TCREUR_Public/090518.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Monday, May 18, 2009, Vol. 10, No. 96

                            Headlines

A U S T R I A

DUENSER GMBH: Claims Registration Period Ends May 25
MARMEX GMBH: Claims Registration Period Ends May 25
SOLTAMOS GMBH: Claims Registration Period Ends May 26
WOHNKERAMIK GMBH: Claims Registration Period Ends May 25


B E L G I U M

KBC GROEP: Receives Third State Guarantee, Posts Record Loss
KBC GROUP: S&P Junks Ratings on Hybrid Capital Instruments


D E N M A R K

TDC A/S: Buyback Offer Won't Affect Fitch's 'BB-' Rating


F I N L A N D

STORA ENSO: S&P Cuts Long-Term Corporate Credit Rating to 'BB'


G E R M A N Y

E.ON AG: Says Asset Disposal Plans Risk Delay or Cancellation
GENERAL MOTORS: Won't Sell Latin American Operations to Fiat
HEIDELBERGCEMENT AG: New Facility Won't Affect Fitch's 'B' Rating
MAX TWO: S&P Cuts Rating on EUR100MM Senior Secured Notes to 'BB-'
WESTLB AG: Moody's Retains 'E+' Bank Financial Strength Rating


H U N G A R Y

KERESKEDELMI ES HITELBANK: Fitch Affirms Individual Rating at 'D'


I R E L A N D

IRISH NATIONWIDE: Warned Over AIB Short-Term Loans, KMPG Says


I T A L Y

BANCA ITALEASE: Banco Popolare's Cash Offer Gets Regulator's OK
FIAT SPA: Italian and German Workers Union Meet


K A Z A K H S T A N

AGRO PROJECT: Creditors Must File Claims by June 5
SAN PRIMA: Creditors Must File Claims by June 5
SENT MARI: Creditors Must File Claims by June 5
U KA TRANSIT: Creditors Must File Claims by June 5
UGLE SNUB: Creditors Must File Claims by June 5


K Y R G Y Z S T A N

BUILD SERVICE LLC: Creditors Must File Claims by June 5


N E T H E R L A N D S

AEGON NV: Incurs EUR173 Million First Quarter Loss


R U S S I A

AMUR-STROY-KOMPLEKT LLC: Amurskaya Bankruptcy Hearing Set July 15
EDELWEISS LLC: Creditors Must File Claims by June 4
FEMILI COMMERCIAL: Creditors May File Claims
PRIMORSKIY INTEGRATED: Creditors Must File Claims by July 4
RAPSOD TRADE: S&P Cuts Long-Term Corporate Credit Rating to 'CC'

VIMPELCOM: 2008 Net Profit Down 64.2% to US$524 Million
ZAPOLYAR-GAZ LLC: Creditors Must File Claims by June 4


S L O V E N I A

LTH: Municipality Files Receivership Petition


S W I T Z E R L A N D

ACCELO AG: Claims Filing Deadline is May 22
CANONICA-CO. AG: Creditors Have Until May 22 to File Claims
CHINA TRADING: Claims Filing Deadline is May 22
COMMONCONSULT GMBH: Claims Filing Deadline is May 22
HOLGI LLC: Creditors Must File Claims by May 29

INFORMATIK INSTITUT: Claims Filing Deadline is May 22
NARAN AG: Creditors Have Until May 22 to File Proofs of Claim
RIKIMAG AG: Creditors Must File Claims by May 22
TESSABIT HANDELSVERTRETUNG: Claims Filing Deadline is May 22


U K R A I N E

AGRICULTURAL PRODUCT: Creditors Must File Claims by May 27
BANK EVROPEYSKIY: Moody's Withdraws 'E' Financial Strength Rating
ARUNA LLC: Creditors Must File Claims by May 27
EUROBUD-LG LLC: Creditors Must File Claims by May 27


U N I T E D   K I N G D O M

BUSY BAKER: Appoints Liquidator from Tenon Recovery
CROSBY ASSET: Mulls Asset Sale, Seeks Larger Partner
ELLIOT HOLDINGS: Appoints Joint Liquidators from Tenon Recovery
GLG PARTNERS: Increases Size of US$ Convertible Notes Offering
HUMOURTREE LTD: Taps Joint Liquidators from PwC

JAMES LIKELY: Goes Into Liquidation; 75 Jobs Affected
IMPACT STAFF: Appoints Joint Liquidators from Tenon Recovery
ITV PLC: Eyes Extra GBP40MM Cost Cuts, First Quarter Revenues Down
LAND SECURITIES: FY 2009 Net Loss Widens to US$7.9 Billion
MARSHALLS PLC: Launches GBP34 Mln Rights Issue to Reduce Debt

NCS SUPPLIES: Names Joint Liquidators from Grant Thornton
NER RECRUITMENT: Taps Joint Liquidators from Tenon Recovery
PANORAMIC PRESENTATIONS: Taps Liquidators from Tenon Recovery
RPM REPROGRAPHICS: Brings in Joint Liquidators from Tenon Recovery
S A LTD: Taps Joint Liquidators from Tenon Recovery

SPECS GALORE: Appoints Joint Liquidators from Tenon Recovery
TATA MOTORS: British Gov't Offers Conditional Help to JLR

* A.M. Best Says Economic Slump Hit Europe's Insurance Industry

* BOND PRICING: For the Week May 11 to May 15, 2009


                         *********


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


DUENSER GMBH: Claims Registration Period Ends May 25
----------------------------------------------------
Creditors owed money by Duenser GmbH have until May 25, 2009, to
file written proofs of claim to the court-appointed estate
administrator:

         Mag. Bernd Widerin
         Rathausgasse 6
         6700 Bludenz
         Austria
         Tel: 05552/65093-0
         Fax: 05552/65093-6
         E-mail: rechtsanwaelte@widerin.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:40 a.m. on June 4, 2009, for the
examination of claims.


MARMEX GMBH: Claims Registration Period Ends May 25
---------------------------------------------------
Creditors owed money by Marmex GmbH have until May 25, 2009, to
file written proofs of claim to the court-appointed estate
administrator:

         Mag. Katharina Pitzal
         Paulanergasse 9
         1040 Vienna
         Austria
         Tel: 587 31 11, 587 31 12
         Fax: 587 87 50-50
         E-mail: office@pitzal-partner.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on June 8, 2009, for the
examination of claims.


SOLTAMOS GMBH: Claims Registration Period Ends May 26
-----------------------------------------------------
Creditors owed money by Soltamos GmbH have until May 26, 2009, to
file written proofs of claim to the court-appointed estate
administrator:

         Mag.Dr. Philipp Dobner
         Mariahilfer Strasse 50
         1070 Vienna
         Austria
         Tel: 523 62 00
         Fax: 526 72 74
         E-mail: dobner@sup.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 12:15 p.m. on June 9, 2009, for the
examination of claims.


WOHNKERAMIK GMBH: Claims Registration Period Ends May 25
--------------------------------------------------------
Creditors owed money by Wohnkeramik GmbH have until May 25, 2009,
to file written proofs of claim to the court-appointed estate
administrator:

         Dr. Rudolf Hartmann
         Mutterstrasse 1a
         6700 Bludenz
         Austria
         Tel: 05552/66444
         Fax: 05552/66464
         E-mail: kanzlei.concin@concin-recht.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on June 4, 2009, for the
examination of claims.


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


KBC GROEP: Receives Third State Guarantee, Posts Record Loss
------------------------------------------------------------
John Martens at Bloomberg News reports that KBC Groep NV accepted
state guarantees on its structured-credit investments, its third
since October 2008.  The report says KBC received a Belgian
guarantee covering 90 percent of losses, exceeding EUR3.2 billion
(US$4.4 billion) on hard-to-value assets and debt backed by MBIA
Inc.  KBC also said it will sell EUR1.5 billion of non-voting
securities to the Flemish government, the report notes.

According to the report, the bank will pay the Belgian government
EUR1.2 billion plus a quarterly fee of EUR30 million for the
guarantee, which covers EUR5.5 billion of collateralized debt
obligations and EUR14.4 billion of MBIA insurance coverage.

The non-voting securities KBC will sell to the Flemish government
will pay annual interest of at least 8.5 percent as soon as KBC
resumes dividend payments, Bloomberg News says.  The bank may buy
back the government funds at any time for 1.5 times the issue
price, the report states.

N.M. Rothschild & Sons Ltd. advised KBC in the talks with the
Belgian government, the report says.

Bloomberg News relates the Belgian bank reported a record third
straight quarterly net loss of EUR3.6 billion after writing down
debt backed by MBIA.  The loss, according to the report, includes
a EUR3.8 billion writedown linked to structured credits.

Excluding the impact from the financial crisis, profit slid 37
percent to EUR465 million in the quarter, the report notes.

KBC will also book an EUR800 million loss to account for the one-
time guarantee payment in the second quarter, according to the
report.

Brussels, Belgium-based KBC Groep NV (EBR:KBC) --
http://www.kbc.com/-- KBC Groep NV is engaged in banking,
insurance and wealth management for private banking clients,
retail customers and medium-sized enterprises.  It has expertise
in asset management and the financial markets.  The Company's
activity is composed of five divisions: the Belgium, the Central &
Eastern Europe and Russia (CEER), the Merchant Banking, the
European Private Banking, and the Shared Services & Operations
business units.  Each of these units has its own management
committee and oversees both the banking and the insurance
activities.  The Company is active in Belgium and in other
selected countries, including Hungary, Poland, Slovakia, Czech
Republic, Bulgaria, Romania, Serbia and Russia.  KBC Groep NV also
operates to a less extent in the United States and in Southeast
Asia.  The Company has three subsidiaries: KBC Bank, KBC Insurance
and KBL European Private Bankers.


KBC GROUP: S&P Junks Ratings on Hybrid Capital Instruments
----------------------------------------------------------
Standard & Poor's Ratings Services said that it has affirmed its
'A/A-1' long- and short-term counterparty credit ratings on KBC
Bank N.V., the 'A' insurer financial strength rating on KBC
Insurance N.V., and the 'A-/A-2' counterparty credit ratings on
holding company KBC Group N.V. and Irish subsidiary KBC Bank
Ireland PLC.  The outlooks on all of the ratings remain stable.

At the same time, S&P lowered the ratings on KBC group's hybrid
capital instruments to 'CCC' from 'BB+' on what S&P believes is an
increased risk of coupon deferral.

The affirmations follow KBC's announcement that government support
will help offset the negative impact of EUR3.8 billion in write-
downs on its collateralized debt obligation portfolio for the
first quarter of 2009.  The Flemish regional government will issue
EUR1.5 billion in new securities that would qualify as core
capital.  This support brings the Belgian federal government and
Flemish regional government's total capital support to
EUR7 billion since December 2008.  In addition, the Belgian
government will extend a guarantee covering 90% of any potential
future losses on KBC's remaining CDO exposure.

"We view KBC as highly systemically important in Belgium, and the
authorities' approach as supportive, as demonstrated by the
support packages put in place in the past few months," said
Standard & Poor's credit analyst Taos Fudju.  "As a result, S&P
now incorporate two notches of government support into the ratings
on the entities of KBC group."

The write-downs on the CDOs and on the equity portfolio are large
enough to have weakened KBC's stand-alone credit profile, in S&P's
view.  In addition, the size of the underlying exposures and the
high levels of write-downs on the most senior CDO tranches
highlight weaknesses in risk management controls.

The downgrade of the hybrid capital instruments reflects S&P's
opinion that the risk of coupon deferral has increased
substantially.  KBC Bank's first-quarter loss is likely to nearly
wipe out its distributable reserves.  Furthermore, uncertainty
exists about whether the authorities would allow payment of the
coupon, particularly because the European Commission still needs
to approve the government support measures.

"The stable outlook reflects our belief that capital and guarantee
support measures from the Belgian authorities would likely
mitigate further pressure on the KBC group's credit profile," said
Mr. Fudji.

The current ratings factor in the potential for new loan loss
provisions to exceed 1% of average outstanding loans in 2009 and
for the KBC group to be marginally profitable, excluding the
losses related to CDOs.

Negative pressure on the ratings would arise in the unlikely case
that the KBC group's stand-alone financial profile would
deteriorate to the point that support from Belgian authorities
would not be sufficient to maintain regulatory banking capital
ratios and an insurance solvency ratio in line with current pro
forma levels.

S&P currently considers an upgrade as remote in coming quarters,
due to the asset quality pressure from the negative economic
outlook in CEE-R and the challenges facing the KBC group's
profitability in this environment.


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D E N M A R K
=============


TDC A/S: Buyback Offer Won't Affect Fitch's 'BB-' Rating
--------------------------------------------------------
Fitch Ratings says that Nordic Telephone Company Holding ApS's
offer to buy back a portion of its fixed and floating rate senior
notes, due 2016, does not constitute a coercive debt exchange and
therefore has no impact on the ratings of TDC A/S (TDC, the
operating subsidiary of NTCH).

Although the buyback proposal could result in NTCH purchasing some
of the senior notes at a discount to face value, the offer is
entirely optional for investors and therefore does not fulfil one
of Fitch's main criteria for a coercive debt exchange, namely that
it be coercive.

According to the Q109 financial reporting, NTCH had DKK2.1 billion
(EUR285 million equivalent) of cash at the holding company level
(DKK0.8 billion at the TDC level) which would be sufficient to
cover the maximum proposed repurchase amount of EUR270 million.
Should the maximum purchase amount be taken up, this would leave
the consolidated group with just DKK0.9 billion of cash liquidity,
however, the company also has a committed DKK5.2 billion revolving
credit facility and is expected to be FCF positive through the
remainder of 2009.  The company generated DKK2.7 billion of FCF in
2008 (before acquisitions and divestments).  There are no further
scheduled debt repayments due until 2010 (DKK1.4 billion).
Therefore Fitch does not consider the company's near term
liquidity situation to be endangered by the proposed debt
purchase.

Any senior notes repurchased by NTCH are expected to be cancelled.
Given the proposed purchase price ranges and the fact that NTCH
reports the mark-to-market value of its debt for tax accounting
purposes, there are not expected to be any significant cash tax
charges arising from the debt cancellation.

At Q109, NTCH's gross consolidated debt was DKK52.0 billion
(EUR6.97 billion equivalent) and net consolidated debt was DKK48.9
billion (EUR6.56 billion equivalent).  Based on the last twelve
months EBITDA of DKK15.1 billion at Q109 (under the company's new
reporting format which increases EBITDA through capitalization of
subscriber acquisition costs), gross leverage ahead of the
proposed repurchase was 3.4x and net leverage was 3.2x.  At YE08,
gross leverage was 3.8x under the new reporting format (4.3x under
the previous format) and net leverage was 3.3x (3.7x).

TDC's current ratings are:

  -- TDC A/S Long-term Issuer Default Rating: 'BB-'; Outlook
     Positive

  -- TDC A/S Short-term IDR: 'B'

  -- TDC A/S senior secured facilities: 'BB+'

  -- TDC A/S EMTN bond programme: 'BB-'

  -- NTCH senior notes: 'B+'


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F I N L A N D
=============


STORA ENSO: S&P Cuts Long-Term Corporate Credit Rating to 'BB'
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit rating on Finland-based forest product
company Stora Enso Oyj to 'BB' from 'BB+'.  The rating was removed
from CreditWatch, where it was placed with with negative
implications on April 24, 2009.  The 'B' short-term corporate
credit rating, and the Nordic scale 'K-4' rating were affirmed.
The outlook is negative.

"The downgrade reflects our view that Stora Enso's business and
financial risk has increased due to the challenging market
conditions facing the forest product sector in general, and
follows increasing financial underperformance in relation to the
ratings targets over the past two quarters," said Standard &
Poor's credit analyst Andreas Zsiga.

S&P has revised its financial base case scenario, reflecting an
expected massive cyclical and structural demand contraction
reducing sales volumes by over 15% in 2009.  S&P currently expects
that Stora Enso will gradually restore its financial credit
measures to levels that are more in line with the 'BB' rating,
helped by aggressive capacity and cost cutting initiatives, lower
input costs, and a focus on reducing debt by sustaining positive
discretionary cash flows.

The negative outlook reflects the risk that Stora Enso's
performance will remain weak for the ratings on an actual or
forecast basis, rather than improving towards the rating
requirements, as assumed in S&P's base case.  This possibility
could result from factors such as demand reduction of 20% or more
in 2009, further pricing pressure, setbacks in reducing working
capital or executing expected cost savings, and adverse foreign
exchange rate developments.


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


E.ON AG: Says Asset Disposal Plans Risk Delay or Cancellation
-------------------------------------------------------------
German utility E.ON AG, seeking to sell or swap more than EUR10
billion (US$13.7 billion) of assets to cut debt, said the deals
may yield lower-than-expected funds or be scrapped altogether as
the financial crisis persists, Nicholas Comfort at Bloomberg News
reports.

"E.ON faces the risk, which is currently not assessable, of
disposals not taking place or being delayed and the risk that E.ON
receives lower-than-anticipated disposal proceeds," the
Dusseldorf-based utility said in a statement obtained by Bloomberg
News.  Deferred or abandoned deals may have "a negative impact on
the planned development of our debt factor."

According to Bloomberg News, E.ON's borrowings have jumped 90
percent in a year and wants to divest its ultra- high-voltage
German grid and electricity production capacity by the end of 2010
to pay off debt from European Union expansion.  Economic net debt
rose to EUR45 billion as of March 31 from EUR23.7 billion a year
earlier, after E.ON issued EUR6.1 billion of new bonds in the
first quarter, the report notes citing the company's statement.

Headquartered in Duesseldorf, Germany, E.ON AG (OTC:EONGY) --
http://www.eon.com/-- is a power and gas company.  The Company is
engaged in the chain of the power and gas business, from power
generation and gas production to distribution and customer sales.
The Company's operations are organized into separate market units:
Central Europe, which has operations in Central European
countries; Pan-European Gas, which is a gas importer; U.K.,
providing power and gas services; Nordic, which generates,
distributes, markets and supplies electricity and gas; U.S.
Midwest, focusing primarily on the regulated electricity and gas
utility sectors in Kentucky; Energy Trading, combining all of the
Company's European trading activities, including electricity, gas,
coal, oil and carbon dioxide allowances, and New Markets, which
include the activities of the new Climate and Renewables, Italy,
Russia and Spain market units.  In June 2008, the Company
completed the takeover of energy assets from Endesa and Enel.


GENERAL MOTORS: Won't Sell Latin American Operations to Fiat
------------------------------------------------------------
The Financial Times reports that Fiat SpA wants to gain control of
General Motors Corp's South American division, which also includes
Africa and the Middle East.

However, the FT says according to two people briefed on the
discussions, GM is reluctant to part with one of its most
profitable operations.

According to the FT, GM sold 1.3 million cars in Latin America
last year, and is the second-largest carmaker in Brazil.

Separately, Bloomberg News reports that people familiar with the
discussions said Fiat may use designs or technology from GM's Adam
Opel GmbH in future Chrysler LLC models as part of a global auto
alliance.  The report says adapting Opel designs for Chrysler
vehicles would form a tight link between GM and the Fiat-Chrysler
venture, spreading costs among more models to save money.  GM,
Bloomberg News states, needs a partner to run Germany's Opel
before June 1 to keep the unit from running out of cash.  June 1
is also the deadline by which GM may file for bankruptcy in the
U.S., the report notes.

                    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 roughly US$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.


HEIDELBERGCEMENT AG: New Facility Won't Affect Fitch's 'B' Rating
-----------------------------------------------------------------
Fitch Ratings said that the announcement by HeidelbergCement AG,
the Germany-based building materials group, that it has obtained a
new bridge facility to refinance the EUR600 million term loan A of
the Hanson acquisition facility, which was due, has no impact on
the group's ratings.

HC's ratings are:

  -- Long-term Issuer Default Rating: 'B' on Rating Watch Negative

  -- Senior unsecured rating: 'B' on RWN; Recovery Rating of 'RR4'

  -- Short-term IDR: 'B' on RWN

  -- HC's subsidiary Hanson plc's senior unsecured rating is
     'B'/RWN

Fitch downgraded HC's Long-tem IDR to 'B' from 'BB-' on March 10,
2009, following the agency's reassessment of its forecast
assumptions for HC, in light of increasingly difficult trading
conditions in the building materials industry.  The rating was
kept on RWN, reflecting the sizable refinancing risk stemming from
HC's EUR5 billion term loan B (for the acquisition of Hanson),
maturing in May 2010.  In this context, the announcement by HC
signals some progress in refinancing negotiations.  However, the
agency views the development as an initial step towards a more
comprehensive refinancing package of HC's debt, including the
consolidation under a new facility of all the Hanson acquisition
debt and other bilateral credit lines.  The group is also seeking
to adjust financial covenants in its loan documentation to bring
them in line with current market environment.

A resolution of the RWN will follow Fitch's assessment of the
refinancing negotiations outcome, and also of any impact stemming
from financial constraints being experienced by HC's major
shareholder, the Merckle family.  HC's ratings would come under
pressure should the outcome of the refinancing negotiations be
detrimental to the company's financial profile.

The ratings continue to reflect HC's strong operational profile
and leading market positions in cement and aggregates, which are
essential for establishing a solid market presence in downstream
activities such as ready-mixed concrete and concrete products.
The group benefits from good diversification by geography -- with
a presence in 50 countries -- and by end-market.

In common with other global building materials players, HC's Q109
results were negatively impacted by the combination of the
worsening global economic crisis and adverse weather conditions.
Cement and clinker sales volumes fell 18% to 16million tonnes
(19.6mt in Q108).  Aggregates shipments were down 25.5% to 44.5
million tonnes.  Revenue of EUR2.4 billion in Q109 was down 23%
compared with Q108, in particular due to negative trading
conditions in the countries of Eastern Europe and Central Asia, as
well as Spain, the UK, Turkey and North America.  HC's operating
EBITDA margin declined to 8.6% in Q109 from 12.8% in Q108 due to a
significant worsening of profitability in Europe and North
America.  While cost cutting and efficiency measures have been
implemented, HC expects a decline in operating income in 2009 as a
result of the sustained global downturn.


MAX TWO: S&P Cuts Rating on EUR100MM Senior Secured Notes to 'BB-'
------------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its long-
term debt rating on the EUR100 million senior secured notes due
2024 issued by Max Two Ltd. to 'BB-' from 'BB+'.  At the same
time, the rating was removed from CreditWatch, where it was placed
with negative implications on Jan. 20, 2009.  The outlook is
negative.

MTL is a special-purpose vehicle that raised funds for the Breeze
One wind power financing transaction.

"The downgrade reflects our views of the deteriorating performance
of the wind farms compared with our original expectations," said
Standard & Poor's credit analyst Timon Binder.  "Since 2005,
certain German wind farms have sustained reduced wind volumes,
reduced turbine availabilities reportedly due to gearbox problems,
and higher operating costs.  These factors have resulted in
reduced cash flows available for debt service for the affected
wind farm loans, on average 9%-10% below original projections."

MTL used a portion of the issuance proceeds to provide senior
loans to five wind farms in Germany and three in Portugal.  MTL
also provided subordinated loans to one of the Portuguese wind
farms and to the Tandem 1 and 2 wind farms in Germany.

In the medium to longer term, S&P expects cash flows to continue
deteriorating if wind volumes do not improve and turbine repair
costs continue to increase.  Revenues of the German wind farms in
the first quarter 2009 were 77% of originally forecast.  By
contrast, certain wind farms in Portugal performed well and in
general exceeded their projected revenues.  In addition, operation
and maintenance costs have remained within expectations.

"In our view, cash flows could deteriorate beyond our current
expectations if the wind volumes for the German wind farms do not
improve substantially," added Mr. Binder.

A downgrade could occur if cash flows were materially and
consistently reduced due to lower-than-expected wind volumes,
lower-than-expected turbine availability, or higher-than-expected
maintenance costs.  S&P could revise the outlook to stable if the
individual financial performance of the wind farms in the
portfolio aligns with the parameters for the current rating level.


WESTLB AG: Moody's Retains 'E+' Bank Financial Strength Rating
--------------------------------------------------------------
Moody's Investors Service commented that WestLB's E+ bank
financial strength rating and A2 senior unsecured debt and deposit
ratings remain under pressure due to the stringent preconditions
attached to the European Commission's approval of state aid.
WestLB will have to meet these preconditions over the next two to
three years, which will likely affect Moody's current assumptions
regarding external support.  WestLB's E+ BFSR and A2 debt and
deposit ratings carry a negative outlook.

                  E+ BFSR Remains Under Pressure

The most significant of the European Commission's preconditions
that could lead to downward pressure on WestLB's E+ BFSR are the
required: (i) 50% reduction of the bank's total assets and risk-
weighted assets within two years (i.e. by March 31, 2011, based on
the volumes as of December 31, 2007), which will thus have to be
effected during a period that Moody's expects to be challenging
for asset sales, and (ii) divestment of certain profit-
contributing subsidiaries, including Westdeutsche Immobilienbank
AG (WIB, unrated by Moody's), which is considered part of the
group's core business.

At the same time, Moody's notes that certain aspects of the
required restructuring may also have positive implications for
WestLB's future financial strength, in particular an enforced
concentration on certain core competencies and a substantial
reduction in the potential volatility stemming from liquid credit
portfolios on its trading book, which the bank seeks to transfer
into a ring-fenced, special-purpose public sector vehicle (the
"Omega" project, targeting a full non-recourse transfer of EUR87
billion in various assets).

Plans for this project, however, have not yet been concluded and
more time may still be required before final decisions on its
exact terms and conditions can be made, which further extends the
ongoing period of low transparency regarding WestLB's future asset
and risk profile.  Moreover, Moody's notes that, should the Omega
project not be implemented successfully, WestLB may have to
consider asset sales at unfavorable prices in order to comply with
the European Commission's preconditions, or resort to a
potentially less favorable "bad bank" solution offered by the
German government.

Moody's acknowledges that the Omega project -- as currently
planned -- may result in substantial capital relief, without
burdening the bank with the requirement of allocating substantial
future profits towards covering any fair value losses (or risk
provisions) relating to the Omega asset pool.  However, as long as
the project's terms and conditions remain unclear, the risk
profile and future viability of the remaining core bank cannot be
sufficiently ascertained and thus continues to weigh heavily on
the E+ BFSR.

  Future Investment-Grade Debt Ratings Will Be More Dependent on
                   Westlb's Financial Strength

WestLB's A2 senior debt and deposit ratings benefit strongly from
Moody's assessment of a very high probability of the bank
receiving support in the future if needed.  The A2 ratings
therefore receive a nine-notch uplift from the B2 Baseline Credit
Assessment (BCA, mapping directly from the E+ BFSR).  This
highlights the bank's current dependence on stakeholder support,
which is factored into Moody's assumptions of regional and local
government support, and cross-sector support.

In connection to this, Moody's notes that the A2 long-term ratings
may face heightened pressure in the event of the forthcoming
restructuring exercise resulting in WestLB's privatization, as a
"non-discriminatory sale" of the bank is required by the end of
2011 under the agreement with the European Commission.  Although
the bank may alternatively form part of a Landesbank
consolidation, which could potentially underscore the high
probability of (public sector) stakeholder support in the long
term, the future shareholder background of WestLB may not be known
for the next two years, which makes the probability of support
beyond 2011 very difficult to assess.

Apart from the near-term developments concerning the bank's asset
and risk profile described above, Moody's analysis will therefore
focus on the probability of support from current stakeholders
beyond 2011 in the context of grandfathered debt on WestLB's
balance sheet, which will largely mature only in 2015.

Headquartered in Duesseldorf, Germany, WestLB reported EUR288.1
billion in assets as of the end of 2008 (stable year-on-year) and
an annual profit of EUR18 million for the year (after a loss of
EUR1.6 billion in 2007).


=============
H U N G A R Y
=============


KERESKEDELMI ES HITELBANK: Fitch Affirms Individual Rating at 'D'
-----------------------------------------------------------------
Fitch Ratings has downgraded KBC Bank's, insurer KBC
Verzekeringen's and holding company KBC Group's Long-term Issuer
Default Ratings to 'A' from 'A+' on continued adverse impact from
collateralized debt obligations exposure.  The Outlooks on the
Long-term IDRs are Stable.  At the same time the agency has
downgraded KBC Bank's Individual rating to 'C/D' from 'B/C'.  All
the affected ratings are listed at the end of this commentary.

The downgrades reflect Fitch's concerns around the group's direct
super senior CDO exposure amid expectations that the underlying
risk will worsen.  Additional material risk arises from the
residual part of the CDO portfolio of c.EUR14 billion originally
guaranteed by one financial guarantor (MBIA) whose protection can
no longer be relied upon.  Accordingly, the group has booked
additional write-downs in Q109 of EUR4 billion on the CDO
exposure.  However, any future write-downs are limited thanks to a
Belgian State guarantee, announced this morning, which will cover
90% of the remaining CDO exposure.

This guarantee comes on top of two capital injections one in
October 2008 by the Belgian State and another early 2009 by the
Flemish Region.  The Belgian government injected EUR3.5 billion
into KBC Group in the form of hybrid Tier 1 capital which
qualifies as core capital, resulting in a capital increase of
EUR2.25 billion at KBC Bank level (and EUR1.25 billion for KBC
Verzekeringen).  In early 2009, the Flemish regional government
injected EUR2 billion into the group in a similar form and agreed
to give in case of need a further EUR1.5 billion, which will now
be used.  Following the guarantee and capital support, KBC Bank's
pro-forma Basel 2 Tier 1 capital ratio is estimated at 11% (with a
core Tier 1 ratio of 8.3%).  KBC Verzekeringen's regulatory
solvency reached 188% at-end-2008.

KBC Bank's Long-term IDR is now at its Support Rating Floor, and
hence carries a Stable Outlook, reflecting sovereign support from
the Belgian state ('AA+'/Outlook Stable).  The Long-term IDR is no
longer based on KBC Bank's Individual Rating.  The Support Rating
and Support Rating Floor indicate an extremely high probability of
government support.  The bank's Individual Rating continues to
reflect its strong franchise in Belgium, the still adequate
quality of the loan book despite some expected deterioration,
sufficient liquidity and the sound capitalization after the
significant government capital injections.  They also factor in
risks associated with its investments in several subsidiaries in
Central Europe, although the bank's exposure is confined to what
Fitch views as the least vulnerable countries in these regions
(see Fitch Special Report "Major Western European Banks' Exposure
to Eastern Europe and the CIS" dated April 16, 2009).  Moreover,
profitability has deteriorated and the agency expects it to remain
under pressure.

Fitch also affirmed Assurisk S.A.'s (KBC Group's wholly-owned
reinsurance subsidiary based in the Grand Duchy of Luxembourg)
Insurer Financial Strength rating at 'A-' based on a 'capital
support agreement' provided by KBC Verzekeringen.  The Outlook on
the IFS rating is Stable.

The increased notching of hybrid securities compared to KBC Bank's
IDR reflect the downgrade of the bank's Individual rating, in line
with the agency's methodology on the rating of hybrid capital
published in July 2005 which states that banks whose ratings are
driven by support have their hybrid ratings determined by the
level of their Individual rating.  Unlike the case of IDRs, Fitch
has consistently argued that hybrid instruments cannot reliably be
considered as benefiting from external sovereign support.

Based on Fitch's rating definitions, the Individual rating
reflects the standalone strength of a bank while the Support
rating reflects the probability of support from a major
shareholder and/or the government.

KBC Group

  -- Long-term IDR downgraded to 'A' from 'A+', Outlook Stable
  -- Senior debt downgraded to 'A' from 'A+'
  -- Short-term IDR affirmed at 'F1'

KBC Bank

  -- Long-term IDR downgraded to 'A' from 'A+', Outlook Stable
  -- Senior debt downgraded to 'A' from 'A+'
  -- Subordinated debt downgraded to 'A-' from 'A'
  -- Preferred stock downgraded to 'BB+' from 'A'
  -- Short-term IDR affirmed at 'F1'
  -- Commercial paper affirmed at 'F1'
  -- Individual Rating downgraded to 'C/D' from 'B/C'
  -- Support Rating affirmed at '1'
  -- Support Rating Floor affirmed at 'A'

KBC Verzekeringen N.V. (KBC Insurance)

  -- Insurer Financial Strength downgraded to 'A' from 'AA-
     ', Outlook Stable

  -- Long-term IDR downgraded to 'A' from 'A+', Outlook Stable

Assurisk S.A.

  -- Insurer Financial Strength (IFS) affirmed at 'A-', Outlook
     Stable

KBC Funding Trust I
KBC Funding Trust II
KBC Funding Trust III
KBC Funding Trust IV

  -- Preferred stock downgraded to 'BB+' from 'A'

KBC Financial Products International, Ltd.

  -- Senior debt downgraded to 'A' from 'A+'
  -- Commercial paper affirmed at 'F1'

KBC North America Finance Corp.

  -- Commercial paper affirmed at 'F1'

KBC IFIMA N.V.

  -- Senior debt downgraded to 'A' from 'A+'
  -- Subordinated debt downgraded to 'A-' from 'A'
  -- Short-term debt affirmed at 'F1'

Ceskoslovenska Obchodni Banka (Czech Republic)

  -- Long-term IDR downgraded to 'A-' from 'A', Outlook Stable
  -- Short-term IDR: downgraded to 'F2' from 'F1'
  -- Individual rating: affirmed at 'C'
  -- Support rating: affirmed at '1'

Ceskoslovenska Obchodni Banka (Slovakia)

  -- Long-term IDR downgraded to 'A-' from 'A', Outlook Stable
  -- Short-term IDR: downgraded to 'F2' from 'F1'
  -- Support rating: affirmed at '1'

Kereskedelmi es Hitelbank Zrt (Hungary):

  -- Long-term IDR downgraded to 'A-' from 'A', Outlook Stable
  -- Short-term IDR: downgraded to 'F2' from 'F1'
  -- Individual rating: affirmed at 'D'
  -- Support rating: affirmed at '1'

The ratings of Bulgaria's Cibank are unaffected by the rating
action taken.


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


IRISH NATIONWIDE: Warned Over AIB Short-Term Loans, KMPG Says
-------------------------------------------------------------
Simon Carswell at the Irish Times reports that Irish Nationwide's
external auditors warned the building society February last year
about the potentially significant damage to its reputation by
providing short-term loans to Anglo Irish Bank chairman Sean
FitzPatrick.

Irish Nationwide, the report recalls, provided loans of up to
EUR122 million to Mr. FitzPatrick over an eight-year period,
enabling him to move his loans at Anglo Irish off the bank's books
to avoid disclosing them publicly.

Vincent Reilly, a partner at KPMG, as cited in the report, said
the loans lasted no more than a week, just over the end of Anglo
Irish’s financial year at the end of September, and were repaid
shortly afterwards.  The report says according to Mr. Reilly, the
loans were authorized by Irish Nationwide's board and that the
Financial Regulator also knew about the transactions.  The report
relates Mr. Reilly said he warned Irish Nationwide's then
chairman, Dr Michael Walsh, and Terry Cooney, chairman of the
audit committee, that the short-term length of the loans posed
significant "reputational risk" to the building society.

Mr. Fitzpatrick, the report discloses, resigned from Anglo Irish
last December after the loan transfers were revealed.

Irish Nationwide Building Society – http://www.inbs.ie/-- is one
of Ireland's oldest financial institutions.

                           *    *    *

Irish Nationwide Building Society continues to carry an 'E+' bank
financial strength rating from Moody's Investors Service.


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


BANCA ITALEASE: Banco Popolare's Cash Offer Gets Regulator's OK
----------------------------------------------------------------
Enza Tedesco at Dow Jones Newswires reports that Banco Popolare
Societa Cooperativa said Italian stock market regulator Consob has
authorized its EUR1.50-per-share cash offer on Banca Italease SpA.

Italease shareholders have until July 1 to tender their shares,
Banco Popolare said in an Italian stock exchange filing obtained
by Dow Jones.

Dow Jones says Banco Popolare, which has conditioned its offer to
the minimum acceptance by 90% of Italease shareholders, is
planning to delist and reorganize the unprofitable leasing
company.

Banco Popolare already owns 30.7% of Italease, according to Dow
Jones.

Italy-based Banco Popolare Societa Cooperativa (BIT:BP) --
http://www.bancopopolare.it/-- offers a range of banking products
and services, including current and savings accounts, online
banking, telephone banking, investments, mutual funds, financial
advice, credit and debit cards and insurance.  Through its
subsidiaries, Company is able to offer private banking, investment
banking and asset management services, as well as other services
in the tax and real estate sectors.  It divides its subsidiaries
into four groups: Territorial Banks; Investment and Private
Banking, Asset Management; Consumer Credit and Others.  The
Company's branches are spread throughout the Italian regions of
the Veneto, Emilia-Romagna, Piedmont and Lombardy, and
internationally in, Luxembourg, Croatia, The Czech Republic,
Hungary, Switzerland, the United Kingdom and others.  Its
subsidiaries include Banca Popolare di Lodi SpA, Credito
Bergamasco SpA, Banca Caripe SpA and Banca Popolare di Novara SpA,
among others.

Banca Italease SpA (BIT:BIL) -- http://www.italease.it/-- is an
Italy-based banking company.  Banca Italease provides retail
leasing services through: Italease Secondacasa, offering real
estate leasing; Tiarredo, providing furniture leasing; Tiarredo
Arte, specializing in art leasing; Tiguido, offering car and
motorcycle leasing, and Tivaro, providing boat leasing.  Banca
Italease also offers corporate leasing through its subsidiaries:
LeasinGomme, Real Estate Leasing, Industrial Leasing, Public
Sector Leasing and Corporate Car Leasing.  Other areas of
Company’s operations are: subsidized leasing, medium and long-term
lending, insurance products, factoring, long-term car leasing, and
Interest Rate Swap (IRS) contracts.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on Dec. 5,
2008, Fitch Ratings affirmed Banca Italease's Individual rating at
'D/E' and kept the Long-term 'BB' rating of the bank's EUR150
million trust preferred securities on Rating Watch Negative.

Banca Italease continues to carry Moody's Ba1/Not-Prime/D- ratings
on its long- and short-term deposit ratings as well as bank
financial strength (BFSR), respectively.  All ratings have a
stable outlook.


FIAT SPA: Italian and German Workers Union Meet
-----------------------------------------------
Bloomberg News reports that Italian unions met May 13 with IG
Metall, Germany's largest union, to discuss the possible effects
of Fiat SpA's three-way alliance with Chrysler LLC and General
Motors Corp.’s European operations on their jobs.

The report says Fiat's Italian workers may lose their jobs as
Chief Executive Officer Sergio Marchionne attempts to buy GM's
assets in Europe.  The report relates Mr. Marchionne pledged to
try to save German jobs as he seeks approval from the government
to buy GM's Opel unit, leading the Italians to deduce that cost
savings from a merger would come from plant closures at home
instead.

Mr. Marchionne told Bloomberg News in a May 6 interview in Detroit
that Fiat "would need to reduce the number of plants that could
potentially be closed by making them more efficient."  Job cuts
are certain as volumes don't support current headcount, he said,
declining to be more specific.

According to the report, Fiat, Italy's largest private employer,
runs five auto plants in the country with a workforce of 31,000.
Opel meanwhile employs 25,000 workers at four factories in
Germany.

"Italy can't pay for [Mr.] Marchionne's plan to create an auto
giant worldwide," the report quoted Enzo Masini, the Fiom-Cgil
union's representative, as saying at the IG Metall meeting, citing
German labor leaders.  "In Italy, Fiat is the only automaker, so
there’s no chance of finding another job for a redundant worker."

Klaus Franz, Opel's top labor leader, led a delegation of GM
workers from across Europe at the IG Metall talks, the report
notes.

                        About Fiat SpA

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

                        *     *     *

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

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


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


AGRO PROJECT: Creditors Must File Claims by June 5
--------------------------------------------------
Creditors of LLP Agro Project have until June 5, 2009, to submit
proofs of claim to:

         Shokaya St. 20
         Kyzylorda
         Kazakhstan

The Specialized Inter-Regional Economic Court of Kyzylorda
commenced bankruptcy proceedings against the company on
Jan. 30, 2009, after finding it insolvent.

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of Kyzylorda
         Aiteke bi St. 29
         120014 Kyzylorda
         Kazakhstan


SAN PRIMA: Creditors Must File Claims by June 5
-----------------------------------------------
Creditors of LLP San Prima have until June 5, 2009, to submit
proofs of claim to:

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

The Specialized Inter-Regional Economic Court of West Kazakhstan
commenced bankruptcy proceedings against the company on
March 3, 2009.


SENT MARI: Creditors Must File Claims by June 5
-----------------------------------------------
Creditors of LLP Sent Mari Com have until June 5, 2009, to submit
proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Tauelsyzdyk St. 53
         Taldykorgan
         Almaty
         Kazakhstan

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


U KA TRANSIT: Creditors Must File Claims by June 5
--------------------------------------------------
Creditors of LLP U Ka Transit Universal have until June 5, 2009,
to submit proofs of claim to:

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

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


UGLE SNUB: Creditors Must File Claims by June 5
-----------------------------------------------
Creditors of LLP Ugle Snub Service have until June 5, 2009, to
submit proofs of claim to:

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

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


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


BUILD SERVICE LLC: Creditors Must File Claims by June 5
-------------------------------------------------------
LLC Build Service has shut down.  Creditors have until June 5,
2009, to submit proofs of claim to:

         Zainabetdinov St. 6
         Osh
         Kyrgyzstan


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


AEGON NV: Incurs EUR173 Million First Quarter Loss
--------------------------------------------------
Martijn van der Starre at Bloomberg News reports that Aegon NV
posted a smaller-than-expected first-quarter loss because of a tax
benefit and gains from selling bonds.

According to the report, Aegon incurred a first-quarter loss of
EUR173 million, compared with a profit of EUR153 million a year
earlier.  The first-quarter tax benefit amounted to EUR282
million, while gains on investments doubled to EUR173 million.
Aegon had a combined loss of about EUR1.5 billion over the
previous two quarters, the report notes.

The insurer aims to free up EUR1.5 billion in capital this year to
safeguard against further declines in financial markets, and save
at least EUR150 million by reorganizing its U.S., Dutch and U.K.
Units, the report relates.

The report recalls Aegon last year got a EUR3 billion (US$4.11
billion) lifeline from the Dutch government.  The report says the
insurer sold 750 million non-voting securities at EUR4 apiece to
Association Aegon, its largest shareholder, which in turn received
funding from the Dutch State.  The Dutch insurer has the option to
buy back 250 million shares from Association Aegon at EUR4 to
EUR4.52 apiece by December, the report notes.

Based in The Hague, Netherlands, AEGON N.V. (NYSE:AEG) --
http://www.aegon.com/-- through its member companies that are
collectively referred to as AEGON or the AEGON Group, is a life
insurance and pension company.  AEGON's businesses focus on life
insurance, pensions, savings, and investment products.  The AEGON
Group is also active in accident, supplemental health, general
insurance, and some limited banking activities. AEGON N.V. is a
holding company.  The operations described above are conducted
through operating subsidiaries.  The AEGON Group has the a range
of geographic segments, which include the Americas (which include
the United States, Canada and Mexico), the Netherlands, the United
Kingdom and Other Countries, which includes Hungary, Spain,
Taiwan, China, Poland, India and a number of other countries with
smaller operations.


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


AMUR-STROY-KOMPLEKT LLC: Amurskaya Bankruptcy Hearing Set July 15
-----------------------------------------------------------------
The Arbitration Court of Amurskaya will convene at 8:30 a.m. on
July 15, 2009, to hear bankruptcy proceedings on LLC Amur-Stroy-
Komplekt (TIN 2801111620) (Construction).  The case is docketed
under Case No. ??4–7576/08–6/274B.

The Insolvency Manager is:

         V. Dmitrov
         Office 509
         50 let Oktyabrya St. 33
         Svobodny
         676450 Amurskaya
         Russia

The Debtor can be reached at:

         LLC Amur-Stroy-Komplekt
         50 let Oktyabrya St. 24/2
         Blagoveshchensk
         675000 Amurskaya
         Russia


EDELWEISS LLC: Creditors Must File Claims by June 4
---------------------------------------------------
Creditors of LLC Edelweiss (TIN 5919016140, PSRN 1025900891961)
(Mining Company) have until June 4, 2009, to submit proofs of
claims to:

         A. Kotelnikov
         Insolvency Manager
         Mira St. 45a-305
         614095 Perm
         Russia

The Arbitration Court of Permskiy will convene at 10:00 a.m. on
Oct. 19, 2009, to hear bankruptcy proceedings on the company.  The
case is docketed under Case No. ?50–2810/2009.

The Debtor can be reached at:

         LLC Edelweiss
         25 Oktyabrya St. 43
         614000 Perm
         Russia


FEMILI COMMERCIAL: Creditors May File Claims
--------------------------------------------
Creditors of LLC Femili Commercial Bank may submit proofs of
claims to:

         Building 4
         Malaya Dmitrovka St. 14
         127006 Moscow
         Russia

             -- or --

         Prospect Tritskiy 63
         163000 Arkhangelsk
         Russia


PRIMORSKIY INTEGRATED: Creditors Must File Claims by July 4
-----------------------------------------------------------
The Arbitration Court of Primorskiy commenced bankruptcy
proceedings against OJSC Primorskiy Integrated House-Building
Factory after finding the company insolvent.  The case is docketed
under Case No. ?51–278/2008 15–9B.

Creditors have until July 4, 2009, to submit proofs of claims to:

         I. Shkryl
         Insolvency Manager
         Post User Box 74
         690048 Vladivostok-48
         Russia

The Debtor can be reached at:

         OJSC Primorskiy Integrated House-Building Factory
         Sudoremontnaya St. 2
         Nakhodka
         692903 Primorskiy
         Russia


RAPSOD TRADE: S&P Cuts Long-Term Corporate Credit Rating to 'CC'
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its long-
term corporate credit and debt ratings on Russian outdoor
advertising group Rapsod Trade Ltd. (Gallery Media) to 'CC' from
'CCC+'.  The outlook is negative.

At Dec. 31, 2008, Gallery Media had gross on-balance-sheet debt of
about US$278 million.

"The downgrade follows Gallery Media's recent announcement that it
has appointed advisors in view of a potential financial
restructuring," said Standard & Poor's credit analyst Melvyn
Cooke.  "We consequently believe that a debt restructuring by the
group is highly likely in the short term; this could result in a
distressed exchange offer, which S&P would treat as a default
under S&P's criteria.  In addition, S&P believes that a potential
debt restructuring could hamper Gallery Media's willingness to pay
the May 15, 2009, coupon on its US$175 million senior secured
notes."

While S&P believes that Gallery Media has sufficient cash to pay
the upcoming coupon of about US$9 million on May 15, 2009, it may
choose not to do so in order to save cash at a time when it is
considering restructuring its financial debt.  In the event of
nonpayment of financial interest by the group on its senior
secured notes on the due date of May 15, 2009, S&P will aim to
assess the likelihood of a payment prior to the end of the grace
period of 30 days.

S&P would view any discounted exchange offer for part or all of
the group's notes as distressed given the company's tight
liquidity and deteriorating trading environment.  The execution of
distressed exchange offers are tantamount to default under S&P's
criteria.  The recent announcement that Gallery Media has
appointed advisors in view of a potential financial restructuring
may be an indication, in S&P's view, that management may be
considering such an offer in the short term.

A positive rating action is unlikely at this stage and would
likely require a material improvement in the group's liquidity
position and trading conditions.


VIMPELCOM: 2008 Net Profit Down 64.2% to US$524 Million
-------------------------------------------------------
RIA Novosti reports that VimpelCom's U.S. GAAP net profit declined
64.2%, year-on-year, in 2008 to US$524 million due to exchange
rate differences and expenses related to the depreciation of
assets amid the ongoing global financial crisis.

According to the report, the company's revenues in the reporting
period grew 41.1% to US$10.12 billion.

                         About VimpelCom

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

                          *     *     *

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


ZAPOLYAR-GAZ LLC: Creditors Must File Claims by June 4
------------------------------------------------------
The Arbitration Court of Khanty-Mansiysk commenced bankruptcy
supervision procedure on LLC Zapolyar-Gaz-Prom-Stroy (TIN
8904039172) (Construction).  The case is docketed under
Case No. ?81–258/2009.

Creditors have until June 4, 2009, to submit proofs of claims to:

         S. Leshchev
         Temporary Insolvency Manager
         Kirova St. 10-88
         Yugorsk
         Tumenskaya
         628260 Khanty-Mansiysk
         Russia


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


LTH: Municipality Files Receivership Petition
---------------------------------------------
STA reports that a municipality owed money by Slovenia-based
refrigerator maker LTH on Wednesday sought to put the insolvent
company into receivership.


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


ACCELO AG: Claims Filing Deadline is May 22
-------------------------------------------
Creditors of Accelo AG are requested to file their proofs of claim
by May 22, 2009, to:

         Telos Treuhand
         Neugasse 6
         8031 Zurich
         Switzerland

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


CANONICA-CO. AG: Creditors Have Until May 22 to File Claims
-----------------------------------------------------------
Creditors of Canonica-Co. AG are requested to file their proofs of
claim by May 22, 2009, to:

         Hans Canonica
         Winkelstrasse 16
         5314 Kleindoettingen
         Switzerland

The Company is currently undergoing liquidation in Boettstein.
The decision about liquidation was accepted at a general meeting
held on March 18, 2009.


CHINA TRADING: Claims Filing Deadline is May 22
-----------------------------------------------
Creditors of China Trading Company AG are requested to file their
proofs of claim by May 22, 2009, to:

         Rudolf C. Pont
         Weissenbuehlweg 6
         3007 Bern
         Switzerland

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


COMMONCONSULT GMBH: Claims Filing Deadline is May 22
----------------------------------------------------
Creditors of CommonConsult GmbH are requested to file their proofs
of claim by May 22, 2009, to:

         Andreas Berger
         Route de Fribourg
         Mail Box 111
         1723 Marly 2
         Switzerland

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


HOLGI LLC: Creditors Must File Claims by May 29
-----------------------------------------------
Creditors of Holgi LLC are requested to file their proofs of claim
by May 29, 2009, to:

         Anje Holdorf
         Plan da Muglin 90a
         7556 Ramosch
         Switzerland

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


INFORMATIK INSTITUT: Claims Filing Deadline is May 22
-----------------------------------------------------
Creditors of Informatik Institut Bern AG are requested to file
their proofs of claim by May 22, 2009, to:

         Maheswaran Velauthapillai
         Schwarzenburgstrasse 109
         3097 Liebefeld
         Switzerland

The company is currently undergoing liquidation in Koeniz.  The
decision about liquidation was accepted at a general meeting held
on March 30, 2009.


NARAN AG: Creditors Have Until May 22 to File Proofs of Claim
-------------------------------------------------------------
Creditors of Naran AG are requested to file their proofs of claim
by May 22, 2009, to:

         Luescher & Manser
         Schloss-Strasse 1
         2560 Nidau
         Switzerland

The company is currently undergoing liquidation in Hermrigen.  The
decision about liquidation was accepted at an extraordinary
general meeting held on Feb. 6, 2009.


RIKIMAG AG: Creditors Must File Claims by May 22
------------------------------------------------
Creditors of Rikimag AG are requested to file their proofs of
claim by May 22, 2009, to:

         Max Spoerri
         Liquidator
         Hauptstrasse 45
         4153 Reinach
         Switzerland

The company is currently undergoing liquidation in Bubendorf.  The
decision about liquidation was accepted at an extraordinary
general meeting held on April 6, 2009.


TESSABIT HANDELSVERTRETUNG: Claims Filing Deadline is May 22
------------------------------------------------------------
Creditors of TESSABIT Handelsvertretung GmbH are requested to file
their proofs of claim by May 22, 2009, to:

         Rolf P. Sonderegger
         Thalerstrasse 46a
         9404 Rorschacherberg
         Switzerland

The company is currently undergoing liquidation in Heiden.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on April 6, 2009.


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


AGRICULTURAL PRODUCT: Creditors Must File Claims by May 27
----------------------------------------------------------
Creditors of LLC Agricultural Product (code EDRPOU 30348780) have
until May 27, 2009, to submit proofs of claim to:

         L. Kiyanovskaya
         Insolvency Manager
         Post Office Box 2
         54034 Nikolayev
         Ukraine

The Economic Court of Nikolayev commenced bankruptcy proceedings
against the company on April 16, 2009.  The case is docketed under
Case No. 10/202/06.

The Court is located at:

         The Economic Court of Nikolayev
         Admiralskaya St. 22-a
         54009 Nikolayev
         Ukraine

The Debtor can be reached at:

         LLC Agricultural Product
         Urozhaynaya St. 1
         Shevchenkovo
         Zhovtnevy
         Nikolayev
         Ukraine


BANK EVROPEYSKIY: Moody's Withdraws 'E' Financial Strength Rating
-----------------------------------------------------------------
Moody's Investors Service has withdrawn these ratings of Bank
Evropeyskiy: bank financial strength rating of E, the long-term
and short-term local currency and foreign currency deposit ratings
of Caa2/Not Prime, and national scale rating of B3.ua.  The long-
term local and foreign currency deposit ratings as well as NSR had
been placed on review for possible further downgrade on April 14,
2009.

Moody's has withdrawn these ratings for business reasons following
the official request from BE and has not been able to conclude the
above-mentioned review due to lack of information.

Moody's notes that, as of the date of the ratings withdrawal, BE
had no outstanding debts rated by Moody's.

Moody's was unable to conclude the review on the bank's ratings
prior to the withdrawal because of lack of information.  Lack of
positive changes in the near term could, potentially, have
resulted in negative rating implications for BE's long-term
deposit ratings and the NSR.

Moody's previous rating action on Bank Evropeyskiy was on
April 14, 2009, when Moody's downgraded the long-term local and
foreign currency deposit ratings of BE to Caa2 from B3 and placed
the ratings on review for possible further downgrade.  BE's BFSR
was also downgraded to E from E+.  The bank's Not-Prime short-term
local and foreign currency deposit ratings were affirmed.  The NSR
was downgraded to B3.ua from Baa3.ua and placed on review for
possible further downgrade.

Headquartered in Kiev, Ukraine Bank Evropeyskiy reported total
assets of UAH2.2 billion (US$285 million) under Ukrainian
Accounting Standards as at year-end 2008.


ARUNA LLC: Creditors Must File Claims by May 27
-----------------------------------------------
Creditors of LLC Company Aruna (code EDRPOU 34351053) have until
May 27, 2009, to submit proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on April 10, 2009.  The case is docketed under
Case No. 44/106.

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 Company Aruna
         P. Lumumba St. 15-A
         01042 Kiev
         Ukraine


EUROBUD-LG LLC: Creditors Must File Claims by May 27
----------------------------------------------------
Creditors of LLC EUROBUD-LG (code EDRPOU 33205842) have until
May 27, 2009, to submit proofs of claim to:

         A. Berezhnoy
         Insolvency Manager
         Office 1
         Tchaikovsky St. 33-b
         61024 Kharkov
         Ukraine

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company on March 26, 2009.  The case is docketed under
Case No. B-50/207-08.

The Court is located at:

         The Economic Court of Kharkov
         Svoboda Square 5
         61022 Kharkov
         Ukraine

The Debtor can be reached at:

         LLC EUROBUD-LG
         Office 115
         Ac. Pavlov St. 134/16
         Kharkov
         Ukraine


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


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

The company can be reached through Tenon Recovery at:

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


CROSBY ASSET: Mulls Asset Sale, Seeks Larger Partner
----------------------------------------------------
Laurence Fletcher at Reuters reports that Crosby Asset Management
plans to sell part of its business and look for a larger partner
amid a fall in assets and revenue.

"We continue to reduce costs and realize assets wherever possible,
with a view to positioning CAM (Crosby Asset Management) as an
attractive partner for a larger-scale business, that will
ultimately benefit all shareholders," Reuters quoted chief
executive Simon Fry as saying in a statement.

Reuters relates Crosby said first quarter revenues had fallen to
US$902,000 from US$7.9 million a year before, while assets under
management had fallen to US$400 million from US$500 million at the
end of December and US$2.2 billion a year ago.  Crosby, Reuters
discloses, has seen assets crumble due to client outflows and
performance losses.  Reuters recalls in March the company reported
a pretax loss of US$32.4 million for 2008.

                           Irish Funds

On Sept. 12, 2008, the Troubled Company Reporter-Europe, citing
Reuters, reported that Crosby was in discussions with third-
parties to sell or liquidate six Dublin-based funds from its
Forsyth range following substantial redemptions from investors.
Forsyth Partners, whose assets were bought by Crosby, went into
administration in September 2007 after it lost its license to
operate in a financial center in Dubai.

The six Dublin-based funds for sale or liquidation were Forsyth
Global Balanced, Global Thematic, Global Bond, Global Emerging
Markets, Greater Europe and North America funds, Reuters
disclosed.  According to Reuters, a client pulled out around 30%
of the Dublin-based funds' assets, which stood at nearly US$230
million.

Crosby Asset Management -- http://www.crosby.com/-- is a global
asset management group.  It has offices located in London, Hong
Kong and Singapore, and is quoted on the London Stock Exchange's
AIM.


ELLIOT HOLDINGS: Appoints Joint Liquidators from Tenon Recovery
---------------------------------------------------------------
Nigel Ian Fox and Andrew James Pear of Tenon Recovery were
appointed joint liquidators of The House Of Elliot Holdings Ltd.
on April 9, 2009, for the creditors' voluntary winding-up
proceeding.

The company can be reached through Tenon Recovery at:

         Highfield Court
         Tollgate
         Chandlers Ford
         Eastleigh
         Hampshire
         SO53 3TZ
         England


GLG PARTNERS: Increases Size of US$ Convertible Notes Offering
--------------------------------------------------------------
GLG Partners LP, listed as GLG Partners Inc. in the US, has
increased the aggregate principal amount of its offering of
dollar-denominated convertible subordinated notes due 2014 to
US$214 million from US$200 million, the company said in a
statement last week.

The asset manager also has determined to eliminate its offering of
EUR14.6 million worth of Euro-Denominated convertible subordinated
notes due 2014.

GLG has granted the initial purchasers of the Dollar Notes an
option to purchase up to an additional US$15 million aggregate
principal amount of the Dollar Notes.  The Dollar Notes will bear
interest at a rate of 5.00% per year and will rank junior in right
of payment to all of GLG's existing and future senior
indebtedness.

The sale of the Dollar Notes was expected to close Friday last
week, May 15, 2009.

Noam Gottesman, Chairman and co-CEO of GLG, Emmanuel Roman, co-
CEO, and Pierre Lagrange, Senior Managing Director of GLG Partners
LP, have agreed to purchase collectively US$30 million aggregate
principal amount of the Dollar Notes from the initial purchasers
as part of this offering, directly or through certain of their
affiliates.

The Dollar Notes will be convertible, at the option of the holder
upon the satisfaction of certain conditions, into shares of GLG's
common stock at an initial conversion rate of 268.8172 shares per
US$1,000 principal amount of Dollar Notes, subject to certain
adjustments.  The initial conversion rate is equivalent to a
conversion price of approximately US$3.72 per share.

GLG intends to use the net proceeds from the offering of the
Dollar Notes to acquire a portion of the indebtedness outstanding
under GLG's credit agreement.  GLG anticipates that approximately
US$285 million of US$570 million principal amount of loans
outstanding under the credit facility will be acquired at 60% of
par value, subject to satisfaction of certain closing conditions.
Any proceeds not used to acquire its outstanding indebtedness will
be used for general corporate purposes to the extent permitted
under the credit agreement, the firm said.

Cassell Bryan-Low at The Wall Street Journal relates GLG is close
to breaching the terms of its current loan agreements.  The
Journal says the US$285 million loan is part of a total US$570
million the company borrowed in 2007 to help finance its listing
on the New York Stock Exchange.  The debt includes a covenant that
GLG needed to maintain US$15 billion of fee-paying assets at the
end of 2008, the Journal discloses.  At the end of December, GLG's
fee-paying assets stood at US$16 billion, the Journal notes.

GLG Partners LP, listed as GLG Partners Inc. in the US (NYSE:GLG)
--- https://www.glgpartners.com/ --- is an independent alternative
asset manager.  The Company offers a diverse range of investment
products and account management services.  GLG manages global
investment funds and accounts.  GLG derives its revenues from
management fees and administration fees based on the value of the
assets in the funds and accounts it manages, referred to as the
GLG Funds, and performance fees based on the performance of those
investment funds and accounts.  The Company manages a portfolio of
over 40 funds, consisting both alternative and long-only
strategies.  On January 24, 2008, the Company acquired GLG Inc.
In April 2009, the Company acquired Societe Generale Asset
Management UK (SGAM UK), Societe Generale's United Kingdom long-
only asset management business.


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

The company can be reached at:

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


JAMES LIKELY: Goes Into Liquidation; 75 Jobs Affected
-----------------------------------------------------
Ballyshannon, Co Donegal-based building contractors company James
Likely Ltd has gone into liquidation, resulting in the loss of 75
jobs, BBC News reports.

BBC says the company' 75 staff will be directly affected, but a
number of sub contractors will also be badly hit.

According to the Irish Times, the company, which contracted
plumbing and mechanical services across the country, blamed the
sharp downturn in the construction industry, below-cost tendering
by competitors and the inability of major developers to repay
debts for its collapse.  In a statement, directors James and Aiden
Likely also hit out at new government-introduced procurement
regulations and high operating costs in the Republic, the Irish
Times notes.

BBC relates company director James Likely assured workers the
liquidator would "address their entitlements" over the next few
weeks.


IMPACT STAFF: Appoints Joint Liquidators from Tenon Recovery
------------------------------------------------------------
Nigel Ian Fox and Andrew James Pear of Tenon Recovery were
appointed joint liquidators of Impact Staff Ltd. on April 9, 2009,
for the creditors' voluntary winding-up proceeding.

The company can be reached through Tenon Recovery at:

         Highfield Court
         Tollgate
         Chandlers Ford
         Eastleigh
         Hampshire
         SO53 3TZ
         England


ITV PLC: Eyes Extra GBP40MM Cost Cuts, First Quarter Revenues Down
------------------------------------------------------------------
Rowena Mason at Telegraph.co.uk reports that ITV plc plans to cut
costs by an extra GBP40 million a year from 2010 amid a drop
in revenues.

The company's revenues declined 14% to GBP425 million in the first
quarter of the year, while advertising sales fell 15%, the report
discloses.

The board, the report says, seeks to save GBP155 million this
year, GBP215 million in 2010 and GBP285 million in 2011.
According to the report, half of the GBP40 million extra cuts will
come from its programming budget, which has already been reduced
by GBP65 million this year.

The report relates at the company's annual general meeting,
shareholders called for executive chairman Sir Michael Grade and
non-executive director Sir James Crosby to step down.  Mr. Grade,
however, deflected demands to leave and called criticism of Sir
James -– based on his record as former HBOS chief executive -–
"inaccurate and unfair", the report states.

                          About ITV plc

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

                          *     *     *

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

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


LAND SECURITIES: FY 2009 Net Loss Widens to US$7.9 Billion
----------------------------------------------------------
Land Securities Group Plc said its net loss for fiscal 2009
widened to GBP5.19 billion (US$7.9 billion) from GBP830.8 million
a year earlier as the value of properties from Birmingham's
Bullring mall to Cardinal Place in London slumped, Peter
Woodifield at Bloomberg News reports.

Revenue was little changed at GBP821.2 million, the report says.

The report relates Land Securities's assets depreciated by GBP4.7
billion, or 34 percent, in the year ended March 31, forcing the
company to sell more shares to investors and cut its quarterly
dividend.

According to the report, Land Securities said its adjusted net
asset value plunged 66 percent to 593 pence a share from 1,552
pence six months earlier.

"We expect property market conditions to remain challenging, with
vacancy rates rising as businesses fail or contract and, as a
result, rental values weaken," Land Securities said in a statement
obtained by Bloomberg News.

Tenants accounting for 5.6 percent of retail rental income were in
administration as of March 31, the report cited Chief Executive
Officer Francis Salway as saying during a conference call with
reporters on May 13.

Headquartered in London, England, Land Securities Group plc
(LON:LAND) --  http://www.landsecurities.co.uk/-- is a real
estate investment trust.  The Company's national portfolio of
commercial property includes some of United Kingdom's shopping
centers and landmarks.  It is also involved in long-term, large-
scale regeneration projects in the south east.  It operates
through three divisions: Retail portfolio, which includes shopping
centers, retail warehouses, shops outside London, shops held
through the Metro Shopping Fund LP, regional offices and other
regional properties; London Portfolio, which includes all London
offices and London retail, but excludes those assets held in the
Metro Shopping Fund LP., and Property Partnerships, which is
engaged in long-term property outsourcing partnerships with public
sector organizations, including DWP, DVLA and Royal Mail and with
corporates, including Norwich Union, Barclays and Accor Hotels. In
January 2009, the Company completed the sale of Land Securities
Trillium to Telereal, the property investment and services
company.


MARSHALLS PLC: Launches GBP34 Mln Rights Issue to Reduce Debt
-------------------------------------------------------------
Marshalls plc on Wednesday launched a GBP34 million rights issue
amid a 19% drop in sales in the first four months of the year,
Nick Whitten at cnplus.co.uk reports.

According to sharecast.com, terms of the rights issue are 2 for 5
at 65p.

Yorkshire Post says the new equity will enable Marshalls to reduce
its borrowings and avoid breaching covenants on its current bank
facilities.  The company's borrowings as at April 30 stood at
GBP135 million, cnplus.co.uk states.

Marshalls, cnplus.co.uk discloses, generated turnover of GBP103
million for the four months ended April 30, 2009, compared
with GBP135 million in 2008.

Headquartered in Huddersfield, Marshalls plc --
http://www.marshalls.co.uk/-- manufactures and supplies
landscape, driveway and garden products from a range of materials
including concrete, natural stone, iron, steel, wood, glass and
polyurethane, for Domestic and Public Sector and Commercial use.
The Company supplies goods ranging from paving and walling to
greenhouses and garages.  Its products are used to transform
landscapes including retail, industrial and new build as well as
repair and maintenance projects.  28 August 28, 2008 the Company
acquired Gwryhd Quarries, a quarrying business.  During the year
ended December 31, 2008, the Company completed the acquisition of
the Gwrhyd Specialist Stone Quarry business in South Wales.


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

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

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


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

The company can be reached through Tenon Recovery at:

         Sherlock House
         73 Baker Street
         London
         W1U 6RD
         England


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

The company can be reached through Tenon Recovery at:

         Clive House
         Clive Street
         Bolton
         BL1 1ET
         England


RPM REPROGRAPHICS: Brings in Joint Liquidators from Tenon Recovery
------------------------------------------------------------------
Andrew James Pear and Ian M. D. G. Cadlock of Tenon Recovery were
appointed joint liquidators of RPM Reprographics (Chichester) Ltd.
on April 14, 2009, for the creditors' voluntary winding-up
proceeding.

The company can be reached through Tenon Recovery at:

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


S A LTD: Taps Joint Liquidators from Tenon Recovery
---------------------------------------------------
Patrick B. Ellward and Dilip K. Dattani of Tenon Recovery were
appointed joint liquidators of S A (Nottingham) Ltd. on April 16,
2009, for the creditors' voluntary winding-up proceeding.

The company can be reached through Tenon Recovery at:

         The Poynt
         45 Wollaton Street
         Nottingham
         NG1 5FW
         England


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

The company can be reached through Tenon Recovery at:

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


TATA MOTORS: British Gov't Offers Conditional Help to JLR
---------------------------------------------------------
Pankaj Doval at Times of India reports that according to the
official spokesperson for UK's Department of Business, Enterprise
and Regulatory Reform (BERR), the British government was ready to
provide only "conditional" help to Jaguar and Land Rover, owned by
India's Tata Motors, as it had to "protect the interest of
taxpayers".

The BERR spokesperson refused to agree with Tata's statement that
the government does not care about the manufacturing sector,TOI
discloses.  The spokesperson, as cited by TOI said the government
was fully aware of the importance, as well as the needs, of the
manufacturing sector.

The BERR also dismissed reports that suggested that the government
was reluctant to provide loan guarantees to the two brands as they
were controlled by a foreign company, TOI states.  "Ownership is
no factor in our decision on this front," the spokesperson was
quoted by TOI as saying. "The main responsibility rests with the
Tata group and we would say this to any company.  Any parent
company is responsible for its companies."

TOI relates the official spokesperson for Tata Motors said it is
still in discussions with the BERR.

                         EIB Loan

As reported in the Troubled Company Reporter-Europe on May 13,
2009, Times of India, citing British publication The Guardian,
said JLR is planning to raise up to GBP1 billion by September to
keep the cash-starved company afloat without the British
government's help.

TOI related 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).  TOI disclosed 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, TOI noted 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."

TOI recalled 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".

As reported in the Troubled Company Reporter-Europe on May 8,
2009, Telegraph.co.uk, citing sources close to the negotiations,
said 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
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.


* A.M. Best Says Economic Slump Hit Europe's Insurance Industry
---------------------------------------------------------------
Ever since American International Group's troubles sent ripples of
panic through the financial markets in September 2008, the
insurance industry has also come under the spotlight, although
most European insurers enjoyed a position of relative financial
strength immediately prior to the current crisis.

Overall, compared with the European banking sector, the European
insurance market has limited direct exposure to U.S. subprime
mortgage and other "toxic" assets, but European (re)insurers also
face considerable challenges. In contrast to other major insurance
markets (the U.S., for instance), the top market participants in
Europe are composite insurance groups and thus simultaneously have
to manage both their life and non-life business portfolios through
the financial
crisis.

A.M. Best's analysis of the 10 biggest insurance groups in Europe
and the top five European reinsurers highlights a number of issues
for the European insurance industry arising out of the financial
turmoil:

    -- The current turbulence is expected to particularly impact
       insurance groups with significant life insurance
       operations, given the reduction in the level of personal
       disposable income.  The deterioration in investment
       performance, with increased amounts of realised and
       unrealised losses as a result of market-to-market
       practices, has significantly eroded capital.  The
       uncertainty surrounding the macro environment and interest
       rates pose difficulties for planning guarantee payments
       and (re)designing products.  On the non-life side, insurers
       are likely to continue to report further increases in
       combined ratios.  Increased natural catastrophe activity
       has impacted operating performance, and strong competition
       in the market constrains insurers' ability to maintain
       earnings through price increases.

    -- In addition to diminished underwriting performance, the
       increased magnitude of credit write-downs and the
       deterioration in companies' financial flexibility,
       leverage and liquidity have led A.M. Best to revise the
       outlook to negative and/or downgrade the ratings of a
       number of European insurers.  A.M. Best expects the pace of
       these negative rating actions to accelerate (particularly
       in the case of insurance groups with significant life
       operations) if dislocation of the financial markets
       persists and the economic recession deepens.  Strong
       enterprise risk management (ERM) continues to be important
       in today's challenging environment and crucial to maintain
       higher rating levels.

    -- Owing to poor current liquidity in the credit markets with
       limited access to debt and equity funding, reinsurance
       provides an alternative form of capital, boosting
       reinsurers' prospects for premium income.  However, pricing
       is yet to universally harden based on 2009 renewal
       activity to date, and future large catastrophic losses
       and/or investment losses could place further significant
       stress on reinsurers' capital cushions.

Founded in 1899, A.M. Best Company is a global full-service credit
rating organization dedicated to serving the financial and health
care service industries, including insurance companies, banks,
hospitals and health care system providers.


* BOND PRICING: For the Week May 11 to May 15, 2009
---------------------------------------------------

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

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

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

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

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

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

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

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

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

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

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

                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *