TCREUR_Public/090610.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 10, 2009, Vol. 10, No. 113

                            Headlines

A U S T R I A

JOSEF BESTA: Claims Filing Deadline is June 23
OBERMANN GMBH: Creditors Must File Claims by June 29
ODAG KASAI: Claims Filing Deadline is June 22
SACOM METALS: Creditors Must File Claims by June 23
SKALA BAR-RESTAURANT: Creditors Have Until June 23 to File Claims

WIENERBERGER AG: Moody's Assigns 'Ba1' Corporate Family Rating


D E N M A R K

FIONIA BANK: Moody's Withdraws 'E' Bank Financial Strength Rating


F R A N C E

CMA CGM: Moody's Withdraws 'B1' Ratings for Business Reasons


G E O R G I A

* Moody's Reviews 'D-' BFSRs of Two Georgian Banks for Downgrade


G E R M A N Y

ARCANDOR AG: German Gov't Rejects Request for EUR650 Mln State Aid


G R E E C E

TOP SHIPS: Posts US$1.37 Mln Net Income in First Quarter 2009


I R E L A N D

BAG SHOP: Goes Into Provisional Liquidation
BANK OF IRELAND: S&P Raises Ratings on Four Securities to 'B'
CLOVERIE PLC: S&P Junks Rating on Class C Series 2005-33 Notes


I T A L Y

ALITALIA SPA: Bid Deadline for Alico Stake Moved


K A Z A K H S T A N

ALOSTA ENTERPRISE: Creditors Must File Claims by June 26
KOMEK LTD: Creditors Must File Claims by June 26
KULAGER AS: Creditors Must File Claims by June 26
TRANS MUNAI: Creditors Must File Claims by June 26
TURNER INTERNATIONAL: Creditors Must File Claims by June 26


K Y R G Y Z S T A N

BISHKEK AUTO: Creditors Must File Claims by July 10


L I T H U A N I A

* LITHUANIA: EU Commission Authorizes Temporary Aid Scheme


N E T H E R L A N D S

ASTIR BV: S&P Junks Rating on EUR35 Mln Series 29 Notes
IFCO SYSTEMS: S&P Gives Stable Outlook; Affirms 'BB-' Rating
KHAMSIN CREDIT: S&P Withdraws 'CCC+' Rating on EUR5 Mil. Notes
NXP BV: S&P Cuts Long-Term Corporate Credit Rating to 'CC'


R O M A N I A

* ROMANIA: EU Commission Authorizes Temporary Guarantee Scheme


R U S S I A

BUKET-STROY LLC: Creditors Must File Claims by July 15
DREV-MASH-SERVIS LLC: Creditors Must File Claims by June 15
EVRAZ GROUP: Moody's Reviews 'Ba3' Rating for Possible Downgrade
PROM-ENERGO-AVTO LLC: Creditors Must File Claims by July 15
PROM-STROY LLC: Creditors Must File Claims by June 15

SPETS-STROY LLC: Creditors Must File Claims by June 15
SVYAZNVESTNEFTEKHIM OAO: Moody's Gives Neg. Outlook on Ba1 Rating


S P A I N

CAIXA SABADELL: Fitch Cuts Rating on Preference Shares to 'BB'
CAIXA TERRASSA: Fitch Lowers Rating on Preference Shares to 'BB'
GC SABADELL: Moody's Assigns '(P)Ba2' Rating on Series C Notes

* SPAIN: EU Commission Authorizes Temporary Aid Scheme


S W I T Z E R L A N D

HDI-GERLING VERSICHERUNGSSERVICE: Claims Registration Ends June 30
INTER SOFT: Creditors Must File Claims by June 30
MECHEL ENERGY: Creditors Have Until June 30 to File Claims
SCHARER UMWELTTECHNIK: Claims Filing Deadline is June 30
WWZ TRADING: Claims Filing Deadline is June 15


U K R A I N E

EURASIA LLC: Creditors Must File Claims by June 18
OLIMPUS-K LLC: Court Starts Bankruptcy Supervision Procedure
PETROLEUM CHEMICAL: Creditors Must File Claims by June 18
STAKE LTD: Creditors Must File Claims by June 17
VELAN TELECOM: Creditors Must File Claims by June 18


U N I T E D   K I N G D O M

BRADFORD & BINGLEY: Moody's Junks Junior Subordinated Debt Ratings
DAIRY FARMERS: Milk Link to Take Over Llandyrnog Plant
DAIRY FARMERS: Lubborn Cheese Sold to Lactalis McLelland
KEY DATA: Forced Into Administration by the FSA
LDV GROUP: Placed Into Administration; 810 Jobs Axed

LLOYDS BANKING: Shareholders Back GBP4 Billion Fundraising
MORTGAGES NO 7: S&P Lowers Rating on Class E Notes to 'B'
RANK GROUP: High Court Upheld Claim for Overpaid VAT
RESLOC UK: S&P Junks Rating on Class E2b Notes From 'B'
SCREEN TECHNOLOGY: Business Put Up for Sale

SETANTA SPORTS: Remains on the Brink of Administration
STRAUMUR-BURDARAS: CB Holding Takes Over West Ham United
SURFACE INSPECTION: In Administration; Deloitte Appointed
VIRGIN MEDIA: Fitch Assigns 'BB' Rating on New Senior Note Issue

* Deloitte Sees Improvement in UK Hotel Performance
* Moody's Reviews Ratings on 6 Baltic Banks for Possible Downgrade
* S&P Puts Ratings on 20 European CLO Tranches on Watch Negative


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A U S T R I A
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JOSEF BESTA: Claims Filing Deadline is June 23
----------------------------------------------
Creditors of Josef Besta KG have until June 23, 2009, to file
their proofs of claim.

A court hearing for examination of the claims has been scheduled
for July 7, 2009 at 10:30 a.m.

For further information, contact the company's administrator:

         Dr. Joerg Beirer
         Hauptplatz 32
         2700 Wiener Neustadt
         Austria
         Tel: 02622/27041 Serie
         Fax: 02622/29246
         E-mail: beirer@kosch-partner.at


OBERMANN GMBH: Creditors Must File Claims by June 29
----------------------------------------------------
Creditors of Obermann GmbH have until June 29, 2009, to file their
proofs of claim.

A court hearing for examination of the claims has been scheduled
for July 13, 2009 at 10:00 a.m.

For further information, contact the company's administrator:

         Mag. Gerwald Holper
         Technologiezentrum, Marktstrasse 3
         7000 Eisenstadt
         Austria
         Tel: 02682/704 266-0
         Fax: 02682/704 266-15
         E-mail: eisenstadt@kosch-partner.at


ODAG KASAI: Claims Filing Deadline is June 22
---------------------------------------------
Creditors of Odag Kasai KG have until June 22, 2009, to file their
proofs of claim.

A court hearing for examination of the claims has been scheduled
for July 6, 2009 at 9:30 a.m.

For further information, contact the company's administrator:

         Dr. Helmut Platzgummer
         Kohlmarkt 14
         1010 Vienna
         Austria
         Tel: 533 19 39 Serie
         Fax: 533 19 39-39
         E-mail: helmut.platzgummer@lp-law.at


SACOM METALS: Creditors Must File Claims by June 23
---------------------------------------------------
Creditors of sacom metals GmbH have until June 23, 2009, to file
their proofs of claim.

A court hearing for examination of the claims has been scheduled
for July 7, 2009 at noon.

For further information, contact the company's administrator:

         Mag. Wolfgang Herzer
         Schuettelstrasse 55, Carre Rotunde
         1020 Vienna
         Austria
         Tel: 72 577
         Fax: 72 577 577
         E-mail: wolfgang.herzer@blw-legal.com


SKALA BAR-RESTAURANT: Creditors Have Until June 23 to File Claims
-----------------------------------------------------------------
Creditors of Skala Bar-Restaurant GmbH have until June 23, 2009,
to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for July 7, 2009 at 12:15 p.m.

For further information, contact the company's administrator:

         Mag. Horst Winkelmayr
         Porzellangasse 22A/7
         1090 Vienna
         Austria
         Tel: 532 47 77
         Fax: 532 47 77 50
         E-mail: rae@kniwi.at


WIENERBERGER AG: Moody's Assigns 'Ba1' Corporate Family Rating
--------------------------------------------------------------
Moody's Investors Service has downgraded Wienerberger's issuer
rating to Ba1 and the rating on the hybrid bond to Ba3.  The
outlook for the ratings remains negative.  In accordance with its
established practices, Moody's concurrently assigned a Ba1
Corporate Family Rating to Wienerberger and expects to withdraw
the issuer rating shortly.

The rating action was prompted by a significant weakening of new
residential construction in the company's Eastern European
markets, which, so far, have accounted for more than half of the
group's reported EBITDA.  This, in combination with a sustained
contraction of Wienerberger's major markets in the developed
countries such as Germany, UK and the US, resulted in a very weak
first quarter EBITDA generation, which is significantly
diminishing the headroom for the company's covenant test under its
bank agreements as per end of June and going forward.  In
addition, decreasing operating margins, as a result of the group's
high fixed cost base which is challenging to timely adjust to the
new demand level, are expected to lead to significant lower
retained cash flows and hence a prolonged deterioration of
leverage ratios towards a level which is no longer in line with an
investment grade rating.  Moody's does not expect demand in
residential construction to rebound in the course of 2009 and only
a very slow improvement in 2010.

"A large proportion of Wienerberger's turnover is dependent on new
residential housing construction, which is generally highly
cyclical and therefore the group is more severely hit from an
economic downturn than companies in the building materials
industry which have a more diversified customer base", said
Matthias Hellstern, Moody's lead analyst for Wienerberger.

The Ba1 rating assumes that the company will be able to again
improve its retained cash flow/net debt ratio sustainable above
the mid teens and that Wienerberger is able to generate positive
free cash flows by prudent spending on capital expenditures and
working capital management in order to reduce its indebtedness and
to align it to the weaker earnings and operating cash flow level.
In addition, the Ba1 rating incorporates the expectation that
banks remain supportive and that the company successfully
negotiates additional headroom under its covenants in order to
prevent any breach of covenants.  Moody's would expect cost
cutting measures to help Wienerberger improve its RCF/Net Debt
ratio over the medium term towards the high teens and maintain a
certain level of profitability.  The negative outlook reflects the
risks involved with the achievement of the planned debt reduction,
the tightening headroom under the covenants and the risk that the
construction markets -- particularly in Eastern Europe -- would
take longer than currently anticipated to improve.

Moody's considers the short term liquidity of Wienerberger to be
good reflecting the group's solid cash balances as well as its
amount of available long-term credit facilities and the low amount
of maturities, which have to be refinanced over the course of the
next twelve months, and other cash outflows such as for commercial
paper maturities and capital expenditures.  However, at the same
time, Moody's has also taken note of the headroom under the
group's covenant tests during the current financial year, which,
given the expectation of materially lower EBITDA generation in
2009, is expected to be very low as per the covenant test per end
June 2009 and end December 2009.

Moody's notes that the dividend omission in 2009 has opened the
option for the company to defer coupon payment on its hybrid
instrument.  In that context the current notching of the rating of
the company's hybrid bond to the CFR could be widened should
Moody's perceive an increased risk that the company would avail
itself of this deferral option in the beginning of next year.

Downgrades:

Issuer: Wienerberger AG

  -- Issuer Rating, Downgraded to Ba1 from Baa3

  -- Junior Subordinated Regular Bond/Debenture, Downgraded to Ba3
     from Ba2

  -- Senior Unsecured Regular Bond/Debenture, Downgraded to Ba1
     from Baa3

Assignments:

Issuer: Wienerberger AG

  -- Probability of Default Rating, Assigned Ba1

  -- Corporate Family Rating, Assigned Ba1

  -- Junior Subordinated Regular Bond/Debenture, Assigned 97 -
     LGD6

  -- Senior Unsecured Regular Bond/Debenture, Assigned 45 - LGD3

Moody's last rating action on Wienerberger was to change the
outlook to negative on March 27, 2009.

Headquartered in Vienna, Austria, Wienerberger AG is the world's
largest brick manufacturer and Europe's second-largest producer of
clay roof tiles.  The group generated revenues of EUR2.4 billion
per FY 2008.


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FIONIA BANK: Moody's Withdraws 'E' Bank Financial Strength Rating
-----------------------------------------------------------------
Moody's Investors Service has withdrawn the ratings of Fionia Bank
Holding A/S (previously Fionia Bank A/S) for business reasons
following the completion of the bank's restructuring.

Moody's withdrawal of the E bank financial strength rating and A3/
Prime-2 debt and deposit ratings follows the announcement that
Fionia Bank Holding has transferred its activities including all
assets and senior liabilities to a new bank, Fionia Bank A/S (not
rated).  Consequently, the entity has relinquished its banking
licence and its name has been changed to Fionia Holding A/S.  The
equity and subordinated debt of the old Fionia Bank will remain in
the holding company.

The previous rating action on Fionia Bank Holding was on
February 24, 2009, when Moody's downgraded the BFSR and
subordinated debt ratings following the announcement that the bank
had entered into a framework agreement with the government-owned
Financial Stability Company, leading to a significant
deterioration in the bank's financial strength.

These ratings of Fionia Bank Holding A/S were withdrawn:

  -- E BFSR, stable outlook

  -- A3 local and foreign currency long-term deposit ratings,
     stable outlook

  -- Prime-2 local and foreign currency short-term deposit
     ratings, stable outlook

  -- A3 senior unsecured MTN rating, stable outlook

  -- C subordinate MTN rating, stable outlook

  -- Aaa backed senior unsecured, stable outlook

Headquartered in Odense, Denmark, Fionia Bank Holding A/S had
total assets of DKK34 billion (EUR4.6 billion) as at the end of
March 2009.


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CMA CGM: Moody's Withdraws 'B1' Ratings for Business Reasons
------------------------------------------------------------
Moody's Investors Service has withdrawn all the ratings of CMA CGM
for business reasons.  Moody's added that the rating was withdrawn
at the request of CMA CGM.

These ratings are withdrawn:

  -- Corporate Family Rating of B1
  -- Probability of Default Rating of B1

The last rating action on CMA CMG was on 5 June 2009, when Moody's
downgraded the company's Corporate Family Rating from to Ba1 from
B1 and Probability of Default Rating to Ba1 from B1.  The outlook
on the ratings was negative.

Headquartered in Marseille, France, CMA CGM is the third-largest
container shipping company in the world (measured in Twenty-foot
Equivalent Units, TEU).  The company generated revenues of around
US$15 billion for the year ended December 31, 2008.


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* Moody's Reviews 'D-' BFSRs of Two Georgian Banks for Downgrade
----------------------------------------------------------------
Moody's Investors Service has placed on review for possible
downgrade the ratings of two Georgian banks: Bank of Georgia and
TBC Bank.  The rating action reflects a review of the stresses
arising from the ongoing global economic and credit crisis, the
potential impact of the civil unrest seen in Georgia in recent
months and the country's heightened political risk (both domestic
and international).

Moody's review of the two bank financial strength ratings, the
corresponding local currency deposit ratings and Bank of Georgia's
senior unsecured rating will focus on the likely deterioration of
the Georgian operating environment and its potential impact on the
banks' financial fundamentals; particularly their credit quality,
earnings generation and capital levels.

Although the system's capitalization level appears to be adequate,
Moody's believes that, with the Georgian economy entering a
recession, the likelihood of corporate defaults is rising and
expects this to lead to increased losses on the banks' corporate
loan portfolios.  Moreover, delinquencies in the banks' retail
portfolios are also expected to rise, reflecting higher local
unemployment levels and a potential decline in households' income
from remittances as other regional economies are also in
recession.

Meanwhile, Georgia's economy is benefiting from the gradual
disbursement of the US$4.5 billion of international donor funds
that were pledged to the country following its August 2008
military clash with Russia (the country has already signed
agreements to receive upwards of 40% of the pledged funds and is
reportedly in active negotiations for securing the disbursement of
another 40%).  That said, the likelihood of a sharper economic
slowdown has been increased by the civil unrest seen in recent
months.

Although street protests have for the most part been peaceful, the
heightened political risk increases the level of uncertainty in
the country.  Official data (and data from Bank of Georgia and TBC
Bank) already points to a large deterioration in asset quality.
Although the banks' capital positions are strong enough to
withstand current asset quality pressures, in light of recent
developments, Moody's is concerned about the velocity of the
deterioration and the growth of problem loans in the medium term.

Changes in the banks' ratings will depend on developments in the
operating environment as well as their respective intrinsic
strength.

These ratings are affected:

Bank of Georgia

  -- D- BFSR placed on review for possible downgrade

  -- Ba3 global local currency deposit rating placed on review for
     possible downgrade

  -- Ba3 senior unsecured debt rating placed on review for
     possible downgrade

  -- B3 (negative outlook) foreign currency deposit rating and Not
     Prime local- and foreign-currency short term deposit ratings
     were not affected by this action

TBC Bank

  -- D- BFSR placed on review for possible downgrade

  -- Ba3 GLC deposit rating placed on review for possible
     downgrade

  -- B3 (negative outlook) foreign currency deposit rating and Not
     Prime local- and foreign-currency short term deposit ratings
     were not affected by this action

Moody's previous rating action on Bank of Georgia was on March 5,
2009, when the outlook on the bank's D- BFSR was changed to
negative and its GLC deposit rating was downgraded to Ba3
(negative outlook) from Ba1.  The senior unsecured debt rating was
also downgraded to Ba3 (negative outlook) from Ba2.  The bank's B3
(negative outlook) long-term foreign currency deposit and Not
Prime short-term ratings were affirmed.

Moody's previous rating action on TBC Bank was on March 5, 2009,
when the outlook on the bank's D- BFSR was changed to negative and
its GLC deposit rating was downgraded to Ba3 (negative outlook)
from Ba1.  The bank's B3 (negative outlook) long-term foreign
currency deposit and Not Prime short-term ratings were affirmed.

Headquartered in Tbilisi, Bank of Georgia had total assets of
US$2.0 billion at the end of December 2008.

Headquartered in Tbilisi, TBC Bank had total assets of US$1.1
billion at the end of December 2008.


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ARCANDOR AG: German Gov't Rejects Request for EUR650 Mln State Aid
------------------------------------------------------------------
Natasha Divac at The Wall Street Journal reports that the German
government's steering committee on Monday rejected Arcandor AG's
request for EUR650 million (US$907.7 million) in state-backed
guarantees.

The WSJ relates Economics ministry spokesman Steffen Moritz said
guarantees for Arcandor were rejected because there are
"considerable doubts" about the company's business concept.
According to the WSJ, the company also didn't meet the criteria
laid out by the government's special EUR115 billion fund,
which is designed to help companies brought down by the economic
crisis, rather than by internal problems.

Holger Elfes, Brian Parkin and Tony Czuczka at Bloomberg News
report Arcandor said it would attempt to negotiate with its
landlords and the biggest shareholders, heiress Madeleine
Schickedanz and private bank Sal. Oppenheim Jr. & Cie., to qualify
for an emergency loan.  The WSJ recounts Sal. Oppenheim repeated
Monday it wants to organize a EUR150 million capital increase for
Arcandor.  The bank would participate with around EUR45 million
and Ms. Schickedanz would participate with EUR45 million, the WSJ
says citing a bank spokesman.

Citing a report in Manager-Magazin, Bloomberg News discloses
Arcandor was seeking a six-month debt-repayment moratorium from
major creditors Bayerische Landesbank, Commerzbank AG and Royal
Bank of Scotland Plc.

Bloomberg News meanwhile relates Metro, Germany’s largest
retailer, said it remains willing to take over about 60 of
Arcandor's Karstadt stores and continue talks.  The WSJ notes the
talks are a condition set by the German government for an eventual
rescue aid credit.

On June 3, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg News reported Arcandor said it faces potential
insolvency on June 12, when EUR650 million (US$910 million) of
credit lines expire.

                      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.


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TOP SHIPS: Posts US$1.37 Mln Net Income in First Quarter 2009
-------------------------------------------------------------
TOP Ships Inc. published its operating results for the first
quarter ended March 31, 2009.

For the three months ended March 31, 2009, the Company reported
net income of US$1,370,000, or US$0.05 per share basic and diluted
compared with net loss of US$18,841,000, or US$0.93 per share, for
the first quarter of 2008.  The weighted average numbers of common
shares used in the computations were 27,522,092 and 20,295,240 for
the first quarter of 2009 and 2008, respectively.  For the three
months ended March 31, 2009, operating income was US$2,357,000,
compared with operating loss of US$2,434,000 for the first quarter
of 2008. Revenues for the first quarter of 2009 were
US$29,793,000, compared to US$72,637,000 recorded in the first
quarter of 2008.

Fleet Report:

As of March 31, 2009, the Company's fleet consisted of sixteen
vessels, or 0.9 million dwt (including eleven owned and five
vessels sold and leased back for a period of five to seven years)
as compared to twenty three vessels, or 2.1 million dwt on
March 31, 2008 (including twelve owned, one under capital lease
and ten vessels sold and leased back for a period of five to seven
years).

On February, 2009, the Company took delivery of the vessels Miss
Marilena and Lichtenstein from SPP Plant & Shipbuilding Co., Ltd
of the Republic of Korea. Miss Marilena and Lichtenstein are the
two out of six 50,000 dwt product/chemical tankers to be delivered
within the first and second quarter of 2009. Miss Marilena and
Lichtenstein entered into a bareboat time-charter employment for a
period of ten years at a daily rate of US$14,400 and US$14,550,
respectively.

On March 19, 2009, the Company took delivery of the vessels Ionian
Wave and Tyrrhenian Wave from SPP Plant & Shipbuilding Co., Ltd of
the Republic of Korea.  Ionian Wave and Tyrrhenian Wave are the
third and fourth out of six 50,000dwt product/chemical tankers to
be delivered within the first and second quarter of 2009. Ionian
Wave and Tyrrhenian Wave entered into a bareboat time-charter
employment for a period of seven years at a daily rate of
US$14,300, with three successive one-year options at a higher
daily rate.

On May 22, 2009, the Company took delivery of the vessel Britto
from SPP Plant & Shipbuilding Co., Ltd of the Republic of Korea.
Britto is the fifth out of six 50,000dwt product/chemical tankers
to be delivered within the first and second quarter of 2009.
Britto entered into a bareboat time-charter employment for a
period of ten years at a daily rate of US$14,550.

Fleet Deployment:

Tanker Vessels:

During the first quarter of 2009, seven of the Company's Handymax
tankers operated under long-term employment contracts that provide
for a base rate and additional profit sharing earning on average
US$17,204 per vessel per day on a time charter equivalent (TCE)
basis, including profit-sharing allocated to the Company and four
under bareboat charter earning on average US$13,990 per vessel per
day.

Drybulk Vessels:

During the first quarter of 2009, four of the Company's drybulk
vessels operated under time charter contracts earning on average
US$40,590 per vessel per day on a time charter equivalent (TCE)
basis and one under bareboat charter earning on average US$49,489
per vessel including the amortization of the fair value of
acquired time charter contracts of US$26,077 per vessel per day.

Liquidity and Capital Resources

Since the Company's formation, the sources of funds have been cash
from operations, long-term borrowings and equity provided by the
shareholders.  The Company's principal use of funds has been
capital expenditures to establish and grow its fleet, maintain the
quality of its vessels, comply with international shipping
standards and environmental laws and regulations, fund working
capital requirements and make principal repayments on outstanding
served loan facilities.  The Company expects to rely upon
operating cash flows, long-term borrowings and equity financings
to implement its future growth plan.

As of March 31, 2009, the Company had total indebtedness under
senior secured credit facilities of US$398.3 million (excluding
unamortized financing fees of US$4.3 million) with its lenders,
the Royal Bank of Scotland, HSH Nordbank, DVB Bank, Alpha Bank and
Emporiki Bank, maturing from 2013 through 2019.

The Company's non-restricted cash as of March 31, 2009 was US$13.3
million.

Loan Covenants and Discussions with Banks

As at March 31, 2009, the Company was not in compliance with
certain of its loan covenants.

As of June 5, 2009, the Company had received certain waivers on
these covenant breaches until March 31, 2010 from HSH Nordbank and
Alpha Bank, representing approximately 54.6% of total
indebtedness.

HSH Nordbank

The Company has entered into amendatory agreements with HSH
Nordbank under its Bulker Financing Facility, initial amount of
US$95 million/outstanding as of March 31, 2009 of US$51.1 million,
and the Product Tanker Financing Facility, initial amount of
US$121 million/outstanding as of March 31, 2009 of US$92.8
million.  These amendatory agreements mainly provide for: (1)
waiver regarding financial covenants through March 31, 2010,
except for adjusted net worth for which a waiver has not been
received yet (2) waiver for asset coverage covenants through
March 31, 2010 (3) an increased applicable margin; (4) an
amendment fee; (5) cross collateralization of the two facilities.

Alpha Bank

The Company has entered into amendatory agreements with Alpha Bank
under its Bulker Financing Facility, initial amount of US$48
million/outstanding as of March 31, 2009 of US$34.8 million, and
the Product Tanker Financing Facility of US$39 million.  These
amendatory agreements mainly provide for: (1) a waiver regarding
financial and asset coverage covenants through March 31, 2010; (2)
an increased applicable margin; (3) cross collateralization of the
two facilities.

In addition, the Company has agreed with DVB and Emporiki Bank to
receive waivers until March 31, 2010, representing approximately
30.6% of total indebtedness.  The agreements are preliminary and
are subject to execution of definitive documents whereby certain
terms of the existing financing agreements, will be amended.

Finally, the Company is currently in discussions with RBS in order
to receive waivers until March 31, 2010.  The outcome of these
discussions remains unknown.

If the Company is not able to obtain covenant waivers or
modifications, for current covenant breaches or for covenant
breaches that may occur in future reporting periods, its lenders
may require the Company to post additional collateral, enhance its
equity and liquidity, increase its interest payments or pay down
its indebtedness to a level where it is in compliance with its
loan covenants, sell vessels, or they may accelerate its
indebtedness, which would impair its ability to continue to
conduct its business.  In order to further enhance its liquidity,
the Company may find it necessary to sell vessels at a time when
vessel prices are low, in which case it will recognize losses and
a reduction in its earnings, which could affect its ability to
raise additional capital necessary for the Company to comply with
its loan covenants and/or the additional lender requirements.

Based in Athens, Greece, TOP Ships Inc. (NasdaqGS: TOPS), formerly
known as TOP Tankers Inc., is an international provider of
worldwide seaborne crude oil and petroleum products and drybulk
transportation services.  The Company operates a combined tanker
and drybulk fleet.


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


BAG SHOP: Goes Into Provisional Liquidation
-------------------------------------------
Ian Kehoe at The Sunday Business Post Online reports that The Bag
Shop has gone into provisional liquidation after running out of
cash, putting 135 jobs at risk.

The report relates all of the chain's 35 outlets stopped trading
last week, but the provisional liquidator re-opened seven of the
stores on Saturday, including outlets in Galway, Dublin, Carlow,
Athlone and Limerick.

Derek Earl, a corporate recovery partner with Grant Thornton in
Dublin, has been appointed as provisional liquidator to
Formview, the holding company behind the Bag Shop chain, the
report relates.  According to the report, Mr. Earl is assessing
the company's options, and plans to sell off its stock over the
coming weeks.  The report says according to its most recent
accounts, Formview had sales of EUR7.9 million in 2006 and made a
pre-tax profit of EUR237,000 for the year.  The company, the
report states, owed creditors EUR1.9 million at the end of 2006.

