TCREUR_Public/090527.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Wednesday, May 27, 2009, Vol. 10, No. 103

                            Headlines

A U S T R I A

ABLINGER GMBH: Claims Registration Period Ends June 25
ELEKTROSOMPEK GMBH: Claims Registration Period Ends June 25
MT TRANSPORT: Claims Registration Period Ends June 25
SAHIN KEG: Claims Registration Period Ends June 25


C Y P R U S

EARLENE HOLDING: Claims Filing Deadline is June 21


F R A N C E

NORTEL: Court to Decide on French Unit's Liquidation Tomorrow


G E R M A N Y

PORSCHE AUTOMOBILE: Says Not on the Verge of Bankruptcy


G R E E C E

DRYSHIPS INC: Completes US$475 Mln ATM Equity Offering


I C E L A N D

GLITNIR BANKI: Court Extends Moratorium, Claims Bar Date Moved


I T A L Y

IT HOLDING: 13 Companies Declared Insolvent, Claims Bar Dates Set


K A Z A K H S T A N

KOMPANIYA TECH: Creditors Must File Claims by June 19
ORU EKIBASTUZ: Creditors Must File Claims by June 19
REM STROY: Creditors Must File Claims by June 19
SK ALLIANCE: Creditors Must File Claims by June 19
TEMIRTAU STROY: Creditors Must File Claims by June 19


K Y R G Y Z S T A N

FERRO MANGANESE: Creditors Must File Claims by July 3


L U X E M B O U R G

ORCO PROPERTY: Posts EUR45.7 Mln Net Loss in First Quarter 2009


N E T H E R L A N D S

ASM INT'L: S&P Cuts Long-Term Corporate Credit Rating to 'B+'


N O R W A Y

* NORWAY: Slips Into Recession, Statistics Norway Says


R U S S I A

LES-TEKH LLC: Creditors Must File Claims by July 7
LIDER STROY: Creditors Must File Claims by July 7
MOBILE TELESYSTEMS: Posts US GAAP Net Loss of US$57.7 Mln in 1Q09
MOBILE TELESYSTEMS: Eyes Acquisition of Up to 100% Comstar Stake
SUDZHANSKIY AGRO-INDUSTRIAL: Creditors Must File Claims by July 10

TOGUCHINSKIY BREWING: Creditors Must File Claims by July 7
ZEBLYAKI-LES-PROM LLC: Kostromskaya Bankruptcy Hearing Set July 2


S W I T Z E R L A N D

ALFRED WALSER: Claims Filing Deadline is June 30
ALTAWA AG: Creditors Have Until July 15 to File Proofs of Claim
MATHA TRANSPORT: Claims Filing Deadline is June 15
PCM PROSPERITY: Creditors Must File Proofs of Claim by July 2
TRE STELLE: Claims Filing Deadline is July 15


U K R A I N E

GALSTRADE LTD: Creditors Must File Claims by June 6
KHARECOVTORMA LLC: Creditors Must File Claims by June 6
MAST LLC: Creditors Must File Claims by June 6
NEW TECHNOLOGIES: Creditors Must File Claims by June 6
NIKPROMTECH LLC: Creditors Must File Claims by June 6

RITAM-V TRADING: Creditors Must File Claims by June 6
UKRAINIAN MARINE: Creditors Must File Claims by June 6
VININTER-ZHMERINKA LTD: Creditors Must File Claims by June 6


U N I T E D   K I N G D O M

BLANE LEISURE: Notice of Claims Deadline is June 26
COBRA: May Opt for CVA or Pre-Pack Administration as Losses Mount
JJB SPORTS: Notice of Claims Deadline is June 26
KAUPTHING SINGER: Court to Hear Winding Up Petition Today
KAUPTHING SINGER: Liquidation Recognized as Foreign Proceeding

MODUS PROPERTIES: May Buy Back Assets From CIREF Under Rescue Deal
OILEXCO INC: Sale of Oilexco North Sea Completed
ROYAL BANK: Defends Share Bonus Plan for Four Executives
ROYAL BANK: Appoints Sandy Crombie as Senior Independent Director
SPORT MEDIA: UK Unit Bought by UTV Media


                         *********


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


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

         Mag. Dominik Maringer
         Salzburgerstrasse 4
         4840 Voecklabruck
         Austria
         Tel: 07672/22625-0
         Fax: 07672/22625-22
         E-mail: ra.md@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:40 a.m. on July 9, 2009, for the
examination of claims at:

         Land Court of Wels
         Hall 101
         First Floor
         Wels
         Austria


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

         Dr. Berthold Martin Breitwieser
         Johann Strauss Strasse 1
         4701 Bad Schallerbach
         Austria
         Tel: 07249/48286-0
         Fax: 07249/48286-4
         E-mail: kanzlei@ra-breitwieser.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:20 a.m. on July 9, 2009, for the
examination of claims at:

         Land Court of Wels
         Hall 101
         First Floor
         Wels
         Austria


MT TRANSPORT: Claims Registration Period Ends June 25
-----------------------------------------------------
Creditors owed money by Mt Transport GmbH have until June 25,
2009, to file written proofs of claim to the court-appointed
estate administrator:

         Mag. Andreas Meissner
         Feldgasse 6
         4840 Voecklabruck
         Austria
         Tel: 07672/24418
         Fax: 07672/77830
         E-mail: hitzenberger@geocomp.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11.00 a.m. on July 9, 2009, for the
examination of claims at:

         Land Court of Wels
         Hall 101
         First Floor
         Wels
         Austria


SAHIN KEG: Claims Registration Period Ends June 25
--------------------------------------------------
Creditors owed money by Sahin KEG  have until June 25, 2009, to
file written proofs of claim to the court-appointed estate
administrator:

         Dr. Gerhard Haslbauer
         Hauptplatz 7
         4663 Laakirchen
         Austria
         Tel: 07613/5588
         Fax: 07613/5588-15
         E-mail: rechtsanwalt@haslbauer.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on July 9, 2009, for the
examination of claims at:

         Land Court of Wels
         Hall 101
         First Floor
         Wels
         Austria


===========
C Y P R U S
===========


EARLENE HOLDING: Claims Filing Deadline is June 21
--------------------------------------------------
Creditors of Earlene Holding Limited have until June 21, 2009 to
file their proofs of claim to the company's liquidator:

            Costas Hadjcosti
            Abacus Limited
            Arianthi Court
            2nd Floor
            50 Agias Zonis Street
            Limassol CY-3090
            Cyprus


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


NORTEL: Court to Decide on French Unit's Liquidation Tomorrow
-------------------------------------------------------------
Heather Smith at Bloomberg News reports that a French commercial
court in Versailles will rule on Thursday, May 28, on the
liquidation of a local unit of Nortel Networks Corp.

Bloomberg News relates Reinhard Dammann, a lawyer in the Paris
office of Clifford Chance, said Nortel sought the liquidation of
the unit, one of the Toronto-based company's two French
subsidiaries, as part of bankruptcy procedures opened in London to
resolve the fate of its European businesses.

Mr. Dammann told Bloomberg News in a telephone interview that if
the company's plan for its French research and development unit,
which employs 700 people, is approved by the court, it would have
six months to be sold.   According to Bloomberg News, Mr. Damman
said given the economic crisis, the unit "won't get the right
purchase price."  Citing Mr. Dammann, Bloomberg News says 200 jobs
at the unit could be saved depending on the success of the sale.
Nortel, Bloomberg News notes, would keep 130 French sales jobs.

                    About Nortel Networks

Headquartered in Ontario, Canada, Nortel Networks Corporation
(NYSE/TSX: NT) -- http://www.nortel.com/-- delivers next-
generation technologies, for both service provider and enterprise
networks, support multimedia and business-critical applications.
Nortel's technologies are designed to help eliminate today's
barriers to efficiency, speed and performance by simplifying
networks and connecting people to the information they need, when
they need it.  Nortel does business in more than 150 countries
around the world.  Nortel Networks Limited is the principal direct
operating subsidiary of Nortel Networks Corporation.

Nortel Networks Corp., Nortel Networks Inc. and other affiliated
corporations in Canada sought insolvency protection under the
Companies' Creditors Arrangement Act in the Ontario Superior Court
of Justice (Commercial List).  Ernst & Young has been appointed to
serve as monitor and foreign representative of the Canadian Nortel
Group.  The Monitor also sought recognition of the CCAA
Proceedings in the Bankruptcy Court under Chapter 15 of the
Bankruptcy Code.

Nortel Networks Inc. and 14 affiliates filed separate Chapter 11
petitions on January 14, 2009 (Bankr. D. Del. Case No. 09-10138).
Judge Kevin Gross presides over the case.  James L. Bromley, Esq.,
at Cleary Gottlieb Steen & Hamilton, LLP, in New York, serves as
general bankruptcy counsel; Derek C. Abbott, Esq., at Morris
Nichols Arsht & Tunnell LLP, in Wilmington, serves as Delaware
counsel.  The Chapter 11 Debtors' other professionals are Lazard
Freres & Co. LLC as financial advisors; and Epiq Bankruptcy
Solutions LLC as claims and notice agent.

The Chapter 15 case is Bankr. D. Del. Case No. 09-10164.  Mary
Caloway, Esq., and Peter James Duhig, Esq., at Buchanan Ingersoll
& Rooney PC, in Wilmington, Delaware, serves as Chapter 15
petitioner's counsel.

Certain of Nortel's European subsidiaries have also made
consequential filings for creditor protection.  The Nortel
Companies related in a press release that Nortel Networks UK
Limited and certain subsidiaries of the Nortel group incorporated
in the EMEA region have each obtained an administration order
from the English High Court of Justice under the Insolvency Act
1986.  The applications were made by the EMEA Subsidiaries under
the provisions of the European Union's Council Regulation (EC)
No. 1346/2000 on Insolvency Proceedings and on the basis that
each EMEA Subsidiary's centre of main interests is in England.
Under the terms of the orders, representatives of Ernst & Young
LLP have been appointed as administrators of each of the EMEA
Companies and will continue to manage the EMEA Companies and
operate their businesses under the jurisdiction of the English
Court and in accordance with the applicable provisions of the
Insolvency Act.

Several entities, particularly, Nortel Government Solutions
Incorporated and Nortel Networks (CALA) Inc., have material
operations and are not part of the bankruptcy proceedings.

As of September 30, 2008, Nortel Networks Corp. reported
consolidated assets ofUS$11.6 billion and consolidated liabilities
ofUS$11.8 billion.  The Nortel Companies' U.S. businesses are
primarily conducted through Nortel Networks Inc., which is the
parent of majority of the U.S. Nortel Companies.  As of
September 30, 2008, NNI had assets of aboutUS$9 billion and
liabilities ofUS$3.2 billion, which do not include NNI's guarantee
of some or all of the Nortel Companies' aboutUS$4.2 billion of
unsecured public debt.

Bankruptcy Creditors' Service, Inc., publishes Nortel Networks
Bankruptcy News.  The newsletter tracks the chapter 11 proceeding
and ancillary foreign proceedings undertaken by Nortel Networks
Corp. and its various affiliates.  (http://bankrupt.com/newsstand/
or 215/945-7000)


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


PORSCHE AUTOMOBILE: Says Not on the Verge of Bankruptcy
-------------------------------------------------------
AFP reports Porsche Automobil Holding SE has dismissed speculation
that it is on the verge of bankruptcy after admitting it had
secured a loan of EUR700 million (US$980 million) from Volkswagen,
in which it holds a 51 percent stake.

