---

        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

            Thursday, May 28, 2009, Vol. 10, No. 104

                            Headlines

A U S T R I A

E. U. H. KRAMMER: Claims Registration Period Ends June 2
EXESS ENGINEERING: Claims Registration Period Ends June 5
FRIEDL TRANSPORTE: Claims Registration Period Ends June 5
THOMAS UND BELINDA: Claims Registration Period Ends June 5
TRANSMOELL TRANSPORT: Claims Registration Period Ends June 8


B E L A R U S

* Moody's Puts Low-B Ratings on Four Belarusian Banks on Review


B U L G A R I A

DSK BANK: Moody's Reviews 'D+' BFSR for Possible Downgrade
FIRST INVESTMENT: Moody's Reviews Low-B Ratings for Downgrade


C Z E C H   R E P U B L I C

J & T BANKA: Moody's Puts 'E+' BFSR on Review for Downgrade


G E R M A N Y

COGNIS HOLDING: S&P Withdraws 'B' Corporate Credit Rating
LINDE AG: Wants Lenders to Extend Maturity of EUR1.5 Bln Loan
PREPS 2006-1: Moody's Corrects Rating Press Release
PREPS 2007-1: Moody's Corrects Rating Press Release


I R E L A N D

ALLIED IRISH: Reorganizes Irish Unit
BANK OF IRELAND: Harris Reduces Stake to 8.3 Percent
BANK OF IRELAND: Unveils Structural Changes

* IRELAND: To Reveal Bank Writedowns Under NAMA Scheme in July


K A Z A K H S T A N

ASTYK JOLAMAN: Creditors Must File Claims by June 19
ELECTRO SCHET: Creditors Must File Claims by June 19
JAZ NUR: Creditors Must File Claims by June 19
KAITAMALY METALL: Creditors Must File Claims by June 19
KERUEN SAZY: Creditors Must File Claims by June 19


K Y R G Y Z S T A N

SIAR CONSULT: Creditors Must File Claims by July 3


N E T H E R L A N D S

GOLDEN TULIP: Files for Bankruptcy for 13 Directly-Owned Hotels
STICHTING MEMPHIS: S&P Affirms Low-B Rating on Class E and F Notes


P O L A N D

* POLAND: Moody's Reviews Rating of 8 Polish Banks for Downgrade


R O M A N I A

* CITY OF BRASOV: Fitch Assigns 'BB+' LT Foreign Currency Rating


R U S S I A

CHARYSHSKIY CREAMERY: Altayskiy Bankruptcy Hearing Set July 15
ENERGIYA LLC: Court Names D.Krutov as Insolvency Manager
KOLOREN LLC: Creditors Must File Claims by June 7
LENINGRADSKIY CONSTRUCTION: Creditors Must File Claims by June 7
MECHEL OAO: Secures Bridge Loan Extension

NORD-STROY LLC: Creditors Must File Claims by June 7
PERM-STROY LLC: Creditors Must File Claims by June 7
SBERBANK: January-April 2009 Net Profit Down 98% to US$25.6 Mln
SIBIRSKIY STROITEL: Creditors Must File Claims by June 7
SLAVGORODSKIY BUTTER: Under External Mgt Bankruptcy Procedure


S L O V A K   R E P U B L I C

* Moody's Reviews Ratings on Nine Slovak Financial Institutions


S W I T Z E R L A N D

ADVERAG VERWALTUNG: Creditors Must File Proofs of Claim by June 2
FASOLT AG: Claims Filing Deadline is June 3
FELMAG AG: Creditors Have Until June 3 to File Proofs of Claim
NORMCONSULT AG: Claims Filing Deadline is June 3
IMMOAQUA AG: Claims Filing Deadline is June 2

ISP GMBH: Creditors Have Until June 2 to File Proofs of Claim
LUXOR FILM AG: Creditors Must File Claims by June 3
NUMONYX HOLDINGS: Moody's Withdraws 'B3' Corporate Family Rating
TRIBATEC GMBH: Claims Filing Deadline is June 2
ROMANSHORN ULTRASONICS: Creditors' Proofs of Claim Due on June 2

WOHNBAU SURSEE: Claims Filing Deadline is June 3


T U R K E Y

ERDEMIR: Obtains US$1.13 Billion Loans to Refinance Debt


U K R A I N E

LARUS LLC: Creditors Must File Claims by June 11
LEGOS LLC: Court Starts Bankruptcy Supervision Procedure
MEDIN LLC: Creditors Must File Claims by June 11
MODEL PLUS: Creditors Must File Claims by June 11
NOVVEK LTD: Creditors Must File Claims by June 11


U N I T E D   K I N G D O M

CATTLES PLC: Chair to Quit Post Amid Refinancing Battle
CLEAR PLC: Moody's Cuts Ratings on Three Classes of Notes to 'Ca'
GENERAL MOTORS: UK Gov't Mulls Support to Secure Vauxhall Future
HARWAYES: Put Into Voluntary Liquidation; 120 Jobs at Risk
JJB SPORTS: Crystal Amber Hikes Stake to 13.75 Percent

NETWORK DATA: In Administration; Baker Tilly Appointed
STILLER TRANSPORT: Put Into Voluntary Liquidation by Parent
TATA STEEL: Lenders Have Until Tomorrow to Approve Covenant Reset
WOOLWORTHS GROUP: Former Boss Mulls Store Buyback Plan

* Fitch Comments on Impact of Chrysler Bankruptcy on EU Carmakers

* Upcoming Meetings, Conferences and Seminars


                         *********


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


E. U. H. KRAMMER: Claims Registration Period Ends June 2
--------------------------------------------------------
Creditors owed money by E. u. H. Krammer KG have until June 2,
2009, to file written proofs of claim to the court-appointed
estate administrator:

         Mag. Christian Kies
         Rathausplatz 8
         3270 Scheibbs
         Austria
         Tel: 07482/44 222
         Fax: 07482/44 222-4
         E-mail: christian.kies@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:30 a.m. on June 23, 2009, for the
examination of claims at:

         Land Court of St. Poelten
         Room 216
         Second Floor
         St. Poelten
         Austria


EXESS ENGINEERING: Claims Registration Period Ends June 5
---------------------------------------------------------
Creditors owed money by eXess Engineering GmbH have until June 5,
2009, to file written proofs of claim to the court-appointed
estate administrator:

         Dr. Christian Pfandl
         Herrengasse 28
         8010 Graz
         Austria
         Tel: 0316/82 00 80
         Fax: 0316/82 00 80 - 20
         E-mail: office@aschmann-pfandl.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on June 10, 2009, for the
examination of claims at the Civil Court of Graz.


FRIEDL TRANSPORTE: Claims Registration Period Ends June 5
---------------------------------------------------------
Creditors owed money by Friedl Transporte GmbH have until June 5,
2009, to file written proofs of claim to the court-appointed
estate administrator:

         Mag. Stefan Kohlfuerst
         Marburgerkai 47
         8010 Graz
         Austria
         Tel: 0316/81 54 54
         Fax: 0316/81 54 54 - 22
         E-mail: advokat@hofstaetter.co.at

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


THOMAS UND BELINDA: Claims Registration Period Ends June 5
----------------------------------------------------------
Creditors owed money by Thomas und Belinda Riedl OG have until
June 5, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Mag. Dr. LL.M. Regina Schedlberger
         Andritzer Reichsstr. 42
         8045 Graz-Andritz
         Austria
         Tel: 0316/69 51 00
         Fax: 0316/69 51 00 9
         E-mail: regina.schedlberger@chello.at

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


TRANSMOELL TRANSPORT: Claims Registration Period Ends June 8
------------------------------------------------------------
Creditors owed money by Transmoell Transport GmbH & Co KG have
until June 8, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Mag. Klaus Mikosch
         Bahnhofstrasse 51/DG
         9020 Klagenfurt
         Austria
         Tel: 0463/507350
         Fax: 0463/507350-55
         E-mail: office@juridiicom.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on June 15, 2009, for the
examination of claims.


=============
B E L A R U S
=============


* Moody's Puts Low-B Ratings on Four Belarusian Banks on Review
---------------------------------------------------------------
Moody's Investors Service has placed the ratings of four
Belarusian banks on review for possible downgrade.  The banks
affected are Belagroprombank, Belarusbank, Belinvestbank, and
Belpromstroibank.

The review of the deposit ratings will look at the extent to which
Belarus's ability to provide support to its banking system, should
such support be needed, has changed in the midst of the ongoing
global economic and credit crisis.

The rating agency believes that most governments are at least as
likely, if not more likely, to support their banking systems as
they are to service their own debts -- a view that has
traditionally led to bank ratings often benefiting from
significant uplift due to systemic support.  However, as the
financial crisis wears on, the capacity of a country and its
central bank to support the nation's banks converges with, and is
constrained by, the government's own debt capacity.  As such,
Moody's will be reassessing the level of systemic support for the
banks listed above to determine whether the systemic support they
receive needs to be more closely aligned to the government's local
currency bond rating.

These ratings are affected:

* Belagroprombank -- global local currency (GLC) deposit rating of
  Ba1 to Review for Downgarde from Stable Outlook

* Belarusbank -- GLC deposit rating of Ba1 to Review for Downgarde
  from Stable Outlook

* Belinvestbank -- GLC deposit rating of Ba2 to Review for
  Downgarde from Stable Outlook

* Belpromstroibank -- GLC deposit rating of Ba1 to Review for
  Downgarde from Stable Outlook

Moody's will review the specific circumstances of Belarus to
determine the appropriate systemic support for Belarusian bank
ratings and the implications for the four banks that have been
identified as being potentially affected.  Factors that the rating
agency will consider in its assessment of systemic support include
the size of the banking system in relation to government
resources, the level of stress in the banking system, the foreign
currency obligations of the banking systems relative to the
government's own foreign exchange resources, and changes to
government political patterns and priorities.

The Belarusian banking system is highly concentrated in terms of
state ownership and is extensively involved in financing the
government-related sector, including state programs.  The
government has been active in supporting the state-related banks
with both liquidity and capital, as reflected by the recent
capital injection of BYR3 trillion (US$1.4 billion) in four state-
owned banks in December 2008.  Furthermore, the Belarusian
government has been proactive in providing the banking system with
various liquidity tools including unsecured lending from the
National Bank of Belarus.

However, Moody's also notes that the large state sector, which
takes a prominent place in the Belarusian economy, could
potentially require substantial government support, resulting in a
strain on the government's resources and undermining its
capability to support the banking sector without triggering
adverse macroeconomic effects.

Moody's notes that the review is likely to lead to the debt and
deposit ratings of the affected banks being placed close to the
level implied by these banks' bank financial strength ratings.  It
expects to conclude the review over the next several weeks.

All other bank ratings in Belarus are not impacted by the
reassessment of the systemic support level.

        Previous Rating Action and Principal Methodologies

Moody's previous rating action on Belagroprombank was on
February 18, 2008, when its Ba1/NP GLC and B2/NP GFC long-term
deposit ratings were assigned.

Moody's previous rating action on Belarusbank was on October 25,
2007, when its Ba1/NP GLC and B2/NP GFC long-term deposit ratings
were assigned.

Moody's previous rating action on Belinvestbank was on May 22,
2008, when its Ba2/NP GLC and B2/NP GFC long-term deposit ratings
were assigned.

Moody's previous rating action on Belpromstroibank was on
October 19, 2007, when its B2/NP GFC long-term deposit rating was
assigned.


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


DSK BANK: Moody's Reviews 'D+' BFSR for Possible Downgrade
----------------------------------------------------------
Moody's Investors Service has placed on review for possible
downgrade ratings of two Bulgarian financial institutions: DSK
Bank AD and First Investment Bank Ltd.  This action reflects a
review of stresses arising from the current crisis and the
increasing convergence between the government's ability to support
the banks and its own debt capacity.  In the same action, Moody's
downgraded DSK Bank's long-term local currency deposit rating due
to the downgrade of its parent bank's (OTP Bank of Hungary)
ratings.

                    Rating Actions on Dsk Bank

With regards to DSK Bank, Moody's downgraded the bank's long-term
local currency deposit rating to Baa2 from Baa1 and placed it on
review for further downgrade.  It also placed the D+ bank
financial strength rating (BFSR, which maps to a Ba1 baseline
credit assessment -- BCA) and the Prime-2 short-term ratings on
review for possible downgrade.  The Baa3/Prime-3 foreign currency
deposit ratings were not affected by this action.

Moody's explains that the downgrade of DSK Bank's local currency
deposit rating to Baa2 follows Moody's downgrade of OTP Bank
(Hungary), DSK Bank AD's parent bank.  DSK Bank's deposit ratings
incorporate an uplift reflecting a very high probability of
support from its parent OTP Bank.  Therefore, the downgrade of
OTP's BFSR to D+ (mapping to a BCA of Baa3) from C+ (mapping to a
BCA of A2) resulted in the downgrade of DSK Bank's deposit rating.

             Rating Actions on First Investment Bank

Moody's placed on review for possible downgrade the D bank
financial strength rating, Ba1 long-term local and foreign
currency deposit ratings, as well as the Ba1 and Ba2 ratings for
senior and subordinated debt assigned to its EMTN program.

                       Review For Downgrade

The review of the Bulgarian banks' BFSR will focus on the likely
deterioration of the Bulgarian operating environment and its
potential impact on the banks' financial fundamentals.  Although
currently the system's capitalization level appears to be
adequate, Moody's believes that, with the Bulgarian economy
entering recession, the likelihood of corporate defaults is rising
and that this is expected to lead to increased losses on the
banks' corporate loan portfolios.  Moreover, delinquencies in the
Bulgarian banks' retail portfolios are also expected to rise,
reflecting higher unemployment levels and a likely decline in
housing prices -- primarily resulting from reduced foreign
investor demand in the country's real estate segment.

"We expect that, the weakened economic conditions in Bulgaria will
have an impact on the banks' financial fundamentals, particularly
their credit quality, earnings generation and capital levels,"
says Elena Panayiotou, Moody's lead analyst for the banks.  "The
review of the BFSRs will focus on assessing the impact of the
economic crisis on the banks' financial fundamentals and on their
overall creditworthiness," adds Ms. Panayiotou.

"The review of the local currency deposit ratings will look at the
extent to which Bulgaria's ability to provide support to its
banking system, if needed, is converging with the government's own
debt capacity as a result of the ongoing global economic and
credit crisis," says Ms. Panayiotou.  Moody's has refined its
assessment of systemic support available from the Bulgarian state
to capture the impact of the erosion of the local economy's
underlying credit fundamentals and the low policy flexibility, due
to the currency board, on the government's ability to support the
banking sector.

Moody's previously used the local currency deposit ceiling (LCDC;
Baa1 in the case of Bulgaria) as the main input for its assessment
of the ability of a national government to support its banks.
Although anchoring the probability of support at the LCDC is
appropriate in many circumstances -- regarding the provision of
liquidity to a selected number of institutions over a short period
of time -- this might overestimate the capacity, and even
willingness, of a central bank to support financial institutions
in the event of a banking crisis becoming both truly systemic and
protracted.  This approach is outlined in the Special Comment
entitled "Financial Crisis More Closely Aligns Bank Credit Risk
and Government Ratings in Non-Aaa Countries", which was published
in May 2009.

Factors that Moody's will consider in its assessment of systemic
support include the size of the banking system in relation to
government resources, the level of stress in the banking system,
the foreign currency obligations of the banking system relative to
the government's own foreign exchange resources and changes to the
government's political patterns.

                    Rating Actions in Summary

Rating actions:

DSK Bank:

• long-term local currency deposit rating downgraded to Baa2 from
  Baa1 and placed on review for further downgrade

• D+ BFSR (mapping to a Ba1 BCA) placed on review for possible
  downgrade

• Prime-2 short-term rating placed on review for possible
  downgrade and

• Baa3/Prime-3 long- and short-term foreign currency deposit
  ratings affirmed

First Investment Bank:

• D BFSR (mapping to a Ba2 BCA) placed on review for possible
  downgrade

• Ba1 long-term local and foreign currency deposit and senior debt
  ratings placed on review for downgrade

• Ba2 long-term subordinated debt rating placed on review for
  possible downgrade

Moody's last rating action on DSK Bank was on January 15, 2009,
when it changed the outlook to negative on the D+ BFSR and the
Baa1 long-term local currency deposit rating, in line with the
change in the credit outlook of the Bulgarian banking system to
negative from stable.

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

DSK Bank AD is headquartered in Sofia and reported consolidated
total assets of BGN8.671 billion (EUR4.433 billion) at the end of
December 2008.

First Investment Bank LTD is headquartered in Sofia and reported
consolidated total assets of BGN4.271 billion (EUR2.183 billion)
at the end of December 2008.


FIRST INVESTMENT: Moody's Reviews Low-B Ratings for Downgrade
-------------------------------------------------------------
Moody's Investors Service has placed on review for possible
downgrade ratings of two Bulgarian financial institutions: DSK
Bank AD and First Investment Bank Ltd.  This action reflects a
review of stresses arising from the current crisis and the
increasing convergence between the government's ability to support
the banks and its own debt capacity.  In the same action, Moody's
downgraded DSK Bank's long-term local currency deposit rating due
to the downgrade of its parent bank's (OTP Bank of Hungary)
ratings.

                    Rating Actions on Dsk Bank

With regards to DSK Bank, Moody's downgraded the bank's long-term
local currency deposit rating to Baa2 from Baa1 and placed it on
review for further downgrade.  It also placed the D+ bank
financial strength rating (BFSR, which maps to a Ba1 baseline
credit assessment -- BCA) and the Prime-2 short-term ratings on
review for possible downgrade.  The Baa3/Prime-3 foreign currency
deposit ratings were not affected by this action.

Moody's explains that the downgrade of DSK Bank's local currency
deposit rating to Baa2 follows Moody's downgrade of OTP Bank
(Hungary), DSK Bank AD's parent bank.  DSK Bank's deposit ratings
incorporate an uplift reflecting a very high probability of
support from its parent OTP Bank.  Therefore, the downgrade of
OTP's BFSR to D+ (mapping to a BCA of Baa3) from C+ (mapping to a
BCA of A2) resulted in the downgrade of DSK Bank's deposit rating.

             Rating Actions on First Investment Bank

Moody's placed on review for possible downgrade the D bank
financial strength rating, Ba1 long-term local and foreign
currency deposit ratings, as well as the Ba1 and Ba2 ratings for
senior and subordinated debt assigned to its EMTN program.

                       Review For Downgrade

The review of the Bulgarian banks' BFSR will focus on the likely
deterioration of the Bulgarian operating environment and its
potential impact on the banks' financial fundamentals.  Although
currently the system's capitalization level appears to be
adequate, Moody's believes that, with the Bulgarian economy
entering recession, the likelihood of corporate defaults is rising
and that this is expected to lead to increased losses on the
banks' corporate loan portfolios.  Moreover, delinquencies in the
Bulgarian banks' retail portfolios are also expected to rise,
reflecting higher unemployment levels and a likely decline in
housing prices -- primarily resulting from reduced foreign
investor demand in the country's real estate segment.

"We expect that, the weakened economic conditions in Bulgaria will
have an impact on the banks' financial fundamentals, particularly
their credit quality, earnings generation and capital levels,"
says Elena Panayiotou, Moody's lead analyst for the banks.  "The
review of the BFSRs will focus on assessing the impact of the
economic crisis on the banks' financial fundamentals and on their
overall creditworthiness," adds Ms. Panayiotou.

"The review of the local currency deposit ratings will look at the
extent to which Bulgaria's ability to provide support to its
banking system, if needed, is converging with the government's own
debt capacity as a result of the ongoing global economic and
credit crisis," says Ms. Panayiotou.  Moody's has refined its
assessment of systemic support available from the Bulgarian state
to capture the impact of the erosion of the local economy's
underlying credit fundamentals and the low policy flexibility, due
to the currency board, on the government's ability to support the
banking sector.

Moody's previously used the local currency deposit ceiling (LCDC;
Baa1 in the case of Bulgaria) as the main input for its assessment
of the ability of a national government to support its banks.
Although anchoring the probability of support at the LCDC is
appropriate in many circumstances -- regarding the provision of
liquidity to a selected number of institutions over a short period
of time -- this might overestimate the capacity, and even
willingness, of a central bank to support financial institutions
in the event of a banking crisis becoming both truly systemic and
protracted.  This approach is outlined in the Special Comment
entitled "Financial Crisis More Closely Aligns Bank Credit Risk
and Government Ratings in Non-Aaa Countries", which was published
in May 2009.

Factors that Moody's will consider in its assessment of systemic
support include the size of the banking system in relation to
government resources, the level of stress in the banking system,
the foreign currency obligations of the banking system relative to
the government's own foreign exchange resources and changes to the
government's political patterns.

                    Rating Actions in Summary

Rating actions:

DSK Bank:

• long-term local currency deposit rating downgraded to Baa2 from
  Baa1 and placed on review for further downgrade

• D+ BFSR (mapping to a Ba1 BCA) placed on review for possible
  downgrade

• Prime-2 short-term rating placed on review for possible
  downgrade and

• Baa3/Prime-3 long- and short-term foreign currency deposit
  ratings affirmed

First Investment Bank:

• D BFSR (mapping to a Ba2 BCA) placed on review for possible
  downgrade

• Ba1 long-term local and foreign currency deposit and senior debt
  ratings placed on review for downgrade

• Ba2 long-term subordinated debt rating placed on review for
  possible downgrade

Moody's last rating action on DSK Bank was on January 15, 2009,
when it changed the outlook to negative on the D+ BFSR and the
Baa1 long-term local currency deposit rating, in line with the
change in the credit outlook of the Bulgarian banking system to
negative from stable.

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

DSK Bank AD is headquartered in Sofia and reported consolidated
total assets of BGN8.671 billion (EUR4.433 billion) at the end of
December 2008.

First Investment Bank LTD is headquartered in Sofia and reported
consolidated total assets of BGN4.271 billion (EUR2.183 billion)
at the end of December 2008.


===========================
C Z E C H   R E P U B L I C
===========================


J & T BANKA: Moody's Puts 'E+' BFSR on Review for Downgrade
-----------------------------------------------------------
Moody's Investors Service placed on review for possible downgrade
the bank financial strength ratings and the long- and short-term
local and foreign currency deposit ratings of these banks: Ceska
Sporitelna (rated Aa3/A1/P-1/C), Komercni Banka (Aa3/A1/P-1/C) and
Ceskoslovenska obchodni Banka (CSOB, Aa3/A1/P-1/C).  In addition,
Moody's placed on review for possible downgrade the Aa1 long-term
foreign currency issuer and senior unsecured ratings of Czech
Export Bank, the E+ BFSR of J&T Banka and the national scale
ratings of these institutions: J&T Banka (Baa2.cz/CZ-2), Home
Credit (HC, A3.cz) and BH Securities (Baa3.cz).

The rating agency believes that most governments are at least as
likely, if not more likely, to support their banking systems as
they are to service their own debts -- a view that has
traditionally led to bank ratings often benefiting from
significant uplift due to systemic support.  However, as the
financial crisis wears on, the capacity of a country and its
central bank to support the nation's banks converges with, and is
constrained by, the government's own debt capacity (the government
debt of the Czech Republic is rated A1 with a stable outlook).  As
such, Moody's will be reassessing the level of systemic support
for the financial institutions that benefit from systemic support
to determine whether the systemic support they receive needs to be
more closely aligned to the government's local currency bond
rating.

Moody's will review the specific circumstances of the Czech
Republic to determine the appropriate systemic support for Czech
bank ratings and the implications for the four banks that have
been identified as being potentially affected.  Factors that the
rating agency will consider in its assessment of systemic support
include the size of the banking system in relation to government
resources, the level of stress in the banking system, the foreign
currency obligations of the banking systems relative to the
government's own foreign exchange resources, and changes to
government political patterns and priorities.

The Czech government did not establish any program to support the
banking system so far but it declared it would support the banks
in the case of need.  In the meantime, the credit stress in the
banking system has increased significantly, although in comparison
with other systems in the CEE region, the risks are mitigated by
very limited volumes of foreign currency lending and very low
reliance on parents for funding.

Moody's said that the rating actions on the BFSRs were prompted by
the weakening of the Czech economy (as reflected by the rating
agency's negative credit outlook for the domestic banking system
-- see separate press release dated May 20, 2009), which could
lead to higher credit-related write-downs and significant pressure
on Czech financial institutions, in particular on their asset
quality, profitability and capitalization.  Although Moody's BFSR
methodology remains unchanged, the weight attached to certain
rating factors, particularly capital and future earnings
prospects, has been increased to better reflect the present
conditions.

Moody's review of the BFSRs will focus in particular on: (i) the
amount of capital available to the entities to absorb expected
credit losses on their risk assets; and (ii) the entities' future
earnings capacity and their ability to replenish their capital
cushions in the context of lower revenue growth in the
deteriorating economic environment.

Where appropriate, Moody's will also consider what degree of
uplift (as a result of its parental support assessment) for the
long-term debt and deposit ratings from the entities' standalone
financial strength is appropriate going forward, given the more
difficult conditions faced by their parent groups, which may lead
some of them to reconsider the strategic importance of their
investments and might result in support being scaled back.

Moody's has taken these rating actions:

                         Ceska Sporitelna

Moody's placed Ceska Sporitelna's C BFSR on review for possible
downgrade.  The possible downgrade of the BFSR and the change of
the support probabilities could have an adverse effect on the
bank's Aa3/A1/P-1 local and foreign currency deposit ratings,
which were also placed on review for possible downgrade.  However,
it would take a significant downgrade of the BFSR for Ceska
Sporitelna's short-term deposit rating to be downgraded to P-2 as
the bank benefits from significant parental and systemic support.

Moody's last rating action on Ceska Sporitelna was on December 9,
2008, when it changed the outlook on the A1 long-term foreign
currency deposit ratings to stable from positive, in line with the
sovereign rating action.

                          Komercni Banka

Moody's placed Komercni Banka's C BFSR on review for possible
downgrade.  The possible downgrade of the BFSR and the change of
support probabilities could have an adverse effect on the bank's
Aa3/A1/P-1 local and foreign currency deposit ratings, which were
also placed on review for possible downgrade.  However, it would
take a significant downgrade of the BFSR for Komercni Banka's
short-term deposit rating to be downgraded to P-2 as the bank
benefits from significant parental and systemic support.

Moody's last rating action on Komercni Banka was on April 14, 2009
when it changed the outlook on the Aa3 long-term local currency
deposit ratings to negative from stable, following the rating
action on its parent bank, Société Générale.

                  Ceskoslovenska obchodni Banka

Moody's placed CSOB's C BFSR on review for possible downgrade.
The possible downgrade of the BFSR and the change of support
probabilities could have an adverse effect on the bank's Aa3/A1/P-
1 local and foreign currency deposit ratings, which were also
placed on review for possible downgrade.  However, it would take a
significant downgrade of the BFSR for CSOB's short-term deposit
rating to be downgraded to P-2 as the bank benefits from
significant parental and systemic support.

Moody's last rating action on CSOB was on January 26, 2009, when
the long-term local currency deposit ratings were downgraded to
Aa3 from Aa2 following the rating action on its parent bank, KBC.

                        Czech Export Bank

Moody's placed CEB's Aa1 long term foreign currency issuer and
senior unsecured ratings on review for possible downgrade.  The
review will focus on the effect of the change in systemic support
assumptions on the bank's ratings.  In addition, Moody's will
review the extent of the ability of the Czech government to
support CEB in foreign currency.

Moody's last rating action on CEB was on December 9, 2008, when it
changed the outlook on the Aa1 long-term foreign currency issuer
and senior unsecured debt ratings to stable from positive in line
with the sovereign rating action.

                            J&T Banka

Moody's placed J&T Banka's E+ BFSR on review for possible
downgrade.  The review will focus on the impact of potential
losses in the bank's lending portfolio; of particular concern to
the rating agency are the bank's exposures to sizeable real estate
projects and the high concentration of related lending.  The
possible downgrade of the BFSR would have a direct impact on the
bank's national scale ratings, as these ratings do not benefit
from any uplift from its standalone financial strength as a result
of parental or systemic support.  Moody's therefore placed the
bank's Baa2.cz/CZ-2 national scale ratings on review for possible
downgrade.

Moody's last rating action on J&T Banka was on November 25, 2008,
when the long-term deposit ratings were withdrawn for business
reasons.

                           Home Credit

Moody's placed HC'sA3.cz national scale issuer rating on review
for possible downgrade.  The review will focus on assessing the
impact of potential losses in the institution's consumer lending
portfolio.  In addition, Moody's will focus on HC's wholesale-
funded profile and high re-financing risk in the context of the
difficult capital market conditions.  HC's national scale issuer
rating does not benefit from any uplift from its standalone
financial strength as a result of the rating agency's assessment
of parental/systemic support.

Moody's last rating action on HC was on December 11, 2008, when it
changed the outlook on the A3.cz long-term national scale issuer
rating to negative from stable.

                          BH Securities

Moody's placed BH Securities' Baa3.cz national scale issuer rating
on review for possible downgrade.  The review will focus on
assessing the impact of the difficult market conditions on the
institution's financial performance, franchise value and core
business areas (i.e. margin trading and asset management).  BH
Securities' national scale issuer rating does not benefit from any
uplift from its standalone financial strength as a result of the
rating agency's assessment of parental/systemic support.

Moody's last rating action on BH Securities was on July 13, 2006,
when the national scale rating of Baa3.cz was assigned.

Headquartered in Prague, Czech Republic, Ceska Sporitelna reported
total consolidated assets of CZK862 billion (EUR32.1 billion) as
of December 31, 2008.

Headquartered in Prague, Czech Republic, Komercni Banka reported
total consolidated assets of CZK699 billion (EUR26 billion) as of
December 31, 2008.

Headquartered in Prague, Czech Republic, Ceskoslovenska obchodni
Banka reported total consolidated assets of CZK824 billion
(EUR30.7 billion) as of December 31, 2008.

Headquartered in Prague, Czech Republic, J&T Banka reported total
assets of CZK39.6 billion (EUR1.6 billion) as of September 30,
2008.

Headquartered in Prague, Czech Republic, Czech Export Bank
reported total assets of CZK42.5billion (EUR1.6billion) as of
December 31, 2008.

Headquartered in Brno, Czech Republic, Home Credit reported total
assets of total assets of CZK13.1 billion (EUR487 million) as of
December 31, 2008.

Headquartered in Prague, Czech Republic, BH Securities reported
total assets of CZK1.5 billion (EUR63 million) as of September 30,
2008.


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


COGNIS HOLDING: S&P Withdraws 'B' Corporate Credit Rating
---------------------------------------------------------
Standard & Poor's Ratings Services said it withdrew its 'B' long-
term corporate credit rating on Cognis Holding GmbH, the parent
company of Germany-based specialty chemicals producer Cognis GmbH
(B/Negative/--) at the company's request.  S&P also withdrew the
rating on the payment-in-kind loans issued by Cognis Holding and
due Jan. 15, 2015, of which EUR434 million was outstanding as of
Dec. 31, 2008.  Consequently, Cognis Holding GmbH and the PIK
loans are no longer subject to surveillance by Standard & Poor's.

The withdrawal of these ratings does not affect the issuer ratings
on Cognis GmbH and other rated debt.

Cognis GmbH is a wholly owned subsidiary of Cognis Beteiligungs
GmbH, whose sole shareholder is Cognis Holding GmbH, with the
ultimate parent being Cognis Holding Luxembourg S.a.r.l.


LINDE AG: Wants Lenders to Extend Maturity of EUR1.5 Bln Loan
-------------------------------------------------------------
Linde AG is in talks with banks to extend the maturity of
EUR1.5 billion (US$2.07 billion) of loans with a forward start
agreement, Zaida Espana & Tessa Walsh at Reuters report citing
three bankers close to the talks.

Reuters relates according to two bankers, Linde is trying to
extend the maturity of part of an existing EUR2 billion  revolving
credit that matures in 2011 by a further two years.

"The terms of the deal are under discussion," Reuters quoted a
banker close to the deal as saying.

Reuters discloses one banker said the company, which had net debt
of EUR6.5 billion as of March 31, faces an increase in borrowing
costs to more than 200 basis points (bps) over EURIBOR, up from
around 55 bps on the EUR2 billion loan it took out in 2006 which
partly financed its acquisition of BOC Group.  Reuters notes
Thomson Reuters LPC data shows Linde's 2006 acquisition financing
was arranged by a group of banks including Commerzbank, Deutsche
Bank, Dresdner Kleinwort, Morgan Stanley and Royal Bank of
Scotland.

Headquartered in Munich, Germany, Linde AG --
http://www.linde.com/-- is engaged in the gases and engineering
sector.  It has three divisions: Gases and Engineering, as core
divisions, as well as Gist.  The Gases Division includes
Healthcare, producing medical gases, and Tonnage, as its two
global business units, as well as the two business areas Merchant
and Packaged Gases, offering liquefied and cylinder gases, and
Electronics.  The Company’s products are used in the energy
sector, for steel production, chemical processing, environmental
protection and welding, as well as in food processing, glass
production and electronics.  The Engineering division offers
planning, project development and construction of turnkey
industrial plants used in such fields as the petrochemical and
chemical industries, in refineries and fertilizer plants, to
recover air gases, to produce hydrogen and synthesis gases, to
treat natural gas, and in the pharmaceutical industry.  The
Company is represented through locations in 100 countries
worldwide.


PREPS 2006-1: Moody's Corrects Rating Press Release
---------------------------------------------------
Moody's Investors Service has revised its rating press release on
Preps 2006-1 plc.

Revised Release:

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 EUR35 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
collateralised 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 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, Baa2 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, Baa2 placed under review
     for possible downgrade


PREPS 2007-1: Moody's Corrects Rating Press Release
---------------------------------------------------
Moody's Investors Service has revised its rating press release on
Preps 2006-1 plc.

Revised Release:

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.
On the positive side, the Class A has benefited from scheduled
amortisation 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 modelling parameter
assumptions that Moody's uses to rate and monitor ratings of
collateralised 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 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 2007-1 plc:

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

  -- Current Rating: Aa2

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

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


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


ALLIED IRISH: Reorganizes Irish Unit
------------------------------------
Arthur Beesley and Barry O'Halloran at the Irish Times report that
Allied Irish Banks plc has reorganized the structure of its
Republic of Ireland unit.

According to the report, while AIB, which received EUR3.5 billion
in capital from the Irish government, previously had three area
divisions in its Irish units -- Dublin, South and East-West -- it
will have two divisions in the new structure: East, encompassing
Dublin, and South and West.  The report discloses Gerry Griffin,
previously head of the East-West area, has been appointed head of
card issuing, while Declan Lawlor, previously head of the Dublin
area, has been appointed head of human resources.

Reuters relates Robbie Henneberry, newly-installed head of AIB's
core Irish unit, said in an internal memo that the structure to be
put in place next week would streamline and shorten the lines of
communication from the business to the management team and ensure
greater business representation on the bank's management team.

Allied Irish Banks, p.l.c., together with its subsidiaries
(collectively referred to as the AIB Group or the Group) --
http://www.aibgroup.com/-- conducts retail and commercial banking
business in Ireland.  It also provides corporate lending and
capital markets activities from its head office at Bankcentre and
from Dublin’s International Financial Services Centre. The Group
also has overseas branches in the United States, Germany, France
and Australia, among other locations.  The business of AIB Group
is conducted through four operating divisions: AIB Bank Republic
of Ireland division, Capital Markets division, AIB Bank UK
division, and Central & Eastern Europe division. In February 2008,
the Group acquired the AmCredit mortgage business in the Baltic
states of Latvia, Lithuania and Estonia. In September 2008, the
Group also acquired a 49.99% shareholding in BACB.

                         *      *      *

As reported in the Troubled Company Reporter-Europe on April 13,
2009, Moody's Investors downgraded Allied Irish Banks plc's bank
financial strength rating to D with a developing outlook, from C
negative outlook.


BANK OF IRELAND: Harris Reduces Stake to 8.3 Percent
----------------------------------------------------
David Labanyi at the Irish Times reports that Chicago-based fund
manager Harris Associates, Bank of Ireland's largest shareholder,
has reduced its stake to 8.3 per cent from 9.2 per cent.

The report relates the share sale was completed on May 21 when
Bank of Ireland shares closed at EUR1.45, with just over 9 million
shares sold.  According to the report, following the share sale,
Harris holds 83.47 million shares in the bank.

Headquartered in Dublin, Bank of Ireland --
http://www.bankofireland.com-- provides a range of banking and
other financial services.  These include checking and deposit
services, overdrafts, term loans, mortgages, business and
corporate lending, international asset financing, leasing,
installment credit, debt factoring, foreign exchange facilities,
interest and exchange rate hedging instruments, executor, trustee,
life assurance and pension and investment fund management, fund
administration and custodial services and financial advisory
services, including mergers and acquisitions and underwriting.
The Company organizes its businesses into Retail Republic of
Ireland, Bank of Ireland Life, Capital Markets, UK Financial
Services and Group Centre.  It has operations throughout Ireland,
the United Kingdom, Europe and the United States.

                        *      *      *

As reported in the Troubled Company Reporter-Europe on April 13,
2009, Moody's Investors downgraded Bank of Ireland's bank
financial strength rating to D with a developing outlook, from C
negative outlook.


BANK OF IRELAND: Unveils Structural Changes
-------------------------------------------
BreakingNews.ie reports Bank of Ireland on Tuesday unveiled
changes to its group structure and the composition of its senior
executive team.

According to the report, Des Crowley is to become chief executive
of a new division, Retail (Ireland & UK), which will take over the
principal activities of the former Retail Financial Services
Ireland and UK Financial Services divisions.

Ronan Murphy has been appointed to the new role of Chief
Governance Risk Officer; Vincent Mulvey will join the executive
team in a new position as Chief Credit & Market Risk Officer, and
Liam McLoughlin will become Head of Group Manufacturing, the
report discloses.

The report says John O'Donovan and Christine Brennan continue in
their current roles as Group Chief Financial Officer and Head of
Group HR respectively, while Denis Donovan remains Chief Executive
of the Capital Markets division.

Headquartered in Dublin, Bank of Ireland --
http://www.bankofireland.com-- provides a range of banking and
other financial services.  These include checking and deposit
services, overdrafts, term loans, mortgages, business and
corporate lending, international asset financing, leasing,
installment credit, debt factoring, foreign exchange facilities,
interest and exchange rate hedging instruments, executor, trustee,
life assurance and pension and investment fund management, fund
administration and custodial services and financial advisory
services, including mergers and acquisitions and underwriting.
The Company organizes its businesses into Retail Republic of
Ireland, Bank of Ireland Life, Capital Markets, UK Financial
Services and Group Centre.  It has operations throughout Ireland,
the United Kingdom, Europe and the United States.

                   *      *      *

As reported in the Troubled Company Reporter-Europe on April 13,
2009, Moody's Investors downgraded Bank of Ireland's bank
financial strength rating to D with a developing outlook, from C
negative outlook.


* IRELAND: To Reveal Bank Writedowns Under NAMA Scheme in July
--------------------------------------------------------------
The Irish government will reveal the size of the writedown banks
will be told to make on their property loans when it publishes
legislation on its 'bad bank' scheme in July, Padraic Halpin at
Reuters reports citing Finance Minister Brian Lenihan.

Reuters relates Mr. Lenihan said on Sunday that the law
establishing the National Asset Management Agency (NAMA), which
will take over loans and assets with a book value of up to EUR90
billion (US$126 billion), would be ready by July and parliament
could be recalled from summer recess to enact it.

According to Reuters, the size of the discount Dublin will demand
for parking the loans in a state-run 'bad bank' will determine
whether Bank of Ireland (BKIR.I) and Allied Irish Banks (ALBK.I)
require more capital from the government, which could lead to
majority state ownership.

Reuters says Mr. Lenihan said any decision on Anglo Irish Bank,
which was nationalized in January following a collapse in investor
confidence, would be taken after NAMA was created.   Reuters notes
local media have said Anglo will need EUR3.5 billion in state
capital to cover first-half loan loss provisions, while Allied
Irish Banks, which also received a EUR3.5 billion state handout
and has a larger exposure to risky commercial property ventures,
has said it needs to raise an additional EUR1.5 billion of capital
this year.

"If capital is required after that the government has always said
it is willing to do that because that's the price of
nationalization," Reuters quoted Mr. Lenihan as saying. "It's not
something we are rushing into."

Reuters discloses Mr. Lenihan has said Dublin faces "enormous
practical difficulties" in setting up the 'bad bank' as some of
the loans of Ireland's major lenders are cross-collaterialized and
their valuation has been complicated by a collapse in the local
property market.


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


ASTYK JOLAMAN: Creditors Must File Claims by June 19
----------------------------------------------------
Creditors of OJSC Astyk Jolaman have until June 19, 2009, to
submit proofs of claim to:

         Micro District Samal, 15-29
         Taldykorgan
         Almaty
         Kazakhstan
         Tel: 8 701 255 64-22

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

The Court is located at:

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


ELECTRO SCHET: Creditors Must File Claims by June 19
----------------------------------------------------
Creditors of LLP Electro Schet Pribor have until June 19, 2009, to
submit proofs of claim to:

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

The Specialized Inter-Regional Economic Court of East Kazakhstan
commenced bankruptcy proceedings against the company on April 6,
2009.


JAZ NUR: Creditors Must File Claims by June 19
----------------------------------------------
Creditors of LLP Jaz Nur Stroy 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


KAITAMALY METALL: Creditors Must File Claims by June 19
-------------------------------------------------------
Creditors of LLP Kaitamaly Metall 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


KERUEN SAZY: Creditors Must File Claims by June 19
--------------------------------------------------
Creditors of LLP Keruen Sazy have until June 19, 2009, to submit
proofs of claim to:

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

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


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


SIAR CONSULT: Creditors Must File Claims by July 3
--------------------------------------------------
LLC Siar Consult Ltd has gone into liquidation.  Creditors have
until July 3, 2009, to submit proofs of claim.

Inquiries can be addressed to (+996 312) 31-62-01.


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


GOLDEN TULIP: Files for Bankruptcy for 13 Directly-Owned Hotels
---------------------------------------------------------------
Reed Stevenson at Reuters reports that Golden Tulip said on
Tuesday it would file for bankruptcy for 13 hotels in the
Netherlands that it directly owns and operates.

The report relates the company said the hotels will continue to
operate during the proceedings.

The report recalls Golden Tulip, which owns 60 hotels directly,
said it was going into voluntary receivership and discussing a
possible merger with Apollo Hotels & Resorts.  The Dutch hotel
operator, the report discloses, had warned earlier this year that
declining occupancy rates and the cost of investing in new hotels
had led to losses.


STICHTING MEMPHIS: S&P Affirms Low-B Rating on Class E and F Notes
------------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on all
notes issued by Stichting Memphis 2005-I.

These rating actions follow S&P's full credit review of the most
recent loan-level data S&P has received for the transaction.
S&P's analysis, conducted in line with S&P's Dutch residential
mortgage-backed securities criteria, shows that the pool's credit
quality has improved and the transaction has, so far, had minimal
losses and few credit events.

The revolving nature of the transaction allows it to substitute
loans so long as (among other things) the weighted-average
foreclosure frequency and weighted-average loss severity of the
collateral do not exceed the closing WAFF and WALS plus 25 basis
points (as per S&P's criteria mentioned above).

The collateral credit quality has improved, predominantly due to
increased seasoning and house price appreciation on the underlying
assets since closing.  This has been common for many seasoned
Dutch transactions that S&P rate to date.  As this is a revolving
structure, adverse loan selection could cause the credit quality
to deteriorate.  The arrears performance has been satisfactory,
with total arrears standing at 1.95% as of the February quarterly
report, down from 3.25% the previous quarter.  This is slightly
higher than S&P's Q1 index, which has total delinquencies at
1.02%.

To date, all losses were covered by a synthetic excess spread of
approximately 1.25 bps per quarter and a synthetic reserve.  The
synthetic reserve has built up to 0.21% of the reference pool from
nothing at closing.  This reserve builds up from any remaining
synthetic spread after losses have been covered, and does so until
the notes mature.

Unlike many transactions, Stichting Memphis 2005-I has not
benefited from a deleveraging of the reference portfolio, as the
deal revolves until maturity.  This means any increase in credit
enhancement comes solely from the build-up in the synthetic
reserve account.

                           Ratings List

                     Stichting Memphis 2005-I
         EUR188.1 Million Floating-Rate Credit-Linked Notes

                         Ratings Affirmed

                              Rating
                              ------
                      Class             To
                      -----             --
                      A                 AAA
                      B                 AA
                      C                 A
                      D                 BBB
                      E                 BB
                      F                 B


===========
P O L A N D
===========


* POLAND: Moody's Reviews Rating of 8 Polish Banks for Downgrade
----------------------------------------------------------------
Moody's Investors Service has placed the ratings of eight Polish
banks on review for possible downgrade.  The affected entities are
Powszechna Kasa Osczednosci Bank Polski, Bank Polska Kasa Opieki,
Bre Bank, Bre Bank Hipoteczny, Bank Zachodni WBK, Bank Gospodarki
Zywnosciowej, Lukas Bank, Europejski Fundusz Leasingowy.  The
outlook for the long-term deposit ratings of ING Bank Slaski was
changed to negative from stable.

The deposit ratings of Bank Handlowy w Warszawie (A3/P-2/C-) and
Bank Millennium (A3/P-2/D) were already placed on review for
downgrade following rating actions on their parents in March and
April 2009, respectively.  All ratings of Bank BPH (Baa2/P-2/D-)
remain on review for possible upgrade pending the merger with GE
Money Polska.  The ratings of Getin Bank (Ba3/NP/D-), which are
already on negative outlook, were not affected by this rating
action.

As regards the Bank Financial Strength Ratings that were put on
review, Moody's noted that with the Polish economy entering a
downturn the likelihood of increased number of corporate defaults
is rising and therefore the losses in bank's corporate loan
portfolios are expected to grow.  In the meantime rising
unemployment and the decline in house prices are expected to
result in increased losses also in the retail portfolios.  These
losses are expected to weaken the capital positions of most Polish
banks over the next two years.  Moody's said that it has been
incorporating expected losses on bank loan portfolios into its
ratings for some time.  However, it has considerably increased the
level of expected losses because of the continuing deterioration
in the Polish operating environment.

Commenting on the rating actions on deposit and debt ratings
Moody's noted that most governments are at least as likely, if not
more likely, to support their banking systems as they are to
service their own debts -- a view that has traditionally led to
bank ratings often benefiting from significant uplift due to
systemic support.  However, as the financial crisis wears on, the
capacity of a country and its central bank to support the nation's
banks converges with, and is constrained by, the government's own
debt capacity.  As such, Moody's will be reassessing the level of
systemic support for the banks listed above to determine whether
the systemic support they receive needs to be more closely aligned
to the government's local currency bond rating.

Moody's said that it will review the specific circumstances of
Poland to determine the appropriate systemic support for Polish
bank ratings and the implications for the banks that have been
identified as being potentially affected.  Factors that the rating
agency will consider in its assessment of systemic support include
the size of the banking system in relation to government
resources, the level of stress in the banking system, the foreign
currency obligations of the banking systems relative to the
government's own foreign exchange resources, and changes to
government political patterns and priorities.

Finally, given the more difficult operating environment faced by
the Polish banks, and indeed in many cases by their foreign
parents, Moody's will also evaluate if the currently used support
assumptions , where applicable, appropriately reflect the parent's
willingness and ability to support their Polish subsidiaries.
However, the impact on ratings from the reassessment of the
parental support input is likely to be limited.

         Powszechna Kasa Osczednosci Bank Polski (PKO BP)

Moody's placed on review for possible downgrade the C BFSR of PKO
BP.  Although the bank has a dominant retail position and
diversified loan book, the recent rapid growth rates in FX
mortgages remain a cause for concern.

The long-term debt ratings of Aa2 and local currency deposit
rating of Aa2 were also placed on review for possible downgrade
due to the reassessment of the level of systemic support.  The
long-term foreign currency deposit rating of A2 and the short-term
debt and deposit ratings of P-1 were affirmed.

                 Bank Polska Kasa Opieki (Pekao)

Moody's placed on review for possible downgrade the C BFSR of
Pekao.  Even though the bank is not exposed to FX risk to the same
extent as other banks and maintains high capital adequacy ratios
Moody's expect that due to its corporate profile Pekao's financial
fundamentals could be negatively influenced by the economic
downturn.

The bank's Aa3 local currency deposit ratings was also placed on
review for possible downgrade due to the reassessment of the level
of systemic support.  The long-term foreign currency deposit
rating of A2 and the short-term rating of P-1 were affirmed.

                             Bre Bank

Moody's placed on review for possible downgrade the A3 long-term
deposit ratings of Bre Bank due to the reassessment of the level
of systemic support.  The D BFSR and the short-term rating P-2
were affirmed.  Although Moody's note that Bre Bank's Tier1 ratio
is lowest among the rated peers, Moody's consider that the current
BFSR is sufficiently low to accommodate a reasonable degree of
volatility in its financial fundamentals.

                       Bre Bank Hipoteczny

Moody's placed on review for possible downgrade the D- BFSR of Bre
Bank Hipoteczny.  Given its profile as a specialized commercial
mortgage lender Moody's expects a larger degree of negative impact
from the deteriorating Polish real-estate market compared to more
diversified banks.

Moody's however said that it considers that the bank enjoys a
strong support from its ultimate parent (Commerzbank AG rated at
Aa3/P-1/C-) and the long-term and short-term deposit ratings of
Baa3/P-3 should be resilient in case of the volatility in the BFSR
and therefore were affirmed with a stable outlook.

                        Bank Zachodni WBK

Moody's placed on review for possible downgrade the C- BFSR of
Bank Zachodni WBK.  The bank's profitability is expected to be
negatively influenced by the current economic downturn.  Moody's
also notes a larger portion of exposure to the commercial real
estate market in the bank's loan book.  The local and foreign
currency deposit ratings of A2/P-1 were placed on review for
possible downgrade due to the reassessment of the level of
systemic support as well as potential negative pressure due to the
volatility of the BFSR.

                   Bank Gospodarki Zywnosciowej

Moody's placed on review for possible downgrade the local and
foreign currency deposit deposit ratings of A2/P-1 of BGZ.  The
bank deposit ratings could be negatively impacted due to the
reassessment of the level of systemic support.  The D BFSR was
affirmed since in Moody's opinion it is currently well placed to
reflect BGZ's focused franchise on agribusiness and reasonable
financial fundamentals.

                            Lukas Bank

Moody's placed on review for possible downgrade the C- BFSR of
Lukas Bank.  As a specialized consumer lender which experienced
fast growth in its loan portfolio Lukas Bank is likely to be
affected by the deteriorating environment.  Moody's estimate that
a possible downgrade in the BFSR will put local and foreign
currency deposit ratings of A2/P-1 under pressure, which were also
placed on review for possible downgrade.

                  Europejski Fundusz Leasingowy

Moody's placed on review for possible downgrade the issuer rating
A2 of EFL.  The financial fundamentals of the largest leasing
company in Poland are expected to be affected by the deteriorating
operating environment and increasing delinquencies in the Polish
leasing market.

                         ING Bank Slaski

Moody's changed the outlook on long-term deposit rating A2 to
negative from stable.  Other ratings were not affected.  Moody's
notes that in light of the reassessment of the level of systemic
support the negative outlook on the parent's BFSR (ING Bank NV
rated at Aa3/P1/C+) is likely to take precedent and influence ING
Slaski's long-term deposit rating.

        Previous Rating Action And Principal Methodologies

Moody's last rating action on Powszechna Kasa Osczednosci Bank
Polski was on September 15, 2008, when Moody's assigned Aa2/Aa3/P-
1 to PKO BP SA's EUR3 billion Loan Participation Note Programme.

Headquartered in Warsaw, Poland, Powszechna Kasa Osczednosci Bank
Polski reported consolidated IFRS net income of PLN3.1 billion
(EUR757.9 million) in 2008 and total assets of PLN134.6 billion
(EUR32.7 billion) as of December 31, 2008.

Moody's last rating action on Bank Polska Kasa Opieki was on
November 6, 2008, when Moody's changed the outlook on the BFSR of
C to stable from positive given the worsening macroeconomic
climate in Poland.

Headquartered in Warsaw, Poland, Bank Polska Kasa Opieki reported
consolidated IFRS net income of PLN3.5 billion (EUR1 billion) in
2008 and total assets of PLN131.9 billion (EUR32 billion) as of
December 31, 2008.

Moody's last rating action on Bre Bank was on March 2, 2009, when
Moody's downgraded long-term deposit ratings to A3 from A2.  The
rating action was triggered by downgrade of the BFSR rating of
parent bank Commerzbank AG (Aa3/P-1/C-)

Headquartered in Warsaw, Poland, Bre Bank reported consolidated
IFRS net income of PLN857 million (EUR208.1 million) in 2008 and
total assets of PLN82.6 billion (EUR20.1 billion) as of December
31, 2008.

Moody's last rating action on Bre Bank Hipoteczny was on March 2,
2009, when Moody's downgraded long-term deposit ratings to Baa3
from Baa1.  The rating action was triggered by downgrade of the
BFSR rating of parent bank Commerzbank AG (Aa3/P-1/C-)

Headquartered in Warsaw, Poland, Bre Bank Hipoteczny reported
consolidated IFRS net income of PLN43 million (EUR10.4 million) in
2008 and total assets of PLN4.7 billion (EUR1.1 billion) as of
December 31, 2008.

Moody's last rating action on Bank Zachodni WBK was on February
12, 2009, when Moody's downgraded long-term deposit ratings to A2
from A1.  The rating action was triggered by downgrade of the BFSR
rating of parent bank Allied Irish Banks (Aa3/P-1/D)

Headquartered in Warsaw, Poland, Bank Zachodni WBK reported
consolidated IFRS net income of PLN855 million (EUR207.6 million)
in 2008 and total assets of PLN57.8 billion (EUR14.1 billion) as
of December 31, 2008.

Moody's last rating action on Bank Zachodni WBK was on February
12, 2009, when Moody's downgraded long-term deposit ratings to A2
from A1.  The rating action was triggered by downgrade of the BFSR
rating of parent bank Allied Irish Banks (Aa3/P-1/D)

Headquartered in Warsaw, Poland, Bank Zachodni WBK reported
consolidated IFRS net income of PLN855 million (EUR207.6 million)
in 2008 and total assets of PLN57.8 billion (EUR14.1 billion) as
of December 31, 2008.

Moody's last rating action on Bank Gospodarki Zywnosciowej was on
April 3, 2007, when Moody's implemented refinement of JDA
methodology.

Headquartered in Warsaw, Poland, Bank Gospodarki Zywnosciowej
reported consolidated IFRS net income of PLN213 million
(EUR51.7 million) in 2008 and total assets of PLN24.1 billion
(EUR5.8 billion) as of December 31, 2008.

Moody's last rating action on Lukas Bank was on February 4, 2009,
when Moody's downgraded local currency deposit rating downgraded
to A2 from A1 following rating action on its parent Credit
Agricole S.A. (Aa1/P-1B-).

Headquartered in Wroclaw, Poland, Lukas Bank reported consolidated
IFRS net income of PLN234 million (EUR56.8 million) in 2008 and
total assets of PLN11.3 billion (EUR2.7 billion) as of
December 31, 2008.

Moody's last rating action on Europejski Fundusz Leasingowy was on
February 4, 2009, when Moody's downgraded issuer rating to A2 from
A1 following rating action on its parent Credit Agricole S.A.
(Aa1/P-1B-).

Headquartered in Wroclaw, Poland, Europejski Fundusz Leasingowy
reported consolidated IFRS net income of PLN110 million
(EUR26.7 million) in 2008 and total assets of PLN6.2 billion
(EUR1.5 billion) as of December 31, 2008.

Moody's last rating action on ING Bank Slaski was on January 28,
2009, when Moody's downgraded local currency deposit rating
downgraded to A2 from A1 following rating action on its parent ING
Bank N.V. (Aa3/P-1/C+).

Headquartered in Katowice, Poland, ING Bank Slaski reported
consolidated IFRS net income of PLN445 million (EUR108.1 million)
in 2008 and total assets of PLN69.6 billion (EUR16.9 billion) as
of December 31, 2008.


=============
R O M A N I A
=============


* CITY OF BRASOV: Fitch Assigns 'BB+' LT Foreign Currency Rating
----------------------------------------------------------------
Fitch Ratings has assigned the City of Brasov a Long-term foreign
currency rating of 'BB+', a Long-term local currency rating of
'BBB-' and a Short-term foreign currency rating of 'B'.  The
Outlooks on the Long-term ratings are Negative.

The ratings reflect the city's above-national-average socio-
economic profile, sharply increased, albeit moderate debt burden
and a national policy framework supportive of local governments.
The ratings also acknowledge the city's deteriorating fiscal
performance and weakening debt servicing ability amid the global
economic crisis.  A weaker-than-expected fiscal performance,
further undermining its debt servicing ability and limiting the
city's self-financing capacity, could prompt a negative rating
action.  Any negative action on the sovereign ratings would also
affect Brasov's ratings.

Operating margin dropped to 5.7% in 2008 from 14.3% in 2007 due to
lower revenue and rigid operating expenditure.  The budgetary
performance is expected to improve slightly in 2009 with an
operating margin of 8% and remain at this level for 2010, with
operating balance covering interest payments 4x on average during
this period.  Locally generated and collected personal income tax
and local taxes accounted for about 56% of operating revenue in
2008.

Operating expenditure rose at a compound annual growth rate of 33%
in 2004-2008, driven by the devolution of additional
responsibilities and wage increases, which has resulted in
considerable rigidity.  The flexibility of other operating
expenditure in the coming years will be a crucial factor to
sustaining its fiscal performance.

The city expects to make total investments of RON190 million in
2009-2012, of which up to 30% would be debt-financed.  This may
result in an overall deficit position in future years.  However,
the city has some flexibility to postpone or even cancel capital
expenditure.  The investments are for improving the city's
infrastructure in a bid to enhance its business profile.  Main
projects are road network improvements, including a ring road
round the city, urban regeneration and transportation.  The city's
debt amounted to RON138 million at end-2008, equivalent to 29.5%
of current revenue and around 6.5 years of current balance.  The
payback ratio is expected to stabilize at around four years in
2009-2010.  Brasov also had a balance of RON102 million other
Fitch classified debt reflecting the promissory notes extended to
contractors in exchange for their infrastructure work for the
city.  This practice is due to cease by 2010.

Located in central Romania, Brasov is the capital of and the
largest city in Brasov County.  It had about 280,000 residents at
end-2008.  The city is a renowned tourist destination and its
strategic location in the heart of the country and comparatively
wealthy economy by national standards underpin tax revenue.  Local
GDP per capita in Brasov County was 18% above the Romanian average
in 2006, equivalent to 51% of the EU-27 average that year.


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


CHARYSHSKIY CREAMERY: Altayskiy Bankruptcy Hearing Set July 15
--------------------------------------------------------------
The Arbitration Court of Altayskiy will convene on July 15, 2009,
to hear bankruptcy supervision procedure on OJSC Charyshskiy
Creamery.  The case is docketed under Case No. ??3-14100/2008.

The Temporary Insolvency Manager is:

         A. Shchedurskiy
         Post User Box 934
         656050 Barnaul
         Russia

The Debtor can be reached at:

         OJSC Charyshskiy Creamery
         Charyshskoe
         Charyskiy
         Altayskiy
         Russia


ENERGIYA LLC: Court Names D.Krutov as Insolvency Manager
--------------------------------------------------------
The Arbitration Court of Udmurtia appointed D. Krutov as
insolvency manager for LLC Energiya (Roofing Materials Plant).
The case is docketed under Case No. ?71–2989/2008-G9.  He can be
reached at:

         Office 179
         Krasnoarmeyskaya Str. 76
         426077 Izhevsk
         Udmurtia
         Russia


KOLOREN LLC: Creditors Must File Claims by June 7
-------------------------------------------------
The Arbitration Court of Omskaya commenced bankruptcy proceedings
against LLC Koloren (TIN 5506057258, PSRN 1045511015681)
(Construction) after finding the company insolvent.  The case is
docketed under Case No. ?46–24498/2008.

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

         M. Khabarov
         Insolvency Manager
         Post User Box 7396
         644043 Omsk
         Russia

The Debtor can be reached at:

         LLC Koloren
         Bulvarnaya Str. 34
         644021 Omsk
         Russia


LENINGRADSKIY CONSTRUCTION: Creditors Must File Claims by June 7
----------------------------------------------------------------
The Arbitration Court of Krasnodarskiy commenced bankruptcy
proceedings againstLLC Leningradskiy Construction Materials Plant
(TIN 2341011870, PSRN 1052323066510) after finding the company
insolvent.  The case is docketed under Case No. ?32–25637/2008–
44/1512-B.

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

         A. Naguze
         Insolvency Manager
         Post User Box 15
         Krasnooktyabrskaya Str. 20
         385000 Maykop
         Adygea
         Russia


MECHEL OAO: Secures Bridge Loan Extension
-----------------------------------------
Mechel OAO has secured a two-month extension of its bridge loan
taken to finance the acquisition of Oriel Resources Ltd. (Great
Britain).

On May, 22, 2009, following negotiations with the banking
syndicate which provided Mechel with a one-year loan for financing
of Oriel Resources Ltd. (Great Britain) acquisition, an agreement
for a two-month payment term extension was reached.  The new
payment date is July, 15, 2009.

The company and creditor banks representatives agreed on the basic
principles of the bridge loan refinancing for a term of up to 3.5
years, and the extension period will be used to execute the
agreement.  At the moment the participating banks of the syndicate
are in the process of internal procedures performing in order to
get the final approval of this agreement conditions.

Alfred Kueppers at Reuters reports Mechel, controlled by
businessman Igor Zyuzin, has invested heavily, buying up coal and
ferro-alloy assets in Russia and the United States.  According to
Reuters, like other mining companies, its ability to repay debt
has been damaged by a sharp drop in commodity prices.

Mechel OAO (Mechel Steel Group OAO) -- http://www.mechel.com-- is
a Russia-based vertically integrated mining and metals company.
The Company's business comprises two segments, mining and steel.
The mining segment includes the production and sale of coal, iron
ore and nickel, while the steel business covers the production and
sale of semi-finished steel products, carbon and stainless flat
products as well as value added downstream metal products, such as
hardware, stampings and forgings.  In addition, Mechel OAO owns
and operates two trade ports, a railway and an energy company.  It
has production facilities located in Russia, Romania and
Lithuania.  The Company has 22 subsidiaries, of which 12 are
wholly owned.  Numerous representative offices located worldwide,
allow the Company to offer its products on both domestic and
international markets.


NORD-STROY LLC: Creditors Must File Claims by June 7
----------------------------------------------------
Creditors of LLC Nord-Stroy (TIN 1435167230, PSRN 1061435003046,
RVC 143501001) (Construction) have until June 7, 2009, to submit
proofs of claims to:

         S. Shishigina
         Temporary Insolvency Manager
         Chernyshevskogo Str.56/2
         677007 Yakutsk
         Russia

The Arbitration Court of Yakutia will convene at 10:30 a.m. on
Oct. 26, 2009, to hear bankruptcy supervision procedure on the
company.  The case is docketed under Case No. ?-58–1232/09.

The Debtor can be reached at:

         LLC Nord-Stroy
         Apt. 1
         Pushkina Str. 20
         677027 Yakutsk
         Russia


PERM-STROY LLC: Creditors Must File Claims by June 7
----------------------------------------------------
Creditors of LLC Perm-Stroy-Servis (TIN 5903010591 PSRN
11065903000350) (Construction) have until June 7, 2009, to submit
proofs of claims to:

         N. Vokhmina
         Temporary Insolvency Manager
         Geroev Khasana Str. 45b
         614064 Perm
         Russia

The Arbitration Court of Permskiy will convene at 10:45 a.m. on
July 6, 2009, to hear bankruptcy supervision procedure on the
company.  The case is docketed under Case No. ?-50–691/2009.

The Debtor can be reached at:

         LLC Perm-Stroy-Servis
         Lebedeva Str. 25
         Perm
         Russia


SBERBANK: January-April 2009 Net Profit Down 98% to US$25.6 Mln
---------------------------------------------------------------
RIA Novosti reports Sberbank said ion Tuesday its net profit
calculated to Russian Accounting Standards fell 98%, year-on-year,
in January-April 2009 to RUR0.8 billion (US$25.6 million), citing
enlarged provisions for possible losses on loans.

The report relates according to Sberbank, expenses on provisions
increased 1,000%, year-on-year, in January-April 2009, while
profit before tax declined 97% in the reporting period to RUR1.8
billion (US$57.7 million).

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

                          *     *     *

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


SIBIRSKIY STROITEL: Creditors Must File Claims by June 7
--------------------------------------------------------
The Arbitration Court of Omskaya commenced bankruptcy proceedings
against LLC Sibirskiy Stroitel (TIN 5507058695, PSRN
1025501390089) (Construction) after finding the company insolvent.
The case is docketed under Case No. ?4?-7790/2009.

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

         S. Sibichenko
         Insolvency Manager
         Post User box 922
         644020 Omsk
         Russia

The Debtor can be reached at:

         LLC Sibirskiy Stroitel
         Moskalenko Str. 137
         644103 Omsk
         Russia


SLAVGORODSKIY BUTTER: Under External Mgt Bankruptcy Procedure
-------------------------------------------------------------
The Arbitration Court of Altayskiy has commenced external
management bankruptcy procedure on LLC Slavgorodskiy Butter Plant.
The Case is docketed under No. ?03–10349/2008 .

The External Insolvency Manager is:

          I. Levin
          Kosmonavtov Str. 21-1
          Blagoveshchenka
          Blagoveshchenskiy
          658671 Altayskiy
          Russia


=============================
S L O V A K   R E P U B L I C
=============================


* Moody's Reviews Ratings on Nine Slovak Financial Institutions
---------------------------------------------------------------
Moody's Investors Service placed the ratings of nine Slovak
financial institutions on review for possible downgrade.  The
affected institutions are Slovenska sporitelna, Vseobecna uverova
banka, Tatra banka, Unicredit Bank Slovakia, Ceskoslovenska
obchodna banka, Privatbanka, Tatra leasing and Home Credit
Slovakia.  OTP Bank Slovakia's deposit ratings were downgraded to
Baa3/Prime-3 from Baa1/Prime-2 following the downgrade of its
parent, OTP Bank Hungary (Baa1/P-2/D+) on May 19, 2009, and placed
on review for further possible downgrade together with its D- bank
financial strength rating.  The A1/Prime-1 issuer ratings of the
government-owned Eximbanka were not affected by this rating
action.

Moody's believes that most governments are at least as likely, if
not more likely, to support their banking systems as they are to
service their own debts -- a view that has traditionally led to
bank ratings often benefiting from significant uplift due to
systemic support.  However, as the financial crisis continues, the
capacity of a country and central bank to support its banks
converges with, and is constrained by, the government's own debt
capacity (Slovakia is rated A1 with a stable outlook).

As such, Moody's will be reassessing the level of systemic support
for the financial institutions that benefit from such support to
determine whether the systemic support they receive needs to be
more closely aligned to the government's local currency bond
rating.  Moody's will review Slovakia's specific situation to
determine the appropriate systemic support for Slovak bank ratings
and the implications for the six banks that have been identified
as being potentially affected.  Factors that the rating agency
will consider in its assessment of systemic support include the
size of the banking system in relation to government resources,
the level of stress in the banking system, the foreign currency
obligations of the banking system relative to the government's own
foreign exchange resources and changes to the government's
political patterns and priorities.

The Slovak government has not established programs to support the
banking system so far, but has declared that it would support its
banks in the event of need.  In the meantime, the credit stress in
the banking system has increased significantly, although in
comparison with other systems in the region, the risks are not
inflated by large volumes of foreign currency lending (Slovakia is
in the euro zone) and excessive reliance on parents for funding.

Moody's rating actions on the BFSRs of the affected banks and
issuer ratings of the non-bank financial institutions are based on
its view that the global economic crisis will lead to
significantly higher credit losses than previously anticipated, as
well as on the refinement to its approach to rating banks in the
current environment.  Although Moody's BFSR methodology remains
unchanged, the weight attached to certain rating factors,
particularly capital and future earnings prospects, has been
increased to better reflect the present conditions.

With the economy entering recession, the likelihood of an
increased number of corporate defaults is rising and therefore
losses in banks' corporate loan portfolios are expected to grow.
At the same time, rising unemployment and the decline in house
prices are also expected to result in increased losses in the
retail portfolios.  "We believe that these losses are likely to
weaken the capital positions of most Slovak banks over the next
two years," said Gabriel Kadasi, lead analyst at Moody's for the
Slovak banks.  Moody's has incorporated expected losses on banks'
loan portfolios into its ratings for some time.  However, it has
considerably increased those expectations because of the
continuing deterioration in the Slovak operating environment.

Given the more difficult operating environment faced by the Slovak
banks, and indeed, in many cases, by their foreign parents,
Moody's will also evaluate if the current support probabilities,
where applicable, appropriately reflect parents' willingness and
ability to support their Slovak subsidiaries.

Moody's has taken these rating actions:

                      Slovenska sporitelna

Moody's placed Slovenska sporitelna C- BFSR on review for possible
downgrade.  The bank's portfolio is influenced by its dominant
retail position in the Slovak market, but it also has a strong
exposure to commercial real estate and substantial corporate
business.  Any downgrade of the BFSR and the change of support
probabilities could have an adverse effect on the bank's A2/P-1
local and foreign currency deposit ratings, which were also placed
on review for possible downgrade.  However, it would take a
significant downgrade of the BFSR to lead to a downgrade of
Slovenska sporitelna's deposit ratings as the bank benefits from
significant parental and systemic support.

                    Vseobecna uverova banka

Moody's placed Vseobecna uverova banka's C- BFSR on review for
possible downgrade.  Although the bank's expansion has in recent
years significantly strengthened its retail business, the large
exposure to consumer lending compared with that of its peers
remains a cause for concern.  Any downgrade of the BFSR and the
change of support probabilities could have an adverse effect on
the bank's Aa3/P-1 local and foreign currency deposit ratings,
which were also placed on review for possible downgrade.  However,
it would take a significant downgrade of the BFSR to lead to a
downgrade of Vseobecna uverova banka's Prime-1 short-term deposit
ratings as the bank benefits from significant parental and
systemic support.

                           Tatra banka

Moody's placed Tatra banka's C- BFSR on review for possible
downgrade.  With a traditional focus on corporate lending, Tatra
banka has a strong exposure to commercial real estate.  The rating
agency also notes that the bank's capitalisation is somewhat
weaker than the market average.  Any downgrade of the BFSR and the
change of support probabilities could have an adverse effect on
the bank's A2/P-1 local and foreign currency deposit ratings,
which were also placed on review for possible downgrade.

                          Tatra leasing

Moody's placed Tatra leasing's Aa3.sk issuer rating on review for
possible downgrade.  The review will focus on assessing the impact
of potential losses in the company's portfolio on its financial
fundamentals.  In addition, since the company's rating is
underpinned by support from its parent, Tatra banka, any downgrade
of its parent also could have an impact on Tatra leasing's rating.

                     Unicredit Bank Slovakia

Moody's placed Unicredit Bank Slovakia's on D+ BFSR review for
possible downgrade.  The review will focus on assessing the impact
of the economic downturn on the bank's portfolio, which is
dominated by corporate exposures.  Any downgrade of the BFSR and
the change of support probabilities could have an adverse effect
on the bank's A2/P-1 local and foreign currency deposit ratings,
which were also placed on review for possible downgrade.

                  Ceskoslovenska obchodna banka

Moody's placed Ceskoslovenska obchodna banka's D BFSR on review
for possible downgrade.  The main concerns relate to the bank's
commercial real estate and leasing portfolios, which the rating
agency sees as being relatively risky.  Any downgrade of the BFSR
and the change of support probabilities could have an adverse
effect on the bank's A2/P-1 local and foreign currency deposit
ratings, which were also placed on review for possible downgrade.

                        OTP Bank Slovakia

Moody's downgraded OTP Bank Slovakia's local and foreign currency
deposit ratings to Baa3/P-3 from Baa1/P-2 following the downgrade
of the ratings of its parent, OTP Bank.  The downgrade of the
parent's BFSR to D+ from C+ also reflects its weaker ability to
support its Slovak subsidiary.  At the same time, Moody's placed
OTP Bank Slovakia's D- BFSR on review for possible downgrade.  Any
downgrade of the BFSR and the change of support probabilities
could have an adverse effect on the bank's Baa3/P-3 local and
foreign currency deposit ratings, which were placed on review for
further possible downgrade.

                           Privatbanka

Moody's placed Privatbanka's E+ BFSR on review for possible
downgrade.  The review will focus on the bank's sizeable
commercial real estate portfolio, with a large proportion of the
projects still at an early stage of development.  Any downgrade of
the BFSR would have a direct impact on the bank's deposit and
national scale ratings as the bank's deposit ratings do not
benefit from any uplift from its standalone financial strength as
a result of parental or systemic support.  Therefore, Moody's also
placed the bank's B2 long-term local and foreign currency deposit
ratings and Baa3.sk/SK-3 national scale rating on review for
possible downgrade.

                       Home Credit Slovakia

Moody's placed Home Credit Slovakia's A3.sk issuer rating on
review for possible downgrade.  The review will focus on assessing
the impact of potential losses in the company's portfolio on its
financial fundamentals.  In addition, since the company's rating
is underpinned by support from its sister company, Home Credit
(Czech Republic), any downgrade of the Czech entity would affect
Home Credit Slovakia's rating.

        Previous Rating Action and Principal Methodologies

Moody's last rating action on Slovenska sporitelna was on April 1,
2009, when its long-term local and foreign currency deposit
ratings were downgraded to A2 (stable outlook) from A1, concluding
the review for potential downgrade initiated on December 12, 2008.
Both actions were triggered by the rating actions on the parent,
Erste Group Bank (Aa3/P-1/C-).

Headquartered in Bratislava, Slovakia, Slovenska sporitelna
reported consolidated IFRS net income of EUR142 million in 2008
and total assets of EUR12.5 billion as of December 31, 2008.

Moody's last rating action on Vseobecna Uverova Banka was on
August 6, 2008, when the long-term foreign currency deposit
ratings were upgraded to Aa3 from A1 following a sovereign rating
action.

Headquartered in Bratislava, Slovakia, Vseobecna Uverova Banka
reported consolidated IFRS net income of EUR168 million in 2008
and total assets of EUR11.2 billion as of December 31, 2008.

Moody's last rating action on Tatra Banka was on April 1, 2009,
when the long-term local and foreign currency deposit ratings were
downgraded to A2 (stable outlook) from A1, following a rating
action on its parent, Raiffeisen Zentralbank Oesterreich (A1/P-
1/D+).

Headquartered in Bratislava, Slovakia, Tatra Banka reported
consolidated IFRS net income of EUR131 million in 2008 and total
assets of EUR10.5 billion as of December 31, 2008.

Moody's last rating action on Tatra Leasing was on October 11,
2007, when the national scale rating of Aa3.sk was assigned with a
stable outlook.

Headquartered in Bratislava, Slovakia, Tatra Leasing reported
consolidated IFRS net income of EUR1.8 million in 2008 and total
assets of EUR485 million as of December 31, 2008.

Moody's last rating action on Ceskoslovenska Obchodna Banka was on
January 26, 2009, when the outlook on long-term local and foreign
currency deposit ratings was changed to negative from stable
following a rating action on its parent, KBC Bank N.V. (Aa3/P-
1/C+).

Headquartered in Bratislava, Slovakia, Ceskoslovenska Obchodna
Banka reported consolidated IFRS net income of EUR30 million in H1
2008 and total assets of EUR6.1 billion as of June 30, 2008.

Moody's last rating action on Unicredit Bank Slovakia was on
April 16, 2008, when its first-time ratings of A2/P-1/D+ were
assigned.

Headquartered in Bratislava, Slovakia, Unicredit Bank Slovakia
reported consolidated IFRS net income of EUR72 million in 2008 and
total assets of EUR4.6 billion as of December 31, 2008.

Moody's last rating action on OTP Banka Slovensko was on
November 7, 2008, when its Baa1 long-term deposit ratings were
placed on review for possible downgrade following a rating action
on its parent.

Headquartered in Bratislava, Slovakia, OTP Banka Slovensko
reported consolidated IFRS net income of EUR11 million in 2008 and
total assets of EUR1.6 billion as of December 31, 2008.

Moody's last rating action on Privatbanka was on June 3 2008, when
its first-time ratings of B2/NP/E+/Baa3.sk were assigned.

Headquartered in Bratislava, Slovakia, Privatbanka reported
consolidated IFRS net income of EUR2 million in 2008 and total
assets of EUR421 million as of December 31, 2008.

Moody's last rating action on Home Credit Slovakia was on
June 24, 2008, when the outlook on the national scale rating was
changed to negative from stable.

Headquartered in Piestany, Slovakia, Home Credit Slovakia,
reported IFRS net income of EUR170 thousand in 2008 and total
assets of EUR170 million as of December 31, 2008.


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


ADVERAG VERWALTUNG: Creditors Must File Proofs of Claim by June 2
-----------------------------------------------------------------
Creditors of Adverag Verwaltung AG are requested to file their
proofs of claim by June 2, 2009, to:

         Urs Graf
         Bernstrasse 101
         3052 Zollikofen
         Switzerland

The company is currently undergoing liquidation in Zollikofen.
The decision about liquidation was accepted at a general meeting
held on April 8, 2009.


FASOLT AG: Claims Filing Deadline is June 3
-------------------------------------------
Creditors of Fasolt AG are requested to file their proofs of claim
by June 3, 2009, to:

         Urs Weber
         Liquidator
         Goethestrasse 61
         9008 St. Gallen
         Switzerland

The company is currently undergoing liquidation in St. Gallen.
The decision about liquidation was accepted at an extraordinary
general meeting held on March 27, 2009.


FELMAG AG: Creditors Have Until June 3 to File Proofs of Claim
--------------------------------------------------------------
Creditors of Felmag AG are requested to file their proofs of claim
by June 3, 2009, to:

         Franz Fischer
         Schoenenfels 3
         6023 Rothenburg
         Switzerland

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


NORMCONSULT AG: Claims Filing Deadline is June 3
------------------------------------------------
Creditors of Normconsult AG are requested to file their proofs of
claim by June 3, 2009, to:

         Heidi Bhalla
         Giblenstrasse 50
         8049 Zurich
         Switzerland

The company is currently undergoing liquidation in Zurich.  The
decision about liquidation was accepted at a general meeting held
on Aug. 29, 2008.


IMMOAQUA AG: Claims Filing Deadline is June 2
---------------------------------------------
Creditors of ImmoAqua AG are requested to file their proofs of
claim by June 2, 2009, to:

         Hannes Tanner
         Notary Public
         Mail Box 529
         3550 Langnau
         Switzerland

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


ISP GMBH: Creditors Have Until June 2 to File Proofs of Claim
-------------------------------------------------------------
Creditors of ISP GmbH are requested to file their proofs of claim
by June 2, 2009, to:

         Dr. Hal Fitzgerald Crain
         Elisabethenstrasse 53
         4002 Basel
         Switzerland

The company is currently undergoing liquidation in Basel.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on March 19, 2009.


LUXOR FILM AG: Creditors Must File Claims by June 3
---------------------------------------------------
Creditors of Luxor Film AG are requested to file their proofs of
claim by June 3, 2009, to:

         Dr. Roman Truog
         Liquidator
         Ramistrasse 4
         8024 Zurich
         Switzerland

The company is currently undergoing liquidation in Zurich.  The
decision about liquidation was accepted at an extraordinary
general meeting held on Jan. 26, 2009.


NUMONYX HOLDINGS: Moody's Withdraws 'B3' Corporate Family Rating
----------------------------------------------------------------
Moody's Investors Service has withdrawn Numonyx Holdings B.V.'s B3
corporate family and probability of default ratings.  The
withdrawal of these ratings was for business reasons.  At the time
of withdrawal the ratings had been assigned a stable outlook.

Moody's last rating action on Numonyx was implemented on
December 21, 2007, when the agency assigned the B3 ratings.

Issuer: Numonyx Holdings B.V.

Outlook Actions:

  -- Outlook, Changed To Rating Withdrawn From Stable

Withdrawals:

  -- Probability of Default Rating, Withdrawn, previously rated B3
  -- Corporate Family Rating, Withdrawn, previously rated B3

Numonyx Holdings B.V., headquartered in Vers la Piece,
Switzerland, is the world's largest dedicated non-volatile memory
solutions provider, primarily for mobile phones and various
consumer electronics.  The company is the holding company
combining the flash memory operations contributed by Intel ((P)A1)
and STMicroelectronics (Baa1).

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


TRIBATEC GMBH: Claims Filing Deadline is June 2
-----------------------------------------------
Creditors of tribatec GmbH are requested to file their proofs of
claim by June 2, 2009, to:

         Peter Balmer
         Liquidator
         Kornweg 9
         4663 Aarburg
         Switzerland

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


ROMANSHORN ULTRASONICS: Creditors' Proofs of Claim Due on June 2
----------------------------------------------------------------
Creditors of Romanshorn Ultrasonics Company are requested to file
their proofs of claim by June 2, 2009 to:

         Dr. J. Kugler
         Liquidator
         im Lindenhof
         Mail Box 41
         9320 Arbon
         Switzerland

The company is currently undergoing liquidation in Romanshorn.
The decision about liquidation was accepted at an extraordinary
general meeting held on April 1, 2009.


WOHNBAU SURSEE: Claims Filing Deadline is June 3
------------------------------------------------
Creditors of Wohnbau Sursee AG are requested to file their proofs
of claim by June 3, 2009, to:

         Franz Gilli
         Meierhoeflirain 8
         6210 Sursee
         Switzerland

The company is currently undergoing liquidation in Sursee.  The
decision about liquidation was accepted at an extraordinary
general meeting held on April 14, 2009.


===========
T U R K E Y
===========


ERDEMIR: Obtains US$1.13 Billion Loans to Refinance Debt
--------------------------------------------------------
Reuters reports that Eregli Demir ve Celik Fabrikalari T.A.S.
(Erdemir) has secured US$550 million and TRY900 million (US$578
million) in loans to refinance its debt.

According to the report, the loans have maturities of 18 months
and 24 months, respectively.

Erdemir's total financial debt, both short and long-term, stood at
TRY4.07 billion at the end of the first quarter, the report
discloses.  The report relates the company posted a first quarter
loss of TRY137 million after being hit by falling steel prices and
a weaker lira currency.

Eregli Demir ve Celik Fabrikalari T.A.S. (Erdemir) --
http://www.erdemir.com.tr/--  is a manufacturer of iron, steel
and flat steel based in Ankara Turkey.  The Company manufactures
and supplies heavy plates, hot-rolled, cold-rolled and galvanized
sheets and coils, and tin-plated, chrome-plated and zinc-plated
flat steel products.  Its production is carried out in a plant
located in Karadeniz, Eregli that contains several steel foundries
and iron milling units with a production capacity of three million
tons of crude steel and 4.5 million tons of finished products per
year.  Erdemir's products are used in the defense, construction,
automotive, agricultural machinery and shipbuilding sectors for
the manufacture of various products from pipes to pressure
containers and packaging.  The Company has eight subsidiaries,
including Iskenderun Demir, Erdemir Madencilik, Erdemir Lojistik,
Erdemir Romania, Erdemir Celik, Erenco Erdemir, ArcelorMittal
Ambalaj and Celbor Celik.

                         *     *     *

Eregli Demir ve Celik Fabrikalari T.A.S. continues to carry 'B2'
corporate family and probability of default ratings from Moody's
Investors Service with stable outlook.  The ratings were
downgraded by Moody's to their current level from 'Ba3' on
April 1, 2009.

Eregli Demir ve Celik Fabrikalari T.A.S. continues to carry a 'B'
long-term corporate credit rating from Standard and Poor's Ratings
Services with negative outlook.  The rating was downgraded by
Standard and Poor's Ratings Services to its current level from
'BB-' on March 25, 2009.


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


LARUS LLC: Creditors Must File Claims by June 11
------------------------------------------------
Creditors of LLC Investment Company Larus (code EDRPOU 35263822)
have until June 11, 2009, to submit proofs of claim.

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on May 5, 2009.

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 Investment Company Larus
         Office 320
         P. Lumumba Str. 4/6A
         01042 Kiev
         Ukraine


LEGOS LLC: Court Starts Bankruptcy Supervision Procedure
---------------------------------------------------------
The Economic Court of Zaporozhye region commenced bankruptcy
supervision procedure on LLC Legos (code EDRPOU 24513862).

The Insolvency Manager is:

         N. Martinenko
         Office 5
         Mayakovsky Avenue 12
         69006 Zaporozhye
         Ukraine

The Court is located at:

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

The Debtor can be reached at:

         LLC Legos
         Krasnov Str. 7
         69084 Zaporozhye
         Ukraine


MEDIN LLC: Creditors Must File Claims by June 11
------------------------------------------------
Creditors of LLC Medin (code EDRPOU 31450400) have until June 11,
2009, to submit proofs of claim to:

         State Tax Inspection in Dneprovsky District of Kiev
         Insolvency Manager
         Verkhovnaya Rada Boulevard 24-b
         02094 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on April 15, 2008.  The case is docketed under
Case No. 28/104-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 Medin
         Vossoyedineniya Avenue 7a
         02160 Kiev
         Ukraine


MODEL PLUS: Creditors Must File Claims by June 11
-------------------------------------------------
Creditors of LLC Model Plus (code EDRPOU 35208688) have until
June 11, 2009, to submit proofs of claim.

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on May 5, 2009.

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 Model Plus
         Yaroslavov Val Str. 36-38
         01034 Kiev
         Ukraine


NOVVEK LTD: Creditors Must File Claims by June 11
-------------------------------------------------
Creditors of LLC Novvek Ltd (code EDRPOU 21451103) have until
June 11, 2009, to submit proofs of claim to:

         State Tax Inspection in Dneprovsky District of Kiev
         Insolvency Manager
         Verkhovnaya Rada Boulevard 24-b
         02094 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on Feb. 6, 2008.  The case is docketed under
Case No. 43/50.

The Court is located at:

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

The Debtor can be reached at:

         LLC Novvek Ltd
         Sosiura Str. 5
         02090 Kiev
         Ukraine


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


CATTLES PLC: Chair to Quit Post Amid Refinancing Battle
-------------------------------------------------------
Philip Aldrick at Telegraph.co.uk reports that Cattles plc
Chairman Norman Broadhurst plans to step down at the next annual
meeting.

The report relates Mr. Broadhurst planned departure comes amid a
bitter battle with the lender's banks over a GBP500 million
facility that must be repaid on July 1 or Cattles will go bust.
According to the report, a debt-for-equity swap is expected.
Deloitte, the report says, is refusing to sign off the accounts
until a new facility is in place.

The company, the report discloses, also appointed Paul Mackin as
new chief operating officer to Welcome  Financial.  Mr. Mackin
joins the company from Littlewoods Shop Direct on June 5 and will
work with David Postings, group chief executive, who has taken
over day-to-day management of the division, the report states.

                        About Cattles plc

Cattles plc -- http://www.cattles.co.uk/-- provides financial
services to consumers and businesses.  The company has three
principal businesses, these being Welcome Financial Services, The
Lewis Group and Cattles Invoice Finance.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on March 5,
2009, Fitch Ratings said that the Issuer Default Ratings and
senior debt of Cattles plc remain rated at 'B', respectively, and
on Rating Watch Negative.


CLEAR PLC: Moody's Cuts Ratings on Three Classes of Notes to 'Ca'
-----------------------------------------------------------------
Moody's Investors Service has downgraded its ratings of four
classes of notes issued by Clear PLC.

The transaction is a managed synthetic CDO referencing corporate
and sovereign entities.  According to Moody's, the rating action
was mainly driven by the multiple notch downgrade of the monolines
insurance names included in the portfolio including Syncora
Guarantee Inc, MBIA and Ambac Assurance.

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

  -- Moody's Approach To Rating Corporate Collateralized Synthetic
     Obligations (April 2009)

The rating actions are:

Clear PLC:

(1) Series 30: US$30,000,000 Limited Recourse Secured Floating
Rate Credit-Linked Notes Due 2017

  -- Current Rating: Ca

  -- Prior Rating: Caa3

  -- Prior Rating Date: March 10, 2009, downgraded to Caa3 from
Ba1
     under review for possible downgrade

(2) Series 43: US$25,000,000 Limited Recourse Secured Variable
Rate Credit-Linked Notes Due 2017

  -- Current Rating: Ca

  -- Prior Rating: Caa2

  -- Prior Rating Date: March 10, 2009, downgraded to Caa2 from
     Baa1 under review for possible downgrade

(3) Series 45: US$10,000,000 Limited Recourse Secured Floating
Rate Credit-Linked Notes Due 2017

  -- Current Rating: Caa1

  -- Prior Rating: B1

  -- Prior Rating Date: March 10, 2009, downgraded to B1 from Baa1
     under review for possible downgrade

4) Series 50: US$13,000,000 Limited Recourse Secured Fixed Rate
Credit-Linked Notes Due 2017

  -- Current Rating: Ca

  -- Prior Rating: Caa3

  -- Prior Rating Date: March 10, 2009, downgraded to Caa3 from
     Baa3 on review for possible downgrade


GENERAL MOTORS: UK Gov't Mulls Support to Secure Vauxhall Future
----------------------------------------------------------------
BBC News reports Business Secretary Lord Mandelson said the UK
government has "not ruled out making a financial contribution" to
help secure the future of carmaker Vauxhall.

According to BBC News, the government's biggest concern is the
future of GM's Vauxhall's plants in the UK.  The two UK Vauxhall
plants at Ellesmere Port and Luton employ 5,000 between them, BBC
News discloses.

BBC News relates Beijing Automotive Industry Corporation (BAIC)
joined the race to buy Opel and Vauxhall.  BAIC, BBC News says,
becomes the fourth bidder, joining Fiat, Canada's Magna and
Belgium's RHJ.

In a May 21 report BBC disclosed Lord Mandelson said there will be
"painful change" resulting from the takeover of GM Europe, which
owns Vauxhall.

"Whoever comes out as the successful bidder will cut costs and
consolidate," BBC News quoted Lord Mandelson as saying.

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

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

For the 2008 calendar year, GM reported an adjusted net loss,
excluding special items, of US$16.8 billion.  This compares to an
adjusted net loss of US$279 million.  Including special items, the
company reported a loss of US$30.9 billion, compared to a reported
loss of US$43.3 billion in 2007, which included a non-cash special
charge of US$38.3 billion in the third quarter related to the
valuation allowance against deferred tax assets.

As of December 31, 2008, GM reported US$91,047,000,000 in total
assets, US$176,387,000,000 in total liabilities, and
US$86,154,000,000 in stockholders' deficit.

GM admitted in its viability plan submitted to the U.S. Treasury
on February 17 that it considered bankruptcy scenarios, but ruled
out the idea, citing that a Chapter 11 filing would result to
plummeting sales, more loans required from the U.S. government,
and the collapse of dealers and suppliers.

                       Going Concern Doubt

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

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

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


HARWAYES: Put Into Voluntary Liquidation; 120 Jobs at Risk
----------------------------------------------------------
Adam Aiken at EDP24 reports that Harwayes has been put into
voluntary liquidation, putting about 120 jobs at risk.

The report relates according to managing director Tony Waite, the
Leicester-based business was no longer viable.  Mr. Waite, as
cited in the report, said the decision to go into voluntary
liquidation meant the business was in control of the winding-up,
which was preferable to Harwayes becoming a distressed business
with control then passing to banks and other creditors.

According to the report, Harwayes, which has 23 branches,
including shops in Norwich and King's Lynn, will cease trading
within the next few weeks.  The report notes Mr. Waite, however,
said there were a number of interested parties "sniffing around"
the business, and it remained possible that some parts of it would
be bought.


JJB SPORTS: Crystal Amber Hikes Stake to 13.75 Percent
------------------------------------------------------
Crain's Manchester Business reports Crystal Amber has acquired
another two million shares in JJB Sports plc, increasing its stake
in the Wigan-based retailer to 34.5 million shares or 13.75 per
cent.

Crain's recalls the Guernsey-registered activist fund bought a
12.96 per cent stake in JJB after the retailer secured landlord
approval for a company voluntary arrangement which has saved it
from going into administration.

On April 29, 2009, the Troubled Company Reporter-Europe, citing
BBC News, reported the CVA could settle debts on 140 closed stores
and allow JJB to pay monthly, instead of quarterly, rent on its
remaining 250 stores.

                        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.


NETWORK DATA: In Administration; Baker Tilly Appointed
------------------------------------------------------
Maryrose Fison at citywire.co.uk reports Network Data Holdings Plc
has gone into administration.

According to citywire.co.uk, Baker Tilly has been appointed as the
administrator of Network Data and its subsidiary companies and the
company's contract with Noble & Company has now been terminated.

IFAonline recalls on May 5, 2009, a deal which would have seen IFA
Lighthouse Group purchase upward of 200 of Network Data's
appointed representatives (ARs) collapsed because the latter's
bank, HBOS, declined its permission.

citywire.co.uk relates in the first half of 2008, Network Data
made a group trading loss of GBP132,000 following the closure of
its loss-making Hipstar subsidiary which provided Home Information
Packs.  Its group turnover plunged 34% to GBP10.6 million, while
administrative headcount had more than halved to 75 from 203, the
citywire.co.uk notes.  Money Marketing discloses the company,
which had its permission revoked by the FSA in April, currently
has debts of GBP4.99 million after the collapse of Hipstar.

Network Data Holdings Plc -- http://www.networkdataholdings.co.uk/
-- is a United Kingdom-based company. The Company, along with its
subsidiaries, is principally engaged in the provision of services
to mortgage and insurance intermediaries operating in the United
Kingdom market, including the provision of software for quotations
on mortgages and related insurance. It operates in three business
segments: intermediary services, which is engaged in providing
services to mortgage and insurance intermediaries operating in the
United Kingdom market; valuations and surveys, which is engaged in
panel management of residential valuations and surveys and the
panel management of assessors of Energy Performance Certificates,
and home information packs, which is a provider of home
information packs and the sale of home inspector franchises.


STILLER TRANSPORT: Put Into Voluntary Liquidation by Parent
-----------------------------------------------------------
Christopher Walton at RoadTransport.com reports that Stiller Group
Ltd has decided to put its wholly owned subsidary, Stiller
Transport Ltd, into voluntary liquidation, resulting in the loss
of 24 jobs.

The report relates after a creditors' meeting on Tuesday, Stiller
Group issued a statement saying it could not continue to support
Stiller Transport indefinitely without causing unquantified risks
to the remainder of the group and its 300-plus employees.  Stiller
Group, as cited in the report, said its turnover had dropped by
some GBP20 million by the end of 2008, with the majority of the
losses coming from the subsidiary due to the recession hitting
customers in the steel and construction sectors.

According to the report, Stiller Group said it had pumped more
than GBP3 million into the "ailing business".

Based in Stockton-on-Tees, Stiller Group Ltd --
http://www.stiller.co.uk/-- is a transport, distribution and
warehousing company with an annual turnover in excess of GBP50
million.


TATA STEEL: Lenders Have Until Tomorrow to Approve Covenant Reset
-----------------------------------------------------------------
Tata Steel U.K.'s lending syndicate, led by Citigroup Inc., Royal
Bank of Scotland Group PLC and Standard Chartered Bank PLC, has
until tomorrow, May 29, to approve the covenant reset on the
GBP3.67 billion (US$5.84 billion) in loans the company took out to
buy Anglo-Dutch steel producer Corus Group PLC, Ainsley Thomson at
the Wall Street Journal reports citing people familiar with the
matter.

The deadline for banks to approve the request, which centers on
giving the lenders a 0.75 percentage point consent fee in return
for waiving the testing of the company's leverage-cover and
interest-cover covenants for the remainder of the year, had
originally expired May 22, the report says.

"Banks are taking longer than had been hoped because it is a
complex request," the report quoted one person familiar with the
matter as saying.

Sanjay Choudhry, spokesman for India-based Tata Steel Ltd., the
parent company of Tata Steel U.K., as cited in the report, said
the covenant amendment had been deferred as "negotiations are
still underway."

On May 15, 2009, the Troubled Company Reporter-Europe, citing
Times of India, reported Tata Steel UK, which bought Corus for
GBP6.7 billion in 2006, sought an easing on the terms of the loans
as the economic slowdown could hit its earnings, straining its
ability to service the loan.

Times of India disclosed Tata Steel UK said it will pre-pay over
GBP200 million of debt as part of the covenant reset package to
de-leverage its European operations.  According to Times of India,
Tata Steel UK intends to repay GBP200 million through additional
support from its Indian parent.

                    About Tata Steel Limited

Headquartered in Mumbai, India, Tata Steel Limited --
http://www.tatasteel.com/-- is a diversified steel producer.
It has operations in 24 countries and commercial presence in
over 50 countries.  Its operations predominantly relate to
manufacture of steel and ferro alloys and minerals business.
Other business segments comprises of tubes and bearings.  Tata
Metaliks Limited, which is engaged in the business of
manufacturing and selling pig iron, became a subsidiary of the
Company with effect from Feb. 1, 2008.

                   About Tata Steel UK Limited

Tata Steel UK Limited is the 100% subsidiary of Tata Steel Ltd,
and is the holding company for its European steel operations,
which principally consists of the Corus group.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
April 7, 2009, Fitch Ratings downgraded Tata Steel Limited's Long-
term foreign currency Issuer Default Rating to 'BB+' from 'BBB-'
(BBB minus), and its National Long-term rating to 'AA(ind)' from
'AAA(ind)'.  Simultaneously, Fitch also downgraded Tata Steel
U.K. Ltd's Long-term foreign currency IDR to 'B+' from 'BB'.  The
Outlook on all the ratings continues to be Negative.

The TCR-AP reported on March 6, 2009, that Moody's Investors
Service downgraded the corporate family rating of Tata Steel Ltd
to Ba2 from Ba1.  The rating remains on review for possible
further downgrade.


WOOLWORTHS GROUP: Former Boss Mulls Store Buyback Plan
------------------------------------------------------
BreakingNews.ie reports that Tony Page, previously managing
director of the Woolworths Group plc, is planning to buy back the
retailer's vacant stores.

According to the report, Mr. Page, is understood to have joined
forces with ex-UBS banker Gareth Thomas and other former
Woolsworths bosses to raise up to GBP10 million (EUR11.4 million)
to snap up the old shops.  Citing The Sunday Times, the report
says Mr. Page is planning to launch a variety store that will fill
the void left by Woolworths.

The report recalls plunging sales and mounting debts forced
Woolworths into administration late last year.  The retailer's
collapse resulted in the loss of 27,000 jobs, the report notes.

On Feb. 11, 2009, the Troubled Company Reporter-Europe, citing the
Edinburgh Evening News, reported Woolworths owed more than GBP1
billion to unsecured lenders, including staff and suppliers.

                      Administration Order

On Jan. 27, 2009, the High Court granted an application that an
order of administration be made in respect of Woolworths Group
plc.  As announced on Nov. 27, 2008, the termination of the
group's discussions for the sale of its retail business led to the
administration of its two major subsidiaries, Woolworths plc
and Entertainment UK Ltd.  Accordingly, Neville Kahn, Daniel
Butters and Nicholas Dargan were appointed as joint administrators
to both companies on that date.  The joint administrators were
also appointed as administrators to the group.

                    About Woolworths Group plc

Headquartered in London, England, Woolworths Group plc (LON:WLW)
-- http://www.woolworthsgroupplc.com/-- is a general merchandise
retailer, and entertainment wholesaler and publisher.  The
Company's business is divided into Retail, and Entertainment
Wholesale and Publishing segments.  Woolworths, Streets Online
Limited, WMS Card Services Limited and Flogistics Limited are
included within the Retail segment, with Entertainment UK Limited,
Disc Distribution Limited and 2entertain Limited being the
constituents of Entertainment Wholesale and Publishing segment.
The stores comprise Woolworths outlets located in small towns and
city suburbs, targeted at meeting basic everyday shopping
requirements, as well as larger stores located on shopping streets
in regional shopping centers.  The product offer covers toys,
children's clothing, events, confectionery, home and
entertainment, and larger stores include a range of home and
children's clothing.


* Fitch Comments on Impact of Chrysler Bankruptcy on EU Carmakers
-----------------------------------------------------------------
Fitch Ratings says in a new report that the effects of Chrysler's
('D') recent Chapter 11 filing, and the possibility of General
Motors Corp. (GM, 'C') taking similar action, are likely to have a
more limited impact on European than Asian car manufacturers,
given their smaller presence in the US market (8.3% overall share
in Q109 versus Asia's 47.9% share for the same period).

Fitch believes that Asian manufacturers that have already suffered
volume declines in the US will likely absorb any available US
market share from a Chrysler and/or a protracted GM bankruptcy.
This expectation is based on the assumption that either US company
could cease production of some models, and/or that US consumers
could lose further confidence in Chrysler and GM's vehicles.

However, this possible benefit for Asian manufacturers may be
tempered by a number of factors -- the potential short-term
supplier contagion from the Detroit Three (Chrysler, GM and Ford
Motor Company ('CCC'/Negative)) as suppliers who supplied both US
and also Asian transplants could suffer from further
capacity/production declines; the continuation of various forms of
incentives to discount US manufacturers' products, which may force
overseas manufacturers to offer higher discounts as well and
reduce their profit thresholds; and the underlying long-term
recovery prospects for, and demand, of the U.S. consumer.

Fitch does not anticipate taking negative rating actions for
European or Asian auto manufacturers as an immediate result of the
forced restructuring of the US manufacturers, but the agency notes
that if the auto supply chain is severely impacted beyond
expectations and causes significant disruption in the operations
of the Asian or European transplants, rating action can not be
discounted.  However, given the agency's assumption that the US
government will provide significant government aid to GM if it
files for bankruptcy protection, and that either direct or
indirect aid would be forthcoming to suppliers, immediate rating
action is considered unlikely.  The agency will nevertheless
continue to monitor sales trends very closely.

Similarly, negative rating action could occur should the effect of
a protracted insolvency process profoundly depress US consumer
confidence to the point of adversely affecting Asian
manufacturers' revenues and profitability.  US consumer confidence
may also be affected by potentially large job losses resulting
from particular insolvency processes.  The new US administration
has stated its commitment to sustaining a US domestic car
industry, but how healthy, cost-competitive and consumer
confidence-inspiring that industry will be is currently difficult
to determine.  Fitch believes that the US government will provide
aid to GM, in or out of bankruptcy, but a potential bankruptcy
poses much higher uncertainties with regard to sales trends and
supplier solvency.

Fitch's rated universe of major Asian and European auto
manufacturers includes: Honda Motor Co., Ltd ('A'/Negative);
Nissan Motor Co., Ltd ('BBB-'/Negative); Toyota Motor Corporation
('AA'/Negative); Hyundai Motor Company ('BB+'/Negative); Kia
Motors Corporation ('BB+'/Negative); Daimler AG ('BBB+'/Negative);
Fiat S.p.A. ('BB+'/Negative); Peugeot S.A.('BB+'/Negative);
Renault SA ('BB'/Negative); and Volkswagen Group ('BBB+'/Rating
Watch Negative ((RWN)).


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

June 10-13, 2009
ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
    25th Annual Bankruptcy & Restructuring Conference
       The Ritz-Carlton Orlando Grande Lakes
          Orlando, Florida
             Contact: http://www.aria.org/

June 11-14, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa
          Traverse City, Michigan
             Contact: http://www.abiworld.org/

June 21-24, 2009
INTERNATIONAL ASSOCIATION OF RESTRUCTURING, INSOLVENCY &
    BANKRUPTCY PROFESSIONALS
       8th International World Congress
          TBA
             Contact: http://www.insol.org/

July 16-19, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Northeast Bankruptcy Conference
       Mt. Washington Inn
          Bretton Woods, New Hampshire
             Contact: http://www.abiworld.org/

July 29-Aug. 1, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Southeast Bankruptcy Conference
       The Westin Hilton Head Island Resort & Spa,
       Hilton Head Island, S.C.
          Contact: http://www.abiworld.org/

Aug. 6-8, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Conference
       Hotel Hershey, Hershey, Pa.
          Contact: http://www.abiworld.org/

Sept. 10-11, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Complex Financial Restructuring Program
       Hyatt Regency Lake Tahoe, Incline Village, Nevada
          Contact: http://www.abiworld.org/

Sept. 10-12, 2009
AMERICAN BANKRUPTCY INSTITUTE
    17th Annual Southwest Bankruptcy Conference
       Hyatt Regency Lake Tahoe, Incline Village, Nevada
          Contact: http://www.abiworld.org/

Oct. 2, 2009
AMERICAN BANKRUPTCY INSTITUTE
    ABI/GULC "Views from the Bench"
       Georgetown University Law Center, Washington, D.C.
          Contact: http://www.abiworld.org/

Oct. 5-9, 2009
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       Marriott Desert Ridge, Phoenix, Arizona
          Contact: 312-578-6900; http://www.turnaround.org/

Oct. 20, 2009
AMERICAN BANKRUPTCY INSTITUTE
    NCBJ/ABI Educational Program
       Paris Las Vegas, Las Vegas, Nev.
          Contact: http://www.abiworld.org/

Dec. 3-5, 2009
AMERICAN BANKRUPTCY INSTITUTE
    21st Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, California
          Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 29-May 2, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 17-20, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa, Traverse City, Michigan
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 7-10, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Northeast Bankruptcy Conference
       Ocean Edge Resort, Brewster, Massachusetts
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Southeast Bankruptcy Conference
       The Ritz-Carlton Amelia Island, Amelia, Fla.
          Contact: http://www.abiworld.org/

Aug. 5-7, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Workshop
       Hyatt Regency Chesapeake Bay, Cambridge, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 4-8, 2010
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       JW Marriott Grande Lakes, Orlando, Florida
          Contact: http://www.turnaround.org/

Dec. 2-4, 2010
AMERICAN BANKRUPTCY INSTITUTE
    22nd Annual Winter Leadership Conference
       Camelback Inn, Scottsdale, Arizona
          Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 31-Apr. 3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 9-12, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa
          Traverse City, Michigan
             Contact: http://www.abiworld.org/

Dec. 1-3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    23rd Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, California
          Contact: 1-703-739-0800; http://www.abiworld.org/

                            *********

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 * * *