TCREUR_Public/090525.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

              Monday, May 25, 2009, Vol. 10, No. 101

                            Headlines

A U S T R I A

EVENT PRODUCTION: Claims Registration Period Ends June 15
H & H GMBH: Claims Registration Period Ends June 15
KAPA ALUBAU: Claims Registration Period Ends June 9
UNISEC GMBH: Claims Registration Period Ends June 15


B E L G I U M

FORTIS: Fitch Changes Watch on Long-Term IDRs of Five Holding Cos


B U L G A R I A

MKB UNIONBANK: Moody's Cuts Currency Deposit Ratings to 'Ba2'


G E R M A N Y

DECO 14: Moody's Cuts Rating on EUR101 Mln Class D Notes to 'B1'
PREPS 2006-1: Moody's Cuts Ratings on Two Classes of Notes to 'B2'
PREPS 2007-1: Moody's Cuts Rating on EUR35 Mln Notes to 'Ba2'


I R E L A N D

CEDO PLC: Moody's Withdraws 'Ca' Ratings on 22 Series of Notes
MADRID CORPORATE: Moody's Assigns Rating on Class A Senior Notes


K A Z A K H S T A N

ASTANA FINANCE: Moody's Junks Long-Term Issuer and Debt Ratings
ASTANA TRANS: Creditors Must File Claims by June 12
BETEL STROY: Creditors Must File Claims by June 12
DUBROVNOYE LLP: Creditors Must File Claims by June 12
DVA-L LLP: Creditors Must File Claims by June 12

STUDENOYE LLP: Creditors Must File Claims by June 12


M A C E D O N I A

* Fitch Changes Outlook on Macedonia's 'BB+' Rating to Negative


R U S S I A

AK ALROSA: Fitch Assigns 'B' Long-Term Issuer Default Rating
EKSPO-STROYTEKS LLC: Creditors Must File Claims by July 7
MOSCOW STARS: Moody's Cuts Rating on Class A Notes to 'Ba1'
PETRO-AERO-BANK: Creditors May File Claims
REM-STROY LLC: Creditors Must File Claims by July 7

STROY-INDUSTRIYA LLC: Creditors Must File Claims by July 7
SUE INVEST-STROY: Creditors Must File Claims by June 7
ZHBK-INVEST: Creditors Must File Claims by June 7

* CITY OF BRATSK: S&P Withdraws 'B+' LT Issuer Credit Rating


S W I T Z E R L A N D

ARGE GRAZIOLI/KRISCHANITZ: Creditors Must File Claims by May 29
INFRANOVA AG: Claims Filing Period Ends June 5
INTEC ENGINEERING: Claims Filing Deadline is May 29
OFFICECONNECT GMBH: Creditors Have Until June 2 to File Claims
VALUE2 GMBH: Claims Filing Deadline is June 5


U K R A I N E

ENGINEERING AND DESIGN: Creditors Must File Claims by June 5
NAVAL-PERSONAL LLC: Court Starts Bankruptcy Supervision Procedure
ND LTD LLC: Creditors Must File Claims by June 5
TECHINFORM-SERVICE LLC: Creditors Must File Claims by June 5
TOP DESIGNER: Creditors Must File Claims by June 5

UKRAINE LLC: Creditors Must File Claims by June 5


U N I T E D   K I N G D O M

BIRTHDAYS: Placed Into Administration; 2,100 Jobs at Risk
CABLE & WIRELESS: Earnings Up 36% in the Year to March 31
DECO SERIES: S&P Does Not Take Any Action on Class D's Rating
HERCULES PLC: Fitch Cuts Ratings on Two Classes of Notes to Low-B
INDUS PLC: Fitch Junks Ratings on Two Tranches

INTERNATIONAL POWER: S&P Corrects Error on Obligations Description
JJB SPORTS: Posts GBP167.6 Mln Net Loss for Year Ended Jan. 25
SCREEN TECHNOLOGY: Goes Into Administration
TATA MOTORS: JLR Bridge Loan Refinancing to Be Completed This Week
XELO PLC: S&P Lifts Rating on EUR100MM Notes to 'BBB+' From 'B+'

* KPMG Appoints Two New Partners to UK Restructuring Team
* KPMG Appoints Edmund Kelly as Real Estate Restructuring Director

* BOND PRICING: For the Week May 18 to May 22, 2009


                         *********


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


EVENT PRODUCTION: Claims Registration Period Ends June 15
---------------------------------------------------------
Creditors owed money by Event Production Helmut Werner KEG have
until June 15, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Mag. Andrea Eisner
         Brunnenplatz 5c
         7210 Mattersburg
         Austria
         Tel: 02626/62665
         Fax: 02626/63141
         E-mail: office@ra-eisner.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:01 a.m. on June 29, 2009, for the
examination of claims.


H & H GMBH: Claims Registration Period Ends June 15
---------------------------------------------------
Creditors owed money by H & H GmbH have until June 15, 2009, to
file written proofs of claim to the court-appointed estate
administrator:

         Mag. Josef Hofinger
         Rossmarkt 20
         4710 Grieskirchen
         Austria
         Tel: 07248/66347,61990
         Fax: 07248/62013
         E-mail: office@hofinger-menschick.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:40 a.m. on June 25, 2009, for the
examination of claims at:

         Land Court of Wels
         Hall 101
         First Floor
         Wels
         Austria


KAPA ALUBAU: Claims Registration Period Ends June 9
---------------------------------------------------
Creditors owed money byKapa Alubau GmbH have until June 9, 2009,
to file written proofs of claim to the court-appointed estate
administrator:

         Dr. Hubert Just
         Hauptplatz 7
         4560 Kirchdorf/Krems
         Austria
         Tel: 07582/62 0 74
         Fax: DW 22
         E-mail: kanzlei@hubertjust.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 1:45 p.m. on June 23, 2009, for the
examination of claims at:

         Land Court of Steyr
         Hall 7
         Second Floor
         Steyr
         Austria


UNISEC GMBH: Claims Registration Period Ends June 15
----------------------------------------------------
Creditors owed money by Unisec GmbH have until June 15, 2009, to
file written proofs of claim to the court-appointed estate
administrator:

         Dr. Gerhard Goetschhofer
         Schlossplatz 15
         4655 Vorchdorf
         Austria
         Tel: 07614/7575
         Fax: 07614/7575-14
         E-mail: rechtsanwalt@goetschhofer.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:20 a.m. on June 25, 2009, for the
examination of claims.


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


FORTIS: Fitch Changes Watch on Long-Term IDRs of Five Holding Cos
-----------------------------------------------------------------
Fitch Ratings has changed the Rating Watch on the Long-term Issuer
Default Ratings of the five Fortis holding companies --  Fortis
SA/NV, Fortis N.V., Fortis Brussels, Fortis Utrecht and Fortis
Insurance NV --  to Positive from Evolving.

The RWP reflects the clarification of the financial situation of
the five holding companies following the most recent shareholder
vote in favor of the sale of a 50.1% stake in Fortis Bank to the
Belgian State, thereby permitting BNP Paribas to acquire a
controlling stake in Fortis Bank last week.  In particular, it is
no longer possible for the Belgian State to enforce an October
2008 agreement making the holding companies fund EUR3.9 billion
for a structured credit defeasance vehicle, which could have led
to a cash shortfall.  The holding companies have been repaying a
significant amount of debt and are expected to have more than
enough cash to repay all of their remaining debt outstanding.
According to their trading update published last week, the holding
companies have short-term net cash of EUR3.3 billion.  The Rating
Watch will be resolved once an updated review of the holding
companies' major insurance subsidiaries has been completed.

The rating actions are:

Fortis SA/NV

  -- Long-term IDR: 'BB'; Rating Watch changed to Positive from
     Evolving

  -- Short-term IDR: 'B'; Placed on Rating Watch Positive

Fortis N.V.

  -- Long-term IDR: 'BB'; Rating Watch changed to Positive from
     Evolving

  -- Short-term IDR: 'B'; Placed on Rating Watch Positive

Fortis Brussels

  -- Long-term IDR: 'BB'; Rating Watch changed to Positive from
     Evolving

  -- Short-term IDR: 'B'; Placed on Rating Watch Positive

Fortis Utrecht

  -- Long-term IDR: 'BB'; Rating Watch changed to Positive from
     Evolving

  -- Short-term IDR: 'B'; Placed on Rating Watch Positive

Fortis Insurance N.V.

  -- Long-term IDR: 'BB'; Rating Watch changed to Positive from
     Evolving

  -- Short-term IDR: 'B'; Placed on Rating Watch Positive

Fortis Finance N.V.

  -- Senior unsecured: 'BB'; Rating Watch changed to Positive from
     Evolving

  -- Subordinated debt: 'BB-'; Rating Watch changed to Positive
     from Evolving

  -- Commercial paper: 'B'; Placed on Rating Watch Positive

Fortis Hybrid Financing

  -- Hybrid capital instruments: 'B'; Rating Watch changed to
     Positive from Evolving

Fortfinlux SA

  -- Hybrid Capital Instruments at 'CCC' on RWE are unaffected by
     the decision


===============
B U L G A R I A
===============


MKB UNIONBANK: Moody's Cuts Currency Deposit Ratings to 'Ba2'
-------------------------------------------------------------
Moody's Investors Service downgraded the long-term local and
foreign currency deposit ratings of MKB Unionbank AD (Bulgaria) to
Ba2 with a negative outlook from Ba1 with a negative outlook.
This action does not affect the other ratings assigned to the
bank.

The rating action follows Moody's downgrade to D from C- of the
bank financial strength rating of MKB Bank Rt (Hungary), MKB
Unionbank's immediate parent bank with a 60% controlling stake.
Moody's assessment of a moderate probability of support from the
parent to its subsidiary in the event of need means that MKB
Unionbank's deposit ratings incorporate an uplift from its Ba3
baseline credit assessment (which maps directly from its D- BFSR).
The level of uplift is based on MKB Bank Rt's own BCA, which has
been lowered to Ba2 from Baa2 as a result of the downgrade of its
BFSR.

MKB Unionbank's Ba2 long-term local and foreign currency deposit
ratings carry a negative outlook in line with the negative outlook
on its D- BFSR and the parent's ratings.

Moody's last rating action on MKB Unionbank was on January 15,
2009, when it placed a negative outlook on the D- BFSR and Ba1
long-term local and foreign currency deposit ratings, in line with
the change in the credit outlook on the Bulgarian banking system
to negative from stable.

MKB Unionbank AD is headquartered in Sofia and reported
consolidated total assets of BGN1.535 billion (EUR785 million) at
the end of December 2008.


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


DECO 14: Moody's Cuts Rating on EUR101 Mln Class D Notes to 'B1'
----------------------------------------------------------------
Moody's Investors Service has downgraded these four classes of
Notes issued by DECO 14 - Pan Europe 5 B.V. (amounts reflect
initial outstandings):

  -- EUR65,000,000 Class A3 Commercial Mortgage Backed Floating
     Rate Notes due 2020 downgraded to Aa2, previously on 29 March
     2007 assigned Aa1;

  -- EUR100,000,000 Class B Commercial Mortgage Backed Floating
     Rate Notes due 2020 downgraded to A1, previously on 29 March
     2007 assigned Aa2;

  -- EUR65,000,000 Class C Commercial Mortgage Backed Floating
     Rate Notes due 2020 downgraded to Baa1, previously on 29
     March 2007 assigned A2;

  -- EUR101,000,000 Class D Commercial Mortgage Backed Floating
     Rate Notes due 2020 downgraded to B1, previously on 29 March
     2007 assigned Baa2.

