TCREUR_Public/090603.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Wednesday, June 3, 2009, Vol. 10, No. 108

                            Headlines

A U S T R I A

FEICHTINGER-WOHNUNGSEIGENTUM GMBH: Claims Filing Ends June 16
FENSTER-PROFI GMBH: Claims Registration Period Ends June 23
HOLZINDUSTRIE THERESIA: Claims Registration Period Ends June 25
KWL TEXTIL: Claims Filing Deadline is June 23
QUARKS GMBH: Claims Filing Period Ends June 22

WINTER HOTEL: Claims Registration Period Ends June 17


F R A N C E

COMPAGNIE GENERALE: Moody's Puts 'Ba3' Rating on US$300 Mil. Notes
COMPAGNIE GENERALE: S&P Gives Negative Outlook; Keeps 'BB' Rating


G E R M A N Y

ARCANDOR AG: Says "Confident" of Reaching Deal on State Guarantees
GENERAL MOTORS: Russia's GAZ Says Could Start Producing Opel Cars
HEIDELBERGCEMENT AG: Lenders Extend Loan Restructuring Deadline
QIMONDA AG: Administrator Says Search for Investor Continues


I R E L A N D

ANGLO IRISH: Fitch Cuts Ratings on Tier 1 Debt Securities to 'B-'
MACREDDIN GOLF: Goes Into Receivership
SMURFIT KAPPA: Fitch Affirms Issuer Default Rating at 'BB'
SMURFIT KAPPA: S&P Cuts Long-Term Issuer Credit Ratings to 'BB-'


I T A L Y

CHRYSLER LLC: Court Approves Sale of Assets to Fiat SpA
FIAT SPA: Acquisition of Chrysler Assets Gets Court Approval


K A Z A K H S T A N

BTA BANK: Samruk Rules Out Debt Issuance as Part of Restructuring
COMEK BUSINESS: Creditors Must File Claims by June 19
KOB STROY: Creditors Must File Claims by June 19
RADIAN PLUS: Creditors Must File Claims by June 19
TDK SAUDA: Creditors Must File Claims by June 19

XXI VEK: Creditors Must File Claims by June 19


K Y R G Y Z S T A N

EUROASIA ACO: Creditors Must File Claims by July 3


P O L A N D

GDYNIA: Bulk of Assets Sold to United International Trust
SZCZECIN: United International Trust Acquires Bulk of Assets


R U S S I A

KARELSKIY WOOD-SAWING: Creditors Must File Claims by June 15
LES-KOM LLC: Creditors Must File Claims by July 15
POLIGRAF-MASH OJSC: Creditors Must File Claims by July 15
YUGORSKAYA FUEL: Creditors Must File Claims by June 15


S W I T Z E R L A N D

CUMINO GMBH: Creditors Must File Proofs of Claim by June 19
DEIN TRADING: Claims Filing Deadline is June 22
DELIGO HOLDING: Creditors Have Until June 18 to File Claims
VOLKSDRUCKEREI BASEL: Claims Filing Deadline is June 22
LUMO SYSTEMS: Creditors Have Until June 22 to File Claims


U K R A I N E

AGRICULTURAL COMPLEX: Creditors Must File Claims by June 12
ATLANTA BUILDING: Creditors Must File Claims by June 12
EKVITEK LLC: Creditors Must File Claims by June 11
FANCOR LLC: Creditors Must File Claims by June 11
MALT EXTRACTS: Creditors Must File Claims by June 12


U N I T E D   K I N G D O M

ALBA MINERAL: Gives Up Exploration Licenses, Needs to Raise Cash
CORSAIR NO 2: S&P Lowers Rating on US$102.6 Mln Notes to 'D'
JJB SPORTS: Sports Direct Sells 4.8% Directly-Owned Stake
LOOKERS PLC: Inks GBP210 Mln Refinancing Deal With Lenders
MANSARD MORTGAGES: S&P Junks Rating on Class B2a 2007-1 Notes

PINEWOOD MEDIA: Goes Into Administration; Vantis Appointed
RON MARSH: Goes Into Liquidation
SETANTA SPORTS: In Talks W/ Backers to Plug GBP50 Mln Funding Gap
SOUTHERN PACIFIC: S&P Affirms Junk Ratings on Two Classes of Notes
TATA MOTORS: May Need to Pump Funds to Plug JLR Pension Deficit

WISE 2006-1: S&P Junks Rating on Class C Notes From 'B-'


                         *********


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A U S T R I A
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FEICHTINGER-WOHNUNGSEIGENTUM GMBH: Claims Filing Ends June 16
-------------------------------------------------------------
Creditors owed money by Feichtinger-Wohnungseigentum GmbH have
until June 16, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Mag. Wolfgang Kempf
         Buergerstrasse 41
         4020 Linz
         Austria
         Tel: 777207
         Fax: 782570
         E-mail: office@ra-kempf.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on June 30, 2009, for the
examination of claims at:

         Land Court of Linz
         Hall 522
         5th Floor
         Linz
         Austria


FENSTER-PROFI GMBH: Claims Registration Period Ends June 23
-----------------------------------------------------------
Creditors owed money by Fenster-Profi GmbH have until June 23,
2009, to file written proofs of claim to the court-appointed
estate administrator:

         Mag. Maria-Christina Nau
         Bahnhofsplatz 1a/Stg.1/Top 5
         2340 Moedling
         Austria
         Tel: 02236/22 050
         Fax: 02236/49239
         E-mail: office@viehboeck.at


Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on July 7, 2009, for the
examination of claims.


HOLZINDUSTRIE THERESIA: Claims Registration Period Ends June 25
---------------------------------------------------------------
Creditors owed money by Holzindustrie Theresia Haupl GmbH have
until June 25, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Christian Rumplmayr
         Stadtplatz 36
         4840 Voecklabruck
         Austria
         Tel: 07672/75931
         Fax: 07672/75953
         E-mail: rumplmayr@jusonline.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:40 a.m. on July 9, 2009, for the
examination of claims at:

         Land Court of Wels
         Hall 101
         First Floor
         Wels
         Austria


KWL TEXTIL: Claims Filing Deadline is June 23
---------------------------------------------
Creditors owed money by KWL Textil GmbH have until June 23, 2009,
to file written proofs of claim to the court-appointed estate
administrator:

         Mag. Edwin Stangl
         Allerheiligengasse 10
         2700 Wiener Neustadt
         Austria
         Tel: 02622/84 7 14
         Fax: 02622/8471422
         E-mail: e.stangl@stangl-ferstl.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on July 7, 2009, for the
examination of claims.


QUARKS GMBH: Claims Filing Period Ends June 22
----------------------------------------------
Creditors owed money by Quarks GmbH have until June 22, 2009, to
file written proofs of claim to the court-appointed estate
administrator:

         Weixlbaumer Markus
         Hofgasse 7
         4020 Linz
         Austria
         Tel: +43732 776234
         Fax: +43732 77623422
         E-mail: hackl.hatak@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on July 6, 2009, for the
examination of claims at:

         Land Court of Linz
         Room 522
         5th Floor
         Linz
         Austria


WINTER HOTEL: Claims Registration Period Ends June 17
-----------------------------------------------------
Creditors owed money by Winter Hotel GmbH have until June 17,
2009, to file written proofs of claim to the court-appointed
estate administrator:

         Dr. Stefan Glaser
         Friedrich-Thurner-Strasse 14
         4910 Ried/Innkreis
         Austria
         Tel: 07752/700 70
         Fax: 07752/700704
         E-mail: office@ra-glaser.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:40 a.m. on June 24, 2009, for the
examination of claims at:

         Land Court of Ried im Innkreis
         Room 101
         First Floor
         Ried im Innkreis
         Austria


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F R A N C E
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COMPAGNIE GENERALE: Moody's Puts 'Ba3' Rating on US$300 Mil. Notes
------------------------------------------------------------------
Moody's Investors Service has assigned a Ba3 rating to the
proposed new US$300 million unsecured Senior Notes due 2016 to be
issued by Compagnie Generale de Geophysique-Veritas.  At the same
time, Moody's has affirmed all the group's ratings.  The outlook
is stable.

The assigned (P)Ba3 rating reflects the status of the Notes, which
will rank equally in right of payment with all the company's other
existing and future senior unsecured indebtedness, including the
Senior Notes due 2015 and 2017.  The (P)Ba3 rating therefore
reflects the combination of a PDR of Ba2 and a Loss Given Default
assessment of LGD 4.  While the Notes benefit from the same
unsecured guarantees as the senior facilities, the one-notch
discount to the corporate family rating reflects their effective
subordination to (i) the group's secured obligations, including
its US$1.0 billion Term Loan B and Revolving Credit Facilities, as
well as (ii) the obligations of the remaining subsidiaries that do
not guarantee the Notes.

The affirmation of CGGVeritas' ratings reflects Moody's
expectation that the steps taken by management (in the form of
reductions in capital expenditures and marine seismic capacity)
will mitigate to a large extent the anticipated severe weakening
in cash flow generation stemming from the current downturn in
demand for seismic services and equipment, so that the group
continues to generate at least neutral free cash flows.  The
stable outlook assumes that leverage (expressed as net adjusted
debt to EBITDA less multi-client capex) will increase to around
3.0x without exceeding substantially such level.  However, a more
severe deterioration in the company's operating results and cash
generation -- beyond Moody's current expectations -- would exert
negative pressure on the ratings.

These ratings were affirmed:

  -- the Ba2 corporate family rating

  -- the Ba2 probability of default rating

  -- the Ba1 rating on the US$1.0 billion senior secured Term Loan
     B due 2014 at CGGVeritas Services Inc.

  -- the Ba1 rating on the US$200 million senior secured Revolving
     Credit Facility due 2012 at CGGVeritas

  -- the Ba1 rating on the US$140 million senior secured Revolving
     Credit Facility due 2012 at CGGVeritas Services Inc.

  -- the Ba3 rating on the 7.5% US$530 million senior unsecured
     Notes due 2015 at CGGVeritas

  -- the Ba3 rating on the 7.75% US$400 million senior unsecured
     Notes due 2017at CGGVeritas

Moody's last rating action on CGGVeritas was on May 19, 2008, when
the rating agency upgraded to Ba1 from Ba2 the ratings on the
group's senior secured facilities following the partial repayment
thereof.  At the same time, Moody's affirmed the Ba2 corporate
family rating and the Ba3 ratings on the group's senior unsecured
Notes due 2015 and 2017.

Compagnie Generale de Geophysique-Veritas, headquartered in Paris,
France, is a leading global seismic services provider and
manufacturer of seismic equipment.  In 2008, it generated revenues
of around EUR2.6 billion.


COMPAGNIE GENERALE: S&P Gives Negative Outlook; Keeps 'BB' Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised its
outlook on France-based seismic sector provider, Compagnie
Generale de Geophysique - Veritas, to negative from stable.  At
the same time, the 'BB' long-term corporate credit rating was
affirmed.  S&P also affirmed the 'BB' and 'BB+' ratings on
CGGVeritas' unsecured and secured debt, and the '3' and '2'
recovery ratings are unchanged.

"The negative outlook revision reflects our expectation of more
severe seismic marine vessel overcapacity and faster-than-expected
profit deterioration, although our ratings already factor in a
high degree of cyclicality," said Standard & Poor's credit analyst
Karl Nietvelt.