The report discloses a full hearing on the appointment of a
official liquidator to the company will be heard later this month.

The Bag Shop -- http://www.thebagshoponline.com/-- is Ireland's
largest independent bag retailer.  The company was established in
1989.


BANK OF IRELAND: S&P Raises Ratings on Four Securities to 'B'
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it raised its ratings
on four hybrid securities issued by subsidiaries of the Bank of
Ireland (BOI; trading name of the Governor and Company of the Bank
of Ireland; A/Watch Neg/A-1) to 'B' from 'C'.

On May 19, 2009, BOI announced tender offers for six series of
hybrid capital securities with an aggregate value of about EUR3
billion.  In line with S&P's criteria, S&P characterized the
tender offers as a "distressed exchange".  As a result, on May 20,
2009, S&P lowered the ratings on the tender offer securities to
'C', reflecting S&P's opinion that the exchange was equivalent to
a payment deferral.  Under S&P's criteria, upon completion of
distressed offers, S&P reviews the ratings on the remaining tender
offer securities.

On June 3, 2009, BOI announced that the offers for the four euro-
and sterling-denominated securities had closed.  BOI says that it
has purchased securities with a face value of US$1.26 billion.
The securities were purchased between 38% and 50% of the face
value of the securities, in line with the previously announced
minimum tender prices.

S&P has now reviewed the ratings on these four securities and
raised them to 'B', commensurate with the ratings on BOI's hybrid
securities without voting rights.

BOI says that the tender offer period for the two dollar-
denominated securities will end on June 16, 2009.  BOI has
increased the maximum combined size of these offers to
US$600 million from US$525 million.  The ratings on those
securities remain at 'C', but S&P will review them upon completion
of offers.

                           Ratings List
                             Upgraded

                 Bank of Ireland UK Holdings PLC
    EUR600 mil step-up callable perpetual preferred securities
                            hybrid (1)
      GBP350 mil 6.25% callable perpetual preferred securities
                            hybrid (1)

                          To             From
                          --             ----
                          B              C

                  BOI Capital Funding (No.1) LP
     EUR600 mil 6.25% fixed/variable noncumulative perpetual
                           callable (2)

                          To             From
                          --             ----
                          B              C

                  BOI Capital Funding (No.4) LP
     GBP500 mil variable rate fixed/floating rate guaranteed
    nonvoting noncumulative perpetual preferred securities (2)

                          To             From
                          --             ----
                          B              C

     (1) Subguaranteed by Bank of Ireland.
     (2) Guaranteed by Bank of Ireland.


CLOVERIE PLC: S&P Junks Rating on Class C Series 2005-33 Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on various notes issued by
Cloverie PLC, related to the "Onyx" portfolio.  At the same time,
S&P removed from CreditWatch negative and withdrew S&P's rating on
Jupiter Finance Ltd.'s series 2005-4 notes, which also reference
this portfolio, following their repurchase.

The downgrades follow S&P's analysis of the credit deterioration
in the assets contained in the underlying reference portfolios.
Furthermore, certain of the Cloverie transactions have not
generated sufficient levels of excess spread as required under
S&P's criteria to support the current ratings.

S&P has lowered the Cloverie ratings because, in S&P's opinion,
the risks that noteholders may not receive full principal
repayment have risen to levels that are no longer consistent with
the ratings previously assigned.

The Cloverie portfolios are static and reference U.S. home equity
lines of credit and residential mortgage-backed securities issued
in 2004 and 2005.

In addition, S&P has received confirmation that all the Jupiter
Finance series 2005-4 notes were repurchased on May 28, 2009.  As
a result, S&P removed them from CreditWatch negative and withdrawn
S&P's rating.

                           Ratings List

        Ratings Lowered and Removed From Creditwatch Negative

                           Cloverie PLC
US$25 Million Class C Secured Floating-Rate Portfolio Linked Notes
                          Series 2005-07

                     Ratings
                     -------
              To                     From
              --                     ----
              BB                     AAA/Watch Neg

                           Cloverie PLC
  US$18.75 Million Class C Secured Floating-Rate Portfolio-Linked
                       Notes Series 2005-33

                     Ratings
                     -------
              To                     From
              --                     ----
              CCC                    AA-/Watch Neg

                           Cloverie PLC
US$18.75 Million Class C Secured Floating-Rate Portfolio-Linked
                       Notes Series 2005-34

                     Ratings
                     -------
              To                     From
              --                     ----
              B-                     AA-/Watch Neg

                           Cloverie PLC
US$18.75 Million Class C Secured Floating-Rate Portfolio-Linked
                       Notes Series 2005-35

                     Ratings
                     -------
              To                     From
              --                     ----
              BB-                    AA-/Watch Neg

                           Cloverie PLC
US$38 Million Secured Floating-Rate Portfolio-Linked Notes Series
                             2005-45

                     Ratings
                     -------
              To                     From
              --                     ----
              B                      A+/Watch Neg

                           Cloverie PLC
EUR40 Million Class C Secured Floating-Rate Portfolio-Linked
Notes
                          Series 2005-74

                     Ratings
                     -------
              To                     From
              --                     ----
              B                      AA/Watch Neg

      Rating Removed From Creditwatch Negative and Withdrawn

                       Jupiter Finance Ltd.
US$35 Million Class C Secured Floating-Rate Portfolio-Linked Notes
                          Series 2005-4

                     Ratings
                     -------
              To                     From
              --                     ----
              AAA                    AAA/Watch Neg
              NR                     AAA

                      NR — Not rated.


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


ALITALIA SPA: Bid Deadline for Alico Stake Moved
------------------------------------------------
The term for the submission of the expressions of interest for the
purchase of Alitalia-Linee Aeree Italiane SpA's stake in Alicos
SpA has been extended until 12:00 noon (Italian time) on June 20,
2009.

                             About Alitalia

Based in Rome, Alitalia S.p.A. -- http://www.alitalia.it/--
provides air travel services for passengers and air transport of
cargo on national, international and inter-continental routes,
including United States, Canada, Japan and Argentina.  The Italian
government owns 49.9% of Alitalia.

As reported in the TCR-Europe on November 7, 2008, Alitalia S.p.A.
filed for Chapter 15 protection with the U.S. Bankruptcy Court in
the Southern District of New York.  Italy's national airline
experienced financial difficulties for a number of years caused,
in large measure, by a combination of competition from low-cost
air carriers, poor management and onerous union obligations,
according to papers filed with the court.

Despite a EUR1.4 billion state-backed restructuring in 1997,
Alitalia posted net losses of EUR256 million and EUR907 million in
2000 and 2001 respectively.  Alitalia posted EUR93 million in net
profits in 2002 after a EUR1.4 billion capital injection.  The
carrier booked annual net losses of EUR520 million in 2003,
EUR813 million in 2004, EUR168 million in 2005, EUR625.6 million
in 2006, and EUR494.64 million in 2007.

In the petition filed October 29, 2008, Prof. Augusto Fantozzi,
the appointed administrator, said the airline's financial
difficulties have been and exacerbated by spiraling fuel prices.

On Aug. 29, 2008, Alitalia declared insolvency and filed for
commencement of extraordinary administration procedure at the
Tribunal of Rome.  Italian Prime Minister Silvio Berlusconi
appointed Mr. Fantozzi as extraordinary commissioner.
Under the Bankruptcy Bill, the Administrator has supplanted the
directors and other management of Alitalia.


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


ALOSTA ENTERPRISE: Creditors Must File Claims by June 26
--------------------------------------------------------
Creditors of LLP Alosta Enterprise have until June 26, 2009, to
submit proofs of claim to:

          Zelenaya Str. 40
          Baiserke
          Ilyisky
          Almaty
          Kazakhstan
          Tel: 8 777 215 94-40, 8 701 668 13-30

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

The Court is located at:

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


KOMEK LTD: Creditors Must File Claims by June 26
------------------------------------------------
Creditors of LLP Komek Ltd have until June 26, 2009, to submit
proofs of claim to:

          Makataev Str. 127
          050000 Almaty
          Kazakhstan

The Specialized Inter-Regional Economic Court of Almaty commenced
bankruptcy proceedings against the company on Sept. 17, 2008,
after finding it insolvent.

The Court is located at:

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


KULAGER AS: Creditors Must File Claims by June 26
-------------------------------------------------
Creditors of LLP Kulager AS have until June 26, 2009, to submit
proofs of claim to:

          Makataev Str. 127
          050000 Almaty
          Kazakhstan

The Specialized Inter-Regional Economic Court of Almaty commenced
bankruptcy proceedings against the company on Oct. 24, 2008, after
finding it insolvent.

The Court is located at:

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


TRANS MUNAI: Creditors Must File Claims by June 26
--------------------------------------------------
LLP Trans Munai Service T is currently undergoing liquidation.
Creditors have until June 26, 2009, to submit proofs of claim to:

          Mira Str. 18-1
          Ekibastuz
          Pavlodar
          Kazakhstan


TURNER INTERNATIONAL: Creditors Must File Claims by June 26
-----------------------------------------------------------
LLP Turner International is currently undergoing liquidation.
Creditors have until June 26, 2009, to submit proofs of claim to:

          Gogol Str. 86
          Almaty
          Kazakhstan


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


BISHKEK AUTO: Creditors Must File Claims by July 10
---------------------------------------------------
LLC Bishkek Auto Service is currently undergoing liquidation.
Creditors have until July 10, 2009, to submit proofs of claim to:

         Ryskulov Str. 8-73
         Bishkek
         Kyrgyzstan
         Tel: (0-555) 99-05-49


=================
L I T H U A N I A
=================


* LITHUANIA: EU Commission Authorizes Temporary Aid Scheme
----------------------------------------------------------
The European Commission on Monday, June 8, authorized, under EC
Treaty state aid rules, a Lithuanian measure to help businesses to
deal with the current economic crisis.  Aid of up to EUR500,000
per firm may be granted in 2009 and 2010 to businesses facing
funding problems because of the current credit squeeze.  The
scheme meets the conditions of the Commission's Temporary
Framework for state aid measures, which gives Member States
additional scope to facilitate access to financing in the present
economic and financial crisis.  It is therefore compatible with
Article 87(3)(b) of the EC Treaty, which permits aid 'to remedy a
serious disturbance in the economy of a Member State'.

"The scheme will help alleviate the difficulties faced by
Lithuanian businesses affected by the current situation without
giving rise to any undue distortions of competition," said
Competition Commissioner Neelie Kroes.  The Commission was able to
approve the measures quickly thanks to the excellent cooperation
with the Lithuanian authorities."

The scheme is based on the provisions of the temporary framework
that deals with compatible aid of a limited amount.  In
particular, the maximum amount of aid does not exceed EUR500,000
per company and the scheme applies only to businesses which were
not in difficulty on July 1, 2008.  The aid will be granted in
form of public guarantees, to be issued until December 31, 2010 at
the latest.


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


ASTIR BV: S&P Junks Rating on EUR35 Mln Series 29 Notes
-------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
the series 29 and series 30 notes issued by Astir B.V.

S&P reviewed the ratings on the notes following S&P's receipt of
the latest portfolio information and attachment points of these
series.

S&P's synthetic rated overcollateralization scenario results for
these tranches, both currently and projected over 90 days, are:

                       Astir B.V. Series 29


     Rating                                Projected
     scenario       SROC today(%)          90+ days SROC (%)
     --------       -------------          -----------------
     B-                 99.3610                      99.0748
     CCC+               99.7786                      99.4090
     CCC               100.1031                     100.1403

                       Astir B.V. Series 30

     Rating                                Projected
     scenario       SROC today(%)          90+ days SROC (%)
     -------        -------------          -----------------
     CCC+               99.0546                      99.0748
     CCC                99.3789                      99.4090
     CCC-              100.1403                     100.1403

Where SROC is less than 100%, S&P runs scenarios that project the
current portfolio 90 days into the future, assuming no asset
rating migration.  Where this projection indicates that the SROC
would return to a level above 100% at that time, the rating is
maintained, but S&P place it on CreditWatch negative.  If, on the
other hand, the projection indicates that the SROC would remain
below 100%, S&P immediately lowers the rating.

                           Ratings List

                         Ratings Lowered

                            Astir B.V.
    EUR35 Million Limited-Recourse Secured Variable-Rate Notes
                            Series 29

                           Ratings
                           -------
                     To                 From
                     --                 ----
                     CCC                B-

                            Astir B.V.
    EUR10 Million Limited-Recourse Secured Variable-Rate Notes
                            Series 30

                           Ratings
                           -------
                     To                 From
                     --                 ----
                     CCC-               CCC+


IFCO SYSTEMS: S&P Gives Stable Outlook; Affirms 'BB-' Rating
------------------------------------------------------------
Standard & Poor's Ratings Services said it revised its outlook on
IFCO Systems N.V., the Netherlands-based provider of reusable
plastic containers and pallet-management services, to stable from
negative, owing to its improved liquidity position.  At the same
time, S&P affirmed the ratings on the company, including the 'BB-'
long-term corporate credit rating.

"The outlook revision reflects our view that IFCO's liquidity
profile has improved appreciably after it completed a refinancing
this month, under which it issued EUR200 million bonds due 2016
and refinanced and extended its existing EUR65 million revolving
credit facility due 2012," said Standard & Poor's credit analyst
Izabela Listowska.  "The resulting increase in liquidity sources
provides satisfactory headroom to cover potential trading
underperformance and/or volatility in working capital movements."

Furthermore, an extension of the company's debt maturity profile
eases financial pressure.  In S&P's view, the ratings are also
supported by the stability of IFCO's RPC business, reflecting the
defensive nature of its end-markets and credit measures that, pro
forma the refinancing, remain in line with S&P's guidelines for
the rating.

The ratings continue to be constrained by IFCO's aggressive
financial profile, the high capital requirements to maintain and
expand the asset pool of the relatively stable but seasonal RPC
business, and the group's high exposure to the mature, cyclical,
and low-margin pallet-management business in the U.S.  The ratings
are supported by IFCO's leading niche market positions as Europe's
largest independent supplier of RPCs for the transport of fruit
and vegetables and its position as the only recycled-pallet
provider in the U.S. with a nationwide presence.

IFCO's reported debt increased to about US$284 million as of
March 31, 2009, from about US$199 million on Dec. 31, 2007.

"Despite the challenging environment, S&P believes IFCO should
maintain an adequate liquidity position, sufficient headroom under
financial covenants, and credit protection measures in line with
S&P's guidelines for the rating," said Ms. Listowska.  S&P
believes the company will be able to comply with adjusted funds
from operations to debt of about 20%, which is commensurate with
the 'BB-' rating.  Furthermore, S&P views IFCO's commitment to a
disciplined capital investment policy as a key factor that would
offer additional financial flexibility in the event that operating
profit or cash flow performance comes under pressure.


KHAMSIN CREDIT: S&P Withdraws 'CCC+' Rating on EUR5 Mil. Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'CCC+' credit
rating on the EUR5 million class A floating-rate managed credit-
linked notes (Orient IC-Xpress II) series 21 issued Khamsin Credit
Products (Netherlands) II B.V.

This rating withdrawal follows early redemption of the notes on
June 2, 2009.


NXP BV: S&P Cuts Long-Term Corporate Credit Rating to 'CC'
----------------------------------------------------------
Standard & Poor's Ratings Services said that it has lowered its
long-term corporate credit rating on Dutch semiconductor
manufacturer NXP B.V. to 'CC' from 'CCC+'.

At the same time, S&P placed the corporate rating and issue
ratings on CreditWatch with negative implications.

The recovery ratings on the abovementioned debt issues are
unchanged, respectively at '1', '4', and '5', indicating S&P's
expectations for full (90%-100%) recovery, average (30%-50%)
recovery, and modest (10%-30%) recovery in the event of a payment
default.

These rating actions follow NXP's announcement that it is offering
holders of its senior unsecured notes -- and, on a second- and
third-priority basis, holders of its senior secured floating and
fixed notes -- a cash settlement of up to US$300 million, based on
parities of 30.5%-35% for unsecured notes and 40%-45% for secured
notes—excluding early tender premiums of 2.5 basis points.

"This is an offer that, under our criteria, is tantamount to
default, given that its acceptance would represent a substantial
discount to the par amount of the outstanding issues," said
Standard & Poor's credit analyst Patrice Cochelin.

On completion of the transaction, S&P would expect to lower the
ratings on the unsecured notes -- and possibly, depending on
acceptance, on other debt issues -- to 'D' (default).  S&P would
also lower the long-term corporate credit rating to 'SD'
(selective default) on the assumption that the company continues
to honor its other debt obligations.  As soon as is practical
thereafter, S&P would reassess NXP's capital structure, following
S&P's review of the revised liability structure.

At March 31, 2009, the company reported consolidated gross debt of
US$6.4 billion, including a $0.6 billion revolver draw, or about
US$5.7 billion, according to S&P's estimates, giving pro forma
consideration for a debt exchange and a US$0.3 billion revolver
repayment in April and May 2009.

S&P expects to resolve the CreditWatch status in July 2009, after
reviewing the results of the purchase offer.

Assuming the offer succeeds, and in the absence of other
developments, S&P could raise the corporate credit rating back to
'CCC+' once transactions have been completed, the same level as
before the purchase announcement.  This outcome is very
preliminary, however, given the rapid and significant events
affecting S&P's assessment of the company's business and financial
risk profiles and the potentially mixed credit impacts of the bond
purchase offer.

S&P believes the offer could alleviate a meaningful portion of
NXP's current debt burden (about 16% of its net debt, according to
S&P's calculations, after giving consideration to the April 2009
exchange offer, based on the unsecured debt offer, and assuming
acceptance resulting in the maximum US$300 million cash outflow)
and related interest expense.

However, S&P estimate that NXP will likely continue to carry very
high gross debt of about US$4.7 billion, against consolidated cash
and equivalents of less than Us$0.8 billion, after the reduction
linked to the purchase of notes, and based on May 2009 cash
numbers, and revolver availability of about US$300 million.

Because S&P expects to continue to assess NXP's post-exchange
leverage as high, and assuming continued negative free operating
cash flow in 2009 despite the lower interest burden, S&P
anticipates that refinancing risks of 2012 and 2013 maturities
could remain a rating constraint.  Over the near term, these risks
are partially offset by S&P's assessment of NXP's adequate
liquidity and S&P's expectations of modest, if any, principal debt
repayment until 2012.


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


* ROMANIA: EU Commission Authorizes Temporary Guarantee Scheme
--------------------------------------------------------------
The European Commission on Monday, June 8, authorized under EC
Treaty rules on state aid a Romanian scheme aimed at providing
relief to companies encountering financing difficulties as a
result of the credit squeeze in the current economic crisis.  The
scheme allows authorities to grant aid in the form of subsidized
guarantees for investment and working capital loans concluded by
December 31, 2010.  The scheme meets the conditions of the
Commission's Temporary Framework for state aid measures to support
access to finance in the current financial and economic crisis, as
amended on February 25, 2009, because it is limited in time,
respects the relevant thresholds and applies only to companies
that were not in difficulty on July 1, 2008.  It is therefore
compatible with Article 87(3)(b) of the EC Treaty, which permits
aid to remedy a serious disturbance in the economy of a Member
State.

Competition Commissioner Neelie Kroes said "The Romanian measure
facilitates access for firms to loans.  This is an effective way
of encouraging business investment and economic recovery without
unduly distorting competition."

The Romanian authorities designed the scheme on the basis of the
rules laid down in the Commission's Temporary Framework on state
aid to the real economy during the crisis and in particular the
conditions for aid in the form of subsidised guarantees.

The reduction of the guarantee fee can be applied during a period
of up to two years for loan guarantees contracted no later than
December 31, 2010.  Where the duration of the underlying loan
exceeds two years, the safe-harbour premiums set out in the Annex
to the Temporary Framework, as amended, may be applied for an
additional maximum period of four years.  The scheme does not
apply to firms that were already in difficulty on July 1, 2008
(i.e. before the credit crunch).


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


BUKET-STROY LLC: Creditors Must File Claims by July 15
------------------------------------------------------
The Arbitration Court of Chuvashia commenced bankruptcy
proceedings against  LLC Buket-Stroy (Construction) after finding
the company insolvent.  The case is docketed under Case No. ?79–
10204/2008.

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

         I. Alimov
         Insolvency Manager
         Office 12
         P. Lulumba Str.
         428022 Cheboksary
         Chuvashia
         Russia


DREV-MASH-SERVIS LLC: Creditors Must File Claims by June 15
-----------------------------------------------------------
The Arbitration Court of Vologodskaya commenced bankruptcy
proceedings against LLC Drev-Mash-Servis (TIN 3525119749, PSRN
1033500039561) (Lumbering) after finding the company insolvent.
The case is docketed under Case No. ?13–2730/2009.

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

         A. Fokin
         Insolvency Manager
         Gorkogo Str. 9
         160019 Vologda
         Russia

The Debtor can be reached at:

         LLC Drev-Mash-Servis
         Promyshlennaya Str. 5
         160012 Vologa
         Russia


EVRAZ GROUP: Moody's Reviews 'Ba3' Rating for Possible Downgrade
----------------------------------------------------------------
Moody's placed the Ba3 CFR of Evraz under review for possible
downgrade.  At the same time the ratings for Senior Unsecured
Notes totaling US$300 million due in 2009 rated Ba2, Senior
Unsecured Notes totaling US$2750 million due in 2013, 2015, and
2018 rated B1 were also placed under review for possible
downgrade.

The rating action was prompted by the severity of the downturn in
the steel industry which is likely to lead to significantly lower
cash flows generated by Evraz than has been previously
anticipated, and hence potentially impact its financial strength
going forward more than had been expected and built into the
current rating.  Though Moody's recognizes that Evraz has
benefited from a competitive cost position further favored by the
depreciation of the ruble, the metrics could deteriorate in 2009
to levels no longer in line with a Ba3.  The review also reflects
that despite notable progress in extending its short term
refinancing, the short maturity profile of its debt continues to
make the company dependent on its ability to extend facilities and
the uncertainty associated with this process.  Moody's also expect
to see headroom under the covenants of some debt instruments to
tighten significantly with a possible breach under certain
economic scenarios, including on certain of its public debt issue
which could be more difficult to manage smoothly.

The review will therefore be focused on:

1) the 2009 operating performance as well as the capacity
   utilization based on possible volume and price evolution in the
   steel markets

2) the pace of progress achieved in negotiation with the banks
   (notably Russian State ones) regarding the extension of up-
   coming maturities for the next 12 months;

3) the level of operating efficiency of Evraz's US assets and
   their expected profit and cash-flow contribution in 2009 and
   2010;

4) the ability of the company to generate positive free cash flow;

5) the headroom under the company's covenants and likelihood of
   breach as well a review of the company's options and possible
   initiatives to manage such an occurrence and strengthen the
   capital structure.

The last rating action was on December 1, 2008 when Moody's
downgraded CFR of Evraz from Ba2 to Ba3.

Evraz Group is one of the largest vertically integrated steel
companies in Russia (by volume and assets) with assets also in
Europe, North America and South Africa that produced 17.6 million
tones of steel products, reported revenue of US$20.39 billion
(58.6% increase Y-o-Y) and EBITDA of US$6.35 billion (45.9%
increase Y-o-Y) in 2008.  In the 1 Q 2009 the company reported
US$2.39 billion in revenue and US$259 million in EBITDA.

Evraz's principal assets are steel plants in Russia, Europe, North
America, South Africa and Ukraine, iron ore and processing
facilities, as well as coal mines, logistics and trading assets.


PROM-ENERGO-AVTO LLC: Creditors Must File Claims by July 15
-----------------------------------------------------------
The Arbitration Court of Vladimirskaya commenced bankruptcy
proceedings against LLC Prom-Energo-Avto (Cargo Transportation)
(TIN 3321013800, PSRN 1023301103210) after finding the company
insolvent.  The case is docketed under Case No. ?11–392/2009.

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

         V. Siromolot
         Insolvency Manager
         Post User Box 6
         603022 Nizhny Novgorod
         Russia

The Debtor can be reached at:

         LLC Prom-Energo-Avto
         F. Shtolverka Str. 16
         Pokrov
         Vladimirskaya
        Russia


PROM-STROY LLC: Creditors Must File Claims by June 15
-----------------------------------------------------
The Arbitration Court of Chelyabinskaya commenced bankruptcy
proceedings against LLC Prom-Stroy-3 (Construction) after finding
the company insolvent.  The case is docketed under Case No. ?76-
3968/2009-36-15.

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

         B. Peskov
         Insolvency Manager
         Post User Box 13402
         454091 Chelyabinsk
         Russia

The Debtor can be reached at:

         LLC Prom-Stroy-3
         Komarovskogo Str. 14a
         Chelyabinsk
         Russia


SPETS-STROY LLC: Creditors Must File Claims by June 15
------------------------------------------------------
Creditors of LLC Spets-Stroy (TIN 2635050600) (Construction) have
until June 15, 2009, to submit proofs of claims to:

          M. Kotlyarov
          Insolvency Manager
          Zakrutkina Str. 35
          346630 Semikarakorsk
          Rostovskaya
          Russia

The Arbitration Court of Stavropolskiy will convene at 10:50 a.m.
on Oct. 20, 2009, to hear bankruptcy proceedings on the company.
The case is docketed under Case No. ?63–2783/09-S5–7.

The Debtor can be reached at:

         LLC Spets-Stroy
         Lenina Str. 408
         355029 Stavropol
         Russia


SVYAZNVESTNEFTEKHIM OAO: Moody's Gives Neg. Outlook on Ba1 Rating
-----------------------------------------------------------------
Moody's Investors Service has changed the outlook on the Ba1
corporate family rating of OAO Svyazinvestneftekhim, a holding
company for the Republic of Tatarstan's key assets, to negative
from stable, following the recent change in the outlook on the
rating of the Republic of Tatarstan to negative from stable.  At
the same time, Moody's made the similar change to the outlook on
the existing Ba1 rating of the US$250 million LPNs issued by Edel
Capital S.A. for the sole purpose of financing its loan to SINEK
Capital S.A., a subsidiary of SINEK, and guaranteed by the
Republic of Tatarstan.

Being 100% owned by the Republic of Tatarstan, SINEK is a
government-related issuer.  Its Ba1 corporate family rating
reflects the application of Moody's methodology for GRIs, with the
combination of these inputs:

  -- Baseline credit assessment in the range of 14 to 16 (on a 1-
     21 scale, where 1 represents lowest credit risk), which
     corresponds to the B category;

  -- Ba1 local currency rating of the Republic of Tatarstan;

  -- High dependence;

  -- High support.

Moody's assessment of SINEK's BCA, government support and
dependence remains unchanged at this stage.  Therefore, the rating
action solely reflects the impact of the rating action on the
Republic of Tatartstan, as applied through Moody's GRI
methodology.

The previous rating action on SINEK was implemented on
November 30, 2007, when Moody's assigned a Ba1 corporate family
rating, with stable outlook, to the company.

SINEK was set up in 2003 as a 100% state owned investment holding
company of the Republic of Tatarstan to hold its stakes industrial
and financial businesses (22 businesses at the moment),
essentially in the sector of oil production, petrochemicals, power
generation and telecommunications.  SINEK's three largest
investments (Tatneft, Tatenergo and Nizhnekamskneftekhim) account
for about 90% of its portfolio valuation (US$ 2.6 billion as of
December 31, 2008).  Dividends from Tatneft accounted for about
83% of SINEK's 2008 US GAAP dividend income.


