TCREUR_Public/090529.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Friday, May 29, 2009, Vol. 10, No. 105

                            Headlines

A R M E N I A

ACBA-CREDIT AGRICOLE: Moody's Reviews 'Ba1' LT GLC Deposit Rating
ARDSHININVESTBANK: Moody's Reviews 'Ba1' LT GLC Deposit Rating


A U S T R I A

COSARA NERAD: Claims Registration Period Ends June 8
GUENTHER DENGG: Claims Filing Deadline is June 8
HOTEL KUNSTHOF: Claims Registration Period Ends June 9
METALLWARENFABRIK PETRITSCH: Claims Filing Deadline is June 9
SCHLIEPER GMBH: Claims Registration Period Ends June 8


C R O A T I A

ZAGREBACKA BANKA: Moody's Puts Issuer and Debt Ratings on Review


F R A N C E

SILENUS LIMITED: Moody's Cuts Rating on Class D Notes to 'B3'

G E R M A N Y

ARCANDOR AG: Finance Ministry May Seriously Consider Aid Request
ESCADA AG: Sells Almost All of Mid-Price Fashion Business Primera
GENERAL MOTORS: "Orderly Insolvency" Seen for Opel Unit
GROHE AG: S&P Lowers Long-Term Corporate Credit Rating to 'B-'
PFLEIDERER AG: Moody's Withdraws 'Ba3' Corporate Family Rating

QIMONDA AG: Insolvency Lawyer Mulls Selling Parts of the Business


G R E E C E

EMPORIKI BANK: Fitch Upgrades Individual Rating to 'E' From 'F'


H U N G A R Y

MOL HUNGARIAN: S&P Gives Negative Outlook; Affirms 'BB+' Rating


I C E L A N D

EXISTA HF: Icelandic Claimants to Call in Entire Debt


I T A L Y

BANCA DI CREDITO: S&P Cuts Counterparty Ratings to 'BB+/B'


K A Z A K H S T A N

ASTAM OIL: Creditors Must File Claims by June 19
KAZ KOR: Creditors Must File Claims by June 19
NIKON SERVICE: Creditors Must File Claims by June 19
OIL TRADE: Creditors Must File Claims by June 19
STROY SERVICE: Creditors Must File Claims by June 19


K Y R G Y Z S T A N

UNIF TRADE: Creditors Must File Claims by July 3


N E T H E R L A N D S

ECONCERN N.V.: Files for Suspension of Payments


R U S S I A

AK OJSC: S&P Puts 'BB+' Corporate Rating on Negative CreditWatch
EVRAZ GROUP: S&P Puts 'BB-' Corp. Rating on Negative CreditWatch
KUDESNIK-STROY LLC: Permskiy Bankruptcy Hearing Set September 14
LEVOBEREZHNY CJSC: Creditors Must File Claims by July 8
SEVERSTAL OAO: Moody's Cuts Corporate Family Rating to 'Ba3'

SEVERSTAL OAO: S&P Puts 'BB' Corp. Rating on CreditWatch Negative
TNK-BP INTERNATIONAL: S&P Lifts Corporate Credit Rating to 'BB+'
URAL-STROY LLC: Creditors Must File Claims by July 7
WOOD TRANSPORTATION: Permskiy Bankruptcy Hearing Set July 6
YUZHNO-RUDNAYA LLC: Ye.Rumyantsev Named Insolvency Manager


S P A I N

REYAL URBIS: Seeks to Revise Debt Refinancing Business Plan
REALIA BUSINESS: Says Debt Refinancing Talks in Advanced Stage


S W I T Z E R L A N D

ARCTURUS AG: Claims Filing Deadline is June 2
BOHMER GMBH: Creditors Must File Proofs of Claim by June 2
CAFE –BISTRO CHARLIE: Claims Filing Deadline is June 2
DEJO AG: Creditors Have Until June 2 to File Proofs of Claim
MED3D AG: Claims Filing Deadline is June 2

METALLBAU RABE: Creditors Must File Proofs of Claim by June 2
RICONA AG: Claims Filing Deadline is June 2
ROESLI OPTIK: Creditors Have Until June 2 to File Proofs of Claim


U K R A I N E

AGRICULTURAL COLD: Creditors Must File Claims by June 11
BBK LLC: Creditors Must File Claims by June 11
COLIBRI POLYGRAPH: Creditors Must File Claims by June 11
DISCO LLC: Creditors Must File Claims by June 11
TECHNICS LLC: Creditors Must File Claims by June 11

UKRZNAK LLC: Creditors Must File Claims by June 11
WINDCOMSERVICE LLC: Creditors Must File Claims by June 11


U N I T E D   K I N G D O M

BRADFORD & BINGLEY: Won't Make Interest Payments on GBP325MM Bonds
CASTLE HOLDCO: S&P Withdraws 'D' Long-Term Corporate Credit Rating
JESSOPS PLC: Posts GBP13 Million Loss, Equity May Lose Value
KAUPTHING SINGER: Court Grants Winding Up Order
LEGG MASON: Moody's Confirms 'Ba/MR2' Fund Credit Rating

PATISSERIE UK: Parent Loses GBP1.4 Mln Over Costa Cofee Contract
ROYAL BANK: ANZ Submits Non-Binding Offer for Asian Portfolio
TATA MOTORS: Completes Refinancing of US$3 Billion JLR Bridge Loan

* BOOK REVIEW: Merger Takeover Conspiracy, A Business Story


                         *********


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A R M E N I A
=============


ACBA-CREDIT AGRICOLE: Moody's Reviews 'Ba1' LT GLC Deposit Rating
-----------------------------------------------------------------
Moody's Investors Service has placed on review for possible
downgrade the global local currency deposit ratings of two rated
Armenian banks (ACBA-Credit Agricole and Ardshininvestbank).  All
other ratings assigned to these banks were not affected by this
action.

Moody's review of the two banks' ratings will look at the extent
to which the Armenian government'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.  At present, the GLC deposit ratings of ACBA-Credit
Agricole and Ardshininvestbank receive between a one and two notch
uplift due to systemic support.

"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 debt, a view that has traditionally led to bank
ratings often benefiting from a significant uplift due to systemic
support.  However, as the financial crisis continues, the capacity
of countries and their respective central banks to support their
banks converges with, and is increasingly constrained by, each
government's respective debt capacity," said Stathis Kyriakides, a
Limassol-based Moody's Assistant Vice President - Analyst, and
lead analyst for these issuers.

As such, Moody's will be reassessing the level of systemic support
for the aforementioned Armenian banks to determine whether the
systemic support they receive needs to be further aligned to the
government's local currency bond rating.  Moody's will review the
specific circumstances of Armenia to determine the appropriate
systemic support for Armenian bank ratings and the implications
for ACBA-Credit Agricole and Ardshininvestbank.

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 and priorities.

Moody's notes that the review is unlikely to lead to a downgrade
of more than one notch in the deposit ratings of the institutions
under review.  The rating agency expects to conclude the review
over the next few weeks.

For more information, see Moody's recent report "Financial Crisis
More Closely Aligns Bank Credit Risk and Government Ratings in
Non-Aaa Countries", available on www.moodys.com

Meanwhile, the bank financial strength ratings of ACBA-Credit
Agricole and Ardshininvestbank are unaffected as Moody's believes
that their adequate capitalisation enables them to absorb a level
of stress in line with Moody's assumptions.

The detailed ratings and actions are listed below:

ACBA-Credit Agricole:

  -- Bank financial strength rating of D- was unaffected and
     continues to carry a stable outlook

  -- Long-term global local currency (GLC) deposit rating of Ba1
     was placed on review for a possible downgrade

  -- Long-term foreign currency deposit rating of Ba3 was
     unaffected, and remains constrained by Armenia's FC deposit
     ceiling and carries a stable outlook

  -- Short term local- and foreign-currency deposit ratings of
     Not-Prime were unaffected and carry a stable outlook

Ardshininvestbank:

  -- Bank financial strength rating of D- was unaffected and
     continues to carry a stable outlook

  -- Long-term global local currency deposit rating of Ba1 was
     placed on review for a possible downgrade

  -- Long-term foreign currency deposit rating of Ba3 was
     unaffected, and remains constrained by Armenia's FC deposit
     ceiling and carries a stable outlook

  -- Short term local- and foreign-currency deposit ratings of
     Not-Prime were unaffected and carry a stable outlook

Moody's previous rating action on ACBA-Credit Agricole was on
August 5, 2008, when the rating agency upgraded to Ba1 (from Ba2)
the long-term Global Local Currency deposit rating of this issuer.

Moody's previous rating action on Ardshininvestbank was on
July 25, 2008, when the rating agency assigned Ba1/Ba3/Not
Prime/D- ratings to this issuer.


ARDSHININVESTBANK: Moody's Reviews 'Ba1' LT GLC Deposit Rating
--------------------------------------------------------------
Moody's Investors Service has placed on review for possible
downgrade the global local currency deposit ratings of two rated
Armenian banks (ACBA-Credit Agricole and Ardshininvestbank).  All
other ratings assigned to these banks were not affected by this
action.

Moody's review of the two banks' ratings will look at the extent
to which the Armenian government'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.  At present, the GLC deposit ratings of ACBA-Credit
Agricole and Ardshininvestbank receive between a one and two notch
uplift due to systemic support.

"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 debt, a view that has traditionally led to bank
ratings often benefiting from a significant uplift due to systemic
support.  However, as the financial crisis continues, the capacity
of countries and their respective central banks to support their
banks converges with, and is increasingly constrained by, each
government's respective debt capacity," said Stathis Kyriakides, a
Limassol-based Moody's Assistant Vice President - Analyst, and
lead analyst for these issuers.

As such, Moody's will be reassessing the level of systemic support
for the aforementioned Armenian banks to determine whether the
systemic support they receive needs to be further aligned to the
government's local currency bond rating.  Moody's will review the
specific circumstances of Armenia to determine the appropriate
systemic support for Armenian bank ratings and the implications
for ACBA-Credit Agricole and Ardshininvestbank.

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 and priorities.

Moody's notes that the review is unlikely to lead to a downgrade
of more than one notch in the deposit ratings of the institutions
under review.  The rating agency expects to conclude the review
over the next few weeks.

For more information, see Moody's recent report "Financial Crisis
More Closely Aligns Bank Credit Risk and Government Ratings in
Non-Aaa Countries", available on www.moodys.com

Meanwhile, the bank financial strength ratings of ACBA-Credit
Agricole and Ardshininvestbank are unaffected as Moody's believes
that their adequate capitalisation enables them to absorb a level
of stress in line with Moody's assumptions.

The detailed ratings and actions are listed below:

ACBA-Credit Agricole:

  -- Bank financial strength rating of D- was unaffected and
     continues to carry a stable outlook

  -- Long-term global local currency (GLC) deposit rating of Ba1
     was placed on review for a possible downgrade

  -- Long-term foreign currency deposit rating of Ba3 was
     unaffected, and remains constrained by Armenia's FC deposit
     ceiling and carries a stable outlook

  -- Short term local- and foreign-currency deposit ratings of
     Not-Prime were unaffected and carry a stable outlook

Ardshininvestbank:

  -- Bank financial strength rating of D- was unaffected and
     continues to carry a stable outlook

  -- Long-term global local currency deposit rating of Ba1 was
     placed on review for a possible downgrade

  -- Long-term foreign currency deposit rating of Ba3 was
     unaffected, and remains constrained by Armenia's FC deposit
     ceiling and carries a stable outlook

  -- Short term local- and foreign-currency deposit ratings of
     Not-Prime were unaffected and carry a stable outlook

Moody's previous rating action on ACBA-Credit Agricole was on
August 5, 2008, when the rating agency upgraded to Ba1 (from Ba2)
the long-term Global Local Currency deposit rating of this issuer.

Moody's previous rating action on Ardshininvestbank was on
July 25, 2008, when the rating agency assigned Ba1/Ba3/Not
Prime/D- ratings to this issuer.


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


COSARA NERAD: Claims Registration Period Ends June 8
----------------------------------------------------
Creditors owed money by Cosara Nerad GmbH have until June 8, 2009,
to file written proofs of claim to the court-appointed estate
administrator:

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


Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:50 a.m. on June 22, 2009, for the
examination of claims.


GUENTHER DENGG: Claims Filing Deadline is June 8
------------------------------------------------
Creditors owed money by Guenther Dengg Autoverkauf GmbH have until
June 8, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Mag. Peter Handler
         Hauptplatz 33
         8530 Deutschlandsberg
         Austria
         Tel: 03462/4141
         Fax: 03462/4141-41
         E-mail: office@handler.at


Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on June 23, 2009, for the
examination of claims.


HOTEL KUNSTHOF: Claims Registration Period Ends June 9
------------------------------------------------------
Creditors owed money by Hotel Kunsthof GmbH have until June 9,
2009, to file written proofs of claim to the court-appointed
estate administrator:

         Dr. Robert Klein
         Spiegelgasse 10
         1010 Vienna
         Austria
         Tel: 513 99 39
         Fax: 513 99 39-30
         E-mail: klein@lawcenter.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on June 23, 2009, for the
examination of claims.


METALLWARENFABRIK PETRITSCH: Claims Filing Deadline is June 9
-------------------------------------------------------------
Creditors owed money by Metallwarenfabrik Petritsch GmbH have
until June 9, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Joachim Bucher
         Italienerstrasse 13/5
         9500 Villach
         Austria
         Tel: 04242/29992
         Fax: 04242/27666
         E-mail: office@abp-law.com


Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on June 16, 2009, for the
examination of claims.


SCHLIEPER GMBH: Claims Registration Period Ends June 8
------------------------------------------------------
Creditors owed money by Schlieper GmbH have until June 8, 2009, to
file written proofs of claim to the court-appointed estate
administrator:

         Ing. Mag. Peter Bubits
         Elisabethstrasse 2
         2340 Moedling
         Austria
         Tel: 02236/42210
         Fax: 02236/42210-25
         E-mail: peter.bubits@bkb-partner.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on June 18, 2009, for the
examination of claims.


=============
C R O A T I A
=============


ZAGREBACKA BANKA: Moody's Puts Issuer and Debt Ratings on Review
----------------------------------------------------------------
Moody's Investors Service has placed on review for possible
downgrade the deposit, issuer and debt ratings of the two rated
Croatian Banks (Zagrebacka Banka and the Croatian Bank for
Reconstruction and Development).

The review of the two banks' ratings will look at the extent to
which the Croatian government'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.  At present the deposit and debt ratings of the
banks on review receive between a two- and four-notch uplift due
to systemic support.

"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 debt, 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 countries and their respective central banks to support their
banks converges with, and is increasingly constrained by, each
government's respective debt capacity," said Stathis Kyriakides, a
Limassol-based Moody's Assistant Vice President - Analyst, and
lead analyst for these issuers.

As such, Moody's will be reassessing the level of systemic support
for the aforementioned Croatian Banks to determine whether the
systemic support they receive needs to be further aligned to the
government's local currency bond rating.  Moody's will review the
specific circumstances of Croatia to determine the appropriate
systemic support for Croatian bank ratings and the implications
for Zagrebacka Banka and HBOR.

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 systems relative
to the government's own foreign exchange resources, and changes to
the government's political patterns and priorities.  The rating
agency expects to conclude the review over the next few weeks.

Meanwhile ZABA's D+ BFSR as well as HBOR's Baseline Credit
Assessment of 11 are unaffected, as Moody's believes that their
strong capitalization enables them to absorb a level of stress in
line with Moody's expected loss assumptions.  At the same time,
Moody's maintains the negative outlook on ZABA's BFSR and HBOR's
BCA, reflecting the view that these institutions could still come
under pressure if loss assumptions increase; if pressures on the
local currency (of the kind witnessed particularly in Q1 2009)
lead to a kuna devaluation thereby exacerbating the stress on the
banking sector given the high level of unhedged foreign currency
lending in the country; or if other aspects determining their risk
absorption capacity deteriorate to the degree that capital and
earnings are affected.

Rating actions:

Zagrebacka Banka:

  -- Bank financial strength rating of D+ was unaffected and
     continues to carry a negative outlook

  -- Long- and short-term global local currency (GLC) deposit
     ratings of A2/Prime 1 were placed on review for possible
     downgrade

  -- Senior Unsecured debt rating of A2 was placed on review for
     possible downgrade

  -- Long- and short-term foreign currency deposit ratings of
     Ba1/Not Prime carrying a stable outlook were unaffected as
     they remain constrained by Croatia's FC deposit ceiling

Croatian Bank for Reconstruction and Development:

  -- Issuer rating of A3 was placed on review for possible
     downgrade

  -- Backed senior unsecured debt rating of A3 was placed on
     review for possible downgrade

Moody's previous rating action on Zagrebacka Banka was on
April 14, 2009, when the rating agency changed to negative from
stable the outlook on this issuer's BFSR, GLC deposit ratings and
long-term foreign currency debt rating.

Moody's previous rating action on HBOR was on April 14, 2009, when
the rating agency changed to negative from stable the outlook on
HBOR's A3 issuer rating and A3 backed unsecured debt rating.


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


SILENUS LIMITED: Moody's Cuts Rating on Class D Notes to 'B3'
-------------------------------------------------------------
Moody's Investors Service has downgraded these classes of Notes
issued by Silenus (European Loan Conduit No. 25) Limited (amounts
reflect initial outstandings):

  -- EUR1,035,000 Class A Commercial Mortgage Backed Floating
     Rate Notes due 2019 downgraded to Aa2, previously on 23 March
     2007 assigned Aaa;

  -- EUR60,000,000 Class B Commercial Mortgage Backed Floating
     Rate Notes due 2019 downgraded to Baa2, previously on 23
     March 2007 assigned Aa2;

  -- EUR63,000,000 Class C Commercial Mortgage Backed Floating
     Rate Notes due 2019 downgraded to Ba3, previously on 23 March
     2007 assigned A2;

  -- EUR46,000,000 Class D Commercial Mortgage Backed Floating
     Rate Notes due 2019 downgraded to B3, previously on 23 March
     2007 assigned Baa3.

At the same time, Moody's has affirmed the rating of the Class X
Notes.  Moody's does not rate the Class E, Class F and Class G
Notes issued by Silenus (European Loan Conduit No. 25) Limited.

The rating action concludes the review for possible downgrade that
was initiated on February 2, 2009, due to a number of loans
performing significantly below Moody's initial expectations.  The
rating action takes Moody's updated central scenarios into
account, as described in Moody's Special Report "Moody's Updates
on Its Surveillance Approach for EMEA CMBS".

1) Transaction and Portfolio Overview

SILENUS (European Loan Conduit No. 25) represents a true-sale
securitisation of initially 17 commercial mortgage loans
originated by Morgan Stanley Bank International Limited that were
secured by initially 216 commercial properties located in France
(40% of the original pool by underwriter market value), Germany
(36%) and Italy (25%). The properties were primarily office (51%),
retail (28%) and multi-family (13%).

Since closing, there have been almost no changes in the portfolio
composition with one small loan (Michelangelo Via Colombo -- 0.5%
of the original portfolio balance) having prepaid in full.  The
remaining loans are not equally contributing to the portfolio: the
biggest loan (Margaux EDF) represents 21.3% of the current
portfolio balance, while the smallest loan (Apirose Retail
Bondorf) represents 0.3 %.  The current loan Herfindahl index is
9.5 compared to 9.0 at closing.  Following the prepayment, the
remaining 16 loans are secured by 183 properties which are still
predominantly office buildings (57%).  Currently, 39% of the
properties are located in France, 31% in Germany and 30% in Italy.

The transaction structure provides for the allocation of
amortisation and prepayment proceeds to the Notes switching from
currently modified pro-rata to fully sequential subject to certain
triggers that have not been hit to date.  As of the last interest
payment date February 16, 2009, all of the remaining 16 loans in
the portfolio were current and none of the loans is in special
servicing or has defaulted since closing.

2) Rating Rationale

The downgrades of the Class A, Class B, Class C and Class D Notes
follow a detailed re-assessment of the loan and property
portfolio's credit risk.  Hereby, Moody's main focus was on
property value declines, term default risk, refinancing risk and
the anticipated work-out strategy and timing for potentially
defaulting loans.  In its review, Moody's especially concentrated
on the largest loans in the portfolio (the Margaux EDF Loan, the
Defense Plaza Loan, the Orazio Portfolio Loan, the Eurocastle
Retail D-Portfolio Loan and the Tishman Munich Elisenhof Loan) and
on the loans currently showing adverse performance (the Anthony
Parc Loan, the Cuxhaven Residential Portfolio Loan and the
Wolfsburg Residential Portfolio Loan).

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

The current subordination levels for Moody's rated classes, 17.4%,
12.6%, 7.6% and 3.6% for the Class A, the Class B, Class C and the
Class D Notes respectively, provide protection against those
expected losses.  The likelihood of higher than expected losses on
the portfolio has increased substantially, which results in the
rating action.

Since closing, only 0.5% of the initial loan portfolio prepaid.
The prepayment proceeds were solely allocated the Class A and B
Notes.  At the same time, the loan portfolio only provides for
limited scheduled principal repayment over time.  As a result,
unlike other large multi-borrower transactions ("EMEA CMBS conduit
deals"), the Class A, the Class B, the Class C and the Class D
Notes have not benefited from a meaningful increase in
subordination levels since closing.

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

3) Moody's Portfolio Analysis

Property Values. Property values across European countries have
already declined until Q1 2009 with the magnitude depending on the
respective property market.  Values are expected to continue to
decline at least until 2010.  Moody's estimates that compared to
the underwriter's ("U/W") values at closing, the values of the
properties securing this transaction have declined by on aggregate
12.1% as of early 2009 (ranging from stable values with respect to
the Berlin Residential Portfolio Loan, the Wolfsburg Residential
Portfolio Loan and the Curzon Medienzentrum Loan to an estimated
35% decline for the Anthony Parc Loan).  Looking ahead, Moody's
anticipates further declines in commercial real estate values
until 2010.

Based on this property value assessment, Moody's estimates that
the transaction's early-2009 weighted average securitized loan-to-
value ratio was 72.8% compared to the reported U/W LTV of 66.7%.
Due to further envisaged declines, in Moody's opinion the WA LTV
will increase in 2010 and will only gradually recover thereafter.

Moody's has taken the anticipated property value development,
including a gradual recovery from 2011 onwards, into account when
analyzing the default risk at loan maturity and the loss given
default for each securitized loan.

Refinancing Risk.  The transaction has no exposure to loans
maturing in the short-term (2009 and 2010). 31.1% of the current
portfolio matures in 2011, 17.3% in 2012, 26% in 2013 and 25.6% in
2014 to 2016.  However, as Moody's expects property values to only
slowly recover from 2011 onwards, most of the loans will be still
highly leveraged at their respective maturity dates, especially
when taking into account the additional indebtedness for two of
the loans.  Consequently, in Moody's view, for a majority of the
loans, the default risk at maturity has increased substantially
compared to the closing analysis.

Term Default Risk.  Occupational markets are currently
characterized by falling rents, increasing vacancy rates and
higher than average tenant default rates.  Based on the current
lease profile and cash flow characteristics, Moody's has
incorporated into its analysis an allowance for deterioration in
coverage ratios on some of the loans, in turn increasing the term
default risk assumption for the respective loans.

Loans in Default and/or Special Servicing. None of the loans has
defaulted or is currently in special servicing.

Overall Default Risk. Based on its revised term and maturity
default risk assessment for the securitized loans, Moody's
anticipates that for some of the loans in the portfolio the
default risk over the course of the transaction term has increased
substantially.  The default risk of all loans is predominantly
driven by refinancing risk.  In Moody's view, the Tishman Speyer
Berlin Loan and the Orazio Loan have currently the highest default
risk, while the Metroplois Shopping Centre Loan has the lowest
risk of defaulting.

Concentration Risk. The portfolio securitized in Silenus (European
Loan Conduit No. 25) Limited exhibits a below average
concentration in terms of property types (57% office) and property
location (39% France, 31% Germany and 30% Italy).  In Moody's
view, that allows for some benefit from different markets
performing differently over time.

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

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


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


ARCANDOR AG: Finance Ministry May Seriously Consider Aid Request
----------------------------------------------------------------
Holger Elfes at Bloomberg News reports that Finance Minister Peer
Steinbrueck told ARD television Arcandor AG's request for
government aid must be "seriously considered."

Nobody should make premature judgments before examining the case,
Bloomberg News cited Mr. Steinbrueck as saying in an interview
with ARD.

Beate Preuschoff at Dow Jones Newswires relates that German
Economic Minister Karl-Theodor zu Guttenberg said the German
government wants to decide on state help for Arcandor as soon as
possible.

According to Bloomberg News, Arcandor is facing a June 12 expiry
of a credit line worth EUR650 million (US$907 million).  The
report recalls Arcandor said May 20 its lenders, including the
Royal Bank of Scotland Plc, Commerzbank AG and BayernLB, have
agreed on applying for a state guarantee and that the proposal is
being probed by PricewaterhouseCoopers LLP for the federal
government.

Holger Elfes at Bloomberg News earlier reported that Arcandor said
it needs state aid by June 12 if it is to survive and that talks
with Metro AG on a possible merger of the Karstadt and Kaufhof
department-store chains are no alternative to government
guarantees.  "Metro would have to bring the money we need for
survival and it really doesn't look like that at the moment," the
same report quoted Arcandor spokesman Gerd Koslowski as saying.
The Arcandor spokesman, as cited in the report, said May 21 talks
between Arcandor Chief Executive Officer Karl-Gerhard Eick and
Metro CEO Eckhard Cordes didn't provide such an indication.  Both
executives will meet again at a later date, the report said.
Metro repeatedly said it opposes state guarantees for  Arcandor,
the report disclosed.

                       About Arcandor AG

Germany-based Arcandor AG (FRA:ARO) -- http://www.arcandor.com/--
formerly KarstadtQuelle AG, is a tourism and retail group.  Its
three core business areas are tourism, mail order services and
department store retail.  The Company's business areas are covered
by its three operating segments: Thomas Cook, Primondo and
Karstadt.  Thomas Cook Group plc is a tour operator with
operations in Europe and North America, set up as a result of a
merger between MyTravel and Thomas Cook AG.  It also operates the
e-commerce platform, Thomas Cook, supporting travel services.
Primondo has a portfolio of European universal and specialty mail
order companies, including the core brand Quelle.  Karstadt
operates a range of department stores, such as cosmopolitan
stores, including KaDeWe (Kaufhaus des Westens), Karstadt
Oberpollinger and Alsterhaus; Karstadt brand department stores;
Karstadt sports department stores, offering sports goods in a
variety of retail outlets, and a portal, karstadt.de that offers
online shopping, among others.


ESCADA AG: Sells Almost All of Mid-Price Fashion Business Primera
-----------------------------------------------------------------
Eva Kuehnen at Reuters reports that Escada AG sold three of its
four Primera brands -- Laurel, Apriori and Cavita --- to financial
investor Mutares.

Escada will keep a 10 percent stake in the brands and will soon
conclude the sale of its fourth Primera brand, Biba, the report
says.

                            Wider Loss

Holger Elfes and Claudia Rach at Bloomberg News report that Escada
reported a wider first-half loss on the sale of its Primera unit.

Escada posted a so-called preliminary loss after taxes of EUR17.8
million for the six months through April, the company said in a
statement obtained by the news agency.  After consideration of
discontinued operations and the valuation adjustment on the
Primera sale, the loss was EUR91.7 million, the company's
statement said as cited in the report.

                          Insolvency Risk

Citing Reuters, the Troubled Company Reporter-Europe on April 30,
2009, reported that Escada chief executive Bruno Saelzer said that
the company will face insolvency if its plan to raise fresh cash,
replace a bond and renegotiate credit lines fails.

Reuters said Mr. Saelzer told shareholders at the company's annual
meeting that month "The only alternative would be Escada's
insolvency."

                          About Escada AG

Headquartered in Aschheim, Germany, ESCADA AG (FRA:ESC) --
http://www.escada.com/--  is a fashion group engaged in women's
designer fashion.  Under its core brand ESCADA, the Company sells
women's designer fashions for daytime, evening, business, leisure,
sports, wellness and special occasions, as well as couture.  The
fashion range is supplemented with accessories like handbags,
shoes and small leather goods.  Fragrances, eyewear, kids wear and
jewelry from licensed partners are also sold under the ESCADA
brand.  Through its wholly owned subsidiary, PRIMERA AG, the
Company additionally sells the mid-priced brands apriori, BiBA,
cavita and Laurel. ESCADA AG has 194 own shops and 226 franchise
shops in approximately 60 countries.  Its manufacture capacities
are mainly outsourced to partner operations, located in Germany,
Italy, Eastern Europe and Asia.


GENERAL MOTORS: "Orderly Insolvency" Seen for Opel Unit
-------------------------------------------------------
Aaron Kirchfeld at Bloomberg News reports that German Economy
Minister Karl-Theodor zu Guttenberg said an "orderly insolvency"
for General Motors Corp.'s Adam Opel GmbH unit may be the
preferred option because none of the three bidders would take on
enough risks.

The minister, who is leading efforts to find a "viable" bid for
Opel, earlier said he wasn't persuaded by offers from Italy's Fiat
SpA, Canadian car-parts maker Magna International Inc. and
financial investor RHJ International SA, Bloomberg News recalls.
On Tuesday, Chinese automaker Beijing Automotive Industry Corp.
(BAIC) emerged as a possible fourth bidder, according to Dow Jones
Newswires.  Gernot Heller at Reuters relates Mr. Guttenberg said
Fiat and Magna must significantly improve their offers for Opel.

Mr. Guttenberg's statement earned criticism from Foreign Minister
Frank- Walter Steinmeier, the Social Democrats’ chancellor
candidate for the Sept. 27 elections, and union leader Klaus
Franz, who called the comments "counterproductive," Bloomberg News
says.

According to Bloomberg News, GM has said that Opel needs EUR3.3
billion (US$4.6 billion) in government aid to survive.  The
carmaker is selling a majority stake in its European operations
while preparing for a probable June 1 bankruptcy, the report says.

Magna emerged as the top bidder because it offers the prospect of
developing new markets and avoiding "dependence on Fiat-Chrysler
technology," Bloomberg News cited the prime minister of Hesse
state, where Opel is based, as saying.

The bids from Magna and RHJ include cash, while Fiat's offer
requires state-backed financing to reorganize Opel, Bloomberg News
says citing people familiar with the matter.  One of the people
earlier told the news agency that Fiat's bid has two parts: an
offer for the Opel and U.K.-based Vauxhall units, and an
alternative plan to also buy GM's operations in Brazil and
Argentina.

                Belgium Balks at Germany's Opel Rescue

John Martens at Bloomberg News reports that Belgian leaders asked
the European Commission to intervene in the bidding for Opel on
fears Germany will choose a preferred buyer that promises to
preserve most jobs in that country.

"A one-country solution for a truly European-based company seems
not in line with the idea of a European Union and its
legislation," the report quoted Belgian Prime Minister Herman Van
Rompuy and Flemish regional government leader Kris Peeters as
saying in letters sent to European Commission President Jose
Barroso, Industry Commissioner Guenther Verheugen, German
Chancellor Angela Merkel and Mr. Guttenberg.

                 Opel Bidders Commit to UK Operation

Nicholas Winning and Laurence Norman at Dow Jones Newswires report
that U.K. Business Secretary Peter Mandelson said the main bidders
for Opel have committed to continuing production at the firm's
U.K. operation, Vauxhall.

                      About General Motors

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

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

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

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

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

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

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

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

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

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

                     Going Concern Doubt

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

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

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


GROHE AG: S&P Lowers Long-Term Corporate Credit Rating to 'B-'
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered to 'B-'
from 'B' its long-term corporate credit ratings on Grohe Holding
GmbH, the indirect parent company of Germany-based sanitary
fittings manufacturer Grohe AG.  This action follows an
accelerated deterioration in market conditions and S&P's revised
assumptions that market recovery is unlikely to occur before the
end of 2010.  The outlook is stable.

At the same time, the senior unsecured debt rating on Grohe's
EUR150 million credit facility was lowered to 'B+' from 'BB-'.
The recovery rating on this facility is unchanged at '1',
indicating S&P's expectation of very high (90%-100%) recovery
prospects in the event of a payment default.  In addition, the
issue rating on the group's EUR800 million secured notes was
lowered to 'B-' from 'B', and the issue rating on the
EUR335 million senior notes was lowered to 'CCC' from 'CCC+'.  The
recovery ratings on these bonds are unchanged at '3' (50%-70%
recovery) and '6' (0%-10% recovery), respectively.

"The downgrade reflects our view that Grohe's trading performance
will deteriorate further in 2009 than initially anticipated, to a
level of adjusted debt to EBITDA of above 7.5%," said Standard &
Poor's credit analyst Sabine Gromer.  "The rating action also
reflects our opinion that the prospects for market recovery will
be delayed, to the end of 2010 at the earliest.  It leaves little
leeway for Grohe's credit metrics to improve in 2010 as S&P
previously anticipated, including EBITDA to debt of 6.5%."

The anticipated underperformance is due to the severe downturn
adversely affecting building materials in many mature European
markets, and in part to the sharp slowdown in emerging markets.
The latter have been an important growth driver for the group so
far.

In the three months ended March 31, 2009, Grohe's sales declined
by 23.3%, impaired by a combination of seasonal low building
activity (given colder winter months as last comparison period)
and further sharp volume contractions.  This is due to an ongoing
destocking effect, coupled with reduced building activity overall.

Rating pressure could arise from the anticipated additional
weakening in trading performance.  Equally, the ratings would come
under pressure if the outcome of the current European Commission
investigation into competitive practices were to be worse than
expected.  An increased funding requirement due to working capital
hikes or any other liquidity constraint could also result in a
rating action and/or outlook revision.


PFLEIDERER AG: Moody's Withdraws 'Ba3' Corporate Family Rating
--------------------------------------------------------------
Moody's has withdrawn Pfleiderer AG's Ba3 corporate family and
probability of default ratings as well as the B2 rating for the
hybrid bond issued by Pfleiderer Finance BV.  The withdrawal of
these ratings was for business reasons.  At the time of withdrawal
the ratings had been assigned a negative outlook.

Headquartered in Neumarkt/Germany, Pfleiderer AG, is one of the
leading manufacturers of engineered wood in Europe and North
America.  Group sales and operating result in 2008 amounted to
EUR1.7 billion and EUR98 million respectively.


QIMONDA AG: Insolvency Lawyer Mulls Selling Parts of the Business
-----------------------------------------------------------------
Stephania Haxel at Bloomberg News reports that the Financial Times
Deutschland, citing unidentified people close to Qimonda AG's
creditors, said the company's insolvency lawyer Michael Jaffe is
considering selling of parts of the business after China's Inspur
Group Co. said its not interested in a complete takeover.

Bloomberg News relates according to the newspaper, Mr. Jaffe still
hasn't received an offer for Qimonda.  According to EE Times
Europe, the last deadline for Qimonda to find an investor will end
coming Sunday, May 31.  EE Times Europe says after this date, the
insolvency process will be continued by selling the company in
pieces.  Bloomberg News notes the newspaper, citing its sources,
said potential buyers signaled interest in patent right and parts
of production.

Christoph Hammerschmidt of EE Times Europe reports sources say
that while Inspur has dismissed its interest in Qimonda, the
Shandong Sinochip Semicon Ltd, a member of the Chinese company,
would be interested in "continued contacts" and examine "different
options for a cooperation".

EE Times Europe says in order to buy the Qimonda assets including
buildings, equipment and IP and to restart the production, experts
believe that an investment of at least about EUR800 million would
be required.

Qimonda AG (NYSE: QI) -- http://www.qimonda.com/-- is a leading
global memory supplier with a diversified DRAM product portfolio.
The company generated net sales of EUR1.79 billion in financial
year 2008 and had -- prior to its announcement of a repositioning
of its business --  approximately 12,200 employees worldwide, of
which 1,400 were in Munich, 3,200 in Dresden and 2,800 in Richmond
(Virginia, USA).  The company provides DRAM products with a focus
on infrastructure and graphics applications, using its power
saving technologies and designs.  Qimonda is an active innovator
and brings high performance, low power consumption and small chip
sizes to the market based on its breakthrough Buried Wordline
technology.


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


EMPORIKI BANK: Fitch Upgrades Individual Rating to 'E' From 'F'
---------------------------------------------------------------
Fitch Ratings has upgraded Greece-based Emporiki Bank's Individual
rating to 'E' from 'F'.  At the same time, Fitch has affirmed the
bank's Long-term Issuer Default rating at 'A+', Short-term IDR at
'F1' and Support rating at '1'.  The Outlook on the bank's Long-
term IDR is Stable.

Simultaneously, all the ratings have been withdrawn.  The bank's
senior and subordinated debt ratings of 'A+' and 'A' respectively
have also been withdrawn.  Fitch will no longer provide ratings or
analytical coverage of this issuer.

The upgrade of Emporiki's Individual rating reflects the capital
support the bank has received from its ultimate parent, Credit
Agricole (rated 'AA-'/Outlook Stable) through a share capital
increase to restore its capital.  In early May 2009, Emporiki
announced the completion of EUR850 million share capital increase,
largely subscribed by CA.  As a result, CA increased its stake in
the bank to the current 82.48% from 72.56% at end-2008.  Following
this, Emporiki expects to report a Tier 1 and total capital ratios
of above 7% and 10% respectively by end-June 2009.  Emporiki's
Long and Short-Term IDRs and Support Rating indicate that there is
an extremely high probability of support from CA because -- in
Fitch's view -- Emporiki's activities in Greece remain strategic
to the CA group, and CA is deploying more management resources and
capabilities into the bank.

The Individual rating reflects Fitch's opinion that Emporiki's
capital will remain under pressure due to weak internal capital
generation as operating profits are likely to continue to be
affected by challenging revenue generation prospects, its high
cost base and an expected rise in credit losses amid a sharp
domestic slowdown, as witnessed in a Q109 EUR169 million net loss.
Fitch believes that all the above factors, combined with the
bank's weakened deposit franchise, make it likely that Emporiki
will continue requiring further funding and, potentially, capital
support from CA.

Emporiki is the fifth-largest bank in Greece by assets, with
around 9% of loan market share.  It has a limited presence in
southeast Europe.


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


MOL HUNGARIAN: S&P Gives Negative Outlook; Affirms 'BB+' Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised its
outlook on Hungary-based refining and marketing company MOL
Hungarian Oil and Gas PLC to negative from stable.  At the same
time the 'BB+' long-term corporate credit rating was affirmed.

"The outlook revision reflects the significantly worsened outlook
for the European refining industry and middle distillate crack
spreads," said Standard & Poor's credit analyst Per Karlsson.

"In addition, the company's credit ratios weakened more than
expected in the first quarter of 2009 following a strong
contraction in its refining profits, while its foreign currency
debt was heavily impacted by a fall in the Hungarian forint,"
Mr. Karlsson said.

The outlook revision also reflects the prospect of increased
downward rating pressure if MOL's downstream profits prove less
resilient than S&P has previously assumed and result in weaker-
than-expected credit metrics.

S&P believes that the medium-term outlook for European refiners,
such as MOL, with high levels of middle distillate output, has
worsened considerably as a result of a fall in demand for middle
distillate and reduced middle distillate crack spreads.  In
addition, MOL faces more difficult conditions due to a sharp fall
in eastern European economic activity.

The ratings are likely to come under increased pressure if MOL's
downstream operating performance is significantly less resilient
than previously expected or if adjusted funds from operations to
debt drops materially below 20% or if debt to EBITDA approaches
3.5x over the next 12 months.


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


EXISTA HF: Icelandic Claimants to Call in Entire Debt
-----------------------------------------------------
Iceland Review reports that Exista hf.'s largest domestic
claimants, the old commercial banks Glitnir, Landsbanki and
Kaupthing, in addition to New Kaupthing, are planning to call in
the investment company's entire debt.

Iceland Review relates according to Morgunbladid, if Exista fails
to pay the claims, its board will have to decide whether a
moratorium on its payments should be requested.

Iceland Review discloses the largest shareholders in Exista, Lydur
and Agust Gudmundsson, told Morgunbladid that Exista had made an
agreement with foreign claimants, 37 banks, in the beginning of
April on the company's reorganization with the goal of Exista
being able to pay back the claims fully and more than that.

Headquartered in Reykjavik, Iceland, Exista hf --
http://www.exista.is/-- is engaged in the areas of insurance and
asset leasing.  It is a parent company within the Exista Group,
which provides financial and investment services through its
subsidiaries and associates.  It operates the Icelandic non-life
insurance company VIS, the life insurance company Lifis, the
financing company Lysing, and others.  Exista is also a
shareholder in Kaupthing Bank, Sampo Group, Bakkavor Group and
Iceland Telecom, and has other short-term and long-term
investments in a diversified portfolio.


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


BANCA DI CREDITO: S&P Cuts Counterparty Ratings to 'BB+/B'
----------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its long-
and short-term counterparty credit ratings on Banca di Credito
Cooperativo di Fornacette S.c.p.A. to 'BB+/B' from 'BBB/A-2'
because of the fast deterioration in the bank's credit risk
profile.  The outlook is negative.

The long-term rating benefits from one notch of uplift above
Fornacette's stand-alone credit profile, reflecting membership in
the "Banche di Credito Cooperativo" network and S&P's assessment
that extraordinary liquidity and capital support from the network
would be provided if needed.

"The downgrade reflects the fast deterioration S&P observe in the
bank's credit risk profile in 2009 due to the economic recession
in Italy, where S&P expects GDP to contract by 4% this year," said
Standard & Poor's credit analyst Francesca Sacchi.

S&P believes that Fornacette's asset quality is particularly
vulnerable to the current difficult conditions, given the bank's
sustained growth in the past few years (loan growth was a very
high 24% in 2008) and its significant concentration in the
corporate real estate sector (32% of the total credit portfolio at
year-end 2008).  Nonperforming assets increased to about
5.4% of total loans on April 30, 2009, compared with 4% at year-
end 2008.  S&P understands that a significant part of this jump is
the result of the reclassification of the loans to some large
clients that operate in the real estate sector.  S&P also
anticipate sa sharp rise in credit provisions in 2009, as S&P
believes that Fornacette's traditionally low cost of risk in the
past few years (23 basis points in 2008, with a resulting very low
coverage of impaired loans) is not indicative of the potential for
credit losses in the bank's loan portfolio.

The negative outlook reflects the possibility that S&P would
further lower the ratings if the pace of deterioration in asset
quality that S&P saw in the first quarter 2009, namely higher
NPAs, persists in the coming months.  Conversely, downward
pressure on the ratings would ease if asset quality does not
deteriorate further and if the bank is able to weather the current
economic slowdown without a material deterioration in its
financial profile.


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


ASTAM OIL: Creditors Must File Claims by June 19
------------------------------------------------
LLP Astam Oil has gone into liquidation.  Creditors have until
June 19, 2009, to submit proofs of claim to:

         Ilyaev Str. 4-81
         Shymkent
         South Kazakhstan
         Kazakhstan


KAZ KOR: Creditors Must File Claims by June 19
----------------------------------------------
Creditors of LLP Kaz Kor Invest Stroy Project have until June 19,
2009, to submit proofs of claim to:

         Almatinskaya Str. 35
         Pokrovka
         Ilyisky
         Almaty
         Kazakhstan
         Tel: 8 777 226 20-31

The Specialized Inter-Regional Economic Court of Almaty commenced
bankruptcy proceedings against the company on April 6, 2009, after
finding it insolvent.

The Court is located at:

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


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

         Almatinskaya Str. 35
         Pokrovka
         Ilyisky
         Almaty
         Kazakhstan
         Tel: 8 777 226 20-31

The Specialized Inter-Regional Economic Court of Almaty commenced
bankruptcy proceedings against the company on April 6, 2009, after
finding it insolvent.

The Court is located at:

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


OIL TRADE: Creditors Must File Claims by June 19
------------------------------------------------
LLP Oil Trade has gone into liquidation.  Creditors have until
June 19, 2009, to submit proofs of claim to:

         Tole bi Str. 57
         Lenger
         Tolebiysky
         South Kazakhstan
         Kazakhstan


STROY SERVICE: Creditors Must File Claims by June 19
----------------------------------------------------
LLP Construction Company Stroy Service Oral KZ Montage has gone
into liquidation.  Creditors have until June 19, 2009, to submit
proofs of claim to:

         Sobolev Str. 2-56
         Uralsk
         West Kazakhstan
         Kazakhstan


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


UNIF TRADE: Creditors Must File Claims by July 3
------------------------------------------------
LLC Unif Trade has gone into liquidation.  Creditors have until
July 3, 2009, to submit proofs of claim to:

         Micro District 7, 48/1-1
         Bishkek
         Kyrgyzstan
         Tel: (0-550) 58-11-22


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


ECONCERN N.V.: Files for Suspension of Payments
-----------------------------------------------
Econcern N.V. has filed for suspension of payments (surseance van
betaling) in the Netherlands.

According to DutchNews.nl, the decision was made after the
company, which has a workforce of some 1,400 and operates in 24
countries, failed to find a solution to its financing problems.
Econcern's group financing facility expired on April 1, 2009.

"Suspension of payments allows the board of Econcern more time to
secure a financing solution and negotiate options for the future
of the company with interested parties," Econcern said in a
statement on its Website.

Citing The Financieele Dagblad, DutchNews.nl discloses Germany
energy firm RWE has decided not to make a bid to take over
Econcern after an "initial look at its financial structure", while
Dutch energy firm Eneco is "still" looking at the options.

Harro ten Wolde at Reuters reports Econcern, which had been aiming
for an initial public offering between 2010 and 2012, said in
April it would cut 200 jobs as it was feeling the impact of the
credit crisis and the economic recession.

DutchNews.nl relates sources told the FD there was still good hope
for a restart.

"If a good receiver is found and if there is enough time then
large chunks of the company could be continued," DutchNews.nl
quoted one source as saying.

Headquartered in Utrecht, The Netherlands, Econcern N.V. --
http://www.econcern.com/-- is a sustainable
energy company.  It is the holding company of Ecofys, Evelop,
Ecostream, OneCarbon and Ecoventures.


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


AK OJSC: S&P Puts 'BB+' Corporate Rating on Negative CreditWatch
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had placed its
'BB+' long-term corporate credit and 'ruAA+' Russia national scale
ratings on Russian oil product pipeline company OJSC AK
Transnefteproduct on CreditWatch with negative implications.

The CreditWatch placement follows the announced tender offer and
consent solicitation of Transnefteproduct relating to its Russian
ruble 2.5 billion credit linked notes issue.

"The CreditWatch placement reflects Standard & Poor's ongoing
assessment of what the launch of the offer and consent
solicitation indicate about Transnefteproduct's relationship with
its parent," said Standard & Poor's credit analyst Andrey
Nikolaev.

In S&P's view, the offer and consent solicitation may signal that
the company doesn't enjoy the high degree of support from its
parent, OAO AK Transneft (BBB/Negative/--), that S&P had
previously factored into the rating on Transnefteproduct.  These
actions may also signal that financial decision making in
Transnefteproduct remains substantially independent from
Transneft, contrary to S&P's prior understanding.

S&P currently follows a top-down approach in assessing
Transnefteproduct's credit quality and in deriving its rating, S&P
notches down two notches from the rating on Transneft to reflect
expected support.

Transnefteproduct has proposed to the noteholders in its tender
offer and consent solicitation:

  -- To buy back the bonds at 94% of par plus accrued interest, or

  -- To change the maturity date from the original Oct. 12, 2009,
     to Oct. 12, 2010, and at the same time, increase the coupon
     on the bonds from the original 8.15% to 11%.  In addition,
     for consents received by June 2, 2009, investors should
     receive a fee of 5%.  Alternatively, a payment of 3% is
     offered for consents received by June 10, 2009.

According to the tender offer and consent solicitation the
decision to change the terms of the notes must be approved by 75%
of the noteholders that vote, with the required quorum consisting
of more than 50% of all noteholders.  If a quorum is not reached,
the meeting should be adjourned and, after a period of not less
than 13 days, may be reconvened with a minimal quorum requirement.

"Standard & Poor's aims to review the CreditWatch placement by the
end of June 2009, after S&P has finalized S&P's assessment of the
degree of Transnefteproduct's integration in Transneft's group,
and its independence in taking financial and operational
decisions," said Mr. Nikolaev.


EVRAZ GROUP: S&P Puts 'BB-' Corp. Rating on Negative CreditWatch
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it placed on
CreditWatch with negative implications its 'BB-' long-term
corporate credit, bank loan, and senior unsecured debt ratings on
Russia-based steel producer Evraz Group S.A. and its core
subsidiary Mastercroft Ltd.

"The CreditWatch placement reflects our view of heightened near-
term downside risks for the long-term ratings.  This is due to a
more severe weakening of the group's operations than S&P had
previously factored in, caused by the sharp downturn in the steel
sector and macroeconomic environment," said Standard & Poor's
credit analyst Alex Herbert.

These factors have resulted in concerns that the group will be
unable to maintain credit metrics that are consistent with the
'BB-' rating.  These metrics include a ratio of funds from
operations to adjusted debt of 20%-25%.  In 2008, FFO was
US$4.6 billion, reflecting strong results during the first nine
months of the year.  As of Dec. 31, 2008, adjusted debt was
US$9.8 billion and the ratio of FFO to adjusted debt was 47%.

In addition, liquidity remains weak, and the company could face
breaches in financial covenants later this year.

Like its peers, S&P believes Evraz is experiencing a broad and
severe weakening of its operating performance, caused by very
difficult market conditions in the steel sector because of much
lower demand from industrial end markets such as construction.
This was evident in the first quarter of 2009, when average steel
prices in Russia and other markets were lower than in the three
months to Dec. 31, 2008, although steel volumes were ahead quarter
on quarter.  Steelmakers also have very limited forward trading
visibility, which heightens the uncertainty about future cash flow
generation.

S&P recognizes that Evraz's management is responding actively with
corrective actions to adjust its business strategy and to protect
its financial profile.  This includes production cuts, cost-saving
initiatives, reducing working capital and capital expenditures,
suspending dividends, and refraining from acquisitions.

Nevertheless, S&P expects Evraz to report a materially weaker
operating performance in 2009 compared with 2008.  A combination
of much lower cash flow generation and substantial adjusted debt
will put pressure on credit quality, in S&P's view.  S&P is also
concerned about potential breaches of the group's financial
covenants, including 3.0x net debt to EBITDA, which is tested
half-yearly.

Standard & Poor's aims to review the CreditWatch placement by the
end of June 2009, after S&P has finalized its assessment of the
group's near-term operating prospects, corrective actions, and
liquidity.  Depending on this assessment and on the basis that S&P
regards liquidity pressures to have eased, S&P would likely limit
any lowering of the long-term ratings to one notch.


KUDESNIK-STROY LLC: Permskiy Bankruptcy Hearing Set September 14
----------------------------------------------------------------
The Arbitration Court of Permskaya will convene at 10:30 a.m. on
Sept. 14, 2009, to hear bankruptcy supervision procedure on LLC
Kudesnik-Stroy (TIN 5911012338, PSRN 1025901712957)
(Construction).  The case is docketed under Case No. ?50-
6974/2009.

The Temporary Insolvency Manager is:

         V. Tsygankov
         Geroev Khasana Str. 51a
         614064 Perm
         Russia

The Debtor can be reached at:

         LLC Kudesnik-Stroy
         Bereznikovskaya Str. 63
         Berezniki
         618400 Permskiy
         Russia


LEVOBEREZHNY CJSC: Creditors Must File Claims by July 8
-------------------------------------------------------
Creditors of CJSC Levoberezhny (TIN 5507073340) (Mineral Water
Bottling Plant) have until July 8, 2009, to submit proofs of
claims to:

         P. Krupodra
         Insolvency Manager
         Tulenina Str. 1/1-64
         644100 Omsk
         Russia

The Arbitration Court of Omskaya will convene on July 30, 2009, to
hear bankruptcy proceedings on the company.  The case is docketed
under Case No. ?46–19603/2008.


SEVERSTAL OAO: Moody's Cuts Corporate Family Rating to 'Ba3'
------------------------------------------------------------
Moody's Investors Service has downgraded the Ba2 Corporate Family
Rating for Severstal, the Ba2 rating for the US$375 million Loan
Participation Notes due 2014 and US$1250 million Loan
Participation Notes due 2013 to Ba3.  The outlook was left
unchanged at negative.

The downgrade reflects the anticipated weakening of the credit
metrics of Severstal in the intermediate term driven by the weak
steel markets affecting the company's operating performance and
the significant operating challenges faced by the North American
activities.

The recently release 1Q 2008 results evidence the pressure on
profitability and operating cash flow generation which are
materially below agency's expectations.  Moody's also note that
the performance of US assets could continue to be extremely
detrimental to the overall performance of Severstal which already
lead to reported negative EBITDA of US$158 million in 1Q 2009 and
possibly further drain the company's cash reserves for the
remaining of 2009.  Moody's commented that in spite of all
management efforts to timely respond to current challenging
environment including capacity optimization and cost reduction
measures, the positive results remain to be seen.  The agency also
takes into account the possible weakening of export sales of
Severstal's Russian operations as the steel products could lose
some of its competitive advantage as the depreciation of the
Russian rouble could abate with also less benefit from the full
raw material integration of the company as iron ore prices fall.
At the same time the agency comments that the recovery for flat
products -- admittedly from a very low point in Q1 -- could take
time before it materializes and be only slow until 2010.

On the positive side, Moody's acknowledge that Severstal is a
solid competitor with a good cost position in Russia.  The company
has also a good liquidity position supported by US$2.6 billion in
cash and short-term deposits.  The expected release of working
capital in 2009 indicated by the company at the level of US$1.2
billion with US$617 already realized in 1Q 2009 should further
strengthen the company's cash flow position.  Although, Moody's
expect to see headroom under the covenants of some debt
instruments to tighten significantly with a possible breach under
worse economic scenarios, the agency expects that the lenders
should remain supportive leaving therefore ability for the company
to manage such instance.

The current rating level is premised on Severstal being able: (1)
to turn around the US operations so that they progressively become
EBITDA neutral; (ii) to maintain free cash flow at break-even; and
(iii) to have the gross leverage contained with a peak not
exceeding the 3.25x.

The last rating action was on November 27, 2008, when Moody's
changed the outlook of Severstal Ba2 rating to negative.  The
rating action was prompted by recent collapse in demand for steel
products and consequential significant reduction in prices for
steel products especially from the CIS steel producers as well as
the low visibility for prospects of short term recovery and the
current limitations for Russian companies to receive funding from
local and international banks.

OAO Severstal is the largest steel producers in Russia, with
subsidiaries in the US and Italy.  The key operating assets are
located in 20 different locations around the globe.  The company
also owns substantial mining assets in Russia and has mining
activities in US and Western Africa as well as activities in gold
business.  The company is listed on RTS and LSE and is directly
and indirectly controlled by CEO Mr. Alexey Mordashov who owns
82.37% stake in the company.

For the financial year 2008, Severstal produced 19.2 million tons
of steel.  Revenue were US$22.3 billion and EBITDA was
US$5.3 billion.  In 1Q 2009 the company reported US$2.8 billion in
revenue (36% decrease YoY) and US$negative 158 million in EBITDA
(a decrease from US$1.1 billion in 1Q 2008).


SEVERSTAL OAO: S&P Puts 'BB' Corp. Rating on CreditWatch Negative
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it placed on
CreditWatch with negative implications its 'BB' long-term
corporate credit and senior unsecured debt ratings, on Russia-
based steel producer OAO Severstal.

The CreditWatch placement reflects S&P's view of heightened near-
term downside risks for the long-term ratings.  This is due to a
more severe weakening of the group's operations than S&P had
previously factored in, caused by the sharp downturn in the steel
sector and macroeconomic environment.

"These factors have resulted in concerns that the group will be
unable to maintain credit metrics that are consistent with the
'BB' rating," said Standard & Poor's credit analyst Alex Herbert.

These metrics include a ratio of funds from operations to adjusted
debt of 25%-30%.  In 2008, FFO was $4.6 billion, reflecting strong
results in the first nine months of the year.  On Dec. 31, 2008,
adjusted debt was US$5.9 billion and the ratio of FFO to adjusted
debt was 78%.  S&P estimates that this declined to about 60% on
March 31, 2009.  In addition, S&P is also concerned that the group
could face breaches in financial covenants.

Like its peers, S&P believes Severstal is experiencing a broad and
severe weakening of its operating performance, caused by very
difficult market conditions in the steel sector, because of much
lower demand from industrial end markets.  This was evident in the
first quarter of 2009, when the group reported an EBITDA loss of
US$158 million, with operations in the U.S. being especially weak.
Average steel prices in Russia and other markets were lower than
in the three months to Dec. 31, 2008, although steel volumes were
ahead quarter on quarter.

In addition, S&P is concerned that the group's U.S. operations,
including assets acquired for US$3.1 billion in 2008, could remain
a drag on group profitability and cash flow, and require further
restructuring.  Steelmakers also have very limited forward trading
visibility, which increases uncertainty about future cash flow
generation.

S&P recognizes that Severstal's management is responding actively
with corrective actions to adjust its business strategy and
protect its financial profile.  These include production cuts,
cost-saving initiatives, reducing working capital and capital
expenditures, suspending dividends and refraining from
acquisitions.

Nevertheless, S&P anticipates that Severstal will report a
materially weaker operating performance in 2009, compared with
2008.  A combination of much lower cash flow generation and quite
substantial adjusted debt will, in S&P's view, pressure credit
quality.

"Standard & Poor's aims to review the CreditWatch placement by the
end of June 2009, after S&P has finalized our assessment of the
group's near-term operating prospects and corrective actions,"
continued Mr. Herbert.  "Depending on this assessment, S&P would
likely limit any downgrade of the long-term rating to one notch."


TNK-BP INTERNATIONAL: S&P Lifts Corporate Credit Rating to 'BB+'
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it raised its long-
term corporate credit and senior unsecured debt ratings on TNK-BP
International Ltd. to 'BB+' from 'BB', reflecting S&P's view that
progress has been made on TNK-BP's corporate governance that has
resulted in an improvement of the relationship between the two
main shareholders.  The outlook is stable.

At the same time, the 'B' short-term corporate credit rating was
affirmed.

Standard & Poor's downgraded TNK-BP in August 2008 following a
shareholder dispute at the company.

The stable outlook reflects S&P's expectation that TNK-BP is well
positioned to weather current challenging Russian and oil industry
conditions, thanks to expected continued satisfactory
profitability and free cash flow in 2009 and strong liquidity.  A
ratio of adjusted FFO to adjusted debt of above 50% is consistent
with the rating under S&P's $60/bbl 2011 oil price credit
assumption.

S&P may consider an upgrade to investment grade, once a
satisfactory, longer track record of improved corporate governance
and shareholder alignment is established.  Improvements in the
Russian macroeconomic and domestic environment would be another
key feature.  Downward rating actions could stem from adverse or
increased country risks or new shareholder governance issues.


URAL-STROY LLC: Creditors Must File Claims by July 7
----------------------------------------------------
Creditors of LLC Ural-Stroy-Mekhanizastiya (TIN 5920018872, PSRN
1065911038599, RVC 592001001) (Construction) have until July 7,
2009, to submit proofs of claims to:

         M. Yakovlev
         Insolvency Manager
         G. Zvezda Str. 13
         614045 Perm
         Russia

The Arbitration Court of Permskiy will convene at 10:25 a.m. on
Oct. 19, 2009, to hear bankruptcy proceedings on the company.  The
case is docketed under Case No. ?50–18133/2008-B6.

The Debtor can be reached at:

         LLC Ural-Stroy-Mekhanizastiya
         Novosadovaya Str. 7
         618404 Berezniki
         Russia


WOOD TRANSPORTATION: Permskiy Bankruptcy Hearing Set July 6
-----------------------------------------------------------
The Arbitration Court of Permskiy will convene on July 6, 2009, to
hear bankruptcy supervision procedure on LLC Wood Transportation
Company.  The case is docketed under Case No. ?50–104/2009.

The Temporary Insolvency Manager is:

         Yu.Svetlakov
         Bereznikovskaya Str. 75A-12
         618400 Berezniki
         Russia

The Debtor can be reached at:

         LLC Wood Transportation Company
         Apt. 229
         Geroev Khasana Str. 7A
         Perm
         Russia

                  -- or --

         Apt. 19
         Mira Str. 26
         Perm
         Russia


YUZHNO-RUDNAYA LLC: Ye.Rumyantsev Named Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Buryatia appointed Ye.Rumyantsev as
insolvency manager for LLC Yuzhno-Rudnaya Kompaniya (Precious
Metals Ore Mining).  The case is docketed under Case No. ?10–
2813/08.  He can be reached at:

         Post User Box 369
         664050 Irkutsk
         Russia

The Debtor can be reached at:

         LLC Yuzhno-Rudnaya Kompaniya
         Tereshkovoy Str. 36
         Ulan-Ude
         671000 Buryatia
         Russia


=========
S P A I N
=========


REYAL URBIS: Seeks to Revise Debt Refinancing Business Plan
-----------------------------------------------------------
Ben Harding at Reuters reports that Reyal Urbis SA said on Tuesday
it was talking with creditors to revise its business plan to
reflect market conditions and therefore the refinancing of its
debt.

Reuters relates earlier on Tuesday a director from shareholder
Caja Madrid said Reyal Urbis had told its creditor banks it is not
meeting the business plan it agreed for a debt refinancing plan.

Reyal Urbis, Reuters recalls, reached an agreement with its
creditor banks, led by Santander and Banesto, at the end of 2008
to refinance debt which totaled EUR4.9 billion (US$6.85 billion)
in March.

Headquartered in Madrid, Spain, Reyal Urbis SA --
http://www.reyalurbis.com/-- is a company engaged in the real
estate sector.  The Company's business is structured in four
areas: residential development, owned portfolio, land management
and Rafaelhoteles.  In the residential development area, the
Company is involved in the construction of middle-range urban
residences, as well as property project and land management.  The
Company's owned portfolio area comprises the management of
residential and non-residential properties, such as offices,
shopping centers, commercial space and industrial warehouses,
among others.  In the land management area, the Company owns more
than 300 land plots located in 40 cities in Spain and Portugal.
The Rafaelhoteles area is operated by its subsidiary Rafael
Hoteles SAU, which is active in the management of the
Rafaelhoteles hotel chain.  In addition, through Urbis USA Inc,
the Company has operations established in Miami, the United
States.


REALIA BUSINESS: Says Debt Refinancing Talks in Advanced Stage
--------------------------------------------------------------
Ben Harding at Reuters reports that Realia's (RLIA.MC) talks with
creditors over the refinancing of EUR871 million (US$1.2 billion)
of debt maturing in 2009 are in an advanced stage.

"Talks are very advanced, but nothing has yet been signed,"
Reuters quoted a spokesman for the company as saying.

Reuters relates Expansion cited sources close to the talks on
Wednesday as saying Realia had reached an agreement with creditors
to restructure its debt, which stood at EUR2.34 billion at end-
March.

On April 24, 2009, the Troubled Company Reporter-Europe, citing
Reuters, reported Feima, a company that handles water and power
installations, asked a judge to put Realia into administration for
an unpaid debt of EUR300,000.  Reuters disclosed in a statement to
the stock market regulator, Realia, which is a joint venture
between Spanish builder FCC (FCC.MC) and savings bank Caja Madrid,
said the matter was related to "contractual discrepancies".  The
company, however, denied that it needed to file for
administration, insisting it "regularly meets its payment
obligations and has no liquidity problems", Reuters said.

Headquartered in Madrid, Spain, Realia Business SA --
http://www.realia.es-- is a company active in the real estate
sector.  The Company specializes in the development of residential
properties as well as the purchase, sale and lease of commercial
buildings.  Its asset portfolio includes 73 office blocks under
lease and another three properties under development with
approximately 400,000 square meters of lettable property area in
use and a further 55,000 square meters under development.  Realia
Business SA operates on both national and international markets.
It is active in such countries as Portugal, Poland, Romania and
France.  In Spain, it has offices in the autonomous communities of
Andalusia, Catalonia, Madrid, Asturias, Valencia and the Canary
Islands.


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


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

         Hans R. Dudle
         Liquidator
         Hauptgasse 11
         4502 Solothurn
         Switzerland

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


BOHMER GMBH: Creditors Must File Proofs of Claim by June 2
----------------------------------------------------------
Creditors of Bohmer GmbH are requested to file their proofs of
claim by June 2, 2009, to:

         Bohmer GmbH
         Leigraben 465
         4315 Zuzgen
         Switzerland

The company is currently undergoing liquidation in Zuzgen.  The
decision about liquidation was accepted on April 7, 2009.


CAFE –BISTRO CHARLIE: Claims Filing Deadline is June 2
------------------------------------------------------
Creditors of Cafe-Bistro Charlie GmbH are requested to file their
proofs of claim by June 2, 2009, to:

         Burcu Kurtaran
         Zugerstrasse 15
         6330 Cham
         Switzerland

The company is currently undergoing liquidation in Baar.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on March 26, 2009.


DEJO AG: Creditors Have Until June 2 to File Proofs of Claim
------------------------------------------------------------
Creditors of Dejo AG are requested to file their proofs of claim
by June 2, 2009, to:

         Rene Achermann
         Liquidator
         Franziskanerplatz 5
         6003 Luzern
         Switzerland

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


MED3D AG: Claims Filing Deadline is June 2
------------------------------------------
Creditors of med3D AG are requested to file their proofs of claim
by June 2, 2009, to:

         Robert Frey Consulting
         Klausstrasse 43
         8008 Zurich
         Switzerland

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


METALLBAU RABE: Creditors Must File Proofs of Claim by June 2
-------------------------------------------------------------
Creditors of Metallbau Rabe GmbH are requested to file their
proofs of claim by June 2, 2009, to:

         Ralf Bendel
         Liquidator
         Sonnenbergstrasse 34/6
         4127 Birsfelden
         Switzerland

The company is currently undergoing liquidation in Duggingen.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Dec. 11, 2008.


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

         Hans R. Dudle
         Liquidator
         Hauptgasse 11
         4502 Solothurn
         Switzerland

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


ROESLI OPTIK: Creditors Have Until June 2 to File Proofs of Claim
-----------------------------------------------------------------
Creditors of Roesli Optik AG are requested to file their proofs of
claim by June 2, 2009, to:

         Hanspeter Roesli
         Haus Seewald
         7050 Arosa
         Switzerland

The company is currently undergoing liquidation in Wetzikon.  The
decision about liquidation was accepted at an extraordinary
general meeting held on March 12, 2009.


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


AGRICULTURAL COLD: Creditors Must File Claims by June 11
--------------------------------------------------------
Creditors of LLC Agricultural Cold Service (code EDRPOU 32107014)
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 May 28, 2008.  The case is docketed under
Case No. 24/14-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 Agricultural Cold Service
         A. Navoya Str. 76
         02125 Kiev
         Ukraine


BBK LLC: Creditors Must File Claims by June 11
----------------------------------------------
Creditors of LLC BBK (code EDRPOU 30466340) 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 Oct. 5, 2006.  The case is docketed under
Case No. 43/639.

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 BBK
         Office 65
         Enthusiasts Str. 29/1
         02154 Kiev
         Ukraine


COLIBRI POLYGRAPH: Creditors Must File Claims by June 11
--------------------------------------------------------
Creditors of LLC Colibri Polygraph (code EDRPOU 35208672) 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 Colibri Polygraph
         Yaroslavov Val Str. 36-38
         01034 Kiev
         Ukraine


DISCO LLC: Creditors Must File Claims by June 11
------------------------------------------------
Creditors of LLC Disco (code EDRPOU 21574389) 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 May 28, 2008.  The case is docketed under
Case No. 24/16-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 Disco
         Alma-Ata Str. 37
         02092 Kiev
         Ukraine


TECHNICS LLC: Creditors Must File Claims by June 11
---------------------------------------------------
Creditors of LLC National Company Technics (code EDRPOU 32848859)
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. 28/102-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 National Company Technics
         Florentsii Str. 1/11
         02002 Kiev
         Ukraine


UKRZNAK LLC: Creditors Must File Claims by June 11
----------------------------------------------------
Creditors of LLC Ukrznak (code EDRPOU 31172674) 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 17, 2008.  The case is docketed under
Case No. 43/289.

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 Ukrznak
         Krakovskaya Str. 11a
         02100 Kiev
         Ukraine


WINDCOMSERVICE LLC: Creditors Must File Claims by June 11
----------------------------------------------------
Creditors of LLC Windcomservice (code EDRPOU 35772360) have until
June 11, 2009, to submit proofs of claim to:

         E. Artamonova
         Insolvency Manager
         Post Office Box 98
         B. Hmelnitsky Str. 44
         01030 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on April 21, 2009.  The case is docketed under
Case No. B3/128-09.

The Court is located at:

         The Economic Court of Kiev
         Komintern Str. 16
         01032 Kiev
         Ukraine

The Debtor can be reached at:

         LLC Windcomservice
         Kiev Str. 29
         Petrovskoye
         08141 Kiev
         Ukraine


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


BRADFORD & BINGLEY: Won't Make Interest Payments on GBP325MM Bonds
------------------------------------------------------------------
Angela Monaghan at Telegraph.co.uk reports Bradford & Bingley plc
will not pay the interest due on GBP325 million of subordinated
bonds.

The report relates the bank said it would not make interest
payments on GBP150 million of floating rate subordinated notes due
on June 30, GBP125 million of 6.625pc notes due on June 16, and
GBP50 million of 11.625pc bonds due on July 20.   According to the
report, a spokesman for B&B said that currently the deferrals were
limited to those three payments.  The spokesman, as cited in the
report said "We haven't taken any decisions on future payments,
the board will consider it on a case by case basis".

The report says there is no certainty over when, or indeed if, B&B
will make the missed payments.

"The uncertainty is how long the deferral may be," the report
quoted one analyst as saying. "Is this short-term or long-term? It
creates another load of uncertainty."

The report notes it was unclear on Wednesday whether the decision
by B&B to defer those payments would constitute a default on
credit default swaps.  B&B, the report states, is able to skip the
payments after the Treasury changed the rules in February allowing
the nationalized bank to make such deferrals on so-called lower
Tier 2 debt to protect the taxpayers.

                     About Bradford & Bingley

Headquartered in Bingley, United Kingdom, Bradford & Bingley plc
-- http://www.bbg.co.uk/-- offers residential mortgages, and
focus on a range of areas providing mortgages for individuals. It
focuses on its savings business and provides a range of
savings products through 197 branches and network of 140 third-
party branch-type agents, by phone, post and Online.


CASTLE HOLDCO: S&P Withdraws 'D' Long-Term Corporate Credit Rating
------------------------------------------------------------------
Standard & Poor's Ratings Services said that it withdrew its 'D'
(Default) long-term corporate credit rating on Castle HoldCo 4,
the holding company for U.K.-based real-estate services provider
Countrywide PLC.  At the same time, Standard & Poor's withdrew all
of the previously assigned issue and recovery ratings on Castle
HoldCo 4 following the enforcement of the company's scheme of
arrangement.

The withdrawal of the corporate credit rating reflects the fact
that Castle HoldCo 4, as a private company, has not provided
sufficient information on its financial restructuring or on its
operational results since the initiation of its announced scheme
of arrangement process.  S&P views this information as necessary
for us to continue S&P's surveillance of the company.

On May 8, 2009, Standard & Poor's lowered to 'D' (Default) its
long-term corporate credit rating on Castle HoldCo 4 following
court approval for the noteholders' proposed scheme of
arrangement.


JESSOPS PLC: Posts GBP13 Million Loss, Equity May Lose Value
------------------------------------------------------------
James Hall at Telegraph.co.uk reports that Jessops plc has posted
a pre-tax loss of GBP13 million for the six months to the end of
March, compared to a GBP11.1 million pre-tax loss a year earlier.

According to Telegraph.co.uk, over the half, like-for-like sales
fell by 4.5pc while trading over the eight weeks to May 24 fell by
3.6pc.

The company, Telegraph.co.uk discloses, has scrapped its interim
dividend.

                     Financial Restructuring

Telegraph.co.uk relates Jessops, which has debts over GBP60
million, has warned that its shareholders are likely to have the
value of their equity wiped out as a result of an ongoing
financial restructuring.  The company, as cited by
Telegraph.co.uk, said discussions with HSBC, its bank, over a
"fundamental restructuring" are continuing.  Scott Reid at The
Scotsman reports the company said a loan repayment of GBP3 million
due this week had been waived by the bank until September 2010,
when a separate GBP4 million repayment is also due.

Telegraph.co.uk notes that while Mr. Adams would not comment on
how or when the talks with HSBC are likely to conclude, he hinted
that a debt-for-equity swap is the most likely outcome.

"We are not heading down the administration route, and clearly we
are not looking at a solution that involves value in the equity.
So the options are narrowed down," Mr. Adams was quoted by
Telegraph.co.uk as saying.

Headquarted in Leicester, United Kingdom, Jessops plc --
http://www.jessops.com/-- is a holding company of a group of
companies whose principal activity is the retail of photographic
products and services.  It operates via the Internet and through
mail order and telesales.  Jessops plc sells a range of digital
and analogue cameras, digital and analogue camcorders, binoculars,
digital home print solutions, memory cards, film and photographic
materials, as well as a range of accessories for the photographic
market, including its own brand products.  The Company also
provides developing and printing, and digital imaging services.
The Company is engaged in the business of selling branded
photographic equipment.  Its subsidiaries include Camera Bond
Limited, Camera Mezz Limited, Camera Equity Limited, The Jessop
Group Limited, Well Hall (Jersey) Limited, Expert Imaging Limited,
MacKinnons of Dyce Limited and Jessops Photographic (Ireland)
Limited.


KAUPTHING SINGER: Court Grants Winding Up Order
-----------------------------------------------
Adrian Darbyshire at iomtoday.co.im reports that Kaupthing Singer
& Friedlander (Isle of Man) Ltd has been put into liquidation
after creditors rejected this month the government's scheme of
arrangement.

iomtoday.co.im relates in the High Court Wednesday, Deputy
Deemster Andrew Corlett granted a winding up order on the grounds
that the bank is unable to pay its debts as they fall due.  Deputy
Deemster Corlett also granted a Treasury application to adjourn a
costs hearing sought by the Depositors' Action Group to June 23,
insisting he did not want the already considerable costs of the
case to increase further, iomtoday.co.im says.

According to iomtoday.co.im, a meeting of creditors will be held
within six weeks when they will be asked to approve the
appointment of the liquidator.  iomtoday.co.im states joint
provisional liquidator Mike Simpson, of PricewaterhouseCoopers,
who is now deemed official receiver, said KSF (IoM) cash recovered
so far totaled some GB160 million and creditors could expect an
initial dividend of 14.5 percent.

                          Public Inquiry

The bank, iomtoday.co.im recalls, collapsed on October 8 last
year, leaving thousands of depositors owed more than GBP840
million.  Rowena Mason at Telegraph.co.uk reports the depositors
will automatically get 50pc of their money from the island's
compensation scheme, with the rest distributed once the bank's
assets have been sold.  Telegraph.co.uk says the creditors have
demanded a public inquiry into the transfer of approximately
GBP550 million from the bank's Isle of Man headquarters to its UK
branch just before its collapse.  These funds remain frozen by the
UK, Telegraph.co.uk notes.  According to Telegraph.co.uk, the
GBP550 million transferred to the UK would have immediately
covered 60pc of the losses of the bank's more than 10,000
depositors.

                      Scheme of Arrangement

iomtoday.co.im recounts the Isle of Man government's scheme of
arrangement, proposed as an alternative to liquidation, failed to
win sufficient votes of creditors.  In a May 22 report
iomtoday.co.im said for the scheme of arrangement to take effect,
a 75 percent or more votes were needed in the three classes of
creditors. iomtoday.co.im disclosed according to a statement on
the website of administrator PWC, the scheme in the two of the
three categories failed to achieve the 75 percent needed, even
though the majority of depositors were in favor of it.

    About Kaupthing Singer & Friedlander (Isle of Man) Ltd.

Kaupthing Singer & Friedlander (Isle of Man) Ltd. --
http://www.kaupthingsingers.co.im/-- is the Isle of Man
subsidiary of Iceland-based Kaupthing Bank hf.


LEGG MASON: Moody's Confirms 'Ba/MR2' Fund Credit Rating
--------------------------------------------------------
Moody's Investors Service has confirmed the Ba/MR2 fund credit and
market risk ratings of the Legg Mason Sterling Money Fund, a
variable net asset value enhanced cash-type product managed by
Western Asset Management Company, a subsidiary of Legg Mason Inc
(A3, on review for possible downgrade).  The rating confirmations
conclude the reviews for downgrade of both ratings initiated on
April 28, 2009.

The Fund closed on May 15, 2009, following a decision by the fund
sponsor on April 15, 2009, to suspend redemption and subscription
activity for a period of 30 days in order to facilitate the
orderly liquidation of the Fund's assets.  Moody's expects to
withdraw both ratings.

Moody's confirmed the Fund's credit rating at Ba as the
shareholders did not sustain additional material losses resulting
from the liquidation process.  It also confirmed the Fund's market
risk rating at MR2 as the sale of assets did not generate
additional NAV volatility.

The previous rating action on the Fund was on April 28, 2009, when
Moody's downgraded its credit rating to Ba from Aa and placed it
on review for possible further downgrade and also placed its MR2
market risk rating on review for possible downgrade.


PATISSERIE UK: Parent Loses GBP1.4 Mln Over Costa Cofee Contract
----------------------------------------------------------------
BBC News reports Lees Foods Plc said it lost GBP1.4 million over
the past 12 months after a bakery it bought in 2007 lost a major
contract.

The report recalls Patisserie UK Ltd was put into administration
earlier this year after its contract with Costa Coffee ended.
According to the report, Costa Coffee accounted for 75% of the
bakery's sales.

Lees, the report says, is now taking legal action against some of
the directors of Rock Cake, who sold the loss-making bakery.

Patisserie UK Ltd. manufactures handmade cakes, tarts and
cheesecakes among other bespoke bakery products.  It is a
subsidiary of Lees Foods Plc -- http://www.leesfoods.co.uk/--
principally engaged in the manufacture and supply of bakery-
related products.


ROYAL BANK: ANZ Submits Non-Binding Offer for Asian Portfolio
-------------------------------------------------------------
The Scotsman's Peter MacMahon reports that AUSTRALIA and New
Zealand Banking Group said it had submitted a non-binding bid
for Royal Bank of Scotland Group plc's Asian assets.

According to the Scotsman, ANZ, Australia's fourth-largest lender,
said it had raised A$2.5 billion (GBP1.24 billion) in a share sale
to fund the acquisition, as well as strengthen its balance sheet.

The Scotsman discloses the assets for sale include operations and
licences in India, Pakistan, Indonesia, Taiwan and other retail
and commercial banking operations in several other countries.
Helia Ebrahimi at Telegraph.co.uk says RBS, 70pc owned by the
British government, has put the assets up for sale as it looks to
concentrate on its home market and withdraw or shrinks in up to 36
other countries where it operates.

The Scotsman relates RBS maintained that it was still in
discussions with "potential buyers" as the bank seeks to get the
best deal it can from the sale of the assets, which were expected
by analysts to fetch between US$750 million and US$1.5 billion.

The process, being run by UBS, is expected to be completed over
the summer, Telegraph.co.uk states.

Telegraph.co.uk notes ANZ was part of a trio of bidders, which
included HSBC and Standard Chartered, to have pursued the RBS's
Asian portfolio.

                            About RBS

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


TATA MOTORS: Completes Refinancing of US$3 Billion JLR Bridge Loan
------------------------------------------------------------------
Soyoung Kim at Reuters reports that Tata Motors Ltd said on
Wednesday it has completed refinancing of the US$3 billion bridge
loan it took out to acquire luxury car brands Jaguar and Land
Rover from Ford Motor Co in 2008.

Reuters relates Tata Motors said it has extended the final
maturity of the remaining US$1 billion by 18 months up to
the end of 2010.  Tata Motors agreed to pay interest of 5
percentage points more than the London interbank offered rate for
the 18-month loan, Times of India says citing two people with
knowledge of the matter.

Tata Motors, as cited by Reuters, said a total of 21 lenders
participated in the agreement, leading to an oversubscription of
47 percent of the extended loan.

Reuters notes Tata Motors had already repaid US$1.16 billion of
the US$3 billion bridge loan last year.

On May 25, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported Tata Motors raised INR42 billion
(US$887 million) by selling debt securities.  According to
Bloomberg News, the company sold the securities Wednesday last
week to mutual funds, banks, insurance companies and other
investors to help repay the bridge loan.  The debt securities,
which were issued in four tranches with maturities ranging from 23
months to 83 months, are guaranteed by the State Bank of India,
Bloomberg News said citing Tata Motors in a statement.

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

Tata Motors has operations in Russia and the United Kingdom.

                          *     *     *

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

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


* BOOK REVIEW: Merger Takeover Conspiracy, A Business Story
-----------------------------------------------------------
Author: David J. Thomsen
Publisher: Beard Books
Softcover: 379 pages
List Price: US$34.95
Review by Henry Berry

Although fiction, Merger Takeover Conspiracy has the feel of
actual events.  The realism is quickly established with
introductory material that includes a map of the United States
showing the routes of western railroads and a financial statement
with notes that looks like an authentic corporate report. Above
all, however, Merger Takeover Conspiracy is a compelling narrative
with aspects of a murder mystery within a modernday business story
of greed, ruthlessness, and duplicity.  The book begins with
Richard Smith, manager of corporate security of Arrow Corporation,
destroying company documents in a "materials shredder" with
diamondtipped mechanical gears that can pulverize typewriters,
file cabinets, and tape spools; thus ridding Arrow of office
equipment that could be linked to incriminating documents.  While
musing on how his task of destroying office equipment secures his
place in the corporation by binding him to certain ambitious,
underhanded top corporate personnel with their shared involvement
in criminal acts, Smith is knocked unconscious and stuffed into
the shredder himself.  From such suspenseful beginnings, the story
continues to follow the maze of feigns and dirty tricks, the
betrayals and ignorance, the concerns and ruthlessness, the
coolly-done crimes and desperate measures of many individuals
connected in varying degrees to Arrow Corporation's ambitious goal
of acquiring the three largest railroads in the Western United
States and merging them into one colossal system under Arrow's
aegis.  Business executives, housewives, the corporate jet pilot,
an outside attorney, an investment banker, and an executive
assistant are among the cast of characters helping to shed light
on the many facets of the plot.  Thomsen writes about events,
situations, and primary and peripheral characters in the business
world as convincingly and dramatically as John Grisham does about
those in the legal world.  Though Merger Takeover Conspiracy has
some sensationalistic touches, the novel is not generic, popular
entertainment.  Thomsen's novel can be read on many levels: as a
gripping crime story about brutal crimes; as a narrative of the
unfolding of a master plan for a complex, high-stakes merger; as a
portrayal of corporate society; and as a cautionary tale about the
personal tragedies caused by systematic illegal activity in large
businesses.  Although Merger Takeover Conspiracy was first
published in 1985, it reflects major stories in today's news
media.  The crimes of top executives of Tyco, Worldcom, Adelphia,
and others cannot but come into the reader's mind. Thomsen goes
well beyond the content and personalities of any news stories,
however, to shed a critical light on how such events could occur
in the business world.  In the convention of good mystery writing,
Thomsen keeps the reader guessing until the end.  In the end, the
guilty are exposed, but, in the larger perspective, there is no
single culprit.  Instead, the entire corporate culture is
indicted.  Some of the characters can hardly be blamed since they
were simply acting according to the principles and the goals of
the environment they were in.  David J. Thomsen has a background
in management, entrepreneurship, executive positions, and
consulting.  Much of his work has involved research, and he is the
author of hundreds of articles.

                            *********

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 * * *