Citing a spokesman for Porsche, the AFP discloses the loan expires
at the end of September.

The AFP relates Der Spiegel magazine said Porsche asked for the
loan in March as the company struggles to raise cash to finance
the huge mountain of debt it undertook when bidding to take over
VW, Europe's biggest carmaker.  According to the AFP, Porsche has
found itself facing debts of EUR9 billion during its ambitious
takeover bid for VW.

"We are still lacking 1.75 billion (euros).  We are negotiating
with several banks, including the KfW (state development bank),"
the AFP quoted the spokesman as saying.

Ambrose Evans-Pritchard at Telegraph.co.uk reports it is
understood that Porsche is also in talks with the Bank of Tokyo
for a EUR750 million loan, and is seeking help from the regional
government of Baden-Wurttemberg.

As reported in the Troubled Company Reporter-Europe on May 20,
2009, Bloomberg News, citing German newspaper Bild Zeitung,
disclosed Porsche has less than two weeks to extend a credit line
of more than EUR1 billion (US$1.3 billion).

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

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

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

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

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

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

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


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


DRYSHIPS INC: Completes US$475 Mln ATM Equity Offering
------------------------------------------------------
DryShips Inc. completed its ATM Equity Offering in which the
company raised gross proceeds of approximately US$475 million
since commencing the offering pursuant to the prospectus
supplement filed on May 7 2009.  Merrill Lynch & Co. acted as
sales agent in the offering.  Following the completion of the
program, the company has approximately 257,645,000 common shares
outstanding.  George Economou, Chairman and Chief Executive
Officer of the Company commented:

"We have successfully completed our latest US$475 million equity
offering in market conditions where many established companies are
struggling to raise capital.  The liquidity of DryShip's provides
us with an unparalled ability to tap the capital markets.  We
would like to thank Merrill Lynch & Co. for their assistance.  So
far in 2009 we have raised almost US$1 billion of equity,
cancelled US$2 billion of CAPEX, repaid over US$600 million of
debt and obtained bank waivers for a substantial portion of our
outstanding debt.  We continue to work tirelessly to obtain the
rest of the waivers and examine all alternatives to further
strengthen the balance sheet of the company.  DryShips is now in a
position to take advantage of any opportunities to grow the
company."

                        About DryShips Inc.

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


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I C E L A N D
=============


GLITNIR BANKI: Court Extends Moratorium, Claims Bar Date Moved
--------------------------------------------------------------
The Reykjavik District Court has extended the moratorium granted
to Glitnir banki hf from November 24, 2008 to 1:00 p.m. of
November 13, 2009.  The court will review the extended moratorium
on the same date.

Parties with claims against the bank have until October 15, 2009
to file their proofs of claim.

A creditors' meeting will be held at 10:00 a.m. on November 5,
2009 at the Hilton Reykjavik Nordica, Suourlandsbraut 2,
Reykjavik.


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


IT HOLDING: 13 Companies Declared Insolvent, Claims Bar Dates Set
-----------------------------------------------------------------
Thirteen IT Holding companies have been declared insolvent by the
Court of Isernia.  Creditors have until the dates stated below to
file their proofs of claim.

Ittiere SpA                                    June 20, 2009
IT Holding Commercial Services SRL             June 20, 2009
Malo SpA                                       June 30, 2009
IT Holding SpA                                 June 30, 2009
Plus IT SpA                                    June 30, 2009
ITC SpA                                        June 30, 2009
ITR USA Retail SRL                             June 20, 2009
Nuova Andrea Fashion SpA                       June 30, 2009
Exte SRL                                       June 30, 2009
Gianfranco Ferre SpA                           June 30, 2009
IT Distribuzione SRL                           June 30, 2009
IT Holding Finance SA                          June 30, 2009
PA Investments SA                              June 30, 2009

Proofs of claims must be filed with:

     Bankruptcy Section
     Court of Isernia
     Room 12, First Floor
     No. 1, Piazza Tullio Tedeschi
     Italy

Dott.ssa Laura Liguori is the companies' official receiver.

Avv. Stanislao Chimenti, Dott. Roberto Spada and Dott. Andrea
Ciccoli act as extraordinary commissioners for the company.


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


KOMPANIYA TECH: Creditors Must File Claims by June 19
-----------------------------------------------------
Creditors of LLP Kompaniya Tech Stroy Complect have until June 19,
2009, to submit proofs of claim to:

         Butin Str. 44
         Micro District Taugul 3
         Almaty
         Kazakhstan
         Tel: 8 705 203 30-32

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


ORU EKIBASTUZ: Creditors Must File Claims by June 19
----------------------------------------------------
Creditors of LLP Oru Ekibastuz have until June 19, 2009, to submit
proofs of claim to:

         Kutuzov Str. 285-214
         Pavlodar
         Kazakhstan

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

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of Pavlodar
         Djambulskaya Str. 6
         Pavlodar
         Kazakhstan


REM STROY: Creditors Must File Claims by June 19
------------------------------------------------
Creditors of LLP Rem Stroy Technica Construction have until
June 19, 2009, to submit proofs of claim to:

         Butin Str. 44
         Micro district Taugul 3
         Almaty
         Kazakhstan
         Tel: 8 705 203 30-32

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


SK ALLIANCE: Creditors Must File Claims by June 19
--------------------------------------------------
JSC SK Alliance Polis has gone into liquidation.  Creditors have
until June 19, 2009, to submit proofs of claim to:

         Auelbekov Str. 139-214
         Kokshetau
         Akmola
         Kazakhstan


TEMIRTAU STROY: Creditors Must File Claims by June 19
-----------------------------------------------------
LLP Temirtau Stroy Invest has gone into liquidaton.  Creditors
have until June 19, 2009, to submit proofs of claim to:

         Respublika Ave. 27/3
         Temirtau
         Karaganda
         Kazakhstan


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


FERRO MANGANESE: Creditors Must File Claims by July 3
-----------------------------------------------------
LLC Ferro Manganese Limited has gone into liquidation.  Creditors
have until July 3, 2009, to submit proofs of claim to:

Inquiries can be addressed to (+996 312) 31-31-90.


===================
L U X E M B O U R G
===================


ORCO PROPERTY: Posts EUR45.7 Mln Net Loss in First Quarter 2009
---------------------------------------------------------------
Jan Lopatka and Jason Hovet at Reuters report that Orco Property
Group's net loss for the first quarter of 2009 increased to
EUR45.7 million, compared to a restated EUR12.8 million net loss
in the opening months a year ago.

The report relates the company said revenue grew 16.3 percent to
EUR54.85 million in the first quarter from EUR47.16 million in the
first quarter last year, helped by the handover of pre-sold
apartments from last year.

According to the report, the company's key markets in central
Europe have been hit by the economic slowdown.  The report says
demand in the region has tumbled as households and businesses
struggle with scarcer credit.

                     Creditor Protection

The report recalls Orco was granted six months of creditor
protection in March, extendable to 18 months, during which the
company said it would focus on debt restructuring, mainly
renegotiating several hundreds of million euros in bond
repayments.  The company, the report discloses, started talks last
month with Colony Capital about a 25 million reserved capital hike
that would give the U.S. group an initial 30 percent stake.

The report states Orco's first quarter interest expenses
negatively impacted the company by EUR21 million in the quarter.
The company, as cited in the report, said that ongoing interest
payments on its bonds was suspended due to the creditor safeguard.

                     Orco Property Management

CTK reports Orco Property Group, which manages assets worth EUR2.2
billion (CZK58.6 billion), has sold its subsidiary Orco Property
Management to US firm TVO Global Partners, a member of investment
group TVO Group, for an undisclosed sum.

"As part of restructuring plan, Orco wants to leave activities
which are not its main line of business.  This applies in
particular to the segments of logistics, residential real estate
leasing, hotel management and real estate management," CTK quoted
Atlantik FT analyst Patrick Vyroubal as saying.

Orco Property Group SA -- http://www.orcogroup.com--  is a
Luxembourg-based real estate company, specializing in the
development, rental and management of properties in Central and
Eastern Europe.  Through its fully consolidated subsidiaries, Orco
Property Group SA operates in several countries, including the
Czech Republic, Slovakia, Germany, Hungary, Poland, Croatia and
Russia.  The Company rents and manages real estate and hotels
properties composed of office buildings, apartments with services,
luxury hotels and hotel residences; it also develops real estate
projects as promoter.


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


ASM INT'L: S&P Cuts Long-Term Corporate Credit Rating to 'B+'
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit rating on Netherlands-based
semiconductor equipment manufacturer ASM International N.V. to
'B+' from 'BB-'.  At the same time, the rating was removed from
CreditWatch, where it was placed with negative implications on
Feb. 12, 2009.  The outlook is negative.

Standard & Poor's also lowered its debt ratings on ASMI's
subordinated convertible bonds to 'BB-' from 'BB', and removed
them from CreditWatch.  The recovery rating on the convertible
bonds remains unchanged at '2', which indicates S&P's expectation
of substantial (70%-90%) recovery in the event of a payment
default.

"The downgrade reflects our expectation that the extreme downturn
in the semiconductor equipment industry will continue to
negatively affect ASMI's revenues, operating margins, and credit
measures over 2009," said Standard & Poor's credit analyst
Matthias Raab.

S&P expects these pressures, combined with meaningful
restructuring to align costs with falling demand, to result in
significant negative free operating cash flow at the company's
front-end operations, in the absence of further material working-
capital reductions during 2009.  Furthermore, ASMI will likely, in
S&P's opinion, receive significantly lower dividend payments from
its 53%-owned subsidiary ASM Pacific Technology Ltd. in the next
12 months, because ASMPT's margins have also suffered due to the
current industry downturn.

In the first quarter of 2009, group revenues decreased by 41%
sequentially and by 55% year on year to EUR89 million, and the
operating margin plunged to negative 28% from positive 14% a year
earlier.

On March 31, 2009, ASMI's total consolidated cash on hand amounted
to EUR162 million, of which EUR83 million was available to the
front-end operations.  In addition, the company had EUR63 million
in undrawn bank facilities available at its front-end operations,
most of which mature within the next nine months.

The negative outlook reflects S&P's concerns that ASMI's
liquidity, which S&P views as still adequate to date, could weaken
significantly over 2009, due to the current severe semiconductor
equipment industry downturn.

"We may consider a downgrade if the company's liquidity risk rises
as a result of significant negative free cash flow generation or
if the company is unable to extend the maturities of its existing
RCFs at its front-end operations," said Mr. Raab.


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


* NORWAY: Slips Into Recession, Statistics Norway Says
------------------------------------------------------
Norway slipped into a recession last week, The China Post reports
citing the government agency Statistics Norway.

According to the report, the agency said a 0.8 percent decline in
gross domestic product in the fourth quarter was followed by a 1
percent decline in the first quarter.

The report relates there was a marked decline in traditional
exports, which include oil, of 4.7 percent in the first quarter
from the previous quarter.  Imports also fell 5.9 percent from the
fourth to the first quarter, the report notes.


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


LES-TEKH LLC: Creditors Must File Claims by July 7
--------------------------------------------------
The Arbitration Court of Tambovskaya commenced bankruptcy
proceedings againstLLC Les-Tekh (Hydraulic Equipment) after
finding the company insolvent.  The case is docketed under
Case No. ?641190/09.

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

         O. Yershov
         Insolvency Manager
         Apt. 4
         Building 1
         B. Kornilova Str. 7
         603106 Nizhny Novgorod
         Russia

The Debtor can be reached at:

         LLC Les-Tekh
         Astrakhanskaya Str. 213
         Tambov
         Russia


LIDER STROY: Creditors Must File Claims by July 7
-------------------------------------------------
The Arbitration Court of Primorskiy commenced bankruptcy
proceedings against LLC Lider Stroy (Construction) after finding
the company insolvent.  The case is docketed under Case No. ?51
8711/08 45133.

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

         G. Koval
         Insolvency Manager
         Office 628
         Aleutskaya Str. 45a
         Vladivostok
         Russia


MOBILE TELESYSTEMS: Posts US GAAP Net Loss of US$57.7 Mln in 1Q09
-----------------------------------------------------------------
RIA Novosti reports Mobile TeleSystems OJSC posted a US GAAP net
loss of US$57.7 million in the first quarter of 2009.

According to the report, MTS President Mikhail Shamolin attributed
the loss to recent dollar-ruble exchange rate fluctuations, which
affected its dollar-denominated debt.

The report relates the company saw its sales dropped 24% in
January-March to US$1.809 billion, while operating profits fell
34.1% to US$464.2 million.

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

                         *      *      *

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


MOBILE TELESYSTEMS: Eyes Acquisition of Up to 100% Comstar Stake
----------------------------------------------------------------
RIA Novosti reports Mobile TeleSystems OJSC has applied to the
Russian Antimonopoly Service to buy up to 100% of Comstar United
Telesystems, Moscow's largest multiservice communications
operator.

"In case of a successful closing of the acquisition deal, an
integrated telecommunications operator in Russia and the CIS
countries will be established, which will make it possible to
speed up the development and distribution of communications
services and broadband access in those markets in which MTS has a
presence," the report quoted MTS as saying.

The report relates the company said no decision had yet been made
on the final size of the deal.

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

                         *      *      *

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


SUDZHANSKIY AGRO-INDUSTRIAL: Creditors Must File Claims by July 10
------------------------------------------------------------------
The Arbitration Court of Kurskaya commenced bankruptcy proceedings
against LLC Sudzhanskiy Agro-Industrial Center of Grain Products
(TIN 4623004924, PSRN 1024600782293) after finding the company
insolvent.  The case is docketed under Case No. ?356182/08 S-24.

Creditors have until July 10, 2009, to submit proofs of claims to:

         R. Uvarova
         Insolvency Manager
         Progulochnaya Str. 3a
         305021 Kursk
         Russia

The Debtor can be reached at:

         LLC Sudzhanskiy Agro-Industrial Center of Grain Products
         Engels Str. 4
         Sudzha
         307800 Kurskaya
         Russia


TOGUCHINSKIY BREWING: Creditors Must File Claims by July 7
----------------------------------------------------------
The Arbitration Court of Novosibirskaya commenced bankruptcy
proceedings against OJSC Toguchinskiy Brewing Winemaking Plant
(PSRN 1025404578924) after finding the company insolvent.  The
case is docketed under Case No. ?4516237/0858/19.

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

         S. Sartakov
         Insolvency Manager
         Post User Box 214
         630005 Novosibirsk
         Russia
         Tel: 89137656888

The Debtor can be reached at:

         OJSC Toguchinskiy Brewing Winemaking Plant
         Gutovskaya Str. 4
         Toguchi
         Novosibirskaya
         Russia


ZEBLYAKI-LES-PROM LLC: Kostromskaya Bankruptcy Hearing Set July 2
-----------------------------------------------------------------
The Arbitration Court of Kostromskaya will convene at 9:00 a.m. on
July 2, 2009, to hear bankruptcy proceedings on LLC Zeblyaki-Les-
Prom (Lumbering).  The case is docketed under Case No. ?31
8873/2006.

The Insolvency Manager is:

         I. Smolyaninov
         Building 2
         Sredniy Kislovskiy Pereulok 3
         125009 Moscow
         Russia

The Debtor can be reached at:

         LLC Zeblyaki-Les-Prom
         Zeblyaki
         Sharyinskiy
         Kostromskaya
         Russia


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


ALFRED WALSER: Claims Filing Deadline is June 30
------------------------------------------------
Creditors of Alfred Walser GmbH are requested to file their proofs
of claim by June 30, 2009, to:

         Senn Treuhand
         Diensbach 28e
         8340 Hinwil
         Switzerland

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


ALTAWA AG: Creditors Have Until July 15 to File Proofs of Claim
---------------------------------------------------------------
Creditors of Altawa AG are requested to file their proofs of claim
by July 15, 2009, to:

         Altawa AG
         Dr. Christoph Straub
         Hanibueel 8
         6301 Zug
         Switzerland

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


MATHA TRANSPORT: Claims Filing Deadline is June 15
--------------------------------------------------
Creditors of matha transport GmbH are requested to file their
proofs of claim by June 15, 2009, to:

         matha transport GmbH
         Stickereistrasse 3
         8362 Balterswil
         Switzerland

The company is currently undergoing liquidation in Bichelsee-
Balterswil.  The decision about liquidation was accepted at a
shareholders' meeting held on April 3, 2009.


PCM PROSPERITY: Creditors Must File Proofs of Claim by July 2
-------------------------------------------------------------
Creditors of PCM Prosperity Capital (CH) AG are requested to file
their proofs of claim by July 2, 2009, to:

         Bellerive Financial Services AG
         Dufourstrasse 101
         8008 Zurich
         Switzerland

The company is currently undergoing liquidation in Zurich.  The
decision about liquidation was accepted at a general meeting held
on March 6, 2009.


TRE STELLE: Claims Filing Deadline is July 15
---------------------------------------------
Creditors of Tre Stelle Gourmetino AG are requested to file their
proofs of claim by July 15, 2009, to:

         Tre Stelle Gourmetino AG
         Baarerstrasse 22
         6300 Zug
         Switzerland

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


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


GALSTRADE LTD: Creditors Must File Claims by June 6
---------------------------------------------------
Creditors of Joint Ukrainian and Russian Enterprise LLC Galstrade
Ltd (code EDRPOU 20035236) have until June 6, 2009, to submit
proofs of claim to:

         M. Mischishyn
         Insolvency Manager
         Office 427
         Kozitsky str. 36
         21100 Vinnitsa
         Ukraine

The Economic Court of Vinnitsa commenced bankruptcy proceedings
against the company on March 26, 2009.  The case is docketed under
Case No. 10/33-09.

The Court is located at:

         The Economic Court of Vinnitsa
         Hmelnitsky Highway 7
         21100 Vinnitsa
         Ukraine

The Debtor can be reached at:

         Joint Ukrainian and Russian Enterprise LLC Galstrade Ltd
         Litvinenko Str. 12
         Zhmerinka
         Vinnitsa
         Ukraine


KHARECOVTORMA LLC: Creditors Must File Claims by June 6
-------------------------------------------------------
Creditors of LLC Kharecovtorma (code EDRPOU 31941368) have until
June 6, 2009, to submit proofs of claim to:

         Pension Fund of Ukraine Department
         in Kominternovsky District of Kharkov
         Insolvency Manager
         Dizelnaya Str. 8
         Kharkov
         Ukraine

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company on March 26, 2009.  The case is docketed under
Case No. B-19/31-09.

The Court is located at:

         The Economic Court of Kharkov
         Svoboda Square 5
         61022 Kharkov
         Ukraine

The Debtor can be reached at:

         LLC Kharecovtorma
         Office 31
         Startovaya Str. 3
         61036 Kharkov
         Ukraine


MAST LLC: Creditors Must File Claims by June 6
----------------------------------------------
Creditors of LLC Mast (code EDRPOU 22409155) have until June 6,
2009, to submit proofs of claim to:

         Y. Onushkanich
         Insolvency Manager
         Office 3
         Striy Str. 71b
         79031 Lvov
         Ukraine

The Economic Court of Lvov region commenced bankruptcy proceedings
against the company on April 28, 2009.  The case is docketed under
Case No. 8/123.

The Court is located at:

         The Economic Court of Lvov
         Lichakovskaya Str. 128
         79010 Lvov
         Ukraine

The Debtor can be reached at:

         LLC Mast
         Drogobich Str. 127
         Stebnik
         Drogobich
         82172 Lvov
         Ukraine


NEW TECHNOLOGIES: Creditors Must File Claims by June 6
------------------------------------------------------
Creditors of LLC New Technologies of Ukraine (code EDRPOU
32135209) have until June 6, 2009, to submit proofs of claim to:

         Pension Fund of Ukraine Department
         in Kominternovsky District of Kharkov
         Insolvency Manager
         Dizelnaya Str. 8
         Kharkov
         Ukraine

The Economic Court of Kharkovcommenced bankruptcy proceedings
against the company on March 12, 2009.  The case is docketed under
Case No. B-19/08-09.

The Court is located at:

         The Economic Court of Kharkov
         Svoboda Square 5
         61022 Kharkov
         Ukraine

The Debtor can be reached at:

          LLC New Technologies of Ukraine
          Office 9
          Nikitinsky Lane 31
          61105 Kharkov
          Ukraine


NIKPROMTECH LLC: Creditors Must File Claims by June 6
-----------------------------------------------------
Creditors of LLC Production and Commercial Firm Nikpromtech (code
EDRPOU 34472850) have until June 6, 2009, to submit proofs of
claim to:

         I. Zakharchenko
         Insolvency Manager
         Office 53
         Oktiabrsky Avenue 325/4
         54052 Nikolayev
         Ukraine

The Economic Court of Nikolayev commenced bankruptcy proceedings
against the company on April 23, 2009.  The case is docketed under
Case No. 2/60/09.

The Court is located at:

         The Economic Court of Nikolayev
         Admiralskaya Street 22-a
         54009 Nikolayev
         Ukraine

The Debtor can be reached at:

         LLC Production and Commercial Firm Nikpromtech
         Kirov Str. 18
         Meshkovo-Pogorelovo
         Zhovtneve
         Nikolayev
         Ukraine


RITAM-V TRADING: Creditors Must File Claims by June 6
-----------------------------------------------------
Creditors of LLC Ritam-V Trading (code EDRPOU 31643553) have until
June 6, 2009, to submit proofs of claim to:

         Pension Fund of Ukraine Department
         in Kominternovsky District of Kharkov
         Insolvency Manager
         Dizelnaya Str. 8
         Kharkov
         Ukraine

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company on April 13, 2009.  The case is docketed under
Case No. B-48/44-09.

The Court is located at:

         The Economic Court of Kharkov
         Svoboda Square 5
         61022 Kharkov
         Ukraine

The Debtor can be reached at:

         LLC Ritam-V Trading
         Office 117
         Polevaya Str. 10
         61001 Kharkov
         Ukraine


UKRAINIAN MARINE: Creditors Must File Claims by June 6
------------------------------------------------------
Creditors of LLC Ukrainian Marine Road (code EDRPOU 33729773) have
until June 6, 2009, to submit proofs of claim to:

         O. Schebetko
         Insolvency Manager
         Office 41
         Vishniakovskaya Str. 11
         02140 Kiev
         Ukraine

The Economic Court of Nikolayev commenced bankruptcy proceedings
against the company on April 28, 2009.  The case is docketed under
Case No. 5/112/09.

The Court is located at:

         The Economic Court of Nikolayev
         Admiralskaya Street 22-a
         54009 Nikolayev
         Ukraine

The Debtor can be reached at:

         LLC Ukrainian Marine Road
         Office 19
         Lenin Avenue 101
         54056 Nikolayev
         Ukraine


VININTER-ZHMERINKA LTD: Creditors Must File Claims by June 6
------------------------------------------------------------
Creditors of LLC Vininter-Zhmerinka Ltd (code EDRPOU 13326465)
have until June 6, 2009, to submit proofs of claim to:

         M. Mischishyn
         Insolvency Manager
         Office 427
         Kozitsky Str. 36
         21100 Vinnitsa
         Ukraine

The Economic Court of Vinnitsa commenced bankruptcy proceedings
against the company on March 26, 2009.  The case is docketed under
Case No. 10/35-09.

The Court is located at:

         The Economic Court of Vinnitsa
         Hmelnitsky Highway 7
         21100 Vinnitsa
         Ukraine

The Debtor can be reached at:

         LLC Vininter-Zhmerinka Ltd
         Kiev Str. 65
         Zhmerinka
         Vinnitsa
         Ukraine


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


BLANE LEISURE: Notice of Claims Deadline is June 26
---------------------------------------------------
Blane Leisure Limited and JJB Sports Plc's creditors have until
June 26, 2009, to file their voting and notice of claims to:

          Brian Green
          KPMG LLP
          St. James' Square
          Manchester M2 6DS

For questions, call 0113 231 3075.


COBRA: May Opt for CVA or Pre-Pack Administration as Losses Mount
-----------------------------------------------------------------
Dominic Walsh at The Times reports that Cobra Beer Ltd. may enter
into a company voluntary arrangement (CVA) or a pre-pack
administration as losses soar.

According to the report, negotiations over the sale of the British
business have been complicated by mounting losses.  The report
relates the company posted underlying 2008 losses of GBP15.9
million and is forecasting losses for the next three years.  The
report says Lord Bilimoria, who is chairman, had been hoping to
secure between GBP180 million and GBP200 million from selling the
business, but the continuing losses, allied to the rapid decline
of the British beer market over the past two years, has affected
the price.  Lord Bilimoria holds a 64 per cent stake in the group,
the report discloses.

The report recalls in November the group appointed Rothschild to
find a buyer.  The group, the report states, is understood to be
close to agreeing the sale of the Cobra brand in the UK to a new
joint venture controlled by Molson Coors.

Cobra Beer -- http://www.cobrabeer.com/-- is a British beer
company based in Fulham, south west London.


JJB SPORTS: Notice of Claims Deadline is June 26
------------------------------------------------
JJB Sports Plc and Blane Leisure Limited's creditors have until
June 26, 2009, to file their voting and notice of claims to:

          Brian Green
          KPMG LLP
          St. James' Square
          Manchester M2 6DS

For questions, call 0113 231 3075.


KAUPTHING SINGER: Court to Hear Winding Up Petition Today
---------------------------------------------------------
Following the meetings of creditors on May 19, 2009, a report was
filed in the Isle of Man High Court on Friday, May 22, 2009, by
Kaupthing Singer & Friedlander (Isle of Man) Ltd.'s Joint
Liquidators Provisionally confirming that the Scheme of
Arrangement, as proposed by the company and the Treasury of the
Isle of Man, failed to be approved by two of the three meetings of
classes of creditors.

A significant number of creditors voted on the proposal, with
Forms of Voting and Proxy received from around the world.

The winding up petition will be heard in the Isle of Man High
Court today, May 27, 2009.  The Joint Liquidators Provisionally
will support the making of a winding up order.  It is anticipated
the company will be placed into liquidation today.

Following the hearing, and if a winding up order is granted, the
Provisional Liquidators, as appointed, will focus on ensuring
dividends are paid to creditors as soon as practicable.  Proof of
debt forms will be issued as quickly as possible to creditors to
enable them to lodge their claims in the liquidation, with the aim
of paying the first dividend within three months of the winding up
order being granted.

Michael Simpson of PricewaterhouseCoopers was appointed liquidator
provisionally in relation to Kaupthing Singer and Friedlander
(Isle of Man) Ltd as from October 9, 2008, following the
presentation of a joint petition to wind up the company by
directors of the company and the Isle of Man Financial Supervision
Commission.

Peter Spratt of PricewaterhouseCoopers LLP was appointed as joint
liquidator provisionally of the company on November 20, 2008.


KAUPTHING SINGER: Liquidation Recognized as Foreign Proceeding
--------------------------------------------------------------
The provisional liquidation of Kaupthing Singer & Friedlander
(Isle of Man) Limited, a financial intermediary, has been
recognized as a foreign main proceeding by the High Court of the
Isle of Man.

The company's foreign representatives, Michael Simpson and Peter
Spratt c/o Alison Tomb, can be reached at:

            PricewaterhouseCoopers LLP
            Plumtree Court
            London EC4A 4HT


MODUS PROPERTIES: May Buy Back Assets From CIREF Under Rescue Deal
------------------------------------------------------------------
Simon Binns at Crain's Manchester Business reports that Modus
Properties Limited may get to buy back its failing shopping
centers even if the assets are taken over by CIREF Plc, a Jersey-
based property fund.

Crain's relates Peter Macfarlane, a director at Spectrum
Investment Management, which was demerged from Modus last year,
said the company may get the option to buy back stakes in the
failed schemes once the market recovers as CIREF would not need to
dispose of any Modus assets it takes on.  Mr. Macfarlane, as cited
by Crain's, said CIREF could afford to hold onto the assets until
such time as Modus could raise the money for a buy-back.

Citing Mr. Macfarlane, Crain's discloses Spectrum and Modus were
in talks with banks and stakeholders over 15 "defensive assets" --
a mix of existing buildings and schemes that are yet to start --
which the company may look to refinance.

In a May 22 report Crain's Manchester Business said CIREF is
considering injecting new capital into Modus, which is trying to
renegotiate a GBP250 million debt facility with HBOS, and becoming
a joint venture partner in some of its shopping centers.

The report stated a Modus spokesman said the plan was to split the
company's development arm into three parts.  According to the
report, one would comprise the new joint venture with CIREF, whose
assets would be managed by Modus and which could include the Grand
Arcade in Wigan, which went into administration last week.

The spokesman indicated that more of the 100 ring fenced companies
under the Modus umbrella could go into administration if creditors
were not willing to wait for payment, the report noted.

Retail Week recalled in March Modus's development in Wakefield,
Trinity Walk, was placed into administration.  According to
Crain's, administrator KPMG has already received a dozen offers
for the partly-built Trinity Walk shopping center, 76 percent
owned by CIREF, after contacting 119 potential buyers.  The sale,
Crain's says, is only expected to raise GBP7 million, compared
with a book value of GBP62 million, and there is unlikely to be
anything left for creditors.  Crain's states administrators have
warned that CIREF stands to lose GBP3.4 million on its investment
in Trinity Walk.

Modus Properties Limited -- http://www.modusproperties.co.uk/--
is a property developer based in Manchester.  Modus properties
works on a diverse range of schemes, retail developments, urban
regeneration, homes, offices and shopping centers.


OILEXCO INC: Sale of Oilexco North Sea Completed
------------------------------------------------
Oilexco Incorporated was advised by the Administrator for Oilexco
North Sea Limited (ONSL) that the sale of ONSL, the discharge of
the Administrative Order, and the implementation of the Company
Voluntary Arrangement occurred at 10:00 a.m. GMT on Thursday,
May 21, 2009.

On January 7, 2009, Oilexco's wholly-owned subsidiary, Oilexco
North Sea Limited ("ONSL"), was subject to an order from the UK
court appointing Administrators.  The assets held within ONSL
comprised nearly all the assets held by the parent company,
Oilexco Inc.  On March 25, 2009, the Administrators announced that
an agreement had been reached with an outside party to purchase
ONSL.  The Company is currently under a court order for protection
under the Companies' Creditors Arrangement Act (Canada).

                    About Oilexco Inc.

Oilexco Incorporated -- http://www.oilexco.com/-- is an oil and
gas exploration and production company headquartered in Calgary,
Canada.  Oilexco was founded in 1994, and trades on the TSX
Venture Exchange and the London Stock Exchange.  The Company's
trading symbol for both exchanges is "OIL".

Oilexco North Sea Limited filed for Chapter 15 on April 28, 2009
(Bankr. S.D. N.Y. Case No. 09-12641).  Roy Bailey, Alan Robert
Bloom, Colin Peter Dempster and Thomas Merchant, as joint
administrators, filed the Chapter 15 petition.  The petitioners
are represented by Howard Seife, Esq., at Chadbourne & Parke LLP.


ROYAL BANK: Defends Share Bonus Plan for Four Executives
--------------------------------------------------------
Peter Taylor at Telegraph.co.uk reports that Royal Bank of
Scotland Group plc has defended a move to hand four senior
executive share bonuses worth almost GBP5 million.

According to the report, RBS said the move is necessary to the
bank's recovery plan.

The bank, the report discloses, is to offer nearly 12m shares to
staff under an incentive-based awards scheme.  The report says
Ellen Alemany, the head of the bank's American business, could
receive 5.9m shares - worth GBP2.4 million on current prices,
while Alan Dickinson and Chris Sullivan, corporate banking
executives, and Ron Teerlink, the bank's chief administration
officer, could receive almost 2m shares each.  Citing an RBS
spokesman, the report states the potential reward for executives
under the scheme depended on their success in delivering the
bank's restructuring plan over the next three-to-five years.

"Nothing will be paid until and unless performance criteria are
achieved and awards are subject to 'claw back'," the report quoted
the spokesman as saying.

BBC recalls RBS is 70% owned by the government, after risky
investing and lending by the previous management brought it close
to collapse and required a public bail-out.  BBC recounts the
former bonus culture at RBS, and in other banks, has been heavily
criticized for being excessive while creating incentives for
executives to take reckless risks, leading to the giant losses.
In 2008 RBS made a loss of more than GBP24 billion, BBC notes.

BBC relates an RBS spokesman said those receiving the bonuses were
not those responsible for the huge RBS losses and said they have
not had a bonus this year.

                            About RBS

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


ROYAL BANK: Appoints Sandy Crombie as Senior Independent Director
-----------------------------------------------------------------
Mark Kleinman at Telegraph.co.uk reports that Sir Sandy Crombie,
the chief executive of Standard Life, is to join the board of
Royal Bank of Scotland Group plc in July as senior independent
director.

According to the report, Mr. Crombie, 60, will be charged with
leading a dialogue between RBS and its leading shareholders.  The
report says as a senior member of the board, he will also be
involved in finalizing the details of RBS's participation in the
Treasury's asset protection scheme, into which it has indicated it
will place GBP325 billion of toxic loans.

                            About RBS

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


SPORT MEDIA: UK Unit Bought by UTV Media
----------------------------------------
BBC News reports that UTV Media plc has acquired Sport, the UK's
largest weekly sport magazine, for an undisclosed amount.

The magazine, the report says, will be re-launched in June.  The
21 staff currently working for the magazine will move into
talkSPORT's London offices, the report discloses.

The report recalls the magazine's French-based parent group, Sport
Media & Strategie, went into administration in April.

                            *********

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.

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

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

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

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

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

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


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