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


CAIXA SABADELL: Fitch Cuts Rating on Preference Shares to 'BB'
--------------------------------------------------------------
Fitch Ratings has affirmed Caixa d'Estalvis de Sabadell's Long-
term Issuer Default rating at 'BBB+', Short-term IDR 'F2',
Individual 'C', Support '3' and Support Rating Floor 'BB+'.  The
Outlook for the Long-term IDR has been changed to Negative from
Stable, reflecting the ongoing sharp contraction of Spain's
economy and property sector, which are negatively affecting the
caja's asset quality and profitability.

At the same time, the agency has affirmed Caixa Sabadell's
subordinated debt at 'BBB'.  It has downgraded the outstanding
preference shares to 'BB' from 'BB+', to reflect the increased
risk of coupon deferral.

The Negative Outlook reflects Fitch's expectation that the
recessionary environment will exert further pressure on the caja's
asset quality and operating profitability.  Fitch notes that, in
Spain, there has been an increase in the number of real estate
companies filing for creditor protection and a sharp rise in
unemployment, which are likely to lead to further deterioration in
asset quality.  While the ratings also take into account its
reasonable franchise in an important region of Spain, proactive
management and adequate capital levels and liquidity, the caja
faces challenges to manage its weakened asset quality, to defend
its profitability and improve its retail funding base in a
recessionary environment.  Failure to address these issues could
lead to a downgrade of its ratings.

In 2008, Caixa Sabadell's operating profitability was undermined
by high loan impairment charges, as it took advantage of EUR177
million capital gains from the sale of a 50% stake in its
insurance subsidiaries to provide for potential problem loans.
Profitability in Q109 benefited from lower funding costs and cost-
cutting measures, which took the cost/income ratio to 56% from 85%
in 2008.

Caixa Sabadell has high risk concentration in the construction and
real estate sectors (33% of lending at end-2008), although this is
somewhat mitigated by collateral and the fact that projects tend
to be small and for residential purposes, but which has impacted
its asset quality nonetheless.  At end-Q109, asset quality
deteriorated to an impaired/total loans ratio of 5.7% (49% reserve
cover) from 1.1% in end-2007.  At end-Q109, the generic impairment
reserve totalled EUR107.3 million - the legal maximum -, providing
further buffer.

Despite a small decline in 2008, customer deposits remain the
caja's main funding source (around 58% of end-2008 loans).  Since
Q307, Caixa Sabadell has decided to grow its loan book to the
extent it can raise customer deposits and it has increased the
amount of eligible liquid assets to face short-term needs.
Wholesale funding is mainly in the form of mortgage covered bonds
with diversified maturities.  Capital is adequate with a tier 1
ratio of 7.6%.

At end-2008 Caixa Sabadell was Spain's 22nd-largest saving bank by
total assets.  Its business focuses on retail banking, servicing
individuals and SMEs in its home region of Catalonia.  At end-
2008, it had 379 branches and 1,875 employees.


CAIXA TERRASSA: Fitch Lowers Rating on Preference Shares to 'BB'
----------------------------------------------------------------
Fitch Ratings has downgraded Caixa d'Estalvis de Terrassa's Long-
term Issuer Default rating to 'BBB+' from 'A-'.  The downgrade
reflects the ongoing sharp contraction of Spain economy and the
property sector, which is negatively affecting asset quality and
profitability.  The Outlook on the Long-term IDR is Negative.  At
the same time, Fitch has affirmed the caja's Short-term IDR at
'F2', Individual rating at 'C', Support rating at '3' and Support
Rating Floor at 'BB+'.

As a result of the action on the Long-term IDR, Fitch has also
downgraded Caixa Terrassa's subordinated debt to 'BBB' from 'BBB+'
and undated subordinated debt (upper tier 2) of EUR75 million to
'BBB-' from 'BBB+'.  Caixa Terrassa's outstanding preference
shares of EUR125 million were downgraded to 'BB' from 'BBB',
reflecting the agency's view that the risk of coupon deferral has
increased and in line with Fitch's criteria for rating capital
instruments.

The rating actions are based on Fitch's expectation that the
recessionary environment will exert further pressure on the caja's
asset quality and operating profitability.  Fitch notes that, in
Spain, there has been an increase in the number of real estate
companies filing for creditor protection and a sharp rise in
unemployment, which are likely to lead to further loan impairment
charges.  While high loan impairment and non-earmarked reserves
would provide some buffer, revenues for 2009 and 2010 will be
under pressure due to lower volumes, higher funding costs on
retail deposits and the effect of declining interest rates on
loans.  The caja is proactively managing risks and its balance
sheet structure, and has unrealized capital gains to help support
profitability.  Caixa Terrassa has a reasonable franchise in an
important region of Spain, good liquidity and adequate capital.
Failure to transform its real estate exposure, to enhance the
level of customer deposits and maintain a strong level of net
interest income and profitability, could lead to a downgrade of
its IDRs.

Caixa Terrassa's operating profitability was affected in 2008 by a
mostly voluntary high loan impairment charge.  The charge was
offset, at net income level, by EUR176 million of capital gains
from the sale of a 50% stake in its insurance businesses.  A
narrower net interest margin, the fall in income from important
real estate subsidiaries and higher costs also affected
profitability in Q109 and 2008 and caused its cost/income ratio to
deteriorate to around 60% from 50% in 2007.

While 56% of loans at end-2008 were to individuals, mostly
residential mortgages, the caja has risk concentration in the real
estate/construction sectors (28% of end-2008 loans).  Caixa
Terrassa's impaired/total loans ratio deteriorated to 5% at end-
Q109 from 0.7% at end-2007.  In addition, it had EUR206 million in
foreclosed assets which are being actively managed to achieve
returns on these assets.  However, risks are mitigated by the fact
that 83% of lending is mortgages with low loan-to-value ratios, by
the small size of development projects which are focused on
primary residences in Catalonia urban areas, and by low single-
name risk concentration.  Its 3.3% reserve/loans ratio is higher
than the sector average (2.3%).

The caja has EUR585 million in liquid assets available for ECB
discounting at end-Q109.  Retail deposits have been growing but
remain at a tight 56% of loans (63% with insurance liabilities).
Wholesale long-term funds were mainly mortgage covered bonds, with
well-spread maturities.  With a tier 1 and total capital ratio of
7.5% and 13.4%, respectively, its capital is deemed adequate for
its risk profile.

At end-2008 Caixa Terrassa was Spain's 26th-largest savings bank
by assets.  It is based in the region of Catalonia.  The caja is
also active in insurance and real estate activities, through
subsidiaries.


GC SABADELL: Moody's Assigns '(P)Ba2' Rating on Series C Notes
--------------------------------------------------------------
Moody's Investors Service has assigned these provisional ratings
to the debt to be issued by GC SABADELL EMPRESAS 4, Fondo de
Titulizacion de Activos:

  -- (P)Aaa to the EUR525.8 million Series A notes
  -- (P)A3 to the EUR25.1 million Series B notes
  -- (P)Ba2 to the EUR69.1 million Series C notes

GC SABADELL EMPRESAS 4, Fondo de Titulizacion de Activos is a
securitization of credit rights (interest and principal, excluding
the purchase option) derived from financial lease contracts
granted by Banco Sabadell (Aa3/P-1) to Spanish enterprises and
self-employed individuals.  The portfolio will be also serviced by
Banco Sabadell.

In Moody's view, strong features within this deal include, among
others: (1) experience of Banco Sabadell as originator and
servicer; (2) good seasoning of 2.1 years; (3) a strong swap
agreement guaranteeing an excess spread of 0.25%; (4) no arrears
included at closing; (5) a 12-month artificial write-off
mechanism; (6) the fact that the residual value component is not
securitized; and (7) the fact that the originator will rank junior
with respect to the SPV for any amount due to the purchase option
should the relevant lessee default.

However, Moody's notes that the transaction poses several
challenging features, namely: (1) regional concentration in
Catalonia (around 50%); (2) not very granular portfolio; (3) high
concentration in the "building and real estate" sector (32%); and
(4) the negative impact of the interest deferral trigger on the
subordinated series.  These increased risks were reflected in the
credit enhancement calculation.

The provisional pool of underlying assets comprised, as of
May 2009, credit rights derived from 4,499 lease contracts granted
to 3,375 Spanish enterprises and self-employed individuals, for a
total amount of EUR668 million.  The loans were originated between
1998 and 2009, with a weighted average seasoning of 2.1 years and
a weighted average remaining life of 7.9 years.  The interest rate
is floating for 96% of the pool and fixed for the rest.  The
weighted average interest rate is 4.7%.  In terms of underlying
assets, 57.5% of the outstanding of the portfolio is secured over
real estate properties.  Geographically, the pool is concentrated
in Catalonia (50.4%) and Madrid (20.9%), and is around 32%
concentrated in the "buildings and real estate" sector according
to Moody's industry classification.  At closing, none of the
contracts will have amounts past due.

Moody's based the ratings primarily on: (i) an evaluation of the
underlying portfolio of loans; (ii) historical performance
information and other statistical information; (iii) the swap
agreement hedging the interest rate risk; (iv) the credit
enhancement provided through the GIC account, the excess spread,
the cash reserve and the subordination of the notes; and (v) the
legal and structural integrity of the transaction.  Moody's
initially analyzed and will monitor this transaction using the
rating methodology for EMEA SMEs loan-backed transactions as
described "Moody's Approach to Rating Granular SME Transactions in
Europe, Middle East and Africa", June 2007 and "Refining the ABS
SME Approach: Moody's Probability of Default assumptions in the
rating analysis of granular Small and Mid-sized Enterprise
portfolios in EMEA", March 2009.

The ratings address the expected loss posed to investors by the
legal final maturity of the notes (Abril 2035).  In Moody's
opinion, the structure allows for timely payment of interest and
ultimate payment of principal on Series A, B and C at par on or
before the rated final legal maturity date.  Moody's ratings
address only the credit risks associated with the transaction.
Other non-credit risks have not been addressed, but may have a
significant effect on yield to investors.

Moody's issues provisional ratings in advance of the final sale of
securities, and these ratings only reflect Moody's preliminary
credit opinions regarding the transaction.  Upon a conclusive
review of the final pool of assets and the final documentation,
Moody's will endeavour to assign a definitive rating to the notes.
A definitive rating, if any, may differ from a provisional rating.

No previous ratings have been assigned to this transaction.


* SPAIN: EU Commission Authorizes Temporary Aid Scheme
------------------------------------------------------
The European Commission on Monday, June 8, authorized, under EC
Treaty state aid rules, a Spanish measure to help businesses to
deal with the current economic crisis.  Aid of up to EUR500,000
per firm may be granted in 2009 and 2010 to businesses facing
funding problems because of the current credit squeeze.  The
scheme meets the conditions of the Commission's Temporary
Framework for state aid measures, which gives Member States
additional scope to facilitate access to financing in the present
economic and financial crisis.  It is therefore compatible with
Article 87(3)(b) of the EC Treaty, which permits aid 'to remedy a
serious disturbance in the economy of a Member State'.

"The Spanish scheme will help alleviate the difficulties of
businesses affected by the current situation without giving rise
to any undue distortions of competition," said Competition
Commissioner Neelie Kroes.

The scheme is based on the provisions of the Temporary Framework
that deals with compatible aid of a limited amount.  In
particular, the maximum amount of aid does not exceed EUR500,000
per company and the scheme applies only to businesses which were
not in difficulty on July 1, 2008.

The aid will be granted in the form of direct grants.  The scheme,
with a total budget of EUR1.400 million, will run until
December 31, 2010.


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


HDI-GERLING VERSICHERUNGSSERVICE: Claims Registration Ends June 30
------------------------------------------------------------------
Creditors of HDI-Gerling Versicherungsservice AG are requested to
file their proofs of claim by June 30, 2009, to:

         Herrn Johann
         Hans Mazenauer
         Dufourstrasse 46
         8008 Zurich
         Switzerland

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


INTER SOFT: Creditors Must File Claims by June 30
-------------------------------------------------
Creditors of Inter Soft GmbH are requested to file their proofs of
claim by June 30, 2009, to:

         Trevisca AG
         Zugerstrasse 74
         6340 Baar
         Switzerland

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


MECHEL ENERGY: Creditors Have Until June 30 to File Claims
----------------------------------------------------------
Creditors of Mechel Energy AG are requested to file their proofs
of claim by June 30, 2009, to:

         Auribia AG, Treuhand
         Industriestr. 31
         Mail Box 3118
         6303 Zug
         Switzerland

The company is currently undergoing liquidation in Zug.  The
decision about liquidation was accepted at a extraordinary general
meeting held on April 3, 2009.


SCHARER UMWELTTECHNIK: Claims Filing Deadline is June 30
--------------------------------------------------------
Creditors of Scharer Umwelttechnik GmbH are requested to file
their proofs of claim by June 30, 2009, to:

         Fritz Scharer
         Liquidator
         Im Humbel
         8824 Schoenenberg
         Switzerland

The company is currently undergoing liquidation in Schoenenberg
ZH. The decision about liquidation was accepted at an
extraordinary shareholders' meeting held on March 17, 2009.


WWZ TRADING: Claims Filing Deadline is June 15
----------------------------------------------
Creditors of WWZ Trading AG are requested to file their proofs of
claim by June 15, 2009, to:

         Werner Wyss
         Liquidator
         Hoehestrasse 74
         8702 Zollikon
         Switzerland

The company is currently undergoing liquidation in Zollikon.  The
decision about liquidation was accepted at an extraordinary
general meeting held on April 2, 2009.



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


EURASIA LLC: Creditors Must File Claims by June 18
--------------------------------------------------
Creditors of LLC Trading House Eurasia (code EDRPOU 33953969) have
until June 18, 2009, to submit proofs of claim to:

         M. Liaschenko
         Insolvency Manager
         Office 119
         Gagarin Avenue 2/35
         Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on April 27, 2009.  The case is docketed under
Case No. 49/158b.

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 Trading House Eurasia
         Gaydar Str. 50
         01033 Kiev
         Ukraine


OLIMPUS-K LLC: Court Starts Bankruptcy Supervision Procedure
---------------------------------------------------------
The Economic Court of Dnepropetrovsk commenced bankruptcy
supervision procedure on LLC Olimpus-K (code EDRPOU 33984026).

The Insolvency Manager is:

         O. Usachev
         Sachko Str. 26-27
         Dneprodzerzhynsk
         51931 Dnepropetrovsk
         Ukraine

The Court is located at:

         The Economic Court of Dnepropetrovsk
         Kujbishev Str. 1a
         49600 Dnepropetrovsk
         Ukraine

The Debtor can be reached at:

         LLC Olimpus-K
         Dimitrov str. 4a-43
         Dneprodzerzhynsk
         51900 Dnepropetrovsk
         Ukraine


PETROLEUM CHEMICAL: Creditors Must File Claims by June 18
----------------------------------------------------
Creditors of LLC Petroleum Chemical Group (code EDRPOU 34292020)
have until June 18, 2009, to submit proofs of claim to:

         M. Liaschenko
         Insolvency Manager
         Office 119
         Gagarin Avenue 2/35
         Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on April 27, 2009.  The case is docketed under
Case No. 49/157b.

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 Petroleum Chemical Group
         Office 900-1
         M. Raskovoy Str. 19
         02660 Kiev
         Ukraine


STAKE LTD: Creditors Must File Claims by June 17
------------------------------------------------
Creditors of LLC Stake Ltd (code EDRPOU 16503660) have until
June 17, 2009, to submit proofs of claim to:

         M. Maynitsky
         Insolvency Manager
         Office 20
         Nekrasov Str. 65
         Sevastopol
         99016 AR Krym
         Ukraine

The Economic Court of Sevastopol commenced bankruptcy proceedings
against the company on Feb. 5, 2009.  The case is docketed under
Case No. 5020-9/464-13/060-5/597.

The Court is located at:

         The Economic Court of Sevastopol
         Pavlichenko Street 5
         99011 Sevastopol
         AR Krym
         Ukraine

The Debtor can be reached at:

         LLC Stake Ltd
         Office 5
         Molodykh Stroiteley Str. 4
         99006 Sevastopol
         Ukraine


VELAN TELECOM: Creditors Must File Claims by June 18
----------------------------------------------------
Creditors of LLC Velan Telecom (code EDRPOU 343538363) have until
June 18, 2009, to submit proofs of claim to:

         N. Kovalchuk
         Insolvency Manager
         Office 2
         Bekhterovsky Lane 4-A
         Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on May 12, 2009.  The case is docketed under
Case No. 44/240-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 Velan Telecom
         Molodogvardeyskaya Str. 11
         03151 Kiev
         Ukraine


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


BRADFORD & BINGLEY: Moody's Junks Junior Subordinated Debt Ratings
------------------------------------------------------------------
Moody's Investors Service upgraded the Baa3 senior unsecured debt
and deposit ratings of Bradford & Bingley plc to A2 from Baa3 and
kept the ratings under review for upgrade.  The short-term ratings
of P-3 were also upgraded to P-1.  The bank's subordinated and
junior subordinated debt ratings were downgraded to C with a
stable outlook; the preference share ratings of C were affirmed.
Bradford & Bingley's Bank Financial Strength Rating of D was
withdrawn previously on September 29 when the bank was
nationalized, ceased to be a deposit taker and no longer engaged
in mortgage lending operations.

Moody's said that the key driver for the upgrade of the senior
unsecured long term and short term ratings of Bradford & Bingley
was the extension of the UK government guarantee which covers all
unsubordinated and unsecured wholesale deposits and other
borrowings until the full approval of the guarantee by the
European Commission.  The guarantee was initially put in place for
six months with the anticipation that the government would seek
state aid approval from the European Commission to extend the
guarantee.  It is Moody's understanding that a business plan has
been submitted to the European Commission by Bradford & Bingley in
accordance with state aid approval requirements and that the
guarantee arrangements, which were reviewed in March 2009, will
remain in place while the European Commission considers the
Treasury's request.

The review for upgrade of the senior long term ratings reflects
Moody's expectation that the European Commission will allow the
guarantee to be fully implemented.  Importantly, if approved by
the Commission, the guarantee arrangements will continue until the
wind-down of Bradford & Bingley is completed.  An upgrade of
Bradford & Bingley's ratings to that of the U.K government rating
is contingent upon a final guarantee approved by the European
Commission.

The downgrade of the subordinated and junior subordinated debts to
C incorporate Moody's expectation of lower recoveries than
initially assessed in Moody's last rating action on September 29,
2009 on these securities.  Specifically, Moody's note that the
assets remaining to satisfy these obligations include buy-to-let
mortgages (nearly 60% of the mortgage assets) which have seen
arrear levels increase and for which Moody's expect further
losses.  This should further limit the amounts available to
satisfy these subordinated obligations after payments due to all
other secured and unsecured creditors.  As such, Moody's believes
that there will be very limited recovery for holders of these
instruments.

Furthermore, Moody's note that following the UK Treasury's
announcement that effective February 20, 2009, principal and
interest payments on Bradford & Bingley's dated subordinated debt
(LTII) were deferrable, B&B has resolved, on May 26, 2009, not to
make any payments on some perpetual subordinated bonds and
subordinated bonds thereby increasing the probability of expected
losses on these instruments.

Moody's last rating action on Bradford & Bingely was on
September 29, 2008 when the senior long term and short term
ratings were put on review for upgrade and the bank financial
strength ratings were withdrawn.

These specific entities or debt categories are not covered by this
press release:

  -- Covered bonds issued by Bradford and Bingley

  -- Mortgage-backed securities issued by the Aire Valley Master
     Trust


DAIRY FARMERS: Milk Link to Take Over Llandyrnog Plant
------------------------------------------------------
BBC News reports that Milk Link has agreed to take over Dairy
Farmers of Britain's Llandyrnog factory in a deal that could
save 160 jobs.

According to BBC News, the deal is expected to be completed by
Friday, June 12.

BBC News meanwhile relates the search is still on for a buyer for
DFOB's plant in Bridgend.  Receivers Pricewaterhouse Coopers are
trying to find buyers for the business, BBC News discloses.

BBC News recalls DFOB, which is responsible for 10% of UK milk
production, went into receivership after losing a lucrative
supermarket contract and was struggling to pay its 1,800-member
farmers a competitive price for milk.

Dairy Farmers of Britain -- http://www.dairyfarmersofbritain.com/
-- is one of the UK's leading dairy co-operatives.  The co-op's
services include milk collection and distribution, testing and
quota management, and business administration.  Its brands include
Cadog (milk, butter, and cheese), Capricorn (cheese), Dairy
Farmers of Britain (milk, cream, and cheese), Clary's (ice cream),
Wonder Cow (organic dairy products) all of which are available at
UK food stores.  Dairy Farmers delivers milk to more than 120,000
homes across England and Wales.


DAIRY FARMERS: Lubborn Cheese Sold to Lactalis McLelland
--------------------------------------------------------
PricewaterhouseCoopers LLP has sold Lubborn Cheese Limited to
Lactalis McLelland Limited.

Lubborn Cheese Limited was part of the Dairy Farmers of Britain
co-operative, but was not placed into receivership on June 3 along
with the rest of the co-operative.  This allowed the PwC corporate
finance team to continue with the sale process for that part of
the business.

The Lubborn Creamery, in Cricket St. Thomas, south Somerset, is a
market leader in the UK soft cheese market, with its unique range
of quality Somerset Brie, Somerset Camembert and Capricorn goat's
cheese ranges.  Lactalis McLelland is behind some of the UK's best
known cheese brands including the award winning Seriously(R)
cheddars, Orkney, Galloway and McLelland Mature cheeses.  Lubborn
represents an excellent fit with its existing range of quality
brands and products.

The deal also represents an opportunity for local DFB farmer
members to continue to supply milk to the plant they have loyally
supported in recent years.  Lactalis McLelland are keen to
continue the plant's excellent relationship with these farmers and
offer ongoing supply contracts for their milk.

David Kelly, receiver and manager of Dairy Farmers of Britain
Limited, said: "We are pleased to secure such a strong buyer for
the Lubborn Creamery, which will ensure the continued employment
of workers at the site and the opportunity for DFB farmers to
continue supplying the plant they have helped build up.

"Lactalis McLelland were an obvious acquirer of the Lubborn
business and emerged as the most credible buyer following a
carefully managed process run by our corporate finance team over a
number of months.  We hope they continue to build on the success
of the Lubborn business in the future".


KEY DATA: Forced Into Administration by the FSA
-----------------------------------------------
Miles Costello at The Times reports Keydata Investment Services,
an independent fund manager, has been placed into administration.

Dan Schwarzmann and Mark Batten of PricewaterhouseCoopers LLP were
appointed joint administrators of KIS on Monday, June 8, 2009.
The appointment was made based on an application to Court by the
Financial Services Authority (FSA) on insolvency grounds.

The report relates the FSA said that it was pushing Keydata, which
has assets of GBP2.8 billion at the end of April, into
administration in order to protect the fund manager's more than
80,000 individual investors.  According to the report, the
administration means that no investors will be able to redeem
their policies until PwC has a clearer picture of what has taken
place.  The report says financial institutions with GBP2.1 billion
of funds under administration at Keydata will also be unable to
get access to their capital.  It is not yet clear whether
customers will lose money, the report notes.

Dan Schwarzmann, joint administrator and partner at
PricewaterhouseCoopers LLP said: "Our focus is the consumers.
This is a complex situation and we know many investors will have
serious concerns.  We will do all we can to get a clear
understanding of the position as soon as possible.  We will keep
in regular contact and to this end we have established a website
http://www.pwc.co.uk/KISand a helpline on 020 7804 4424."

Pwc said Keydata AIM VCT plc, Keydata AIM VCT 2 plc, Keydata
Income VCT 1 plc and Keydata VCT plc 2 are separate legal entities
and not subject to the administration.

KIS designs, distributes and administers structured investment
products.  KIS operates from three locations, being London,
Glasgow and Reading and administers its own products as well as
portfolios for third parties.


LDV GROUP: Placed Into Administration; 810 Jobs Axed
----------------------------------------------------
Rob Hunt, Mark Hopkins and Matthew Hammond of
PricewaterhouseCoopers LLP were appointed joint administrators of
LDV Group Limited and Birmingham Pressings Limited on Monday,
June 8, 2009.

LDV is a manufacturer of light commercial vehicles, while BPL
manufactures pressings solely utilized by LDV.  LDV and BPL employ
circa 850 people at their offices and plant at Drews Lane,
Birmingham.

Rob Hunt, joint administrator and partner at
PricewaterhouseCoopers LLP in Birmingham, said: "The Companies'
financial difficulties, which culminated in the cessation of
production at the Drews Lane plant in December 2008 and an
application to court to place the Companies into Administration in
May 2009, have been widely publicized in recent months.  That
application was withdrawn as the directors pursued a potential
sale of the business to the Malaysian firm, Weststar.  Last week,
Weststar withdrew from the proposed purchase which left the
directors with little option other than to reapply for
administration.

"Due to the lack of funding it has, regrettably, been necessary to
make the majority of the workforce redundant and we will retain a
skeleton workforce of around 40 people to maintain the site.

"Our priority is to ensure that those employees made redundant,
many of whom have been laid off since December, are assisted in
processing their claims with immediate effect.  We will be
circulating correspondence to all staff within the next 48 hours
as well as arranging employee workshops where employees will
receive assistance in completing their redundancy payment forms.
Advice and assistance will also be available at the workshops from
Job Centre Plus and the Redundancy Payments Office.

"Over the coming days we will review all options for the Companies
and seek a buyer for the business and assets.  We have already
been approached by three parties wishing to engage with us, and we
will try to ensure that a solution is found to provide a structure
to take the business forward."


LLOYDS BANKING: Shareholders Back GBP4 Billion Fundraising
----------------------------------------------------------
Peter Taylor at Telegraph.co.uk reports that Lloyds Banking Group
plc has paid back GBP2.3 billion of the GBP17 billion injected
into the bank by the UK government after shareholders broadly
supported the group's GBP4 billion fundraising.

According to Telegraph.co.uk, 87pc of all shareholders -- or about
77pc of non-government shareholders -- took part in the open
offer.  Telegraph.co.uk discloses the remaining 13pc of shares
were promptly placed with other investors at 60p a share -- a
premium of 21.57p to the offer price.  Telegraph.co.uk says
shareholders who did not take part in the placing will receive
proceeds from the 21.57p premium paid by investors who bought the
rump of shares available for the fundraising.  Lloyds, the
Scotsman states, will distribute almost GBP300 million to
shareholders who did not take up its recent rights issue
being used to redeem preference shares issued to the government.
The Scotsman says freeing itself of the preference shares --
issued as part of the rescue package during last autumn's
financial crisis -- relieves Lloyds of the burden of a GBP480
million-a-year repayment to the Treasury.  It also means that the
banks can pay dividends to shareholders in the future, the
Scotsman adds.

The success of the placement, underwritten by UKFI, keeps the
government's stake in the bank at 43 per cent, the Scotsman notes.

                  About Lloyds Banking Group PLC

Lloyds Banking Group PLC (LON:LLOY) --
http://www.lloydsbankinggroup.com/--  formerly Lloyds TSB Group
plc, is United Kingdom-based financial services company, whose
businesses provide a range of banking and financial services in
the United Kingdom and a limited number of locations overseas.
The operations of Lloyds TSB Group in the United Kingdom were
conducted through over 2,000 branches of Lloyds TSB Bank, Lloyds
TSB Scotland plc and Cheltenham & Gloucester plc during the year
ended December 31, 2007.  Cheltenham & Gloucester plc (C&G) is the
Company’s specialist mortgage arranger.  Following the transfer of
its mortgage lending and deposits to Lloyds TSB Bank, during 2007,
C&G arranges mortgages for Lloyds TSB Bank rather than for its own
account.  International business is conducted mainly in the United
States and continental Europe.  Lloyds TSB Group's services in
these countries are offered through branches of Lloyds TSB Bank.
In January 2009, the Company acquired HBOS plc.


MORTGAGES NO 7: S&P Lowers Rating on Class E Notes to 'B'
---------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit rating on the class E notes issued
by Mortgages No. 7 PLC.  At the same time, S&P raised and removed
from CreditWatch positive S&P's rating on the class B notes issued
by Mortgages No. 6 PLC.  S&P affirmed all other notes in these
transactions and removed the class D notes from CreditWatch
negative.

These rating actions follow credit and cash flow analyses based on
the most recent loan-level information S&P has received and a
review of the April 2009 investor report.  These analyses show
deterioration in performance since closing, notably in arrears,
but an increase in credit enhancement.

Both deals drew on their reserve funds on the January payment
date.  However, on the April payment date both deals increased
their reserve funds.  Indeed, the reserve fund for Mortgages No. 6
is now at its target reserve.  The reserve fund for Mortgages No.
7 is now at 80% of its target.

Total arrears were 48.4% for Mortgages No. 6 and 44.5% for
Mortgages No. 7.  These levels are above S&P's nonconforming
index.

In S&P's opinion, Mortgages No. 6 is performing better than
Mortgages No. 7.  S&P believes this is largely due to the lower
weighted-average loan-to-value ratio of Mortgages No. 6.  The
loans in Mortgages No. 6 were originated on average 16 months
before the loans in Mortgages No. 7 and therefore benefited more
from the U.K. house price increases in 2004 and 2005.

S&P's cash flow and credit analyses support this view and show
that Mortgages No. 6's class B notes now have sufficient credit
enhancement to support a 'AAA' rating, whereas Mortgages No. 7's
junior notes no longer have enough credit enhancement to support
their current ratings.

                           Ratings List

      Ratings Removed From CreditWatch Negative and Lowered

                       Mortgages No. 7 PLC
        GBP757.5 Million Mortgage-Backed Floating-Rate Notes

                             Rating
                             ------
            Class       To                From
            -----       --                ----
            E           B                 BB/Watch Neg

       Ratings Removed From CreditWatch Positive and Raised

                       Mortgages No. 6 PLC
        GBP595.9 Million Mortgage-Backed Floating-Rate Notes

                             Rating
                             ------
            Class       To                From
            -----       --                ----
            B           AAA               AA/Watch Pos

      Rating Removed From CreditWatch Negative and Affirmed

                       Mortgages No. 7 PLC
        GBP757.5 Million Mortgage-Backed Floating-Rate Notes

                             Rating
                             ------
            Class       To                From
            -----       --                ----
            D           BBB               BBB/Watch Neg

                         Ratings Affirmed

                       Mortgages No. 6 PLC
        GBP595.9 Million Mortgage-Backed Floating-Rate Notes

                        Class       Rating
                        -----       ------
                        A2          AAA
                        C           A
                        D           BBB
                        E           BB

                       Mortgages No. 7 PLC
        GBP757.5 Million Mortgage-Backed Floating-Rate Notes

                        Class       Rating
                        -----       ------
                        A2          AAA
                        B           AA
                        C           A


RANK GROUP: High Court Upheld Claim for Overpaid VAT
----------------------------------------------------
The High Court on Monday upheld the earlier decision of the VAT
Tribunal and ruled that the Rank Group Plc is entitled to a refund
from HM Revenue & Customs for VAT overpaid on games of interval
bingo and certain gaming machines.  In a strong decision in favor
of Rank, the High Court stated that there was no objective
justification for the differential in tax treatment by HMRC which
breached the European Community principle of fiscal neutrality.

The High Court confirmed that the principle of fiscal neutrality
which prevents treating similar goods or services differently for
VAT is a fundamental corner stone for equality in fiscal
treatment.

Tony McClenaghan, senior indirect tax partner at Deloitte, who
advised Rank, said: "This is a landmark decision endorsing one of
the most important principles of Community law, fiscal neutrality.
This underpins fair and effective tax policy.  It remains to be
seen whether HMRC will appeal the decision, however, the decision
of both the VAT Tribunal and the High Court are clear and
unequivocal and we would expect the Court of Appeal to share this
view.

"The same principles should apply to any taxpayer which has paid
VAT on the income from these activities.  Other organizations in
the leisure industry should consider their own grounds to submit
claims for overpaid VAT and interest to HMRC following the
guidance laid down by the High Court in this ruling."

The interval bingo appeal concerned identical supplies of bingo
games, one played under s.14 of the Gaming Act 1968 and one played
under s.21 of the Gaming Act 1968, the former being subject to
VAT, and the latter being exempt from VAT.  It was common ground
that the games were identical and therefore HMRC failed to
persuade the High Court that there was any objective basis for the
differential in tax treatment.  This resulted in a breach of
fiscal neutrality.

The gaming machines appeal, referred to as the "Slots appeal",
concerned supplies of certain gaming machines which were subject
to VAT, and other similar gaming machines, which were comparable,
which were treated as exempt from  VAT.  This also caused a breach
of fiscal neutrality and distortion of competition.  HMRC amended
the law in 2005, to tax all of these gaming machines.

Barney Horn, indirect tax partner at Deloitte, commented: "This
decision upholds the principles set out by the European Court of
Justice in the Linnewebber case.  This requires the same or
similar services to be treated in the same way for the purposes of
VAT.  Both the VAT & Duties Tribunal and now the High Court have
accepted this argument and upheld Rank's claim for overpaid VAT."

As a consequence of last year's Tribunal ruling, Rank received
GBP59.1 million from HMRC in respect of VAT paid on interval bingo
between 2003 and 2008.  Rank is entitled to interest on this
claim.


Rank's claim for GBP26.0 million of VAT paid on gaming machines
between 2002 and 2005, has also been upheld by both the Tribunal
and the High Court.  The Tribunal is scheduled to reconvene during
October 2009 to rule on a number of outstanding considerations,
including whether its ruling should apply to the claim period in
its entirety.

HMRC has until June 29, 2009 to appeal this decision to the Court
of Appeal.

                              About Rank Group

Headquartered in London, United Kingdom, Rank Group PLC --
http://www.rank.com-- is an international leisure and
entertainment company.  The Group provides services to the film
industry, including film processing, video duplication and
cinema exhibition.  The Group's leisure and entertainment
activities entail gambling services, encompassing Mecca Bingo
Clubs and Grosvenor Casinos, and owned and franchises Hard Rock
cafes.

                          *     *     *

Rank Group plc continues to carry a B1 corporate family rating
from Moody's Investors Service with negative outlook.


RESLOC UK: S&P Junks Rating on Class E2b Notes From 'B'
-------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit rating on
the class E2b notes and placed on CreditWatch negative its ratings
on the class C1a, C1b, D1a, and D1b notes issued by ResLoC U.K.
2007-1 PLC.  The remaining tranches are currently unaffected.

The transaction continues to exhibit increasing arrears levels and
losses from the sale of repossessed properties, as confirmed in
the latest investor report to March 2009.  In S&P's opinion, there
is likely to be further deterioration in property values over the
coming months and S&P consider that this will result in further
losses going forward.  There have been continued draws on the
reserve fund, which now stands at 42.59% of the target level.

In S&P's opinion, the likelihood that the principal on the class
E2b notes will remain unpaid is high.  This is because the
principal on the notes is being paid junior to the replenishment
of the reserve fund; also, the class E2b notes are excess spread
notes.  Accordingly, S&P has lowered its rating to reflect this.

Furthermore, given the deterioration in the transaction's
performance, S&P consider that the credit support for the class
C1a, C1b, D1a, and D1b notes is now at a level where downgrades
are possible.  Therefore, S&P will undertake full cash flow
analyses to determine whether S&P believes such action is
appropriate.

S&P will continue to review the transaction's performance based on
future servicer reports.

                          Ratings List

                      ResLoC U.K. 2007-1 PLC
               EUR395.5 Million, GBP485.8 Million,
                              and
       US$303.7 Million Mortgage-Backed Floating-Rate Notes

                          Rating Lowered

                                    Rating
                                    ------
                Class       To               From
                -----       --               ----
                E2b         CCC              B

              Ratings Placed on CreditWatch Negative

                                    Rating
                                    ------
                Class       To               From
                -----       --               ----
                C1a         A/Watch Neg      A
                C1b         A/Watch Neg      A
                D1a         BB/Watch Neg     BB
                D1b         BB/Watch Neg     BB


SCREEN TECHNOLOGY: Business Put Up for Sale
-------------------------------------------
The joint administrators of Screen Technology Group plc and Screen
Technology Ltd offer for sale the companies' high resolution
seamless videowall solutions business and assets.

For further information, contact:

    Chris Poulton
    McTear Williams & Wood
    50 Cambridge Place
    Cambridge CB2 1NS
    Tel: 01223 903020
    Fax: 01223 514205


SETANTA SPORTS: Remains on the Brink of Administration
------------------------------------------------------
Dan Sabbagh and Alexi Mostrous at Times Online report that Setanta
Sports remains on the verge of collapse as shareholders battle
over whether the loss-making business could be made viable.

According to Times Online, a source close to the negotiations
between Setanta and its private equity owners, Balderton Capital
and Doughty Hanson, said "Setanta's future would be decided "in a
matter of days rather than weeks."

Times Online relates Setanta's board met, amid talk of a split
between its principal shareholders Balderton Capital and Doughty
Hanson over whether to stump up another GBP50 million to secure
the future of the company.

Times Online says according to analysts, Setanta has about 1.2
million customers but needs nearer 1.9 million to break even and
is losing GBP90 million a year.

Ben Fenton and Roger Blitz meanwhile reports Setanta met on Monday
to decide if it could meet a GBP30 million payment due to the
Premier League next Monday.  The FT recalls the company already
missed a GBP3 million payment to the Scottish Premier
Leaguet last week.

                           Funding Gap

On June 3, 2009, the Troubled Company Reporter-Europe, citing
Telegraph.co.uk, reported Setanta has to find GBP100 million to
secure its future.  Telegraph.co.uk related 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
noted.

                      Administration Threat

The Sunday Times, reported Setanta, which has 1.2 million
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.

The Sunday Times disclosed Setanta was in crunch talks with right
holders, including the PGA golf tour.  The company, the Sunday
Times stated, was seeking to negotiate some of its rights deals
down by 25%.  The Sunday Times said 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
noted.

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.


STRAUMUR-BURDARAS: CB Holding Takes Over West Ham United
--------------------------------------------------------
The Associated Press reports that CB Holding, a company owned by
Straumur Burdaras Investment Bank, has taken over Premier League
club West Ham United.

AP relates the team said Monday that the sale to asset management
group CB Holding secures its long-term future.

According to BBC News, chairman Bjorgolfur Gudmundsson and vice-
chairman Asgeir Fridgeirsson have resigned from the club's board.
BBC News discloses the new non-executive chairman will be Andrew
Bernhardt, a senior director with Iceland's Straumur Bank, which
is the major shareholder of CB Holding.

BBC News relates Hansa, the holding company for the Hammers, had
until last Monday, June 8, to sell the club in order to prevent
creditors seizing its assets and forcing the sale of West Ham.

On March 11, 2009, the Troubled Company Reporter-Europe, reported
Straumur-Burdaras collapsed after running out of liquidity,
forcing the Icelandic government to take over the lender.

Straumur-Burdaras Fjarfestingabanki hf a.k.a Straumur-Burdaras
Investment Bank hf -- http://www.straumur.net/-- is an Iceland-
based investment bank.  It provides such services as debt
financing, corporate advisory and capital market services.  The
Bank's Corporate Finance team identifies, structures and executes
public and private market transactions, while the Debt Finance
team originates and underwrites the required debt financing.  In
addition, it acts as a co-investor in selected projects.  The
Capital Markets team provides securities brokerage services for
companies, institutional investors, mutual funds, and high-net-
worth individuals.  Capital Markets also manages new share
offerings and bond issuance for companies and institutions.  The
Bank operates primarily in Northern and Central Europe, in such
countries as Iceland, Denmark, Sweden, Finland, the Czech
Republic, Poland, Slovakia, Romania and the United Kingdom.  It
has eight wholly owned subsidiaries in Iceland, Luxembourg, the
Netherlands and Finland.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on March 11,
2009, Fitch Ratings downgraded Straumur-Burdaras Investment Bank's
Long-term Issuer Default rating  to 'D' from 'B' and Short-term
IDR to 'D' from 'B' and removed them from Rating Watch Negative.


SURFACE INSPECTION: In Administration; Deloitte Appointed
---------------------------------------------------------
R.D. Allen and R.M. Hawes of Deloitte LLP were appointed as the
joint administrators of Surface Inspection UK Limited on
June 1, 2009.

According to AzoM.com, Michael Charles of Amco has been retained
to seek out a buyer for the company and/or its assets including
its extensive intellectual property rights.

Surface Inspection UK Limited -- http://www.surface-
inspection.com/ -- designs, develops, manufactures and markets
automatic inspection systems for quality control of ceramic tiles.


VIRGIN MEDIA: Fitch Assigns 'BB' Rating on New Senior Note Issue
----------------------------------------------------------------
Fitch Ratings has assigned Virgin Media Finance plc's new senior
note issue of US$750 million and EUR180 million a final rating of
'BB'.  Virgin Media Finance is a subsidiary of UK cable operator
Virgin Media Inc.  Fitch has simultaneously affirmed Virgin
Media's Long-term Issuer Default Rating at 'BB-' with a Stable
Outlook, and affirmed its Short-term IDR at 'B' following the
company's announcement regarding the planned issuance.  The agency
has also affirmed Virgin Media Finance's and Virgin Media
Investment Holdings Limited's existing instrument ratings as
detailed at the end of this comment.

"The larger amount of notes issued will result in a larger
prepayment of senior debt, which will in turn reduce the quantum
of debt due for repayment in 2012," said Michelle De Angelis,
Senior Director in Fitch's Leveraged Finance team.  "The agency
views any reduction of the 2012 refinancing risk as positive
despite the higher interest coupon which will be payable on the
notes compared to the senior loans they are replacing."

Interest will be payable on the face value of the notes (US$750m
and EUR180 million) at 9.5% per annum.  The new senior notes have
been issued at a discount, and after expenses the net proceeds of
the offering are estimated at GBP588.8 million.  Virgin Media
plans to use the net proceeds from the new senior notes to prepay
senior debt.  Pro forma for the prepayment, the agency calculates
that senior leverage would be reduced to 2.8x operating cash flow
from 3.2x at Q109.

These debt ratings have been affirmed:

  -- Virgin Media Investment Holdings Limited senior secured bank
     facilities affirmed at 'BB+'

  -- Virgin Media Finance plc's existing senior unsecured notes,
     due 2014 and 2016, affirmed at 'BB'


* Deloitte Sees Improvement in UK Hotel Performance
---------------------------------------------------
In depth analysis by Deloitte, the business advisory firm, reveals
a clear trend in improvement in UK hotel performance over the last
5 months.  While revenue per available room (revPAR) is still
negative, the pace of decline is reducing and some markets are
actually showing gains on 2008 numbers with strong leisure demand
driving up weekend occupancies and revenues.  There is also a
trend of improving performance in the weekday corporate business
market in London.

Marvin Rust, Hospitality Managing Partner at Deloitte, commenting
on the analysis said: "The UK tourism industry continues to be
challenged by the recession, with some companies announcing record
losses and year-to-April revPAR, the hotel industry's leading
performance indicator, down 11.1%.  However, our analysis shows
that both weekend leisure demand in London and the Regions and
corporate weekday demand in London over the past five months has
shown an upward trend, signalling that the worst may be over for
hoteliers."

Weekend leisure demand is driving the recovery with much stronger
performance than corporate weekday demand.  RevPAR was down 3.8%
to GBP54 on the weekend while weekday drops were more severe, down
14.6% to GBP58 from January 1 through to May 20, 2009. However,
some cities actually saw increases in weekend leisure demand
during the period including Glasgow (4.3%), Edinburgh (3.4%) and
London (0.3%). In this tough operating environment this is a great
achievement.

Mr. Rust added: "Although the results for corporate weekday demand
in London look weak with a decline of 11.0%, the trend is
definitely upwards over the last five months.  Clearly one of the
factors driving the upward trend across the country is the
increasing number of Brits taking short breaks in the UK, where
Sterling stretches further than in Europe.  The strong Euro
against Sterling has also made the UK less expensive than in the
past, which is helping hotels perform better and walking around
London there are a noticeable increase in the usual number of
European accents in the shops and at London's attractions."

The only areas yet to show an improvement are weekday demand in
the Regions and the country's airport hotels where trading
continues to be tough.

                       About Deloitte

Deloitte - http://www.deloitte.com/-- provides audit, consulting,
financial advisory, risk management and tax services to selected
clients.

Deloitte & Touche LLP is the United Kingdom member firm of DTT.


* Moody's Reviews Ratings on 6 Baltic Banks for Possible Downgrade
------------------------------------------------------------------
Moody's Investors Service placed the ratings of six Baltic banks
on review for possible downgrade.  The affected entities are
Baltic International Bank (Latvia), BIGBANK (Estonia), Mortgage
and Land Bank of Latvia, Norvik Banka (Latvia), Siauliu Bankas
(Lithuania) and Trasta Komercbanka (Latvia).

Moody's also notes that all the ratings of Swedbank AS (Estonia)
and the long term debt and deposit ratings of Parex Bank remain on
review for possible downgrade, the review having been initiated on
April 27, 2009 for Swedbank AS (Estonia) and December 5, 2008 and
11 May 11, 2009 for Parex Bank .

The review of the banks' ratings will focus on Moody's expectation
of credit losses following the deterioration of the Baltic
operating environment and its potential impact on the banks'
financial fundamentals and overall creditworthiness.  Although the
Baltic banks' capitalization levels still appear to be adequate,
Moody's believes that, with the three economies in deep recession,
the likelihood of corporate defaults is rising in those countries
and that this could lead to increased losses on the banks'
corporate loan portfolios.

Moreover, delinquencies in the banks' retail portfolios are also
expected to rise, reflecting higher unemployment and lower income
levels and a likely further decline in house prices.  These losses
are expected to weaken the capital positions of most Baltic banks
over the next two years.  Moody's says that it has been
incorporating expected losses on bank loan portfolios into its
ratings for some time.  However, the Moody's expectation regarding
the probability of losses has increased because of the continuing
deterioration of the Baltic operating environment.

Moody's notes that there has been some speculation that the Bank
of Latvia may be forced to devalue the lat.  Although the rating
agency does not necessarily believe that this is the most likely
scenario given the severe consequences and questionable positive
effects stemming from a devaluation, its review will address the
impact of such a devaluation on the banks' financial fundamentals
and will also gauge the possible implications for neighboring
Baltic banking systems.

Overall, the key factor in these rating actions is Moody's concern
that the banks' capitalization levels and/or business franchises
will come under pressure in light of the ongoing recession in the
Baltic region.

          Review of BFSRS and Debt and Deposit Ratings

Those banks with capitalization levels (Tier 1 and tangible common
equity ratios) that Moody's believes could be significantly
adversely affected as a result of high expected losses on their
risk assets, primarily stemming from high exposures to the real
estate sector or unsecured consumer finance, are likely to receive
the biggest downgrades to their bank financial strength ratings.
Moody's expects the possible downgrades of the senior debt and
deposit ratings to be limited in most cases to one notch.
However, in case of BIGBANK which is specialized in consumer
finance, Moody's cautions that the downgrade of the deposit rating
could be of several notches.  This reflects the bank's high risk
profile and recent rapid increase in problem loans.

Commenting on Mortgage and Land Bank of Latvia, Moody's notes that
the bank's foreign currency deposit rating currently receives a
three-notch uplift from its baseline credit assessment of Ba3
which reflects very high probability of systemic support given the
100% ownership by the government of Latvia.  A possible multi-
notch downgrade of the BFSR would lead to a downgrade of the
bank's foreign currency deposit rating given the current support
level.

Moody's BFSR methodology is unchanged, although the weight
attached to certain rating considerations, particularly capital
and future earnings prospects, has been increased to better
reflect the impact of the current crisis.  The refinements to
Moody's approach to rating banks in this environment are discussed
in two Special Comments entitled "Calibrating Bank Ratings in the
Context of the Global Financial Crisis", published in February and
"Moody's Approach to Estimating Bank Credit Losses and their
Impact on BFSRs", published in May.

Moody's expects to conclude its review of these banks within a
month, although for some entities the review process could be
shorter.

                    Rating Actions In Summary

The detailed rating actions are listed below (in alphabetical
order).

Baltic International Bank

  -- B2 long-term local and foreign currency deposit rating placed
     on review for downgrade

  -- E+ BFSR and Not Prime short-term rating affirmed

BIGBANK

  -- B1 long-term local and foreign currency deposit rating and E+
     BFSR placed on review for downgrade

  -- Not Prime short-term rating affirmed

Mortgage and Land Bank of Latvia

  -- D -BFSR and Baa3 long-term foreign currency deposit rating
     and Prime-3 short-term rating placed on review for downgrade

Norvik Banka

  -- Ba3 long-term local and foreign currency deposit rating and D
     BFSR placed on review for downgrade

  -- Not Prime short-term rating affirmed

Siauliu Bankas.

  -- Ba2 long-term local and foreign currency deposit rating and D
     BFSR placed on review for downgrade

  -- Not Prime short-term rating affirmed

Trasta Komercbanka

  -- B2 long-term local currency deposit rating placed on review
     for downgrade

  -- E+ BFSR and Not Prime short-term rating affirmed

            Previous Rating Actions and Methodologies

Moody's last rating action on Baltic International Bank was on
December 12, 2008, when it downgraded Baltic International Bank's
rating to B2, with a negative outlook.

Moody's last rating action on BIGBANK was on September 2, 2008,
when it changed the outlook on BIGBANK's B1 rating to negative.

Moody's last rating action on Mortgage and Land Bank of Latvia was
on April 23, 2009, when it downgraded Mortgage and Land Bank of
Latvia's rating to Baa3/P-3, with a negative outlook.

Moody's last rating action on Norvik Banka was on November 13,
2008, when it changed the outlook on Norvik Banka's Ba3/D- ratings
to negative.

Moody's last rating action on Siauliu Bankas was on October 31,
2008, when it changed the outlook on Siauliu Bankas's Ba2/D
ratings to negative.

Moody's last rating action on Trasta Komercbanka was on
December 12, 2008, when it changed the outlook on Trasta
Komercbanka's B2 rating to negative.

Baltic International Bank is headquartered in Riga, Latvia, and
reported consolidated total assets of LVL0.167 billion (EUR0.24
billion) at the end of December 2008.

BIGBANK is headquartered in Tallinn, Estonia, and reported
consolidated total assets of EEK2.9 billion (EUR0.18 billion) at
the end of December 2008.

Mortgage and Land Bank of Latvia is headquartered in Riga, Latvia,
and reported total assets of LVL969 million (EUR1.4 billion) at
the end of December 2008.

Norvik Banka is headquartered in Riga, Latvia, and reported total
assets of LVL506 million (EUR0.7 billion) at the end of December
2008.

Siauliu Bankas is headquartered in Siauliu, Lithuania, and
reported total assets of LTL2.1 billion (EUR0.6 billion) at the
end of December 2008.

Trasta Komercbanka is headquartered in Riga, Latvia, and reported
consolidated total assets of LVL0.28 billion (EUR0.4 billion) at
the end of December 2008.


* S&P Puts Ratings on 20 European CLO Tranches on Watch Negative
----------------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch negative
its credit ratings on 20 tranches issued by six collateralized
loan obligation transactions backed by corporate loan securities.

The affected transactions are:

  -- Dalradian European CLO IV B.V.;
  -- Morgan Stanley Investment Management Garda B.V.;
  -- PDM CLO I B.V.;
  -- Lightpoint Pan-European CLO 2007-1 PLC;
  -- Cheyne Credit Opportunity CDO I B.V.; and
  -- Gresham Capital CLO III B.V.

These rating actions are due to deterioration in the credit
quality of the underlying portfolios.  S&P has also observed par
value losses following the default of portfolio holdings in some
of the CLOs.

In S&P's opinion, portfolio credit deterioration and par losses
increase the risk that cash flows may not be sufficient to fully
repay all rated classes, putting downward pressure on the ratings.

In determining whether to place a CLO tranche rating on
CreditWatch negative, S&P considers a number of factors,
including, but not limited to:

  -- The percentage of assets (including any change to this) rated
     below 'B-' based on S&P's analysis, and the percentage of
     defaults already experienced in the portfolios;

  -- S&P's rated overcollateralization (ROC) metric, which
     provides an estimate of rating stability for cash flow
     collateralized debt obligation tranches based on output from
     Standard & Poor's CDO Evaluator model and a simplified cash
     flow analysis;

  -- Trends in performance results across similar transactions;
     and

  -- The results of the CDO Monitor test.

The actions primarily follow S&P's preliminary review of how
recent deterioration in collateral credit quality has affected
European CLOs.

                          Ratings List

              Ratings Placed on Creditwatch Negative

                  Dalradian European CLO IV B.V.
                 EUR400 Million Floating-Rate Notes

                                Rating
                                ------
            Class          To                     From
            -----          --                     ----
            Variable
            funding
            notes          AAA/Watch Neg          AAA
            A              AAA/Watch Neg          AAA
            B              AA/Watch Neg           AA
            C              A/Watch Neg            A
            D              BBB-/Watch Neg         BBB
            E              BB-/Watch Neg          BB

         Morgan Stanley Investment Management Garda B.V.
             EUR358 Million Secured Floating-Rate Notes

                                Rating
                                ------
            Class          To                     From
            -----          --                     ----
            E              BB/Watch Neg           BB
            F              B/Watch Neg            B

                          PDM CLO I B.V.
    EUR267 Million Secured Floating-Rate Notes And EUR33 Million
                        Subordinated Notes

                                Rating
                                ------
            Class          To                     From
            -----          --                     ----
            C              A/Watch Neg            A
            D              BBB-/Watch Neg         BBB-
            E              BB-/Watch Neg          BB-

              Lightpoint-Pan European CLO 2007-1 PLC

                                Rating
                                ------
            Class          To                     From
            -----          --                     ----
            C              A/Watch Neg            A
            D              BBB-/Watch Neg         BBB-
            E              BB-/Watch Neg          BB-

               Cheyne Credit Opportunity CDO I B.V.
       EUR1 Billion Variable Funding And Floating-Rate Notes

                                Rating
                                ------
            Class          To                     From
            -----          --                     ----
            III def        A/Watch Neg            A
            IV def         BBB/Watch Neg          BBB
            V def          BB/Watch Neg           BB

                   Gresham Capital CLO III B.V.
      EUR600 Million (Equivalent) Secured Floating-Rate Notes

                                Rating
                                ------
            Class          To                     From
            -----          --                     ----
            D              BBB/Watch Neg          BBB
            E              BB/Watch Neg           BB
            F              B/Watch Neg            B

                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *