TCREUR_Public/090611.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

           Thursday, June 11, 2009, Vol. 10, No. 114

                            Headlines

A U S T R I A

GBI PERSONALLEASING: Creditors Have Until June 30 to File Claims
HMT TRANSPORT: Creditors Must File Claims by June 23
HYPO ALPE-ALDRIA: Moody's Cuts Bank Fin'l Strength Rating to 'E+'
JUNO - FIA PAPIERVERARBEITUNGS: Claims Filing Deadline is June 30
KLAUSRIEGLER GMBH: Creditors Must File Claims by June 30

PD-PERSONALBEREITSTELLUNG: Claims Filing Period Ends June 23


F R A N C E

REMY CONTREAU: Net Profit Down to EUR86.1 Mln in FY Ended March 31


G E R M A N Y

ARCANDOR AG: Files for Bankruptcy Protection
DRESDNER FUNDING: S&P Raises Rating on EUR500 Mln Certs. from CCC
E-MAC DE: Moody's Junks Ratings on Four Classes of Notes
FRESENIUS MEDICAL: S&P Affirms 'BB' Issue Rating on Securities
KLOECKNER & CO: S&P Assigns 'B+' Rating on EUR97.9 Mln Bonds

PORSCHE AUTOMOBIL: Close to Reaching Qatar Investment Deal
VAC FINANCIERUNG: Moody's Cuts Corporate Family Rating to 'Caa2'
WADAN YARDS: Insolvency Affects Muehlhan AG
WESTLB AG: Secures Additional EUR4 Billion State Guarantee


G R E E C E

DRYSHIPS INC: Signs Waiver Agreement on US$1.125 Bln Facility
WIND HELLAS: Weak Q1 2009 Results Prompt S&P to Junk Rating


I R E L A N D

SMURFIT KAPPA: Seeks Consent to Amend Senior Credit Facility


K A Z A K H S T A N

AVTOLESPROM LLP: Creditors Must File Claims by June 26
INTER FOOD: Creditors Must File Claims by June 26
MEGA CONSULT: Creditors Must File Claims by June 26
RAMEX LLP: Creditors Must File Claims by June 26
STROY SERVICE & K: Creditors Must File Claims by June 26


K Y R G Y Z S T A N

BEREKE EMTI: Court Names M. Osmonaliyev as Insolvency Manager


L A T V I A

ASK RIGA: Declared Insolvent by Riga Court


R O M A  N I A

* ROMANIA: Fitch Assigns 'B+' Rating on Oradea Metropolitan Area


R U S S I A

AMTEL-VREDESTEIN OJSC: Files for Insolvency in Moscow Court
EVRAZ GROUP: Moody's Corrects Press Release; Reviews 'Ba3' Rating
NAVTEKS LLC: Creditors Must File Claims by June 22
PRESTIZH-STROY LLC: Arkhangelskaya Bankruptcy Hearing Set June 19
PROKHORO-BALANDINSKIY MARBLE: Claims Filing Period Ends June 22

ROSSICH LLC: Creditors Must File Claims by June 22


S P A I N

REALIA: Nears EUR871 Million Debt Refinancing Deal With Banks


S W I T Z E R L A N D

A. + M. ISLAMI: Claims Filing Deadline is June 18
ABAVUS AG: Creditors' Proofs of Claim Due on June 18
AKIDOR AG: Creditors Have Until June 18 to File Claims
GERBER AG: Claims Filing Deadline is June 18
GYMAR GMBH: Creditors Must File Claims by June 18

MAX STUESSI: Claims Filing Deadline is June 17


U K R A I N E

BUDROOST LLC: Creditors Must File Claims by June 18
CASCADE OJSC: Creditors Must File Claims by June 18
CITEL LLC: Creditors Must File Claims by June 18
GOLDFIN COMPANY: Creditors Must File Claims by June 18
IMEXBANK: Moody's Withdraws 'E' Bank Financial Strength Rating

LVOV SCIENCE: Court Starts Bankruptcy Supervision Procedure
OZBUD TRADE: Creditors Must File Claims by June 18
PANTRANS SUBSIDIARY: Creditors Must File Claims by June 18
UKRAINIAN THERMAL: Court Starts Bankruptcy Supervision Procedure


U N I T E D   K I N G D O M

ATRIUM EUROPEAN: S&P Cuts Long-Term Corp. Credit Rating to 'BB-'
BROADGATE FINANCING: Fitch Cuts Rating on Class D Notes to 'BB'
EUROSAIL 2006-2BL: S&P Cuts Rating on Class F1c Notes to 'CCC-'
FAYCROSS LTD: In Administration; Begbies Traynor Appointed
FIRST QUENCH: Issues Going Concern Warning

HARVEY WORLD: In Administration; 25 Shops Sold to Vacation World
HYPO REAL: Moody's Junks Rating on GBP14.9 Mln Class E Notes
INSIGHT EVENTS: Losses Prompt Liquidation
JESTERS: Goes Into Administration Following Expansion
JUNARED PROPERTY: In Administration; Deloitte Appointed

LLOYDS BANKING: To Close 164 Cheltenham & Gloucester Branches

* Moody's Reviews Ratings on 26 Notes From 11 CDO Transactions
* Moody's Reviews Ratings on 14 Notes Isued by 5 CDO Transactions

* Upcoming Meetings, Conferences and Seminars


                         *********


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A U S T R I A
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GBI PERSONALLEASING: Creditors Have Until June 30 to File Claims
----------------------------------------------------------------
Creditors of GBI Personalleasing GmbH have until June 30, 2009, to
file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for July 14, 2009 at 2:00 p.m. at:

         Land Court of Steyr
         Second Floor
         Steyr
         Austria

For further information, contact the company's administrator:

         Mag. Ernst Lehenbauer
         Hauptplatz 21
         4470 Enns
         Austria
         Tel: 07223/810 10
         Fax: DW 20
         E-mail: ra.lehenbauer@attglobal.net


HMT TRANSPORT: Creditors Must File Claims by June 23
----------------------------------------------------
Creditors of HMT Transport 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 9:00 a.m. at:

         Land Court of Linz
         Hall 522
         Linz
         Austria

For further information, contact the company's administrators:

         Dr. Erhard Hackl
         Dr. Karl Hatak
         Mag. Markus Weixlbaumer
         Hofgasse 7
         4020 Linz
         Austria
         Tel: 0732/776234, 776235
         Fax: 0732/776234
         E-mail: hackl.hatak@aon.at


HYPO ALPE-ALDRIA: Moody's Cuts Bank Fin'l Strength Rating to 'E+'
-----------------------------------------------------------------
Moody's Investors Service downgraded the bank financial strength
rating of Hypo Alpe-Adria-Bank International AG to E+ from D-.
The Baa1 long-term debt and deposit ratings and the Baa2 rating on
the bank's subordinated liabilities were confirmed.  The ratings
carry a negative outlook.

At the same time, the Prime-2 short-term ratings and the Caa2
ratings on the hybrid securities (Tier 1 instruments) issued by
Hypo Alpe-Adria's subsidiaries, Hypo Alpe Adria (Jersey) Ltd and
Hypo Alpe Adria (Jersey) II Ltd, were affirmed.  The
Aa2/Aa3/Prime-1 ratings for debt backed by the Austrian federal
state of Carinthia and the Aaa rating for debt backed by the
Republic of Austria were also affirmed.  The ratings of the hybrid
instruments and the backed long-term ratings carry a stable
outlook.  Moody's rating action concludes the review of Hypo Alpe-
Adria's BFSR and debt and deposit ratings initiated on 13 May 2009
and 11 November 2008, respectively.

   BFSR Downgraded Due to Concerns About Asset Quality and Low
                          Profitability

The downgrade of the BFSR reflects Moody's expectation that Hypo
Alpe-Adria will not be able to operate profitably until 2011.  The
historically low profitability of the bank does not provide a
sufficient buffer to absorb the effects of the continuing downturn
in the global economy and the persistent economic turmoil in
international capital markets that is likely to have a worsening
negative impact on the economies of Hypo Alpe Adria's core markets
in South-Eastern Europe.

Hence, Moody's expects pressure on earnings, asset quality and
capital ratios to increase further and the likelihood that the
bank would need outside support to rise.  At December 31, 2008,
around 43% of the bank's risk-weighted assets came from the SEE
region, with Croatia and Slovenia being the most important
markets, followed by activities in Serbia and Bosnia Herzegovina.

"Hypo Alpe-Adria's risk management practices have historically
been below industry standards.  This shortcoming, combined with
the enormously fast growth of the bank's balance sheet to EUR43.3
billion at the end of 2008 from EUR17.8 billion at the end of
2004, is key for the rating, especially in the current market
environment.  Over the next two to three years, Moody's expect the
bank's provisioning to be well above that of its peers, with
noticeable adverse effects on its profits and capital ratios,"
says Dominique Nutolo, a Frankfurt-based Moody's Assistant Vice
President and lead analyst for Hypo Alpe-Adria.

Moody's notes that Hypo Alpe-Adria is in the process of
implementing measures to enhance its processes and integrate them
into those of its major shareholder, Bayerische Landesbank.  This
builds on the bank's recent changes to its senior management.
Hypo Alpe-Adria has a large gap to bridge in order to improve its
risk management processes and culture to an acceptable level and
it is clear that this is a long-term initiative, the success of
which cannot be taken for granted.

Overall, Moody's believes that the E+ BFSR better captures the
increased likelihood of Hypo Alpe-Adria needing further outside
support in order to cope with the challenging and unstable
economic environment, particularly given its historically low
profitability, aggressive expansion and weak risk management
practices.

   Long-Term Ratings Confirmed Due to Unchanged Strong Support
                           Assumptions

The confirmation of Hypo Alpe-Adria's Baa1 debt and deposit
ratings reflects Moody's unchanged support assumptions.  The
rating agency assesses a high probability of support from Hypo
Alpe-Adria's parent, BayernLB, in the light of a capital injection
from BayernLB of EUR700 million in 2008.  Furthermore, Moody's
believes that BayernLB Group's restructuring plans, which are
still subject to EU approval, are unlikely to affect the
probability of parental support for Hypo Alpe-Adria Moody's also
takes the probability of regional and local government and
systemic support into account and, overall, Hypo Alpe-Adria
remains in the high support category.  The outlook on the debt and
deposit ratings is negative in line with the negative outlook on
the BFSR.

Moody's previous rating action on Hypo Alpe-Adria was on May 13,
2009, when Moody's placed the bank's D- BFSR on review for
possible downgrade and downgraded its debt and deposit ratings to
Baa1 from A2.

Based in Klagenfurt, Austria, Hypo Alpe-Adria reported 2008 net
losses of EUR520 million and total assets of EUR43.3 billion at
the end of the year.


JUNO - FIA PAPIERVERARBEITUNGS: Claims Filing Deadline is June 30
-----------------------------------------------------------------
Creditors of Juno-Fia Papierverarbeitungs GmbH have until June 30,
2009 to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for July 14, 2009 at 9.30 a.m.

For further information, contact the company's administrator:

         Dr. Andreas Wippel
         Triester Str. 15
         2620 Neunkirchen
         Austria
         Tel: 02635/62860
         Fax: 02635/62861 14
         E-mail: kanzlei@dr-wippel.at


KLAUSRIEGLER GMBH: Creditors Must File Claims by June 30
--------------------------------------------------------
Creditors of Klausriegler GmbH have until June 30, 2009, to file
their proofs of claim.

A court hearing for examination of the claims has been scheduled
for July 14, 2009 at 2:15 p.m. at:

         Land Court of Steyr
         Second Floor
         Steyr
         Austria

For further information, contact the company's administrator:

         Dr. Norbert Mooseder
         Stelzhamerstrasse 1
         4400 Steyr
         Austria
         Tel: 07252/42 4 24
         Fax: DW 24
         E-mail: lawfirm@gltp.at


PD-PERSONALBEREITSTELLUNG: Claims Filing Period Ends June 23
------------------------------------------------------------
Creditors of PD-Personalbereitstellung und Fassadenbau Daurer KG
have until June 30, 2009, to file their proofs of claim.

will convene a meeting of its creditors at 13.45 p.m. on July 14,
2009, at Land Court of Steyr/2nd floor.

A court hearing for examination of the claims has been scheduled
for July 14, 2009 at 1:45 p.m. at:

         Land Court of Steyr
         Second Floor
         Steyr
         Austria

For further information, contact the company's administrator:

         Dr. Wolfgang Strasser
         Hauptplatz 11
         4300 St. Valentin
         Austria
         Tel: 07435/52 4 37
         Fax: 07435/5243721
         E-mail: ra-strasserwolf@rechtsanwaelte.co.at


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F R A N C E
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REMY CONTREAU: Net Profit Down to EUR86.1 Mln in FY Ended March 31
------------------------------------------------------------------
Alice Dore at Dow Jones Newswires reports that Remy Cointreau SA
recorded net profit of EUR86.1 million for the financial year
ended March 31, down from EUR98.4 million a year earlier.

According to Dow Jones, Remy's operating profit fell 14% to EUR137
million.

Dow Jones relates the company said it will pay a dividend of
EUR1.30 a share for fiscal 2009.

Headquartered in Cognac, France, Remy Cointreau --
http://www.remycointreau.com/-- offers a range of premium wine
and spirit brands, known and recognized throughout the world.
These brands include, among others, Remy Martin, Cointreau,
Passoa, Metaxa, Mount Gay Rum, Charles Heidsieck and Piper-
Heidsieck.

                          *     *     *

Remy Cointreau SA continues to carry a Ba2 corporate family rating
and senior unsecured rating from Moody's Investors Service with
negative outlook.

The company still carries 'BB-' long-term corporate credit and
debt ratings from Standard & Poor's Ratings Services with negative
outlook.


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G E R M A N Y
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ARCANDOR AG: Files for Bankruptcy Protection
--------------------------------------------
Holger Elfes and Tony Czuczka at Bloomberg News report that
Arcandor AG has filed for bankruptcy protection after the German
government turned down its request for loan guarantees.

Bloomberg News relates the district court in Arcandor's home town
of Essen named lawyer Klaus Hubert Goerg as insolvency
administrator.

German Chancellor Angela Merkel, as cited by Bloomberg News, said
Arcandor's collapse was "unavoidable" after investors and banks
offered too little to save the retailer.  Bloomberg News discloses
Euro am Sonntag said Tuesday that the retailer won concessions
worth about EUR750 million after overnight talks with suppliers,
creditors, landlords and shareholders.

"The commitments by the owners and the creditors were absolutely
not enough for us to step in," Bloomberg News quoted Ms. Merkel as
saying.  "So this is now an unavoidable step, but one whose
opportunities should be put to good use."

BBC News reports Arcandor said its bankruptcy filing covered
German retailer Karstadt and its mail-order businesses.  However,
it added Thomas Cook would "remain unaffected", BBC News states.

Bloomberg News recalls the government on Monday rejected two
applications for help by Arcandor, which employs 43,000 people.
According to Bloomberg News, the retailer sought loan guarantees
of EUR650 million (US$904 million) from Germany's Economy Fund
program as debt came due this week.  It also sought a further
EUR437 million from a state-owned bank, Bloomberg News notes.

                         Metro Merger

Bloomberg News says according to Ms. Merkel, a merger between
Karstadt and Metro's Kaufhof chain is still a possibility.
Bloomberg News discloses Metro said it's ready to talk with all
parties about the formation of a German department store company
which would involve about 60 Karstadt stores.

                    Outstanding Commissions

Jeffrey Ng at Dow Jones Newswires reports Li & Fung Ltd. said
Wednesday Arcandor owes the company outstanding commissions
totaling US$5.4 million.  Dow Jones relates the Hong Kong-listed
trading house, which is a buying agent for the German department
store and supervises the production of its garments and hard
goods, said it will offer assistance to the factories that
supplied products to Arcandor's retail units, including Karstadt,
Primondo and Quelle.  Li & Fung will provide factories with
information about Arcandor's insolvency proceedings and "advise
them on how to file claims through proper legal representation in
Germany for amounts owed to them," Dow Jones quoted Li & Fung as
saying in a statement.

                   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.


DRESDNER FUNDING: S&P Raises Rating on EUR500 Mln Certs. from CCC
------------------------------------------------------------------
Standard & Poor's Ratings Services said that it had raised its
rating on EUR500 million Tier 1 hybrid capital dated silent
partnership certificates issued by Dresdner Funding Trust II of
Commerzbank AG (A/Negative/A-1) to 'BBB+' from 'CCC'.  At the same
time, the rating was removed from CreditWatch, where it was placed
with negative implications on Jan. 12, 2009.

The rating action follows an announcement by Commerzbank to the
Luxembourg Stock Exchange that it will redeem the certificates on
their call date on June 30, 2009.  The rating action reflects
S&P's expectation that Commerzbank will redeem the instruments at
their full stated liquidation amount plus annual interest for the
period ended June 30, 2009.


E-MAC DE: Moody's Junks Ratings on Four Classes of Notes
--------------------------------------------------------
Moody's Investors Service has downgraded the ratings of all notes
issued by E-MAC DE 2005-I B.V., E-MAC DE 2006-I B.V., E-MAC DE
2006-II B.V. and E-MAC DE 2007-I B.V. (the affected transactions).

The rating actions conclude the review for downgrade that was
initiated on May 30, 2008.  The ratings of some of the classes of
notes in the affected transactions were also previously
downgraded: i) on September 12, 2008 due to worse-than-expected
collateral performance; ii) December 12, 2008 due to the lack of
back-up arrangements for the cash management and certain servicer
functions; and iii) on April 7, 2009 due to an update of Moody's
rating methodology for German RMBS.

As detailed in the May 30, September 12 and December 12 press
releases, Moody's rating review was prompted by the exposure of
the affected transactions to the ability of GMAC RFC Investment
B.V. to fulfil its role as cash manager and servicer in these
transactions, if it were to become insolvent.  GMAC RFC is an
indirect wholly-owned subsidiary of Residential Capital, LLC
(ResCap) which was downgraded to Moody's lowest rating of C on 20
November 2008.  ResCap has required support from its parent, GMAC
LLC (GMAC, rated C), to continue as a going concern for over one
year.  Although the recent U.S. government actions to support GMAC
increase its ability to support to ResCap, its willingness to
support ResCap remains uncertain.  Should parental support be
discontinued Moody's believes ResCap would eventually default on
its obligations.  Moody's has also noted that GMAC and its
subsidiaries were not part of the bankruptcy filing of General
Motors Corporation on 1st June 2009.

The downgrades reflect the continued lack of back-up arrangement
for GMAC RFC's role as appointed servicer and issuer
administrator, which performs the tasks generally associated with
those of a cash manager in these transactions, as well as Moody's
analysis of the possible consequences for noteholders, if there
was a servicing or cash management disruption.

In its role as servicer (referred to as MPT provider), GMAC RFC
sub-delegates the day-to-day servicing of the loan portfolio to
Kreditwerk Hypotheken Management GmbH and part of the special
servicing to Rechtsanwaelte Paulus Westerwelle.  GMAC RFC does
part of the special servicing itself and both sub-delegates rely
on it to make all credit-related decisions.  In addition, it is
possible that a failure by GMAC RFC to fulfil its various
obligations would result in the inability for investor reports to
be produced on a timely basis.

A cash management disruption could result in the inability of the
issuer to allocate available funds when payments become due.  If
the inability to allocate funds were to exceed the various grace
periods (typically 15 days for payments on the notes, three days
for payments to swap counterparties), noteholders could experience
principal or interest payment defaults and losses.  In sizing
these potential losses, Moody's has taken into account the
exposure of the notes to the unwinding of interest hedges
following termination events prompted by missed payments under the
swaps.  It also incorporated the potential increase in servicing
costs and the potentially higher losses these structures may face
in the event of a servicing transfer, which would affect all
classes of notes.

In all the German E-MAC DE transactions, noteholders have the
option to put their notes to the issuer on pre-defined dates.
Note redemptions under this put option would be funded by a
servicer advance to be provided by GMAC RFC to the issuer.
Because of its optional nature, this feature is not reflected in
Moody's ratings.  Accordingly, the downgrades do not reflect the
probability that GMAC RFC will or will not be in a position to
provide this servicer advance or that the issuer will be able to
make timely payment to investors who exercise their put options.
According to the transaction documents, the failure of the issuer
to redeem notes put by investors would not constitute an event of
default.

If any of the notes are not redeemed on the put option date, the
interest rate on such notes will be subject to a step up.  Because
this step up interest is calculated with reference to market
prevailing rates, it could be a large multiple of the interest on
the notes before the put option date.  The step up component of
the interest on the notes (referred to as the "extension margin"
and unrated by Moody's) is deeply subordinated in the waterfall

Finally, as part of the put option process, Moody's anticipates
that it will be requested to affirm its current ratings on all the
notes of the German E-MAC DE transactions prior to the put option
date and that similar requests will be made to the other agencies
rating these transactions.  The inability of any of the agencies
rating the transactions to comply with such requests may lead to a
mandatory redemption of all the notes in the German E-MAC DE
transactions, which could lead to an enforcement process.  Yet,
there is no certainty that Moody's or other rating agencies will
be able to comply with this request and Moody's ratings are
consistent with this uncertainty.  However, with respect to
principal payments, Moody's ratings address the ultimate payment
at par on or before the rated final legal maturity date and not
the likelihood of timely payments under a mandatory redemption.

In addition, Moody's ratings address only the credit risks
associated with the transaction. Other risks have not been
addressed, but may have a significant effect on yield to
investors.

Complete List Of Rating Actions

Issuer: E-MAC DE 2005-I B.V.

  -- Class A: Downgraded to Baa1; previously on 12 December 2008
     downgraded to Aa1 and remained on review for possible
     downgrade;

  -- Class B: Downgraded to Baa1; previously on 7 April 2009
     downgraded to Aa3 and remained on review for possible
     downgrade;

  -- Class C: Downgraded to Ba1; previously on 7 April 2009
     downgraded to Baa1 and remained on review for possible
     downgrade;

  -- Class D: Downgraded to B1; previously on 7 April 2009
     downgraded to Ba1 and remained on review for possible
     downgrade;

  -- Class E: Downgraded to Caa2; previously on 7 April 2009
     downgraded to B2 and remained on review for possible
     downgrade.

Issuer: E-MAC DE 2006-I B.V.

  -- Class A: Downgraded to Baa1; previously on 12 December 2008
     downgraded to Aa1 and remained on review for possible
     downgrade;

  -- Class B: Downgraded to Baa1; previously on 7 April 2009
     downgraded to A1 and remained on review for possible
     downgrade;

  -- Class C: Downgraded to Ba2; previously on 7 April 2009
     downgraded to Baa2 and remained on review for possible
     downgrade;

  -- Class D: Downgraded to B1; previously on 7 April 2009
     downgraded to Ba1 and remained on review for possible
     downgrade;

  -- Class E: Downgraded to Caa1; previously on 7 April 2009
     downgraded to B1 and remained on review for possible
     downgrade.

Issuer: E-MAC DE 2006-II B.V.

  -- Class A1: Downgraded to Baa1; previously on 12 December 2008
     downgraded to Aa1 and remained on review for possible
     downgrade;

  -- Class A2: Downgraded to Baa1; previously on 12 December 2008
     downgraded to Aa1 and remained on review for possible
     downgrade;

  -- Class B, Downgraded to Baa2; previously on 7 April 2009
     downgraded to A2 and remained on review for possible
     downgrade;

  -- Class C: Downgraded to Ba2; previously on 7 April 2009
     downgraded to Baa2 and remained on review for possible
     downgrade;

  -- Class D: Downgraded to B2; previously on 7 April 2009
     downgraded to Ba2 and remained on review for possible
     downgrade;

  -- Class E: Downgraded to Caa2; previously on 7 April 2009
     downgraded to B2 and remained on review for possible
     downgrade;

  -- Class F: Downgraded to Caa2; previously on 12 September 2008
     downgraded to B2 and remained on review for possible
     downgrade.

Issuer: E-MAC DE 2007-I B.V.

  -- Class A1: Downgraded to Baa1; previously on 12 December 2008
     downgraded to Aa1 and remained on review for possible
     downgrade;

  -- Class A2: Downgraded to Baa1; previously on 12 December 2008
     downgraded to Aa1 and remained on review for possible
     downgrade;

  -- Class B: Downgraded to Baa1; previously on 7 April 2009
     downgraded to Aa3 and remained on review for possible
     downgrade;

  -- Class C: Downgraded to Baa3; previously on 7 April 2009
     downgraded to A3 and remained on review for possible
     downgrade;

  -- Class D: Downgraded to B1; previously on 7 April 2009
     downgraded to Ba1 and remained on review for possible
     downgrade;

  -- Class E: Downgraded to B3; previously on 7 April 2009
     downgraded to Ba3 and remained on review for possible
     downgrade.


FRESENIUS MEDICAL: S&P Affirms 'BB' Issue Rating on Securities
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it has revised its
recovery rating on the US$225 million and EUR300 million trust
preferred securities -- issued, respectively, by Fresenius Medical
Care Capital Trust IV and Fresenius Medical Care Capital Trust V
to '4' from '3', indicating its expectation of average (30%-50%)
recovery in the event of a payment default.  At the same time, the
'BB' issue rating on these instruments was affirmed; the rating is
the same as the corporate credit rating on the parent company,
German health care group Fresenius Medical Care AG & Co. KGaA
(FMC; BB/Stable/--).

S&P's '1' recovery rating on the US$4.6 billion senior secured
credit facilities taken on by FMC and S&P's '2' recovery rating on
the US$500 million unsecured notes issued by Fresenius Medical
Care Finance III S.A. and guaranteed by FMC are unchanged.  The
'BBB-' and 'BB+' issue ratings on the credit facilities and notes,
respectively, were affirmed.

The revision of S&P's recovery rating on the TPS reflects the
higher level of prior-ranking liabilities in the waterfall of
post-default payment priorities.  FMC has made increased use of
its securitization facility (to US$539 million at year-end 2008
from US$85 million at year-end 2007).  This increase in prior-
ranking obligations results in a lower residual enterprise value
available for debtholders -- in particular for TPS holders, who
are subordinated to both the senior secured lenders and the
unsecured noteholders.

Under S&P's updated waterfall, S&P has calculated lower coverage
for TPS than S&P previously anticipated -- 30%-50%, versus 50%-70%
-- hence S&P's revised recovery rating of '4' on this debt.
However, S&P believes that the subordinated nature of the TPS
makes recovery prospects for this debt particularly volatile.

S&P has assumed in its simulated default scenario that the prior-
ranking senior secured facilities will be refinanced by the time
of the hypothetical default in 2012, leading to an estimated
outstanding principal amount of about US$3.3 billion at default,
compared with an outstanding committed amount of about
US$4.1 billion as of Dec. 31, 2008 (including, in both cases, a
fully drawn US$1 billion revolving credit facility).  However, the
recovery prospects for TPS holders could be materially weaker if
the senior-ranking credit facilities are refinanced in such a way
that there is more than US$3.3 billion of principal outstanding at
default.

                        Recovery Analysis

The recovery ratings are supported by S&P's valuation of FMC on a
going-concern basis, given its satisfactory business risk profile,
its leading market position in North American dialysis services
and product markets, the stabilizing effects of a recurring
revenue stream, and attractive growth prospects due to an aging
population.  At S&P's simulated point of default in 2012, S&P
estimates the stressed enterprise value to be about US$5.8
billion.  S&P's estimated recovery prospects take into account
different security packages and a possible evolution of the
capital structure on the path to default.


KLOECKNER & CO: S&P Assigns 'B+' Rating on EUR97.9 Mln Bonds
------------------------------------------------------------
Standard & Poor's Ratings Services said it assigned its 'B+'
senior unsecured debt rating to the EUR97.9 million 6% convertible
bonds due 2014, issued by Kloeckner & Co. Financial Services S.A.
KFS is a finance subsidiary of Germany-based metals distributor
Kloeckner & Co. S.E. (Kloeckner; BB/Stable/--), which is
guaranteeing the bonds.  The recovery rating on these bonds is
'6', indicating S&P's expectation of negligible (0%-10%) recovery
in the event of payment default.

The issue rating on these convertible bonds is two notches below
the corporate credit rating on Kloeckner, reflecting its
structural subordination to the liabilities of the group's
operating subsidiaries, including the drawings under the EUR300
million multicurrency revolving credit facility and EUR500 million
debtor securitization facility.

At the same time, the existing EUR325 million 1.5% senior
unsecured convertible bonds issued by Kloeckner & Co. Finance
International S.A. was affirmed at 'B+', two notches lower than
the 'BB' corporate credit rating of the guarantor, Kloeckner.  The
recovery rating on these bonds is unchanged at '6', indicating
S&P's expectation of negligible (0%-10%) recovery in the event of
a payment default.

                        Recovery Analysis

The issue and recovery ratings on the senior unsecured convertible
bonds issued by KFS and KFI take into consideration significant
pricing pressure on a discrete asset sale, which S&P sees as the
most likely source of recoveries.  The ratings also take into
account the potential for cross-jurisdictional insolvency issues,
the high level of prior-ranking debt facilities, and other
structurally senior unsecured claims.

Under S&P's simulated default scenario, S&P believes Kloeckner
would be sold as a going concern on account of its competitive
market position and its strategic presence as Europe's leading
independent metals distributor.  However, due to the nature of the
metals distribution business, it is S&P's view that the stressed
enterprise value of Kloeckner is underpinned by its asset values.
Accordingly, S&P has valued the business on a discreet asset
valuation basis.

                          Ratings List

                           New Rating
             Kloeckner & Co. Financial Services S.A.

            Senior Unsecured Debt*                 B+
             Recovery Rating                       6

                         Ratings Affirmed

           Kloeckner & Co. Finance International S.A.

                                            To            From
                                            --            ----
     Senior Unsecured Debt*                 B+            B+
      Recovery Rating                       6             6

              * Guaranteed by Kloeckner & Co. S.E.


PORSCHE AUTOMOBIL: Close to Reaching Qatar Investment Deal
----------------------------------------------------------
Chris Reiter at Bloomberg News reports that Porsche Automobil
Holding SE said it is in exclusive talks with Qatar about a
potential investment in the German sports-car maker.

Citing two people people familiar with the discussions, who
declined to be identified because the negotiations are private,
Bloomberg News discloses Porsche may sell a stake of about 25
percent.  Bloomberg News relates one of the people said
an agreement may be reached in the next few weeks.

Bloomberg News recalls Qatari Finance Minister Youssef Kamal said
June 4 that his government is ready to invest in Porsche, which
owns 51 percent of Volkswagen, but he declined to specify a figure
or a deadline.

                        KfW Loan

Christoph Rauwald and Eyk Henning at the Wall Street Journal
reports that last week, Porsche submitted a loan request to state-
controlled KfW Bank to secure the remaining EUR1.75 billion part
of a EUR12.5 billion credit line.  The WSJ states according to
Porsche, if the request is approved, KfW would receive normal
interest payments, adding that the loan would be fully
collateralized.

                        Call Options

Dow Jones says Porsche is under pressure because its net debt
tripled to EUR9 billion (US$12.5 billion) after it raised its
stake in Volkswagen to almost 51% in January and cash flows at its
core sports-car operations turned anemic as demand for luxury cars
collapsed amid the economic downturn.  Porsche, Bloomberg News
notes, holds options for about 20 percent of Volkswagen stock
following transactions last year to build up the stake in an
effort to reach a 75 percent ownership target.  Porsche is
examining a sale of the call options as part of its discussions
with an investor, Bloomberg News discloses citing a person
familiar with the plan.

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


VAC FINANCIERUNG: Moody's Cuts Corporate Family Rating to 'Caa2'
----------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating and probability of default rating of Vac Finanzierung GmbH,
the ultimate holding company of Vacuumschmelze GmbH & Co. KG, to
Caa2 from Caa1.  At the same time, Moody's downgraded Vac
Finanzierung's senior secured notes to Caa3 from Caa2.  The rating
outlook is negative.  The rating action concludes the review for
possible downgrade initiated by Moody's on March 5, 2009.

The downgrade of the CFR to Caa2 reflects Moody's belief that VAC
will be challenged by these factors: (1) the recently regained
headroom under the company's senior credit facility financial
covenants is likely to tighten again over the next few quarters in
the absence of a significant performance turnaround; and (2) VAC's
continued weakening operating performance over the past few weeks
with limited visibility of a turnaround in the short term, which
has further increased the company's financial leverage beyond the
expectations for the previous Caa1 rating category.

The negative outlook reflects Moody's view that VAC will be
challenged to turn around its performance and leverage metrics
over the next few quarters in light of very low visibility for all
segments.  Furthermore, uncertainty surrounds whether the company
will be able to remain in compliance with its financial covenants
during 2009 and whether VAC will be successful in renegotiating
its covenants beyond 2010 without impairments to bondholders'
claims.

While Moody's notes that the company has successfully agreed in
May 2009 with the lenders of the senior credit facility for 2009
to reset its financial covenants, the new covenant levels have
been tailored tightly to a business plan that expects a
stabilization of performance already in Q2, 2009 and a subsequent
upturn in EBITDA generation towards the level of H2, 2008.  Hence,
an inability to turn around operating performance or the absence
of contributions by the financial sponsor could trigger a
financial covenant violation during 2009.  In addition, the rating
reflects the uncertainty of whether the company will be successful
in renegotiating covenants beyond 2010, which are expected to be
agreed by September 2009 based on a revised business plan.
Moody's Caa2 rating expects the continued support of bank lenders
and financial sponsor.

The company's performance erosion has been triggered by
significantly lower demand for magnetic products in the majority
of VAC's business segments.  As a consequence, debt to LTM EBITDA
has eroded to above 7.0x in the last twelve months ending March
2009 from 6.0x at fiscal year end 2008 and is expected to rise
further during the course of 2009.  This trend reflects the
magnitude and pace of performance contraction.  Consequently,
financial leverage metrics are below the thresholds for the
previous Caa1 rating category and reflect an unsustainable
leveraged capital structure in a scenario of an extended downturn.

At the end of March 2009, VAC had EUR22 million of on-balance
sheet cash, and availability under a EUR15 million liquidity
facility decreased from EUR40 million as part of the recent
covenant renegotiations until 15 September 2009.  The reduction of
the liquidity facility diminishes the company's liquidity cushion
in a scenario of a protracted period of weak operating
performance, resulting in negative free cash flows, particularly
as the company has annual debt repayment requirements of around
EUR7 million.

Downgrades:

Issuer: VAC Finanzierung GmbH

  -- Probability of Default Rating, Downgraded to Caa2 from Caa1

  -- Corporate Family Rating, Downgraded to Caa2 from Caa1

  -- Senior Secured Regular Bond/Debenture, Downgraded to Caa3
     from Caa2

Outlook Actions:

Issuer: VAC Finanzierung GmbH

  -- Outlook, Changed To Negative From Rating Under Review

The last rating action was implemented on 5 March 2009, when
Moody's downgraded VAC's CFR to Caa1 from B3 and placed the
ratings under review for possible downgrade.

Headquartered in Hanau, Germany, Vacuumschmelze GmbH & Co KG has a
solid and well-established market position in the design and
manufacturing of magnetic products.  In 2008, the company
generated revenues of EUR324 million.


WADAN YARDS: Insolvency Affects Muehlhan AG
-------------------------------------------
Muehlhan AG said the insolvency of Wadan Yards will have a
significant impact on the company.  The outstanding receivable
claims of EUR3 million against the Wadan Yards in
Rostock-Warnemuende, for which Muehlhan has been providing
surface-protection services for over 20 years, are now in serious
jeopardy due to last Friday's insolvency filing.  This occurred
after the shareholders refused to honor their own financing and
purchase commitments, despite extensive support provided by the
Federal government and the State of Mecklenburg-Pomerania.  Within
the next few days, a decision will be made as to whether the jumbo
ferries under construction will be completed and therefore whether
the shipyard will continue operating over the short term under the
supervision of the insolvency administrator.  Consequently,
Muehlhan's Executive Board no longer considers the earnings
targets for 2009 (EBIT of EUR9 to 12 million) to be realistic.  To
what extent the bad-debt provisions and the production downtime
will affect profitability will only become clear once the
insolvency proceedings are underway.  The Executive Board expects
to issue an adjusted earnings forecast with the publication on
August 7, 2009 of the results for the first half.

On June 9, 2009, the Troubled Company Reporter-Europe, citing
Marinelog, reported Wadan Yards MTW GmbH on Friday filed for
insolvency in the District Court in Schwerin, Germany, putting
2,500 jobs at the shipyards in Wismar and Rostock at risk.

Wadan Yards, which is 70 percent owned by Russian privately held
investment company FLC West, is now being supervised by a
court-appointed insolvency administrator, Marc Odebrecht of
Brinckmann & Partners, Marinelog disclosed.

                        About Muehlhan

The Muehlhan Group -- http://www.muehlhan.com-- is a leading
world provider of marine surface protection.  Its core business
consists of applying and renewing corrosion protection coatings to
steel structures.  They include steel surfaces of ships and of oil
and gas rigs and platforms.  The Muehlhan Group is also active in
the Industry Services segment, which, besides scaffolding for
marine and industry customers, includes surface protection for
wind turbines, chemical production plants, and fuel storage
depots, steel bridges, cranes, and machinery.  Muehlhan was
established in Hamburg in 1881.  For 2008 the company with its
some 2,500 employees around the world generated sales revenue of
more than EUR 206 million (IFRS).

                           About Wadan

Wadan Yards MTW GmbH is an affiliate of Wadan Yards Group AS --
http://www.wadanyards.com/-- a multinational maritime engineering
and construction group comprising leading German and Ukrainian
ship yards.  The group specializes in advanced marine solutions
for hydrocarbon exploration, production and transportation,
particularly for Arctic conditions.


WESTLB AG: Secures Additional EUR4 Billion State Guarantee
----------------------------------------------------------
Oliver Suess and Mike Gavin at Bloomberg News report that WestLB
AG will receive an additional guarantee of up to EUR4 billion
(US$5.6 billion) from the state of North Rhine-Westphalia.

Bloomberg News relates the government said in an e-mail statement
the guarantee will be "shouldered by all owners according to their
stakes".  WestLB's main investors are two regional savings bank
associations, which each own just over 25 percent, and the state
of North Rhine-Westphalia, Bloomberg News discloses.

According to Bloomberg News, the guarantees are meant to protect
the bank from potential losses until further investments can be
transferred under Germany's financial markets rescue laws, the
state said.

                           About WestLB

Hearquartered in Duesseldorf, Germany, WestLB AG (DAX:WESTLB)
-- http://www.westlb.com/-- provides financial advisory,
lending, structured finance, project finance, capital markets
and private equity products, asset management, transaction
services and real estate finance to institutions.

In the United States, certain securities, trading, brokerage and
advisory services are provided by WestLB AG's wholly owned
subsidiary WestLB Securities Inc., a registered broker-dealer
and member of the NASD and SIPC.

WestLB's shareholders are the two savings banks associations in
NRW (25.15% each), two regional associations (0.52% each), the
state of NRW (17.47%) and NRW.BANK (31.18%), which is owned by
NRW (64.7%) and two regional associations (35.3%).

                          *     *     *

West LB AG continues to carry Fitch's 'F' Individual Rating.
The rating was previously at 'D/E' and was downgraded by Fitch
to its current level in January 2008.


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


DRYSHIPS INC: Signs Waiver Agreement on US$1.125 Bln Facility
-------------------------------------------------------------
DryShips Inc. signed an agreement on waiver terms with the
Deutsche Bank AG, led syndicate on the US$1.125 billion facility.
This facility covers drillships hull numbers 1865 and 1866
currently under construction at Samsung Heavy Industries.

George Economou, Chairman and Chief Executive Officer, commented:
"We are pleased to have signed this agreement with the syndicate.
We remain focused on the execution of our strategy to further
strengthen our balance sheet and position the company for
acquisitions."

                      About DryShips Inc.

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


WIND HELLAS: Weak Q1 2009 Results Prompt S&P to Junk Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its long-
term corporate credit ratings on Greek mobile telecommunications
operator WIND Hellas Telecommunications S.A. and related entities
to 'CCC' from 'B-' on the group's weak first-quarter results.  The
outlook is negative.

At the same time, S&P lowered its debt ratings on the senior
secured notes issued by WIND Hellas' wholly owned financial
subsidiary Hellas Telecommunications (Luxembourg) V to 'CCC', in
line with the corporate credit rating.  The recovery rating on the
notes is unchanged at '3', indicating S&P's expectation of
meaningful (50%-70%) recovery in the event of a payment default.

S&P also lowered the ratings on Hellas Telecommunications
(Luxembourg) III's subordinated notes and Hellas
Telecommunications (Luxembourg) II's subordinated notes to 'CC',
two notches below the corporate credit rating on the group.  The
recovery rating on both issues is unchanged at '6', indicating
S&P's expectation of negligible (0%-10%) recovery for unsecured
creditors in the event of a payment default.

Furthermore, S&P lowered its rating on Hellas Telecommunications
Finance SARL's payment-in-kind notes to 'CC'.  S&P also assigned a
recovery rating of '6' to the PIK notes.

"The downgrade mainly reflects the group's weak first-quarter 2009
results, which will likely result in reduced liquidity and in a
substantial increase of the group's already very high leverage,"
said Standard & Poor's credit analyst Melvyn Cooke.

"The negative outlook reflects the group's weakening operating
performance and liquidity, with an expected substantial reduction
in EBITDA in 2009," said Mr. Cooke.

It also reflects Standard & Poor's view that the group's very
aggressive capital structure is likely to make it very difficult
for the group to raise any form of new financing, as significant
deleveraging is unlikely in the face of weak EBITDA growth
prospects during that period.


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


SMURFIT KAPPA: Seeks Consent to Amend Senior Credit Facility
------------------------------------------------------------
Smurfit Kappa Group plc on Tuesday said it is seeking the consent
of its lenders to amendments to its Senior Credit Facility
Agreement.

                         Overview

The proposed amendments will significantly enhance SKG's financial
flexibility, providing it with:

    * The ability to raise longer-dated capital to refinance a
      portion of its existing Senior Facilities.

    * Extended maturity of its Revolving Credit Facility.

    * Increased leverage and interest cover covenant headroom.

A significant number of the Group's top lenders, including a
number of non-bank lenders, have already confirmed their support
for all of the proposed amendments.

Smurfit Kappa Group's Chief Financial Officer, Mr. Ian Curley,
commented "These initiatives form part of an ongoing process of
effective capital management.  The proposed amendments provide SKG
with significantly enhanced financial flexibility, to focus on
delivering industry leading operating performance and maximizing
free cash flow generation for continued net debt reduction."

        Amendments to Senior Credit Facility Agreement

Rationale

Against the backdrop of a difficult operating environment, in the
first quarter of 2009 SKG continued to report industry-leading
EBITDA margins and strong cash flow management.

The Group continues to maintain a strong liquidity position with
in excess of EUR700 million of cash on its balance sheet, undrawn
committed credit facilities of approximately EUR600 million and no
significant debt refinancing requirement until December 2013.
Moreover, although headroom has reduced, SKG is operating well
within its covenants, with a Net Debt to EBITDA ratio of 3.7 times
at the end of March 2009, against a covenant level of 4.7 times.

The Group's financial priority continues to be to maximize free
cash flow generation for further net debt reduction.  Consistent
with this objective, SKG previously announced a planned reduction
of capital expenditure (towards 60% of depreciation in 2009), the
suspension of dividend payments and increased cost take-out
efforts.  The Group also re-purchased EUR43 million of senior bank
debt in 2009, at an average discount of 24% to par, which
contributed to its net debt reduction objective.

To further strengthen its capital structure in light of the
ongoing uncertainty of the global economic environment, and
reflecting the recent improvement in credit markets, the Group is
now seeking the consent of its lenders to amend its Senior Credit
Facility Agreement.

The objectives of this request are to provide SKG with the
ability, as and when market conditions are attractive, to raise
longer dated financing in the bond markets to refinance part of
its Senior Facilities, to extend the maturity of a portion of its
revolving credit facility, and to increase covenant headroom for
the next three years.  These proposed amendments will
significantly enhance the Group's financial flexibility.

           Amendments to Senior Credit Facility Agreement

Summary Details

The principal requested amendments to SKG's Senior Credit Facility
Agreement are:

   (i) Flexibility to issue pari passu ranking senior secured
       bonds, as and when market conditions are attractive, to
       repay senior bank debt at par thereby further extending the
       Group's average debt maturities and diversifying its
       sources of funding.

  (ii) Extend the maturity of a portion of the Group's current
       EUR600 million Revolving Credit Facility ("RCF") by one
       year, to year, to December 2013.  SKG is offering all
       existing RCF lenders the opportunity to convert their
       commitments to a RCF2, with a commitment reduction of one-
       sixth upon conversion.  RCF2 is to be sized according to
       lender appetite, however, SKG is targeting a minimum size
       of EUR200 million for the RCF2.  The eventual portion (if
       any) of the RCF not converted into RCF2 will be renamed
       RCF1, with an unchanged maturity in December 2012.

(iii) Increase the existing headroom under leverage and interest
       cover covenants from Q3 2009 to Q2 2012, with a return to
       the pre-amendment covenant levels after this period.

The Group, subject to the approval of 66 2/3 per cent or more of
its lenders to the requested amendments, agrees to:

   (a) pay each consenting lender a consent fee of 75 basis points
       ('bps'), including an 'early bird' incentive fee of 25bps.


   (b) in addition to the payment under (a) above, pay each
       consenting lender converting its RCF1 commitments to RCF2
       commitment of such lenders after conversion.

   (c) pay all lenders an increased margin of 125bps on existing
       term loans and RCF1 drawn amounts.  RCF2 lenders will be
       paid an additional 25bps over RCF1 lenders on drawn
       amounts.

   (d) pay all relevant lenders increased commitment fees on RCF1
       and RCF2 as follows:

Ratio of Consolidated      Current     Proposed       Proposed
Total Net Borrowings       (% p.a.)   RCF1 (% p.a.)  RCF1 (% p.a)
to Consolidated Pro
Forma EBITDA

Greater than or equal
to 3:50:1.00                0.625        0.900          1.300

Less than 3.50:1.00         0.500        0.750          1.000

   (e) a reduced level of Net Debt to EBITDA at which dividends
       can be paid to shareholders: from 4.50 times to 4.25 times.

   (f) prepay EUR100 million of senior bank debt at par, to be
       applied pro rata against existing term loans.

Margin increases and commitment fees would take effect immediately
upon the requested amendments becoming effective.

A copy of SKG's letter requesting the consent of its lenders to
the proposed amendments to its Senior Credit Facility Agreement is
available on the SKG website at www.smurfitkappa.com/investors.

Headquartered in Dublin, Ireland, Smurfit Kappa Group Plc --
http://www.smurfitkappa.com/-- is paper-based packaging company.
The Company operates in 22 countries in Europe and is in to
containerboard, solidboard, corrugated and solidboard packaging
and in other paper packaging market segments.  The Company also
operates in nine countries in Latin America.  The Company's
operations are divided into packaging and specialties.  The
packaging segment includes a system of paper mills that produce a
full line of containerboard that is converted into corrugated
boxes by its converting operations.  The Specialties segment
primarily consists of graphicboard and solidboard businesses,
along with paper sack and bag-in-box operations.

                      *     *     *

On June 3, 2009, the Troubled Company Reporter-Europe reported
that Fitch Ratings affirmed Ireland-based Smurfit Kappa Group
plc's Long-term Issuer Default Rating at 'BB'.  Fitch said the
Outlook on the IDR is Stable.

As reported in the TCR-Europe on June 3, 2009, Standard & Poor's
Ratings Services said that it had lowered its long-term issuer
credit ratings on Ireland-based paper and packaging company
Smurfit Kappa Group PLC to 'BB-' from 'BB'.  S&P said the outlook
is stable.


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


AVTOLESPROM LLP: Creditors Must File Claims by June 26
------------------------------------------------------
Creditors of LLP Avtolesprom have until June 26, 2009, to submit
proofs of claim to:

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

The Specialized Inter-Regional Economic Court of Almaty commenced
bankruptcy proceedings against the company on April 17, 2009.


INTER FOOD: Creditors Must File Claims by June 26
-------------------------------------------------
Creditors of LLP Inter Food Almaty have until June 26, 2009, to
submit proofs of claim to:

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

The Specialized Inter-Regional Economic Court of Almaty commenced
bankruptcy proceedings against the company on April 17, 2009.


MEGA CONSULT: Creditors Must File Claims by June 26
---------------------------------------------------
Creditors of LLP Mega Consult LLC have until June 26, 2009, to
submit proofs of claim to:

         Kassin Str. 2/2-21
         Mamyr
         Almaty
         Kazakhstan
         Tel: 8 777 559 68-31

The Specialized Inter-Regional Economic Court of Almaty commenced
bankruptcy proceedings against the company on Oct. 28, 2008, after
finding it insolvent.

The Court is located at:

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


RAMEX LLP: Creditors Must File Claims by June 26
------------------------------------------------
Creditors of LLP Ramex have until June 26, 2009, to submit proofs
of claim to:

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan
         Tynybaev Str. 42
         Shymkent
         South Kazakhstan
         Kazakhstan

The Specialized Inter-Regional Economic Court of South Kazakhstan
commenced bankruptcy proceedings against the company on March 20,
2009.


STROY SERVICE & K: Creditors Must File Claims by June 26
--------------------------------------------------------
Creditors of LLP Stroy Service & K have until June 26, 2009, to
submit proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of Mangistau
         Building of Former Kindergarten 51
         Micro District 27
         Aktau
         Mangistau
         Kazakhstan

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


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


BEREKE EMTI: Court Names M. Osmonaliyev as Insolvency Manager
-------------------------------------------------------------
The Inter-District Court of Bishkek for Economic Issues commenced
bankruptcy proceedings against LLC Bereke Emti after finding the
company insolvent.  The case is docketed under Case No. ED-952/08
M??4.

The court appointed M. Osmonaliyev as insolvency manager for the
company on April 27, 2009.  He can be reached at:

         M. Osmonaliyev
         Akiev Str. 49-30
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 61-15-76


===========
L A T V I A
===========


ASK RIGA: Declared Insolvent by Riga Court
------------------------------------------
Nina Kolyako at The Baltic Course reports that the Riga Central
District Court in Latvia declared basketball club "ASK Riga"
insolvent on Tuesday.

Creditors' claims will be accepted for three months from the day
the club is registered insolvent in the insolvency register,
the report says.

The report recalls the court launched insolvency proceedings
against "ASK Riga" on April 28 following petitions from former
player Gatis Jahovics and the travel agency "Airtour.lv".
According to the report, the club's debts stood at LVL1,400,902.


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


* ROMANIA: Fitch Assigns 'B+' Rating on Oradea Metropolitan Area
----------------------------------------------------------------
Fitch Ratings has assigned the Romanian Metropolitan Area of
Oradea Long-term foreign and local currency ratings of 'B+',
respectively, and a Short-term foreign currency rating of 'B'.
The Outlooks on the Long-term ratings are Stable.

OMA's ratings reflect its main objective of providing economic and
infrastructure development to the metropolitan area which is of
high importance to its 11 local authority members.  The ratings
also factor in the importance of the City of Oradea (rated
'BB+'/'B'/Negative) to the metropolitan area, because it is the
main sponsor and contributor.  OMA's ratings also take into
account the association's limited revenue flexibility and small
budget.

A clear commitment from the county council to the obligations of
OMA's members in the form of a guarantee, and/or an improvement of
the Romanian economy -- which could positively affect the
creditworthiness of Romanian local authorities and Oradea in
particular -- would be positive for OMA's rating.  A deterioration
of OMA's budgetary performance, which could stem from delays in
members' contributions, and/or a deterioration of Oradea's ratings
would be negative for OMA's rating.  Furthermore, a decline in
interest on the further development of the metropolitan area could
be negative for the ratings.

OMA has a short track record although its performance to date has
been good with reported overall surpluses and operating margins,
as per Fitch's calculation, well over 25% on an annual basis
respectively.  OMA has no debt outstanding and has indicated it
has no immediate plans to contract debt.  However, its ability to
acquire debt funding would be limited by its low revenue
flexibility, as 84% of its operating revenue derives from member
contributions.  OMA's revenue is also concentrated as over 87%
derives solely from Oradea.  Therefore, OMA's credit profile is
somewhat linked to that of Oradea.  The limited budget, with total
revenues amounting to just RON1.95 million in 2008, is also a
constraining factor for its rating.

Romania's highly centralized budgetary system ensures adequate
support and control from the central government, as the state
supervises local authorities' accounts and financial positions
including debt approval, but it also limits their budgetary
flexibility.  In addition, the current mayor of Oradea has clearly
stated the importance of OMA with respect to economic and
infrastructure development and the improvement of Oradea and its
associated communes, ensuring the necessary support for the annual
contributions for the association's operating and business
activities.

OMA was founded in 2005 as an association of nine, since increased
to 11, local authorities for the purpose of implementing common
projects to benefit the economic development of the metropolitan
area.  OMA's total population consists of about 246,000
inhabitants, most of which (207,000) are located in Oradea.


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


AMTEL-VREDESTEIN OJSC: Files for Insolvency in Moscow Court
-----------------------------------------------------------
Tire Review reports that Russian tire manufacturer OJSC Amtel-
Vredestein on June 3 filed for insolvency with the Moscow
Arbitration Court.

Tire Review relates the tire manufacturer said "given the
deteriorating position of the company and increasing number of
creditors' claims to repay debt or foreclose on the company's
mortgaged assets, this action is necessary and unavoidable."

Amtel-Vredestein, Tire Review discloses, has requested the
granting of a monitoring period in line with insolvency laws.
According to Tire Review, an administrator will be appointed to
run the monitoring procedure for the company.


EVRAZ GROUP: Moody's Corrects Press Release; Reviews 'Ba3' Rating
-----------------------------------------------------------------
Moody's Investors Service has revised its press release and said
that it placed the Ba3 CFR of Evraz Group 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.

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.


NAVTEKS LLC: Creditors Must File Claims by June 22
--------------------------------------------------
The Arbitration Court of Ivanovskaya commenced bankruptcy
proceedings against  LLC Navteks (TIN 3713007149, PSRN
1043700452971) (Cotton Plant) after finding the company insolvent.
The case is docketed under Case No. ?17-1401/2009 10B.

Creditors have until June 22, 2009, to submit proofs of claims to:

         T. Shukhtina
         Insolvency Manager
         Promyshlennaya Str. 1
         Navoloki
         Kineshemskiy
         155830 Ivanovskaya
         Russia

The Debtor can be reached at:

         LLC Navteks
         Promyshlennaya Str. 1
         Navoloki
         Kineshemskiy
         155830 Ivanovskaya
         Russia


PRESTIZH-STROY LLC: Arkhangelskaya Bankruptcy Hearing Set June 19
-----------------------------------------------------------------
The Arbitration Court of Arkhangelskaya will convene at 2:00 p.m.
on June 19, 2009, to hear bankruptcy supervision procedure on LLC
Prestizh-Stroy (TIN 901088413, PSRN 1022900550287) (Construction).
The case is docketed under Case No. ?05–13444/2008.

The Temporary Insolvency Manager is:

         S. Malanin
         Vidanskaya Str. 15V
         Petrozavodsk
         Russia

The Debtor can be reached at:

         LLC Prestizh-Stroy
         Severnaya Dvina Embankment 112/1
         163000 Arlkhangelsk
         Russia


PROKHORO-BALANDINSKIY MARBLE: Claims Filing Period Ends June 22
---------------------------------------------------------------
The Arbitration Court of Chelyabinskaya commenced bankruptcy
proceedings against LLC Prokhoro-Balandinskiy Marble Quarry (TIN
7438008278) after finding the company insolvent.  The case is
docketed under Case No. ?76–4956/2009–55-22.

Creditors have until June 22, 2009, to submit proofs of claims to:

         Ye.Bodanov
         Insolvency Manager
         Chkalova Str. 21
         390029 Ryazan
         Russia

The Debtor can be reached at:

         LLC Prokhoro-Balandinskiy Marble Quarry
         Prokhoro-Baladino
         Sosnovskiy
         Chelyabinskaya
         Russia


ROSSICH LLC: Creditors Must File Claims by June 22
--------------------------------------------------
Creditors of LLC Rossich (Forestry) have until June 22, 2009, to
submit proofs of claims to:

         Ye.Osaulenko
         Temporary Insolvency Manager
         Post User Box782
         167000 Syktyvkar
         Komi
         Russia

The Arbitration Court of Kostromskaya will convene on Sept. 3,
2009, to hear bankruptcy supervision procedure on the company.
The case is docketed under Case No. ?31–8/2009.

The Debtor can be reached at:

         LLC Rossich
         RaduzhnayaStr. 21
         157610 Sharya
         Russia


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


REALIA: Nears EUR871 Million Debt Refinancing Deal With Banks
-------------------------------------------------------------
Realia is close to refinancing EUR871 million (US$1.21 billion) of
debt maturing this year, Andres Gonzalez at Reuters reports citing
chairman Ignacio Bayon.

"We are now closing the deal with the banks and are hoping to
close it in the shortest period possible," Reuters quoted
Mr. Bayon as saying.  "We already have a deal on the negotiating
table."

Reuters discloses according to Mr. Bayon, Realia is also in very
advanced talks with a group over them taking a stake in its French
division, SIIC de Paris.  The company holds an 82 percent stake in
SIIC de Paris, Reuters notes.

On June 9, 2009, the Troubled Company Reporter-Europe, citing
Reuters, reported that Spanish builder FCC and savings bank Caja
Madrid will lend their property unit Realia EUR100 million
(US$141.7 million) as part of its debt refinancing plan.

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


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


A. + M. ISLAMI: Claims Filing Deadline is June 18
-------------------------------------------------
Creditors of A. + M. Islami GmbH are requested to file their
proofs of claim by June 18, 2009, to:

         Haldemann + Joerg
         Daniel Haldemann
         Bahnhofstrasse 15
         3076 Worb
         Switzerland

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


ABAVUS AG: Creditors' Proofs of Claim Due on June 18
----------------------------------------------------
Creditors of Abavus AG are requested to file their proofs of claim
by June 18, 2009, to:

         Barbara Eggenberger
         BDO Visura
         Fabrikstrasse 50
         8031 Zurich
         Switzerland

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


AKIDOR AG: Creditors Have Until June 18 to File Claims
------------------------------------------------------
Creditors of Akidor AG are requested to file their proofs of claim
by June 18, 2009, to:

         Urs Weber
         Liquidator
         Goethestrasse 61
         9008 St. Gallen
         Switzerland

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


GERBER AG: Claims Filing Deadline is June 18
---------------------------------------------
Creditors of Gerber AG are requested to file their proofs of claim
by June 18, 2009, to:

         Hans Peter Gerber
         Liquidator
         Seestrasse 35
         3654 Gunten
         Switzerland

The company is currently undergoing liquidation in Aesch BL.  The
decision about liquidation was accepted at a general meeting held
on March 17, 2009.


GYMAR GMBH: Creditors Must File Claims by June 18
-------------------------------------------------
Creditors of Gymar GmbH are requested to file their proofs of
claim by June 18, 2009, to:

          Emil Hofer
          Brunnackerstrasse 14
          8309 Birchwil
          Switzerland

The company is currently undergoing liquidation in Kloten.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on March 10, 2009.


MAX STUESSI: Claims Filing Deadline is June 17
----------------------------------------------
Creditors of Max Stuessi/Rita Traxel, Restaurant Schluessel GmbH
are requested to file their proofs of claim by June 17, 2009, to:

         Rita Stuessi-Traxel
         Liquidator
         Stadtlistrasse 11
         6383 Dallenwil
         Switzerland

The company is currently undergoing liquidation in Dallenwil.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on April 24, 2009.


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


BUDROOST LLC: Creditors Must File Claims by June 18
---------------------------------------------------
Creditors of LLC Budroost (code EDRPOU 35571303) have until
June 18, 2009, to submit proofs of claim to:

         I. Kapeliushny
         Insolvency Manager
         Post Office Box 53
         03037 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on May 8, 2009.  The case is docketed under
Case No. 43/143.

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 Budroost
         Zabolotny Str. 15
         03143 Kiev
         Ukraine


CASCADE OJSC: Creditors Must File Claims by June 18
----------------------------------------------------
Creditors of OJSC Cascade have until June 18, 2009, to submit
proofs of claim to the company's insolvency manager, A. Matlayev.

The Economic Court of Donetsk commenced bankruptcy proceedings
against the company on April 8, 2009.  The case is docketed under
Case No. 45/166B.

The Court is located at:

          The Economic Court of Donetsk
          Artem Str. 157
          Donetsk
          Ukraine


CITEL LLC: Creditors Must File Claims by June 18
------------------------------------------------
Creditors of LLC Ukrainian Group Citel (code EDRPOU 31113746) 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. 44/248-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 Ukrainian Group Citel
         Artem Str. 21
         Kiev
         Ukraine


GOLDFIN COMPANY: Creditors Must File Claims by June 18
------------------------------------------------------
Creditors of LLC Goldfin Company (code EDRPOU 35760250) have until
June 18, 2009, to submit proofs of claim to:

         LLC Lita
         Insolvency Manager
         Alekseyevskaya Str. 3
         03110 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on May 12, 2009.  The case is docketed under
Case No. 15/269-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 Goldfin Company
          Ac. Bogomolets Str. 6
          01024 Kiev
          Ukraine


IMEXBANK: Moody's Withdraws 'E' Bank Financial Strength Rating
--------------------------------------------------------------
Moody's Investors Service has withdrawn these ratings of Imexbank:

  -- Bank's Financial Strength Rating of E (Stable outlook);

  -- Long-term and short-term local and foreign currency deposit
     ratings of Caa2/Not Prime (Stable outlook);

  -- Long-term National Scale deposit ratings of B3.ua.

Moody's has withdrawn these ratings for business reasons following
the official request from Imexbank.

Moody's notes that, as of the date of the ratings withdrawal,
Imexbank had no outstanding debts rated by Moody's.

Moody's previous rating action on Imexbank was implemented on
June 2, 2009, when Moody's downgraded the bank's long-term local
and foreign currency deposit ratings to Caa2 from B3.  In
addition, Imexbank's bank financial strength rating was downgraded
to E from E+ and its National Scale Rating to B3.ua from Baa3.ua.
As of the date of the ratings withdrawal, all ratings carried a
stable outlook.

Headquartered in Odessa, Ukraine, Imexbank reported unaudited
total assets of UAH6.2 billion (US$805 billion) and net profit of
UAH62 million (US$8 million) as at December 31, 2008 in accordance
with Ukrainian Accounting Standards.


LVOV SCIENCE: Court Starts Bankruptcy Supervision Procedure
-----------------------------------------------------------
The Economic Court of Lvov commenced bankruptcy supervision
procedure on OJSC Lvov Science and Research Institute of
Facsimile-Phone Technics (code EDRPOU 14308061).

The Insolvency Manager is:

          A. Nadlonok
          Office 33
          Zubrovskaya Str. 25-A
          79066 Lvov
          Ukraine

The Court is located at:

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

The Debtor can be reached at:

          OJSC Lvov Science and Research Institute
          of Facsimile-Phone Technics
          Smal-Stotsky str. 1
          79015 Lvov
          Ukraine


OZBUD TRADE: Creditors Must File Claims by June 18
--------------------------------------------------
Creditors of LLC Ozbud Trade (code EDRPOU 35161760) have until
June 18, 2009, to submit proofs of claim to:

         I. Kapeliushny
         Insolvency Manager
         Post Office Box 53
         03037 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on April 29, 2009.  The case is docketed under
Case No. B11/063-09.

The Court is located at:

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

The Debtor can be reached at:

         LLC Ozbud Trade
         Promyshlennaya Str. 9
         Obukhov
         08700 Kiev
         Ukraine


PANTRANS SUBSIDIARY: Creditors Must File Claims by June 18
----------------------------------------------------------
Creditors of Subsidiary Company Pantrans (code EDRPOU 32678409)
have until June 18, 2009, to submit proofs of claim to:

          LLC Trading House Sort Seed Vegetable
          Insolvency Manager
          Zavokzalnaya str. 5
          Borispol
          08300 Kiev
          Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on April 29, 2009.  The case is docketed under
Case No. B11/061-09.

The Court is located at:

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

The Debtor can be reached at:

          Subsidiary Company Pantrans
          Khomenko Str. 15
          Ivankov
         Kiev
         Ukraine


UKRAINIAN THERMAL: Court Starts Bankruptcy Supervision Procedure
----------------------------------------------------------------
The Economic Court of Nikolayev commenced bankruptcy supervision
procedure on OJSC Transport Building Odessa Transport LLC
Ukrainian and German Company Ukrainian Thermal Building (code
EDRPOU 23399424).

The Insolvency Manager is:

         A. Spiridonov
         Office 56
         8th of March Str. 14
         Nikolayev
         Ukraine

The Court is located at:

         The Economic Court of Nikolayev
         Admiralskaya Str. 22-a
         54009 Nikolayev
         Ukraine

The Debtor can be reached at:

         LLC Ukrainian and German Company
         Ukrainian Thermal Building
         General Sviridov Str. 40
         54034 Nikolayev
         Ukraine


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


ATRIUM EUROPEAN: S&P Cuts Long-Term Corp. Credit Rating to 'BB-'
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it has lowered its
long-term corporate credit ratings on Jersey-based real estate
group Atrium European Real Estate Ltd. to 'BB-' from 'BB' and
placed the rating on CreditWatch with negative implications.  The
'B' short-term rating has been affirmed.

"The rating actions reflect our perception that bondholders may be
willing to seek redemption from Atrium, which S&P analyzes as
evidence of reduced access to liquidity," said Standard & Poor's
credit analyst Pierre Georges.  It also reflects the potential
negative impact on the group's hitherto solid liquidity position
in case of an acceleration of its bond due in 2016.  S&P
understands EUR365 million of the bond is still outstanding.  This
follows the company's announcement that Citibank, the trustee of
the bond, determined that the buyback of certificates completed in
early 2007 was in breach of Jersey legislation and constituted an
event of default, which could trigger an acceleration of the bond.

"Although S&P would not view this acceleration of the bond as a
default under S&P's criteria, S&P believes that it could
significantly hamper the company's financial flexibility, given
the implied shortening of the bond maturity and the reduction of
Atrium's cash position, which are currently key supports for the
ratings," said Mr. Georges.

S&P also currently lacks information with regards to the
likelihood of an acceleration of the bond, the company's position
with regards to such an event, and the potential contagion to
other debt, notably with regards to any cross-default clauses.

At this stage, S&P could react in the near term to forthcoming
developments and S&P plans to resolve the CreditWatch once S&P has
more clarity on the background of the allegations, the likelihood
of acceleration, and the company's position toward such an event.

S&P believes that a multiple notch downgrade could be possible,
depending on the extent of the consequences of a potential
acceleration of the bond.  S&P is concerned about the potential
risks linked to cross-default clauses, as well as CPI/Gazit
intentions regarding an acceleration of the EUR427 million
convertible bond issued by Atrium in case such a clause was
triggered.

Alternatively, S&P could affirm the ratings if S&P has evidence
that the bond acceleration risk is remote and S&P has comfort that
the liquidity position will remain adequate.


BROADGATE FINANCING: Fitch Cuts Rating on Class D Notes to 'BB'
---------------------------------------------------------------
Fitch Ratings has downgraded three tranches of Broadgate Financing
PLC's notes and affirmed the transaction's five remaining
tranches.  Fitch has simultaneously revised the Outlooks of the
three downgraded tranches to Negative from Stable.  The rating
actions are:

  -- GBP225.0 million class A1 due January 2032 (XS0213092066)
     affirmed at 'AAA'; Outlook Stable

  -- GBP286.7 million class A2 due April 2031 (XS0211897664)
     affirmed at 'AAA'; Outlook Stable

  -- GBP175.0 million class A3 due April 2033 (XS0211897821)
     affirmed at 'AAA'; Outlook Stable

  -- GBP400.0 million class A4 due July 2036 (XS0213092652)
     affirmed at 'AAA'; Outlook Stable

  -- GBP365.0 million class B due October 2033 (XS0211898043)
     affirmed at 'AA'; Outlook Stable

  -- GBP210.5 million class C1 due January 2022 (XS0213093031)
     downgraded to 'BBB-' from 'A'; Outlook revised to Negative
     from Stable

  -- GBP215.0 million class C2 due April 2035 (XS0211898126)
     downgraded to 'BBB-' from 'A'; Outlook revised to Negative
     from Stable

  -- GBP107.3 million class D due October 2025 (XS0213093627)
     downgraded to 'BB' from 'BBB'; Outlook revised to Negative
     from Stable

The affirmations of the senior note classes reflect the continued
good performance of the transaction.  The downgrades of the lower-
ranked note classes have primarily been driven by their rising
leverage and the increased likelihood that they will be affected
by occupational market declines, especially given large lease
break and expiry exposures.

The market value of the portfolio currently stands at GBP1,880
million, based on a March 2009 valuation, representing a market
value decline of 25% since closing and 41% since the peak
valuation of GBP3,184 million in July 2007.  However, GBP238.1
million of cash collateral remains on deposit following the
disposal of 51 Lime Street, a London office property, in May 2008.
Considering this amount and an additional GBP20.9 million linked
to the Henderson lease surrender, the reported loan-to-value ratio
stands at 91.8%.  Assuming that all scheduled amortization is
received, the deal has an exit LTV of 21.3%.

Although the relatively long term of the leases has partly
insulated the transaction from the deterioration in rents
affecting the London office market, the increased risk of tenant
defaults in the current economic environment, and the fact that
40% of leases are scheduled to break or expire in or before
September 2014, is likely to result in the Broadgate estate
finding itself increasingly exposed to difficult re-letting
conditions.  More specifically, UBS has the ability to exercise
break options on five of its leases, accounting for GBP38.6
million of rental income, in June and September 2014.  Should UBS
exercise all of these break options, the DSCR is likely to fall
below 1.0x, unless significant rental uplifts are achieved on the
remainder of the leases.

The majority of the rental income is derived from tenants either
in, or related to, the financial services industry, that
contribute to a WA tenant rating of 'BB'(calculated using public
ratings only) on the transaction as a whole.  The WA terms to
lease break and expiry are 7.9 and 10.1 years, respectively, and
the vacancy rate stands at 5.4%.

Fitch will continue to monitor the performance of the transaction.


EUROSAIL 2006-2BL: S&P Cuts Rating on Class F1c Notes to 'CCC-'
---------------------------------------------------------------
Standard & Poor's Ratings Services has taken various rating
actions on several subordinate classes of notes issued by
Eurosail 2006-2BL PLC.

Specifically, S&P has:

  -- Lowered its rating on the class F1c notes;

  -- Placed on CreditWatch negative its ratings on the class B1a,
     B1b, C1a, C1c, D1a, D1c, and E1c notes; and

  -- Affirmed the class A2c notes.

These rating actions are due to deteriorating collateral
performance and S&P's expectation of increasing losses and loss
severities.  In S&P's opinion, the class F1c notes may miss timely
interest payments in the very near term, if realized losses
continue at their current rate.

According to the March 2009 investor report, total delinquencies
(including repossessions) were 41.46%.  Unsold repossessions
decreased in Q1, but are still 6.79% of the outstanding principal
balance; losses for Q1 were GBP3,306,934 (an increase in
cumulative losses to 1.31% from 0.78% of the original collateral-
backed note balance).  The weighted-average loss severity in Q1
was 28.31%.  With the recent declines in U.K. house prices, S&P
expects to see further losses in coming quarters.

In addition, the liquidity facility is currently unavailable to
pay interest for all notes subordinate to the A2c notes as the
default rate trigger has been breached.  The default rate is
exceeded if 90+ days arrears as a percentage of the initial note
balance is greater than 15%, and as of March 2009, these arrears
were at 15.76%.

If the F1c notes defer interest, S&P will lower the rating to 'D'.
S&P will resolve the CreditWatch placements when S&P has received
new loan-level information after the June 2009 investor report.

                           Ratings List

                      Eurosail 2006-2BL PLC
               EUR60.8 Million, GBP406.28 Million,
       and US$318 Million Mortgage-Backed Floating-Rate Notes

                          Rating Lowered

                             Rating
                             ------
          Class      To                            From
          -----      --                            ----
          F1c        CCC-                          CCC

              Ratings Placed on CreditWatch Negative

                             Rating
                             ------
          Class      To                            From
          -----      --                            ----
          B1a        AA+/Watch Neg                 AA+
          B1b        AA+/Watch Neg                 AA+
          C1a        A+/Watch Neg                  A+
          C1c        A+/Watch Neg                  A+
          D1a        BB/Watch Neg                  BB
          D1c        BB/Watch Neg                  BB
          E1c        B/Watch Neg                   B

                         Rating Affirmed

                        Class      Rating
                        -----      ------
                        A2c        AAA


FAYCROSS LTD: In Administration; Begbies Traynor Appointed
----------------------------------------------------------
Burton Mail reports that Faycross Ltd has gone into
administration.

The report relates joint administrators John Kelly and James
Martin, from Birmingham-based business rescue, recovery and
restructuring specialist Begbies Traynor, were appointed to step
in at the company last month.  According to the report, the
experts were called in after the firm's application to suspend the
requirement to pay creditors for a 'period of time' was accepted
at Burton County Court.  The report says administrator tasks could
include either finding a new buyer for the business or parts of
the company, negotiating with creditors to restructure debts or
overseeing the liquidation of assets to pay off creditors.

Faycross Ltd -- http://www.faycross.co.uk/-- is a property firm
based in Stretton.


FIRST QUENCH: Issues Going Concern Warning
------------------------------------------
Edinburgh Evening News reports that First Quench Group, the group
behind the off-licence chain Threshers, has warned there was a
material uncertainty around its ability to continue as a going
concern.

According to the report, First Quench has been hit by tough
trading and the withdrawal of cover for some of its suppliers by
credit insurers.  First Quench, as cited in the report, said: "The
combination of these circumstances represent a material
uncertainty that casts significant doubt upon the group's ability
to continue as a going concern."

The group, the report discloses, has posted a pre-tax loss of
GBP30 million in the last year.  It has already closed 162 loss
making stores, the report notes.

First Quench Group -- http://www.threshergroup.com/-- is a
specialist drinks retailer.  It operates Threshers, The Local,
Wine Rack and Haddows shops in England, Scotland and Wales.


HARVEY WORLD: In Administration; 25 Shops Sold to Vacation World
----------------------------------------------------------------
TravelWeekly.co.uk reports that Harvey World Travel has gone into
administration, putting jobs at the group's 57 high-street shops
at risk.

The report relates the company said the termination of the group's
ABTA membership and problems with loss-making leases had left it
with no option but to cut short its turnaround plan and put
the company into administration.

The 57 travel agencies -- bought from Stella Travel Services UK by
Vacation Travel owner Stuart Arnott in April -- went into
administration on Friday, June 5, the report discloses.  According
to the report, the group sold 25 of the shops to newly-created
company Vacation World later the same day.  The report says the
remaining 32 HWT branches -- many of which are former Galaxy
Travel shops -- are now being operated by the administrators Tenon
Recovery.  Tenon, the report states, is assessing the viability of
these branches and is in discussion with a number of interested
parties about buying some of the shops.  The shops are based in
East Anglia, the Midlands, and the south-west, the report notes.


HYPO REAL: Moody's Junks Rating on GBP14.9 Mln Class E Notes
------------------------------------------------------------
Moody's Investors Service has downgraded the Senior CDS and all
classes of Notes issued by Hypo Real Estate Bank AG (Estate UK-3)
(amounts reflect initial outstandings):

  -- GBP482,447,557 Class A1+ Senior Credit Default Swap due 2022
     ("Senior CDS"), downgraded to Aa2, previously on 28 February
     2007 assigned Aaa

  -- GBP400,000 Class A1+ Floating Rate Amortising Credit-Linked
     Notes due 2022, downgraded to Aa2, previously on 28 February
     2007 assigned Aaa

  -- GBP29,800,000 Class A2 Floating Rate Amortising Credit-
     Linked Notes due 2022, downgraded to Baa1, previously on 28
     February 2007 assigned Aa1

  -- GBP35,760,000 Class B Floating Rate Amortising Credit-Linked
     Notes due 2022, downgraded to Ba2, previously on 28 February
     2007 assigned Aa2

  -- GBP24,560,000 Class C Floating Rate Amortising Credit-Linked
     Notes due 2022, downgraded to B2, previously on 28 February
     2007 assigned A1

  -- GBP8,240,000 Class D Floating Rate Amortising Credit-Linked
     Notes due 2022, downgraded to B3, previously on 28 February
     2007 assigned A3 and

  -- GBP14,920,000 Class E Floating Rate Amortising Credit-Linked
     Notes due 2022, downgraded to Caa2, previously on 28 February
     2007 assigned Baa3.

The rating action concludes the review for possible downgrade that
was initiated for the Senior CDS and all classes of Notes on
April 8, 2009.  The rating action takes into account Moody's
updated central scenarios, as described in Moody's Special Report
"Moody's Updates on Its Surveillance Approach for EMEA CMBS".

1) Transaction and Portfolio Overview

This synthetic transaction closed in February 2007 and represents
the securitization of initially 13 commercial mortgage loans
("reference claims") originated by Hypo Real Estate Bank AG (A3,
P-1).  The loans were secured by first ranking legal mortgages on
110 commercial properties located in the United Kingdom.  The
portfolio comprised 36.1% retail, 31.7% office, 11.3% mixed-use
and 20.9% other properties in terms of UW market value.

Since closing of the transaction, four loans (19% of the initial
portfolio balance) have prepaid in full, which were all above
average in terms of quality.  The prepayment proceeds were
allocated fully sequentially to the Senior CDS.

The remaining loans are not equally contributing to the portfolio:
the largest loan (Loan No 3) represents 37.5% of the current
portfolio balance, while the smallest loan (Loan No 11) represents
2.2%.  The current loan Herfindahl index is 4.9 compared to 7.0 at
closing, indicating a higher loan concentration after prepayments.
The remaining nine loans are secured by 108 commercial properties,
of which 49.4% are retail, 20.3% mixed-use, 16.8% office, and
13.6% other properties in terms of UW market value.  They are
located throughout the United Kingdom, mainly in Yorkshire &
Humberland (21.5%), London (17.1%), South East England (16.7%),
Wales (14.4%), West Midlands (6.5%) and UK Other (23.8%).

As of the last interest payment date, all of the remaining loans
in the portfolio were current.

2) Rating Rationale

The downgrades of the Senior CDS and the Notes follow a detailed
re-assessment of the loan and property portfolio's credit risk.
Hereby, Moody's main focus was on property value declines since
closing, term default risk, refinancing risk and the anticipated
work-out timing for potentially defaulting loans.  In its review,
Moody's especially concentrated on the loans in the portfolio with
a maturity before 2014 (Loan No 1, 3, 7, 10, 11 and 12).  Moody's
notes that the depth of information at property and tenant level
and on sponsors of the loans provided in the investor reports is
due to confidentiality reasons below average compared to other
EMEA CMBS transactions.  Accordingly, there is additional
uncertainty regarding the underlying assumptions used in the
rating process.

As outlined in more detail below, the rating action is mainly
driven by the most recent performance of the UK commercial
property markets, Moody's opinion about future property value
performance and increased portfolio concentration following
prepayments.  Driven by, in most cases, a higher default risk
assessment at the loan maturity dates, Moody's now anticipates
that a large portion of the portfolio will default over the course
of the transaction term.  Coupled with the negative impact of
significantly reduced property values, Moody's expects a
substantial amount of losses on the securitized portfolio.

Current subordination levels are 24% for the Senior CDS and Class
A1+ Notes, 18% for Class A2, 10% for Class B Notes, 5% for Class C
and 3% for Class D provide protection against those losses on the
underlying reference claims.  The likelihood of higher than
expected losses on the portfolio has increased substantially,
which results in the rating action.  The Senior CDS and all but
the most junior class of Notes have benefited from the
sequentially allocated loan prepayments, which have increased the
subordination that is available to them.

The Class A2, Class B, Class C, Class D and Class E are
subordinated classes in the transaction's capital structure.  Due
to this additional leverage, the higher portfolio risk assessment
has a relatively bigger impact on the expected loss of those Notes
than on the expected loss of the senior Notes.

3) Moody's Portfolio Analysis

Property Values.  Property values across the UK have declined
significantly until Q1 2009 and are expected to continue to
decline at least until 2010.  Moody's estimates that compared to
the underwriter's values at closing in 2007, the values of the
properties securing this transaction have declined by on aggregate
18% until the beginning of 2009 (ranging from no value decline for
the Loan No 13 to a 38% value decline for the Loans No 3 and 12).
Looking ahead, Moody's anticipates further declines until 2010,
resulting in a 27% value decline compared to the U/W value at
closing (ranging from a 7% decline for the Loan No 13 to a 47%
value decline for the Loan No 12).

Based on this property value assessment, Moody's estimates that
the transaction's early-2009 weighted average securitized loan-to-
value ratio was 81% compared to the reported U/W LTV of 59%.  Due
to the further envisaged declines, the WA LTV will increase in
Moody's opinion to 91% in 2010 and will only gradually recover
thereafter.  Based on Moody's anticipated trough values, the LTVs
for the securitized loans range between 129% for the Loan No 3 to
54% for the Loan No 5. Loan No 1 and 9 have debt outside the
securitization in the form of B-loans (amounting in total to
GBP59.8 million).  Based on estimated trough values, the
portfolio's weighted average whole loan LTV is 98%.  In addition,
the borrowers of Loan No 1 and 13 entered into inflation swaps,
i.e. they swap inflation uplifts agreed in the lease agreements
with the respective tenants into fixed payments.  According to the
loan agreements, potential breakage costs regarding these swaps
rank pari passu to loan principal payments in case of a default
and might decrease principal recoveries and thus increase
potential losses allocated to the Senior CDS and the Notes.
Moody's has taken the anticipated property value development,
including a gradual recovery from 2011 onwards, into account when
analyzing the default risk at loan maturity and the loss given
default for each securitized loan.

Refinancing Risk

The transaction's exposure to loans maturing in the short-term
(2009 and 2010) is considerable.  12.1% of the current portfolio
matures in 2009 and 2010, 2.4% in 2011, 46.6% in 2013, 12% in 2015
and 26.9% in 2019.  As Moody's expects property values in the UK
to only slowly recover from 2011 onwards, most of the loans
(except for Loan No 5, 9 and 13, which only mature in 2015 and
beyond) will be still highly leveraged at their respective
maturity dates, especially when taking into account the B-loan for
Loan No 1.  Consequently, in Moody's view, for almost all of the
loans, the default risk at maturity has increased substantially
compared to the closing analysis.

Term Default Risk

The occupational markets in the UK are currently characterized by
falling rents, increasing vacancy rates and higher than average
tenant default rates.  Taking into account the lease profile of
the respective loans, in particular Loan No 3 and 7 could be in
Moody's view exposed to weakening occupational markets.  Based on
the current lease profile, Moody's has incorporated into its
analysis an allowance for deterioration in coverage ratios on most
of the loans, in turn increasing the term default risk assumption
for the respective loans.

Overall Default Risk

Based on its revised term and maturity default risk assessment for
the securitized loans, Moody's anticipates that a large portion of
the portfolio will default over the course of the transaction
term.  The default risk of all loans (except for Loans No 9 and
13) is predominantly driven by refinancing risk.  Of those loans,
Loan No 7 has in Moody's view the highest default risk, Loan No 5
has the lowest risk of defaulting.

Concentration Risk

The portfolio securitized in Estate UK-3 exhibits an average
concentration in terms of property types (49% retail) and property
location (100% UK and 21% Yorks and Humber).  In Moody's view,
this limits the potential benefits from different markets
performing differently over time.

Work-Out Strategy

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

Increased Portfolio Loss Exposure

Taking into account the increased default risk of the loans, the
most recent performance of the UK commercial property markets,
Moody's opinion about future property value performance and the
most likely work-out strategies for defaulted loans, Moody's
anticipates a substantial amount of losses on the securitized
portfolio.


INSIGHT EVENTS: Losses Prompt Liquidation
-----------------------------------------
David Quainton at Event Magazine reports that Wilsthire-based
Insight Events Ltd has gone into liquidation after suffering
losses over the last year.

The company's assets are being put up for sale, the report
relates.

According to the report, administrator Tenon is handling the
liquidation.


JESTERS: Goes Into Administration Following Expansion
-----------------------------------------------------
Chortle reports that the Jesters, Bristol's biggest comedy club,
has gone into administration 16 months after expanding into a new
building.

The company, the report relates, called in administrators on
May 28.

According to the report, until it moved venues, Jesters was doing
well, with property assets of more than GBP1.2 million.  Jesters
owner David Trew, as cited in the report, said the expansion
produced "a debt servicing requirement that became untenable when
the recession came into full force".

Mr. Trew, the report discloses, has set up a new company,
Cheltenham Road Entertainment, which has bought the Jesters name
and the building.  The Bristol site will continue to trade as
Jesters until October 1, when it will be relaunched under a new
name as a combined comedy and live music venue, the report states.


JUNARED PROPERTY: In Administration; Deloitte Appointed
-------------------------------------------------------
Jennifer Rigby at Property Week reports that Junared Property
Group Ltd has gone into administration.

Property Week relates Deloitte was appointed as the administrator
of Junared One, Junared Two, Junared Three, Burridge Land and
Warnock Estates on June 8.  According to Property Week, the
Junared companies were developing sites including the historic
Birmingham Mint at Icknield Street in Hockley, Birmingham, which
is part complete.  Property Week discloses a 14-apartment scheme
at Harrow Road in London is also part complete.

"In the current economic environment, the Junared companies have
been faced with lower sales interest and certain pre-sale
agreements falling away, which have resulted in the companies
being unable to complete the developments," Property Week quoted
Matt Colishaw, partner in the reorganization services practice at
Deloitte, as saying.  "We are currently reviewing the developments
and the options for their completion.  Any parties interested in
acquiring the developments in their existing state or entering
into a joint venture for their completion should contact the
administrators."

Headquartered in High Wycombe, Junared Property Group Ltd --
http://www.junared.co.uk/-- is a property development company
formed in 2006.


LLOYDS BANKING: To Close 164 Cheltenham & Gloucester Branches
-------------------------------------------------------------
Jon Menon and Andrew MacAskill at Bloomberg News report that
Lloyds Banking Group Plc plans to shed as many as 1,660 full time
jobs and shut all 164 of its Cheltenham & Gloucester branches as
part of cost-cutting measures.

Bloomberg News relates Lloyds, 43 percent government-owned, said
Tuesday in a statement that the C&G branch network will close in
November and customers will be asked to use the bank's 1,800
offices around the U.K. or telephone banking.  It will also stop
writing new mortgages via brokers from Bank of Scotland and
Intelligent Finance from July 1, Bloomberg New discloses.
According to Bloomberg News, the statement said of the total
losses, 928 full-time posts are going at C&G, 168 in product and
administration roles, and 159 in the intermediary sales team.

Bloomberg News recalls Chief Executive Officer Eric Daniels
pledged to lower costs after the acquisition of HBOS Plc in
January created a bank with more than 3,000 branches and a 28
percent share of Britain's mortgage market.  Lloyds, Bloomberg
News states, is seeking to save more than GBP1.5 billion (US$2.42
billion) by 2011.

"3,000 branches is too many," Bloomberg News quoted Simon Maughan
at MF Global Securities Ltd, who has a "neutral" rating on Lloyds,
as saying.  "If you are going to get the cost savings you are
talking about with the merger, you have to close branches and make
redundant the people that work in them."

                   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.

The Troubled Company Reporter-Europe reported on February 19,
2009, that Fitch Ratings affirmed the Long-term and Short-term
Issuer Default Ratings of the Lloyds Banking Group plc and its
subsidiaries, Lloyds TSB bank plc, HBOS plc and Bank of Scotland
plc at 'AA-' (AA minus) and 'F1+,' respectively.  The agency has
downgraded LBG's, LTSB's and BOS's Individual ratings to 'C/D'
from 'B/C', 'B/C' from 'B' and 'C/D' from 'C' respectively.  All
three Individual ratings have been placed on Rating Watch
Negative.  The downgrades on the Individual ratings reflect
Fitch's concern about the significant deterioration in certain
portfolios within BOS's corporate banking and treasury units and
higher risk parts of its residential mortgage portfolio, together
with the agency's expectation that problems are likely to continue
to increase in a weakening operating environment, severely
challenging profitability and weakening capitalization over the
coming 12-18 months.  The Rating Watch Negative on the Individual
ratings reflects ongoing uncertainty around these exposures and
group capitalization.


* Moody's Reviews Ratings on 26 Notes From 11 CDO Transactions
--------------------------------------------------------------
Moody's Investors Service has placed under review for possible
downgrade its ratings of 26 notes issued by 11 collateralized debt
obligation transactions.

The rating actions are a response to credit deterioration in the
underlying portfolios.  These transactions are synthetic CDOs
referencing, amongst other assets, RMBS, CMBS, CLO and corporate
entities.

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

  -- Moody's Approach to Rating SF CDOs, March 2009

The rating actions are:

Argon Capital PLC - Series 77 (Lagonda)

  -- EUR10,200,000 Limited Recourse Secured Variable Rate Credit-
     Linked Notes due 2047, Baa2 and Placed Under Review for
     Possible Downgrade; previously on 19 December 2008 Downgraded
     to Baa2

Asgard CDO plc

  -- CHF 6,000,000 Series A Swiss Franc Floating Rate Credit
     Linked Secured Notes due 2011, Ba3 and Placed Under Review
     for Possible Downgrade; previously on 20 February 2009
     Downgraded to Ba3

  -- EUR327,000,000 Series A Euro Floating Rate Credit Linked
     Secured Notes due 2011, Ba3 and Placed Under Review for
     Possible Downgrade; previously on 20 February 2009 Downgraded
     to Ba3

  -- GBP2,000,000 Series A Sterling Floating Rate Credit Linked
     Secured Notes due 2011, Ba3 and Placed Under Review for
     Possible Downgrade; previously on 20 February 2009 Downgraded
     to Ba3

  -- EUR125,000,000 Series B Euro Floating Rate Credit Linked
     Secured Notes due 2011, B1 and Placed Under Review for
     Possible Downgrade; previously on 20 February 2009 Downgraded
     to B1

  -- GBP2,000,000 Series B Sterling Floating Rate Credit Linked
     Secured Notes due 2011, B1 and Placed Under Review for
     Possible Downgrade; previously on 20 February 2009 Downgraded
     to B1

  -- NZD 10,000,000 Series B New Zealand Dollar Floating Rate
     Credit Linked Secured Notes due 2011, B1 and Placed Under
     Review for Possible Downgrade; previously on 20 February 2009
     Downgraded to B1

  -- US$20,000,000 Series B Dollar Floating Rate Credit Linked
     Secured Notes due 2011, B1 and Placed Under Review for
     Possible Downgrade; previously on 20 February 2009 Downgraded
     to B1

  -- CHF 5,000,000 Series C Swiss Franc Floating Rate Credit
     Linked Secured Notes due 2011, B2 and Placed Under Review for
     Possible Downgrade; previously on 20 February 2009 Downgraded
     to B2

  -- US$10,000,000 Series C Dollar Floating Rate Credit Linked
     Secured Notes due 2011, B2 and Placed Under Review for
     Possible Downgrade; previously on 20 February 2009 Downgraded
     to B2

  -- EUR7,500,000 Series D Euro Fixed Rate Credit Linked Secured
     Notes due 2011, B3 and Placed Under Review for Possible
     Downgrade; previously on 20 February 2009 Downgraded to B3

Brooklands Euro Referenced Linked Notes 2001-1 Limited

  -- Cl. A, B3 and Placed Under Review for Possible Downgrade;
     previously on 20 February 2009 Downgraded to B3

Brooklands Euro Referenced Linked Notes 2004-1 Limited

  -- Class A1-a Floating Rate Notes due 2054, Ba1 and Placed Under
     Review for Possible Downgrade; previously on 20 February 2009
     Downgraded to Ba1

  -- Class A1-b Floating Rate Notes due 2054, Ba1 and Placed Under
     Review for Possible Downgrade; previously on 20 February 2009
     Downgraded to Ba1

  -- Class A2 Floating Rate Notes due 2054, B3 and Placed Under
     Review for Possible Downgrade; previously on 20 February 2009
     Downgraded to B3

Claris Limited - Series 108, 109 & 110 (Millesime 2007-3)

  -- Series 108/2007-Tranche 1- JPY 1,000,000,000, Baa3 and Placed
     Under Review for Possible Downgrade; previously on 11 March
     2009 Downgraded to Baa3

  -- Series 109/2007 - Tranche 1- JPY 2,300,000,000, Baa3 and
     Placed Under Review for Possible Downgrade; previously on 11
     March 2009 Downgraded to Baa3

  -- Series 110/2007-Tranche 1-EUR13,000,000, A2 and Placed Under
     Review for Possible Downgrade; previously on 11 March 2009
     Downgraded to A2

Claris Limited - Voltaire Credit-Linked Notes

  -- Series 43/2005 Voltaire Floating Rate Credit Linked Notes-1,
     Caa2 and Placed Under Review for Possible Downgrade;
     previously on 27 January 2009 Downgraded to Caa2

  -- Series 45/2005 Voltaire Fixed Rate Credit Linked Notes, Caa2
     and Placed Under Review for Possible Downgrade; previously on
     27 January 2009 Downgraded to Caa2

Corsair (Jersey) No 4 Limited

  -- Series 11 Floating Rate Step-down Secured Portfolio CLN, Ba1
     and Placed Under Review for Possible Downgrade; previously on
     20 February 2009 Downgraded to Ba1

Eirles Two Limited

  -- Series 120 US$50,000,000 Floating Rate Secured Notes due
     2011, Ba3 and Placed Under Review for Possible Downgrade;
     previously on 20 February 2009 Downgraded to Ba3

Hanover Street Finance Limited

  -- Class A1 Floating Rate Credit-Linked Notes, Caa2 and Placed
     Under Review for Possible Downgrade; previously on 20
     February 2009 Downgraded to Caa2

High Tide CDO I S.A.

  -- Class A Senior Secured Floating Rate Notes, Ba2 and Placed
     Under Review for Possible Downgrade; previously on 11 March
     2009 Downgraded to Ba2

  -- Class B Senior Secured Floating Rate Notes, Caa3 and Placed
     Under Review for Possible Downgrade; previously on 11 March
     2009 Downgraded to Caa3

Lagonda CDO

  -- EUR30,000,000 Lagonda CDO CDS, A1 and Placed Under Review
     for Possible Downgrade; previously on 11 March 2009
     Downgraded to A1


* Moody's Reviews Ratings on 14 Notes Isued by 5 CDO Transactions
-----------------------------------------------------------------
Moody's Investors Service has placed under review for possible
downgrade its ratings of 14 notes issued by 5 collateralized debt
obligation transactions which have significant exposure to
collateralized loan obligations and collateralized bond
obligations.

The rating actions are a response to credit deterioration in the
underlying portfolio due to expectations of further rating
downgrades in the underlying CLO and CBO assets.  The actions also
reflect a general consideration of the credit deterioration of
underlying portfolios.

Moody's announced revisions and updates to certain key
assumptions, including Default Probability and Diversity Score,
that it uses to rate and monitor CLOs in a Press Release titled
"Moody's updates key assumptions for rating CLOs" published on
February 4, 2009.  The completion of the first stage of its two-
stage review of CLOs was announced on March 27, 2009.  As of
March 23, Moody's had downgraded approximately 2,071 tranches from
668 transactions.  Moody's continues to review CLOs with
additional detailed deal analysis in Stage II, during which
ratings on all CLO tranches may be subject to additional rating
actions as necessary.

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

  -- Moody's Approach to Rating SF CDOs, March 2009

The rating actions are:

Cheyne CLO Investments I Limited

  -- Supersenior Financial Guarantee, A2 and Placed Under Review
     for Possible Downgrade; previously on 11 March 2009
     Downgraded to A2

  -- Class A, Ba1 and Placed Under Review for Possible Downgrade;
     previously on 11 March 2009 Downgraded to Ba1

  -- Class B, B1 and Placed Under Review for Possible Downgrade;
     previously on 11 March 2009 Downgraded to B1

  -- Class C, B3 and Placed Under Review for Possible Downgrade;
     previously on 11 March 2009 Downgraded to B3

  -- Class D, Caa1 and Placed Under Review for Possible Downgrade;
     previously on 11 March 2009 Downgraded to Caa1

  -- Class E, Caa3 and Placed Under Review for Possible Downgrade;
     previously on 11 March 2009 Downgraded to Caa3

Dublin Oak Limited

  -- US$207,000,000 Class A Credit-Linked Notes due 2086-1, Baa2
     and Placed Under Review for Possible Downgrade; previously on
     19 December 2008 Downgraded to Baa2

Lunar Funding III Limited

  -- Series 17 Credit-Linked Secured Asset-Backed Notes due 2015,
     Baa1 and Placed Under Review for Possible Downgrade;
     previously on 11 March 2009 Downgraded to Baa1

Lunar Funding V Limited- Menton CDO I

  -- Series 2 US$50,000,000 Secured Asset-Backed Floating Rate
     Notes due 2041(Menton CDO I Class A), Caa3 and Placed Under
     Review for Possible Downgrade; previously on 11 March 2009
     Downgraded to Caa3

Sheffield CDO, Limited

  -- Class A-1 Senior Secured Floating Rate Notes due 2041, Baa2
     and Placed Under Review for Possible Downgrade; previously on
     11 March 2009 Downgraded to Baa2

  -- Class A-1D Delayed Draw Senior Secured Floating Rate Note due
     2041, Baa2 and Placed Under Review for Possible Downgrade;
     previously on 11 March 2009 Downgraded to Baa2

  -- Class A-2 Senior Secured Floating Rate Notes due 2041, B1 and
     Placed Under Review for Possible Downgrade; previously on 11
     March 2009 Downgraded to B1

  -- Class B Senior Secured Floating Rate Notes due 2041, Caa1 and
     Placed Under Review for Possible Downgrade; previously on 11
     March 2009 Downgraded to Caa1

  -- Class T Combination Notes due 2041, Caa2 and Placed Under
     Review for Possible Downgrade; previously on 11 March 2009
     Downgraded to Caa2


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *