt.  A court hearing to establish liabilities will be held at
9:30 a.m. on July 8, 2009.

The court declared Malo S.p.A. in A.S., IT Holding S.p.A. in A.S.,
ITC S.p.A. in A.S. and Nuova Andrea Fashion SpA in A.S. Insolvent
on  March 11, 2009.  Dott.ssa Laura Ligouri was appointed official
receiver.  Creditors have until June 30, 2009, to file proofs of
debt.  A court hearing to establish liabilities will be held at
9:30 a.m. on July 15, 2009.

The court declared Plus IT S.p.A. in A.S.,  Exte' Srl in A.S. and
Gianfranco Ferre' SpA in A.S. insolvent on March 11, 2009.
Dott.ssa Laura Ligouri was appointed official receiver.  Creditors
have until June 30, 2009, to file proofs of debt.  A court hearing
to establish liabilities will be held at 9:30 a.m. on July 22,
2009.

The court declared ITR USA Retail Srl in A.S. insolvent in
March 11, 2009.  Creditors have until June 20, 2009, to file
proofs of debt.  A court hearing to establish liabilities will be
held at 9:30 a.m. on July 8, 2009.

The court declared IT Distribuzione Srl in A.S. insolvent on
March 20, 2009.  Dott.ssa Laura Ligouri was appointed official
receiver.  Creditors have until June 30, 2009 to file proof of
debt.  A court hearing to establish liabilities will be held at
9:30 a.m. on July 20, 2009.

The court declared IT Holding Finance S.A. in A.S. insolvent on
April 10, 2009, Dott.ssa Laura Ligouri was appointed official
receiver.  Creditors have until June 30, 2009 to file proofs of
debt.  A court hearing to establish liabilities will be held at
9:30 a.m. on July 22, 2009.

For further information, visit the website of the Court of
Isernia: www.giustiziamolise.it


PIAGGIO & C: Moody's Changes Outlook on 'Ba2' Rating to Negative
----------------------------------------------------------------
Moody's Investors Service has changed the outlook to negative from
stable on the Ba2 Corporate Family Rating of Piaggio & C SpA and
the Ba2 Senior unsecured rating on the notes due 2012 issued by
Piaggio Finance S.A.  The action was prompted by the deterioration
in the company's operating performances over recent months and
Moody's expectation that key credit metrics are likely to remain
weak for the rating category over the short to medium term.  In
addition, the rating action reflects Moody's view that the group's
liquidity profile is weakening.

"Piaggio's credit profile was already expected to deteriorate as a
result of the company's three-year investment plan launched in
2008 aimed at increasing production capacity and presence across
Asian countries," said Paolo Leschiutta a Moody's Vice President -
Senior Analyst and lead analyst for Piaggio.  "The recent drop in
consumer spending, resulting in volumes reducing on average by
8.5% during 2008 and by 20.2% during Q1 2009, and expectation for
soft demand for the remainder of 2009 are likely to result,
however, in further deterioration in operating performance, with
credit metrics expected at the low end of the rating category.
Despite management's effort to reduce costs and the expected
support provided by recently launched Governments incentive plans,
Moody's would expect financial leverage, measured as Debt to
EBITDA (adjusted for operating leases, R&D and pension), and RCF
to Net Debt to trend towards 4x and low teens respectively",
continued Mr. Leschiutta.

Moody's recognizes the company's capability to limit the negative
impact of lower volumes on operating margins, through immediate
focus on increasing efficiency of the procurement activity
(representing a large component of the company's cost structure)
and temporary workforce reduction programs.  In addition,
following the extension of the Italian Government incentives, the
company reported more positive trends in volumes and modest market
share gains in Italy during March and April 2009.  Nevertheless,
EBITDA margin, as reported by the company, reduced to 12% at YE
2008, compared to 13.4% at YE 2007, and to 6.9% at Q1 2009,
compared to 9.7% at Q1 2008.  Going forward, Moody's would expect
the company to recover part of the margin erosion and to maintain
positive free cash flow generation during the year that should
allow for only modest deterioration in credit metrics.  In
addition, the current rating assumes a modest recovery during
2010.

Moody's also notes a deterioration in the company's liquidity
profile as it would expect headroom on covenants, particularly at
June 09 testing date, to reduce compared to previous level,
without putting pressure on covenants compliance, as EBITDA
generation on a LTM basis will be affected by at least three weak
quarters.  Notwithstanding the exceptional cash outflows incurred
during 2008 (namely related to the settlement of Aprilia's warrant
and a modest amount of share buybacks), Moody's views Piaggio's
liquidity as adequate thanks to ample availability under its
revolving credit facility.

"The negative outlook reflects Moody's expectations that operating
performance is likely to remain subdued over the next few months
and that weak demand resulting in under-utilization of Piaggio's
main plants is likely to result in weakening credit metrics," adds
Mr. Leschiutta.  Piaggio's Ba2 Corporate Family Rating reflects
the group solid market position, good product and geographic
diversification, and adequate liquidity profile.  However, the
rating also reflects the execution risks originated from the entry
into developing countries with new plant and sales channels.
Although key credit metrics are expected to remain within the
current rating category, the Corporate Family Rating could be
downgraded in case of failure to demonstrate a recovery in
operating performances during the important second quarter of the
current financial year that had to lead to financial leverage
increasing above 4.0x and to a contraction of the company cash
flow leverage, measured as RCF/Net Debt towards the high-single-
digit on an ongoing basis.  The rating could also be downgraded in
case of further weakening of Moody's perception of the company's
liquidity profile.

The last rating action on Piaggio was on July 18, 2007, when
Moody's upgraded the Corporate Family Rating to Ba2 (from Ba3) and
maintained the stable outlook, following stronger than expected
operating performance.

Based in Italy, Piaggio is a leading global manufacturer and
distributor of light mobility vehicles for both personal and
business purposes.  In 2008 the company reported total
consolidated revenues of EUR1.570 billion and sold 648,600
vehicles.  With a global widespread presence of production plants
and R&D centers and nine names under its brand portfolio, the
company ranks as one of the world's top four players in its core
business.


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


AIS 2 LLP: Creditors Must File Claims by June 12
------------------------------------------------
Creditors of LLP Company AIS 2 have until June 12, 2009, to submit
proofs of claim to:

         Pushkin Str. 201-9
         Kostanai
         Kazakhstan

The Specialized Inter-Regional Economic Court of Kostanai
commenced bankruptcy proceedings against the company on
Feb. 2, 2009, after finding it insolvent.

The Court is located at:

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


KATEMAR AKTAU: Creditors Must File Claims by June 12
----------------------------------------------------
LLP Foreign Enterprise Katemar Aktau has gone into liquidation.
Creditors have until June 12, 2009, to submit proofs of claim to:

         Micro District 8, 39
         Aktau
         Mangistau
         Kazakhstan

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of Mangistau
         Building of Former Kindergarten 51
         Micro District 27
         Aktau
         Mangistau
         Kazakhstan


KAZAKHGOLD GROUP: Fitch Maintains 'CCC' LT Issuer Default Rating
----------------------------------------------------------------
Fitch Ratings has maintained KazakhGold Group Limited's Long-term
Issuer Default Rating of 'CCC' and senior unsecured rating of
'CCC'/'RR4' on Rating Watch Negative.

The rating action follows KazakhGold's failure to make a coupon
payment of US$9.375 million on its US$200 million senior unsecured
notes due May 6, 2009.  Although the company has not issued any
public statement to this effect, the agency has obtained a
confirmation from KazakhGold that no payment was made.  The
company has stated that the reason for delay is technical and that
it intends to pay the coupon within a 30-day cure period as
required by the bond documentation.  The agency is closely
monitoring the development and a negative rating action is
possible if the payment is not made by May 15, 2009.

KazakhGold issued a public statement on April 30, 2009 stating
that "the Company's production levels and working capital levels
have deteriorated substantially more rapidly than previously
anticipated and KazakhGold requires a funding commitment, in order
to continue to operate as a going concern in its current form".
As a result of KazakhGold's deteriorating situation, Polyus Gold,
which has been in takeover talks with KazakhGold since summer
2008, withdrew its December 2008 offer and plans to issue a new
offer by the end of May.  Fitch is seeking more clarity on
KazakhGold's current operational and financial situation.

The agency expects to resolve the RWN following a meeting with
management to discuss the issuer's strategy going forward.  The
agency is also closely monitoring the progress of KazakhGold's
potential acquisition by Polyus Gold and its impact on
KazakhGold's credit profile.  Further negative rating actions
remain a possibility should the transaction fail, or should
KazakhGold not secure alternative sources of funding to improve
its current financial position.  The agency notes that
KazakhGold's corporate transparency remains an issue.


NGT MUNAI: Creditors Must File Claims by June 12
------------------------------------------------
LLP NGT Munai Gas has gone into liquidation.  Creditors have until
June 12, 2009, to submit proofs of claim to:

         Jubanova Str. 39-19
         Aktobe
         Aktube
         Kazakhstan

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of Aktube
         Satpaev Str. 16
         Aktobe
         Aktube
         Kazakhstan


SIRIUS DAR: Creditors Must File Claims by June 12
-------------------------------------------------
Creditors of LLP Sirius Dar have until June 12, 2009, to submit
proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of Astana
         Abai Ave. 39
         Astana
         Kazakhstan

The Specialized Inter-Regional Economic Court of Astana commenced
bankruptcy proceedings against the company on March 27, 2009 after
finding it insolvent.


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


BUUDAI-TOKMOK OJSC: Court Names A. Mambetov as Insolvency Manager
-----------------------------------------------------------------
The Inter-District Court of Chui for Economic Issues appointed
A. Mambetov as Insolvency Manager for OJSC Buudai-Tokmok.  He can
be reached at:

         A. Mambetov
         Administrative Building of OJSC Buudai-Tokmok
         Promzona
         Tokmok
         Chui
         Kyrgyzstan

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
ED-217/09M??.


JER-AZYK JSC: Creditors Must File Claims by June 5
--------------------------------------------------
JSC Jer-Azyk has shut down.  Creditors have until June 5, 2009, to
submit proofs of claim.

Inquiries can be addressed to (0-773) 31-00-14.


===========
L A T V I A
===========


PAREX BANK: Moody's Retains Stable Outlook on 'E' BFSR
------------------------------------------------------
Moody's Investors Service maintained Parex Bank's B2 long-term
local and foreign currency deposit and debt ratings on review for
possible downgrade.  The outlook on the E bank financial strength
rating remains stable.  The bank's Not Prime short-term rating was
affirmed.

Initially Moody's placed Parex Bank's debt and deposits ratings on
review on 5 December 2008.  The review focused on Parex Bank's
liquidity position and on the government's intentions with respect
to the bank's future.  It also focused on the progress of the
bank's sale process.

Moody's positively notes the recent measures by the Latvian
government and the European Bank for Reconstruction and
Development to stabilize the bank.  However, the rating agency
cautions that there remain risks for Parex Bank in relation to its
franchise value, profitability and asset quality.

In April 2009, the EBRD announced the acquisition of 25% (plus one
ordinary share) of Parex Bank for LVL59.5 million (EUR84 million)
and a subordinated loan of EUR22 million qualifying as Tier 2
capital.  Earlier in March, the Latvian government also announced
the injection into the bank of LVL165 million in equity and LVL62
million in subordinated debt.  However, the recapitalization of
Parex Bank is still subject to approval from the European
Commission.  The measures are aimed at strengthening the bank's
capital adequacy to 12%.

Parex Bank's capital base was badly depleted by reported unaudited
net losses of LVL131 million in 2008, down from a profit of LVL41
million in 2007.  Moody's notes that this was primarily due to net
impairment charges of LVL160 million.  As a result, the bank's
capital was reduced to LVL79 million from LVL226 million in 2007.

Earlier in 2009, the bank reached an agreement with its syndicated
lenders on rescheduling its debt that matures this year.
Accordingly, the next debt maturities will be EUR310 million in
February 2010 and EUR232.5 million in May 2011.  The first payment
of EUR232.5 million was made in March 2009.

Commenting on the bank's earlier announced sale process, Moody's
understands that the current financial climate has impeded these
plans.

The E BFSR, which maps to a baseline credit assessment of Caa1 and
is the lowest on Moody's rating scale, continues to reflect Parex
Bank's weak capital adequacy and liquidity position on a
standalone basis (i.e. excluding Moody's assessment of the
probability of external support).  It also continues to reflect
the bank's weak financial fundamentals and impaired franchise
value.  In the rating agency's opinion, it will remain difficult
for the bank to continue operating normally and competitively as a
lending and deposit-taking institution.

However, Moody's continues to assess the probability of systemic
support for the bank in the event of a stress situation as high,
reflecting the government's majority shareholding in the bank.
Moody's also believes that the EBRD will be supportive of the
bank.  As a result, Parex Bank's deposit and debt ratings receive
a two-notch uplift from the Caa1 BCA.

Moody's says that the ratings remain on review for possible
downgrade due to concerns about the bank's future franchise value
and the fact that its profitability and asset quality could weaken
further given the severe economic recession in Latvia.

Moody's says that the downward pressure on Parex Bank's debt and
deposit ratings will continue to depend on the bank's asset
quality and profitability development and also on how its
franchise value and business strategy evolve when the restrictions
on deposit and lending withdrawals are removed.

The previous rating action on Parex Bank was implemented on
December 5, 2008, when Moody's downgraded the BFSR to E and the
long-term debt and deposit ratings to B2.  The debt and deposit
ratings were placed on review for possible further downgrade.  The
bank's Not Prime short-term rating was affirmed.

Headquartered in Riga, Latvia, Parex Bank reported total assets of
LVL3.5 billion (EUR4.9 billion) at the end of 2008.


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


BARIT LLC: Court Names L.Balashko as Insolvency Manager
-------------------------------------------------------
The Arbitration Court of Khakasia appointed L.Balashko as
insolvency manager for LLC Barit (Minerals Mining).  The case is
docketed under Case No. 74–2303/2008. He can be reached at:

         Prospect Druzhby Narodov 7-16
         Abakan
         Khakasia
         Russia

The Debtor can be reached at:

         LLC Barit
         Bazarnaya St. 16a
         Chernogorsk
         Khakasia
         Russia


INVEST-STROY LLC:  Creditors Must File Claims by June 24
--------------------------------------------------------
The Arbitration Court of Kurganskaya commenced bankruptcy
proceedings against LLC Invets-Stroy (TIN 4501084288, PSRN
1024500520440) (Construction) after the company insolvent.  The
case is docketed under Case No. ?34–1210/2007.

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

         M. Sentyurin
         Insolvency Manager
         Volodarskogo St. 57-408
         640000 Kurgan
         Russia
         Tel: (3522)46–63-06

The Debtor can be reached at:

         LLC Invets-Stroy
         Prospect Mashinostroiteley 34
         640000 Kurgan
         Russia


OKTYABRSKOE CONSTRUCTION: Creditors Must File Claims by June 24
---------------------------------------------------------------
The Arbitration Court of Omskaya commenced bankruptcy proceedings
against CJSC Oktyabrskoe Construction Management (TIN 5506051560,
PSRN 1035511007070) (Construction) after finding the company
insolvent.  The case is docketed under Case No. ?46–20890/2008.

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

         A. Grabovetskiy
         Insolvency Manager
         Office 11
         Marshala Zhukova St. 76
         644010 Omsk
         Russia

The Debtor can be reached at:

         CJSC Oktyabrskoe Construction Management
         5 Kordnaya Str. 65B
         Omsk
         Russia


SBERBANK: BofA-Merrill Lynch Cuts 2009 Loss Forecast for Firm
-------------------------------------------------------------
Stephen Kirkland at Bloomberg News reports VTB Group and OAO
Sberbank, Russia's largest banks, had their 2009 loss forecasts
narrowed at Bank of America Corp.-Merrill Lynch & Co.

According to the report, the brokerage trimmed its outlook for VTB
to a loss of US$2.3 billion from a loss of US$3 billion, while the
forecast for Sberbank was narrowed to a loss of RUR38 billion
(US$1.2 billion) from RUR62 billion.

As reported in the Troubled Company Reporter-Europe on May 5,
2009, RIA Novosti said Sberbank's net profit under International
Financial Reporting Standards declined by 8.3%, year-on-year, to
RUR97.7 billion (US$2.93 billion) in 2008 after it increased
provisions for bad loans by 450% to RUR97.9 billion (US$2.9
billion).
The bank, RIA Novosti said, also attributed the decline to losses
from securities transactions "as a result of a slump on the global
and Russian financial markets."  The bank's net profit under IFRS
slightly exceeded the RUR97.6 billion (US$2.92 billion) consensus
forecast of analysts compiled by RIA Novosti.

Headquartered in Moscow, Russia, Sberbank Rossii OAO (AK
Sberegatel'nyi bank Rossiyskoy Federatsii OAO) --
http://www.sbrf.ru/-- is a commercial bank.  It provides a range
of corporate and retail banking services, such as payments and
transfers, currency exchange, credit cards, travelers checks,
mutual funds, precious metal trading, deposits, brokerage services
and others.  The Company owns 14 subsidiaries and affiliated
companies.

                        *     *     *

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


STVOR CJSC: Creditors Must File Claims by June 24
-------------------------------------------------
The Arbitration Court of Tumenskaya commenced bankruptcy
proceedings against CJSC Stvor (TIN 5919000408, PSRN
1025901972403) after finding the company insolvent.  The case is
docketed under Case No. ?70-6426/3-2008.

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

         V. Dmitriev
         Insolvency Manager
         Post User Box 2004
         650000 Kemerovo
         Russia

The Debtor can be reached at:

          CJSC Stvor
          Kommunarov St. 4
          625048 Tumen
          Russia


VTB BANK: BofA-Merrill Lynch Cuts 2009 Loss Forecast for Firm
-------------------------------------------------------------
Stephen Kirkland at Bloomberg News reports VTB Group and OAO
Sberbank, Russia's largest banks, had their 2009 loss forecasts
narrowed at Bank of America Corp.-Merrill Lynch & Co.

According to the report, the brokerage trimmed its outlook for VTB
to a loss of US$2.3 billion from a loss of US$3 billion, while the
forecast for Sberbank was narrowed to a loss of RUR38 billion
(US$1.2 billion) from RUR62 billion.

As reported in the Troubled Company Reporter-Europe on May 8,
2009, VTB Bank posted a net loss of RUB5.9 billion for the first
four months of 2009 as compared to the net profit of RUB 1.99
billion posted over the first quarter of 2009.  The decreased net
profit in April was primarily caused by closing forward exchange
contracts and by negative revaluation of its currency positions.

The bank said another factor affecting its performance in April
was allocation to loan impairment provisions, which by May 1
accounted for 3.2% of the Corporate Loan Portfolio.

As of May 1, 2009, VTB's assets were RUB2,636 billion as compared
to RUB2,721 billion posted on April 1, 2009.  Against the year-
start, the assets have increased 3%.

The bank's corporate portfolio amounted to RUB1,588 billion, which
is an 8% increase for the first four months of the current year.
Corporate customers' accounts and deposits reached RUB864 billion,
having increased 20% since the year-start.

The unconsolidated financial statements have been prepared under
Russian Accounting Standards only for the Parent Bank, JSC VTB
Bank.

Bank VTB OAO (Bank VTB OJSC), formerly Bank vneshney torgovli or
Vneshtorgbank OAO, -- http://www.vtb.ru/-- is a Russia-based
bank, which is involved in the provision of banking and financial
products and services.  It offers such services as the opening and
keeping bank accounts of physical and legal persons, offering
debit and credit cards and safety deposit boxes, cash and non-cash
money transfers, syndication arrangement for financial
institutions, derivative instruments, currency exchange,
securities and banknote trading, export and import payments,
lending services, international settlements, custody services,
card transactions, payroll and other services.  It is a member of
the Association of Russian Banks (ARB), International Capital
Market Association and others.  It operates through numerous
representative offices and branches, subsidiaries and affiliated
companies located in Russia, Europe, Asia and Africa. In December
2008, the Company acquired a 51% stake in Azerbaijani AF-Bank.

                        *      *      *

Bank VTB OAO currently carries a 'D' individual rating from Fitch
Ratings.


ZHIL-INVEST-STROY LLC: Creditors Must File Claims by May 24
-----------------------------------------------------------
The Arbitration Court of Altayskiy commenced bankruptcy
proceedings against LLC Zhil-Invest-Stroy (TIN 2223046676, PSRN
1042202068534) (Construction) after finding the company insolvent.
The case is docketed under Case No. ???–1066/2009B.

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

         S. Pupkov
         Insolvency Manager
         Post User Box 130
         Vorovskogo St. 140
         Barnaul
         656002 Altayskiy
         Russia

The Debtor can be reached at:

         LLC Zhil-Invest-Stroy
         A. Petrova St. 118a
         Barnaul
         656052 Altayskiy
         Russia


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


CAJA DE AHORROS: Fitch Does Not Expect to Make Rating Actions
-------------------------------------------------------------
Fitch Ratings says that it does not expect to take near-term
rating action on structured finance transactions originated by
Spanish savings bank, Caja de Ahorros de Castilla la Mancha
('BB+'/'B' on Rating Watch Positive) with respect to commingling
risk issues.  Fitch believes liquidity arrangements provided to
CCM by the Bank of Spain are sufficient to mitigate the
commingling risks in the near term.  This is despite CCM's
decision not to put in place commingling reserve accounts upon CCM
being downgraded below 'F2' as envisaged by some of the
transactions' documentation.

On March 29, 2009, the Bank of Spain announced that it was
formally taking over CCM, providing the entity with up to EUR9
billion in financing backed by Spanish government guarantees.  The
government-backed financing will be available to meet depositor
and all other third-party claims. Following these developments,
CCM's 'BB+/B' ratings were placed on Rating Watch Positive on 31
March 2009.

Currently CCM continues to service all of its securitized loans.
Fitch believes that, in the event of a default of CCM, there would
be a short-term commingling risk exposure arising from potential
lost principal and interest collections associated with the period
it may take to notify and implement new payment instructions for
obligors.  Currently none of the affected transactions have
commingling reserve accounts in place to cover this risk.

However, Fitch has been informed by both CCM and the asset
management companies that any commingling risk that may arise from
payment disruptions is covered by the EUR9 billion liquidity
facility established by the Bank of Spain.  While such a broad
guarantee is not specifically envisaged as part of Fitch's
commingling criteria, the agency believes that it provides the
transaction with protection against such risk over the near-term.
Nevertheless, currently the guarantee is valid only for 2009 and
in light of this, Fitch will continue to closely monitor
developments at CCM and re-evaluate the adequacy of the current
guarantee as a mitigating factor to commingling risk over the
coming months.  In particular, the agency would review what
alternative measures might be proposed ahead of the expiry of the
guarantee since the Bank of Spain has not indicated a renewal.

Notwithstanding the assessment of the rating impact above, Fitch
also notes that the Bank of Spain's liquidity facility is not a
remedial action as contemplated in the transactions' documentation
following CCM's downgrade to 'BB+'/'B' in February 2009.  Some
transactions stipulate that the remedy of either putting in place
a commingling reserve account or providing an unlimited guarantee
should be pursued within 30 days of a downgrade to below 'F2'.
Fitch's opinion does not reflect any assessment of the legal
position with respect to CCM's decision not to pursue the
specified remedies in accordance with the transactions'
documentations.


* SPAIN: Bankruptcies Up Four Fold to 1,588 in First Quarter 2009
-----------------------------------------------------------------
Euroresidentes reports that the number of individual and corporate
bankruptcies in Spain in the first quarter of 2009 rose to 1,588,
four times more than for the same period in 2008.

Citing statistics published by the Spanish National Institute for
Statistics (INE), the report discloses the number of companies
going into administration in the first quarter of 2009 increased
by 44% compared to the last quarter of 2008.

The report says between January and March 2009, the number of
individuals declaring themselves insolvent tripled compared to the
same period for 2008 with a total of 200 insolvencies being
declared, while companies and the self employed who went into
administration went up by 278.3%, to 1,358 which is almost four
times as many as a year earlier.  The report notes out of these 3
out of every 10 were involved in the construction or property
sales sectors while the rest were in industry, energy with 17.8%
coming from the commercial sector.  The majority were either small
or medium sized companies with a turnover of less than
EUR2 million, the report states.

According to the report, out of the total number of bankruptcies
1,470 were voluntary (280.8% more than in the first quarter of
2008) 88 were forced (125.6% more).  The report discloses as far
as the geographical location of companies and individuals going
bankrupt 59.2% were concentrated in Catalonia, Valencia, Madrid
and Andalucía.

The report relates Gonzalo Aranzabal, from the law firm KPMG, told
El Pais Wednesday last week that the new law on bankruptcy which
came into effect on April 1, 2009, has been 'limited' and has not
been able to put a brake on the increase in the number of
bankruptcies.  According to the report, Mr. Aranzabal said the new
bankruptcy law has not helped with judicial delays either due to
the insufficient number of courts available to deal with the
avalanche of applications for bankruptcy.


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


AGENTUR SPRUDELWASSER: Claims Filing Deadline is May 15
-------------------------------------------------------
Creditors of Agentur sprudelwasser GmbH are requested to file
their proofs of claim by May 15, 2009, to:

         Anita Steiner
         Liquidator
         Gampi 91
         6043 Adligenswil
         Switzerland

The company is currently undergoing liquidation in Alpnach Dorf.
The decision about liquidation was accepted at a shareholders'
meeting held on March 27, 2009.


AGIDE GMBH: Claims Filing Deadline is May 15
-------------------------------------------
Creditors of Agide GmbH are requested to file their proofs of
claim by May 15, 2009, to:

         Alfred Kreis
         Ruefegasse 24
         7208 Malans
         Switzerland

The company is currently undergoing liquidation in Flums.  The
decision about liquidation was accepted at an extraordinary
general meeting held on Feb. 7, 2009.


GLOOR ELECTRONICS: Claims Filing Deadline is May 15
---------------------------------------------------
Creditors of Gloor Electronics AG are requested to file their
proofs of claim by May 15, 2009, to:

         Rudolf Gloor
         Liquidator
         Mosenstrasse 32
         8854 Galgenen
         Switzerland

The company is currently undergoing liquidation in Zug.  The
decision about liquidation was accepted at an extraordinary
general meeting held on March 25, 2009.


PINK FLAMINGO: Creditors Must File Claims by May 15
---------------------------------------------------
Creditors of Pink Flamingo Lizenz & Design AG are requested to
file their proofs of claim by May 15, 2009, to:

         Vock Gabi
         Liquidator
         Bergstrasse 66
         8810 Horgen
         Switzerland

The company is currently undergoing liquidation in Risch.  The
decision about liquidation was accepted at a general meeting held
on March 9, 2009.


VISACOART GMBH: Creditors Have Until May 15 to File Claims
----------------------------------------------------------
Creditors of Visacoart GmbH are requested to file their proofs of
claim by May 15, 2009, to:

         Erich Lassahn
         Liquidator
         Leeweg 10
         8180 Buelach
         Switzerland

The company is currently undergoing liquidation in Zurich.  The
decision about liquidation was accepted at the shareholders'
meeting held on Feb. 23, 2009.


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


ALPHA COMPUTER: Creditors Must File Claims by May 22
----------------------------------------------------
Creditors of LLC Alpha Computer (code EDRPOU 35121728) have until
May 22, 2009, to submit proofs of claim to:

         V. Shelupets
         Insolvency Manager
         Felix Kon St. 5
         Donetsk
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on March 19, 2009.  The case is docketed under
Case No. 18/028-09.

The Court is located at:

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

The Debtor can be reached at:

         LLC Alpha Computer
         Bulgakov St. 16
         03134 Kiev
         Ukraine


FININVEST LLC: Creditors Must File Claims by May 22
---------------------------------------------------
Creditors of LLC Investment Company Fininvest (code EDRPOU
35196620) have until May 22, 2009, to submit proofs of claim to:

         V. Varakina
         Insolvency Manager
         Balochnaya St. 3
         Makeyevka
         Donetsk
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on April 3, 2009.  The case is docketed under
Case No. 44/178-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 Investment Company Fininvest
         Office 7
         L. Pervomaysky St. 11
         01133 Kiev
         Ukraine


GLADIO LLC: Creditors Must File Claims by May 21
------------------------------------------------
Creditors of LLC Gladio (code EDRPOU 34844532) have until May 21,
2009, to submit proofs of claim to:

         O. Goshovskaya
         Insolvency Manager
         S. Streltsov St. 10/82
         Striy
         Ivano-Frankovsk
         Ukraine

The Economic Court of Ivano-Frankovsk commenced bankruptcy
proceedings against the company on March 24, 2009.  The case is
docketed under Case No. B-21/25.

The Court is located at:

         The Economic Court of Ivano-Frankovsk
         Shevchenko St. 16
         Ivano-Frankovsk
         Ukraine

The Debtor can be reached at:

         LLC Gladio
         Dudayev St. 10
         76018 Ivano-Frankovsk
         Ukraine


KRONOS-MK LLC: Court Starts Bankruptcy Supervision Procedure
------------------------------------------------------------
The Economic Court of Chernigov commenced bankruptcy supervision
procedure on LLC Kronos-Mk (code EDRPOU 14235416).

The Insolvency Manager is:

         O. Shvidky
         Pobeda Avenue 94/3
         14000 Chernigov
         Ukraine

The Court is located at:

         The Economic Court of Chernigov
         Mir Avenue 20
         14000 Chernigov
         Ukraine

The Debtor can be reached at:

         LLC Kronos-Mk
         V. Vasilevska St. 9-a
         14031 Chernigov
         Ukraine


NOTER-LVO LLC: Creditors Must File Claims by May 22
----------------------------------------------------
Creditors of LLC Noter-lvo (code EDRPOU 34616779) have until
May 22, 2009, to submit proofs of claim to:

         N. Tischenko
         Insolvency Manager
         Office 31
         Stelmakh St. 12
         Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on April 1, 2009.  The case is docketed under
Case No. 49/70-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 Noter-lvo
         P. Lumumba St. 15-A
         01042 Kiev
         Ukraine


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


AEL LTD: Appoints Joint Liquidators from Tenon Recovery
-------------------------------------------------------
Nigel Fox, Alexander Kinninmonth and Nigel Fox of Tenon Recovery
were appointed joint liquidators of AEL (Dorset) Ltd. on April 8,
2009, for the creditors' voluntary winding-up proceeding.

The company can be reached through Tenon Recovery at:

         Highfield Court
         Tollgate
         Chandlers Ford
         Eastleigh
         Hampshire
         SO53 3TZ
         England


ASHTON HAULAGE: Tenon Recovery Named Liquidator
-----------------------------------------------
Matthew Colin Bowker of Tenon Recovery was appointed liquidator of
Ashton Haulage Ltd. on March 27, 2009, for the creditors'
voluntary winding-up proceeding.

The company can be reached through Tenon Recovery at:

         Clive House
         Clive Street
         Bolton
         Lancashire
         BL1 1ET
         England


CARLISLE CASTLE: S&P Puts BB Rating on Class D Notes on Watch Neg.
------------------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch negative
its credit ratings on certain class B, C, and D notes issued by
the various Sherwood Castle Funding PLC and Carlisle Castle
Funding Group Ltd. transactions.  The ratings on all other classes
of notes in these transactions are unaffected by this action.

The CreditWatch negative placements are due to an increase in
long-term arrears and charge-offs in the credit card portfolio
backing both these asset-backed securities transactions.  Capital
One originates the credit card receivables.

According to the latest available information, there has been an
uptick in delinquencies in recent months with 90+ day
delinquencies increasing to 3.92% in March 2009 from 3.38% in
December 2008.  Total delinquencies had increased to 7.66% in
March 2009 from 6.75% in December 2008.

S&P believes that in the next three months a high proportion of
90+ day delinquent loans will roll through to charge-off status.
Charge-offs could therefore continue to rise, in S&P's opinion,
having already risen to 11.33% in March 2009 from 9.51% in
December 2008.  In S&P's analysis of this portfolio, S&P increased
S&P's charge-off base case assumptions to 11.5% from 10.0%.

Another factor that has contributed to the CreditWatch negative
placements is decreasing yield, which reached a low of 19.70% in
February 2009, compared with 22.07% in December 2008.  It did,
however, rise to 21.27% in March 2009 and so S&P has not lower its
base case assumption for this portfolio.

S&P will continue to monitor closely the transactions'
performance.  In particular, S&P will look to see what proportion
of the long-term delinquencies roll though to charge-off status.
S&P will also monitor yield levels and take any action that is
required.

                          Ratings List


              Ratings Placed on CreditWatch Negative

            Sherwood Castle Funding Series 2003-2 PLC
    GBP250 Million Asset-Backed Fixed- and Floating-Rate Notes

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

            Sherwood Castle Funding Series 2004-1 PLC
   EUR630 Million Asset-Backed Floating-Rate Notes Series 2004-1

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

            Sherwood Castle Funding Series 2004-2 PLC
   GBP250 Million Asset-Backed Floating-Rate Notes Series 2004-2

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

            Sherwood Castle Funding Series 2004-3 PLC
          EUR298 Million Asset-Backed Floating-Rate Notes

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

            Sherwood Castle Funding Series 2005-1 PLC
          GBP350 Million Asset-Backed Floating-Rate Notes

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

                Carlisle Castle Funding Group Ltd.

GBP4.5 Million Class B Asset-Backed Variable-Funding Floating-Rate
                       Notes Series 2007-B

                                   Rating
                                   ------
          Class      To                             From
          -----      --                             ----
          B          BBB/Watch Neg                  BBB

       GBP592.2 Million Asset-Backed Loan Notes Series 2009-A

                                   Rating
                                   ------
          Class      To                             From
          -----      --                             ----
          D          BB/Watch Neg                   BB



BUSINESS MORTGAGE: Fitch Clarifies May 7 Rating Press Release
-------------------------------------------------------------
Further to its rating action of May 7, 2009 on the Business
Mortgage Finance PLC series, Fitch wishes to clarify these:

The note classes listed below were placed on Rating Watch Negative
on October 7, 2008.  As part of the rating action communicated in
Fitch's commentary of May 7, 2009, the RWN on these note classes
has been resolved.  With regards to the B1 and B2 note classes of
BMF5, the ratings were 'BBB' prior to the rating action of May 7,
2009, and not 'BB' as incorrectly stated in the commentary of
May 7, 2009.

BMF4 (due 2045):

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

BMF5 (due 2039):

  -- GBP12.0 million class B1 notes (XS0271325291): downgraded to
     'B+' from 'BBB'; RWN removed; assigned a Negative Outlook

  -- EUR11.5 million class B2 notes (XS0271325614): downgraded to
     'B+' from 'BBB'; RWN removed; assigned a Negative Outlook

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

BMF6 (due 2040):

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

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


CASTLE HOLDCO: Moody's Withdraws 'Ca' Corporate Family Rating
-------------------------------------------------------------
Moody's Investors Service has withdrawn all outstanding ratings of
Castle Holdco 4, Ltd., the parent holding company of Countrywide
plc, following the order granted by the Grand Court of the Cayman
Islands on May 7, 2009 to sanction the Schemes of Arrangement and
the filing of the necessary documents on These day.

The order renders effective the financial restructuring of the
Company and of the wider Countrywide Group.  As part of the
Schemes of Arrangement, current rated debt will be substituted by
GBP175 million 10% senior secured notes issued by Countrywide's
Holdings Ltd., the successor of Castle Holdco 4, Ltd.

These ratings were withdrawn:

  -- Ca Corporate Family Rating

  -- Ca/LD Probability of Default Rating

  -- B2 rating on the GBP100 million senior secured revolving
     credit facility

  -- Ca rating on the GBP470 million senior secured notes

  -- C rating on the GBP170 million senior notes

The last rating action was implemented on March 19, 2009, when
Moody's downgraded Countrywide's CFR to Ca from Caa3.

Countrywide plc is the leading residential property service agency
in the UK, providing estate agency services, surveying, financial
services, commercial and residential lettings and residential
property conveyancing.  In 2008, the company reported revenues of
GBP413.5 million and negative EBITDA (before exceptionals) of
approximately GBP15.8 million.


FASCO LTD: Appoints Joint Administrators from Baker Tilly
---------------------------------------------------------
Alec Pillmoor and Philip Pierce of Baker Tilly Restructuring and
Recovery LLP were appointed joint administrators of Fasco
(Buildings) Ltd. on April 20, 2009.

The company can be reached at:

         Fasco (Buildings) Ltd.
         Winestead Works
         Patrington
         Hull
         HU12 0NH
         England


GREAT LEIGHS: To Sell Racing Complex to Terry Chambers
------------------------------------------------------
The Joint Administrators of the group of companies which own and
operate the Great Leighs all weather racing complex have confirmed
that they have entered into an agreement in principle for the sale
of the racecourse.

Carlton Siddle, Joint Administrator and Deloitte Partner,
commented: "We have entered into an exclusivity agreement with
Terry Chambers, the owner of Ashfields Carriage and Polo Club in
Essex, to purchase the Great Leighs racing complex.  We aim to
exchange contracts on Friday May, 15.

"Assuming that the contracts are exchanged then responsibility for
resolving any outstanding issues around the site, and for
obtaining a racing licence for Great Leighs will pass to the new
owner."

Carlton Siddle and Nick Edwards of Deloitte, the business advisory
firm, were appointed as Joint Administrators to the group of
companies that own and operate the Great Leighs all weather horse
racing complex in Chelmsford, Essex, on January 16, 2009.


INNER SANCTUARY: Taps Joint Liquidators from Tenon Recovery
-----------------------------------------------------------
Christopher Ratten and Jeremy Woodside of Tenon Recovery were
appointed joint liquidators of Inner Sanctuary Spas Ltd. on
April 2, 2009, for the creditors' voluntary winding-up proceeding.

The company can be reached through Tenon Recovery at:

         Arkwright House
         Parsonage Gardens
         Manchester
         M3 2LF
         England


LANDSBANKI GUERNSEY: Deloitte Eyes Second Payment in August 2009
----------------------------------------------------------------
The Administrators of Landsbanki Guernsey Limited have released
their second interim report.  The confidential report provides the
Bank's creditors with an estimated range of recovery along with
details of a further part-payment.

Rick Garrard, Joint Administrator and Deloitte Partner, commented:
"Based on the information available to the Administrators, we
expect that the recovery rate for depositors and creditors will be
in the range of 68 pence to 89 pence in the pound.  We currently
believe that the most likely return to depositors and creditors is
between 70 pence to 80 pence in the pound.

"Significant realizations of loans have been made and we are
targeting making a second payment to depositors and creditors of
between 15 pence and 25 pence in the pound in August 2009.
However, this payment is dependent on further recoveries being
made on the loan portfolio and the receipt of the initial 15 pence
in the pound payment from Heritable Bank."

This second part-payment is in addition to an initial part-payment
of 30 pence in the GBP1 which has already been made to depositors
and creditors.

Rick Garrard and Lee Manning of Deloitte, the business advisory
firm, were appointed as Joint Administrators of Landsbanki
Guernsey Limited on October 7, 2008.

                 About Landsbanki Guernsey Ltd.

Landsbanki Guernsey Ltd. -- http://www.landsbanki.co.gg/-- is
engaged in retail banking.  It is a subsidiary of Iceland-based
financial institution Landsbanki Islands hf.


LONMIN PLC: To Raise US$457 Million in Rights Issue
---------------------------------------------------
Rupert Neate at Telegraph.co.uk reports that Lonmin Plc plans to
raise US$457 million (GBP300 million) in a rights issue to reduce
its debt pile.

According to the report, the cash call of about 34m new shares is
equivalent to about 18pc of Lonmin's existing share capital.  The
report recounts Lonmin shareholders Xstrata and M&G, which hold
35pc of the shares, have agreed to back the cash call.  The rights
issue, which is offered at 900p, a 44pc discount to Friday's
closing price, has been fully underwritten by Citigroup and JP
Morgan, the report discloses.

Lonmin, as cited in the report, said it scrapped its interim
dividend because of a "lack of profitability and continuing market
uncertainty".  The report states due to the collapse in the market
for platinum, the company made a pre-tax loss of US$196 million in
the six months to the end of March, compared to a US$396 million
profit a year earlier, while net debt stood at US$449 million, up
from US$303 million last September.

The company plans to shed about 7,000 jobs over the past few
months to address its costs, the report says.

In a separate report Telegraph.co.uk relates Charles Kernot, at
Evolution Securities, said the rights issue is "indicative" of
Lonmin's "problematic outlook".  According to the report, Mr.
Kernot said that without the cash call, the company would have
found it very difficult to generate any spare cash, despite
cutting 7,000 jobs to reduce costs.

Headquartered in London, Lonmin Plc -- http://www.lonmin.com/--
is engaged in mining, refining and marketing of platinum group
metals (PGM).  All of the Company's mining operations are located
in the Bushveld complex in South Africa.  Its Marikana mining
operations, on the Western Limb of the Bushveld, contribute around
92% of the Company's annual production.  The Limpopo mine is
situated near Polokwane on the Bushveld's Eastern Limb. At both
its operations, Lonmin Plc mines the Upper Group 2 (UG2) and
Merensky PGM-bearing reefs.


LUDGATE FUNDING: S&P Cuts Rating on Class S Notes to 'B'
--------------------------------------------------------
Standard & Poor's Ratings Services lowered and placed on
CreditWatch negative its credit rating on the series 2007-FF1
class S notes issued by Ludgate Funding PLC.  S&P also placed the
class Ma, Mb, Bb, Cb, Da, Db, and E notes on CreditWatch negative.
All other classes of notes in this transaction are unaffected.

This is a U.K. residential mortgage-backed securities transaction.
At closing, approximately 58% of the pool was buy-to-let loans.

The rating actions are due to the continuing decline in U.K. house
prices and S&P's expectation of higher losses on average for loans
on properties that have been repossessed and loans that ultimately
default.  S&P anticipate higher loss severities in all U.K. RMBS
transactions.

According to the April 2009 investor report, the reserve fund was
at 38.4% of its required amount and GBP369,871 was drawn in the
last quarter.  Cumulative principal losses are currently
GBP1,009,085, representing 0.24% of the original collateral
balance (the principal loss in Q1 2009 was GBP800,924).
Repossessions were 2.47% of the outstanding principal balance and
the average loss severity to date was 33.71%.

The recent Bank of England base rate reductions to 0.5% will lower
borrowers' monthly payments, which S&P believes could increase
collection rates.  However, S&P expects further reserve fund draws
as repossessed properties are sold and further losses are
realized.

This transaction includes a basis swap to hedge against
differences between the BBR received from the floating-rate loans
and the LIBOR due on the notes.

S&P intends to continue monitoring the performance of this
transaction using the most recent loan-level data for credit and
cash flow analyses.  S&P expects to resolve the CreditWatch
placements after the next interest payment date in July 2009.

                           Ratings List

                       Ludgate Funding PLC
       GBP253.85 Million, EUR197.2 Million, US$55.00 Million
     Mortgage-Backed Floating-Rate Notes, and GBP2.3 Million
    Excess-Spread-Backed Floating-Rate Notes Series 2007-FF1

        Rating Lowered and Placed on CreditWatch Negative

                                  Rating
                                  ------
              Class      To                    From
              -----      --                    ----
              S          B/Watch Neg           BB-

             Ratings Placed on CreditWatch Negative

                                  Rating
                                  ------
              Class      To                    From
              -----      --                    ----
              Ma         AAA/Watch Neg         AAA
              Mb         AAA/Watch Neg         AAA
              Bb         AA/Watch Neg          AA
              Cb         A/Watch Neg           A
              Da         BBB/Watch Neg         BBB
              Db         BBB/Watch Neg         BBB
              E          BB/Watch Neg          BB


MCCOYS PROPERTY: Taps Joint Administrators from Ernst & Young
-------------------------------------------------------------
Thomas Andrew Jack and Simon Allport of Ernst & Young LLP were
appointed joint administrators of McCoys Property Management Ltd.
on April 24, 2009.

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

         100 Barbirolli Square
         Manchester
         M2 3EY
         England


MCCOYS SERVICES: Appoints Administrators from Ernst & Young
-----------------------------------------------------------
Thomas Andrew Jack and Simon Allport of Ernst & Young LLP were
appointed joint administrators of McCoys Services Ltd. on
April 24, 2009.

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

         100 Barbirolli Square
         Manchester
         M2 3EY
         England


MEDICAL FINANCE: Brings in Joint Administrators from Deloitte
-------------------------------------------------------------
Robin David Allen and Richard Michael Hawes of Deloitte LLP were
appointed joint administrators of Medical Finance (UK) Ltd. on
April 23, 2009.

The company can be reached through Deloitte LLP at:

         Blenheim House
         Newport Road
         Cardiff
         CF24 0TS
         England


PATRINGTON LTD: Taps Joint Administrators from Baker Tilly
----------------------------------------------------------
Alec Pillmoor and Philip Pierce of Baker Tilly Restructuring and
Recovery LLP were appointed joint administrators of Patrington
(Building Supplies) Ltd. on April 20, 2009.

The company can be reached at:

         Patrington (Building Supplies) Ltd.
         Winestead Works
         Patrington
         Hull
         HU12 0NH
         England


REC PLANTATION: S&P Puts BB- Rating on Class E Notes on Watch Neg
-----------------------------------------------------------------
Standard & Poor's Rating Services lowered and placed on
CreditWatch negative its ratings on the class C, D, and E notes
issued by REC Plantation Place Ltd.  S&P also placed the class A
and B notes on CreditWatch negative.

The notes are backed by a single loan secured by a landmark office
development in the City of London that was completed in 2004.  All
debt service payments under the loan have been made in full.  The
effective senior loan-to-value ratio is reportedly above 114%.

The rating actions reflect S&P's views about the deterioration in
the creditworthiness of the loan and uncertainties about how the
servicer intends to proceed.

                           Ratings List

                    REC Plantation Place Ltd.
         GBP435 Million Commercial Mortgage-Backed Secured
                       Floating-Rate Notes


       Ratings Lowered and Placed on CreditWatch Negative

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

              Ratings Placed On CreditWatch Negative

         Class          To                         From
         -----          --                         ----
         A              AAA/Watch Neg              AAA
         B              AA/Watch Neg               AA


ROYAL BANK: Hampton In Talks With Investors Over Hester's Pay Deal
------------------------------------------------------------------
Mark Klein and Philip Aldrick at Telegraph.co.uk report that Sir
Philip Hampton, the chairman of Royal Bank of Scotland (RBS), is
in talks with the government and other leading investors about a
new executive rewards scheme for Stephen Hester, the bank's chief
executive.

Mr. Hampton and his colleagues on RBS's boardroom remuneration
committee will meet this week to discuss the plans,
Telegraph.co.uk discloses.   Ben Marlow at the Sunday Times
reports any pay deal will have to be approved by UK Financial
Investments (UKFI), the body through which the government owns its
stakes in British banks.  UKFI owns 70% of RBS, the Sunday Times
discloses.  The Sunday Times says the performance package, which
will also be offered to the new finance director who will replace
Guy Whittaker, will hinge on long-term performance and will be
largely paid in shares.  According to Telegraph.co.uk, the bank is
understood to be wrestling with the definition of performance
targets for the current financial year because of the ongoing
volatility in financial markets and banks' share prices.

Telegraph.co.uk notes the new pay plan will only cover this
financial year, and will be overhauled next year once the
Financial Services Authority (FSA) and Sir David Walker, the City
grandee who is conducting a review of bank governance, have
published separate proposals on remuneration in the industry.

Telegraph.co.uk relates Mr. Hester, who earns a basic annual
salary of GBP1.2 million and has a clause in his contract stating
that he will receive no payoff if he leaves because of poor
performance, has warned that reviving RBS will take three to five
years.

                       Management Overhaul

Graham Ruddick at Telegraph.co.uk reported that RBS completed a
management overhaul with three new senior appointments in the UK
Wednesday last week.

The report disclosed as part of the changes, Brian Hartzer, has
been drafted in from Australia and New Zealand Banking Group (AZN)
to lead RBS's UK Retail, Wealth and Ulster Bank divisions with the
current incumbent, Gorden Pell, due to retire next year.  Chris
Sullivan, the chief executive of RBS Insurance, will replace Alan
Dickinson as head of UK corporate banking, according to the
report.  Mr. Dickinson is also due to retire next year and will
stay on as chairman of the division to assist the transition, the
report said.  Paul Geddes, who runs the retail division, will step
up to replace Mr Sullivan at RBS Insurance, the report stated.

                          About RBS

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


STAINLESS PIPELINE: Appoints Liquidators from Tenon Recovery
------------------------------------------------------------
Colin Bowker and Christopher Ratten of Tenon Recovery were
appointed joint liquidators of Stainless Pipeline Supplies Ltd. on
April 1, 2009, for the creditors' voluntary winding-up proceeding.

The company can be reached through of Tenon Recovery at:

         Clive House
         Clive Street
         Bolton
         BL1 1ET
         England


TATA MOTORS: To Raise GBP1 Bln; Seeks Banks to Underwrite EIB Loan
------------------------------------------------------------------
Jaguar Land Rover, owned by India's Tata Motors, is planning to
raise up to GBP1 billion by September to keep the cash-starved
company afloat without the British government's help, The Times of
India reports citing British publication The Guardian.

The report relates according to the Guardian, the Tatas have
mandated financial adviser Citigroup to find banks with solid
credit rating, prepared to underwrite some of the GBP340 million
loan pledged by the European Investment Bank (EIB).  The report
discloses the newspaper added the Tatas are also seeking to tap
the debt-markets to help secure the GBP500 million to GBP1 billion
short-term financing package needed.  However, the report notes
the Guardian said "Even if Tata can raise more debt and find banks
willing to underwrite part of the EIB loans, the cost of the
financing will be very high."

The report recalls the Tatas have rejected the British
government's conditions for underwriting some of the EIB loan to
secure immediate and short-term help, arguing "it can secure
better terms independently".  The Guardian, meanwhile, said talks
are continuing about putting together a longer-term financing
package involving a consortium of banks, led by state-controlled
Lloyds Banking Group, the report states.

As reported in the Troubled Company Reporter-Europe on May 8,
2009, Telegraph.co.uk, citing sources close the negotiations,
disclosed the terms of the loan set by the government for
underwriting the EIB loan, which is intended for the development
of green technology, include the right to demand a veto over all
decisions taken by the company, the ability to choose the
chairman, a permanent seat on the board, extra investment into JLR
of GBP300 million by Tata, and guarantees of no further job cuts
among the 15,000 UK employees.  Telegraph.co.uk noted the
government has also said it will only guarantee GBP175 million of
the loan and that, if it is taken up, it will charge JLR 15pc of
the total to provide it.

India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the company.  The company's operating segments consists of
Automotive and Others.  In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations.  TML is listed on the Bombay Stock
Exchange, the National Stock Exchange of India and New York
Stock Exchange.  It was ultimately 33.4% owned by the Tata Group
as of December 2007.

Tata Motors has operations in Russia and the United Kingdom.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Mar. 27, 2009, Standard & Poor's Ratings Services lowered its
corporate credit rating on India-based automaker Tata Motors Ltd.
to 'B+' from 'BB-'.  The rating remains on CreditWatch with
negative implications, where it was placed on Dec. 12, 2008.  At
the same time, S&P lowered its issue rating on the company's
senior unsecured notes to 'B+' from 'BB-' and also kept the rating
on CreditWatch with negative implications.

S&P said the rating action follows material deterioration in Tata
Motors' cash flows and related metrics on a consolidated basis,
derived from an adverse operating environment, which, combined
with significantly high debt levels, will affect its credit
protection measures beyond those consistent with a 'BB' rating
category.


TATA MOTORS: May Opt for Overseas Bond Issue to Repay JLR Loan
--------------------------------------------------------------
The Economic Times reports that Tata Motors Ltd may opt for an
overseas bond issue to partly repay a US$2-billion bridge loan due
in June.

Citing people familiar with the auto major's preparations, the
report discloses the company may also sell part of its
shareholding in various groups of companies.

"So the group may be looking at a bond issue tenor of more than
five years," the report quoted one person familiar with the
working of the plan as saying.  "Also, such a bond issue would
have to be backed by a Tata group asset, either in India or
overseas."

Tata, the report recalls, had raised about US$3 billion in bridge
loans to acquire luxury carmaker Jaguar Land Rover (JLR) in 2008.
The report states while about US$1 billion was repaid through a
rights issue, the remaining US$2 billion has to be repaid by June.

India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the company.  The company's operating segments consists of
Automotive and Others.  In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations.  TML is listed on the Bombay Stock
Exchange, the National Stock Exchange of India and New York
Stock Exchange.  It was ultimately 33.4% owned by the Tata Group
as of December 2007.

Tata Motors has operations in Russia and the United Kingdom.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Mar. 27, 2009, Standard & Poor's Ratings Services lowered its
corporate credit rating on India-based automaker Tata Motors Ltd.
to 'B+' from 'BB-'.  The rating remains on CreditWatch with
negative implications, where it was placed on Dec. 12, 2008.  At
the same time, S&P lowered its issue rating on the company's
senior unsecured notes to 'B+' from 'BB-' and also kept the rating
on CreditWatch with negative implications.

S&P said the rating action follows material deterioration in Tata
Motors' cash flows and related metrics on a consolidated basis,
derived from an adverse operating environment, which, combined
with significantly high debt levels, will affect its credit
protection measures beyond those consistent with a 'BB' rating
category.


TISCALI SPA: Carphone's TalkTalk to Acquire UK Business
-------------------------------------------------------
The Scotsman's Hamish Rutherford reports that TalkTalk, the fixed-
telecoms business of Carphone Warehouse Group plc, on Friday
confirmed that it will acquire the UK business of Tiscali SpA.

Talktalk, the report discloses, agreed to pay GBP236 million for
Tiscali's UK subsidiary, which currently has 1.7 million
customers.  The report states following the deal, TalkTalk will
become Britain's largest home broadband provider with 4.25 million
customers.

The report relates according to Carphone chief executive Charles
Dunstone, the deal, expected to be completed by June 30, would
deliver "clear shareholder value" with annual synergies of up to
GBP50 million from merging the businesses by 2011.

"We know the business well and the fit with TalkTalk is perfect,"
the report quoted Mr. Dunstone as saying.

The Tiscali acquisition would give Carphone around 25.9 percent of
the home broadband market, ahead of BT with 25 percent and Virgin
Media with 24 percent, the report says citing analysts at Daniel
Stewart.

On April 29, 2009, the Troubled Company Reporter-Europe, citing
Telegraph.co.uk, reported that Tiscali, which is seeking to reduce
its EUR500 million (GBP453 million) debt pile, negotiated a stay
of execution from creditors, giving it until June to sort out its
finances.

                        Auditor's Doubts

On April 17, 2009, the TCR-Europe, citing Bloomberg News, reported
that Tiscali said it disagreed with Ernst & Young for not issuing
an opinion on 2008 accounts and questioning the viability of its
business.

Citing Tiscali in a stock-exchange statement, the report related
Ernst & Young has said it "can't express an opinion" on 2008
results as it is uncertain the company's business can continue
unless Tiscali signs a debt renegotiation deal.

According to the report, Tiscali said it has the backing of its
main lenders and believes debt renegotiation can be completed by
year's end.

Bloomberg News said in March, Tiscali halted payments on long-term
bank debts.  It had about EUR500 million (US$662 million) of long-
term bank borrowings at the end of last year, the report said.

JPMorgan Chase & Co. and Intesa SanPaolo SpA were the original
underwriters and about 30 percent of the debt was later
underwritten by four other financial institutions, according to
Bloomberg News.

                          About Tiscali

Cagliari, Italy-based Tiscali S.p.A. (BIT:TIS) --
http://www.tiscali.com/-- is an Internet communications company
providing broadband and narrowband access for consumer and
business applications, as well as communications services and
content.  The Company's portfolio includes Internet access in the
form of dial-up, broadband, satellite and leased lines, and
hosting services, such as co-location, shared hosting and managed
hosting.  Tiscali also offers streaming media, telephony and such
services as virtual private networks (VPN), allowing companies to
communicate with remote branches.  Its consumer products and
services include Internet access, voice, media, Internet Protocol
Television (IPTV) and value-added services, such as e-mail, Net
calendar, Net fax, Net phone, mail, instant messaging and Web
hosting. It is operational in Europe through its subsidiaries and
joint ventures.  As of June 30, 2008, Tiscali had approximately
3.2 million active users in Italy and the United Kingdom.


TRAVIS PERKINS: To Cut Debt Through US$450-Mln Rights Issue
-----------------------------------------------------------
Tim Barwell at Bloomberg News reports Travis Perkins Plc is
seeking to raise GBP300 million (US$450 million) in a rights
offering to pay down debt.

In a statement, Travis said the UK Listing Authority on Monday
approved a prospectus relating to the company's fully underwritten
rights issue to raise gross proceeds of approximately GBP314
million (approximately GBP300 million net of expenses) by the
issue of 85,903,379 new shares.

The share sale is fully underwritten by Citigroup Inc., HSBC
Holdings Plc and Tricorn, and no changes to existing debt
agreements will be made, according to Bloomberg News.

                     Four Months 2009 Results

In an interim management statement, Travis disclosed revenue for
the four months ended April 30, 2009 was down by 13.6 percent with
like-for-like sales down 14.4 percent.

Bloomberg News relates Travis reported a 45 percent drop in net
income last year to GBP101.9 million and Chief Executive Officer
Geoff Cooper is cancelled a final dividend to shareholders to help
conserve cash.

For the four months ended April 30, 2009, merchanting revenue
declined by 18.4 percent and on a like-for-like basis by 19.0
percent, compared to the same period in 2008.  Merchanting's like-
for-like sales in the months of March and April 2009 decreased by
18.4 percent over the same months in 2008, reflecting a
continuation of like-for-like sales decline.

Revenue for retail for the 18 week period ended May 2, 2009,
declined by 1.9 percent, with like-for-like sales declining by 3.6
percent on a delivered basis compared to the same period in 2008.
Like-for-like sales for retail on an ordered basis over the same
period declined by 1.6 percent.

Over the period, Wickes home-improvement chain made significant
gains in kitchen and bathroom revenue with like-for-like sales on
a delivered basis up by 12.5 percent and on an ordered basis up by
22.8 percent over the same period of 2008. Wickes initiated a
successful change in promotional strategy utilising television
advertising instead of predominantly relying on paper based
catalogues and advertising materials, which the Board believes
enabled it to increase its revenue from sales of kitchen products
in the early part of 2009 following the liquidation of a
competitor.  Like-for-like sales of Wickes' core products
decreased by 6.5 percent over the same period of 2008.

Wickes had a successful Easter period reflected by like-for-like
sales improvement for March and April 2009 combined of 2.9 percent
over the same months in 2008. Strong kitchen and bathroom revenue
during the two month period improved Wickes' gross margin with a
slight gain on the previous year.

During the four months ended April 30, 2009, the company generated
GBP2.6 million profit (GBP0.6 million cash received) from its
property portfolio.  In addition, the company has exchanged
contracts on transactions which will realize GBP2.2 million of
profit upon receipt of planning consent and is in an advanced
stage of negotiation in respect of transactions which would
realise a profit of more than GBP7.5 million if completed.

Overhead costs comprising selling and distribution costs and
administration expenses were tightly controlled in the four months
ended April 30, 2009, and cost reductions are running just ahead
of the company's targeted GBP50 million reduction of costs in 2009
when compared to 2008.

                             Net Debt

Travis said its net debt position at March 31, 2009 of GBP984.6
million improved ahead of the Board's expectations principally due
to further improvements in inventory reduction and the performance
of Wickes.

Bloomberg News recalls last month, Flor O'Donoghue, an analyst at
Davy Stockbrokers, said Travis was close to breaking debt terms,
which prevent borrowings from exceeding 3.5 times earnings,
estimating full-year earnings before interest, tax, depreciation
and amortization of GBP210 million, and debt 3.9 times that figure
at GBP823 million.

The company has cut about 12 percent of its work force to conserve
cash after Britain's biggest housing slump in three decades
slashed profits, the report says.

                             Outlook

Travis expects the markets in which the company operates to
continue to weaken until at least the third quarter of 2009.

Travis said recent lead indicators relating to the housing market,
such as mortgage approvals; housing transactions and house prices;
consumer and customer confidence; and construction orders
generally show signs of stabilization, however the impact of any
potential increases in unemployment on these markets and
indicators is uncertain.

The company will convene an extraordinary general meeting on
Friday, May 27, 2009, at 11.00 a.m. at the offices of Linklaters
LLP, One Silk Street, in London.

                     About Travis Perkins plc

Based in Northampton, England, Travis Perkins plc (LON:TPK) ---
http://www.travisperkins.co.uk/--- is a builder merchant and home
improvement retailer in the United Kingdom.  The Company, along
with its subsidiaries, is principally engaged in the sale of
timber, building materials, plumbing and heating products, and the
hiring of tools to the building trade and industry generally, and
to the general public, within the United Kingdom.  Travis Perkins
plc operates in into two business divisions: Builders Merchanting
and Retailing, both of which operate entirely in the United
Kingdom. As of December 31, 2008, the Company had 1,223 branches.
In April 2008, the Company acquired a 30% equity interest in
ToolStation Limited, a direct retailer of lightside products.
During the year ended December 31, 2008, the Company acquired 10
companies.


VIRGIN MEDIA: S&P Changes Outlook to Stable; Affirms 'B+' Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it revised its
outlook on Virgin Media Inc. to stable from positive, reflecting
the group's limited progress on its deleveraging plans and the
substantially reduced likelihood of the group deleveraging to
adjusted debt to EBITDA of less than 4x in the near term through
top line growth.  At the same time, Standard & Poor's affirmed all
the ratings on the group, including the long-term 'B+' corporate
credit rating.

The ratings are constrained by the difficult and very competitive
U.K. operating environment, which weighs on revenue growth
prospects for VMI; significant gross leverage; and reliance on a
competitor for some key TV content.  The ratings benefit, however,
from VMI's well-established business position as the second-
largest pay-TV operator in the U.K., with a two-way cable network
passing through one-half of U.K. households and strong network
capabilities to provide customers with innovative and faster
broadband offerings; and continuing positive free operating cash
flow generation.

"VMI's subscription-driven business is proving to be quite
resilient to the severe economic downturn in the U.K.  That said,
in S&P's view, the group will find it challenging to improve an
already high average revenue per user and increase subscriber
numbers to levels required for meaningful reduction in its
leverage position," said Standard & Poor's credit analyst
Raam Ratnam.

Despite rolling out premium services such as 50 megabit broadband
and the rising usage of services such as video-on-demand (by 53%
of digital customers), annual revenues continue to remain flat at
the GBP4 billion level.  VMI continues to face aggressive and some
financially stronger competitors in all its divisions, although
high triple-play penetration at 57% and high cable ARPU of
GBP42.29 have supported margins.  Competitors' product bundles and
pricing continue to remain very aggressive.  Broadband growth,
which is high margin and has been offsetting declines in switched
fixed telephony, is likely to slow over the coming years, making
revenue growth even more challenging.  However, this could change
if U.K. consumers are willing to pay a premium for VMI's faster
broadband offerings, particularly the 50 megabit service, which is
one of VMI's key differentiators in the competitive market.  At
the end of 2008, on-network cable revenues and customers remained
relatively stagnant on the previous year's figure, although total
cable revenue-generating units continued to increase because VMI
has been successful in selling more product bundles.

Free operating cash flow was GBP313 million on an annualized basis
at the end of March 31, 2009, and modest dividend payments
resulted in discretionary cash flow of GBP281 million.  Adjusted
total debt to EBITDA was 4.7x at March 31, 2009, and 4.8x at
Dec. 31, 2008.  Although this was a modest improvement from 5.0x
at Dec. 31, 2007, it is still very high.  S&P does not rule out an
ongoing modest decrease in gross debt.  However, without the aid
of targeted deleveraging measures such as asset disposals, S&P
does not expect leverage to decline meaningfully and approach 4x
in the near term.

The stable outlook reflects Standard & Poor's view that although
VMI should continue to remain a significant player in the U.K.
pay-tv and broadband market and to generate positive FOCF, the
group is unlikely to have sufficiently robust profitable revenue
growth or a materially unleveraged balance sheet to justify a
higher rating in the near term.

S&P sees potential in time for a positive outlook or upgrade if
VMI successfully meets the challenges presented by its operating
environment.  These include steady revenue growth (which depends
on, among other things, its ability to get customers pay for a
premium broadband service, in the context of bleak macroeconomic
environment in the U.K.) and meaningful cost savings in order to
deliver strong free cash flow growth, concomitant deleveraging
(such as adjusted total debt to EBITDA of less than 4x), and
enhanced liquidity position.

A marked deterioration in operating performance or EBITDA
generation could lead to a negative outlook revision.  In view of
the relatively tight, albeit proactively managed cash position, a
negative rating action could also be triggered on the grounds of
weak liquidity in the run-up to and following the GBP187 million
payment in August 2009.


* U.K.: Gov't Moves to Overhaul Insolvency Rules After Lehman
-------------------------------------------------------------
Gonzalo Vina at Bloomberg News reports that the U.K. Treasury has
proposed to reshape insolvency rules after Lehman Brothers
Holdings Inc.'s bankruptcy roiled financial markets and sparked
lawsuits by former clients whose assets were frozen in insolvency
proceedings around the world.

Specifically, the report says the U.K. Treasury proposes faster
payments to creditors and greater clarity on trades in the event
an investment bank collapses.

The report relates the government wants insolvency laws to have
special provisions for investment banks after the collapse of
Lehman revealed the rules aren't "well adapted" to that scenario.
It will shun adoption of U.S.-style Chapter 11 protection from
creditors because it isn't suited to English law, the report says.

"The reforms . . . demonstrate the government's commitment both to
financial stability, and to the future of London as a global
investment banking hub," Treasury minister Paul Myners said in a
statement obtained by Bloomberg News.


* Fitch Says Real Global Credit Growth Continues to Fall
--------------------------------------------------------
In its latest semi-annual 'Bank Systemic Risk' report, Fitch
Ratings' Sovereign group says that median real global credit
growth continues to fall -- having peaked at a record 15% in 2007,
it halved in 2008 to just over 7% and is forecast at barely 3% for
2009.  Furthermore, only a dozen countries -- most obviously China
-- are likely to see double digit real credit growth this year.

Having been published since 2005, the report updates the leading
Macro-Prudential and Banking System indicators of bank systemic
stress and, in this edition, incorporates results from a
preliminary study of the role of house prices in the current
global financial crisis.

In a previous report Fitch concluded that the evidence from
earlier banking crises was both too sparse and too variable to
suggest an obvious threshold above which real house prices could
reliably be said to threaten country banking system problems.
From the evidence of the current crisis, however, it seems that
this threshold is relatively low.  The median deviation of real
house prices from trend ahead of all past crises is around 15% -
similar to the 16% seen in Ireland -- and this is the figure Fitch
will now use as an additional trigger to determine when a country
moves into the highest Macro Prudential risk category -- MPI 3
(when accompanied by a rise in the credit/GDP ratio to more than
5% above trend).  Such an updated model would have anticipated the
US and UK banking crises, as well as Belgium and also Ireland
(which was already MPI 3 due to an appreciated real exchange
rate).

However, some countries which have seen house prices rise to more
than 15% above trend -- e.g. Denmark, France, New Zealand and
Sweden -- have so far escaped widespread banking system problems.
And not all countries that have suffered banking crises had the
highest Macro Prudential risk indicators, notably Germany,
Switzerland and the Netherlands, suggesting that banking problems
in these countries were more due to foreign lending than domestic
lending.

By end-2008, well over one-third (32) of the 86 countries in
Fitch's report were MPI 3.  Nine of these were due to the new
house price methodology and six were added since the last report
based on the original methodology.  A further quarter showed more
moderate signs of excessive lending and asset price appreciation
and/or real exchange rate appreciation (MPI 2) (unchanged since
the last report).  In regional terms, Emerging Europe continues to
have the greatest proportion (68%) of systems in the highest risk
category (MPI 3) but developed countries have the next highest
proportion (41%).

Fitch's BSR methodology continues to focus mostly on trends in
credit/GDP.  However, the experience of Emerging Europe has shown
that rapid credit growth can give earlier warning of potential
problems, before credit/GDP rises above critical thresholds.
Double digit real credit growth warrants close scrutiny anywhere -
China's will be amongst the highest this year at over 20%, based
on developments in Q1 alone, and if sustained will eventually
place China in a higher risk category (currently MPI 1).

The global banking crisis has radically changed the landscape of
global banking system strength, as summarized in Fitch's second
systemic risk indicator -- the Banking System Indicator.  Whereas
the typical developed country system used to be 'BSI B' (strong)
-- on a scale from 'A' (very strong) to 'E' (very weak) -- a
majority are now in the 'C' category (adequate), though twelve
developed country systems remain 'strong' (BSI B).  The typical
emerging market system remains 'C' or 'D'.

                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


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