At the same time, Moody's has affirmed the ratings of the Class A1
and A2 Notes.  Moody's does not rate the Class E, Class F, Class G
and the Class X Notes issued by DECO 14 -- Pan Europe 5 B.V.

The rating action concludes the review for possible downgrade that
was initiated for the Class A3, Class B and Class C Notes on 24
February 2009, and for the Class D Notes on 14 November 2008.

1) Transaction and Portfolio Overview

DECO 14 -- Pan Europe 5 B.V. closed in March 2007 and represents
the securitization of initially 13 mortgage loans originated by
Deutsche Bank A.G. and Deutsche Bank S.p.A.  The loans were
secured by first-ranking legal mortgages over initially 4,221
(currently 4,215) commercial and multi-family properties located
throughout Germany (88% of the original portfolio by underwriter
market value), Italy (8%) and Bulgaria (4%).  The properties were
predominantly multi-family (74%) followed by office (13%) and
retail (11%) use.  The remaining property types comprised of
mixed-use and hotel.

Since closing, there have been almost no changes in the portfolio
composition.  One loan (Accor Loan -- 1.1% of the initial
portfolio balance) has prepaid in full and several units have been
disposed of from the WOBA MF Loan which resulted in small
prepayments.  The remaining loans are not equally contributing to
the portfolio: the largest loan (the WOBA MF Loan) represents
40.8% of the current portfolio balance, while the smallest loan
(the DD Karstadt Hilden Loan) represents 0.4%.  The current loan
Herfindahl index is 4.7, compared to 5.0 at closing.  The
scheduled amortization payments, prepayments and balloon payments
continue to be allocated to the Notes on a modified pro-rata basis
since closing, according to predefined loan buckets.

As of the last interest payment date, eleven of the remaining
twelve loans in the portfolio were current while one loan (Arcadia
Loan -- 7.4% of the current portfolio) suffered a payment
shortfall.  The Arcadia Loan has had three payment shortfalls over
the last three IPDs, two of which were cured by the relevant B-
lender.  Subsequent to the last non-payment, the loan will be
transferred to special servicing if the borrower fails to pay the
outstanding shortfall within the grace period until June 4, 2009.
The non-payment of the Arcadia Loan interest has resulted in a
drawing of the liquidity facility on the October 2008 IPD which
has since been repaid.  There was no draw from the liquidity
facility on the last IPD in April 2009.

2) Rating Rationale

The downgrades of the Class A3, Class B, Class C and Class D Notes
follow a detailed re-assessment of the loan and property
portfolio's credit risk.  Hereby, Moody's main focus was on
property value declines, term default risk, refinancing risk and
the anticipated work-out timing for potentially defaulting loans
in the future.  In its review, Moody's especially concentrated on
the largest loans in the portfolio accounting for on aggregate 78%
of the current portfolio (the WOBA MF Loan, the GA1 MF Loan, the
Puma MF Loan, the Armilla Clarice 2 Loan and the CGG -- Tambelle
REDO 3 Loan) and on the Arcadia Loan.

As outlined in more detail below, the rating action is mainly
driven by the adverse performance of the Arcadia loan, the weaker
than expected performance of some loans as well as the performance
of the European commercial property markets and Moody's opinion
about future property value performance.  Driven by, in most
cases, a higher default risk assessment at the loan maturity
dates, Moody's now anticipates that a considerable portion of the
portfolio will default over the course of the transaction term.
Coupled with the negative impact of reduced property values,
Moody's expects a considerable amount of losses on the securitized
portfolio.  Those expected losses will, given the backloaded
default risk profile and the anticipated work-out strategy for
defaulted loans, crystallize only towards the end of the
transaction term.

The current subordination levels for Moody's rated classes, 37%
for the Class A1 Notes, 26% for Class A2, 21% for Class A3, 15%
for Class B, 10% for Class C and 3% for the Class D Notes provide
protection against those expected losses.  However, the likelihood
of higher than expected losses on the portfolio has increased
substantially, which results in the rating action for the Class
A3, Class B, Class C and Class D Notes.

The Class A3, Class B, Class C and Class D are subordinated
classes in the transaction's capital structure.  Due to this
additional leverage, the higher portfolio risk assessment has a
relatively bigger impact on the expected loss of those Notes than
on the expected loss of the more senior Notes.

Since closing, only 1% of the initial loan portfolio prepaid.  The
prepayment proceeds were allocated modified pro-rata to the
transaction with the exception of the prepayment proceeds from
property disposals in the WOBA MF Loan which were allocated
sequentially to the Notes.  At the same time, the loan portfolio
only provides for limited scheduled principal repayment over time.
As a result, unlike other large multi-borrower transactions ("EMEA
CMBS conduit deals"), the Moody's rated classes do not benefit
from a meaningful increase in subordination levels since closing.

3) Moody's Portfolio Analysis

Property Values.  Property values across all European real estate
markets have shown declines until Q1 2009 and are expected to
continue to decline at least until 2010.  For this portfolio,
Moody's estimates that on aggregate the values should increase
back to the end-2008 levels by 2014/2015.  Based on this property
value assessment and taking into consideration value declines
linked to loan-specific property cash flows deterioration, Moody's
weighted average loan to model value for the securitized portfolio
is 80% compared to the reported underwriter's loan-to-value of
68%.  The Moody's loan to model values for the securitized loans
range between 122% (Arcadia Loan) and 64% (Armilla Clarice 2
Loan).  As three loans (CGG -- Tambelle REDO 3 Loan, Arcadia Loan
and the Sophia Business Park Loan) have additional debt in the
form of B-loans (amounting to EUR42 million) and one loan (GA1 MF
Loan) has prior ranking debt in place (amounting to EUR15
million), the overall whole loan leverage based on Moody's model
value is on average 84%.

Refinancing Risk.  The transaction has no exposure to loans
maturing in the short-term (2009 and 2010).  The earliest
refinancing exposure of the pool is in 2012 when 4.3% of the
current portfolio matures.  51.4% of the portfolio matures in 2013
and 44.3% matures in 2014.  In Moody's view, for some of the
loans, the default risk at maturity has increased substantially
compared to the closing analysis.  Moody's adjustment of
refinancing risk assessment for these loans is primarily due to
the decrease in property values that is linked to cash flow
deterioration.

Term Default Risk.  The occupational markets in most European
countries are currently characterized by falling rents, increasing
vacancy rates and higher than average tenant default rates.
Taking into account the lease profile of the respective loans, CGG
-- Tambelle REDO 3 Loan could be in Moody's view especially
exposed to weakening occupational markets.  Moreover, the DD
Karstadt Hilden Loan is negatively impacted by the performance of
its single tenant, Hertie GmbH & Co. KG, who has stopped paying
rent since the October 2008 IPD.  The balance of the portfolio is
backed by residential properties and benefits from a diverse
tenant base.  Based on the current lease profile, Moody's has
incorporated into its analysis an allowance for deterioration in
coverage ratios on a some of the loans, in turn increasing the
term default risk assumption for the respective loans.

Loans in Default and/or Special Servicing.  One loan of the
portfolio (Arcadia Loan -- 7.4%) is subject to an event of default
due to non-payment.  The loan has not yet been transferred to
special servicing as the borrower has a 45 day grace period to
cure the non-payment until June 4, 2009.

Overall Default Risk.  Based on its revised term and maturity
default risk assessment for the securitized loans, Moody's
anticipates that a considerable portion of the portfolio will
default over the course of the transaction term.  With the
exception of the Arcadia Loan and the DD Karstadt Hilden Loan, the
default risk of all loans is predominantly driven by refinancing
risk.  In Moody's view, the Arcadia Loan has currently the highest
default risk, while the largest loan in the portfolio (WOBA MF
Loan) has the lowest risk of defaulting.

Concentration Risk.  The portfolio securitized in DECO 14 -- Pan
Europe 5 B.V. exhibits a below average concentration in terms of
property types (74% multi-family, 13% office, 11% retail, 2%
mixed-use) and property location (88% Germany, 8% Italy, 4%
Bulgaria).  In Moody's view, the transaction benefits from
diversity of property type and from different markets performing
differently over time.

Work-Out Strategy.  In scenarios where a loan defaults, Moody's
current expectation is that the servicer will most likely not
pursue an immediate sale of the property in the depressed market
conditions.  Therefore, Moody's has assumed that in most cases,
upon default, a sale of the mortgaged properties and ultimate
work-out of the loan will occur at a later point in time.

Increased Portfolio Loss Exposure.  Taking into account the
increased default risk of the loans, the most recent performance
of the European commercial property markets, Moody's opinion about
future property value performance and the most likely work-out
strategies for defaulted loans, Moody's anticipates a considerable
amount of losses on the securitized portfolio, which will, given
the backloaded default risk profile and the anticipated work-out
strategy for defaulted loans, crystallize only towards the end of
the transaction term.


PREPS 2006-1: Moody's Cuts Ratings on Two Classes of Notes to 'B2'
------------------------------------------------------------------
Moody's Investors Service has downgraded its ratings of four
classes of notes issued by Preps 2006-1 plc.

Preps 2006-1 is a European mezzanine finance CLO with a
predominantly German portfolio.  The transaction has suffered
EUR45 million in defaults, early terminations or sold profit
participation agreements and the Principal Deficiency Ledger is
approximately EUR34 million, in addition to which the remaining
assets have suffered credit deterioration.

The rating action is a response to the above mentioned credit
deterioration in the collateral portfolio, as well as the result
of the application of revised and updated key modelling parameter
assumptions that Moody's uses to rate and monitor ratings of
collateralized loan obligations and which are also being applied
in its analysis of SME CDOs.  Moody's announced that changes to
these assumptions in a press release titled "Moody's updates key
assumptions for rating CLOs", published on February 4, 2009.  The
revisions affect default probability and correlation, which are
key parameters in Moody's model for rating CLOs.

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

Furthermore, various stress scenarios were run, including heavily
notching the largest asset in the portfolio, and stressing by one
notch those assets belonging to sectors which were viewed as
particularly vulnerable such as Automobile, Buildings and Real
Estate, Finance, Hotels, Motels, Inns and Gaming etc.

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

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

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

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

The rating actions are:

Preps 2006-1 plc:

(1) EUR238,100,000 Class A1 Floating Rate Notes due 2013
(currently EUR223 million)

  -- Current Rating: Aa3

  -- Prior Rating: Aaa, under review for possible downgrade

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

2) EUR900,000 Class A2 Fixed Rate Notes due 2013 (currently
EUR844,192)

  -- Current Rating: Aa3

  -- Prior Rating: Aaa, under review for possible downgrade

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

(3) EUR40,000,000 Class B1 Floating Rate Notes due 2013

  -- Current Rating: B2

  -- Prior Rating: Baa2, under review for possible downgrade

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

4) EUR9,000,000 Class B2 Fixed Rate Notes due 2013

  -- Current Rating: B2

  -- Prior Rating: Baa2, under review for possible downgrade

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


PREPS 2007-1: Moody's Cuts Rating on EUR35 Mln Notes to 'Ba2'
-------------------------------------------------------------
Moody's Investors Service has downgraded its ratings of two
classes of notes issued by Preps 2007-1 plc.

Preps 2007-1 is a European mezzanine finance CLO with a
predominantly German portfolio.  The transaction has suffered
EUR14.5 million in defaults, early terminations and sold profit
participation agreements, although the Principal Deficiency Ledger
has been reduced to approximately EUR2 million.  The remaining
assets in the portfolio have also suffered credit deterioration.
A positive aspect of the transaction's performance is that the
Class A has benefited from scheduled amortization payments,
outside of those used to pay down the principal deficiency ledger,
by an amount of EUR3 million.

The rating action is a response to the above mentioned credit
deterioration in the collateral portfolio, and the result of the
application of revised and updated key modeling parameter
assumptions that Moody's uses to rate and monitor ratings of
collateralized loan obligations and which are also being applied
in its analysis of SME CDOs.  Moody's announced the changes to
these assumptions in a press release titled "Moody's updates key
assumptions for rating CLOs", published on February 4, 2009.  The
revisions affect default probability and correlation, which are
key parameters in Moody's model for rating CLOs.

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

Furthermore, various stress scenarios were run, including heavily
notching the largest asset in the portfolio, and stressing by one
notch those assets belonging to sectors which were viewed as
particularly vulnerable such as Automobile, Buildings and Real
Estate, Finance, Hotels, Motels, Inns and Gaming etc.

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

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

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

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

The rating actions are:

Preps 2007-1 plc:

(1) EUR186,100,000 Class A Floating Rate Notes due 2014 (currently
EUR170 million)

  -- Current Rating: Aa2

  -- Prior Rating: Aaa, under review for possible downgrade

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

2) EUR35,000,000 Class B Floating Rate Notes due 2014

  -- Current Rating: Ba2

  -- Prior Rating: A2, under review for possible downgrade

  -- Prior Rating Date: 13th March 2009, A2 placed under review
     for possible downgrade


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I R E L A N D
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CEDO PLC: Moody's Withdraws 'Ca' Ratings on 22 Series of Notes
--------------------------------------------------------------
Moody's Investors Service has withdrawn 22 ratings on 19 series of
notes issued by CEDO PLC and three related loans.  These notes
were either bought back, which resulted in the termination of
notes, or restructured.

The rating actions are:

(1) Series 1 Tranche G EUR15,000,000 Asset-Backed Deferrable
Floating Rate Notes due 2011

  -- Current Rating: WR

  -- Prior Rating: Ca

  -- Prior Rating Action Date: 20 May 2009, downgraded from Caa1
     to Ca

(2) Series 2 Tranche A Asset-Backed Deferrable Floating Rates
Notes due 2011

  -- Current Rating: WR

  -- Prior Rating: Ca

  -- Prior Rating Action Date: 20 May 2009, downgraded from Caa1
     to Ca

(3) Series 2 Tranche B Asset-Backed Deferrable Floating Rate Notes
Due 2011

  -- Current Rating: WR

  -- Prior Rating: Ca

  -- Prior Rating Action Date: 20 May 2009, downgraded from Caa2
     to Ca

(4) Series 2 Tranche C Asset-Backed Deferrable Floating Rate Notes
due 2011

  -- Current Rating: WR

  -- Prior Rating: Ca

  -- Prior Rating Action Date: 20 May 2009, downgraded from Caa3
     to Ca

(5) Series 2 Tranche J Asset-Backed Fixed Rate Notes due 2011

  -- Current Rating: WR

  -- Prior Rating: Ca

  -- Prior Rating Action Date: 20 May 2009, downgraded from Caa2
     to Ca

(6) Series 2 Tranche G Asset-Backed Deferrable Floating Rate Notes
due 2011

  -- Current Rating: WR

  -- Prior Rating: Ca

  -- Prior Rating Action Date: 20 May 2009, downgraded from Caa3
     to Ca

(7) Series 2 Tranche I Asset-Backed Fixed Rate Notes due 2011

  -- Current Rating: WR

  -- Prior Rating: Ca

  -- Prior Rating Action Date: 20 May 2009, downgraded from Caa1
     to Ca

(8) Series 2 Tranche H Asset-Backed Floating Rate Notes due 2011

  -- Current Rating: WR

  -- Prior Rating: Ca

  -- Prior Rating Action Date: 20 May 2009, downgraded from Caa3
     to Ca

(9) Floating Rate Loan Facility in relation to Series 2 Tranche B
Asset-Backed Deferrable Floating Rate Notes

due 2011

  -- Current Rating: WR

  -- Prior Rating: Ca

  -- Prior Rating Action Date: 20 May 2009, downgraded from Caa2
     to Ca

(10) Floating Rate Loan Facility in relation to the Series 2
Tranche C Asset-Backed Deferrable Floating Rate

Notes due 2011

  -- Current Rating: WR

  -- Prior Rating: Ca

  -- Prior Rating Action Date: 20 May 2009, downgraded from Caa3
     to Ca

(11) Series 4 Tranche F EUR17,000,000 Asset Backed Deferrable
Floating Rate Notes due 2012

  -- Current Rating: WR

  -- Prior Rating: Ca

  -- Prior Rating Action Date: 20 May 2009, downgraded from Caa2
     to Ca

(12) Series 4 Tranche G US$2,000,000 Asset-Backed Deferrable
Floating Rate Notes due 2012

  -- Current Rating: WR

  -- Prior Rating: Ca

  -- Prior Rating Action Date: 20 May 2009, downgraded from B3 to
     Ca

(13) Series 4 Tranche I US$12,000,000 Asset-Backed Deferrable
Floating Rate Notes due 2012

  -- Current Rating: WR

  -- Prior Rating: Ca

  -- Prior Rating Action Date: 20 May 2009, downgraded from Caa2
     to Ca

(14) Series 4 Tranche J US$5,000,000 Asset-Backed Deferrable Fixed
Rate Notes due 2012

  -- Current Rating: WR

  -- Prior Rating: Ca

  -- Prior Rating Action Date: 20 May 2009, downgraded from Caa2
     to Ca

(15) Series 4 Tranche L US$15,000,000 Asset-Backed Deferrable
Floating Rate Notes due 2012

  -- Current Rating: WR

  -- Prior Rating: Ca

  -- Prior Rating Action Date: 20 May 2009, downgraded from Caa2
     to Ca

(16) Series 4 Tranche M US$15,000,000 Asset-Backed Deferrable
Floating Rate Notes due 2012

  -- Current Rating: WR

  -- Prior Rating: Ca

  -- Prior Rating Action Date: 20 May 2009, downgraded from Caa1
     to Ca

(17) Series 4 Tranche O US$10,000,000 Asset-Backed Deferrable
Floating Rate Notes due 2012

  -- Current Rating: WR

  -- Prior Rating: Ca

  -- Prior Rating Action Date: 20 May 2009, downgraded from Caa1
     to Ca

(18) Series 4 Tranche P US$2,000,000 Asset-Backed Deferrable
Floating Rate Notes due 2012

  -- Current Rating: WR

  -- Prior Rating: Ca

  -- Prior Rating Action Date: 20 May 2009, downgraded from Caa2
     to Ca

(19) Series 5 Tranche A EUR35,000,000 Asset-Backed Floating Rate
Notes due 2013

  -- Current Rating: WR

  -- Prior Rating: Ca

  -- Prior Rating Action Date: 20 May 2009, downgraded from B3 to
     Ca

(20) Series 5 Tranche F CHF 25,000,000 Asset Backed Floating Rate
Notes due 2013

  -- Current Rating: WR

  -- Prior Rating: Ca

  -- Prior Rating Action Date: 20 May 2009, downgraded from B3 to
     Ca

(21) Series 5 Tranche H JPY 500,000,000 Asset-Backed Floating Rate
Notes due 2013

  -- Current Rating: WR

  -- Prior Rating: Ca

  -- Prior Rating Action Date: 20 May 2009, downgraded from Caa2
     to Ca

(22) Facility Agreement in relation to Series 5 Tranche A
EUR35,000,000 Asset-Backed Floating Rate Notes due

2013

  -- Current Rating: WR

  -- Prior Rating: Ca

  -- Prior Rating Action Date: 20 May 2009, downgraded from B3 to
     Ca


MADRID CORPORATE: Moody's Assigns Rating on Class A Senior Notes
----------------------------------------------------------------
Moody's Investors Service has assigned this rating to notes issued
by Madrid Corporate Assets II Limited, a special purpose vehicle
incorporated under Irish law:

Aaa to the EUR724,500,000 Class A Senior Secured Notes due
September 2037

The rating addresses the expected loss posed to investors by the
legal final maturity (September 2037).

This transaction is a static collateralized loan obligation
related to a EUR1,034,900,000 portfolio of 17 loans originated by
Caja de Ahorros y Monte de Piedad de Madrid (Aa3/P-1).  The loans,
denominated in Euros and US dollars, are granted to medium and
large corporates in Europe and to two supranational financial
entities.

The main portfolio characteristics at closing are:

  -- The three major Moody's industries are Banking (37.29%),
     Transportation-Consumer (20.55%) and Real Estate (11.66%)

  -- Largest 5 obligors represent 61.15% of the initial portfolio

  -- The obligors are domiciled in Europe (89.2%) and in the
     United States (10.8%)

  -- The portfolio weighted average life is 6.38 years

  -- The asset ratings range from Aaa to B2

Moody's analyzed this transaction using primarily the methodology
and described in Moody's Special Reports below:

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

  -- Framework for De-Linking Hedge Counterparty Risks from Global
     Structured Finance Cashflow Transactions (May 2007)



Moody's used its CDOROM model to generate stochastic default and
recovery scenarios for each name in the pool.  On the basis of
these scenarios, Moody's built a cash-flow model that replicates
all deal-specific characteristics in order to determine the
potential loss incurred by the notes under each scenario.
Weighting each scenario loss by its probability of occurrence,
Moody's calculated the expected loss for the Class A Notes which,
combined with their expected average life, is consistent with the
assigned rating.

This approach captures the effect of the 42.75% credit enhancement
provided by the reserve fund and the Class B Loan, as well as the
support from potential excess spread and different FX and interest
rate hedge agreements.  Counterparty risk under such hedge
agreements and related mitigants were also considered in the
analysis.

The quantitative analysis incorporated the parameter framework as
outlined in the Moody's Global Credit Research Announcement
"Moody's updates key assumptions for rating corporate synthetic
CDOs" (dated January 15, 2009).  This parameter framework was used
as a starting point by Moody's to analyze this transaction.

Moody's notes that specific stresses were also applied to the
quantitative analysis to take into consideration specific
characteristics of the securitized portfolio.  The assessment of
the credit quality of approximately 75% of the portfolio relies on
credit estimates.  Due to the absence of outlook or review status
on credit estimates, the assumed default probability for these
exposures have been stressed by 50% instead of the usual 30%.
Moody's ran various stressed scenarios to test the sensitivity on
the rated Notes to changes on credit quality on these exposures.

Additionally, a cushion was considered when benchmarking the
modeled expected loss of the Class A Notes against the idealized
hurdle rate usually used to assign a Aaa.

The resulting main drivers of Moody's analysis for this
transaction are:

  -- the credit quality of the assets in the portfolio equivalent
     to a Moody's rating of Ba2 and an average default probability
     of 5.76%;

  -- an average pair wise correlation of 19.37%;

  -- a weighted average recovery rate of 35.65%;

Although the models used capture many of the dynamics of the
structure, they remain a simplification of the complex reality.
Such simplification is intended to have a limited impact in terms
of credit risk measurement, but still introduces some level of
uncertainty.  Of greatest concern are (a) variations over time in
default rates instruments with a given rating, (b) variation in
recovery rates for instruments with particular seniority/security
characteristics and (c) uncertainty about the default and recovery
correlation characteristics of the reference pool.

Given the tranched nature of the notes, rating transition of the
reference pool may have leveraged rating implications for the
ratings of this transaction, thus leading to a high degree of
volatility.


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


ASTANA FINANCE: Moody's Junks Long-Term Issuer and Debt Ratings
---------------------------------------------------------------
Moody's Investors Service downgraded the long-term issuer and debt
ratings of Astana Finance to Ca from B3.  The ratings have been
placed on review for further possible downgrade.

Moody's explains that the multi-notch downgrade was triggered by
the announcement of the company suspension of payments on its
public debts.  Under Moody's rating methodology for government-
related issuers, this default has resulted in the lowering of
Astana Finance's baseline credit assessment and in the removal of
the uplift that had previously been incorporated into the ratings
to reflect Moody's revised view of the probability of external
support.

Moody's has lowered Astana Finance's BCA to 20 from 17 (on a scale
of 1 to 21, where 1 represents the lowest credit risk).
Furthermore, as the company has not benefited from any form of
government support to date, Moody's has revised its assessment of
the government support incorporated into Astana Finance's debt and
issuer ratings from 'low' to 'none', thus removing the previous
one-notch uplift.  The company's current issuer and debt ratings
are therefore now at the same level as the new BCA.

"Astana Finance committed a breach of covenants on its liabilities
that triggered accelerated repayment of its debts.  The company's
liquidity profile was not in a position to absorb the accelerated
debt claims of its creditors, thus leading to a distressed
liquidity profile," said Semyon Isakov, a Moody's Moscow-based
analyst for Astana Finance.

Moody's also expects that the distressed operating environment
will result in a substantial erosion of the company's capital base
primarily deriving from its historically high foreign exchange
risk appetite together with the recent local currency devaluation,
high exposure to the distressed construction and real estate
sectors and an overall ongoing impairment of the company's assets.

Moody's previous rating action on Astana Finance was implemented
on February 24, 2009, when its local and foreign currency debt
ratings were downgraded to B3 from Ba1 (and the BCA was lowered to
17 from 14).  All the ratings carried a negative outlook.

Astana Finance (Kazakhstan) is headquartered in Astana and
reported total assets of US$2.505 billion and total equity of
US$318.0 million, according to the company's unaudited
consolidated statements as of the end of Q3 2008.


ASTANA TRANS: Creditors Must File Claims by June 12
---------------------------------------------------
LLP Astana Trans Stroy Service has gone into liquidation.
Creditors have until June 12, 2009, to submit proofs of claim to:

         Micro District 5, 23-86
         Almaty
         Astana
         Kazakhstan


BETEL STROY: Creditors Must File Claims by June 12
--------------------------------------------------
LLP Betel Stroy has gone into liquidation.  Creditors have until
June 12, 2009, to submit proofs of claim to:

         Micro district Taugul-1, 52a
         Almaty
         Kazakhstan

The Court is located at:

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


DUBROVNOYE LLP: Creditors Must File Claims by June 12
-----------------------------------------------------
Creditors of LLP Dubrovnoye have until June 12, 2009, to submit
proofs of claim to:

         Jumabaev Str. 102-25
         Petropavlovsk
         North Kazakhstan
         Kazakhstan

The Specialized Inter-Regional Economic Court of North Kazakhstan
commenced bankruptcy proceedings against the company on March 20,
2009 after finding it insolvent.

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of North Kazakhstan
         Brusilovsky Str. 60
         Petropavlovsk
         North Kazakhstan
         Kazakhstan


DVA-L LLP: Creditors Must File Claims by June 12
------------------------------------------------
LLP Manufacturing Company DVA-L has gone into liquidation.
Creditors have until June 12, 2009, to submit proofs of claim to:

         Suyunbai Str. 235b
         Almaty
         Kazakhstan

The Court is located at:

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


STUDENOYE LLP: Creditors Must File Claims by June 12
----------------------------------------------------
Creditors of LLP Studenoye have until June 12, 2009, to submit
proofs of claim to:

         Jumabaev Str. 109-301
         Petropavlovsk
         North Kazakhstan
         Kazakhstan

The Specialized Inter-Regional Economic Court of North Kazakhstan
region commenced bankruptcy proceedings against the company on
March 26, 2009 after finding it insolvent.

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of North Kazakhstan
         Brusilovsky Str. 60
         Petropavlovsk
         North Kazakhstan
         Kazakhstan


=================
M A C E D O N I A
=================


* Fitch Changes Outlook on Macedonia's 'BB+' Rating to Negative
---------------------------------------------------------------
Fitch Ratings has revised the Outlook on the Republic of
Macedonia's foreign currency and local currency Issuer Default
ratings to Negative from Stable.  At the same time, the agency has
affirmed the IDRs at 'BB+', the Short-term foreign currency rating
at 'B' and the Country Ceiling at 'BBB-'.

"The Negative Outlook on Macedonia's ratings reflects the risk
that the deterioration in the global economic and financial
environment will impose a more costly macroeconomic adjustment on
the country, given the large current account deficit," said Eral
Yilmaz, Associate Director in Fitch's Emerging Europe sovereigns
group.

Macedonia's current account deficit widened to almost 13% of GDP
in 2008, compared with 7.5% in 2007 as the trade deficit
increased.  Metals and textiles, both important exports for
Macedonia, were hit hard by lower global commodity prices and the
sharp decline in global trade in Q408.  Fitch is projecting that a
decline in workers' remittances and the slowdown in credit growth
will lead to a slowdown in consumer demand and a sharp decline in
imports.  Remittances, which were equivalent to almost 15% of GDP
in 2008, were 26% lower in the first two months of the year.
However, the terms-of-trade shock, coupled with the depreciation
of the flexible currencies of some countries in the region,
suggest that external imbalances will be slower to correct:
exports have fallen 43% year-on-year in Q109 while imports have
fallen by 28% in the same period.  Fitch is forecasting that
Macedonia's current account deficit will narrow only moderately to
10% of GDP in 2009.

Fitch expects foreign direct investment, which financed half of
the current account deficit in 2008, to fall sharply this year
while the global credit crunch will make it more difficult for the
private sector to borrow externally, increasing downward pressure
on foreign exchange reserves and, ultimately, putting pressure on
the Macedonian denar which is de facto pegged to the euro.  The
National Bank of the Republic of Macedonia has been intervening in
the foreign exchange market to support the peg and raised the
interest rate on central bank bills to 9% from 7% in March 2009.
Nevertheless, foreign exchange reserves have fallen by around 15%
in Q109 to EUR1.3 billion.  The Macedonian economy is highly
euroized with over half of loans and deposits denominated in or
linked to foreign currency.  In its report entitled "External
Financing Risks in Central and Eastern Europe" published in May
2009, Fitch said that Macedonia faced a "medium" external
financing risk and was a possible candidate for an IMF program.

Prudent fiscal policy has been a rating strength for Macedonia
with the central government budget deficit averaging less than
0.2% of GDP in the five years to 2008 although likely
deterioration in public finances will reverse this trend.  In
April 2009, the government lowered its 2009 growth forecast to 1%
from 5.5% and cut budget expenditure to maintain the target
central government budget deficit at 2.8% of GDP.  Fitch is
forecasting the Macedonian economy will contract 2% in 2009.  The
agency is projecting a central government budget deficit of 4.1%
of GDP in 2009.

Macedonia's ratings continue to be underpinned by its moderate
government debt burden (22% of GDP at end-2008, below the 'BB'
range median of 35%), per capita income level of US$4,600 at
market exchange rates that is higher than the 'BB' range median of
US$3,600 and net public external creditor status.  The country has
been an official candidate for European Union membership since
2005.  However, Fitch believes Greece's veto of Macedonia's
application to become a NATO member due to its objection to the
use of the country's name in 2008 could also make it harder for
Macedonia to gain a starting date for European Union accession
negotiations.


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


AK ALROSA: Fitch Assigns 'B' Long-Term Issuer Default Rating
------------------------------------------------------------
Fitch Ratings has assigned Russian diamond producer JSC AK Alrosa
a Long-term foreign currency Issuer Default Rating of 'B', a
Short-term foreign currency IDR of 'B' and a senior unsecured
rating of 'B'.  Fitch has simultaneously placed the Long-term IDR
and senior unsecured rating on Rating Watch Negative.  The agency
has also assigned a Recovery Rating of 'RR4' to the senior
unsecured rating.

Fitch applied its parent and subsidiary rating linkage criteria in
assigning Alrosa's ratings due to the legal, operational and
strategic links Alrosa has with its ultimate parent, the Russian
Federation ('BBB'/'F2'/Negative), which owns 50.9% of the company.
Fitch considered the various forms of support provided to Alrosa
by the Russian State, such as the expected procurement of the
company's output in H1 2009 for RUB45 billion, and the provision
of financing via state bank VTB ('BBB'/'F3'/Negative) of RUB44
billion for the refinancing of some of Alrosa's loan facilities.
The support also includes the renegotiation of a rental contract
between Alrosa and the Republic of Sakha, the owner of 32% of
Alrosa (also known as Yakutia, rated 'BB'/Stable), which resulted
in ceasing a royalty payment to the Republic of Sakha.  The State
is also assisting in selling non-core assets.  Nevertheless, in
the absence of formal State guaranties or cross-default
provisions, operational integration, and the direct financing of
Alrosa's capital expenditures and operations by the Russian State,
Fitch believes there would be a weak linkage relationship between
Alrosa and its key shareholder.  State support has provided a two-
notch uplift to yield the current 'B' rating.

Alrosa's stand-alone credit profile is driven by the company's
strong market position as the global number two producer in the
highly consolidated diamond industry.  The company currently
accounts for 97% of all Russia diamond production.  Alrosa has
significant diamond mining reserves to continue mining operations
until at least through 2029.  The rating also reflects the
company's current low cost position despite the difficult
operating environment in northeastern Russia and its conversion to
underground mining.  The company's EBITDA margin is 30%, on
average, which exceeds the EBITDA margin of market leader De
Beers, which had an EBITDA margin of 17% in 2008 and 2007.

Constraints on the ratings include the company's exposure to
diamond market cycles. Unlike other mining companies rated by
Fitch such as Rio Tinto ('BBB+'/'F2'/RWE) and Anglo American
('A-'/'F2'/Negative), which have wide diversification across
products and can reduce exposure to one product cycle, almost all
of Alrosa's operations are in diamond production.  Other
constraints include high indebtedness which exceeds that of
Commonwealth of Independent States's metal and mining companies
rated by Fitch (average FYE2008 gross debt/EBITDAR of 1.2x).
Fitch estimates Alrosa's FYE2008 gross debt/EBITDAR in a range of
4.1-4.2x, and FYE2008 net debt/EBITDAR in a range of 3.5-3.7x.  As
of H108, Alrosa had breached covenants (net debt/EBITDA less than
2.5x) for some loan agreements, but it received a waiver from
creditors until the next half-year covenants testing in July 2009.

Fitch forecasts that Alrosa's revenue and profitability will be
significantly affected by the global recession in financial year
2009.  Fitch expects that the company's FY09 sales will be 20%-25%
below that of FY08, including volume off-take by the Russian
State.  The agency estimates FY09 gross debt/EBITDAR at 3.8-4.0x
and net interest/EBITDAR at 2.7-3.0x.

The RWN reflects Fitch's concerns that Alrosa will again breach
covenants under some debt facilities at half-year testing for
FYE08 and 2009.  Fitch expects to resolve the RWN once the issuer
has addressed this matter by either renegotiating its covenant
level or by improving its capital structure, for example, by using
proceeds from the sale of non-core assets for debt repayments.
Conversely, a failure to do so and increased negative pressure on
Alrosa's credit profile, as a result of a sharper-than-expected
deterioration in market conditions or insufficient support from
the Russian State, could place downward pressure on the company's
ratings.

As of end-2007, Alrosa had a total debt of RUB81.7 billion with
short-term maturities of RUB49 billion.  Total debt includes
US$500 million of eurobonds maturing in 2014.  All the debt is
unsecured.  Fitch notes that Alrosa's debt measured in US$ has
increased in the last three years by 2x from US$1.5 billion to
US$3.3 billion as the company has continued to implement a
significant capex program of conversion of open-pit mines to
underground mining and engaged in M&A activities.


EKSPO-STROYTEKS LLC: Creditors Must File Claims by July 7
---------------------------------------------------------
The Arbitration Court of Moscow commenced bankruptcy proceedings
against LLC Ekspo-Stroyteks (TIN 7701250499) (Construction) after
finding the company insolvent.  The case is docketed under
Case No. ?40–67607/08–95-215B.

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

         S. Deyev
         Insolvency Manager
         Post User Box 24
         115569 Moscow
         Russia

The Debtor can be reached at:

         LLC Ekspo-Stroyteks
         Building 2
         Novoryazanskaya Str. 26-28
         107066 Moscow
         Russia


MOSCOW STARS: Moody's Cuts Rating on Class A Notes to 'Ba1'
-----------------------------------------------------------
Moody's Investors Service has downgraded and maintained on review
for possible downgrade these classes of Notes issued by Moscow
Stars B.V.:

  -- Class A US$159,000,000 Mortgage-Backed Floating Rate Notes
     Due 2034, downgraded to Ba1, on review for possible
     downgrade, previous rating Baa2, on review for possible
     downgrade.

The Class B US$16,200,000 Mortgage-Backed Floating Rate Notes Due
2034, currently rated Ba2, remains on review for possible
downgrade.

This action results from the deterioration of the credit quality
of Moskommertsbank, the originator and servicer for this
transaction.  The ratings of the notes issued by this transaction
are linked to the credit quality of Moskommertsbank due to
concerns on the true sale resulting from the untested legal system
in Russia, as well as the risk of potential commingling of
collections, which arise in case of the servicer's bankruptcy.
Therefore, the deterioration of the credit quality of
Moskommertsbank results in a downgrade of the note ratings of this
transaction where the credit enhancement and other structural
features are not sufficient to mitigate the risks listed above.

The ratings of the notes remain on review for possible downgrade
due to the increased redenomination risk resulting from the recent
depreciation of Rouble against the US Dollar and due to the
operational risk associated with the occurrence of the Quasi
Servicer Event, which requires the borrowers to redirect their
payments from the collection accounts held with Moskommertsbank to
the accounts held with the back up servicer, ZAO Raiffeisenbank.

Moody's previous rating action on notes issued by Moscow Stars
B.V. was on December 16, 2008, when ratings were put on review for
possible downgrade due to the increased risk of redenomination
resulting from the depreciation of Rouble against the US Dollar.


PETRO-AERO-BANK: Creditors May File Claims
------------------------------------------
Creditors of OJSC Petro-Aero-Bank (Commercial Bank) must submit
proofs of claims to:

         Ordzhonokidze Str. 42A
         196143 Saint-Petersburg
         Russia

           -- or --

         2-ya Liniya V.O.
         199053 Saint-Petersburg
         Russia

           -- or --

         Building 1
         Pushkarev Pereulok 3/4
         103045 Moscow
         Russia


REM-STROY LLC: Creditors Must File Claims by July 7
----------------------------------------------------
The Arbitration Court of Arkhangelskaya commenced bankruptcy
supervision procedure on LLC Rem-Stroy-Les (TIN 290004096, PSRN
1052903016242) (Construction).  The case is docketed under Case
No. A?5–3388/2009.

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

         A. Grishko
         Temporary Insolvency Manager
         Apt. 48
         R. Lyuksenburg Str. 7
         163000 Arkhangelsk
         Russia

The Debtor can be reached at:

         LLC Rem-Stroy-Les
         Sovkhoznaya Str. 71
         Bereznik
         Vinogradovskiy
         164571 Arkhangelskaya
         Russia


STROY-INDUSTRIYA LLC: Creditors Must File Claims by July 7
----------------------------------------------------------
The Arbitration Court of Moskovskaya commenced bankruptcy
proceedings against LLC Stroy-Industriya (TIN 5024029946, PSRN
1025002879846) (Construction) after finding the company insolvent.
The case is docketed under Case No. ?41–12994/08.

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

         I. Ovchinnikov
         Insolvency Manager
         Post User Box 37
         Postal Office -20
         302020 Orel
         Russia

The Debtor can be reached at:

         LLC Stroy-Industriya
         Stroitelnaya Str. 5
         143400 Krasnogorsk
         Moskovskaya
         Russia


SUE INVEST-STROY: Creditors Must File Claims by June 7
------------------------------------------------------
The Arbitration Court of Yakutia commenced bankruptcy supervision
procedure on SUE Invest-Stroy (TIN 1421003746) (Construction).
The case is docketed under Case No. ?58–8021/08.

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

         O. Malkov
         Temporary Insolvency Manager
         Post User Box 2
         Sosnovoborsk
         662501 Krasnoyarskiy
         Russia

The Court is located at:

         The Arbitration Court of Yakutia
         Kurashova Str. 28
         677000 Yakutsk
         Russia

The Debtor can be reached at:

         SUE Invest-Stroy
         Melioratorov Str. 1
         Olekminsk
         Olekminskiy
         678100 Yakutia
         Russia


ZHBK-INVEST: Creditors Must File Claims by June 7
-------------------------------------------------
The Arbitration Court of Moscow commenced bankruptcy proceedings
against LLC ZhBK-Invest (Construction Materials) after finding the
company insolvent.  The case is docketed under Case No. ?40–
3551/09–70-8B.

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

         M. Starynin
         Insolvency Manager
         Office 34
         Rozhdestvenskiy Blvd. 5-7
         Moscow
         Russia

The Debtor can be reached at:

         LLC ZhBK-Invest
         Vasiliya Petushkova Str. 8
         Moscow
         Russia


* CITY OF BRATSK: S&P Withdraws 'B+' LT Issuer Credit Rating
------------------------------------------------------------
Standard & Poor's Ratings Services said that it had withdrawn its
'B+' long-term issuer credit and 'ruA+' Russia national scale
ratings on the City of Bratsk, located in Irkutsk Oblast
(B/Negative/--), at the city's request.

"The ratings have been on CreditWatch with negative implications
since Oct. 30, 2008," said Standard & Poor's credit analyst Karen
Vartapetov.

The CreditWatch placement reflected increased refinancing risks
resulting from the concentration of payments the city must make on
its debt of RUR275 million (US$8.5 million; equivalent to 7.1% of
total revenues budgeted for 2009) in November and December of
2009.

The negative CreditWatch was also because of the risks related to
uncertainties about the financial policy of the new administration
of the Irkutsk Oblast.

"Because S&P lacked necessary information from Bratsk at the time
of the request to withdraw the ratings, Standard & Poor's was
unable to resolve the CreditWatch placement and determine accurate
final ratings before S&P withdrew the ratings," said Mr.
Vartapetov.

On Feb. 1, 2009, Bratsk's cash on accounts amounted to only
RUR125.1 million, which equaled only about 1.5 weeks of operating
expenditures.


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


ARGE GRAZIOLI/KRISCHANITZ: Creditors Must File Claims by May 29
---------------------------------------------------------------
Creditors of ARGE Grazioli/Krischanitz GmbH are requested to file
their proofs of claim by May 29, 2009, to:

         Mythen Treuhand und Verwaltung AG Zurich
         Spluegenstrasse 9
         8002 Zurich

The company is currently undergoing liquidation in Zurich.  The
decision about liquidation was accepted at a shareholders' meeting
held on March 12, 2009.


INFRANOVA AG: Claims Filing Period Ends June 5
----------------------------------------------
Creditors of InfraNova AG are requested to file their proofs of
claim by June 5, 2009, to:

         Sergio Stendardo
         Zentralstrasse 129
         8003 Zurich
         Switzerland

The company is currently undergoing liquidation in Zurich.  The
decision about liquidation was accepted at a general meeting held
on March 12, 2006.


INTEC ENGINEERING: Claims Filing Deadline is May 29
---------------------------------------------------
Creditors of Intec Engineering are requested to file their proofs
of claim by May 29, 2009, to:

         Dr. Hans Rudolf Steiner
         Seefeldstrasse 123
         Mail Box 1060
         8034 Zurich
         Switzerland

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


OFFICECONNECT GMBH: Creditors Have Until June 2 to File Claims
--------------------------------------------------------------
Creditors of OfficeConnect GmbH are requested to file their proofs
of claim by June 2, 2009, to:

         Trevisca AG
         Zugerstrasse 74
         6340 Baar
         Switzerland

The company is currently undergoing liquidation in Zug.  The
decision about liquidation was accepted at an extraordinary
general meeting held on Oct. 2, 2006.


VALUE2 GMBH: Claims Filing Deadline is June 5
---------------------------------------------
Creditors of Value2 GmbH are requested to file their proofs of
claim by June 5, 2009, to:

         Phil Allen
         Liquidator
         Gems Europe GmbH
         Bahnhofplatz
         6300 Zug
         Switzerland

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


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


ENGINEERING AND DESIGN: Creditors Must File Claims by June 5
------------------------------------------------------------
Creditors of State Enterprise Engineering and Design Center of
Machine-Tool Construction (code EDRPOU 00224834) have until
June 5, 2009, to submit proofs of claim to:

         I. Gusar
         Insolvency Manager
         Post Office Box 29
         01030 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on April 6, 2009.  The case is docketed under
Case No. 49/252-b.

The Court is located at:

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

The Debtor can be reached at:

         State Enterprise Engineering and
         Design Center of Machine-Tool Construction
         Moscow Avenue
         04655 Kiev
         Ukraine


NAVAL-PERSONAL LLC: Court Starts Bankruptcy Supervision Procedure
-----------------------------------------------------------------
The Economic Court of Nikolayev commenced bankruptcy supervision
procedure on LLC Shipbuilding Enterprise Naval-Personal (code
EDRPOU 34565651).

The Insolvency Manager is:

         V. Solomakha
         Office 10
         Lenin Avenue 189
         Nikolayev
         Ukraine

The Court is located at:

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

The Debtor can be reached at:

         LLC Shipbuilding Enterprise Naval-Personal
         Industrialnaya Str. 1
         54011 Nikolayev
         Ukraine


ND LTD LLC: Creditors Must File Claims by June 5
-------------------------------------------------
Creditors of LLC ND Ltd (code EDRPOU 31093268) have until June 5,
2009, to submit proofs of claim to:

         D. Rybin
         Insolvency Manager
         Office 172
         Feodosiya Str. 4
         Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on April 23, 2009.  The case is docketed under
Case No. 15/234-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC ND Ltd
         Frunze Str. 160
         04114 Kiev
         Ukraine


TECHINFORM-SERVICE LLC: Creditors Must File Claims by June 5
------------------------------------------------------------
Creditors of LLC Techinform-Service (code EDRPOU 24777696) have
until June 5, 2009, to submit proofs of claim to:

         V. Egorova
         Insolvency Manager
         Post Office Box 42
         65011 Odessa
         Ukraine

The Economic Court of Odessa region commenced bankruptcy
proceedings against the company on April 16, 2009.

The Court is located at:

         The Economic Court of Odessa
         Shevchenko Avenue 29
         65032 Odessa
         Ukraine

The Debtor can be reached at:

         LLC Techinform-Service
         Gastello Str. 14
         Izmail
         68600 Odessa
         Ukraine


TOP DESIGNER: Creditors Must File Claims by June 5
--------------------------------------------------
Creditors of LLC Top Designer (code EDRPOU 35234922) have until
June 5, 2009, to submit proofs of claim to:

         A. Otcheretiany
         Insolvency Manager
         Office 7/4
         Stalsky Str. 26
         02139 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on April 23, 2009.  The case is docketed under
Case No. 15/233-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Top Designer
         Office 3
         Gorky Str. 13
         01004 Kiev
         Ukraine


UKRAINE LLC: Creditors Must File Claims by June 5
-------------------------------------------------
Creditors of Agricultural LLC Ukraine (code EDRPOU 03760007) have
until June 5, 2009, to submit proofs of claim to:

         V. Shvaykin
         Insolvency Manager
         Office 4
         Sevastopol Str. 41/2
         95013 Simferopol
         AR Krym
         Ukraine

The Economic Court of AR Krym commenced bankruptcy proceedings
against the company on April 21, 2009.

The Court is located at:

         The Economic Court of AR Krym
         R. Luxembourg Str. 29/Rechnaya Str. 11
         95000 Simferopol
         AR Krym
         Ukraine

The Debtor can be reached at:

         Agricultural LLC Ukraine
         Pervomayskaya Str. 5
         Prostornoye
         96170 Dzhankoy
         AR Krym
         Ukraine


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


BIRTHDAYS: Placed Into Administration; 2,100 Jobs at Risk
---------------------------------------------------------
Clinton Cards plc has decided to place its 332-store greeting
cards chain Birthdays into administration as it could no longer
continue to provide funding to the loss making subsidiary,
scotsman.com reports.

Clinton Cards could not sustain supporting Birthdays' losses of
around GBP7 million a year with "limited opportunity to improve on
that performance in the foreseeable future", the report says
citing the group's chairman Don Lewin.  According to the report,
Clinton Cards, which bought Birthdays in December 2004, said 50%
of all the brand's stores are now loss making.  "Given the current
economic uncertainty and the structure of the Birthdays' business,
the Clintons' Board believes there is little prospect of Birthdays
generating a profit in the near future," the report quoted Clinton
Cards as saying in a statement.

Clinton Cards, as cited by the report, said Birthdays
administration, which puts around 2,100 jobs at risk, would not
have a material affect on the group's annual trading results, but
a non-cash asset write-down of around GBP44 million was expected.

Zolfo Cooper were appointed administrators of Birthdays, which has
been hit by the deterioration in the economy, on Wednesday, the
report relates.  Birthdays, the report states, will continue to
trade as normal and the administrators will explore all options
available to secure the future of the business.  Birthdays' Irish
subsidiary, Birthdays (Ireland) Limited, has not been placed into
administration and will continue to trade as normal, the report
adds.

Birthdays -- http://www.birthdays.co.uk-- sells cards, gifts and
gift wrap.  The company has about 2,200 employees, including head
office, store and distribution staff.


CABLE & WIRELESS: Earnings Up 36% in the Year to March 31
---------------------------------------------------------
The Scotsman's Victoria Thomson reports that Cable & Wireless
plc's underlying earnings rose to GBP822 million in the year to
March 31, up 36% from GBP605 million.

The hike in annual earnings follows a group-wide overhaul and
recent takeovers, the Scotsman says.

Cable's revenues grew by 16 per cent, the Scotsman discloses.
Reuters reports Cable's worldwide division, which used to be
called Europe, Asia and US, showed EBITDA growth of 49 percent on
last year and the company's international division, which covers
markets in the Caribbean, Panama and others, rose by 11 percent.
According to Reuters, Cable benefited from the acquisition and
subsequent synergies from smaller rival Thus and from the effect
of foreign currency translations on its international division.
The Scotsman states Cable's takeover of Thus provided a GBP29
million boost to full-year earnings, with cost savings also seen
from the takeover.

Reuters relates Cable raised the full-year dividend for the year
just ended by 13 percent, demonstrating "confidence in the group's
prospects".  The company set a group core earnings forecast of
approximately GBP1.03 billion for the 2009-10 year, up 25 percent,
Reuters notes.  Reuters recalls shares in the company were down 9%
in early trading on Thursday due to disappointment from some
analysts who said the forecast growth for 2010 was weaker than
hoped.

The Scotsman discloses that top managers at Cable are sharing out
a GBP70 million bonus pot after hitting targets following a
successful turnaround in recent years, with an GBP8.3 million
windfall this year for John Pluthero, chairman of Cable's Europe,
Asia and US division, since rebranded Worldwide.

Headquartered in London, Cable & Wireless plc -- http://www.cw.com
-- is an international telecommunications company.  The Company
offers mobile, broadband and domestic and international fixed line
services to homes, small and medium-sized enterprises, corporate
customers and governments.  It operates in 39 countries through
four major operations in the Caribbean, Panama, Macau and Monaco &
Islands. It operates through two businesses: International and
Europe, Asia & US.  Its International business operates full
service telecommunications companies through four major operations
in the Caribbean, Panama, Macau and Monaco and Islands.  Its
Europe, Asia & US provides enterprise and carrier solutions to the
largest users of telecom services across the United Kingdom,
continental Europe, Asia and the United States.  Its subsidiaries
include Cable & Wireless UK, Cable & Wireless Jamaica Ltd, Cable &
Wireless Panama, SA, Cable & Wireless (Barbados) Ltd and Monaco
Telecom SAM.

                          *     *     *

Cable & Wireless plc continues to carry a 'Ba3' long-term
corporate family rating from Moody's Investors Service with stable
outlook.


DECO SERIES: S&P Does Not Take Any Action on Class D's Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services is aware that on the April 2009
note payment date DECO Series 2005-UK Conduit 1 PLC's class D
notes experienced an interest shortfall.  S&P believes this
shortfall comes under S&P's minor shortfall policy and
consequently S&P has not taken any rating action at this time.

In addition, the class E notes received no payment of interest.
On Aug. 3, 2007, S&P lowered its rating on the class E notes to
'D' due to interest shortfalls.

The interest paid to the class D notes in April 2009 was
GBP65,633.52, leaving a shortfall of GBP11,500.79.  Previous
interest shortfalls have been limited to the class E notes.

S&P understands the class D note interest shortfall was largely
attributable to various third-party costs incurred by the special
servicer that had been charged to the issuer.  These included
accrued legal fees and various non-recurring costs, such as
valuation fees.  These costs relate principally to the Kashani
Investments Ltd. and Mondeal Ltd. loans.

S&P understands that future recurring costs will be at a lower
level than those charged to the issuer on the April 2009 note
payment date.  As a result, S&P believes that future note interest
shortfalls may be restricted to the class E notes.


HERCULES PLC: Fitch Cuts Ratings on Two Classes of Notes to Low-B
-----------------------------------------------------------------
Fitch Ratings has downgraded Hercules (Eclipse 2006-4) plc's notes
due October 2018:

  -- GBP653 million Class A (XS0276410080): downgraded to 'AA'
     from 'AAA'; Outlook revised to Negative from Stable

  -- GBP43.9 million Class B (XS0276410833): downgraded to 'A'
     from 'AA+'; Outlook Negative

  -- GBP25.0 million Class C (XS0276412375): downgraded to 'BBB'
     from 'AA'; Outlook Negative

  -- GBP50.9 million Class D (XS0276413183): downgraded to 'BB'
     from 'A'; Outlook Negative

  -- GBP29.0 million Class E (XS0276413340): downgraded to 'B'
     from 'BBB'; Outlook Negative

The downgrades reflect the deterioration in the creditworthiness
of the transaction, due to declining UK commercial property
values, especially those secured by grade-B assets.  This is
evidenced in the weighted average Fitch LTV of 96%, compared to a
WA reported LTV of 65.9%.  Of the seven remaining loans, three,
including the two largest loans, show a Fitch LTV over 100%, a
measure of the level of refinancing risk for these loans.

Hercules (Eclipse 2006-4) plc is a securitization of commercial
mortgage loans originated by Barclays Bank plc ('AA-'/Outlook
Stable/'F1+'), which closed in December 2006.  Since closing, as a
result of minor scheduled amortization, the outstanding balance
has reduced to GBP801.77 million from GBP814.95 million.  The
collateral portfolio consists of offices, retail warehouses,
retail units, shopping centres and nursing homes located
throughout England and Scotland, with an aggregate market value of
GBP1,282 million.

The transaction has significant exposure to three large loans --
the River Court loan, the Chapelfield loan and the Cannonbridge
loan -- which together account for 71% of the outstanding note
balance.  The largest loan in the pool, the River Court loan, is
secured by a single office complex located in Fleet Street
(London) 97% let to Goldman Sachs International and fully
guaranteed by Goldman Sachs Group ('A+'/Outlook Stable/ 'F1+').
The complex comprises two buildings, Brook House and River Court,
both offering grade A office accommodation in London's midtown
submarket.  The quality of lease income, and its term to break in
2020 (some four years after loan maturity), provide insulation
against current market conditions.  Fitch estimates an exit LTV of
98%.

The Chapelfield loan is secured on the Chapelfield shopping centre
in Norwich, Norfolk.  The centre accommodates in the region of 100
tenants, with 13.2 years until first lease break (on a WA basis).
Recent tenant administrations have caused the 12-month forward
looking interest cover ratio to fall from 1.21x to 1.12x, below a
1.20x cash trap trigger, thus causing excess cash to be trapped.
The reported LTV of 68.6% (as at April 2006) compares with a Fitch
exit LTV estimated at 103%.

The Cannonbridge loan is secured by a single grade A office
property located in the City of London, with a rather short WA
unexpired lease term to break of 5.4 years.  Moreover, GBP3.4
million (25%) of passing rent (from Standard Bank) is set to break
in September 2009, depressing the 12-month forward looking ICR to
1.10x (on the whole facility), versus a 1.20x cash trap trigger,
thus causing excess cash to be trapped.  The loan has a Fitch exit
LTV of 95%, compared to a reported exit LTV of 62.5%.

Of the remaining four loans, the Ashbourne loan, which is secured
over a portfolio of 90 nursing homes let to Ashbourne Healthcare,
was watch-listed by the servicer in July 2008 owing to a potential
LTV covenant breach.  In the last quarter portfolio-wide
rent/EBITDAR fell to 1.33x from 1.51x, primarily because of a fall
in bed occupancy across the portfolio.  A 2008 revaluation shows
the current LTV at 45.8% for the senior loan, some way below
Fitch's estimation of 74%.  The three other loans, each
contributing less than 10% of the pool, are secured over
properties that have suffered market value declines, and are hence
exposed to balloon risk.

Fitch will continue to monitor the performance of the transaction.


INDUS PLC: Fitch Junks Ratings on Two Tranches
----------------------------------------------
Fitch Ratings has downgraded all five tranches of Indus (Eclipse
2007-1) plc and removed them from Rating Watch Negative following
a review of the transaction.  The ratings are:

  -- GBP697.7 million class A, due January 2020, (XS0294756449)
     downgraded to 'A' from 'AAA'; removed from RWN; assigned a
     Negative Outlook

  -- GBP47.0 million class B, due January 2020, (XS0294757173)
     downgraded to 'BBB' from 'AA'; removed from RWN; assigned a
     Negative Outlook

  -- GBP52.9 million class C, due January 2020, (XS0294757256)
     downgraded to 'BB' from 'A'; removed from RWN; assigned a
     Negative Outlook

  -- GBP52.4 million class D, due January 2020, (XS0294757504)
     downgraded to 'CC' from 'BBB'; removed from RWN, assigned a
     Recovery Rating of 'RR5'

  -- GBP9.9 million class E, due January 2020, (XS0294757686)
     downgraded to 'C' from 'BB'; removed from RWN; assigned 'RR6'

The downgrades reflect the general widening of yields to levels
significantly higher than those at the time the loans were
originated at the height of the market.  The lack of seasoning,
and limited scheduled amortization since closing, means that only
a small amount of protection against falling values has been
created.  Ongoing declines in UK commercial property values have
increased the weighted-average Fitch loan-to-value ratio to an
estimated 91.9%, in excess of the 76.3% reported LTV, with eight
loans displaying Fitch LTVs in excess of 100%.  Moreover, a number
of loans, including the two largest loans, are underperforming.

