TCREUR_Public/090520.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Wednesday, May 20, 2009, Vol. 10, No. 98

                            Headlines

A U S T R I A

BAU.BERG KG: Claims Filing Period Ends June 2
HALLI - HALLO GMBH: Claims Filing Period Ends June 2
MAG. DORIS: Claims Registration Period Ends June 2
THOMAS TRNKA: Claims Registration Period Ends June 2
TRNKA GMBH: Claims Registration Period Ends June 2


F I N L A N D

STORA ENSO: To Acquire ENCE's Uruguay Operations with Arauco
STORA ENSO: Finalizes Acquisition of Remaining Sunila Stake
STORA ENSO: Completes Eurobond Tap


G E R M A N Y

ACHIM'S FOTOSHOP: Claims Registration Period Ends July 2
AMERIS SYSTEME: Claims Registration Period Ends June 17
ASPERGER METALLHUETTE: Claims Registration Period Ends July 10
AUTO-SALON NAUMBURG: Claims Registration Period Ends June 29
AUWO GMBH: Claims Registration Period Ends June 19

BCS DORTMUND: Claims Registration Period Ends June 15
BEDACHUNGEN THEISMANN: Claims Registration Period Ends June 29
CB MITTELSTANDSBERATUNG: Claims Registration Period Ends May 26
COEDIE GMBH: Claims Registration Period Ends July 8
COMMERZBANK AG: CEO Defends Dresdner Bank Purchase

CONSULTENS INFORMATIONSTECHNIK: Claims Registration Ends June 29
CONTUR BAUMANAGEMENT: Claims Registration Period Ends July 8
CUPAN MARKETING: Claims Registration Period Ends June 9
DOCKINGSTATION GMBH: Claims Registration Period Ends May 26
ENTSORGUNGS-SERVICE KAMENZ: Claims Registration Ends June 16

FANGMEIER GMBH: Claims Registration Period Ends June 24
G + K MONTAGE: Claims Registration Period Ends June 26
GENERAL MOTORS: Germany May Initiate Talks on Opel's Future
GOTTHILF BITZER: Claims Registration Period Ends June 23
HVS KABELTECHNIK: Claims Registration Period Ends July 1

PORSCHE SE: Debt Repayment Deadline Looms, Volkswagen Halts Talks
VAC HOLDING: S&P Junks Long-Term Corporate Credit Rating


G R E E C E

DRYSHIPS INC: Obtains Waiver for US$654 Million Debt


H U N G A R Y

DSG INTERNATIONAL: Sells Electro World Stores in Hungary for EUR1


I R E L A N D

AER LINGUS: Rejects Bankruptcy Claim


I T A L Y

CHRYSLER LLC: Exhibits to Fiat Asset Purchase Agreement Filed
EUROHOME MORTGAGES: Moody's Junks Rating on Class E Notes
FIAT SPA: CEO to Visit German State Leaders on Opel
FIAT SPA: Mulls Joint Venture Agreement With Guangzhou Auto
SAFILO SPA: Fitch Cuts Long-Term Issuer Default Rating to 'B-'


K A Z A K H S T A N

GEOLINE AKTOBE: Creditors Must File Claims by June 19
INTERCOME SERVICE: Creditors Must File Claims by June 19
KAINAR OJSC: Creditors Must File Claims by June 19
KAZ AVTO: Creditors Must File Claims by June 19
PARTNER LTD: Creditors Must File Claims by June 19


K Y R G Y Z S T A N

PRO TECH: Creditors Must File Claims by June 5


N E T H E R L A N D S

STICHTING MARS: Moody's Confirms 'Ba3' Rating on Class E Notes


P O R T U G A L

LUSITANO MORTGAGES: S&P Puts BB-Rated Class E Notes on Neg. Watch


R U S S I A

ABSOLUT BANK: Fitch Affirms Individual Rating at 'D/E'
ELBA CJSC: Creditors Must File Claims by June 7
MOBILE TELESYSTEMS: Inks Syndicated Loan Facility Agreement
MUZ-LES-DREV LLC: Creditors Must File Claims by June 7
SEV-KOMP CJSC: Creditors Must File Claims by June 7

SEVER-LES LLC: Arkhangelskaya Bankruptcy Hearing Set September 16
SIB-STROY-2000 LLC: Creditors Must File Claims by June 7
VOLGATELECOM OJSC: Fitch Affirms Issuer Default Rating at 'BB-'


S W I T Z E R L A N D

BACHI GMBH: Claims Filing Deadline is May 25
CONCEPTIONS CONSULTING: Creditors' Proofs of Claim Due May 25
EDEL-ICE AG: Claims Filing Deadline is May 25
FRAK AG: Creditors Must File Claims by May 25
INFRATEL GMBH: Creditors Must File Claims by May 25


U K R A I N E

AGRICULTURAL SPECIAL: Creditors Must File Claims by May 27
ALFA BANK: Moody's Affirms 'E+' Bank Financial Strength Rating
ASSOCIATION REGIONAL: Creditors Must File Claims by May 27
PRIORITET-INVEST LLC: Creditors Must File Claims by May 29
STELLA-LUX LLC: Creditors Must File Claims by May 29

ZAPOROZHYE REGIONAL: Creditors Must File Claims by May 27


U N I T E D   K I N G D O M

ASKHAM LEISURE: Appoints Joint Administrators from BDO
BRIDGE CONTRACT: Appoints Joint Administrators from PKF
CONCEPT TILES: Taps Joint Administrators from PKF
DSG INTERNATIONAL: Shareholders Back GBP310.6 Million Cash Call
EMPIRE INTERACTIVE: Appoints Joint Administrators from KPMG

EUROPEAN RECRUITMENT: Taps Joint Administrators from BDO
GUY FAWKES: Goes Into Administration
INMARSAT PLC: Moody's Changes Outlook on 'Ba2' Rating to Positive
JJB SPORTS: Appoints Lawrence Coppock as Finance Director
KINGSMEAD HOMES: Brings in Joint Administrators from PKF

LDV: Withdraws Application for Administration
LLOYDS BANKING: Chairman Blank to Step Down
MARMADUKES HOTEL: Goes Into Administration
MNAL REALISATIONS: Appoints Joint Administrators from BDO
MONARCH REALISATIONS: Calls in Joint Administrators from PwC

MOTHER BIDCO: Taps Joint Administrators from PwC
MWL REALISATIONS: Appoints Joint Administrators from BDO
PORTLAND SPA: In Administration; KPMG Appointed
PROPERTY REGENERATION: Taps Joint Administrators from Deloitte
PRS SELECTION: Brings in Joint Administrators from BDO

RADIOSCAPE LTD: Appoints Joint Administrators from PwC
ROYAL BANK: Brings in PwC to Probe Into Former Director's Conduct
SHILTON HOLDINGS: Taps Joint Administrators from BDO
SHIREBROOK PARK: Appoints Joint Administrators from PKF
SIG PLC: To Cut Further 170 Jobs as Sales Slumped

SIX LINES: Taps Joint Administrators from BDO
SOUTHWELL ESTATES: In Administration; KPMG Appointed
TATA MOTORS: S&P Keeps 'B+' Long-Term Corporate Credit Rating
TOWERGATE PARTNERSHIP: Moody's Assigns 'B3' Corp. Family Rating
UTEC SURVEY: Placed Into Administration; 27 Jobs Affected

W D BENNETT: Appoints Joint Administrators from BDO
WD REALISATIONS: Appoints Joint Administrators from BDO
WEAVERING CAPITAL: SFO Arrests Two Men in Hedge Fund Investigation
WEST BROMICH: Says Unaware of FSA Rescue Talks


                         *********


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


BAU.BERG KG: Claims Filing Period Ends June 2
---------------------------------------------
Creditors owed money by Bau.Berg KG have until June 2, 2009, to
file written proofs of claim to the court-appointed estate
administrator:

         Mag. Christian Podoschek
         Dr. Karl Lueger-Ring 12
         1010 Vienna
         Austria
         Tel: 533 16 95
         Fax: 535 56 86
         E-mail: podoschek@preslmayr.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:30 a.m. on June 16, 2009, for the
examination of claims.


HALLI - HALLO GMBH: Claims Filing Period Ends June 2
----------------------------------------------------
Creditors owed money by Halli - Hallo GmbH have until June 2,
2009, to file written proofs of claim to the court-appointed
estate administrator:

         Dr. Johannes Schuster
         Hauptstrasse 48
         2640 Gloggnitz
         Austria
         Tel.: 02662/42 3 42
         Fax: 02662/42 342-24
         E-mail: kanzlei.schuster@indode.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:00 a.m. on June 16, 2009, for the
examination of claims.


MAG. DORIS: Claims Registration Period Ends June 2
--------------------------------------------------
Creditors owed money by  Mag. Doris Rosendorf KEG have until
June 2, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Mag. Daniel Lampersberger
         Esteplatz 4
         1030 Vienna
         Austria
         Tel: 712 33 30-0
         Fax: 712 33 30-30
         E-mail: kanzlei@engelhart.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at noon on June 16, 2009, for the
examination of claims.


THOMAS TRNKA: Claims Registration Period Ends June 2
----------------------------------------------------
Creditors owed money by Thomas Trnka GmbH have until June 2, 2009,
to file written proofs of claim to the court-appointed estate
administrator:

         Michael Lesigang
         Landstrasser Hauptstrasse 14-16/8
         1030 Vienna
         Austria
         Tel: 715 25 26
         Fax: 715 25 26 27
         E-mail: michael@lesigang.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:30 a.m. on June 16, 2009, for the
examination of claims.


TRNKA GMBH: Claims Registration Period Ends June 2
--------------------------------------------------
Creditors owed money by Trnka GmbH & Co. KG have until June 2,
2009, to file written proofs of claim to the court-appointed
estate administrator:

         Dr. Michael Lesigang
         Landstrasser Hauptstrasse 14-16/8
         1030 Vienna
         Austria
         Tel: 7152526
         Fax: 715252627
         E-mail: michael@lesigang.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:30 a.m. on June 16, 2009, for the
examination of claims.


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


STORA ENSO: To Acquire ENCE's Uruguay Operations with Arauco
------------------------------------------------------------
Stora Enso and Arauco, one of the largest forest industry
enterprises in Latin America based in Chile, have signed a
definitive purchase agreement with the Spanish pulp producer Grupo
ENCE for the joint acquisition on a 50/50 basis of approximately
130 000 hectares of owned land and plantations, 6 000 hectares of
leased lands and other operations owned by Grupo ENCE in the
central and western areas of Uruguay.  The enterprise value of the
transaction is US$344 (EUR253) million, including US$33 million of
assumed debt.  Stora Enso's share of the enterprise value is 50%.
Stora Enso and Arauco intend to combine their existing
assets in Uruguay with the newly acquired operations.

"This is an important step for Stora Enso, given that cost-
competitive plantation-based pulp is a cornerstone of our
strategy.  Joining forces with Arauco gives us a total land base
of approximately 250 000 hectares, nearly half of which is planted
with hardwood and softwood.  In one step, this transaction
will secure the strategic raw material supply for a world class
pulp mill in Uruguay that we are planning jointly with Arauco.  No
decision on building the mill has been taken yet.  The mill
investment decision will be based on appropriate feasibility and
investment studies, and market conditions, and require formal
approval by both partners and Uruguayan authorities," said Stora
Enso CEO Jouko Karvinen.

This partnership between Stora Enso and Arauco is a natural
extension of the successful joint operation of the plantations and
coated magazine paper mill at Arapoti in Brazil.  After this
transaction Stora Enso and Arauco together will be the largest
private landowner and one of the largest owners of plantations in
Uruguay.

"Uruguay has exceptionally good conditions for growing plantation
fibre, and its forestry sector is developing rapidly.  We are very
pleased to be participating in this development together with
Stora Enso," said Arauco CEO Matías Domeyko.

Sustainably managed plantations are crucial to ensuring the long-
term success of forestry businesses, providing jobs and supporting
local development and income generation.  Both partners are
committed to sustainable plantation management.  Grupo ENCE's
plantations have received FSC (Forest Stewardship Council)
certification, and both Stora Enso and Arauco will continue to
work towards FSC certification of the new joint-venture
operations.

The transaction with Grupo ENCE also includes mill sites under
development at Punta Pereira and M'Bopicua, a port and barge
terminal, a woodyard and chipping plant and a nursery. Grupo ENCE
will retain its Atlantic region forest land, a related shipping
terminal, a sawmill and, in Montevideo, a chipping plant with
woodyard as its sole operations in Uruguay.

Stora Enso and Arauco have not made any investment decision
concerning the construction of a pulp mill in Uruguay.  The
transaction with Grupo ENCE is expected to close by the end of
2009.

Headquartered in Helsinki, Finland, Stora Enso Oyj --
http://www.storaenso.com/-- is a global paper, packaging and
forest products company producing newsprint and book paper,
magazine paper, fine paper, consumer board, industrial packaging
and wood products.  During the year ended December 31, 2008, the
annual production for the Company was 12.7 million tons of paper
and board, 1.5 billion square meters of corrugated packaging and
6.9 million cubic meters of sawn wood products, including 3.2
million cubic meters of products.  The customers for the Company
include publishers, printing houses and paper merchants, as well
as the packaging, joinery and construction industries.  In August
2007, the Company completed the acquisition of 28% shares in Stora
Enso Poland SA.  In 2008, the Company completed the disposal of
Papyrus Merchant business area.

                    *      *      *

As reported in the Troubled Company Reporter-Europe on May 18,
2009, 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.


STORA ENSO: Finalizes Acquisition of Remaining Sunila Stake
-----------------------------------------------------------
Stora Enso said on Friday it has finalized the acquisition of
Myllykoski Paper's remaining 49% minority shareholding in Sunila
Oy in Finland after receiving all the necessary approvals from the
competition authorities.  The purchase price is EUR6 million
subject to final adjustment for working capital.  The final
financial effects of this transaction on Stora Enso will be
disclosed on July 23, 2009 when Stora Enso's second quarter 2009
results are released.

Headquartered in Helsinki, Finland, Stora Enso Oyj --
http://www.storaenso.com/-- is a global paper, packaging and
forest products company producing newsprint and book paper,
magazine paper, fine paper, consumer board, industrial packaging
and wood products.  During the year ended December 31, 2008, the
annual production for the Company was 12.7 million tons of paper
and board, 1.5 billion square meters of corrugated packaging and
6.9 million cubic meters of sawn wood products, including 3.2
million cubic meters of products.  The customers for the Company
include publishers, printing houses and paper merchants, as well
as the packaging, joinery and construction industries.  In August
2007, the Company completed the acquisition of 28% shares in Stora
Enso Poland SA.  In 2008, the Company completed the disposal of
Papyrus Merchant business area.

                    *      *      *

As reported in the Troubled Company Reporter-Europe on May 18,
2009, 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.


STORA ENSO: Completes Eurobond Tap
----------------------------------
Stora Enso said on Thursday it has successfully tapped its EUR517
555 000 5.125% June 2014 notes by EUR232 445 000 which will bring
the total transaction size to EUR750 000 000.  The new notes were
issued with a 12.25% yield and were priced at 74.099.  The newly
issued bearer notes will become fungible with the original notes
after 40 days. As per the original issue, the new notes will be
listed on the Luxembourg Stock Exchange.  Settlement date of the
transaction is today, May 20, 2009.  Denominations are EUR1 000,
EUR10 000, EUR100 000 and EUR1 000 000.

Stora Enso is rated Ba2 (neg) by Moody's and BB (neg) by
Standard & Poor's.

The bond was issued to extend Company's debt structure and take
advantage of improved credit market conditions.  The funds will be
used to reduce short-term debt maturities.

Bookrunner for this transaction was HSBC Bank Plc.

Headquartered in Helsinki, Finland, Stora Enso Oyj --
http://www.storaenso.com/-- is a global paper, packaging and
forest products company producing newsprint and book paper,
magazine paper, fine paper, consumer board, industrial packaging
and wood products.  During the year ended December 31, 2008, the
annual production for the Company was 12.7 million tons of paper
and board, 1.5 billion square meters of corrugated packaging and
6.9 million cubic meters of sawn wood products, including 3.2
million cubic meters of products.  The customers for the Company
include publishers, printing houses and paper merchants, as well
as the packaging, joinery and construction industries.  In August
2007, the Company completed the acquisition of 28% shares in Stora
Enso Poland SA.  In 2008, the Company completed the disposal of
Papyrus Merchant business area.


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


ACHIM'S FOTOSHOP: Claims Registration Period Ends July 2
--------------------------------------------------------
Creditors of Achim's Fotoshop GmbH have until July 2, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on July 23, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Esslingen
         Hall One
         Insolvency Tribunal
         Strohstrasse 5
         73728 Esslingen
         Germany

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

The insolvency manager can be reached at:

         Siegfried Koslowski
         Entengrabenstr. 2
         73728 Esslingen
         Germany
         Tel: 0711/901212-0
         Fax0711/901212-99

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

The Debtor can be reached at:

         Achim's Fotoshop GmbH
         Ritterstrasse 2
         73728 Esslingen
         Germany

         Attn: Joachim Kleist, Manager
         Hans-Holbein-Strasse 7
         70794 Filderstadt
         Germany


AMERIS SYSTEME: Claims Registration Period Ends June 17
-------------------------------------------------------
Creditors of Ameris Systeme GmbH have until June 17, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 1:25 p.m. on July 1, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Rolf Weidmann
         Ruhrallee 175
         45136 Essen
         Germany

The court opened bankruptcy proceedings against the company on
May 1, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Ameris Systeme GmbH
         Attn: Dr. Gabriela Maria Kroll, Manager
         Huyssenallee 66
         45128 Essen
         Germany


ASPERGER METALLHUETTE: Claims Registration Period Ends July 10
--------------------------------------------------------------
Creditors of Asperger Metallhuette Bruch GmbH have until
July 10, 2009, to register their claims with court-appointed
insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on July 17, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Dortmund
         Hall 3.201
         Gerichtsplatz 22
         44135 Dortmund
         Germany

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

The insolvency manager can be reached at:

         Achim Thomas Thiele
         Bronnerstrasse 7
         44141 Dortmund
         Germany

The cCourt opened bankruptcy proceedings against the company on
May 1, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Asperger Metallhuette Bruch GmbH
         Eberhardstr. 42 - 46,
         71679 Asperg
         Germany

         Attn: Dr. Karl Hermann Bruch, Manager
         Waldseestr. 1
         40878 Ratingen
         Germany


AUTO-SALON NAUMBURG: Claims Registration Period Ends June 29
------------------------------------------------------------
Creditors of Auto-Salon Naumburg GmbH have until June 29, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on July 27, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Halle (Saal)
         Hall 1.043
         Judicial Center
         Thueringer Str. 16
         06112 Halle
         Germany

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

The insolvency manager can be reached at:

         Ruediger Bauch
         Sternstrasse 13
         D 06108 Halle
         Germany
         Tel: 0345/5200111
         Fax: 0345/5200066

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

The Debtor can be reached at:

         Auto-Salon Naumburg GmbH
         Am Hohen Stein 12
         Attn: Bernd Wolfgang Hedt, Manager
         06618 Naumburg
         Germany


AUWO GMBH: Claims Registration Period Ends June 19
--------------------------------------------------
Creditors of AuWo GmbH have until June 19, 2009, to register their
claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on July 20, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Mannheim
         Area 232
         West Wing
         Schloss
         68149 Mannheim
         Germany

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

The insolvency manager can be reached at:

         Karl-Heinrich Lorenz
         Theodor Heuss-Anlage 12
         68165 Mannheim
         Germany
         Tel: 0621/422900

The court opened bankruptcy proceedings against the company on
May 1, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         AuWo GmbH
         Attn: Gerhard Worm, Manager
         Reichenbachstr. 8a
         68309 Mannheim
         Germany


BCS DORTMUND: Claims Registration Period Ends June 15
-----------------------------------------------------
Creditors of BCS Dortmund GmbH have until June 15, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on July 6, 2009, at which time the
insolvency manager will present her first report.

The meeting of creditors will be held at:

         The District Court of Dortmund
         Hall 3.201
         Gerichtsplatz 22
         44135 Dortmund
         Germany

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

The insolvency manager can be reached at:

         Dr. Vera Mai
         Gerichtsstrasse 19
         44135 Dortmund
         Germany

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

The Debtor can be reached at:

         BCS Dortmund GmbH
         Meinbergstrasse 85
         44269 Dortmund
         Germany

         Attn: Paul Iwaniuk, Manager
         Kreisstrasse 286 a
         59379 Selm
         Germany


BEDACHUNGEN THEISMANN: Claims Registration Period Ends June 29
--------------------------------------------------------------
Creditors of Bedachungen Theismann & Perlik GmbH have until
June 29, 2009, to register their claims with court-appointed
insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on July 20, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court Muenster
         Meeting Hall 101 B
         Gerichtsstr. 2-6
         48149 Muenster
         Germany

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

The insolvency manager can be reached at:

         Dirk Hofschulte
         Bonhoefferstr. 10
         48282 Emsdetten
         Germany
         Tel: 02572/875-0
         Fax: +49257287533

The court opened bankruptcy proceedings against the company on
May 4, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Bedachungen Theismann & Perlik GmbH
         Huenenborgstrasse 85
         48431 Rheine
         Germany

         Attn: Marina Perlik, Manager
         Teutonenweg 46
         48429 Rheine
         Germany


CB MITTELSTANDSBERATUNG: Claims Registration Period Ends May 26
---------------------------------------------------------------
Creditors of CB Mittelstandsberatung GmbH have until May 26, 2009,
to register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 10:47 a.m. on June 10, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Flensburg
         Hall A 220
         Suedergraben 22
         Flensburg
         Germany

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

The insolvency manager can be reached at:

         Peter A. Borchardt
         C/o Schomerus Insolvenzverwalter GbR
         Deichstrasse 1
         20459 Hamburg
         Germany

The court opened bankruptcy proceedings against the company on
May 4, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         CB Mittelstandsberatung GmbH
         Attn: Carsten Bolduan, Manager
         Westerallee 147
         24941 Flensburg
         Germany


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

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on July 29, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court Muenster
         Meeting Hall 119 B
         Gerichtsstr. 2-6
         48149 Muenster
         Germany

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

The insolvency manager can be reached at:

         Ralph Schmid
         Duelmener St. 92
         48653 Coesfeld
         Germany
         Tel: 02541/915-01
         Fax: 02541-915600

The court opened bankruptcy proceedings against the company on
May 1, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         CoeDie GmbH
         Schueppenstrasse 9
         48653 Coesfeld
         Germany

         Attn: Rene Pill, Manager
         Rekener Strasse 89
         48653 Coesfeld
         Germany


COMMERZBANK AG: CEO Defends Dresdner Bank Purchase
--------------------------------------------------
Aaron Kirchfeld at Bloomberg News reported that Commerzbank AG
Chief Executive Officer Martin Blessing defended the purchase of
Dresdner Bank AG and said the government won't actively influence
the company's strategy even after it becomes the largest
shareholder.

Agence France-Presse relates that earlier this month, Commerzbank
reported a sharp quarterly loss because of the financial crisis
and its purchase of Dresdner Bank in January, but said it would
recover by 2011 without more state aid.

"The strategic logic of the transaction hadn't changed" after the
financial crisis worsened, and that's why Commerzbank didn't call
off the purchase, Bloomberg News cited Mr. Blessing as saying in a
speech during the company's annual shareholders meeting in
Frankfurt.  The takeover will create Germany's leading retail and
commercial bank, he said.

Bloomberg News relates Commerzbank scheduled the meeting for two
days because of expected shareholder opposition to the January
purchase of Dresdner.  Three shareholders are seeking a vote of no
confidence for Mr. Blessing and a special probe into the purchase,
the report notes.

Bloomberg News recalls Commerzbank was forced to tap Germany's
bank-rescue fund, Financial Market Stabilisation Fund (SoFFin),
after the September bankruptcy of Lehman Brothers Holdings Inc.
froze credit markets.  In return, the report says the German
government received a stake of 25 percent plus one share.
According to Bloomberg News, Commerzbank received from Soffin
EUR8.2 billion in capital last November and an additional EUR10
billion in January.

AFP meanwhile said Commerzbank shareholders on Saturday approved
the German government's acquisition of more than 25 percent of the
country's second-largest bank in connection with state aid.  The
government has injected more than EUR18 billion (US$24 billion)
into Commerzbank and its entry into the bank's capital was adopted
almost unanimously, the bank said in a statement obtained by AFP.

As reported in the Troubled Company Reporter-Europe on May 11,
2009, Jann Bettinga and Aaron Kirchfeld at Bloomberg News said the
European Union approved the government bailout for Commerzbank on
the condition the lender will sell its Eurohypo unit.  The report
said the European Commission, the EU's executive arm in
Brussels, approved the second part of a state-led bailout when the
bank-rescue fund in January injected EUR10 billion of capital in
return for a government stake of 25 percent plus one share.  The
EU will require Commerzbank to sell commercial- property lender
Eurohypo and focus on retail and corporate banking in Germany and
eastern Europe, the report stated.  Eurohypo, a public finance and
commercial-property lender which Commerzbank bought for about
EUR4.5 billion in a deal completed in 2006, had a pretax loss of
about EUR1.4 billion last year, Bloomberg News said.  Commerzbank
will sell Eurohypo within the next five years and dispose of
Kleinwort Benson Private Bank, Dresdner Van Moer Courtens S.A,
Dresdner VPV NV, Privatinvest Bank AG, Reuschel & Co. KG and
Allianz Dresdner Bauspar AG by the end of 2011, the Frankfurt-
based bank said in a separate statement obtained by
Bloomberg News.  The report said according to the EU, Commerzbank
will also be subject to a general ban for three years on
acquisitions of financial institutions or other businesses which
potentially compete with it.

                        Paying Gov't Aid

William Launder at Dow Jones Newswires reported that Mr. Blessing
said the bank intends to pay back state aid it is recieving from
the German government in full and currently doesn't require
further new state aid.

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

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

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

                       1st Quarter Loss

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

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

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

                      About Commerzbank AG

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


CONSULTENS INFORMATIONSTECHNIK: Claims Registration Ends June 29
----------------------------------------------------------------
Creditors of Consultens Informationstechnik GmbH have until
June 29, 2009, to register their claims with court-appointed
insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on July 28, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Munich
         Meeting Room 102
         Infanteriestr. 5
         80097 Munich
         Germany

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

The insolvency manager can be reached at:

         Dr. Marco Liebler
         Nymphenburger St. 139
         80636 Muenchen
         Germany
         Tel: 089/12 02 60
         Fax: 089/12 02 61 27

The court opened bankruptcy proceedings against the company on
May 1, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Consultens Informationstechnik GmbH
         Attn: Dr. Guenther Schaffer
         Ramersdorfer Str. 1
         81669 Muenchen
         Germany


CONTUR BAUMANAGEMENT: Claims Registration Period Ends July 8
------------------------------------------------------------
Creditors of Contur Baumanagement GmbH have until July 8, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 2:15 p.m. on July 29, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Rottweil
         Room 037
         Koernerstr. 20
         78628 Rottweil
         Germany

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

The insolvency manager can be reached at:

         Rasmus Reinhardt
         Koenig St. 16
         78628 Rottweil
         Germany
         Tel: 0741-174670
         Fax: 0741-1746725

The court opened bankruptcy proceedings against the company on
May 1, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Contur Baumanagement GmbH
         Attn: Peter Graf, Manager
         Alte Floezlinger St. 4
         78658 Zimmern o.R.
         Germany


CUPAN MARKETING: Claims Registration Period Ends June 9
-------------------------------------------------------
Creditors of Cupan Marketing und Vertriebsgesellschaft mbH have
until June 9, 2009, to register their claims with court-appointed
insolvency manager.

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

The meeting of creditors will be held at:

         The District Court of Offenbach am Main
         Hall 166N
         Kaiserstrasse 16-18
         63065 Offenbach am Main
         Germany

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

The insolvency manager can be reached at:

         Fabio Algari
         Ffm - Fach 183
         Bleichstrasse 2 – 4
         60313 Frankfurt am Main
         Germany
         Tel: 069-913092-750
         Fax: 069-913092-755

The court opened bankruptcy proceedings against the company on
May 5, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Cupan Marketing und
         Vertriebsgesellschaft mbH
         Senefelder Strasse 1k
         63110 Rodgau
         Germany

         Attn: Bernd A. Unger, Manager
         Goetheplatz 9
         63110 Rodgau
         Germany


DOCKINGSTATION GMBH: Claims Registration Period Ends May 26
-----------------------------------------------------------
Creditors of Dockingstation GmbH have until May 26, 2009, to
register their claims with court-appointed insolvency manager.

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

The meeting of creditors will be held at:

         The District Court of Aachen
         Room D 1.409
         Adalbertsteinweg 92
         52070 Aachen
         Germany

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

The insolvency manager can be reached at:

         Carsten Lange
         Laurentiusstrasse 16-20
         52072 Aachen
         Germany
         Tel: 024141344550
         Fax: 0241413445511

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

The Debtor can be reached at:

         Dockingstation GmbH
         Marienbongard 10
         52062 Aachen
         Germany

         Attn: Thomas Kueppers, Manager
         Jakob St. 39
         52064 Aachen
         Germany


ENTSORGUNGS-SERVICE KAMENZ: Claims Registration Ends June 16
------------------------------------------------------------
Creditors of Entsorgungs-Service Kamenz GmbH have until June 16,
2009, to register their claims with court-appointed insolvency
manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on July 28, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Dresden
         Hall D131
         Olbrichtplatz 1
         01099 Dresden
         Germany

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

The insolvency manager can be reached at:

         Dr. Christian Heintze
         Kesselsdorfer Strasse 14
         01159 Dresden
         Germany
         Website: www.brockdorff.net

The court opened bankruptcy proceedings against the company on
May 5, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Entsorgungs-Service Kamenz GmbH
         Neschwitzer Strasse 66
         01917 Kamenz
         Germany

         Attn: Wolfgang Hinkel, Manager
         Albiger Strasse 18
         55232 Alzey
         Germany


FANGMEIER GMBH: Claims Registration Period Ends June 24
-------------------------------------------------------
Creditors of Fangmeier GmbH have until June 24, 2009, to register
their claims with court-appointed insolvency manager.

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

The meeting of creditors will be held at:

         The District Court of Bielefeld
         Hall 4065
         Gericht Street 6
         33602 Bielefeld
         Germany

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

The insolvency manager can be reached at:

         Stefan Meyer
         Ostertor St. 7
         32312 Luebbecke
         Germany

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

The Debtor can be reached at:

         Fangmeier GmbH
         Werner-von-Siemens- St. 2
         32369 Rahden
         Germany

         Attn: Eckhard Weber, Manager
         Auf der Hardt 28
         32369 Rahden
         Germany


G + K MONTAGE: Claims Registration Period Ends June 26
------------------------------------------------------
Creditors of G + K Montage Hamburg GmbH have until June 26, 2009,
to register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on July 28, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Sven-Holger Undritz
         Jungfernstieg 51
         20354 Hamburg
         Germany

The court opened bankruptcy proceedings against the company on
May 1, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         G + K Montage Hamburg GmbH
         Attn: Christoph Herbert Gelhaus Manager
         Rueschwinkel 7a
         21129 Hamburg
         Germany


GENERAL MOTORS: Germany May Initiate Talks on Opel's Future
-----------------------------------------------------------
Andrea Thomas at Dow Jones Newswires reports that a spokeswoman
from the German economics ministry said the ministry may send a
team to the U.S. for negotiations over the future of General
Motors Corp.'s German unit Adam Opel GmbH if bidders' plans for
the German carmaker are reasonable.

"If the concepts that will be presented until [today, Wednesday]
appear to be reasonable, the federal ministry of economics will
send a negotiation team to the U.S.," Dow Jones quoted ministry
spokeswoman Beatrix Brodkorb as saying.  "The economics minister
keeps the option open to possibly intervene in the negotiations
personally."

Dow Jones relates the comments come as Economics Minister Karl-
Theodor zu Guttenberg set a May 20 deadline for bids for Opel.
Fiat SpA and a consortium including Canadian auto parts maker
Magna International Inc so far seem to be the two remaining
prominent interested parties, Dow Jones says.

The Troubled Company Reporter-Europe on May 13, 2009, reported
that Minister zu Guttenberg said Germany may consider government
loan guarantees for Opel if GM files for bankruptcy.  Under the
possible scenario envisaged by Minister zu Guttenberg, a private
trust would take over Opel from GM, Berlin's Economy Ministry
spokesman Felix Probst told Bloomberg News in a telephone
interview.

In a Bloomberg News report cited by the TCR-Europe on May 15,
2009, an official at the German state of Hesse said the state
would oppose as too expensive the federal proposal for a temporary
takeover of GM's Opel unit if the parent company files for
bankruptcy.  Hesse, home to Opel's headquarters city of
Russelsheim, may be ready to guarantee short-term "bridging" loans
rather than co-managing the division in a trust, Deputy Prime
Minister Joerg-Uwe Hahn told Bloomberg News in a telephone
interview from his office in the state capital of Wiesbaden.
"State and federally backed loan guarantees are conceivable to
create a financial bridge for Opel if GM files for insolvency, but
we can't become its trustees," Bloomberg News quoted Minister Hahn
as saying.  "The scope of such guarantees must be narrow and
temporary."

Friday last week, Bloomberg News reported that another Hesse state
leader said setting up a trust to take over GM plants in Europe
won’t be easy and requires U.S. Cooperation.  "There will be tough
negotiations in the next few days" Bloomberg News quoted Hesse
state premier Roland Koch as saying over Berlin radio station RBB.
"The Americans will have to give powers to the trustee, whom they
have to agree to appoint, and put him out of reach of U.S.
politicians."

Meanwhile, Patrick Donahue at Bloomberg News reports that
Chancellor Angela Merkel said efforts to rescue GM's Opel division
are in a "decisive phase" and rebuffed a suggestion that the
German government's plans to save jobs and plants had failed.
"We're doing everything to be helpful to Opel," the report quoted
Ms. Merkel as
telling a studio audience during a town-hall meeting sponsored by
RTL television in Berlin.  She responded to an Opel worker in the
audience that efforts had gone "down the drain."

                   About General Motors Corp.

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

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

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

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

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

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

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

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

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

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

                    Going Concern Doubt

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

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

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


GOTTHILF BITZER: Claims Registration Period Ends June 23
--------------------------------------------------------
Creditors of Gotthilf Bitzer GmbH have until June 23, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on July 17, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Leer
         Hall 101
         Woerde 5
         26789 Leer
         Germany

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

The insolvency manager can be reached at:

         Stefan von der Ahe
         Dr.-Warsing- St. 205
         26802 Moormerland
         Germany
         Tel: 04954/9570-0
         Fax: 04954/9570-60

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

The Debtor can be reached at:

         Gotthilf Bitzer GmbH
         Attn: Mario Frieling, Manager
         Lange Strasse 21
         26826 Weener
         Germany


HVS KABELTECHNIK: Claims Registration Period Ends July 1
--------------------------------------------------------
Creditors of HVS Kabeltechnik GmbH have until July 1, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on July 22, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Oliver Schartl
         Schwanthaler St. 32
         80336 Muenchen
         Germany
         Tel: 089-545110-0
         Fax: 089-54511-444

The court opened bankruptcy proceedings against the company on
May 1, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         HVS Kabeltechnik GmbH
         Attn: Jochen Froitzheim
         Wetterstein St. 2-4
         82024 Taufkirchen
         Germany


PORSCHE SE: Debt Repayment Deadline Looms, Volkswagen Halts Talks
-----------------------------------------------------------------
Porsche Automobil Holding SE has less than two weeks to extend a
credit line of more than EUR1 billion (US$1.3 billion), Patrick
Donahue at Bloomberg News reports citing German newspaper Bild
Zeitung.

Bloomberg News relates according to Bild, unidentified people
close to the company said the carmaker has until the end of May to
refinance the credit facility and Porsche would run into a
"dangerous" liquidity shortage of it didn't meet the requirements.

Porsche denied the report saying it doesn't face short-term
financing problems, Bloomberg News states.  "There are no due
dates and no financial gaps," Porsche spokesman Frank Gaube told
Bloomberg News by telephone.

Separately, Bloomberg News reports that Volkswagen AG called off
talks with Porsche about a merger less than two weeks after the
sports-car manufacturer's controlling families agreed to pursue a
combination.

"There is currently no atmosphere for constructive talks,"
Christine Ritz, a spokeswoman at Volkswagen, told Bloomberg News
in a telephone interview.

Meanwhile, in a statement obtained by Bloomberg News, Porsche said
that while a meeting scheduled for May 18 had been canceled,
negotiations will resume, without
giving details.

According to Bloomberg News, the Porsche and Piech families, which
together control half of Porsche, agreed May 6 to create an
"integrated" carmaker that would put Porsche alongside VW brands
including Skoda and Audi.  The report discloses talks to hash out
details of a merger are on hold after VW Supervisory Board
Chairman Ferdinand Piech said May 11 that VW wouldn’t help "solve"
Porsche's financial problem and that Porsche must trim its EUR9
billion (US$12 billion) in net debt.  Porsche, Bloomberg News
notes, owns about 51 percent of Volkswagen.

Stuttgart, Germany-based Porsche Automobil Holding SE (ETR:PAH3)
--- http://www.porsche-se.com/--- is a holding company engaged in
the car manufacture industry.  The Company's core products are
sports cars and all-terrain vehicles.  The Porsche sports car
range includes the Boxster, the Cayman, the 911 and the Carrera
GT.  The Boxster and the Boxster S are contemporary
reinterpretations of the Company's original roadsters, the 356/1
and the 550 Spyder.  There are several varieties of the 911,
representing the model's continuous evolution.  The Carrera GT has
the race-derived chassis construction and minimum weight.  The
Company's all-terrain models, Cayenne, Cayenne S, Cayenne Turbo
and Cayenne Turbo S are balanced, four-wheel drive vehicles for
on-road and off-road use.  Porsche Automobil Holding SE also
offers financing services, spare parts and accessories for new and
classic models, as well as an approved used car service.  As of
October 20, 2008, the Company owned a 42.6% stake in Volkswagen
AG.


VAC HOLDING: S&P Junks Long-Term Corporate Credit Rating
--------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its long-term
and short-term corporate credit ratings on German capital goods
company VAC Holding GmbH to 'CCC+/C' from 'B-/B'.  The ratings
were removed from CreditWatch where they were originally placed
with negative implications on Sept. 10, 2008.  The outlook is
negative.

"The downgrade reflects our belief that conditions in most of the
company's end markets will continue to put pressure on its
operating performance and thereby further depress its already
highly leveraged financial profile," said Standard & Poor's credit
analyst Anna Stegert.  "The downgrade also reflects the risk that
the company may violate a financial covenant later in the year or
need to pursue a debt restructuring in the absence of any
meaningful economic recovery at the end of 2009."

VAC recently reached an agreement with its senior lenders to
renegotiate financial covenants for the coming quarters.
Nevertheless, S&P understands that the company will have to
renegotiate covenants again in the third quarter of 2009 to obtain
a longer term covenant framework with adequate headroom.  S&P sees
a meaningful risk that these renegotiations could also include
some debt restructuring.

S&P expects VAC's credit metrics to weaken on weaker profits in
2009.  The company is likely to face a difficult market
environment because its key customer industries, such as
automotive and construction, are experiencing a severe downturn,
and because demand is weak for its electronic article surveillance
products.  Although the company is undertaking some cost
restructuring, including significant headcount reduction in plants
outside Germany, S&P does not believe this will balance the
expected effects from low capacity utilization and ongoing price
erosion in the industry.  As a consequence, S&P believes pressure
on operating margins will be severe throughout the current
downturn.

According to preliminary 2008 financials received from VAC, the
group's financial leverage was high, at about 6x adjusted debt to
EBITDA.  Free operating cash flow generation in 2009 could turn
negative, from about EUR9 million generated in 2008, given the
weak earnings prospects.  Some upside potential relates to the
release of working capital, and the company has some flexibility
with regard to capital expenditures.

"The negative outlook reflects our concern about VAC's operating
and financial performance in the near term," said Ms. Stegert."
S&P believes that VAC's profitability and cash flow will remain
under pressure throughout the rest of 2009 and potentially beyond,
and that the capital structure is not sustainable."


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


DRYSHIPS INC: Obtains Waiver for US$654 Million Debt
----------------------------------------------------
DryShips Inc. has reached agreement with HSH Nordbank as agents on
waiver terms for US$654 million of outstanding debt.

George Economou, Chairman and Chief Executive Officer, commented:
"We are delighted to have reached an agreement with HSH as agents
on this major facility.  This facility covers 23 of our drybulk
vessels.  This agreement is a testament of the support of
the syndicate led by HSH Nordbank to DryShips."

According to Sakthi Prasad of Reuters, DryShips has already
received covenant waivers for about US$1 billion of its debt.

The company, Reuters says, is currently raising US$475 million of
equity in an at-the-market offering in an effort to shore up its
balance sheet.

                       About DryShips Inc.

DryShips Inc. (DRYS) -- http://www.dryships.com-- based in
Greece, owns and operates drybulk carriers that operate worldwide.
DryShips owns a fleet of 43 drybulk carriers comprising 7
Capesize, 29 Panamax, 2 Supramax and 5 newbuilding drybulk vessels
with a combined deadweight tonnage of over 3.4 million tons, 2
ultra deep water semisubmersible drilling rigs and 2 ultra deep
water newbuilding drillships.  DryShips Inc.'s common stock is
listed on the NASDAQ Global Market where trades under the symbol
"DRYS."


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


DSG INTERNATIONAL: Sells Electro World Stores in Hungary for EUR1
-----------------------------------------------------------------
Mark Potter at Reuters reports that DSG International Plc has sold
its nine Electro World stores in Hungary to EW Electro Retail Ltd
for 1 euro.

According to Reuters, DSG said it was keeping 16 Electro World
stores in the Czech Republic and three in Slovakia, but eight
stores in Poland remained under review.  Reuters relates DSG said
Electro World made an underlying operating loss of GBP6.8 million
(US$10.4 million) in central Europe in the year ended May 3, 2008.

Headquartered in Hemel, Hempstead, United Kingdom, DSG
International Plc -- http://www.dsgiplc.com/-- is the parent
company of a group engaged in the multi-channel retail of high
technology consumer electronics, personal computers, domestic
appliances, photographic equipment, communication products, and
related financial and after-sales services.  The Company also
undertakes business to business (B2B) sales.  The Company operates
in three divisions: electricals, computing and e-commerce.  The
electricals division is engaged in the retail sale of high
technology consumer electronics, domestic appliances, photographic
equipment and related services.  The computing division is engaged
in the retail and B2B sale of computer hardware and software,
associated peripherals and related services.  The e-commerce
division is engaged in online retail sale of high technology
consumer electronics, domestic appliances, photographic equipment
and related services.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on Jan. 22,
2009, Fitch Ratings downgraded UK-based consumer electronics
retailer DSG International plc's (DSG) Long-term Issuer Default
rating (IDR) to 'B' from 'BB-' (BB minus) and affirmed the
company's Short-term IDR at 'B'.  The Outlook is Negative.  At the
same time, Fitch affirmed DSG's senior notes at 'BB-' (BB
minus), with a Recovery Rating of 'RR2'.


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


AER LINGUS: Rejects Bankruptcy Claim
------------------------------------
BBC News reports that Aer Lingus Chairman Colm Barrington has
dismissed a claim by rival Ryanair Holding Plc that the airline
faced bankruptcy within about 18 months as "total rubbish".

The report relates Ryanair has complained that Aer Lingus gave
misleadingly optimistic guidance last year in its defense against
a hostile bid by Ryanair.  After Ryanair withdrew its bid this
year Aer Lingus reversed its earlier forecasts for a profit in
2009, the report recounts.

According to the report, Mr. Barrington rejected a claim by
Ryanair chief executive Michael O'Leary that Aer Lingus was
burning through its cash reserves fast, although he reiterated the
carrier's operating loss would widen this year.

Mr. Barrington, as cited in the report, said Aer Lingus had EUR1.2
billion in the bank, which after deducting net debt of EUR600
million still left it with net cash of EUR600 million.

As reported in the Troubled Company Reporter-Europe on March 16,
2009, Aer Lingus incurred a EUR107.8 million (US$136.5
million) net loss in 2008 compared with net income of EUR105.3
million in 2007 after a EUR141 million one-time expense to cover
employee severance packages and the cost of defeating Ryanair's
takeover offer.  The company's earnings were also hurt by
deteriorating consumer sentiment, currency fluctuations,
restructuring costs and higher fuel prices.

                 About Aer Lingus Group Plc

Dublin, Ireland-based Aer Lingus Group Plc (ISE:AERL) ---
http://www.aerlingus.com/--- and its subsidiaries operate as a
low fare airline primarily providing passenger and cargo
transportation services from Ireland to the United Kingdom and
Europe (short haul) and also to the United states (long haul).
The Company also provides cargo transportation services on its
passenger aircraft, primarily on its long-haul routes, as well as
a range of ancillary services to its passengers.


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


CHRYSLER LLC: Exhibits to Fiat Asset Purchase Agreement Filed
-------------------------------------------------------------
A copy of the Master Purchase Agreement between Chrysler LLC and
Fiat S.p.A, was submitted to the U.S. Bankruptcy Court for the
Southern District of New York, without its voluminous exhibits and
schedules.  A full-text copy of the Purchase Agreement with Fiat
is available for free at:

    http://bankrupt.com/misc/ChryslerPurchaseAgreement.pdf

In the sale request, the Debtors stated that "[t]he Purchase
Agreement with its schedules and exhibits -- excluding
certain commercially sensitive information -- will be filed with
the Bankruptcy Court and available for review."

Accordingly, the Debtors filed in Court a copy of the Purchase
Agreement along with these exhibits, attachments and related
agreements:

* the Auburn Hills Agreement, a full-text copy of which is
   available for free at:

   http://bankrupt.com/misc/Chrysler_AuburnHillsAgreement.pdf

* the CGI Indemnity Assignment Agreement, a full-text copy of
   which is available for free at:

   http://bankrupt.com/misc/Chrysler_CGIIndemnityAgreement.pdf

* the Daimler Agreement, a full-text copy of which is
   available for free at:

   http://bankrupt.com/misc/Chrysler_DaimlerAgreement.pdf

* the Final Joint Restructuring Plan (including the
   Business Plan that has been incorporated into the Final
   Joint Restructuring Plan), which redacted copy contains only
   the cover page of the document;

* the Master Industrial Agreement (in redacted form) , a full-
   text copy of which is available for free at:

   http://bankrupt.com/misc/Chrysler_MasterIndustrialPact.pdf

* the Operating LLC Agreement, a full-text copy of which is
   available for free at:

   http://bankrupt.com/misc/Chrysler_OperatingLLCPact.pdf

* the Shareholder Agreement, a full-text copy of which is
   available for free at:

   http://bankrupt.com/misc/Chrysler_ShareholderAgreement.pdf

* the Terms of UAW Active Labor Modifications, a full-text
   copy of which is available for free at:

   http://bankrupt.com/misc/Chrysler_TermsofUAWPactModification.p
df

* the Form of UAW Retiree Settlement Agreement, a full-text
   copy of which is available for free at:

   http://bankrupt.com/misc/Chrysler_UAWRetireesSettlementPact.pdf

* the Transition Service Agreement (in redacted form), a
   full-text copy of which is available for free at:

   http://bankrupt.com/misc/Chrysler_RedactedTransitionServicesPac
t.pdf

* the Canada Loan Documents, a full-text copy of which is
   available for free at:

  http://bankrupt.com/misc/Chrysler_CanadaLoanDocs.pdf

* the Management Services Agreement, a full-text copy of which
   is available for free at:

  http://bankrupt.com/misc/Chrysler_ManagementServicesPact.pdf

* the Sale Order, a full-text copy of which is
   available for free at:

  http://bankrupt.com/misc/Chrysler_SaleOrder.pdf

* Article II of the Company Disclosure Letter (in redacted
   form), a full-text copy of which is  available for free at:


http://bankrupt.com/misc/Chrysler_RedactedArticleIIofDisclosureLet
ter.pdf

* the Equity Subscription Agreement, dated as of April 30,
   2009, between New CarCo Acquisition LLC and The United
   States Department of the Treasury, a full-text copy of which
   is available for free at:


http://bankrupt.com/misc/Chrysler_EquitySubscriptionDealReUSTreasu
ry.pdf

* the Equity Subscription Agreement, dated as of April 30,
   2009, between New CarCo Acquisition LLC and Canada
   Development Investment Corporation, a full-text copy of
   which is available for free at:

   http://bankrupt.com/misc/Chrysler_EquitySubscriptionPactReCDIC.
pdf

* the VEBA Equity Subscription Agreement, dated as of April
   30, 2009, between New CarCo Acquisition LLC and UAW Retiree
   Medical Benefits Trust, a full-text copy of which is
   available for free at:

   http://bankrupt.com/misc/Chrysler_VEBAEquityPact.pdf

* the Contingent Value Right Side Letter, dated April 30,
   2009, between The United States Department of the Treasury
   and UAW Retiree Medical Benefits Trust, with form of Equity
   Recapture Agreement, among VEBA, VEBA Holdco and The United
   States Department of the Treasury, a full-text copy of which
   is available for free at:
   http://bankrupt.com/misc/Chrysler_ContingentValueSideLetter.pdf

* the Canada Equity Upside Side Letter Agreement, dated April
   30, 2009, between Canada Development Investment Corporation
   and The United States Department of the Treasury, a full-
   text copy of which is available for free at:
   http://bankrupt.com/misc/Chrysler_CanadaEquityUpsideSideLetterP
act.pdf

                       About Chrysler LLC

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

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

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

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

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

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

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

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

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


EUROHOME MORTGAGES: Moody's Junks Rating on Class E Notes
---------------------------------------------------------
Moody's Investors Service has downgraded all the classes of notes
issued by Eurohome (Italy) Mortgages S.r.l.

The rating actions conclude the review for downgrade, which was
initiated on 19 February 2009.  The downgrades were prompted by
worse than expected collateral performance.

The transaction contains mortgage loans originated by Deutsche
Bank Mutui in Italy.  Eurohome (Italy) closed in December 2007 and
its current pool factor is 92.8%. Delinquencies are significantly
higher than Moody's initially expected.  As of April 2009, 13.5%
of the loans were delinquent by at least three monthly
installments, while in total 18.2% of the pool were delinquent by
at least one monthly installment.  Cumulative defaults are 3.38%
of the initial pool balance.  The collateral performance in this
transaction deviates substantially from the Italian sector
average.  As highlighted in the New Issue Report at closing the
Eurohome (Italy) pool comprised mortgages not typically found in
the Italian mortgage market.  Around 48% of the closing pool were
debt consolidation or equity release products, and 30% of the
mortgages had an LTV above 80%.

The provisioning mechanism for loans that are in arrears by 12
monthly installments or otherwise classified as defaulted, has led
to the Class E Principal Deficiency Ledger being credited by a net
amount of EUR2,380,355 in the Interest Payment Date in May 2009.
By this mechanism, the equivalent of the loan amount classified as
defaulted is credited to the PDL and leads to trapping of
available excess spread and, in case excess spread is
insufficient, to drawings of the reserve fund.  As a result of the
level of defaults, the reserve fund was fully drawn in the May IPD
leaving a PDL closing balance equivalent to 0.93% of the
outstanding rated noted balance.  Moody's expects significant
additional amounts to be credited to the PDL on future interest
payment dates.  The Class E Interest Deferral Trigger is breached
if cumulative defaults are greater than 4%.  Moody's expects this
trigger to be breached in the near future.  This would mean the
Class E notes would not receive any interest payments while any
unpaid PDL was outstanding.

Moody's has assessed updated loan-by-loan information of the
outstanding portfolio to determine the volatility of future
losses.  Taking into account the current amount of realized
defaults, and completing a roll-rate and severity analysis for the
non-defaulted portion of the portfolio, Moody's has adjusted its
default expectations for this portfolio to 14% of original balance
which corresponds to a loss expectation of 7.2% of original
balance.  The original expectated gross default range was 4.6% to
5.0% which corresponded to an original expected loss of 2.0% to
2.2%.  The Aaa CE was also adjusted from a range of 14.1% - 14.5%
at closing to 19.0% after the review.  The loss expectation and
the Aaa CE are the two key parameters used by Moody's to calibrate
the loss distribution curve.  The current Aaa available credit
enhancement (note subordination less unpaid PDL) is 16.6%.

Moody's rated and monitors this transaction using the rating
methodology for EMEA RMBS as described in the Rating Methodology
reports "Moody's Approach to Rating Italian RMBS" published in
December 2004 and "Revising Default/Loss Assumptions Over the Life
of an ABS/RMBS Transaction" published in December 2008.  As more
performance information regarding this transaction becomes
available, Moody's may revisit the current assumptions in respect
of roll rates and recovery rates for defaulted loans as the
limited information currently available does not permit to finally
assess the performance.  At this stage, no transaction-specific
data on recoveries has been available.  The last rating action on
Eurohome (Italy) was to place the notes on review for downgrade on
19 February 2009.

Moody's ratings address the expected loss posed to investors by
the legal final maturity of the notes.  Moody's ratings address
only the credit risks associated with the transaction.  Other non-
credit risks have not been addressed, but may have a significant
effect on yield to investors.

                 List of Detailed Rating Actions

Eurohome (Italy) Mortgages S.r.l.:

  -- Class A, Downgraded to Aa1 from Aaa; previously on 19
     February 2009 Placed Under Review for Possible Downgrade;

  -- Class B, Downgraded to A3 from Aa2; previously on 19 February
     2009 Placed Under Review for Possible Downgrade;

  -- Class C, Downgraded to Ba1 from A1; previously on 19 February
     2009 Placed Under Review for Possible Downgrade;

  -- Class D, Downgraded to Caa1 from Baa2; previously on 19
     February 2009 Placed Under Review for Possible Downgrade; and

  -- Class E, Downgraded to C from B3; previously on 19 February
     2009 Placed Under Review for Possible Downgrade


FIAT SPA: CEO to Visit German State Leaders on Opel
---------------------------------------------------
Patrick Donahue at Bloomberg News, citing Handelsblatt, reports
that Fiat SpA Chief Executive Officer Sergio Marchionne plans to
step up lobbying for the Germany- based Adam Opel GmbH unit of
General Motors Corp. by meeting with state leaders this week.

As reported in the Troubled Company Reporter-Europe on May 18,
2009, Bloomberg News said GM 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 said.

Separately, Armorel Kenna at Bloomberg News reports Industry
Minister Claudio Scajola told Corriere della Sera in an interview
that Mr. Marchionne has pledged in recent days that his company
won't close plants in Italy, despite plans to "create the world’s
second-biggest auto group."

According to the report, Fiat is due to present an offer for GM's
Opel unit today, May 20.  German Chancellor Angela Merkel's
government has said the state may guarantee loans to keep Opel
solvent if GM is close to a sale, the report says.

                         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.


FIAT SPA: Mulls Joint Venture Agreement With Guangzhou Auto
-----------------------------------------------------------
John Liu at Bloomberg News reports that Fiat SpA plans to form a
CNY4.3 billion (US$630 million) carmaking venture in China with
Guangzhou Automobile Group Co.

The two companies have applied to build a car factory in Guangzhou
city, Guangdong, the report says citing a statement posted on the
Web site of China's Ministry of Environmental Protection.

Fiat currently shares technology with Guangzhou Auto, the report
relates.  It exited a venture with Nanjing Automobile Group Corp.
in 2007 after its partner was bought by SAIC Motor Corp, the
report says.

                         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.


SAFILO SPA: Fitch Cuts Long-Term Issuer Default Rating to 'B-'
--------------------------------------------------------------
Fitch Ratings has downgraded Italy-based eyewear designer and
manufacturer Safilo S.p.A.'s Long-term Issuer Default Rating to
'B-' from 'B'.  Fitch has simultaneously downgraded Safilo's
EUR400 million senior credit facilities to 'B+'/'RR2' from
'BB-'/'RR2' and downgraded Safilo Capital International S.A.'s
EUR195 million senior notes, due 2013, to 'CC'/'RR6' from
'B-'/'RR5'.  Safilo's Short-term IDR is 'B'.  Safilo's ratings
remain on Rating Watch Negative due to continued concerns over its
debt repayment schedule and available liquidity.

"The downgrade reflects Safilo's Q109 performance and outlook for
the remainder of 2009, as a result of which Safilo's EBITDA and
cashflow generation is expected to be at the lower end of Fitch's
projected scenarios for 2009, which would place the rating more
comfortably at the 'B-' level," said Michelle De Angelis, Senior
Director in Fitch's Leveraged Finance team.  "Safilo's strong
competitive position and brand portfolio remain positive factors,
but the company needs to utilize these factors further to generate
stronger positive free cashflows and weather the economic
recession.  As concerns over the liquidity position and debt
repayment profile remain, the ratings are being kept on Rating
Watch Negative."

The first quarter is traditionally Safilo's strongest for EBITDA
generation, but weakest in terms of working capital outflows which
are generally reversed to a greater or lesser degree in Q2.
Safilo's trailing twelve months EBITDA reached EUR110 million at
Q109, from EUR126 million at YE08, and EBITDA for the quarter
declined by 35%.  The agency anticipates that year-on-year revenue
declines could decelerate in the second half of 2009, as Safilo's
results were already significantly weaker during the second half
of 2008.  The company generated negative free cashflow of EUR45
million in Q109, largely as a result of a EUR53m working capital
outflow.  This resulted in an increase in net debt to EUR618
million at Q109 from EUR570 million at YE08, and net lease-
adjusted leverage of 6.1x compared with 5.2x at YE08.  Committed
available undrawn liquidity was reduced further to EUR5 million
(EUR35 million at YE08), and uncommitted available undrawn
bilateral lines were approximately EUR82 million at Q109.

The agency believes that Safilo's current capital structure is
vulnerable, to the extent that its repayment schedule is onerous
and liquidity too tight given the current weak market and economic
conditions.  The RWN could be resolved with an affirmation of
Safilo's rating at 'B-', should the company be able to reset its
financial covenants, access new committed liquidity sources and/or
agree a new back-ended repayment profile for the senior debt.  The
Long-term IDR would be downgraded, potentially by more than one
notch, should Safilo undergo a liquidity squeeze, fail to agree
new covenant levels, or increase its already heavy reliance on
uncommitted funding lines instead of seeking committed liquidity
sources.

The Recovery Rating on the senior facilities is 'RR2', reflecting
the anticipated relatively strong recoveries for this instrument
in a default scenario.  The revision of the Recovery Rating on the
senior notes to 'RR6' from 'RR5' reflects the increased risk of
lower recoveries in a default scenario.


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


GEOLINE AKTOBE: Creditors Must File Claims by June 19
-----------------------------------------------------
Creditors of LLP Geoline Aktobe have until June 19, 2009, to
submit proofs of claim to:

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

The Specialized Inter-Regional Economic Court of Aktube commenced
bankruptcy proceedings against the company on April 17, 2009.


INTERCOME SERVICE: Creditors Must File Claims by June 19
--------------------------------------------------------
Creditors of LLP Intercome Service have until June 19, 2009, to
submit proofs of claim to:

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

The Specialized Inter-Regional Economic Court of Aktube commenced
bankruptcy proceedings against the company on April 17, 2009.


KAINAR OJSC: Creditors Must File Claims by June 19
--------------------------------------------------
Creditors of OJSC Kainar have until June 19, 2009, to submit
proofs of claim to:

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

The Specialized Inter-Regional Economic Court of West Kazakhstan
commenced bankruptcy proceedings against the company on March 10,
2009.


KAZ AVTO: Creditors Must File Claims by June 19
-----------------------------------------------
Creditors of LLP Kaz Avto Montage Service have until June 19,
2009, to submit proofs of claim to:

         Micro District "Mamyr 1", 6/18
         Almaty
         Kazakhstan

The Specialized Inter-Regional Economic Court of Almaty commenced
bankruptcy proceedings against the company on Dec. 15, 2008, after
finding it insolvent.

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Baizakov Str. 273b
         Almaty
         Kazakhstan


PARTNER LTD: Creditors Must File Claims by June 19
--------------------------------------------------
Creditors of CJSC Partner Ltd have until June 19, 2009, to submit
proofs of claim to:

         Tereshkov Str. 10
         Otenai
         Taldykorgan
         Almaty
         Kazakhstan
         Tel: 8 (7282) 22-90-39, 8 701 362 50-46

The Specialized Inter-Regional Economic Court of Almaty commenced
bankruptcy proceedings against the company on Nov. 10, 2008, after
finding it insolvent.

The Court is located at:

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


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


PRO TECH: Creditors Must File Claims by June 5
----------------------------------------------
LLC Pro Tech has shut down.  Creditors have until June 5, 2009, to
submit proofs of claim to:

         Baitik Baatyr Str. 49
         Bishkek
         Kyrgyzstan


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


STICHTING MARS: Moody's Confirms 'Ba3' Rating on Class E Notes
--------------------------------------------------------------
Moody's Investors Service has confirmed the long-term credit
ratings of these notes issued by STICHTING MARS 2006:

  -- EUR135,000,000 Class A Floating Rate Credit  --Linked Notes
     due 2014, confirmed to Aaa; previously, on 23 March 2009
     Placed Under Review for Possible Downgrade;

  -- EUR91,800,000 Class B Floating Rate Credit  --Linked Notes
     due 2014, confirmed to Aa1; previously, on 23 March 2009
     Placed Under Review for Possible Downgrade;

  -- EUR92,700,000 Class C Floating Rate Credit  --Linked Notes
     due 2014, confirmed to Aa2; previously, on 23 March 2009
     Placed Under Review for Possible Downgrade;

  -- EUR79,800,000 Class D Floating Rate Credit  --Linked Notes
     due 2014, confirmed to Baa2; previously, on 23 March 2009
     Placed Under Review for Possible Downgrade;

  -- EUR43,900,000 Class E Floating Rate Credit  --Linked Notes
     due 2014, confirmed to Ba3; previously, on 23 March 2009
     Placed Under Review for Possible Downgrade;

Moody's initially assigned definitive ratings in September 2006.

The rating action concludes the rating review resulting from
Moody's revision of its methodology for SME granular portfolio in
EMEA.  This revised methodology was announced on March 17, 2009,
and affected transactions were placed on review on March 23, 2009.

As a result of its revised methodology, Moody's has reviewed its
assumption for MARS 2006's collateral portfolio taking into
account anticipation of performance deterioration of the pool in
the current down cycle.  Moody's have changed the default
probability of the pool of SME debtors to be equivalent to a
Ba1/Ba2 rating.  At the same time, Moody's estimated the remaining
weighted average life of the portfolio, taking into consideration
the revolving component, to equal 2.5 years.  As a consequence,
these revised assumptions have translated into a cumulative mean
default assumption for this transaction of 3.3% of the current
portfolio balance, with a coefficient of variation of 45%.
Moody's original mean default assumption was 4.5% equivalent to a
Baa3/Ba1 rating, with a coefficient of variation of 40%.  The
average recovery rate assumption remains unchanged and remains at
52.5% on average.

For this rating review, Moody's have further revised the
probability distribution function from a lognormal assumption at
closing to an inverse normal distribution.  The recoveries were
also modeled assuming a stochastic distribution as opposed to a
fixed recovery rate assumed as of closing.

In summary, Moody's concluded that the negative effects of the
revised default assumption and the use of revised distributions
for both defaults and recoveries were offset by the short
remaining life of the portfolio and notes.

MARS 2006 is a synthetic transaction under which noteholders
assume the credit risk linked to a pool of loans granted by ING
(Aa3/P-1) to Dutch SMEs.  At closing, the portfolio consisted of
loans granted to 30,080 debtors.  The main sector concentration is
in the "building and real estate" sector and it was approximately
18% as of closing.

As of February 2009, the number of debtors in the portfolio was
equal to 20,406.  The concentration in the "building and real
estate" sector was approximately 15% as of February 2009.

Moody's ratings address the expected loss posed to investors by
the legal final maturity of the notes.  Moody's ratings address
only the credit risks associated with the transaction.  Other non-
credit risks have not been addressed, but may have a significant
effect on yield to investors.


===============
P O R T U G A L
===============


LUSITANO MORTGAGES: S&P Puts BB-Rated Class E Notes on Neg. Watch
-----------------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch positive
its credit ratings on the class D and E notes issued by Lusitano
Mortgages No. 2 PLC.  At the same time, S&P affirmed the ratings
on the class A, B, and C notes.

The CreditWatch placements follow an initial review of the most
recent information S&P has received, which showed that the
likelihood of a positive rating action has increased.

Levels of credit enhancement available to the junior class D and E
notes of Lusitano Mortgages No. 2 increased due to deleveraging in
the transaction.  The performance of the underlying collateral
has, so far, been ahead of S&P's initial assumptions.

S&P will now carry out a more detailed analysis to investigate
whether the junior classes can attain a higher rating.  S&P will
publish the results of this review and any changes to the ratings
in due course.

Lusitano Mortgages No. 2 is a Portuguese residential mortgage-
backed securities transaction backed by a pool of first-ranking,
fully amortizing mortgage loans secured on residential properties
in Portugal.  The loans were originated between 1993 and 2003 by
Banco Internacional de Credito S.A., a wholly-owned subsidiary of
Banco Espírito Santo, S.A.

                           Ratings List


                   Lusitano Mortgages No. 2 PLC
  EUR1.0 Billion Residential Mortgage-Backed Floating-Rate Notes

             Ratings Placed on Creditwatch Positive

                                  Rating
                                  ------
            Class       To                       From
            -----       --                       ----
            D           BBB/Watch Pos            BBB
            E           BB/Watch Pos             BB

                         Ratings Affirmed

                        Class       Rating
                        -----       ------
                        A           AAA
                        B           AA
                        C           A


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


ABSOLUT BANK: Fitch Affirms Individual Rating at 'D/E'
------------------------------------------------------
Fitch Ratings has downgraded Russia-based Absolut Bank's Long-
term Issuer Default Rating to 'BBB' from 'BBB+'.  The Outlook is
Negative.

The downgrade follows the rating action taken by Fitch on
Absolut's parent KBC Bank and reflects Fitch's concerns around the
KBCB's weakening financial position, its reliance on government
support and potential impairment of its ability and willingness to
support its Russian-based subsidiary, if needed.  Fitch also notes
that Russia, unlike the central and eastern European countries
where KBCB has a presence, is not considered as a second home
market for the group.

At the same time, in Fitch's view these factors suggest a high,
albeit reduced, propensity of KBCB to support Absolut in case of
need: (1) the high contagion risk for the group's CEE
subsidiaries, and ultimately for KBCB itself, of any default at
Absolut; (2) Absolut's small size (contributing around 1% of group
assets), which reduces the cost of potential support required; and
(3) the currently substantial (around EUR2.5 billion) debt plus
equity exposure of KBCB to Absolut, which would likely need to be
written off / severely written down in case of a winding up of
Absolut.

The Negative Outlook reflects the potential for KBCB's standalone
financial position to continue to weaken, and the likelihood that
KBCB will seek to further distance itself from, and reduce its
exposure to, Absolut in the future.

Absolut is a medium-sized Russian bank (among the largest 25 by
assets at end-2008).  The bank rapidly expanded out of its core
region in Moscow into other regions in 2008, but has been
contracting its loan book and scaling down its plans since Q408
due to the financial crisis.  Its main business has historically
consisted of corporate lending, but the bank has built up a retail
franchise, which comprised 37% of the gross loan book at end-2008.
Absolut is 95%-owned by Belgium-based KBCB.

According to 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,

Rating actions:

  -- Long-term foreign currency IDR: downgraded to 'BBB' from
     'BBB+'; Outlook Negative

  -- Senior unsecured debt: downgraded to 'BBB' from 'BBB+';

  -- Short-term foreign currency IDR: downgraded to 'F3' from 'F2'

  -- National Long-term rating: downgraded to 'AA+(rus)' from
     'AAA(rus)'; Outlook revised to Negative from Stable

  -- Support rating: affirmed at '2';

  -- Individual rating: affirmed at 'D/E'


ELBA CJSC: Creditors Must File Claims by June 7
-----------------------------------------------
The Arbitration Court of Volgogradskaya commenced bankruptcy
proceedings against CJSC Elba (TIN 3444070125) (Concrete Plant)
after finding the company insolvent.  The case is docketed under
Case No. ?12–3943/2009.

Creditors have until June 7, 2009, to submit proofs of claims to:

         A. Kharlanov
         Insolvency Manager
         Post User Box 1100
         400087 Volgograd
         Russia

The Debtor can be reached at:

         CJSC Elba
         13 Gvardeyskaya Str. 13
         400131 Volgograd
         Russia


MOBILE TELESYSTEMS: Inks Syndicated Loan Facility Agreement
-----------------------------------------------------------
Mobile TeleSystems OJSC has signed a facility agreement to
refinance a portion of its US$1.33 billion syndicated loan
facility.

Having concluded negotiations with a consortium of banks, MTS
signed the facility agreement to refinance the first tranche of
its existing US$1.33 billion syndicated loan facility in the
amount of US$630 million that was scheduled to mature in May 2009.
The Company raised US$295 million for facility A and EUR214.5
million for facility B to be followed by an additional tranche
(amount to be further disclosed) in the coming weeks as part of
the new facility.  The facility will mature in 2012 and will have
an interest rate of LIBOR+6.5%.

The Mandated Lead Arrangers are Absolut Bank, Bank of China
(Eluosi), Bank of America, N.A., Bank of China (UK) Limited,
Banque Societe Generale Vostok (Moscow), Bayerische Landesbank,
BNP Paribas, Credit Suisse International, Export Development
Canada, HSBC Bank plc, ING Bank N.V. (London branch), ING Bank
N.V., Dublin Branch, JPMorgan Chase Bank, N.A., Societe Generale
Corporate and Investment Banking (Paris), The Royal Bank of
Scotland PLC, UniCredit Bank Austria AG, WestLB AG (London branch)
and ZAO UniCredit Bank. Credit Suisse International and ING Bank
N.V. (London Branch) acted as co-ordinating banks for the
refinancing and ING Bank N.V. (London branch) is acting as the
Facility Agent.

"Given the volatile international credit markets, our success in
working with our core relationship banks and develop new banking
partnerships to refinance the facility is a true testament to the
strong fundamentals of our business.  This facility provides MTS
with additional financial flexibility to continue our investment
programs and meet our future obligations," commented Mr. Aleksey
Kaurov, Director of Corporate Finance at MTS.

Headquartered in Moscow, Russia, Mobile TeleSystems OJSC (MTS)  --
http://www.mtsgsm.com/-- is a provider of mobile cellular
communications services in Russia, Uzbekistan, Turkmenistan,
Armenia and Ukraine.  The Company had a subscriber base of 82
million (57.4 million in Russia, 20 million in Ukraine, 2.8
million in Uzbekistan, 0.4 million in Turkmenistan and 1.4 million
in Armenia) at December 31, 2007.  In addition to standard voice
services, MTS offers its subscribers value-added services,
including voice mail, short message service (SMS), general packet
radio service (GPRS), and various SMS- and GPRS-based information
and entertainment services (including multi-media message service.
The Company also offers its subscribers the ability to roam
automatically throughout Europe and in much of the rest of the
world, and as of December 31, 2007, it had bilateral roaming
agreements with 501 wireless operators in 201 countries.  In
February 2009, the Company acquired Narico Holdings Limited.

                         *      *      *

OJSC Mobile TeleSystems continues to carry a 'BB+' long-term
issuer default rating from Fitch Ratings with a negative outlook.


MUZ-LES-DREV LLC: Creditors Must File Claims by June 7
------------------------------------------------------
Creditors of LLC Muz-Les-Drev (PSRN 1033500887144) (Forest
Products) have until June 7, 2009, to submit proofs of claims to:

         A. Kondratyev
         Temporary Insolvency Manager
         Office 203
         Borshodskaya Str. 46
         Cherepovets
         162600 Vologda
         Russia

The Arbitration Court of Vologodskaya will convene at 11:30 a.m.
on June 9, 2009, to hear bankruptcy supervision procedure on the
company.  The case is docketed under Case No. ?13–118781/2008.

The Debtor can be reached at:

         LLC Muz-Les-Drev
         Shosseynaya Str. 7
         Sheksna
         Vologodskaya
         Russia


SEV-KOMP CJSC: Creditors Must File Claims by June 7
---------------------------------------------------
Creditors of CJSC Sev-Komp (TIN 5191405597, PSRN 1035100154121)
(Fishery) have until June 7, 2009, to submit proofs of claims to:

         S.Ryzhkov
         Temporary Insolvency Manager
         Post User Box 771
         183039 Murmansk
         Russia

The Arbitration Court of Murmanskaya will convene at 10:00 a.m. on
Aug. 31, 2009, to hear bankruptcy supervision procedure on the
company.  The case is docketed under Case No. ?42–1384/2009.

The Court is located at:

         The Arbitration Court of Murmanskaya
         Knipovicha Str. 20
         Murmansk
         Russia

The Debtor can be reached at:

         CJSC Sev-Komp
         Maklakova Str. 50a/2
         Murmansk
         Russia


SEVER-LES LLC: Arkhangelskaya Bankruptcy Hearing Set September 16
-----------------------------------------------------------------
The Arbitration Court of Arkhangelskaya will convene on Sep.16,
2009 to hear bankruptcy supervision procedure on LLC Sever-Les
(TIN 2914002734, PSRN 104201303829) (Forestry).  The case is
docketed under Case No. ?05–3399/2009.

The Temporary Insolvency Manager is:

          A. Galin
         Post User Box 14
         165300 Kotlas
         Russia

The Debtor can be reached at:

         LLC Sever-Les
         Gagarina Str. 14
         165430 Krasnoobsk
         Russia


SIB-STROY-2000 LLC: Creditors Must File Claims by June 7
--------------------------------------------------------
Creditors of LLC Sib-Stroy-2000 (TIN 5503091476) (Construction)
have until June 7, 2009, to submit proofs of claims to:

         N. Utochenko
         Temporary Insolvency Manager
         Apt.136
         Prospect Mira 106a
         Omsk-89
         Russia

The Arbitration Court of Omskaya will convene on July 7, 2009, to
hear bankruptcy supervision procedure on the company.  The case is
docketed under Case No. ?46–136/2009.

The Debtor can be reached at:

         LLC Sib-Stroy-2000
         Chernyshevskogo Str. 7
         Omsk
         Russia


VOLGATELECOM OJSC: Fitch Affirms Issuer Default Rating at 'BB-'
---------------------------------------------------------------
Fitch Ratings has affirmed Russia-based OJSC Volgatelecom's
ratings at Long-term Issuer Default 'BB-', Short-term IDR 'B',
National Long-term 'A+(rus)', and National senior unsecured 'A+
(rus)'.  The Outlooks for the Long-term IDR and National Long-term
rating are Stable.

"Despite the economic downturn, Volga's operating and financial
performance is likely to remain stable," said Nikolay Lukashevich,
a Senior Director with Fitch's TMT team.  "Management's commitment
to severely curtail capex and to implement tight opex cuts should
support margins and boost free cash flow generation so that most
scheduled debt repayments can be financed from internally
generated cash flows."  Strong Q109 results (based on Russian
accounting standards) suggest that management is on track with its
plans to improve operating cash flow and to de-leverage by end-
2009.

Volga continues to be the most profitable and one of the least
leveraged Russian incumbent operators with a strong ability to
generate free cash flow.  It has virtually no exposure to foreign
currency risks with most of its debt denominated in rouble.  The
company continues to benefit from rapid broadband growth, which
largely compensates weaknesses and stagnation in other segments,
particularly interconnect, zonal communications and, to a lesser
extent, local voice services.

Volga's anti-crisis initiatives in H208 should help it to mitigate
refinancing risks.  Capex for 2009 has been scaled back to a
minimum level, to allow for just key broadband development and
network maintenance.  Last-mile digital conversion and any other
non-core network improvements have been put on hold.  Fitch notes
that even dramatic capex reductions are unlikely to jeopardize
Volga's competitive position as its rivals face similar, if not
more severe, capex cuts.  At the same time, tighter cost control
should help improve margins.  Volga has been conserving cash in
anticipation of debt redemption peaks in Q2-Q309, including a put
option on its RUB3 billion domestic bond in September 2009.  These
initiatives and expected strong free cash flow should help improve
Volga's gross and net leverage by end-2009.  Management plans to
review the company's strategy after the liquidity and short-term
debt redemption calls have been addressed, and as capex starts to
rise.  Future rating direction will take into account Volga's new
strategy, longer-term leverage targets, ability to generate free
cash flow on a sustainable basis and any new market developments.

The ratings also reflect the limited competition facing Volga as
an established fixed-line incumbent.  It controls most of the
last-mile and backbone infrastructure in its area of operations,
which provides it with significant competitive and cost
advantages.  Volga's market shares are strong in all key
traditional segments, while alternative fixed-line infrastructure
is generally scarce.  Its key competitive threat is the longer-
term trend of fixed-to-mobile substitution.  Fitch sees the
regulatory environment in Russia as generally pro-incumbent with
little scope for local loop unbundling.  Despite strategic
uncertainty in the long-term, Volga's mobile segment has enjoyed
stronger margins than the fixed-line and has made positive
contributions to cash flows.

Volga's leverage is modest for its rating and is declining.  At
end-H108 net debt/EBITDA was 1.2x on a LTM basis, and is likely to
have remained at this level at end-2008.  Leverage is likely to
decline by end-2009.

Volga's strategy is largely shaped by its majority shareholder,
government-controlled Svyazinvest.  The ratings reflect
Svyazinvest's strong influence in the decision-making process at
Volga, and also its lobbying support.


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


BACHI GMBH: Claims Filing Deadline is May 25
--------------------------------------------
Creditors of Bachi GmbH are requested to file their proofs of
claim by May 25, 2009, to:

         Hanspeter Bachi
         Alte Radhofstrasse 2
         8412 Riet
         Switzerland

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


CONCEPTIONS CONSULTING: Creditors' Proofs of Claim Due May 25
-------------------------------------------------------------
Creditors of Conceptions Consulting AG are requested to file their
proofs of claim by May 25, 2009, to:

         Urs Schlegel
         Bahnhofstrasse 7
         9470 Buchs
         Switzerland

The company is currently undergoing liquidation in Buchs SG.  The
decision about liquidation was accepted at a general meeting held
on April 3, 2009.


EDEL-ICE AG: Claims Filing Deadline is May 25
---------------------------------------------
Creditors of Edel-Ice AG are requested to file their proofs of
claim by May 25, 2009, to:

         Edel-Ice AG
         Route de la Fonderie 18
         1700 Fribourg
         Switzerland

The company is currently undergoing liquidation in Fribourg.  The
decision about liquidation was accepted at an extraordinary
general meeting held on April 2, 2009.


FRAK AG: Creditors Must File Claims by May 25
---------------------------------------------
Creditors of Frak AG are requested to file their proofs of claim
by May 25, 2009, to:

         Adolf Franz
         Liquidator
         Schnydersweg 7
         1794 Salvenach
         Switzerland

The company is currently undergoing liquidation in Tentlingen.
The decision about liquidation was accepted at an extraordinary
general meeting held on March 31, 2009.


INFRATEL GMBH: Creditors Must File Claims by May 25
---------------------------------------------------
Creditors of Infratel GmbH are requested to file their proofs of
claim by May 25, 2009, to:

         Infratel GmbH
         Thundorferstrasse 27
         8500 Frauenfeld
         Switzerland

The company is currently undergoing liquidation in Frauenfeld.
The decision about liquidation was accepted at a shareholders'
meeting held on March 31, 2009.


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


AGRICULTURAL SPECIAL: Creditors Must File Claims by May 27
----------------------------------------------------------
Creditors of LLC Agricultural Special Road Building (code EDRPOU
32865440) have until May 27, 2009, to submit proofs of claim to:

         I. Derevianko
         Insolvency Manager
         Pravda Str. 10A/2
         69037 Zaporozhye
         Ukraine

The Economic Court of Zaporozhye commenced bankruptcy proceedings
against the company on April 9, 2008.  The case is docketed under
Case No. 25/5/09.

The Court is located at:

         The Economic Court of Zaporozhye
         Shaumian Str. 4
         69600 Zaporozhye
         Ukraine

The Debtor can be reached at:

         LLC Agricultural Special Road Building
         Gogol Str. 79
         Zaporozhye
         Ukraine


ALFA BANK: Moody's Affirms 'E+' Bank Financial Strength Rating
--------------------------------------------------------------
Moody's Investors Service has affirmed Alfa Bank Ukraine's B3
local and foreign currency deposit and debt ratings, E+ bank
financial strength rating and Baa3.ua National Scale Rating.  All
the long-term ratings remain on review for possible downgrade.

The ratings affirmation follows Alfa Bank Ukraine's announcement
that it has fully repaid US$100 million of Eurobonds within the
grace period specified in the terms of the issuance.  The bank had
failed to make the bond repayment on its due date, May 4, 2009.
On May 6, 2009, Moody's downgraded Alfa Bank Ukraine's deposit and
debt ratings to B3 and placed them on review for possible further
downgrade due to increased liquidity risk.

Although the repayment of the bonds within the grace period
removed the imminent threat of an event of default for Alfa Bank
Ukraine, Moody's believes that there is still a high liquidity
risk for the bank stemming from its inefficient liquidity
management and substantial upcoming market debt repayments (over
US$700 million maturing or puttable in 2009).  The rating agency
also cautions that tight currency regulations may limit the
availability of foreign currency resources for the bank and
exacerbate its liquidity problems.

Moody's notes that although support from the bank's shareholders
or Alfa Bank Russia cannot be ruled out, the timeliness and volume
of such support are not certain.  Therefore, the deposit and debt
ratings do not receive any notching uplift as a result of possible
parental support from the bank's standalone financial strength.

The ratings review will focus on the bank's ability to
substantially improve its liquidity position over the next few
months to honour its upcoming wholesale debt repayments, the
largest parts of which Moody's expects to be repaid in August and
December 2009.

If the bank notably improves its liquidity profile to make the
expected debt repayments in August 2009, the debt and deposit
ratings are likely to be confirmed.  Conversely, a failure to make
these payments when due may result in Moody's implementing a
further ratings downgrade.

The previous rating action on Alfa Bank Ukraine was implemented on
May 6, 2009, when the bank's local currency deposit rating was
downgraded to B3 from Ba3, its foreign currency deposit rating was
downgraded to B3 from B2, its local and foreign currency senior
unsecured debt ratings were downgraded to B3 from Ba3 and its NSR
was downgraded to Baa3.ua from Aa1.ua.  All the ratings were
placed on review for possible further downgrade.

Headquartered in Kiev, Alfa Bank Ukraine reported total assets of
US$3.8 billion and total equity of US$447 million, according to
IFRS financial statements at the end of 2008.


ASSOCIATION REGIONAL: Creditors Must File Claims by May 27
----------------------------------------------------------
Creditors of Association Regional Agricultural Road Building have
until May 27, 2009, to submit proofs of claim to:

         I. Derevianko
         Insolvency Manager
         Pravda Str. 10A/2
         69037 Zaporozhye
         Ukraine

The Economic Court of Zaporozhye commenced bankruptcy proceedings
against the company on April 9, 2009.  The case is docketed under
Case No. 25/2/09.

The Court is located at:

         The Economic Court of Zaporozhye
         Shaumian Str. 4
         69600 Zaporozhye
         Ukraine

The Debtor can be reached at:

         Association Regional Agricultural Road Building
         Gogol Str. 79
         Zaporozhye
         Ukraine


PRIORITET-INVEST LLC: Creditors Must File Claims by May 29
----------------------------------------------------------
Creditors of LLC Prioritet-Invest (code EDRPOU 35738376) have
until May 29, 2009, to submit proofs of claim to:

         V. Levchenko
         Post Office Box 11819
         49027 Dnepropetrovsk
         Ukraine

The Economic Court of Dnepropetrovsk commenced bankruptcy
proceedings against the company on April 23, 2009.  The case is
docketed under Case No. B15/118-09.

The Court is located at:

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

The Debtor can be reached at:

         LLC Prioritet-Invest
         Cosmonaut Volkov str. 1
         49112 Dnepropetrovsk
         Ukraine


STELLA-LUX LLC: Creditors Must File Claims by May 29
----------------------------------------------------
Creditors of LLC Stella-Lux (code EDRPOU 32446401) have until
May 29, 2009, to submit proofs of claim to N. Poltoratskaya, the
company's insolvency manager.

The Economic Court of Zaporozhye commenced bankruptcy proceedings
against the company on April 21, 2008.  The case is docketed under
Case No. 19/82/09.

The Court is located at:

         The Economic Court of Zaporozhye
         Shaumian Str. 4
         69600 Zaporozhye
         Ukraine

The Debtor can be reached at:

         LLC Stella-Lux
         Office 53
         Lakhtinskaya Str. 12
         Zaporozhye
         Ukraine


ZAPOROZHYE REGIONAL: Creditors Must File Claims by May 27
---------------------------------------------------------
Creditors of Zaporozhye Regional Common Union Regional
Agricultural Road Building (code EDRPOU 03580506) have until
May 27, 2009, to submit proofs of claim to:

         I. Derevianko
         Insolvency Manager
         Pravda Str. 10A/2
         69037 Zaporozhye
         Ukraine

The Economic Court of Zaporozhye commenced bankruptcy proceedings
against the company on April 9, 2009.  The case is docketed under
Case No. 25/3/09.

The Court is located at:

         The Economic Court of Zaporozhye
         Shaumian Str. 4
         69600 Zaporozhye
         Ukraine

The Debtor can be reached at:

         Zaporozhye Regional Common Union
         Regional Agricultural Road Building
         Gogol Str. 79
         Zaporozhye
         Ukraine


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


ASKHAM LEISURE: Appoints Joint Administrators from BDO
------------------------------------------------------
Toby Scott Underwood and Francis Graham Newton of BDO Stoy Hayward
LLP were appointed joint administrators of Askham Leisure Ltd. on
April 29, 2009.

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

         1 Bridgewater Place
         Water Lane
         Leeds
         LS11 5RU
         England


BRIDGE CONTRACT: Appoints Joint Administrators from PKF
-------------------------------------------------------
Ian J. Gould and Brian J. Hamblin of PKF (UK) LLP were appointed
joint administrators of Bridge Contract Services Ltd. on
April 24, 2009.

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

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


CONCEPT TILES: Taps Joint Administrators from PKF
-------------------------------------------------
Charles Escott and Ian Schofield of PKF (UK) LLP were appointed
joint administrators of Concept Tiles Ltd. on April 14, 2009.

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

         Pannell House
         6 Queen Street
         Leeds
         LS1 2TW
         England


DSG INTERNATIONAL: Shareholders Back GBP310.6 Million Cash Call
---------------------------------------------------------------
This is Money reports that shareholders of DSG International Plc
on Monday voted in favor of a GBP310.6 million investor rights
issue.

According to the report, the fundraising will help finance the
company's store overhaul program and bolster its balance sheet at
a time when trading is suffering from a consumer spending slump.

On May 4, 2009, the Troubled Company Reporter-Europe, citing
Telegraph.co.uk, reported DSG, whose sales fell 3pc in the six
months to mid-April, said it will use the funds to refit a further
100 stores over the next 18 months.

                             Net Debt

Telegraph.co.uk disclosed DSG's net debt as of March 7 stood at
GBP503 million compared to GBP149.5 million it reported in its
interim results in November.  The company's net debt soared partly
as a a result of the tightening in trade credit insurance that has
affected some of its key suppliers, Telegraph.co.uk  noted.

Headquartered in Hemel, Hempstead, United Kingdom, DSG
International Plc -- http://www.dsgiplc.com/-- is the parent
company of a group engaged in the multi-channel retail of high
technology consumer electronics, personal computers, domestic
appliances, photographic equipment, communication products, and
related financial and after-sales services.  The Company also
undertakes business to business (B2B) sales.  The Company operates
in three divisions: electricals, computing and e-commerce.  The
electricals division is engaged in the retail sale of high
technology consumer electronics, domestic appliances, photographic
equipment and related services.  The computing division is engaged
in the retail and B2B sale of computer hardware and software,
associated peripherals and related services.  The e-commerce
division is engaged in online retail sale of high technology
consumer electronics, domestic appliances, photographic equipment
and related services.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on Jan. 22,
2009, Fitch Ratings downgraded UK-based consumer electronics
retailer DSG International plc's (DSG) Long-term Issuer Default
rating (IDR) to 'B' from 'BB-' (BB minus) and affirmed the
company's Short-term IDR at 'B'.  The Outlook is Negative.  At the
same time, Fitch affirmed DSG's senior notes at 'BB-' (BB
minus), with a Recovery Rating of 'RR2'.


EMPIRE INTERACTIVE: Appoints Joint Administrators from KPMG
-----------------------------------------------------------
Ian James Corfield and Jane Bronwen Moriarty of KPMG LLP were
appointed joint administrators of Empire Interactive Europe Ltd.
on May 1, 2009.

The company can be reached at:

         Empire Interactive Europe Ltd.
         77 Muswell Hill
         London
         N10 3PJ
         England


EUROPEAN RECRUITMENT: Taps Joint Administrators from BDO
--------------------------------------------------------
Antony David Nygate and Shay Bannon of BDO Stoy Hayward LLP were
appointed joint administrators of European Recruitment Network
Group Ltd. on April 22, 2009.

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

         55 Baker Street
         London
         W1U 7EU
         England


GUY FAWKES: Goes Into Administration
------------------------------------
Lizzie Murphy at Yorkshire Post reports that The Guy Fawkes Inn,
on High Petergate, and Marmadukes Hotel, on St Peter's Grove, have
gone into administration.

The report relates Nationwide unexpectedly pulled out of talks on
Wednesday and decided to appoint an administrator to take control
of the two hotels, which together employ about 40 people.

Nationwide, as cited in the report, said the legal requirements of
the administration had taken longer to fulfil than expected but
both the hotels would be fully functioning again within the next
couple of days.

According to the report, The Guy Fawkes Inn, which has 13 rooms,
has closed while Marmadukes has been unable to order new stock.


INMARSAT PLC: Moody's Changes Outlook on 'Ba2' Rating to Positive
-----------------------------------------------------------------
Moody's Investors Service changed the rating outlook for Inmarsat
Plc (Corporate Family Rating at Ba2) and its rated subsidaries to
positive (from stable).  The outlook change recognizes the
continued good operating performance of Inmarsat Plc, the
successful launch of mobile broadband services, the timely
completion of the Stratos Global acquisition in April 2009 as well
as the signing of a new distribution agreement with all the major
partners at more favorable terms for Inmarsat.

Having achieved revenue growth ahead of its business plan in 2008,
Inmarsat remained on a good growth trajectory in Q12009.  While
some revenue pressure was felt in the Maritime sector in Q12009
from the negative impact on global shipping capacity in the
current economic downturn, this was counterbalanced by the
positive development in new services (FleetBroadband) which saw
higher spending levels and increased penetration and Moody's
expects Inmarsat to deliver solid revenue growth in 2009.

Moody's positively notes that on April 15, 2009, Inmarsat
successfully executed its call option to acquire Stratos Global
(Moody's CFR B1, positive outlook).  Direct synergies are mainly
restricted to corporate overhead savings given the limited overlap
in activities between Stratos and Inmarsat.  However, the
acquisition of Stratos has given Inmarsat direct access to end
customers and, importantly, helped the company to optimize its
position in the recent renegotiation of the Commercial Framework
Agreement with its distributors, in particular with regard to
reduced volume discounts and improved payment terms.  The new
agreement has now been signed by all major partners.

At 2008 year-end, Inmarsat's Debt/ EBITDA (as calculated by
Moody's) reduced to 3.2x from 4.4x in 2007.  However, Moody's
highlights that 2007 leverage ratios were negatively impacted by
the incongruence from the full consolidation of Stratos' debt when
operating results were only considered for the period from
December 11, 2008.  Given the substantial completion of the
Inmarsat-4-related capex cycle, Inmarsat's free cash flow
generation should improve materially from 2009 onwards.  This does
not consider potential cash outflows related to Inmarsat's
recently awarded S-band license.  Moody's understands that
Inmarsat will only pursue the S-band project in collaboration with
suitable financial and industrial partners, which have yet to be
identified.  Moody's would in any case expect Inmarsat to manage
its financial exposure to the S-band project so that current
conservative leverage ratios can be maintained.

The rating continues to consider the concentrated ownership of the
remaining third-party distribution for Inmarsat's services,
exposure to sector-typical technological risks of satellite
malfunctioning/ breakdown and/or launch failure and competition
from other MSS players as well as from operators of fixed
satellite services and (on land) from terrestrial cellular
networks.  The rating remains cognizant of the stated intention of
Inmarsat's key shareholder Harbinger Capital Partners, in
partnership with SkyTerra, to make an offer for Inmarsat.  Any
such offer remains subject amongst other things to the
satisfactory outcome of regulatory review.  Moody's will closely
monitor further developments and comment as appropriate.

Moody's regards liquidity at 'Inmarsat Core' (excluding Stratos)
as adequate for its current needs.  At March 31, 2009, 'Inmarsat
Core' had undrawn revolving credit facilities of US$160 million in
addition to cash and cash equivalents of US$87.9 million,
providing the company with sufficient flexibility to meet its
near-term operating and investment commitments.  The company's
bank facilities (term loan and revolver) fall due for repayment in
mid-2010 and Moody's would expect Inmarsat to arrange for the
timely refinancing of the maturing facilities, which in the
agency's opinion should be achievable.  Moody's also notes that
the Senior Discount Notes (maturity in 2012) at Inmarsat Finance
II plc and the Senior Notes (maturity in 2012) at Inmarsat Finance
are callable at the option of company as of November 2008.
Depending on the market environment Moody's would expect the
company therefore to consider refinancing and simplifying its
capital structure when suitable opportunity arises.  Moody's
believes that a sizaable cash balance (approximately US$119
million at March 31, 2009), unused revolver and expectations for
breakeven free cash flow as well as a healthy cushion under all
financial covenants support good liquidity for Stratos, liquidity
for which will continue to be managed on a stand-alone basis.

The last rating action was on September 17, 2007 when Moody's
changed the rating outlook for Inmarsat to stable (from negative).

Inmarsat's ratings were assigned by evaluating factors Moody's
believe are relevant to the credit profile of the issuer, such as
i) the business risk and competitive position of the company
versus others within its industry; ii) the capital structure and
financial risk of the company; iii) the projected performance of
the company over the near to intermediate term; and iv)
management's track record and tolerance for risk.  These
attributes were compared against other issuers both within and
outside of Inmarsat's core industry and Inmarsat's ratings are
believed to be comparable to those of other issuers of similar
credit risk.

Headquartered in London, U.K., Inmarsat plc is a leading provider
of global mobile satellite communication services.


JJB SPORTS: Appoints Lawrence Coppock as Finance Director
---------------------------------------------------------
James Davey at Reuters reports that JJB Sports plc has appointed
Lawrence Coppock as finance director and Colin Tranter as director
of retail and product.

Reuters relates JJB said Peter Williams, an executive director
since January, will leave the group at the end of May, following
the anticipated implementation of its company voluntary
arrangement (CVA) proposals.

JJB, Reuters says, is set to announce its full-year results on
Thursday.

On April 29, 2009, the Troubled Company Reporter-Europe, citing
BBC News, reported JJB avoided going into administration after
creditors and landlords voted overwhelmingly for a CVA that could
secure the company's future, along with almost 12,000 jobs.
According to BBC, the deal could settle debts on 140 closed stores
and allow the retailer to pay monthly, instead of quarterly, rent
on its remaining 250 stores.  The CVA is expected to become
effective at the end of May if there is no succesful challenge,
BBC disclosed.


KINGSMEAD HOMES: Brings in Joint Administrators from PKF
--------------------------------------------------------
Ian J. Gould and Brian J. Hamblin of PKF (UK) LLP were appointed
joint administrators of Kingsmead Homes Llp on April 28, 2009.

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

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


LDV: Withdraws Application for Administration
---------------------------------------------
Keith Weir at Reuters reports that LDV on Monday withrew a request
to go into administration after Malaysia's Westar agreed to
acquire the company from Russia's Gaz.

"LDV is pleased to confirm that the application for administration
for LDV Group and Birmingham Pressings was withdrawn this
afternoon in Birmingham County Court," Reuters quoted LDV chief
executive Evgeniy Vereshchagin as saying in a statement.  "This is
due to the facts that Weststar have publicly confirmed their
intention to acquire LDV and a loan process has been put in place
with government assistance to enable the sale process to be
completed."

Reuters recalls LDV applied for administration earlier this month
before Weststar stepped in with a rescue plan.

On May 7, 2009, the Troubled Company Reporter-Europe, citing the
Financial Times, reported that GAZ agreed on May 6 to sell LDV to
Westar.  The FT disclosed that the government on March 5 agreed to
provide a GBP5 million one-off bridge loan, which is designed to
keep LDV afloat while Weststar completes its due diligence on the
deal.  According to Telegraph.co.uk, LDV warned there are still
"major steps" to be negotiated in its takeover by Weststar.  There
are also doubts about how many of LDV's 850 employees will be
saved, Telegraph.co.uk noted.  Telegraph.co.uk related a spokesman
for LDV said Weststar would look to secure "as many jobs as
possible" but that the "marketplace and the economy is going to
determine exactly how many people are required to build vehicles
and assemble them".

On Feb. 26, 2009, the TCR-Europe, citing the FT, reported LDV,
which has been loss-making for four years, halted production
in December.  The company, Telegraph.co.uk disclosed, racked up
losses of GBP25 million last year.  The FT added that sales of the
company fell 42% compared with the previous year.

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

LDV have an annual turnover of GBP160 million and export vehicles
to Europe, the Middle East and to the Asian Pacific Rim.  They
employ approximately 900 people producing at a current rate of
approximately 13,000 vehicles per year.


LLOYDS BANKING: Chairman Blank to Step Down
-------------------------------------------
Lloyds Banking Group Plc Chairman Victor Blank plans to retire by
the annual meeting in June 2010, Bloomberg News reports citing the
U.K.-based bank in a statement.

The report says Alexander Leitch was named deputy chairman with
immediate effect.

"I believe it is the right time for the group to appoint a new
chairman" Mr. Blank was quoted by the report as saying in the
statement.  "I will continue working until my successor is
appointed to ensure the successful integration of the two banks."

                        State Guarantees

As reported in the Troubled Company Reporter-Europe on March 9,
2009, Bloomberg News said Lloyds Banking Group obtained GBP260
billion or US$367 billion in state guarantees increasing the U.K.
government's stake in the bank to as much as 75 percent from 43
percent.  Under the agreement, Lloyds will pay GBP15.6 billion for
asset protection, or 5.2 percent of the insured assets, in the
form of non-voting shares, the report said citing the bank in a
statement.  Lloyds also agreed to increase lending to businesses
and homeowners by GBP28 billion over the next 24 months, the
report related.  In return, the report disclosed Lloyds will get
government insurance for GBP74 billion of residential mortgages,
GBP18 billion of unsecured personal loans, GBP151 billion of
corporate and commercial loans and GBP17 billion of treasury
assets.  The report stated Lloyds will be responsible for the
initial GBP25 billion of losses on the insured assets and will
cover 10 percent of any additional losses, with the Treasury
responsible for the rest.  The government will also underwrite a
GBP4 billion share sale and convert existing preference shares
into equity, the report disclosed.  According to Bloomberg News,
about 83 percent of the assets Lloyds is insuring came from HBOS
Plc.  Lloyds acquired HBOS's deteriorating quality of loans when
it bought the firm in a government-brokered deal, the report said.
The report recalled in September, Lloyds agreed to buy HBOS for
about GBP7.7 billion as the government sought to prevent HBOS from
collapsing after credit markets froze.  In February, HBOS posted a
pretax loss of GBP7.5 billion, the report noted.

                  About Lloyds Banking Group PLC

Lloyds Banking Group PLC (LON:LLOY) --
http://www.lloydsbankinggroup.com/--  formerly Lloyds TSB Group
plc, is United Kingdom-based financial services company, whose
businesses provide a range of banking and financial services in
the United Kingdom and a limited number of locations overseas.
The operations of Lloyds TSB Group in the United Kingdom were
conducted through over 2,000 branches of Lloyds TSB Bank, Lloyds
TSB Scotland plc and Cheltenham & Gloucester plc during the year
ended December 31, 2007.  Cheltenham & Gloucester plc (C&G) is the
Company’s specialist mortgage arranger.  Following the transfer of
its mortgage lending and deposits to Lloyds TSB Bank, during 2007,
C&G arranges mortgages for Lloyds TSB Bank rather than for its own
account.  International business is conducted mainly in the United
States and continental Europe.  Lloyds TSB Group's services in
these countries are offered through branches of Lloyds TSB Bank.
In January 2009, the Company acquired HBOS plc.

The Troubled Company Reporter-Europe reported on February 19,
2009, that Fitch Ratings affirmed the Long-term and Short-term
Issuer Default Ratings of the Lloyds Banking Group plc and its
subsidiaries, Lloyds TSB bank plc, HBOS plc and Bank of Scotland
plc at 'AA-' (AA minus) and 'F1+,' respectively.  The agency has
downgraded LBG's, LTSB's and BOS's Individual ratings to 'C/D'
from 'B/C', 'B/C' from 'B' and 'C/D' from 'C' respectively.  All
three Individual ratings have been placed on Rating Watch
Negative.  The downgrades on the Individual ratings reflect
Fitch's concern about the significant deterioration in certain
portfolios within BOS's corporate banking and treasury units and
higher risk parts of its residential mortgage portfolio, together
with the agency's expectation that problems are likely to continue
to increase in a weakening operating environment, severely
challenging profitability and weakening capitalization over the
coming 12-18 months.  The Rating Watch Negative on the Individual
ratings reflects ongoing uncertainty around these exposures and
group capitalization.


MARMADUKES HOTEL: Goes Into Administration
------------------------------------------
Lizzie Murphy at Yorkshire Post reports that The Guy Fawkes Inn,
on High Petergate, and Marmadukes Hotel, on St Peter's Grove, have
gone into administration.

The report relates Nationwide unexpectedly pulled out of talks on
Wednesday and decided to appoint an administrator to take control
of the two hotels, which together employ about 40 people.

Nationwide, as cited in the report, said the legal requirements of
the administration had taken longer to fulfil than expected but
both the hotels would be fully functioning again within the next
couple of days.

According to the report, The Guy Fawkes Inn, which has 13 rooms,
has closed while Marmadukes has been unable to order new stock.


MNAL REALISATIONS: Appoints Joint Administrators from BDO
---------------------------------------------------------
Antony David Nygate and Shay Bannon of BDO Stoy Hayward LLP were
appointed joint administrators of MNAL Realisations Ltd. (formerly
Montagu Nursing Agency Limited) on April 22, 2009.

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

         55 Baker Street
         London
         W1U 7EU
         England


MONARCH REALISATIONS: Calls in Joint Administrators from PwC
------------------------------------------------------------
Russell Downs and Edward Mark Shires and Ian David Green of
PricewaterhouseCoopers LLP were appointed joint administrators of
Monarch Realisations Plc on April 23, 2009.

The company can be reached at:

         Homelife House
         26-32 Oxford Road
         Bournemouth
         Dorset
         BH8 8EZ
         England


MOTHER BIDCO: Taps Joint Administrators from PwC
------------------------------------------------
Russell Downs and Edward Mark Shires and Ian David Green of
PricewaterhouseCoopers LLP were appointed joint administrators of
Mother Bidco Ltd. on April 23, 2009.

The company can be reached at:

         Homelife House
         26-32 Oxford Road
         Bournemouth
         Dorset
         BH8 8EZ
         England


MWL REALISATIONS: Appoints Joint Administrators from BDO
--------------------------------------------------------
Antony David Nygate and Shay Bannon of BDO Stoy Hayward LLP were
appointed joint administrators of MWL Realisations Ltd. (formerly
Myworkforce Limited) on April 22, 2009.

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

         55 Baker Street
         London
         W1U 7EU
         England


PORTLAND SPA: In Administration; KPMG Appointed
-----------------------------------------------
Richard Hill and Jane Moriarty of KPMG have been appointed joint
administrators of Portland Spa Limited and Southwell Estates
Limited.

Portland Spa Limited, located at Southwell Park, Portland, South
Dorset comprises a recently completed 78-room four-star hotel
together with a purpose designed conference center, restaurant,
fitness club, spa therapy suite and pool.  The conference center
opened in April 2007 and the hotel opened in October 2008.

Southwell Estates Limited is a management company which provides
utilities and associated services to occupiers of Southwell
Business Park.  Set in a 40 acre site, the business park provides
a range of premises including offices, workshops, industrial and
storage units that are occupied by some 90 businesses that employ
about 500 people.

Southwell Business Park Limited, which is the parent company of
Portland Spa Ltd and Southwell Estates Limited, is not in
administration and will continue to look after the needs of all
occupiers on the site.

The hotel and spa business has 55 employees, some of whom are part
time.  The administrators have confirmed their intention for the
hotel and associated facilities to continue to operate as normal
with the objective of improving performance and generating profits
in order to attract interest from potential purchasers.

Richard Hill, joint administrator and partner at KPMG, said:
"Unfortunately the amount of money required to convert part of the
site for use as a hotel and conference facility, combined with a
downturn in spending in the leisure sector has caused serious
financial problems.  However, the hotel has great potential and we
have already identified a number of opportunities to improve
performance.  Our initial strategy is to stabilize the business
and start to generate profits, which will increase the value and
attractiveness of the hotel, the associated leisure facilities and
the rest of the business park."


PROPERTY REGENERATION: Taps Joint Administrators from Deloitte
--------------------------------------------------------------
William Kenneth Dawson and Daniel Francis Butters of Deloitte LLP
were appointed joint administrators of Property Regeneration
(Chester) Ltd. on April 30, 2009.

The company can be reached at:

         Property Regeneration (Chester) Ltd.
         C/o Uhy Hacker Young
         St. James Building
         Manchester
         Lancashire
         England


PRS SELECTION: Brings in Joint Administrators from BDO
------------------------------------------------------
Antony David Nygate and Shay Bannon of BDO Stoy Hayward LLP were
appointed joint administrators of PRS Selection Ltd. on
April 22, 2009.

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

         55 Baker Street
         London
         W1U 7EU
         England


RADIOSCAPE LTD: Appoints Joint Administrators from PwC
------------------------------------------------------
Mark David Charles Hopkins and David Matthew Hammond of
PricewaterhouseCoopers LLP were appointed joint administrators of
Radioscape Ltd. on April 30, 2009.

The company can be reached at:

         Radioscape Ltd.
         2 Albany Terrace
         London
         NW1 4DS
         England


ROYAL BANK: Brings in PwC to Probe Into Former Director's Conduct
-----------------------------------------------------------------
Martin Flanagan at the Scotsman reports that the Financial
Services Authority has brought in PricewaterhouseCoopers to
investigate the conduct of former directors of the Royal Bank of
Scotland (RBS).

According to the report, it is understood the FSA wants the PwC to
look at whether the former RBS board, including former chief
executive Sir Fred Goodwin, acted with competence and propriety.
In particular, it is belived the UK financial regulator wants PwC
to look at whether the stock market was kept adequately informed
about RBS's true financial position in the period surrounding the
bank's GBP12 billion rights issue in 2008, the report states.

The report says Ernst & Young, another of the Big Four accounting
firms, has also been brought on board by the FSA as part of its
wide-ranging inquiry into the British banking crisis.

                            About RBS

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


SHILTON HOLDINGS: Taps Joint Administrators from BDO
----------------------------------------------------
David Nygate and Shay Bannon of BDO Stoy Hayward LLP were
appointed joint administrators of Shilton Holdings Plc on
April 23, 2009.

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

         55 Baker Street
         London
         W1U 7EU
         England


SHIREBROOK PARK: Appoints Joint Administrators from PKF
-------------------------------------------------------
Charles Escott and Ian Schofield of PKF (UK) LLP were appointed
joint administrators of Shirebrook Park Management Ltd. on
April 14, 2009.

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

         Pannell House
         6 Queen Street
         Leeds
         LS1 2TW
         England


SIG PLC: To Cut Further 170 Jobs as Sales Slumped
-------------------------------------------------
Peter Taylor Telegraph.co.uk reports that SIG plc said Wednesday
last week that it will cut a futher 170 jobs after suffering a
sharp drop in sales over the year so far.

SIG, as cited by Telegraph.co.uk, said like-for-like sales fell
21.9pc and 41.6pc in the UK and Ireland respectively over the year
to May 12.

Telegraph.co.uk relates that in an interim statement, SIG's
management, said "Extremely cold weather" had hit demand in the
first quarter and contributed to an "exceptionally challenging
trading environment".

According to the Financial Times' Serena Ruffoni, the job cuts
will be focused in continental Europe, with 100 jobs to go in
Germany and 30 in France.  The group has cut 645 jobs in the UK so
far this year, the FT notes.

                               Debt

The FT says a GBP320 million capital raising in March has been
primarily used to repay debt, which at April 30 stood at GBP330
million.  The FT states the company said it remains cash
generative for now.

Telegraph.co.uk discloses Numis analyst Howard Seymour downgraded
his rating on SIG from "add" to "reduce", noting that European
markets were "getting worse, not better".

On March 19, 2009, the Troubled Company Reporter-Europe, citing
Telegraph.co.uk, reported that in January SIG closed 80 branches,
resulting in the loss of 1,000 jobs.  The company, Telegraph.co.uk
stated, has been hit by the downturn in the building markets
sector.  Telegraph.co.uk said there are growing concerns that poor
trading conditions will cause SIG to breach banking covenants.

Headquartered in Sheffield, United Kingdom, SIG plc --
http://www.sigplc.co.uk/-- is engaged in the supply of specialist
products to construction and related markets.  The company has
four core business sectors: Insulation & Building Environments,
Exteriors, Interiors and Specialist Construction Products.  It
employs over 13,000 people.


SIX LINES: Taps Joint Administrators from BDO
---------------------------------------------
David Harry Gilbert and Martha Honora Thompson of BDO Stoy Hayward
LLP were appointed joint administrators of Six Lines Supply Ltd.
on April 28, 2009.

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

         55 Baker Street
         London
         W1U 7EU
         England


SOUTHWELL ESTATES: In Administration; KPMG Appointed
----------------------------------------------------
Richard Hill and Jane Moriarty of KPMG have been appointed joint
administrators of Portland Spa Limited and Southwell Estates
Limited.

Portland Spa Limited, located at Southwell Park, Portland, South
Dorset comprises a recently completed 78-room four-star hotel
together with a purpose designed conference center, restaurant,
fitness club, spa therapy suite and pool.  The conference center
opened in April 2007 and the hotel opened in October 2008.

Southwell Estates Limited is a management company which provides
utilities and associated services to occupiers of Southwell
Business Park.  Set in a 40 acre site, the business park provides
a range of premises including offices, workshops, industrial and
storage units that are occupied by some 90 businesses that employ
about 500 people.

Southwell Business Park Limited, which is the parent company of
Portland Spa Ltd and Southwell Estates Limited, is not in
administration and will continue to look after the needs of all
occupiers on the site.

The hotel and spa business has 55 employees, some of whom are part
time.  The administrators have confirmed their intention for the
hotel and associated facilities to continue to operate as normal
with the objective of improving performance and generating profits
in order to attract interest from potential purchasers.

Richard Hill, joint administrator and partner at KPMG, said:
"Unfortunately the amount of money required to convert part of the
site for use as a hotel and conference facility, combined with a
downturn in spending in the leisure sector has caused serious
financial problems.  However, the hotel has great potential and we
have already identified a number of opportunities to improve
performance.  Our initial strategy is to stabilize the business
and start to generate profits, which will increase the value and
attractiveness of the hotel, the associated leisure facilities and
the rest of the business park."


TATA MOTORS: S&P Keeps 'B+' Long-Term Corporate Credit Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services kept its 'B+' long-term
corporate credit rating and issue rating on the senior unsecured
debt of India-based automaker Tata Motors Ltd. on CreditWatch with
negative implications.

"After our recent communication with Tata Motors, S&P continue to
expect the company to be able to successfully complete its bridge
facility refinancing before the June 2, 2009, due date," said
Standard & Poor's credit analyst Manuel Guerena.

S&P expects the refinancing to happen partly through rupee bonds
of different tenures of up to seven years, guaranteed by banks,
and the balance through roll-over of the bridge facility with
scheduled maturities up to Dec. 31, 2010.  The company said it is
close to completion on both the plans.  The company would also now
be required to comply with various financial covenants.

The current outstanding amount on the original US$3 billion bridge
facility stands at about US$1.88 billion after the company repaid
(1) about US$1 billion through proceeds from a rights issuance and
certain divestments in October 2008; and (2) a further
US$126 million recently, through a voluntary prepayment option.

Tata Motors has also taken other measures to manage the
significant short-term debt of Indian rupees 192 billion after
excluding the bridge facility as of Dec. 31, 2008.  The company
has raised about INR22 billion through public deposits,
securitized about INR18 billion of its finance receivables, and
collected INR25 billion through advances for Nano bookings.  This,
along with improvement in the Indian automobile market conditions
in 2009, has somewhat eased liquidity pressure at Tata Motors, Mr.
Guerena said.

On the future funding requirements of Jaguar and Land Rover,
especially for capital expenditure, Tata Motors continues to have
discussion with the U.K. government to guarantee the GBP340
million loan sanctioned by European Investment Bank as well as
additional loans from U.K.-based commercial banks.  JLR is seeking
these funds to develop new and more fuel-efficient cars for
improving its medium- to long-term competitive position.

Resolving the CreditWatch would require (1) the bridge refinancing
to be completed; (2) review of the company's debt structure and
liquidity position to provide a more reasonable level of short-
term debt; and (3) further clarity on JLR's operating and
financial performance and expectations going forward, considering
the challenging conditions and possible structural changes in the
auto industry.  The company's ability to adjust its operations to
maintain adequate liquidity will be a key component of S&P's
review, given the continuing weak markets.


TOWERGATE PARTNERSHIP: Moody's Assigns 'B3' Corp. Family Rating
---------------------------------------------------------------
Moody's Investors Service assigned a B3 corporate family rating to
Towergate Partnership Limited, a UK based independent insurance
intermediary.  The B3 Corporate Family Rating was also placed on
review for possible upgrade.

Towergate is a non-listed intermediary currently consisting of
three main business divisions covering retail insurance broking,
insurance networks and underwriting services to insurers under
delegated underwriting authority agreements, controlling around
GBP1.5bn of premiums in aggregate.  Business written via delegated
underwriting authorities consists of specialist personal lines
business, SME commercial and larger corporate business.  The
broker division comprises around 50 separate brokers managed on a
regional basis, which together account for around two-thirds of
Towergate's current revenues.  The network division is the UK's
largest such operation.

David Masters, Moody's lead analyst for Towergate, noted,
"Towergate's strong market position within the UK insurance
intermediary space together with its excellent position within a
number of niche underwriting segments act as significant credit
strengths relative to the current rating level".  Conversely,
Mr. Masters noted that these strengths were tempered by
Towergate's financial leverage, which remains in excess of Moody's
expectation for a single-B rated broker (4-6x coverage on a
Moody's basis) and by the challenges of growing the business
organically within the current market environment.

Moody's added that Towergate has recently concluded a
renegotiation of its banking covenants, including the contribution
of an affiliated fee-generating business (Paymentshield) into the
Towergate Group.  The contribution of Paymentshield is expected to
be completed shortly.  Moody's said that the review for possible
upgrade of Towergate will therefore focus largely on the benefits
afforded to Towergate from the inclusion of Paymentshield.  The
current B3 rating incorporates Moody's expectation of the
operating margin remaining above 20% together with some
improvement in financial leverage and coverage metrics from the
current levels.

Factors that could lead to an upgrade include adjusted free cash
flow exceeding 5% of debt, a debt-to-EBITDA ratio of less than 5.0
times and interest coverage exceeding 2.0 times (all on a Moody's
basis).  While negative rating action is not considered likely in
the short term due to the rating being on review for possible
upgrade, a meaningful and unprofitable acquisition strategy or a
failure to improve leverage/coverage metrics from the current
levels could lead to negative rating action.

For the year ended December 31, 2008, Towergate expects to report
commission and fee income of c. GBP320 million with reported
EBITDA marginally ahead of the GBP109 million reported in 2007.

This is a first time rating on Towergate.


UTEC SURVEY: Placed Into Administration; 27 Jobs Affected
---------------------------------------------------------
UTEC Survey Limited has been placed into administration, resulting
in the loss of 27 jobs, Business Weekly reports.

The company, which employs 110 people, called in administrators
Ritson Smith of Aberdeen Tuesday last week, the report discloses.

The report relates according to a statement: "The company had
encountered problems on a significant contract which led to delays
and cost overruns.  The company had also been involved in a costly
legal wrangle with a competitor and these factors, coupled with a
major downturn in exploration work within the oil and gas sectors
in the North Sea, led the company's bankers to have concerns about
the company’s ability to meet its financial commitments and, as a
result, withdrew their support."

The report says a boat owned by the company with survey crew on
board is continuing survey operations in the Mediterranean Sea,
while the administrator is in discussions with the client to whom
the company is contracted.  The report states administrator Ewen
Alexander, a partner at Ritson Smith, said he will make a decision
on the need for further redundancies once negotiations with the
company's client have been concluded and it has been established
whether there is any prospect of jobs being preserved through a
sale of part of the business.

UTEC Survey Limited -- http://www.utecsurvey.com/-- is a marine
survey contractor.  The company provides a full range of services
to the oil and gas, hydrographic and construction industries.
The survey services available from UTEC include: Construction
Support, Hydrographic and Route Surveys and Industrial
Measurement.  The company operates globally out of bases in
Houston (US), Aberdeen (UK), Calgary (Canada), Singapore, Perth
(WA), Accra (Ghana), and Dubai (UAE).


W D BENNETT: Appoints Joint Administrators from BDO
---------------------------------------------------
Graham David Randall and Mark Peter George Roach of BDO Stoy
Hayward LLP were appointed joint administrators of W D Bennett’s
Plant & Services Ltd. on April 28, 2009.

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

         One Victoria Street
         Bristol
         BS1 6AA
         England


WD REALISATIONS: Appoints Joint Administrators from BDO
-------------------------------------------------------
Antony David Nygate and Shay Bannon of BDO Stoy Hayward LLP were
appointed joint administrators of WD Realisations Ltd. (formerly
White Door Limited) on April 22, 2009.

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

         55 Baker Street
         London
         W1U 7EU
         England


WEAVERING CAPITAL: SFO Arrests Two Men in Hedge Fund Investigation
------------------------------------------------------------------
The Serious Fraud Office on Friday conducted searches on two
residential properties (one in Kent, the other in Surrey) assisted
by the City of London Police, in connection with its investigation
into an alleged fraud involving the recently collapsed hedge fund,
Weavering Capital.

Two men, aged 43 and 45, were arrested and have been taken to a
police station for questioning.

Weavering Capital (UK) Limited is an English incorporated
investment management firm, which went into administration on
March 19, 2009, whose primary function was to act as investment
advisor to a Cayman Islands incorporated hedge fund, Weavering
Macro Fixed Income Fund Limited ("the Macro Fund").  Liquidators
were appointed over the Macro Fund on March 19, 2009.  The Macro
Fund was understood to have funds under management of around
US$639 million in late 2008.

The investigation is currently focused on certain interest rate
swap transactions between the Macro Fund and a company registered
in the British Virgin Islands, Weavering Capital Fund Limited,
which appears to be a related third party, and which inflated the
apparent Net Asset Value of the Macro Fund.


WEST BROMICH: Says Unaware of FSA Rescue Talks
----------------------------------------------
BBC News reports that West Bromwich Building Society has denied it
is on the brink of collapse, insisting it was "well capitalized"
and "able to meet all its obligations in full".

BBC relates the Sunday Times reported the Financial Services
Authority (FSA) is secretly seeking bidders to rescue West
Bromwich after so-called "stress tests".  West Bromwich said it
had "no knowledge" of the FSA holding rescue talks with potential
suitors such as Coventry and Yorkshire building societies, Graham
Ruddick at Telegraph.co.uk reports.

Telegraph.co.uk says West Bromwich, which has a loan book worth
almost GBP10 billion, is thought to have high exposure to the
troubled buy-to-let and commercial property sectors.  Citing West
Bromwich's last annual report, Telegraph.co.uk discloses the
society owns GBP240 million of subprime mortgage securities bought
from GMAC.  The society, however, said it had exited the
commercial lending sector more than 12 months ago, was no longer
active in new buy-to-let lending, and had not acquired mortgage
books from other lenders since 2006, Telegraph.co.uk notes.

West Bromwich Building Society, along with its subsidiaries --
http://www.westbrom.co.uk-- operates in three business segments.
Retail lending is engaged in incorporating core society lending,
mortgage company lending, private customer savings and financial
services. Commercial is engaged in incorporating commercial
lending. Property is engaged in property rental. Some of its
wholly owned subsidiaries include West Bromwich Mortgage Company
Limited, which holds and disposes debts secured on land and lend
money on the security of land; West Bromwich Commercial Limited,
which is engaged in commercial lending; MortgageForce Limited,
which is a franchised mortgage broker; WBBS Computer Finance
Limited, which is engaged in leasing and licensing computer
equipment, and West Bromwich Homes Limited, which is engaged in
investment in property for rental.

                          *     *     *

In April, Moody's Investors Service downgraded West Bromwich
Building Society's bank financial strength rating to 'E+'
from 'C-'

                            *********

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
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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 * * *