S&P considers CGGVeritas' flexibility to be lower than that of
some peers, due to the company's high industrial capital-
expenditure commitments over 2009-2011 (which could be about
US$300 million or more in S&P's view) and significant gross
financial debt (US$2.07 billion at end-March 2009).  S&P no longer
expects debt to reduce materially in 2009.  S&P understands marine
seismic spot prices have fallen this year by about 30%

S&P's affirmation of the rating reflects the group's long-term
debt maturity profile and current adequate liquidity; The recent
renegotiation of covenants for CGGVeritas' term loan B and
revolving credit facilities; management's plans to reduce costs by
withdrawing substantial vessel capacity and delaying some capital
spending from 2010 into 2011; and a more consolidated market
structure and expected similar actions from major seismic players
to reduce marine overcapacity to limit further downward pricing
pressures.

The ratings on CGGVeritas take into account the sector's intense
competition and high cyclicality, notably in the capital-intensive
marine segment, and the resulting high sensitivity of profit
generation.  Other risk factors include the company's acquisitive
track record and material indebtedness.

Credit strengths include CGGVeritas' leading global position and
diversity provided by dual exposure to seismic services (land,
marine and imaging) complemented by seismic-equipment
manufacturing (SERCEL).

At end-March 2009, CGGVeritas had short-term debt of EUR0.2
billion, versus approximately US$280 million of undrawn secured
revolving credit facilities and surplus cash which S&P estimated
at less than EUR200 million.

The negative outlook reflects the low visibility on how severely
profits will fall in the second half of 2009 and in 2010, in
combination with CGGVeritas' medium-term capital commitments,
which are higher than those of peers.

S&P believes overcapacity in the marine seismic sector will be
very significant in 2010 and require industry players to reduce
capacity drastically.

"The ratings could therefore be lowered if pricing pressures turn
out to be harsher than S&P currently expects and/or result in
material negative free cash flow or covenant tightness," said
Mr. Nietvelt.

S&P's credit scenario also factors in that the adjusted FFO-to-
adjusted debt ratio does not drop materially below 20%.

S&P would revise the outlook to stable if the sector's outlook
improves and if reported EBITDA in low-demand years can be
maintained at or above S&P's downturn assumption of Us$800
million-US$900 million (US$600 million after multiclient capital
expenditures) and free cash flow remains neutral at worst.


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G E R M A N Y
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ARCANDOR AG: Says "Confident" of Reaching Deal on State Guarantees
------------------------------------------------------------------
Holger Elfes at Bloomberg News reports that Arcandor AG said it's
"confident" of reaching an agreement on state guarantees within
the next two weeks.

Bloomberg News relates Arcandor said it began negotiations with
the government in Berlin on Thursday about state guarantees.
Bloomberg News discloses Karl-Gerhard Eick, the company's chief
executive officer, told ARD television Thursday that the
discussions went well and will continue this week.

According to Bloomberg News, the company said it faces potential
insolvency on June 12, when EUR650 million (US$910 million) of
credit lines expire.

Reuters reports Franz Muentefering, the head of the Social
Democrats (SPD), ruling partners with Chancellor Angela Merkel's
conservatives, supported offering state help for Arcandor, but
Roland Koch, premier of Hesse state and a member of Merkel's
Christian Democrats, opposed it.

Reuters relates Mr. Muentefering argued that while requests for
state support need to be judged case by case, companies such as
carmaker Opel and Arcandor are too important to go bust.  Mr.
Koch, however, told the Rheinische Post paper Arcandor should not
be bailed out because it had a profitable tourism business
centered on its majority stake in Thomas Cook, Reuters discloses.

Reuters notes The Economy Ministry said on Friday the government
was still examining Arcandor's request for help.

                        Metro Talks

On May 29, 2009, the Troubled Company Europe-Europe, citing
Bloomberg News, reported Arcandor said 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's CEO 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.


GENERAL MOTORS: Russia's GAZ Says Could Start Producing Opel Cars
-----------------------------------------------------------------
RIa Novosti reports that Russia's GAZ Group said on Monday it
could start producing cars within nine months if a consortium of
investors taking over General Motors Corp.'s German unit give
their backing.

"If the consortium makes a decision on the production of cars in
Russia in cooperation with GAZ Group, our company as an industrial
partner could arrange production using the capacity of its new
technological complex in Nizhny Novgorod," RIA Novosti quoted GAZ
as saying in a statement.

                          Opel Takeover

RIA Novosti recalls the German government and Canadian auto-
component maker Magna International, backed by Russia's Sberbank
and GAZ, reached a deal early on Saturday that will see the
consortium take over Opel.  According to RIA Novosti, Magna will
acquire a 20% stake in Opel with Russia's state-owned Sberbank and
car maker GAZ, owned by billionaire Oleg Deripaska, taking a 35%
slice to make the consortium a majority shareholder.

BBC News reports Magna said it will put more than EUR500 million
(US$700 million; GBP435 million) into Opel, which employs more
than 25,000 people in Germany.   Berlin, BBC News says, is
expected to provide an immediate loan facility of EUR1.5 billion
(US$2.1 billion, GBP1.3 billion) as part of the deal.   BBC News
notes details of the final deal with Magna have not yet been
released, but the terms of the agreement are thought to involve GM
keeping a 35% stake in the company, while 10% would be owned by
Opel employees.  BBC News says some analysts believe the merger
has at best a 30% chance of going through.

BBC News states GM operations in Europe will now be placed under
the care of a trustee to shield them from the parent company's
filing for bankruptcy protection in the US.

                   Saab Creditor Protection

BBC News recounts on Friday, a court in Sweden granted Saab, GM's
other European business, an extension to its protection
from creditors.  The Swedish carmaker, which first sought
protection in February, now has until August 20 to line up a new
owner and to restructure its business, BBC News discloses.  Saab,
BBC News says, is being sold off by GM separately.

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

General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D. N.Y. Lead Case
No. 09-50026).  The Honorable Robert E. Gerber presides over the
Chapter 11 cases.  Harvey R. Miller, Esq., Stephen Karotkin, Esq.,
and Joseph H. Smolinsky, Esq., at Weil, Gotshal & Manges LLP,
assist the Debtors in their restructuring efforts.  Al Koch at AP
Services, LLC, an affiliate of AlixPartners, LLP, is the Debtors'
restructuring officer.  GM is also represented by Jenner & Block
LLP and Honigman Miller Schwartz and Cohn LLP as counsels.
Cravath, Swaine, & Moore LLP is providing legal advice to the GM
Board of Directors.  GM's financial advisors are Morgan Stanley,
Evercore Partners and the Blackstone Group LLP.


HEIDELBERGCEMENT AG: Lenders Extend Loan Restructuring Deadline
---------------------------------------------------------------
HeidelbergCement AG's lenders extended the deadline to approve the
the company's loan restructuring plans to June 5 from May 29,
ahead of a hard deadline of June 17-18, Tessa Walsh at Reuters
reports citing two bankers close to the deal.

Reuters relates the bankers said HeidelbergCement has the option
to request a further extension until July 17-18, although this has
to be approved by lenders.

According to Reuters, the company is in the second phase of a loan
restructuring that will extend the maturity of the EUR600 million
loan from July 2009 to December 2011, along with a EUR5 billion B
tranche that would otherwise mature in May 2010 and 3.2 billion of
bilateral loans, revolving credits and other ancillary facilities.

The refinancing, Reuters notes, is being arranged by Deutsche Bank
and Royal Bank of Scotland, along with Nordea and Commerzbank.
Morgan Stanley is acting as advisor to HeidelbergCement, Reuters
states.

                           State Aid

HeidelbergCement is considering applying for German state aid,
Alexander Huebner and John O'Donnell at Reuters report citing
a source directly involved in the talks.

"State help is something that HeidelbergCement is looking at,"
Reuters quoted the source as saying.  "If needed it could be part
of the final refinancing solution."

Reuters relates the source said no talks had yet been started with
Berlin.

Jochen Schlachter, a debt analyst at UniCredit, as cited by
Reuters said "State aid can only be one part of the mosaic that
HeidelbergCement needs to complete to solve its financing
problems."  "The company still needs to convince its lenders to
extend the term of the loans they have given," Mr. Schlachter was
quoted by Reuters as saying.

                      About HeidelbergCement

Based in Heidelberg, Germany, HeidelbergCement AG (FRA:HEI)  --
http://www.heidelbergcement.com/-- is a global producer of
cement, concrete and building materials.  The Company's core
activities include the production and distribution of cement and
aggregates, the two raw materials for concrete.  It is also
engaged in in the provision of such products as ready-mixed
concrete, as well as concrete products and elements.  It divides
its activities into four group areas: Europe-Central Asia, North
America, Asia-Australia-Africa-Mediterranean and Group Services.
It divides its products into three lines: cement, aggregates and
concrete and building products.  Its products include sand,
gravel, crushed stone, white cement, trass cement, masonry cement,
aquament and portland cement for hydraulic engineering, as well as
light, heavy and aerated concrete building blocks, pavers,
prefabricated ceilings and walls, prefabricated cellar units and
prefabricated sewage works units, among others.  In 2007, the
Company took over Hanson Group.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on March 10,
2009, Standard & Poor's Ratings Services said that it lowered its
long-term corporate credit rating on HeidelbergCement AG to 'B-'
from 'B+'.  The 'B' short-term corporate credit rating was
affirmed.  At the same time, the senior unsecured debt ratings
were lowered to 'CCC+' from 'B'.  All ratings remain on
CreditWatch negative where they were placed on Oct. 24, 2008.

On Feb. 11, 2009, the TCR-Europe reported that Moody's Investors
Service downgraded HeidelbergCement's corporate family and issue
ratings to B1 from Ba3.  The ratings were put on review for
further downgrade.


QIMONDA AG: Administrator Says Search for Investor Continues
------------------------------------------------------------
Christoph Hammerschmidt at EE Times Europe reports that Michael
Jaffe, Qimonda AG's insolvency administrator, said there is no
such thing as a final deadline for the Qimonda negotiations,
stressing "the search for investor continues".

The report relates a spokesperson of the administrator told EE
Times Europe in a telephone interview that there is a widespread
misconception in the media that on May 31, the insolvency
administrator's efforts to find an investor for Qimonda "as a
whole or in parts" will be terminated.

The report notes the spokesperson said that although there is
currently no investment offer on the table, the committee of
creditors has decided to continue the search as the creditors
would redeem far less if the insolvent DRAM maker would get on the
block and be sold piece-by-piece.  According to the report, the
spokesperson admitted that the search for an investor is "rather
difficult" and the perspective is uncertain.

On May 29, 2009, the Troubled Company-Reporter Europe, citing
Bloomberg News, reported Qimonda AG's creditors said the company's
insolvency administrator is considering selling of parts of the
business after China's Inspur Group Co. said its not interested in
a complete takeover.  Christoph Hammerschmidt of EE Times Europe
reported according to sources, 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".

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.


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ANGLO IRISH: Fitch Cuts Ratings on Tier 1 Debt Securities to 'B-'
-----------------------------------------------------------------
Fitch Ratings has downgraded the ratings of Anglo Irish Bank
Corporation's tier 1 debt securities to 'B-' from 'BB-'. The upper
tier 2 debt securities are downgraded to 'B' from 'BB'.  Both
ratings remain on Rating Watch Negative.  Meanwhile the agency has
affirmed all of the other ratings of the bank.  The rating action
has no implication for Anglo's 'AAA' rated covered bonds.

The rating action follows the recent announcement that the bank
has reported a loss for the six months to end-March 2009 of EUR4.1
billion.  While the bank has stated its intention of continuing to
pay coupons on its tier 1 and upper tier 2 securities, Fitch is
concerned that financial resources are so strained that the
probability of non-payment is greater than hitherto considered.
It is also possible that, regardless of the bank's intentions, the
authorities could request the bank not to pay coupons on these
securities.

At the same time, the Irish Minister for Finance has stated that
the Irish government will, subject to EU approval, inject up to
EUR4 billion of capital into the bank.  Fitch considers that,
combined with measures already taken and other measures announced
but not yet implemented, this new capital should help Anglo meet
the challenges of severe asset quality problems, revenue
generation, restoring confidence and fulfilling minimum regulatory
capital requirements.  Holders of senior and dated subordinated
debt remain protected by a guarantee provided by the Irish
government until end-September 2010.

The securities affected are:

Upper tier 2

  -- GBP300 million ISIN XS0231391623

Tier 1

  -- GBP200 million ISIN XS0131475666
  -- GBP250 million ISIN XS0151811253
  -- GBP350 million ISIN XS0292425344
  -- EUR600 million ISIN XS0268814125

Anglo's ratings are affirmed:

  -- Long-term Issuer Default: 'A-'; Outlook Stable

  -- Short-term IDR: 'F1+'

  -- Individual rating: 'F'

  -- Support rating: '1'

  -- Support Rating Floor: 'A-'

  -- Senior unsecured debt maturing before 29 September 2010:
     'AA+'

  -- Senior unsecured debt maturing after 29 September 2010: 'A-'

  -- Dated subordinated debt: 'BBB+'


MACREDDIN GOLF: Goes Into Receivership
--------------------------------------
Ian Kehoe at The Sunday Business Post Online reports that
Macreddin Golf Club, a Co Wicklow course designed by
Paul McGinley, has gone into receivership.

The report relates Bank of Scotland (Ireland) has appointed Declan
Taite, a partner with accountancy firm FGSin Dublin, as receiver
over the company behind the 18-hole championship course, The
Macreddin Club Plc, in an effort to shore up loans that it has
advanced to the course, which is located in Macreddin village.

According to the report, the club, which is operated as a private
plc, informed its more than 100 members that it believed its
EUR30,000 share ownership scheme was no longer viable, and that it
was reducing its joining fee to just EUR8,000.

The report says it is understood receiver will continue to trade
the golf course as a going concern.


SMURFIT KAPPA: Fitch Affirms Issuer Default Rating at 'BB'
----------------------------------------------------------
Fitch Ratings has affirmed Ireland-based Smurfit Kappa Group plc's
Long-term Issuer Default Rating at 'BB'.  The Outlook on the IDR
is Stable.

Fitch has also affirmed these ratings:

  -- Smurfit Kappa Acquisitions' senior secured facilities: 'BB+'

  -- Smurfit Kappa Funding's senior subordinated notes due 2015:
     'BB-'

  -- Smurfit Kappa Treasury Funding's debenture notes due 2025:
     'BB+'

At the same time, Fitch has withdrawn the IDR of 'BB' which had
applied to Smurfit Kappa Acquisitions.

The rating affirmation reflects Fitch's view that SKG's focus on
deleveraging, synergies and restructuring over the past three
years has fundamentally changed its financial profile, yielding
sustainable improvements in its financial flexibility and cost
structure.  The agency notes that the group's metrics are under
pressure from difficult market conditions, but believes they are
unlikely to deteriorate to 2006 levels (when net debt/EBITDA
reached 5.6x and EBITDA/interest was 2.2x) over the coming 24
months.

Fitch has a negative outlook on the paper and forest products
sector for FY09 and FY10.  Specifically relevant to SKG, the
agency expects new containerboard capacity to exacerbate the
impact of declining industrial activity on market balance.
However, SKG's conservative financial strategy, strong cost
position, pro-active capacity adjustments and cash preservation
measures -- including capex reductions and dividends cancellation
- should mitigate the downside risk to its ratings and position
the group well to benefit promptly from a recovery in market
conditions when it occurs.

SKG's sales and pre-exceptional EBITDA declined yoy by 18% and 30%
respectively in Q109, reflecting the softening in demand and drop
in prices and volumes from the highs of Q108.  The company's
EBITDA margin declined to 11.9% in Q109 from 14.0% in Q108.  Cash
flow from operations improved yoy, however, largely as a result of
lower working capital requirements.

Fitch's key credit concern revolves around the expected weakening
in SKG's interest coverage and net leverage ratios in the near
term and the reduced headroom under the company's debt covenants.
SKG's EBITDA/net interest declined to 3.2x in Q109 from 4.0x in
Q108, whilst net debt/LTM EBITDA increased to 3.7x at March 30,
2009, up from 3.4x at FYE08 and from 3.2x at 30 March, 2008.

In line with SKG's focus on deleveraging, net debt levels are not
expected to increase in the medium term.  However, Fitch
anticipates that the group's coverage and leverage ratios will
converge towards FY09 covenanted levels in the near term (4.5x net
debt/EBITDA and 2.8x EBITDA/net interest) as a result of the
weaker operating performance.  The Stable Outlook reflects the
agency's view that, in mitigation of those trends, liquidity and
financial flexibility are strong and will be preserved through the
downturn due to management's conservative financial policies and
focus on cash flow generation.  It also reflects the agency's
belief that SKG is well placed to obtain a waiver should covenant
compliance be compromised.  As of March 30, 2009, the group
counted on cash reserves of EUR667 million and full availability
under its undrawn EUR600 million Revolving Credit Facility
maturing in 2012, against modest maturities of EUR72 million in
FY09 and EUR87 million in FY10.

SKG's ratings are further supported by its leading market
positions, its integrated operations and strong presence in high-
growth markets.  Exposure to the recession-proof food and beverage
markets, which account for approximately 60% of the group's end-
markets, should also mitigate the impact of the slump in demand.


SMURFIT KAPPA: S&P Cuts Long-Term Issuer Credit Ratings to 'BB-'
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term issuer credit ratings on Ireland-based paper and
packaging company Smurfit Kappa Group PLC to 'BB-' from 'BB'.  The
outlook is stable.

"The rating action primarily reflects continued challenging
conditions in the European packaging markets with falling demand
and pressure on corrugated packaging selling prices," said
Standard & Poor's credit analyst Jacob Zachrison.

Based on a weak economic environment, and the high probability of
an imbalanced supply/demand situation over the near term, S&P's
revised financial forecast indicates that Smurfit Kappa's credit
measures in 2009 and 2010 could remain well below requirements at
the previous rating level.  S&P's expectations of continued free
operating cash flow generation - made possible by curtailed
capital expenditure, suspended dividends, lower input costs, and
cost savings -- is a key supportive rating factor at the current
rating level.

S&P believes that Smurfit Kappa's business prospects have weakened
further as the macroeconomic outlook has deteriorated.  S&P's
current forecast assumes a 2009 Eurozone GDP contraction of 4.2%.
This has caused demand for Smurfit Kappa's products to fall, just
as large capacity additions in the industry are planned over the
next two years.  In S&P's view, this could lead to continued
pricing pressure in containerboard and consequently corrugated
board, to the detriment of European packaging producers.

The stable outlook reflects S&P's expectations that Smurfit
Kappa's performance will gradually improve, despite remaining
under pressure over the near term.  At the current rating level
S&P expects Smurfit Kappa's level of FFO to adjusted debt to
remain at about 12% over the near term, improving to around 15% in
the medium term.  Free operating cash flow should remain clearly
positive and the group should maintain its liquidity position,
including adequate headroom under financial covenants.


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


CHRYSLER LLC: Court Approves Sale of Assets to Fiat SpA
-------------------------------------------------------
Chrysler LLC and its affiliated debtors obtained approval from
Judge Arthur J. Gonzalez of the U.S. Bankruptcy Court for the
Southern District of New York to sell most of their assets to New
CarCo Acquisition LLC, a new company formed by Italy-based
automaker Fiat S.p.A.

"The Sale Motion is granted in its entirety and entry into and
performance under and in respect of the Purchase Agreement and the
Sale Transaction is approved," Judge Gonzalez said.

The court approval came Sunday night after a grueling three-day
hearing, commencing May 27, 2009.

In his 47-page ruling dated May 31, 2009, Judge Gonzalez said that
Chrysler established a "good business reason" for the sale of its
assets" and that the deal with Fiat is the only option that is
viable.  The Court pointed out that the only alternative is the
immediate liquidation of Chrysler.  "The terms of the Fiat
transaction present an opportunity that the marketplace alone
could not offer, and that certainly exceeds the liquidation
value," Judge Gonzalez said.

Under its deal with Fiat, Chrysler will receive US$2 billion for
the sale of its assets, which include facilities, intellectual
property rights and those related to the research, production and
distribution of vehicles under brand names including Chrysler,
Jeep(R) and Dodge.

In return, Fiat will control 20% of Chrysler, which could be
increased to 35% if certain milestones are met.  Meanwhile, 68%
will be owned by a union trust while the remaining 12% will be
shared by the U.S. and Canadian governments.  The governments are
providing Chrysler with more than US$4.9 billion in bankruptcy
loan, and the new alliance with about US$6 billion of funding to
start up and maintain operations.

A full-text copy of the Judge Gonzalez's May 31 Opinion is
available for free at:

     http://bankrupt.com/misc/Chrysler_OP&ORD_SaleMO.pdf

                      Not a Sub Rosa Plan

Judge Gonzalez dismissed allegations that the sale of the assets
is a sub rosa plan of reorganization, saying that Chrysler is
receiving fair value for the assets and that not a single penny of
value of its assets will go to anyone other than the first-lien
pre-bankruptcy lenders which are owed about US$6.9 billion.

To recall, a group of Indiana pension funds which owns about
US$42.5 million of Chrysler's US$6.9 billion in secured debt,
questioned the Fiat deal on grounds that it is an illegal sub rosa
plan.  They also questioned the source of financing, saying that
Chrysler is an automotive company and should not have been
accessing funds under the Troubled Asset Relief Program of the
U.S. Government, which was implemented to provide funds only for
the purchase of troubled assets from financial institutions.

Judge Gonzalez said that after the conclusion of the Fiat deal,
Chrysler will continue to administer its estate and will seek to
confirm a plan that will provide for the distribution of estate
assets.

"The classification of claims is independent of the sale process
and [Chrysler] is not attempting to evade the plan confirmation
procedures," he pointed out.

Judge Gonzalez also dismissed allegations that Chrysler breached
its fiduciary duty by not directly participating in the
negotiations among the first-lien lenders, the U.S. Treasury and
EDC.

According to Judge Gonzalez, there was evidence that neither the
steering committee formed by the first-lien lenders for the
negotiation nor the government agencies sought Chrysler's
participation in the negotiations despite the automaker's offer to
get involved.  He further said that there was evidence that
Chrysler engaged in an 18-month worldwide search to seek potential
alliance partners, only that no other bidder stepped forward.

Prior to the Court's ruling, Chrysler filed in Court a revised
proposed order dated May 30, 2009 and an amended Master
Transaction Agreement and related documents, to address concerns
of creditors and other concerned parties, copies of which is
available for free at:

  http://bankrupt.com/misc/ChryslerRevisedProposedSaleOrder.pdf
  http://bankrupt.com/misc/ChryslerRevisedPurchaseAgreement.pdf

The revised Master Transaction Agreement has been designated by
Chrysler as the winning bid, and New CarCo Acquisition LLC, the
new company formed by Fiat, as the winning bidder.  The automaker
did not designate a "lead bid" or a "secondary bid" since it did
not receive other qualified bids for the assets.

                    Objections Are Overruled

Judge Gonzalez overruled objections that have not yet been
withdrawn, waived or settled.  More than 300 objections to the
sale have been filed with the Court including the objections of:

  * Limited Liability Company "Automobile plant "GAZ"
  * Miniature Precision Components Inc.
  * Exco Engineering
  * Iroquois Industries Inc.
  * Leon Plastics Inc.
  * Hoegh Autoliners AS
  * State of Ohio
  * Ad Hoc Committee Seeking Fairness for
    Warranty and Lemon Law Claimants
  * Active Burgess Mould & Design Inc., et al.
  * Worthington Industries, et al.
  * Department of Treasury of Michigan
  * Avon Automotive

Except for GAZ, the other companies had already withdrawn their
objections prior to Judge Gonzalez' ruling.  A report about the
status of the objections as of May 26, 2009 and an overview of
Chrysler's responses to the objections are available for free at:

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

Prior to the May 27 to 29 Sale Hearing, attorneys for the Debtors,
the Ad Hoc Committee of Consumer-Victims of Chrysler LLC, State of
Connecticut, Indiana Pension Funds and Robinson Brog Leinwand
Greene Genovese & Gluck P.C., on behalf of certain dealers, filed
their opening statements in Court.

Attorneys for the Debtors and the U.S. Department of Treasury
filed designations and counter-designations from the depositions
of Ronald Kolka, Matthew Feldman, Peter Grady, Steven Landry,
James Press, Thomas Lasorda, Robert Manzo and Robert Nardelli.

On behalf of 31 Affected Dealers, Eric J. Snyder, Esq., at Siller
Wilk LLP, in New York, also submitted an opening statement for the
denial of the proposed rejection of the dealership agreements.
Mr. Snyder argued that the unprecedented and unconstitutional
summary elimination of 789 dealers, some of whom have faithfully
served the debtor for three and four generations in the same
families, will result in a transfer of assets that will doom the
purchaser and add tens of millions of dollars of unnecessary
claims against the Debtors' bankruptcy estates.  Mr. Snyder
compared Chrysler with carmaker Toyota saying the Debtors'
leadership is seeking to force Toyota's square peg into Chrysler's
round hole.  Mr. Snyder also identified Joseph Roesner, vice
president of the Fontana Group, Inc., as witness whom the Affected
Dealers may call at the sale hearing.

In addition, the Indiana Pensioners tried to block approval of the
Sale by asking Judge Gonzalez to continue the Sale hearing for 30
days saying they "have not had a reasonable or sufficient
opportunity to prepare for the sale hearing."  In support of the
request, the Pensioners' counsel, White & Case LLP, filed in Court
a declaration of Owen Pell, Esq., one of the firm's lawyers.  In a
separate filing, the Pensioners asked Judge Gonzalez to strike
from the record the declarations of Chrysler officers Robert
Nardelli, Robert Manzo and James Chapman, which were filed just a
few hours before the Sale Hearing.  The Pensioners said the
declarations are untimely, giving them no time to sufficiently
review and respond.  The declarations generally recount the events
prior to Chrysler's bankruptcy filing and the circumstances
surrounding the proposed sale.

In a letter delivered to the Court, dated May 28, 2009, Gregory M.
Shumaker, Esq., at Jones Day, in Washington, D.C., informed the
Court that the Debtors have been exchanging confidential documents
and other information with certain objectors and other parties
pursuant to bilateral confidentiality agreements.

A copy of a confidentiality agreement with White & Case, on behalf
of Indiana Pensioners, for the Court's review and consideration,
is available for free at:

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

Counsel for John Bussian, et al., John F. Bloss, Esq. at
Robertson, Medlin & Blocker, PLLC, in Greensboro, North Carolina,
likewise submitted a letter to Court on May 28, 2009, asking for
permission to appear telephonically at the Sale Hearing.

         Robert Nardelli's Declaration in Support of Sale

In his declaration filed in Court, Robert L. Nardelli, chairman
and chief executive officer Chrysler LLC, addressed certain
stakeholders' actions challenging management's decision to pursue
the sale transaction with Fiat S.p.A, insinuating, although never
directly stating, that the Debtors should have done something
else.  Mr. Nardelli pointed out that the Company is burdened by
enormous liabilities, with expenses rapidly depleting, and cash
accounts and sales plummeting.  Mr. Nardelli said the Company
searched diligently for the financing it so desperately needed.
However, no one would agree to provide Chrysler the billions of
dollars vital to its survival; that is, until the U.S. Treasury
agreed to do so.

The UST was the only lender willing to invest in the Company, Mr.
Nardelli told the Court.

According to Mr. Nardelli, the Objectors speculate that they
personally may have fared better if Chrysler liquidated.  Mr.
Nardelli explained that based on the management team's expertise
and business acumen, the work product of their advisors, and the
notion and hope that Chrysler could continue and perhaps return to
profitability, the Company chose the Sale over liquidation.

The fact is that the secured lenders, including the Objectors,
will fare much better through the Sale than they would through a
liquidation, he said.  Mr. Nardelli added that there was never an
attempt or an intention to harm the lenders.  Just the opposite,
he said.  Mr. Nardelli explained that he personally worked to
obtain the highest amount possible for them.  In fact, just before
Chrysler filed for bankruptcy, he continued, the UST considered
offering more than US$2 billion to the lenders to achieve
unanimous consent.  Specifically, The UST offered US$2.25 billion
to the secured lenders but made it clear that the offer would be
open for an hour only, and only if it received unanimous consent
from the secured lenders.  While the secured lenders who are
Objectors to the Sale agreed to accept the offer, unanimous
consent was not obtained, he pointed out.

Mr. Nardelli said that while the Company wishes that customer
demand would have increased drastically in time to provide it the
liquidity it so desperately needed, this simply did not happen.
Faced with the choices presented and the information before him,
Mr. Nardelli told the Court that he is confident that approving
the Sale was an exercise of sound business judgment.

              Chrysler to Close the Deal Promptly

Chrysler Chief Executive Robert Nardelli testified at the May 28
hearing that the automaker is ready to close the deal as soon as
Judge Gonzalez granted approval.

Even with the Court's approval of the Sale, however -- which
arrived barely a month after the Company sought bankruptcy
protection -- the deal's closing could be delayed as lawyers for
the Indiana Pensioners are expected to appeal the decision, notes
reports.  An automatic 10-day stay is in effect to allow for any
appeal, though Chrysler's lawyers will almost certainly seek to
shorten that period, notes The New York Times.

The NY Times said "newly reorganized Chrysler could come out of
bankruptcy as early as this week" while The Wall Street Journal
notes that Chrysler could exit bankruptcy reorganization "as soon
as Monday."

To recall, an administration official said that Chrysler's
bankruptcy might take as long as two years and not the 60 days
projected by U.S. President Barack Obama, according to Bloomberg
News.  The administration official, whose identity was withheld,
said that the two months projected by President Obama merely
applies to the sale of the automaker's best assets to a new
company, the report noted.  Afterward, creditors would fight over
unwanted factories and other assets of the company.

Mr. Nardelli, who is to become a consultant at Chrysler's owner,
Cerberus Capital Management LP if the deal closes, admitted at the
hearing that the last thing he and his team wanted was to file for
bankruptcy.  He also admitted that Chrysler intended to reorganize
as a standalone company, however, the government refused to fund
that effort, Bloomberg reported.

Alfredo Altavilla, Fiat powertrain executive, testified that Fiat
strongly recommended that Chrysler file for bankruptcy protection
as part of the transaction.  He said that Fiat would not have
agreed to the deal if Chrysler had not sought bankruptcy
protection, the report said.

Fiat can walk away from the deal if it does not close by June 15.

Mr. Altavilla also testified during the hearing that Fiat plans to
name him and two others to the board that will head the new
company after Chrysler's bankruptcy, according to Bloomberg.

The two are Fiat Chief Executive Officer Sergio Marchionne and
former Exxon Mobil Vice Chairman Lucio Noto.  Chrysler said the
new company's chairman will be Robert Kidder, a former CEO at
Borden Chemical Inc. and Duracell International Inc., Bloomberg
reported.

                      About Fiat SpA

Headquartered in Turin, Italy, Fiat SpA (BIT:F) --
http://www.fiatgroup.com/-- is principally engaged in the design,
manufacture and sale of automobiles, trucks, wheel loaders,
excavators, telehandlers, tractors and combine harvesters.
Through its subsidiaries, Fiat operates mainly in five business
areas: Automobiles, including sectors led by Maserati SpA, Ferrari
SpA and Fiat Group Automobiles SpA, which design, produce and sell
cars under the Fiat, Alfa Romeo, Lancia, Fiat Professional,
Abarth, Ferrari and Maserati brands; Agricultural and Construction
Equipment, which is led by Case New Holland Global NV; Trucks and
Commercial Vehicles, which is led by Iveco SpA; Components and
Production Systems, which includes the sectors led by Magneti
Marelli Holding SpA, Teksid SpA, Comau SpA and Fiat Powertrain
Technologies SpA, and Other Businesses, which includes the sectors
led by Fiat Services SpA, a publishing house Editrice La Stampa
SpA and an advertising agency Publikompass SpA.

                         About Chrysler

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

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

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

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

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

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

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

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

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


FIAT SPA: Acquisition of Chrysler Assets Gets Court Approval
------------------------------------------------------------
Chrysler LLC and its affiliated debtors obtained approval from
Judge Arthur J. Gonzalez of the U.S. Bankruptcy Court for the
Southern District of New York to sell most of their assets to New
CarCo Acquisition LLC, a new company formed by Italy-based
automaker Fiat S.p.A.

"The Sale Motion is granted in its entirety and entry into and
performance under and in respect of the Purchase Agreement and the
Sale Transaction is approved," Judge Gonzalez said.

The court approval came Sunday night after a grueling three-day
hearing, commencing May 27, 2009.

In his 47-page ruling dated May 31, 2009, Judge Gonzalez said that
Chrysler established a "good business reason" for the sale of its
assets" and that the deal with Fiat is the only option that is
viable.  The Court pointed out that the only alternative is the
immediate liquidation of Chrysler.  "The terms of the Fiat
transaction present an opportunity that the marketplace alone
could not offer, and that certainly exceeds the liquidation
value," Judge Gonzalez said.

Under its deal with Fiat, Chrysler will receive US$2 billion for
the sale of its assets, which include facilities, intellectual
property rights and those related to the research, production and
distribution of vehicles under brand names including Chrysler,
Jeep(R) and Dodge.

In return, Fiat will control 20% of Chrysler, which could be
increased to 35% if certain milestones are met.  Meanwhile, 68%
will be owned by a union trust while the remaining 12% will be
shared by the U.S. and Canadian governments.  The governments are
providing Chrysler with more than US$4.9 billion in bankruptcy
loan, and the new alliance with about US$6 billion of funding to
start up and maintain operations.

A full-text copy of the Judge Gonzalez's May 31 Opinion is
available for free at:

     http://bankrupt.com/misc/Chrysler_OP&ORD_SaleMO.pdf

                      Not a Sub Rosa Plan

Judge Gonzalez dismissed allegations that the sale of the assets
is a sub rosa plan of reorganization, saying that Chrysler is
receiving fair value for the assets and that not a single penny of
value of its assets will go to anyone other than the first-lien
pre-bankruptcy lenders which are owed about US$6.9 billion.

To recall, a group of Indiana pension funds which owns about
US$42.5 million of Chrysler's US$6.9 billion in secured debt,
questioned the Fiat deal on grounds that it is an illegal sub rosa
plan.  They also questioned the source of financing, saying that
Chrysler is an automotive company and should not have been
accessing funds under the Troubled Asset Relief Program of the
U.S. Government, which was implemented to provide funds only for
the purchase of troubled assets from financial institutions.

Judge Gonzalez said that after the conclusion of the Fiat deal,
Chrysler will continue to administer its estate and will seek to
confirm a plan that will provide for the distribution of estate
assets.

"The classification of claims is independent of the sale process
and [Chrysler] is not attempting to evade the plan confirmation
procedures," he pointed out.

Judge Gonzalez also dismissed allegations that Chrysler breached
its fiduciary duty by not directly participating in the
negotiations among the first-lien lenders, the U.S. Treasury and
EDC.

According to Judge Gonzalez, there was evidence that neither the
steering committee formed by the first-lien lenders for the
negotiation nor the government agencies sought Chrysler's
participation in the negotiations despite the automaker's offer to
get involved.  He further said that there was evidence that
Chrysler engaged in an 18-month worldwide search to seek potential
alliance partners, only that no other bidder stepped forward.

Prior to the Court's ruling, Chrysler filed in Court a revised
proposed order dated May 30, 2009 and an amended Master
Transaction Agreement and related documents, to address concerns
of creditors and other concerned parties, copies of which is
available for free at:

  http://bankrupt.com/misc/ChryslerRevisedProposedSaleOrder.pdf
  http://bankrupt.com/misc/ChryslerRevisedPurchaseAgreement.pdf

The revised Master Transaction Agreement has been designated by
Chrysler as the winning bid, and New CarCo Acquisition LLC, the
new company formed by Fiat, as the winning bidder.  The automaker
did not designate a "lead bid" or a "secondary bid" since it did
not receive other qualified bids for the assets.

                    Objections Are Overruled

Judge Gonzalez overruled objections that have not yet been
withdrawn, waived or settled.  More than 300 objections to the
sale have been filed with the Court including the objections of:

  * Limited Liability Company "Automobile plant "GAZ"
  * Miniature Precision Components Inc.
  * Exco Engineering
  * Iroquois Industries Inc.
  * Leon Plastics Inc.
  * Hoegh Autoliners AS
  * State of Ohio
  * Ad Hoc Committee Seeking Fairness for
    Warranty and Lemon Law Claimants
  * Active Burgess Mould & Design Inc., et al.
  * Worthington Industries, et al.
  * Department of Treasury of Michigan
  * Avon Automotive

Except for GAZ, the other companies had already withdrawn their
objections prior to Judge Gonzalez' ruling.  A report about the
status of the objections as of May 26, 2009 and an overview of
Chrysler's responses to the objections are available for free at:

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

Prior to the May 27 to 29 Sale Hearing, attorneys for the Debtors,
the Ad Hoc Committee of Consumer-Victims of Chrysler LLC, State of
Connecticut, Indiana Pension Funds and Robinson Brog Leinwand
Greene Genovese & Gluck P.C., on behalf of certain dealers, filed
their opening statements in Court.

Attorneys for the Debtors and the U.S. Department of Treasury
filed designations and counter-designations from the depositions
of Ronald Kolka, Matthew Feldman, Peter Grady, Steven Landry,
James Press, Thomas Lasorda, Robert Manzo and Robert Nardelli.

On behalf of 31 Affected Dealers, Eric J. Snyder, Esq., at Siller
Wilk LLP, in New York, also submitted an opening statement for the
denial of the proposed rejection of the dealership agreements.
Mr. Snyder argued that the unprecedented and unconstitutional
summary elimination of 789 dealers, some of whom have faithfully
served the debtor for three and four generations in the same
families, will result in a transfer of assets that will doom the
purchaser and add tens of millions of dollars of unnecessary
claims against the Debtors' bankruptcy estates.  Mr. Snyder
compared Chrysler with carmaker Toyota saying the Debtors'
leadership is seeking to force Toyota's square peg into Chrysler's
round hole.  Mr. Snyder also identified Joseph Roesner, vice
president of the Fontana Group, Inc., as witness whom the Affected
Dealers may call at the sale hearing.

In addition, the Indiana Pensioners tried to block approval of the
Sale by asking Judge Gonzalez to continue the Sale hearing for 30
days saying they "have not had a reasonable or sufficient
opportunity to prepare for the sale hearing."  In support of the
request, the Pensioners' counsel, White & Case LLP, filed in Court
a declaration of Owen Pell, Esq., one of the firm's lawyers.  In a
separate filing, the Pensioners asked Judge Gonzalez to strike
from the record the declarations of Chrysler officers Robert
Nardelli, Robert Manzo and James Chapman, which were filed just a
few hours before the Sale Hearing.  The Pensioners said the
declarations are untimely, giving them no time to sufficiently
review and respond.  The declarations generally recount the events
prior to Chrysler's bankruptcy filing and the circumstances
surrounding the proposed sale.

In a letter delivered to the Court, dated May 28, 2009, Gregory M.
Shumaker, Esq., at Jones Day, in Washington, D.C., informed the
Court that the Debtors have been exchanging confidential documents
and other information with certain objectors and other parties
pursuant to bilateral confidentiality agreements.

A copy of a confidentiality agreement with White & Case, on behalf
of Indiana Pensioners, for the Court's review and consideration,
is available for free at:

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

Counsel for John Bussian, et al., John F. Bloss, Esq. at
Robertson, Medlin & Blocker, PLLC, in Greensboro, North Carolina,
likewise submitted a letter to Court on May 28, 2009, asking for
permission to appear telephonically at the Sale Hearing.

         Robert Nardelli's Declaration in Support of Sale

In his declaration filed in Court, Robert L. Nardelli, chairman
and chief executive officer Chrysler LLC, addressed certain
stakeholders' actions challenging management's decision to pursue
the sale transaction with Fiat S.p.A, insinuating, although never
directly stating, that the Debtors should have done something
else.  Mr. Nardelli pointed out that the Company is burdened by
enormous liabilities, with expenses rapidly depleting, and cash
accounts and sales plummeting.  Mr. Nardelli said the Company
searched diligently for the financing it so desperately needed.
However, no one would agree to provide Chrysler the billions of
dollars vital to its survival; that is, until the U.S. Treasury
agreed to do so.

The UST was the only lender willing to invest in the Company, Mr.
Nardelli told the Court.

According to Mr. Nardelli, the Objectors speculate that they
personally may have fared better if Chrysler liquidated.  Mr.
Nardelli explained that based on the management team's expertise
and business acumen, the work product of their advisors, and the
notion and hope that Chrysler could continue and perhaps return to
profitability, the Company chose the Sale over liquidation.

The fact is that the secured lenders, including the Objectors,
will fare much better through the Sale than they would through a
liquidation, he said.  Mr. Nardelli added that there was never an
attempt or an intention to harm the lenders.  Just the opposite,
he said.  Mr. Nardelli explained that he personally worked to
obtain the highest amount possible for them.  In fact, just before
Chrysler filed for bankruptcy, he continued, the UST considered
offering more than US$2 billion to the lenders to achieve
unanimous consent.  Specifically, The UST offered US$2.25 billion
to the secured lenders but made it clear that the offer would be
open for an hour only, and only if it received unanimous consent
from the secured lenders.  While the secured lenders who are
Objectors to the Sale agreed to accept the offer, unanimous
consent was not obtained, he pointed out.

Mr. Nardelli said that while the Company wishes that customer
demand would have increased drastically in time to provide it the
liquidity it so desperately needed, this simply did not happen.
Faced with the choices presented and the information before him,
Mr. Nardelli told the Court that he is confident that approving
the Sale was an exercise of sound business judgment.

              Chrysler to Close the Deal Promptly

Chrysler Chief Executive Robert Nardelli testified at the May 28
hearing that the automaker is ready to close the deal as soon as
Judge Gonzalez granted approval.

Even with the Court's approval of the Sale, however -- which
arrived barely a month after the Company sought bankruptcy
protection -- the deal's closing could be delayed as lawyers for
the Indiana Pensioners are expected to appeal the decision, notes
reports.  An automatic 10-day stay is in effect to allow for any
appeal, though Chrysler's lawyers will almost certainly seek to
shorten that period, notes The New York Times.

The NY Times said "newly reorganized Chrysler could come out of
bankruptcy as early as this week" while The Wall Street Journal
notes that Chrysler could exit bankruptcy reorganization "as soon
as Monday."

To recall, an administration official said that Chrysler's
bankruptcy might take as long as two years and not the 60 days
projected by U.S. President Barack Obama, according to Bloomberg
News.  The administration official, whose identity was withheld,
said that the two months projected by President Obama merely
applies to the sale of the automaker's best assets to a new
company, the report noted.  Afterward, creditors would fight over
unwanted factories and other assets of the company.

Mr. Nardelli, who is to become a consultant at Chrysler's owner,
Cerberus Capital Management LP if the deal closes, admitted at the
hearing that the last thing he and his team wanted was to file for
bankruptcy.  He also admitted that Chrysler intended to reorganize
as a standalone company, however, the government refused to fund
that effort, Bloomberg reported.

Alfredo Altavilla, Fiat powertrain executive, testified that Fiat
strongly recommended that Chrysler file for bankruptcy protection
as part of the transaction.  He said that Fiat would not have
agreed to the deal if Chrysler had not sought bankruptcy
protection, the report said.

Fiat can walk away from the deal if it does not close by June 15.

Mr. Altavilla also testified during the hearing that Fiat plans to
name him and two others to the board that will head the new
company after Chrysler's bankruptcy, according to Bloomberg.

The two are Fiat Chief Executive Officer Sergio Marchionne and
former Exxon Mobil Vice Chairman Lucio Noto.  Chrysler said the
new company's chairman will be Robert Kidder, a former CEO at
Borden Chemical Inc. and Duracell International Inc., Bloomberg
reported.

                         About Chrysler

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

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

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

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

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

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

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

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

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


                        About Fiat SpA

Headquartered in Turin, Italy, Fiat SpA (BIT:F) --
http://www.fiatgroup.com/-- is principally engaged in the design,
manufacture and sale of automobiles, trucks, wheel loaders,
excavators, telehandlers, tractors and combine harvesters.
Through its subsidiaries, Fiat operates mainly in five business
areas: Automobiles, including sectors led by Maserati SpA, Ferrari
SpA and Fiat Group Automobiles SpA, which design, produce and sell
cars under the Fiat, Alfa Romeo, Lancia, Fiat Professional,
Abarth, Ferrari and Maserati brands; Agricultural and Construction
Equipment, which is led by Case New Holland Global NV; Trucks and
Commercial Vehicles, which is led by Iveco SpA; Components and
Production Systems, which includes the sectors led by Magneti
Marelli Holding SpA, Teksid SpA, Comau SpA and Fiat Powertrain
Technologies SpA, and Other Businesses, which includes the sectors
led by Fiat Services SpA, a publishing house Editrice La Stampa
SpA and an advertising agency Publikompass SpA.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on Feb. 25,
2009, Moody's Investors Service downgraded Fiat S.p.A's long term
ratings to Ba1 from Baa3 and its short term ratings to Not Prime
from Prime-3.  The outlook on the ratings is negative.  At the
same time Moody's assigned a Ba1 Corporate Family Rating.  The
rating action concluded Moody's review for downgrade initiated on
January 15, 2009.


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


BTA BANK: Samruk Rules Out Debt Issuance as Part of Restructuring
-----------------------------------------------------------------
Sujata Rao at Reuters reports that Kazakhstan's sovereign wealth
fund Samruk-Kazyna, the main shareholder of BTA, is not planning
to issue bonds as part of efforts to restructure the defaulted
debt of the bank.

"No sovereign debt or funding, that is, no Samruk-Kazyna debt
issuance is being contemplated as part of the restructuring,"
Reuters quoted Marcia Favale-Tarter, who is advising Samruk as
well as the Kazakh government, as saying.  "There will be no
option for exchanging BTA debt for the sovereign and that is
consistent with the policy of no sovereign debt or funding (for
BTA)."

BTA, Reuters discloses is trying to restructure some US$15 billion
in external debt after some of its creditors invoked an
acceleration clause last month on a US$550 million loan.

Reuters recalls Samruk, which has assets of US$70 billion, took a
78 percent stake in BTA, Kazakhstan's largest bank, in February.

BTA Bank AO (BTA Bank JSC), formerly Bank TuranAlem AO, --
http://bta.kz/-- is a Kazakhstan-based financial institution,
which is involved in the provision of banking and financial
products for private and corporate clients.  The Bank has in its
offer personal banking services, comprised of current accounts,
savings accounts, term deposits, safety deposit boxes, money
transfer services, credit facilities, and corporate banking
services, including business accounts, credit facilities, treasury
services, letters of guarantee, letters of credit, foreign
exchange services, remittances and other solutions, as well as
debt and credit cards, card services and electronic banking
services.  The Bank has 14 subsidiaries and six affiliated
companies.  It offers its services through a network of numerous
regional branches, cash settlement centers throughout Kazakhstan
and international representative offices located in Ukraine,
Russia, China and the United Arab Emirates.


COMEK BUSINESS: Creditors Must File Claims by June 19
-----------------------------------------------------
Creditors of LLP Comek Business have until June 19, 2009, to
submit proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of Karaganda
         Alalykin Str. 9
         Karaganda
         Kazakhstan

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


KOB STROY: Creditors Must File Claims by June 19
------------------------------------------------
Creditors of LLP Kob Stroy have until June 19, 2009, to submit
proofs of claim to:

         Altynsarin Str. 31
         Aktobe
         Aktube
         Kazakhstan

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

The Court is located at:

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


RADIAN PLUS: Creditors Must File Claims by June 19
--------------------------------------------------
Creditors of LLP Radian Plus have until June 19, 2009, to submit
proofs of claim to:

         Voroshilov Str. 4-11
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan

The Specialized Inter-Regional Economic Court of East Kazakhstan
commenced bankruptcy proceedings against the company on March 16,
2009, after finding it insolvent.

The Court is located at:

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


TDK SAUDA: Creditors Must File Claims by June 19
------------------------------------------------
Creditors of LLP TDK Sauda have until June 19, 2009, to submit
proofs of claim to:

         Altynsarin Str. 31
         Aktobe
         Aktube
         Kazakhstan

The Specialized Inter-Regional Economic Court of Aktube commenced
bankruptcy proceedings against the company on March 24, 2009,
after finding it insolvent.

The Court is located at:

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


XXI VEK: Creditors Must File Claims by June 19
----------------------------------------------
Creditors of LLP Company XXI Vek Kazakhstana have until June 19,
2009, to submit proofs of claim to:

         Voroshilov Str. 4-11
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan

The Specialized Inter-Regional Economic Court of East Kazakhstan
commenced bankruptcy proceedings against the company on March 19,
2009, after finding it insolvent.

The Court is located at:

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


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


EUROASIA ACO: Creditors Must File Claims by July 3
--------------------------------------------------
LLC Euroasia Aco is undergoing liquidation.  Creditors have until
July 3, 2009, to submit proofs of claim to:

         Satvaldiyev Str. 8
         Djalal-Abad
         Kyrgyzstan


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


GDYNIA: Bulk of Assets Sold to United International Trust
---------------------------------------------------------
Jan Cienski and Stefan Wagstyl at the Financial Times reports that
the Investment Development Agency on Thursday signed an agreement
selling the bulk of the assets of two of Poland's shipyards,
Gdynia and Szczecin, to Netherlands-registered United
International Trust.

According to the report, the core of both shipyards was sold to
Stichting Particulier Fonds Greenrights, representing United
International Trust, which offered PLN288 million (US$90 million,
EUR65 million, GBP56 million) for most of the yard in Gdynia and
PLN161 million for the Szczecin shipyard.

The report recalls the yards were forced into liquidation by the
European Commission, which found they had received illegal
government aid.  The Commission, the report relates, ruled that
the yards had to be broken up into smaller units, which were
offered for sale via auction.

As reported in the Troubled Company Reporter-Europe Nov. 12, 2008,
following four years of investigation, the European Commission
concluded that state aid granted to Gdynia shipyard and Szczecin
shipyard gives rise to disproportionate distortions of competition
within the Single Market, in breach of EC Treaty state aid rules,
and must be repaid.

Since 2002, Gdynia Shipyard benefited from various aid measures
(in particular capital injections, loans and tax write-offs)
amounting to EUR700 million and from production guarantees of
EUR916 million (both in nominal value).  Szczecin Shipyard
received aid of EUR1 billion as well as production guarantees of
EUR697 million (again, in nominal value).

The two yards have been in difficulties since the 1990s.  In April
2004, Poland notified restructuring aid for the two yards and the
Commission opened formal investigations in June 2005.  Poland
submitted restructuring plans for both yards in September 2005 and
September 2006, both with substantial delays.  None of the plans
would have ensured long-term viability to the yards and the
restructuring would have been financed entirely by state aid.

In December 2006, Poland decided to privatize the shipyards, a
process, delayed several times, that eventually progressed in the
course of the year and lead to potential investors submitting
restructuring plans for the two yards on September 12, 2008.  The
plans represented an improvement in comparison to previous
versions.  However, despite further large amounts of state aid and
substantial job losses foreseen in these plans, the yards would
still not have been commercially viable.  The Commission therefore
concluded that the subsidies received by the Gdynia and Szczecin
shipyards did not comply with the guidelines on rescue and
restructuring aid but rather constituted illegal operating aid.
The Commission decision requires repayment of the illegal aid.

                       About Stocznia Gdynia

Located in Port of Gdynia, Poland, Stocznia Gdynia S.A. --
http://www.stocznia.gdynia.pl/-- engages in the construction of
ships, partly equipped hulls, ship's sections, superstructures,
and steel constructions.  The company also engages in the
production and distribution of technical gases, hot water, and
steam, as well as research and development works in technical
studies.


SZCZECIN: United International Trust Acquires Bulk of Assets
------------------------------------------------------------
Jan Cienski and Stefan Wagstyl at the Financial Times reports that
the Investment Development Agency on Thursday signed an agreement
selling the bulk of the assets of two of Poland's shipyards,
Gdynia and Szczecin, to Netherlands-registered United
International Trust.

According to the report, the core of both shipyards was sold to
Stichting Particulier Fonds Greenrights, representing United
International Trust, which offered PLN288 million (US$90 million,
EUR65 million, GBP56 million) for most of the yard in Gdynia and
PLN161 million for the Szczecin shipyard.

The report recalls the yards were forced into liquidation by the
European Commission, which found they had received illegal
government aid.  The Commission, the report relates, ruled that
the yards had to be broken up into smaller units, which were
offered for sale via auction.

As reported in the Troubled Company Reporter-Europe Nov. 12, 2008,
following four years of investigation, the European Commission
concluded that state aid granted to Gdynia shipyard and Szczecin
shipyard gives rise to disproportionate distortions of competition
within the Single Market, in breach of EC Treaty state aid rules,
and must be repaid.

Since 2002, Gdynia Shipyard benefited from various aid measures
(in particular capital injections, loans and tax write-offs)
amounting to EUR700 million and from production guarantees of
EUR916 million (both in nominal value).  Szczecin Shipyard
received aid of EUR1 billion as well as production guarantees of
EUR697 million (again, in nominal value).

The two yards have been in difficulties since the 1990s.  In April
2004, Poland notified restructuring aid for the two yards and the
Commission opened formal investigations in June 2005.  Poland
submitted restructuring plans for both yards in September 2005 and
September 2006, both with substantial delays.  None of the plans
would have ensured long-term viability to the yards and the
restructuring would have been financed entirely by state aid.

In December 2006, Poland decided to privatize the shipyards, a
process, delayed several times, that eventually progressed in the
course of the year and lead to potential investors submitting
restructuring plans for the two yards on September 12, 2008.  The
plans represented an improvement in comparison to previous
versions.  However, despite further large amounts of state aid and
substantial job losses foreseen in these plans, the yards would
still not have been commercially viable.  The Commission therefore
concluded that the subsidies received by the Gdynia and Szczecin
shipyards did not comply with the guidelines on rescue and
restructuring aid but rather constituted illegal operating aid.
The Commission decision requires repayment of the illegal aid.

                  About Stocznia Szczecinska

Headquartered in Szczecin, Poland, Stocznia Szczecinska Nowa
Sp. z o.o. -- http://www.ssn.pl/-- specialized in the
construction of container, chemicals transport, multi-purpose
and Con-Ro ships.  The company has been in insolvency after
experiencing substantial reduction of new ship orders, sharp
price decline, and several years of high exchange rate
between the Polish zloty and U.S. dollar.


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


KARELSKIY WOOD-SAWING: Creditors Must File Claims by June 15
------------------------------------------------------------
The Arbitration Court of Karelia commenced bankruptcy proceedings
against LLC Karelskiy Wood-Sawing Factory after finding the
company insolvent.  The case is docketed under Case No. ?26
2054/2009.

Creditors have until June 15, 2009, to submit proofs of claims to
Ye.Idelchik, the company's insolvency manager.

The Debtor can be reached at:

         LLC Karelskiy Wood-Sawing Factory
         Zaitseva Str. 72
         185000 Petrozavodsk
         Russia


LES-KOM LLC: Creditors Must File Claims by July 15
--------------------------------------------------
The Arbitration Court of Krasnodarskiy commenced bankruptcy
proceedings against  LLC Les-Kom (TIN 2315110089, PSRN
1042309094717)(Forestry) after finding the company insolvent.  The
case is docketed under Case No. ?-3212832/200838/762B.

Creditors have until July 15, 2009, to submit proofs of claims to:

         A. Udachin
         Insolvency Manager
         Office 307
         Kolkhoznaya Str. 3
         350042 Krasnodar
         Russia

The Debtor can be reached at:

         LLC Les-Kom
         Rubina Str. 11/310
         Novorossiysk
         Russia


POLIGRAF-MASH OJSC: Creditors Must File Claims by July 15
---------------------------------------------------------
The Arbitration Court of Dagestan has commenced external
management bankruptcy procedure on OJSC Poligraf-Mash
(TIN 0546011652, PSRN 1020502233828) (Metallurgy).  The Case is
docketed under No. ?151968/2008.

Creditors have until July 15, 2009, to submit proofs of claims to:

         R. Kochkarov
         External Insolvency Manager
         Kommunisticheskaya Str. 108
         Karachaevsk
         369200 Karachaevo-Cherkessia
         Russia

The Court is located at:

         The Arbitration Court of Dagestan
         Prospect R.Gamzatova 91
         Makhachkala
         367002 Dagestan
         Russia

The Debtor can be reached at:

         OJSC Poligraf-Mash
         Shamilya Str. 4
         Kizilyurt
         Dagestan
         Russia


YUGORSKAYA FUEL: Creditors Must File Claims by June 15
------------------------------------------------------
The Arbitration Court of Moscow commenced bankruptcy supervision
procedure on LLC Yugorskaya Fuel and Power Company.  The case is
docketed under Case No. ? 4018803/093852B.

Creditors have until June 15, 2009, to submit proofs of claims to:

         N. Komkov
         Temporary Insolvency Manager
         Lenina Str. 30
         Kasimov
         391300 Ryazanskaya
         Russia

The Debtor can be reached at:

         LLC Yugorskaya Fuel and Power Company
         Office 1302
         Building 1
         Yushunskaya Str. 1
         Moscow
         Russia


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


CUMINO GMBH: Creditors Must File Proofs of Claim by June 19
-----------------------------------------------------------
Creditors of Cumino GmbH are requested to file their proofs of
claim by June 19, 2009, to:

         Thomas Hentz
         Liquidator
         Hirschgasslein 11
         4010 Basel
         Switzerland

The company is currently undergoing liquidation in Allschwil.  The
decision about liquidation was accepted at a shareholders' meeting
held on April 20, 2009.


DEIN TRADING: Claims Filing Deadline is June 22
-----------------------------------------------
Creditors of Dein Trading GmbH are requested to file their proofs
of claim by June 22, 2009, to:

         Dein Trading GmbH
         Kirchstrasse 53
         8807 Freienbach
         Switzerland

The company is currently undergoing liquidation in Freienbach.
The decision about liquidation was accepted at a shareholders'
meeting on April 1, 2009.


DELIGO HOLDING: Creditors Have Until June 18 to File Claims
-----------------------------------------------------------
Creditors of Deligo Holding AG are requested to file their proofs
of claim by June 18, 2009, to:

         Treuhand Peng GmbH
         Bahnhofstrasse 8
         7000 Chur
         Switzerland

The company is currently undergoing liquidation in Chur.  The
decision about liquidation was accepted at an extraordinary
general meeting held on April 21, 2009.


VOLKSDRUCKEREI BASEL: Claims Filing Deadline is June 22
-------------------------------------------------------
Creditors of Volksdruckerei Basel AG are requested to file their
proofs of claim by June 22, 2009, to:

         Volksdruckerei Basel AG
         St. Johanns-Vorstadt 19
         4056 Basel
         Switzerland

The company is currently undergoing liquidation in Basel.  The
decision about liquidation was accepted at a general meeting held
on Jan. 14, 2009.


LUMO SYSTEMS: Creditors Have Until June 22 to File Claims
---------------------------------------------------------
Creditors of Lumo Systems Engineering GmbH are requested to file
their proofs of claim by June 22, 2009, to:

         Holzer und Luethi AG
         Liquidator
         Bahnhofstrasse 110
         4313 Moehlin
         Switzerland

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


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


AGRICULTURAL COMPLEX: Creditors Must File Claims by June 12
-----------------------------------------------------------
Creditors of LLC Agricultural Complex (code EDRPOU 13298225) have
until June 12, 2009, to submit proofs of claim to Pension Fund
Department in Leninsky District of Vinnitsa, the company's
insolvency manager.

The Economic Court of Vinnitsa commenced bankruptcy proceedings
against the company on Dec. 9, 2008.  The case is docketed under
Case No. 5/301-08.

The Court is located at:

         The Economic Court of Vinnitsa
         Hmelnitsky Highway 7
         21100 Vinnitsa
         Ukraine

The Debtor can be reached at:

         LLC Agricultural Complex
         Keletskaya Str. 53
         Vinnitsa
         Ukraine


ATLANTA BUILDING: Creditors Must File Claims by June 12
-------------------------------------------------------
Creditors of LLC Atlanta Building Service (code EDRPOU 35264302)
have until June 12, 2009, to submit proofs of claim to
Y. Vanzhula, the company's insolvency manager.

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on April 22, 2009.  The case is docketed under
Case No. 44/375-b-49/127-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 Atlanta Building Service
         Kikvidze Str. 11
         01103 Kiev
         Ukraine


EKVITEK LLC: Creditors Must File Claims by June 11
----------------------------------------------------
Creditors of LLC Ekvitek (code EDRPOU 35677228) have until
June 11, 2009, to submit proofs of claim to A. Olefirenko, the
company's insolvency manager.

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on April 27, 2009.  The case is docketed under
Case No. 49/159-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 Ekvitek
         Podgornaya/Tatarskaya str. 3/7
         Kiev
         Ukraine


FANCOR LLC: Creditors Must File Claims by June 11
----------------------------------------------------
Creditors of LLC Fancor (code EDRPOU 34764646) have until
June 11, 2009, to submit proofs of claim to A. Olefirenko, the
company's insolvency manager.

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on April 27, 2009.  The case is docketed under
Case No. 49/161-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 Fancor
          Artem Str. 103
          Kiev
          Ukraine


MALT EXTRACTS: Creditors Must File Claims by June 12
----------------------------------------------------
Creditors of LLC Malt Extracts Kiev Plant (code EDRPOU 19246844)
have until June 12, 2009, to submit proofs of claim to:

         A. Revunov
         Insolvency Manager
         Office 25
         Balzac str. 4
         02225 Kiev
         Ukraine

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company on April 29, 2009.

The Court is located at:

         The Economic Court of Kharkov
         Svoboda Square 5
         61022 Kharkov
         Ukraine

The Debtor can be reached at:

         LLC Malt Extracts Kiev Plant
         Shevchenko Str. 24
         61013 Kharkov
         Ukraine


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


ALBA MINERAL: Gives Up Exploration Licenses, Needs to Raise Cash
----------------------------------------------------------------
Hamish Rutherford at The Scotsman reports that Alba Mineral
Resources plc has relinquished its licenses to explore at sites in
Aberfeldy and the Ochil Hills in Perthshire, at Kilmelford in
Argyllshire and Arthrath in Aberdeenshire as it struggles to raise
cash.

The Scotsman relates the company on Thursday warned it needed to
raise cash to continue to operate.

"The license costs for gold and silver of these grass root
projects is prohibitive under the current economic climate," the
Scotsman quoted managing director Michael Nott as saying in a
statement to the London Stock Exchange.

Citing the company's annual report, published Thursday, the
Scotsman discloses Alba posted a pre-tax loss of GBP1.02 million
in the year to November 30.  The report notes the company's
current assets have plunged 87 per cent to GBP54,077.
According to the Scotsman, the annual report, which has been
posted to shareholders, will include a note from the company's
auditors highlighting the fact that Alba will need to raise
additional capital to continue as a going concern.

Headquartered in London, Alba Mineral Resources Plc --
http://www.albamineralresources.com/-- is a holding company.
Through its subsidiaries, the Company operates as a junior
exploration and development company with a commodity focus on
uranium, nickel and gold.  Its subsidiary, Aurum Mineral Resources
Limited, holds or has applied for exclusive rights to explore a
portfolio of mineral exploration properties.  These are primarily
nickel and gold exploration projects in Scotland and Ireland.  Its
interests include the Arthrath nickel-copper-platinum group metal
property in Scotland, the Bohaun gold project in Ireland, and nine
exploration licenses in northern and southern Sweden.  During the
fiscal year ended November 30, 2007, its principal exploration
activities focused on four areas: unconformity and granite-hosted
uranium mineralization in Mauritania; iron oxide-copper-gold
mineralization in southern Mauritania; magmatic-hosted, nickel-
copper-platinum group elements project in Scotland, and carbonate-
hosted, lead-zinc mineralization in Ireland.


CORSAIR NO 2: S&P Lowers Rating on US$102.6 Mln Notes to 'D'
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on Series 70
US$102.6 million floating-rate secured portfolio credit-linked
notes due 2010 issued by Corsair (Jersey) No. 2 Ltd. to 'D' from
'CCC-'.

The rating downgrade reflects a loss incurred by the noteholders.
The portfolio in the transaction had suffered several credit
events, which resulted in an aggregate loss that exceeded the
available subordination and reduced the principal amount of the
notes.  There has been an interest payment shortfall on the most
recent interest payment date.

The rating action on the affected transaction is:

Rating lowered:

     Name                          Rating To      Rating From
     ----                          ---------      -----------
     Corsair (Jersey) No. 2 Ltd.   D              CCC-
     Series 70


JJB SPORTS: Sports Direct Sells 4.8% Directly-Owned Stake
---------------------------------------------------------
The Scotsman reports that Sports Direct International has
offloaded its 4.8 per cent directly-owned stake in JJB Sports plc.

According to the report, Sports Direct, owned by Mike Ashley, sold
11.9 million ordinary shares.  The report says JD Sports Fashion,
which has a near-10 per cent stake in JJB, was among those rumored
to have been in the frame as a buyer.

                               CVA

On June 2, 2009,the Troubled Company Reporter-Europe, citing
Reuters, reported that JJB said on Friday its company voluntary
arrangement (CVA) proposal has become effective.  Reuters recalled
the CVA was approved by creditors and shareholders late last month
but was subject to challenge for 28 days, a period that has now
expired.  The CVA, Reuters disclosed, will see JJB settle the
claims of landlords of 140 closed stores and move from quarterly
to monthly rent payments on 253 remaining stores.  Reuters noted
following its implementation JJB expects new financing of GBP50
million from Barclays and Lloyds to become available shortly.

                        About JJB Sports

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


LOOKERS PLC: Inks GBP210 Mln Refinancing Deal With Lenders
----------------------------------------------------------
James Hall at Telegraph.co.uk reports that Lookers plc said that
it reached a GBP210 million refinancing deal with its lenders.

The report relates Lookers has scrapped its final dividend payment
to shareholders.  The company, as cited in the report, said "The
board's priority is to focus on debt reduction, following which it
will return to a progressive dividend policy."  The report recalls
the company paid an interim dividend of 1.6p last November.

The company, the report discloses, saw its pre-tax profit drop by
43% to GBP14 million over the year to December 31 as a result of
the slowdown in the car marker.  The report notes despite the
decline in the UK car market, the company managed to increase its
revenue over the year to GBP1.78 billion from GBP1.68 billion by
growing its parts distribution business and its aftercare
division.

On May 4, 2009, the Troubled Company Reporter-Europe, citing
Telegraph.co.uk, reported the company's debt has risen to 19pc to
nearly GBP150 million, putting it at at risk of breaching its
banking covenants.

Headquartered in Manchester, United Kingdom, Lookers PLC --
http://www.lookers.co.uk/-- is a motor retail company engaged in
the sale, hire and maintenance of motor vehicles and motorcycles,
including the sale of tires, oil, parts and accessories.  As at
December 31, 2007, the Company was organized into three main
business segments: franchised businesses, used car supermarkets
and parts distribution.  On May 17, 2007, the Company acquired BTN
Turbo Charger Service Limited.  On August 29, 2007, it acquired
certain assets from the Administrator of Dixons Motor Group.  On
October 26, 2007, the Company acquired Dutton Forshaw Group
Limited, the motor retail division of Lloyds TSB Asset Finance
Division.


MANSARD MORTGAGES: S&P Junks Rating on Class B2a 2007-1 Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on 13 tranches issued by
Mansard Mortgages 2006-1 PLC, Mansard Mortgages 2007-1 PLC, and
Mansard Mortgages 2007-2 PLC.  At the same time, S&P removed from
CreditWatch negative and affirmed the class M1a notes and affirmed
S&P's ratings on the class A2a notes issued by Mansard 2006-1 and
the class A1a and A2a notes issued by Mansard 2007-1.

The rating actions are based on S&P's assessment that there has
been a rapid deterioration in collateral performance and on S&P's
expectations of a continued decline in U.K. house prices, absent
other factors.

In Mansard 2006-1 and 2007-1, in S&P's opinion, the deteriorating
collateral performance is most typically represented by the high
and rapidly increasing arrears levels.  Currently, total
delinquencies (loans in over one month arrears, including
repossessions) stand at 47.35% in Mansard 2006-1 and 35.59% in
Mansard 2007-1, both of which are well above S&P's nonconforming
residential mortgage-backed securities sector index for the
corresponding period.  S&P understands that the arrears have led
to high levels of repossession and subsequent losses.  Mansard
2007-2 also suffers from increasing arrears, repossessions, and
losses, although the absolute level of these is much lower than
the other two since it is less seasoned.  In addition, its low
constant prepayment rate has meant that this transaction has not
benefited from deleveraging in the same way as the other
transactions.  The CPR is currently 0.55%, which is far below the
index rate of 23.97% for the corresponding period.  Furthermore,
the highest CPR the deal has so far achieved in any quarter is
2.45%.

S&P has seen declining house values put downward pressure on RMBS
transactions due to increased loan-to-value ratios for the
underlying mortgages.  This has affected Mansard 2007-2, which
closed in December 2007, the most of the three deals since the
loans it securitizes were originated closest to the U.K. housing
market peak.  According to the March 2009 investor report, the un-
indexed weighted-average current LTV ratio was 85.03%.  Between
December 2007 and March 2009, Nationwide's house price index
indicated a 17.1% fall in U.K. house prices.  Therefore, in S&P's
opinion, a significant proportion of the pool is now likely to be
in negative equity.

S&P's credit analysis and subsequent cash flow simulation showed
that the transactions' current credit enhancement is not
consistent with the current rating levels, hence the downgrades.
In particular, S&P has lowered to 'CCC' S&P's ratings on Mansard
2007-1's most junior notes since, in S&P's opinion, the deal's
reserve fund is likely to be fully depleted sooner than the other
two transactions.

S&P will continue to monitor all three transactions as further
deterioration could lead to further rating actions, all else being
equal.

                           Ratings List

                   Mansard Mortgages 2006-1 PLC
         GBP500 Million Mortgage-Backed Floating-Rate Notes

      Ratings Lowered and Removed From CreditWatch Negative

                             Rating
                             ------
       Class           To                    From
       -----           --                    ----
       M2a             BBB                   A/Watch Neg
       B1a             BB                    BBB/Watch Neg
       B2a             B-                    B/Watch Neg

      Rating Removed From CreditWatch Negative And Affirmed

                             Rating
                             ------
       Class           To                    From
       -----           --                    ----
       M1a             AA                    AA/Watch Neg

                         Rating Affirmed

                         Class      Rating
                         -----      ------
                         A2a        AAA

                   Mansard Mortgages 2007-1 PLC
         GBP250 Million Mortgage-Backed Floating-Rate Notes

      Ratings Lowered and Removed From CreditWatch Negative

                             Rating
                             ------
       Class           To                    From
       -----           --                    ----
       M1a             AA-                   AA/Watch Neg
       M2a             BBB-                  A/Watch Neg
       B1a             BB-                   BBB/Watch Neg
       B2a             CCC                   B/Watch Neg

                         Ratings Affirmed

                        Class      Rating
                        -----      ------
                        A1a        AAA
                        A2a        AAA

                   Mansard Mortgages 2007-2 PLC
         GBP550 Million Mortgage-Backed Floating-Rate Notes

      Ratings Lowered and Removed From CreditWatch Negative

                             Rating
                             ------
       Class           To                    From
       -----           --                    ----
       A1a             AA-                   AAA/Watch Neg
       A2a             AA-                   AAA/Watch Neg
       M1a             A-                    AA/Watch Neg
       M2a             BBB-                  A/Watch Neg
       B1a             BB-                   BBB/Watch Neg
       B2a             B-                    B/Watch Neg


PINEWOOD MEDIA: Goes Into Administration; Vantis Appointed
----------------------------------------------------------
Simeon Goldstein at packagingnews.co.uk reports that Pinewood
Media Group has gone into administration.

The report relates Jason Baker and Geoffrey Rowley of Vantis
Business Recovery Services in London were appointed to the PMG on
May 15.

According to the report, in the year to June 30, 2007, the last
period for which results are available, PMG recorded a pre-tax
profit on ordinary activities of GBP529,488 from GBP9.6 million
sales, compared to a pre-tax loss of GBP289,823 on sales of
GBP6.5 million in the previous year.

Based in Reading, Pinewood Media Group -- http://www.pmg.biz/--
is a packaging and printing specialist.  It produces a range of
printed cartonboard packaging such as promotional DVD cases for
Paramount Pictures and bespoke packaging for United Biscuits.


RON MARSH: Goes Into Liquidation
--------------------------------
Dominic Perry at RoadTransport.com reports that according to
documents filed at Companies House, Newcastle-under-Lyme-based
haulier Ron Marsh has entered into liquidation.

The liquidation is being handled by Duncan Morris, the report
discloses.  The report relates in the company's statement of
affairs, Mr. Morris said Ron Marsh, owned by Kevin Tinnelly, has a
total deficiency of GBP1.9 million.  Mr. Morris also said that
GBP600,000 of the GBP1.9 million owed by the company to Northern
Rock will be paid off through the realisation of property.

The report recalls Tinnelly International Transport acquired Ron
Marsh in February 2006.  According to the report, TIT is owed
GBP540,000 by the Staffordshire business.


SETANTA SPORTS: In Talks W/ Backers to Plug GBP50 Mln Funding Gap
-----------------------------------------------------------------
Amy Wilson at Telegraph.co.uk reports that Setanta Sports is still
in talks with its backers to plug a funding gap.

According to Telegraph.co.uk, the company has to find GBP100
million to secure its future.  Telegraph.co.uk relates Setanta's
private-equity backers Doughty Hanson, Balderton Capital and
Goldman Sachs, have reportedly offered to inject GBP50
million into the company, leaving the sports broadcaster with up
to GBP50 million to find.  Doughty Hanson and Balderton each own
about 20pc of Setanta, while Goldman Sachs holds less than 5pc,
Telegraph.co.uk notes.

Telegraph.co.uk recalls the company approached rival BSkyB for a
GBP50 million advance payment on a deal under which Sky could sell
Setanta broadcasts to its Sky Sports subscribers, but the
proposal, which took the form of an interest-free loan, has
reportedly been rejected.

                     Administration Threat

James Ashton at The Sunday Times reports Setanta is in crunch
talks with right holders, including the PGA golf tour.  The
company, the Sunday Times states, is seeking to negotiate some of
its rights deals down by 25%.  The Sunday Times says the stand-off
between sports bodies and shareholders could yet force Setanta
into administration.  Deloitte is already advising the company and
would be appointed as administrator if required, the Sunday Times
notes.

The Sunday Times recalls Setanta, which has 1.2m customers, got
into trouble when it won the rights to screen only 23 Premier
League fixtures per season from 2010, raising doubts over its
future viability.  It has until June 15 to make a GBP35 million
payment to the Premier League, the Sunday Times states.

The Sunday Times discloses Setanta's refinancing negotiations are
led by a recently-appointed team including Sir Robin Miller, the
former Emap executive.

Setanta Sports -- http://www.setanta.com/-- is an international
sports broadcaster with operations in Great Britain, Ireland,
Luxembourg, USA, Canada and Australia.  It owns and operates
premium sports TV channels that are made available on a
subscription basis to residential and commercial customers through
satellite, cable, digital terrestrial, broadband and mobile
distribution.


SOUTHERN PACIFIC: S&P Affirms Junk Ratings on Two Classes of Notes
------------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
seven classes of notes issued by Southern Pacific Securities 06-1
PLC and removed six of those from CreditWatch negative.  At the
same time, S&P affirmed the senior 'AAA' rated notes and the
junior 'CCC' rated notes.

The rating actions follow a full credit and cash flow analysis of
the most recent information that S&P has received . The rating
actions are based on S&P's assessment that there has been a
further weakening in collateral performance and an increasing
negative trend in key performance indicators.

According to the March 2009 investor report, the transaction drew
GBP736,608 on its reserve fund, which is now at 45.04% of its
required amount.  Repossessions have increased to 8.25% from 4.64%
in the June 2008 investor report, with cumulative losses rising 77
basis points to 1.48%, over the same period.  Delinquencies are
also of concern since 48.69% of the portfolio is in arrears, of
which 32.35% are reported to have been in arrears for more than 90
days.

In S&P's opinion, the transaction will benefit from the A2c DAC
notes having made their last interest payment this quarter.  S&P
withdrew its rating on these notes following the final payment.
At the March interest payment date, these notes received
GBP723,080. The absence of this payment going forward, will, in
S&P's view, relieve some of the pressure on cash flow.  However,
S&P also currently expect the transaction to continue to
experience further repossessions and losses.

S&P will continue to monitor the transaction's performance in
coming quarters, paying particular attention to such factors as
long-term arrears, future repossessions, losses, and loss
severities.

                           Ratings List

              Southern Pacific Securities 06-1 PLC
     GBP140.45 Million, EUR157.85 Million And $199.15 Million
   Mortgage-Backed Floating-Rate Notes, Plus an Over Issuance Of
  GBP13.68 Million and GBP2.88 Million Deferrable Interest Notes


      Ratings Lowered and Removed From CreditWatch Negative

                              Rating
                              ------
        Class          To                    From
        -----          --                    ----
        B1c            A                     AA/Watch Neg
        C1a            BBB-                  A/Watch Neg
        C1c            BBB-                  A/Watch Neg
        D1a            B                     BB/Watch Neg
        D1c            B                     BB/Watch Neg
        DTc            B                     BB/Watch Neg

                          Rating Lowered

                                    Rating
                                    ------
             Class          To                    From
             -----          --                    ----
             E1c            B-                    B

                         Ratings Affirmed

                       Class        Rating
                       -----        ------
                       A2a            AAA
                       A2c            AAA
                       ETc            CCC
                       FTc            CCC


TATA MOTORS: May Need to Pump Funds to Plug JLR Pension Deficit
---------------------------------------------------------------
India's Tata Motors Ltd may have to infuse funds to meet the
widening gap in the the pension plans operated by Jaguar Land
Rover, Lijee Philip & MV Ramsurya at the Economic Times report
citing people familiar with the development.

According to the report, the sharp fall in equities, especially
since September last year, has increased the deficit in the
pension plans operated by JLR.  The report relates two people
familiar with the situation said JLR has already increased the
contribution from employees to 7% of their salary from 6%, but
this may not be enough.

"All we are able to report at this time is that we work closely
with the trustees to ensure that the pension plans are
appropriately funded on a long-term basis," the report quoted
Simon Warr, director communications at JLR, as saying.

The report recalls early this month, JLR increased employees'
contribution to partially meet unfunded liabilities, while
reducing the Tatas' contribution by one percentage.   Citing a
member of Unite, a union of autoworkers', including employees of
JLR, the report discloses the savings to Tata Motors from the
reduction in the contribution to the scheme is around
US$70 million to US$100 million.

The report states just ahead of the purchase by the Tatas, Ford,
JLR's former parent, invested US$600 million into the pension
plans, but it appears now that the money has not been enough, the
report discloses.   The report notes HR experts say that the
impact of the securities market increases if the company follows
the Defined Benefit Plan.

                    About Tata Motors

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-'.  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.


WISE 2006-1: S&P Junks Rating on Class C Notes From 'B-'
--------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on the
class A, B, and C notes issued by WISE 2006-1 PLC.  At the same
time, S&P removed the class C notes from CreditWatch negative.

Between December 2008 and April 2009, S&P based its surveillance
on the WISE 2006-1 notes on an incorrect credit enhancement
figure.  S&P based the credit enhancement percentage S&P uses in
its SROC (synthetic rated overcollateralization) calculation on a
smaller portfolio notional amount, which led to the enhancement
percentage being stated as higher than it should have been.  If
the error had not occurred, the rating action would have occurred
some months previous.

The rating action on the WISE 2006-1 notes results from the
discovery of the error.

                          Ratings List


                         WISE 2006-1 PLC
        GBP63.75 Million Floating-Rate Credit-Linked Notes

                        Ratings Lowered

                                   Rating
                                   ------
            Class          To                     From
            -----          --                     ----
            A              BB-                    BB
            B              B                      B+

       Rating Lowered and Removed From CreditWatch Negative

                              Rating
                              ------
       Class          To                     From
       -----          --                     ----
       C              CCC+                   B-/Watch Neg

                            *********

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-
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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.

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                 * * * End of Transmission * * *