At closing, the Agora Max loan (7.4% of the pool) was secured on
one regional shopping centre located in Birmingham in the West
Midlands and two shopping centres in Birkenhead, in northwest
England.  The loan was put on the servicer's watchlist at the
January interest payment date due to a Compulsory Purchase Order
being served on the Birmingham property (48% of MV).  The property
was subsequently sold below its allocated loan amount at the end
of March 2009 for GBP91 million.  Based on the sale of this
property and the resulting loan paydown, Fitch calculates an exit
debt yield of 5.4% on the remaining debt.  The leverage of the
remaining properties increased significantly after the sale, and
the Fitch LTV stands in excess of 150%.  The reported senior LTV
of 76% is in breach of the covenant of 70%.  Following a
revaluation, the servicer expects the senior LTV to be in excess
of 100%.  Consequently, the junior loan lenders are no longer
receiving any of the debt service payments which are being
trapped.  There are currently sufficient funds to make all debt
service payments on the securitized portion of the loan.

The impact on LTVs has been further exacerbated by the presence of
long-dated swaps.  The Adelphi House, Criterion, and Greater
London loans (48.0% of the pool) all feature long-dated swaps
whose breakage costs rank senior to loan principal repayments.
For the purposes of calculating the LTVs, the swaps are marked-to-
market on a quarterly basis and any negative balance is added to
the loan balances to determine whether breaches in the MTM LTV
covenants have occurred.  Recent falls in swap rates have
precipitated negative MTMs and placed further pressure on already
weakened LTVs.  Fitch notes that although the Agora Max loan also
incorporated a long-dated swap at closing, with breakage costs
subordinated to principal repayments, the borrower has since
restructured the swap to terminate six months ahead of the loan's
scheduled maturity.  While this has decreased potential swap
breakage costs, the breakage costs now rank senior to the loan.

Both the Adelphi House and Criterion loans breached their
respective LTV covenants at the January 2009 IPD.  The loans are
secured by prime properties in London's West End: Adelphi House is
a multi-let office that derives 45% of its passing rent from the
Secretary of State, while the Criterion building is primarily
occupied by McKinsey & Co (81% of passing rent) until 2018.  In
the case of Adelphi House, cash is currently being trapped in the
amortization escrow account due to a breach of the junior interest
coverage ratio covenant; the loan has not been transferred to
special servicing to avoid adding stress onto the cash flow with
special servicing costs.  The Criterion loan, however, does not
currently have any excess cash flow due to the administration of
Zavvi.  Consequently, the servicer has agreed to waive the LTV
covenant until 2014 in exchange for the borrower covering the cash
flow shortfall and depositing the equivalent of four quarters of
Zavvi rent in a pledged account.

Fitch will continue to monitor the performance of the transaction.


INTERNATIONAL POWER: S&P Corrects Error on Obligations Description
------------------------------------------------------------------
Standard & Poor's Ratings Services corrected an error regarding
the description of obligations issued by International Power
Finance (Jersey) Ltd. and International Power Finance
(Jersey) II Ltd.

On Nov. 26, 2008, S&P published an article that assigned debt
ratings to bonds issued by International Power Finance (Jersey)
Ltd. and International Power Finance (Jersey) II (please refer to
"Convertible Issues Guaranteed By International Power PLC Rated
'BB-'; Recovery Rating '4'").  Due to a data entry error, bonds
issued by International Power Finance (Jersey) Ltd. were
erroneously entered in S&P's central database as being issued by
International Power Finance (Jersey) II and bonds issued by
International Power Finance (Jersey) II were erroneously entered
in S&P's central database as being issued by International Power
Finance (Jersey).  These errors were subsequently carried into
print in the Nov. 26 article.  The data entry errors have now been
corrected and S&P is also republishing these affected articles:

  -- "Convertible Issues Guaranteed By International Power PLC
     Rated 'BB-'; Recovery Rating '4'" published Nov. 26, 2008.

  -- "Recovery Report: International Power PLC's Recovery Rating
     Profile" published Dec. 2, 2008.

  -- "International Power PLC" (recovery section only) published
     Dec. 3, 2008.

  -- "Summary: International Power PLC" (recovery section only)
     published Dec. 3, 2008.

                           Ratings List

           International Power Finance (Jersey) II Ltd.

                         Senior Unsecured

                 EUR230 mil. 3.25% due 2013        BB-
                    Recovery Rating                4

             International Power Finance (Jersey) Ltd.

                         Senior Unsecured

                  US$252.5 mil. 3.75% due 2023     BB-
                    Recovery Rating                4


JJB SPORTS: Posts GBP167.6 Mln Net Loss for Year Ended Jan. 25
--------------------------------------------------------------
David Altaner at Bloomberg News reports that JJB Sports Plc posted
a net loss of GBP167.6 million (US$264.6 million) for the year
ended Jan. 25 compared with a profit of GBP9.6 million for the
same period a year earlier.

According to Bloomberg News, JJB took an exceptional charge of
GBP171.7 million due to store closures, job cuts and a writedown
in value of two shoe chains purchased last year.

JJB, as cited by Bloomberg News, said sales at stores open at
least a year dropped 23.3 percent in the 16 weeks ended May 17 and
total sales declined 42.1 percent over the period.

"We believe that the decrease in like-for-like retail sales is
largely as a result of low stock levels (down 47 percent year-on-
year), the negative publicity which has surrounded the company,
and the current retail environment," Reuters quoted JJB as saying.

According to Reuters, JJB said many suppliers had been reluctant
to provide stock due to the lack of trade credit insurance and a
belief it was likely to go into administration.

Bloomberg News relates JJB Chairman David Jones said the company,
which now employs about 7,000, down from a peak of 12,000,  will
further reduce the number of full-time roles by about 20 percent
as part of cost-cutting measures.  JJB, which has lost 76% of its
value in the past year, expects to save GBP11 million by cutting
jobs and changing employee working hours, Bloomberg News says
citing Mr. Jones.

The company's net debt fell to GBP34.4 million at Jan. 25 from
GBP42.2 million at the same time a year ago, Bloomberg News
discloses.

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 company
voluntary agreement (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.

Reuters says the CVA is expected to take effect on or around
May 28, with new financing of GBP50 million from Barclays (BARC.L)
and Lloyds (LLOY.L) expected to become available days later.

                       About JJB Sports

Headquartered in Wigan, England, JJB Sports plc --
http://www.jjbcorporate.co.uk/-- is engaged in the retailing of
sportswear and sporting equipment.  The company also operates a
chain of fitness clubs, which has a smaller number of indoor
soccer centers attached to them.  It also operates a television
broadcasting and marketing business, which specializes in the
marketing of golf products and fitness equipment through Sky
Television.


SCREEN TECHNOLOGY: Goes Into Administration
-------------------------------------------
Screen Technology Group plc has gone into administration, putting
the remaining 10 jobs at the company at risk,
cambridgenetwork.co.uk reports.

The company appointed administrators on Thursday, the report
relates.

Citing joint administrator Chris McKay of East Anglian business
rescue and insolvency specialists McTear Williams & Wood,
the report discloses the company ran into cashflow problems "after
a deal to provide working capital to take the business through to
profitability fell through due to the credit crunch".

The administrators, the report says, are working with the
directors to sell the business as a going concern.

According to the report, to date, around GBP20 million has been
invested in the business which was listed on the London Stock
Exchange AIM market in 2005.  The report recalls Screen
Technology's shares were suspended on April 29, 2009 pending
clarification of the company’s financial position.

Headquartered in Cambridge, Screen Technology Group plc -- http://
www.screentechnology.com/ -- is a designer, manufacturer and
seller of display solutions to the commercial audio/video (AV)
market making large format, high-brightness, high-resolution
display screens.  The Company sells its display solutions
principally through resellers and systems integrators to end user
customers requiring displays for advertising and information
display purposes in locations, such as airport and railway
concourses, control rooms and shopping malls.  The Company has
developed and launched Itrans.  During the year ended December 31,
2007, Screen Technology has been engaged in developing its ITrans
product, including the development of modular products for
seamless screens that can be transported and assembled at the
customer's site.


TATA MOTORS: JLR Bridge Loan Refinancing to Be Completed This Week
------------------------------------------------------------------
Vipin V. Nair at Bloomberg News reports that India's Tata Motors
Ltd. is expected to complete the refinancing of a bridge loan used
to buy its Jaguar and Land Rover luxury units early this week.

Debasis Ray told Bloomberg News in a telephone interview on
Thursday that Tata Motors is in the "final stages" of rolling over
the remaining portion the loan after raising INR42 billion
(US$887 million) by selling debt securities.

Bloomberg News recalls the company sold the securities on
Wednesday to mutual funds, banks, insurance companies and other
investors to help repay the US$3 billion bridge loan.  The debt
securities, which were issued in four tranches with maturities
ranging from 23 months to 83 months, are guaranteed by the State
Bank of India, Bloomberg News says citing Tata Motors in a
statement.

On May 13, 2009, the Troubled Company Reporter-Europe, citing The
Economic Times, reported that Tata Motors had raised about US$3
billion in bridge loans to acquire luxury carmaker Jaguar Land
Rover (JLR) in 2008.  The Economic Times stated that while about
US$1 billion was repaid through a rights issue, the remaining US$2
billion has to be repaid by June.

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

Tata Motors has operations in Russia and the United Kingdom.

                          *     *     *

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

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


XELO PLC: S&P Lifts Rating on EUR100MM Notes to 'BBB+' From 'B+'
----------------------------------------------------------------
Standard & Poor's Ratings Services raised to 'BBB+' from 'B+' and
removed from CreditWatch negative its credit rating on the
EUR100 million class A1E secured limited-recourse credit-linked
variable-rate notes series 2007 (Volante CDO) issued by Xelo PLC.

This rating action follows an upward revision to the attachment
point for these notes, which is now sufficient, in S&P's opinion,
to support a 'BBB+' rating based on a level of credit enhancement
deemed commensurate with this rating as per Standard & Poor's
methodology and assumptions reflected in CDO Evaluator 4.1.


* KPMG Appoints Two New Partners to UK Restructuring Team
---------------------------------------------------------
KPMG's Restructuring practice which comprises over 750 staff in
the UK, and over 1,000 across Europe, has appointed two new
Partners and one Director to the UK firm.  Marykay Fuller and Nick
Smith have been promoted to Partner, while Lloyd Gold joins KPMG
as a Director.

Marykay Fuller started her restructuring career in workouts for US
insurance companies and then moved to Europe working as a
Principal Banker and credit officer for the European Bank for
Reconstruction and Development in London.  She joined KPMG
Restructuring in 2002 and concentrates on large complex cross
border restructuring engagements. She is also an accredited
restructuring advisor in the USA.

Nick Smith has been at KPMG since 1996, beginning his career in
Nottingham and transferring to the financial restructuring team in
London in 1999.  He provides advice to corporates and lenders in
circumstances where businesses need to rapidly reduce
unsustainable levels of debt.  Mr. Smith's experience with KPMG
has been further supplemented by two secondments to The Royal Bank
of Scotland where he worked for their leveraged finance group and
their corporate restructuring unit.

Lloyd Gold joins KPMG as a Director in the Total Cash & Working
Capital team which helps clients to improve the visibility and
controls of cash flows as well as identifying and delivering
sustainable cash flow improvements from working capital and other
areas of a business.  Mr. Gold background is in managing and
delivering complex projects, and he joins from REL Consultancy
Group where he was Account Director and Head of Operations in the
US over a thirteen year period.

Richard Fleming, KPMG's Head of Restructuring in the UK said:

"As the second wave of restructuring begins to emerge, these
appointments help us to enhance further our leading market
position in financial restructuring and cash management."

                    About KPMG LLP (UK)

KPMG LLP (UK) -- http://kpmg.co.uk/-- provides professional
services including audit, tax, financial and risk advisory.  KPMG
in the UK has over 10,000 partners and staff working in 22 offices
and is part of a strong global network of members firms. As part
of KPMG Europe it has merged with its German and Swiss firms,
making it the largest integrated accounting firm in Europe.


* KPMG Appoints Edmund Kelly as Real Estate Restructuring Director
------------------------------------------------------------------
KPMG has announced the appointment of a new director to head up
its restructuring real estate specialist team.  Edmund O'Kelly,
who has extensive experience in the market, has worked in many
types of roles including project management, development,
investment and asset management for over 20 years.  He has worked
as an executive director for Chesterfield Properties, Wilson
Bowden plc and Consensus/Rotch and headed up the Andersen real
estate restructuring team, dealing with major appointments
including Maxwell, Ferranti and Leyland Daf during the last
recession in the 90s.

Commenting on the appointment, Richard Fleming, UK Head of
Restructuring at KPMG, said: "We believe we are heading towards
another important milestone in this recession: the fall out from
the commercial property sector.  Our work on the JJB CVA and the
Lehman real estate portfolio in Asia has given us an insight into
what we think is just the tip of the iceberg.  Edmund's
appointment is an important boost to our real estate restructuring
specialist team, which feeds into a multi-disciplined, cross-
border team.

"Edmund's field of specialism is in providing strategic advice to
funders on loan restructurings, hold scenarios, asset management,
corporate turnaround and recovery.  This advice will enable
lenders to move from a hold and manage scenario through to
disposal. Edmund has a proven track record in this field, having
delivered added value in over 800 property situations, developed 2
million sq ft of property and ran an investment portfolio of over
GBP2 billion."

Michael Lindsay, Head of Real Estate, corporate finance, added:
"Edmund is an important hire at a time when we are rallying all
our troops across the different specialist areas around the world.
We are making great progress on the Lehman real estate portfolio
in Asia and indeed the work my cross-border team are carrying out
is starting to bear fruit, even in these difficult market
conditions.  "This stands us in good stead for the restructuring
work that will be needed to resolve the increasing volumes of
distressed debt we expect in the coming months."

Edmund O'Kelly, real estate restructuring director at KPMG, added:
"We are predicting a wave of fall outs in the commercial property
market as the true value of losses becomes apparent.  Commercial
property values have fallen 43 per cent from their peak in mid
2007 (according to IPD data); further falls are predicted with
rents and occupancy levels are also in decline.  Indeed the wave
of restructuring that will be required in the commercial property
market could be the next big mile stone in this recession;
following other landmark moments such as the fall-out from
structured investment vehicles (SIVs).  We will be working with
lenders and property companies to resolve the issues rapidly
coming up to boiling point, using the innovative approaches that
have been well received in the industry, such as the JJB CVA.
With the June quarter day fast approaching and with GBP43 billion
of debt repayments falling due this year, we could well see a very
busy period of activity."

                    About KPMG LLP (UK)

KPMG LLP (UK) -- http://kpmg.co.uk/-- provides professional
services including audit, tax, financial and risk advisory.  KPMG
in the UK has over 10,000 partners and staff working in 22 offices
and is part of a strong global network of members firms.  As part
of KPMG Europe it has merged with its German and Swiss firms,
making it the largest integrated accounting firm in Europe.


* BOND PRICING: For the Week May 18 to May 22, 2009
---------------------------------------------------
Issuer                    Coupon   Maturity   Currency   Price
------                    ------   --------   --------   -----

FRANCE
------
Alcatel SA                4.750    01/01/11      EUR     14.93
Calyon                    6.000    06/18/47      EUR     37.24
Cap Gemini SA             2.500    01/01/10      EUR     51.39
Cap Gemini Soget          1.000    01/01/12      EUR     40.55
Cap Gemini Soget          3.500    01/01/14      EUR     37.36
Cie Fin Foncier           3.880    04/25/55      EUR     71.48
Ciments Francais          4.750    04/04/17      EUR     79.27
Club Mediterrane          4.380    11/01/10      EUR     46.55
CMA CGM                   5.500    05/16/12      EUR     57.75
CMA CGM                   5.500    05/16/12      EUR     57.75
CMA CGM SA                7.250    02/01/13      USD     48.75
CMA CGM SA                7.250    02/01/13      USD     48.75
Soc Air France            2.750    04/01/20      EUR     19.67

GERMANY
-------
Bayerische Lndbk         4.500     02/07/19      EUR     70.20
City of Kiev             8.630     07/15/11      USD     57.40
City of Kiev             8.630     07/15/11      USD     57.47

IRELAND
-------
Alfa Bank                 8.630    12/09/15      USD     64.08
Alfa Bank                 8.640    02/22/17      USD     62.38
Allied Irish Bks          7.880    07/05/23      GBP     73.35
Allied Irish Bks          5.250    03/10/25      GBP     53.91
Allied Irish Bks          5.630    11/29/30      GBP     48.99
Ardagh Glass              7.130    06/15/17      EUR     72.13
Ardagh Glass              7.130    06/15/17      EUR     73.58
Banesto Finance           6.120    11/07/37      EUR      6.12
Bank of Ireland           4.630    02/27/19      EUR     63.77
Bank of Ireland           9.250    09/07/20      GBP     83.62

ITALY
-----
Cartesio  S.r.l           6.020    03/07/33      USD     74.91
Cir SpA                   5.750    12/16/24      EUR     66.26

LUXEMBOURG
----------
Bank of Moscow            7.500    11/25/15      USD     75.03
Bank of Moscow            6.810    05/10/17      USD     63.46
Cirsa Capital             7.880    07/15/12      EUR     66.13
Cirsa Capital             7.880    07/15/12      EUR     70.13
Cirsa Fin Lux             8.750    05/15/14      EUR     61.00
Cirsa Fin Lux             8.750    05/15/14      EUR     60.88
Globus Capital            8.500    03/05/12      USD     49.43

NETHERLANDS
-----------
ABN Amro Bank NV          6.000    03/16/35      EUR     56.84
Aegon NV                  6.130    12/15/31      GBP     65.66
Air Berlin Finan          1.500    04/11/27      EUR     35.61
ALB Finance BV            9.000    11/22/10      USD     19.49
ALB Finance BV            9.750    02/14/11      GBP     17.48
ALB Finance BV            7.880    02/01/12      EUR     14.50
Alfa Bk Ukraine           9.750    12/22/09      USD     72.48
Astana Finance            9.000    11/16/11      USD     14.98
ATF Capital BV            9.250    02/21/14      USD     64.26
Bk Ned Gemeenten          0.500    06/27/18      CAD     69.59
Bk Ned Gemeenten          0.500    02/24/25      CAD     46.38
Cemex Fin Europe          4.750    03/05/14      EUR     62.45
Centercrdt Intl           8.630    01/30/14      USD     67.09
Clondalkin BV             8.000    03/15/14      EUR     44.08
Clondalkin BV             8.000    03/15/14      EUR     44.88
Hit Finance BV            4.880    10/27/21      EUR     71.88
JSC Bank Georgia          9.000    02/08/12      USD     64.84
Turanalem Fin BV          7.880    06/02/10      USD     24.50
Turanalem Fin BV          6.250    09/27/11      EUR     22.48
Turanalem Fin BV          7.750    04/25/13      USD     25.52
Turanalem Fin BV          8.000    03/24/14      USD     24.43
Turanalem Fin BV          8.500    02/10/15      USD     24.43
Turanalem Fin BV          8.250    01/22/37      USD     23.43

SPAIN
-----
Bancaja                   4.250    05/26/13      EUR     72.20
Bancaja                   4.380    02/14/17      EUR     72.13
Caja Madrid               4.130    03/24/36      EUR     75.92
Cedulas TDA A-6           4.250    04/10/31      EUR     71.61
Comun Auto Canar          3.900    11/30/35      EUR     69.67
Comun Auto Canar          4.200    10/25/36      EUR     73.24
Junta Andalucia           5.150    05/24/34      EUR     73.62

UNITED KINGDOM
--------------
Alfa-Bank CJSC            9.250    07/26/10      USD     65.44
Alfa-Bank CJSC           12.000    08/11/11      USD     77.49
Alliance&Leic Bld         5.250    03/06/23      GBP     72.58
Alliance&Leic Bld         5.880    08/14/31      GBP     72.61
Alpha Credit Grp          2.940    03/04/35      JPY     63.33
Amlin Plc                 6.500    12/19/26      GBP     69.74
Anglian Wat Fin           2.400    04/20/35      GBP     47.15
Annes Gate Ppty           5.660    06/30/31      GBP     72.89
Arsenal Sec               5.140    09/01/29      GBP     69.00
Ashtead Holdings          8.630    08/01/15      USD     71.13
Ashtead Holdings          8.630    08/01/15      USD     70.50
Aspire Defence            4.670    03/31/40      GBP     64.92
Aspire Defence            4.670    03/31/40      GBP     65.65
Aviva Plc                 5.750    11/14/21      EUR     66.21
Aviva Plc                 5.250    10/02/23      EUR     62.25
Aviva Plc                 6.880    05/22/38      EUR     64.45
Aviva Plc                 6.880    05/20/58      GBP     63.84
Barclays Bk Plc          11.650    05/20/10      USD     48.65
Barclays Bk Plc           5.750    09/14/26      GBP     72.86
Beazley Group             7.250    10/17/26      GBP     69.02
BL Super Finance          5.270    07/04/25      GBP     71.83
BL Super Finance          5.580    10/04/25      GBP     64.69
Bradford&Bin Bld          7.630    02/16/10      GBP     15.00
Bradford&Bin Bld          4.250    05/04/16      EUR     79.28
Bradford&Bin Bld          4.880    06/28/17      EUR     80.19
Bradford&Bin Bld          2.750    10/16/18      CHF     62.41
Bradford&Bin Bld          5.750    12/12/22      GBP     13.30
Bradford&Bin Bld          6.630    06/16/23      GBP     14.97
Bradford&Bin Bld          4.910    02/01/47      EUR     55.82
Brit Insurance            6.630    12/09/30      GBP     58.17
British Land Co           5.360    03/31/28      GBP     71.56
British Land Co           5.360    03/31/28      GBP     71.21
British Land Co           5.010    09/24/35      GBP     74.00
British Land Co           5.260    09/24/35      GBP     67.10
British Tel Plc           5.750    12/07/28      GBP     67.90
British Tel Plc           6.380    06/23/37      GBP     68.14
Britannia Bldg            5.750    12/02/24      GBP     62.41
Britannia Bldg            5.880    03/28/33      GBP     59.42
Brixton Plc               6.000    12/30/10      GBP     72.98
Brixton Plc               5.250    10/21/15      GBP     59.32
Brixton Plc               6.000    09/30/19      GBP     60.50
Broadgate Finance         4.850    04/05/31      GBP     72.66
Broadgate Finance         5.000    10/05/31      GBP     67.41
Broadgate Finance         5.100    04/05/33      GBP     57.44
Broadgate Finance         4.820    07/05/33      GBP     70.80
Capital Hospital          1.700    09/30/46      GBP     72.16
Cattles Plc               7.880    01/17/14      GBP      9.48
Cattles Plc               8.130    07/05/17      GBP      5.88
CGNU Plc                  6.130    11/16/26      GBP     64.04
Chelsea Building          5.880    03/07/19      GBP     49.98
City of Kyiv              8.250    11/26/12      USD     54.78
City of Kiev              8.000    11/06/15      USD     49.86
Clerical Med Fin          6.450    07/05/23      EUR     50.35
Prudential Bank           6.880    12/29/21      GBP     64.87

                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *