TCREUR_Public/090615.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

             Monday, June 15, 2009, Vol. 10, No. 116

                            Headlines

A U S T R I A

BAMMER & HOEHER: Creditors Must File Claims by July 14
CC CALL: Claims Filing Deadline is July 2
COFINANZ BAU: Creditors Must File Claims by July 2
FIAG FINANZIERUNGSBERATUNG: Claims Filing Deadline is July 8
LACON BETEILIGUNGS: Creditors Have Until July 15 to File Claims


A Z E R B A I J A N

INTERNATIONAL BANK: Fitch Affirms Individual Rating at 'D/E'


I R E L A N D

ALLIED IRISH: Fitch Assigns 'B+' Rating on Tier 2 Securities
ALLIED IRISH: S&P Junks Ratings on Six Hybrid Capital Securities
BANK OF IRELAND: Appoints Pat Molloy as New Governor
IRISH NATIONWIDE: Appoints Gerry McGinn as New Chief Executive
STANTON ABS: Moody's Reviews 'Caa2' Rating on Class-A4 Notes

TITAN EUROPE: Fitch Cuts Rating on EUR29.1MM Class F Notes to 'B'


K A Z A K H S T A N

ALTYN OZAT: Creditors Must File Claims by June 26
BTA BANK: Default May Result to US$560 Mln Losses for Swap Sellers
HALYK SAVINGS: S&P Lowers LT Counterparty Credit Rating to 'B+'
KASPI BANK: Fitch Cuts Bank Financial Strength Rating to 'D/E'
KAZKOMMERTSBANK: S&P Cuts LT Counterparty Credit Rating to 'B'

NEMAN+ LLP: Creditors Must File Claims by June 26
TELECOM A4: Creditors Must File Claims by June 26
TERMSTAN LLP: Creditors Must File Claims by June 26
TSESNABANK: Fitch Affirms Long-Term Issuer Default Rating at 'CCC'
VK OTROYCOM: Creditors Must File Claims by June 26


K Y R G Y Z S T A N

MAK RICH: Creditors Must File Claims by July 10


L U X E M B O U R G

CRC BREEZE: S&P Cuts Rating on EUR50 Mln Class B Bonds to 'CC'


P O L A N D

ZLOMREX SA: S&P Lowers Corporate Credit Rating to 'CCC-'


R O M A N I A

BANCA COMERCIALA: Moody's Withdraws 'D-' Bank Strength Rating


R U S S I A

AMURSKIY REINFORCED: Creditors Must File Claims by June 22
CONDENSER OJSC: Creditors Must File Claims by June 22
MAGNITOGORSK STEEL: Posts US$110 Mln Loss in First Quarter 2009
MOSCOW REGIONAL: S&P Raises LT Issuer Credit Rating to 'CC/ruCC'
KUZ-POLIMER-MASH CJSC: Creditors Must File Claims by June 22

SANIKA LLC: Creditors Must File Claims by June 22
STROY-GRAD LLC: Creditors Must File Claims by June 22
SVERDLOVSKAYA FUEL: Creditors Must File Claims by June 22


S W I T Z E R L A N D

H. TISCHHAUSER AG: Claims Filing Deadline is June 19
HWH TRADING: Creditors Must File Claims by June 19
POSEIDON DERIVATIVES: Claims Filing Deadline is June 19
STAR ESTATE: Creditors Must File Claims by June 19
VIEWLINE GMBH: Claims Filing Deadline is June 19


U K R A I N E

ARGUS LLC: Creditors Must File Claims by June 19
AVART LLC: Creditors Must File Claims by June 19
BALTA REGIONAL: Creditors Must File Claims by June 19
BALTA FUR: Creditors Must File Claims by June 19
ENERGY-GARANT LLC: Creditors Must File Claims by June 19

OBRIY LLC: Creditors Must File Claims by June 19
PORIV-K LLC: Creditors Must File Claims by June 19
PROGRESS AGRICULTURAL: Creditors Must File Claims by June 19


U N I T E D   K I N G D O M

DAIRY FARMERS: Llandyrnog Creamery Sold to Milk Link
GLOBE PUB: Fitch Comments on Heineken's Acquisition of Notes
GOWRINGS MOBILITY: Administrator Seeks Buyer
INDEPENDENT NEWS: Alexander Lebedev May Acquire Independent Titles
NORTHERN ROCK: Bankers Say May Be Split Into Two Businesses

NORTHERN ROCK: Gov't Says Investors Not Entitled to Compensation
NORTHERN ROCK: Fitch Affirms Individual Rating at 'F'
STICHTING PROFILE: Fitch Lowers Rating on Class E Notes to 'B'
WEST BROMWICH: Avoids Collapse Following Debt-For-Equity Swap Deal

* BOND PRICING: For the Week June 8 to June 12, 2009


                         *********


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


BAMMER & HOEHER: Creditors Must File Claims by July 14
------------------------------------------------------
Creditors of Bammer & Hoeher Backerei GmbH have until July 14,
2009, to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for July 28, 2009 at 1:45 p.m., at:

         Land Court of Steyr
         Hall 7
         Second Floor
         Steyr
         Austria

For further information, contact the company's administrator:

         Dr. Erhard Hackl
         Hofgasse 7
         4020 Linz
         Austria
         Tel: 0732/776234, 776235
         Fax: DW 2ss0
         E-Mail: hackl.hatak@aon.at


CC CALL: Claims Filing Deadline is July 2
-----------------------------------------
Creditors of CC Call Correct GmbH have until July 2, 2009, to file
their proofs of claim.

A court hearing for examination of the claims has been scheduled
for July 16, 2009 at 9:50 a.m.

For further information, contact the company's administrator:

         Dr. Edmund Roehlich
         Am Heumarkt 9/I/11
         1030 Vienna
         Austria
         Tel: 713 46 51
         Fax: 713 84 35
         E-mail: proksch@eurojuris.at


COFINANZ BAU: Creditors Must File Claims by July 2
--------------------------------------------------
Creditors of Cofinanz Bau und Immobilienanlagen GmbH have until
July 2, 2009, to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for July 16, 2009 at 9:30 a.m.

For further information, contact the company's administrator:

         Dr. Andrea Simma
         Favoritenstrasse 22/12a
         1040 Vienna
         Austria
         Tel: 504 64 08
         Fax: DW 22
         E-mail: simma@mitrecht.com


FIAG FINANZIERUNGSBERATUNG: Claims Filing Deadline is July 8
------------------------------------------------------------
Creditors of Fiag Finanzierungsberatung-Immobilien GmbH have until
July 8, 2009, to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for July 22, 2009 at 9:45 a.m.

For further information, contact the company's administrator:

         Mag. Gerhard Bauer
         Mahlerstrasse 7
         1010 Wien
         Austria
         Tel: 512 97 06
         Fax: 512 97 05-20
         E-mail: ra-g.bauer@aon.at


LACON BETEILIGUNGS: Creditors Have Until July 15 to File Claims
---------------------------------------------------------------
Creditors of Lacon Beteiligungs GmbH have until July 15, 2009, to
file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for July 22, 2009 at 9.40 a.m., at:

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

For further information, contact the company's administrator:

         Dr. Alexander Lison
         Stadtplatz 43
         5280 Braunau/Inn
         Austria
         Tel: 07722/62 639
         Fax: 07722/62639-20
         E-mail: braunau@wkg.at


===================
A Z E R B A I J A N
===================


INTERNATIONAL BANK: Fitch Affirms Individual Rating at 'D/E'
------------------------------------------------------------
Fitch Ratings has affirmed International Bank of Azerbaijan's
Long-term Issuer Default Rating at 'BB+' with a Stable Outlook and
the Individual Rating at 'D/E'.

The IDRs of IBA reflect a moderate probability of support from the
Azerbaijani authorities if needed.  In Fitch's opinion, the
Azerbaijani authorities would have a very high propensity to
support the bank based on IBA's systemic importance for the
country's banking system and overall economy, as well as the
majority ownership (50.2%) by the Ministry of Finance.  The
sovereign's ability to provide support is reflected in its Long-
term IDR of 'BB+' with a Stable Outlook and IBA's Long-term IDR is
equalised with that of the sovereign.

The Individual Rating reflects risks arising from IBA's weakening
asset quality (rising NPLs and high portion of overdue loans), its
thin capital, some mid-term foreign refinancing risk, substantial
balance sheet concentrations and regular waivers granted by the
Central Bank of Azerbaijan.  At the same time, Fitch notes the
breadth of IBA's local franchise, its long-standing expertise in
servicing large local corporates and good profitability to date.

IBA's performance is susceptible to general macroeconomic trends
given its position as the largest lender in the sector.  The loan
book is highly concentrated by borrower, and loans to state-
related entities represent about half of the loan book (the
regulator frequently allows the bank to breach limits on largest
exposures to state-related companies).  At end-April 2009,
impaired loans, defined as loans in the lowest three regulatory
categories, made up 6.1% of gross loans.  However, according to
management estimates, a further 5.5% of gross loans were over 90
days overdue but not classified as impaired, while loans one day
overdue but not classified as impaired were a large 26.1%.  These
loans are not considered by the bank as impaired due to a number
of mitigating factors, including some form of state support being
provided to the borrower and collateral coverage which is viewed
as sufficient.  The tier 1 and total regulatory capital ratios
were 9.0% and 13.1%, respectively, at end-April 2009, while the
reserves / loans ratio was 10%, providing no more than moderate
loss absorption capacity.

Any movement in IBA's IDRs could result from a change in the
sovereign's rating or if Fitch's view on the state's propensity or
ability to support the bank changes materially.  Downward pressure
on the Individual Rating could arise from a sustained
deterioration in asset quality metrics, and therefore greater
pressure on capitalization.

IBA dominates all segments of the Azerbaijani banking system with
market shares at end-2008 of 43% of assets and 26% of retail
deposits.  Privatization of the bank is unlikely in the near-term.

Rating actions:

  -- Long-term foreign currency IDR: affirmed at 'BB+'; Outlook
     Stable

  -- Short-term foreign currency IDR: affirmed at 'B'

  -- Individual Rating: affirmed at 'D/E'

  -- Support Rating: affirmed at '3'

  -- Support Rating Floor: affirmed at 'BB+'


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


ALLIED IRISH: Fitch Assigns 'B+' Rating on Tier 2 Securities
------------------------------------------------------------
Fitch Ratings has assigned Ireland-based Allied Irish Banks plc's
new issue of dated subordinated debt ratings of 'BBB+'.  The
rating action follows AIB's announcement of an exchange offer for
specific upper tier 2 capital and all tier 1 capital securities
into lower tier 2 capital securities under the EUR30 billion euro
medium-term program.  These upper tier 2 and tier 1 securities are
rated 'B+' and 'B' respectively, both on Rating Watch Negative.

AIB plans to strengthen its core tier 1 capital base by
repurchasing a significant amount of its hybrid securities which
are trading at significantly below par.  Depending on the
participation rate, AIB could generate a sizeable capital gain
which would support earnings and internal capital generation.
Fitch notes that the bank's core tier 1 capital is expected to
improve, and will analyze the broader effects of the offer on
AIB's debt and capital structure over the coming weeks.

AIB is one of the two major retail and commercial banks in the
Republic of Ireland.  It operates directly in the UK and Poland
and at end-2008 held 24% of M&T Bank Corporation, a bank active on
the east coast of the USA.

AIB's issuer ratings are:

  -- Long-term IDR 'A-'; Outlook Stable
  -- Short-term IDR 'F1+'
  -- Individual Rating 'D', remains on Rating Watch Negative
  -- Support Rating '1'
  -- Support Rating Floor 'A-'


ALLIED IRISH: S&P Junks Ratings on Six Hybrid Capital Securities
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it has lowered to 'C'
from 'B' the issue ratings on six hybrid capital securities issued
or guaranteed by Allied Irish Banks PLC (A/Watch Neg/A-1).  This
action follows AIB's announcement of exchange offers for six
series of hybrid capital securities with an aggregate value of
about EUR3 billion.  This action does not affect the issuer credit
ratings on AIB.

Under S&P's criteria, S&P characterize the AIB exchange offers as
a "distressed exchange".  As a result, S&P lowered the ratings on
the exchange offer securities to 'C', reflecting S&P's opinion
that the exchange is equivalent to a payment deferral.  Upon
completion of the offers, S&P will review the remaining exchange
offer securities and likely raise the ratings on them to pre-
exchange offer level, all other things being equal.

AIB launched its exchange offers on June 11, 2009.  The exchange
ratio will vary by instrument, but represents a substantial
discount to par, and likely a premium on recent market prices.
The securities are to be exchanged into dated Lower Tier 2
subordinated debt securities issued by AIB.  According to S&P's
criteria, S&P may view a tender or exchange offer as distressed if
S&P considers investors accept less than the original promise
because of the risk that the issuer will not fulfill its original
obligations.

S&P considers that AIB's offers for these securities constitute a
distressed tender mainly because S&P expects AIB to receive
further state aid (proposed through Ireland's National Asset
Management Agency plan).  S&P understand this will require
European Commission approval, which could include a restructuring
plan that restricts dividend and interest payments on AIB's hybrid
capital.  While AIB may be willing to service its hybrid
securities, S&P believes that the potential that AIB could be
prohibited from doing so (by the Irish authorities or the EC)
could compel investors to accept the offer, essentially making the
acceptance equivalent to a payment deferral.  Acceptance of the
offers is expected to involve a substantial discount to par.

A successful completion of the exchange offers will moderately
improve AIB's capitalization, as the bank will book a profit
reflecting the difference between the offer amount and the book
value of the exchange offer securities for the securities
exchanged.  AIB estimates that in the region of EUR700 million of
core capital will be generated as a result of the exchange.
Should this occur, AIB's capital ratios by S&P's measures would
increase by around 70bps.

                           Ratings List

                            Downgraded

                     Allied Irish Banks PLC
   EUR500 mil step-up callable perp resv cap instruments hybrid

                       To             From
                       --             ----
                       C              B

   EUR200 mil var/fixed rate sub perp nts hybrid due 11/29/2049

                       To             From
                       --             ----
                       C              B

     GBP400 mil var rate perp callable sub upper Tier 2 hybrid

                       To             From
                       --             ----
                       C              B

                           AIB UK 1 LP
EUR1 bil var rate /fltg non-cum perp callable pfd secs (Guarantor:
                     Allied Irish Banks PLC)

                       To             From
                       --             ----
                       C              B

                           AIB UK 2 LP
EUR500 mil var rate fxd/fltg rate jr sub non cum perp callable pfd
             secs (Guarantor: Allied Irish Banks PLC)

                       To             From
                       --             ----
                       C              B

                           AIB UK 3 LP
GBP350 mil var rate fxd/fltg rate jr sub non cum perp callable pfd
             secs (Guarantor: Allied Irish Banks PLC)

                       To             From
                       --             ----
                       C              B


BANK OF IRELAND: Appoints Pat Molloy as New Governor
----------------------------------------------------
Simon Carswell at The Irish Times reports that Pat Molloy will
succeed Richard Burrows as governor of Bank of Ireland next month.

According to the report, Mr. Molloy, who served as Bank of
Ireland's chief executive from 1991 to 1998, will not be installed
as a government-appointed director under the terms of the state's
EUR3.5 billion recapitalization of the bank.

The report relates the bank said Mr. Molloy had been co-opted on
to the bank's board, known as the court, with immediate effect as
governor designate and would succeed Mr. Burrows after the bank’s
annual general court (meeting) on July 3rd.

The government, the report discloses, has appointed two directors
to the bank under the state guarantee and will appoint a further
two directors under the terms of the National Pension Reserve
Fund's EUR3.5 billion investment in the bank.

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

                       *      *      *

Bank of Ireland continues to carry a 'D' bank financial strength
rating from Moody's Investors Service with negative outlook.


IRISH NATIONWIDE: Appoints Gerry McGinn as New Chief Executive
--------------------------------------------------------------
BreakingNews.ie reports that Irish Nationwide Building Society has
appointed Gerry McGinn as new chief executive of the company.

Mr. McGinn, the report discloses, will replace Michael Fingleton,
who quit his post following controversy over a EUR1 million bonus
he received last year while the company was racking up massive
losses.

According to the report, Mr. McGinn's salary will be capped at
EUR360,000 under the terms of the bank guarantee scheme.  Mr.
McGinn is currently the head of Goodbody Stockbrokers in the
North, the report notes.

Headquartered in Dublin, Irish Nationwide Building Society –
http://www.inbs.ie/-- is one of Ireland's oldest financial
institutions.

                           *    *    *

Irish Nationwide Building Society continues to carry an 'E+' bank
financial strength rating from Moody's Investors Service.


STANTON ABS: Moody's Reviews 'Caa2' Rating on Class-A4 Notes
------------------------------------------------------------
Moody's Investors Service has placed under review for possible
downgrade its ratings of four classes of notes issued by Stanton
ABS I p.l.c.

The rating actions are a response to credit deterioration in the
underlying portfolio, as well as the occurrence on June 2, 2009,
as reported by the Trustee, of an event of default caused by a
failure of the Class A-3 Overcollateralisation Ratio to be greater
than or equal to 96%.  Recent ratings downgrades on the underlying
portfolio caused ratings-based haircuts to affect the calculation
of overcollateralisation.  Thus, the Class A-3
Overcollateralisation Ratio failed to meet the required level.
During the occurrence and continuance of an event of default,
controlling creditors of the issuer may be entitled to direct the
Trustee to take particular actions with respect to the underlying
collateral securities and the notes.

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:

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

The rating actions are:

Stanton ABS I p.l.c.:

(1) EUR232,000,000 Class A-1 Notes due 2096

  -- Current Rating: Aa3, on review for possible downgrade
  -- Prior Rating: Aa3
  -- Prior Rating Date: 11 March 2009, downgraded to Aa3 from Aa2

(2) EUR23,000,000 Class A-2 Notes due 2096

  -- Current Rating: Baa3, on review for possible downgrade
  -- Prior Rating: Baa3
  -- Prior Rating Date: 11 March 2009, downgraded to Baa3 from Aa3

(3) EUR12,500,000 Class A-3 Notes due 2096

  -- Current Rating: Ba3, on review for possible downgrade
  -- Prior Rating: Ba3
  -- Prior Rating Date: 11 March 2009, downgraded to Ba3 from A1

(4) EUR12,500,000 Class A-4 Deferrable Interest Notes due 2096

  -- Current Rating: Caa2, on review for possible downgrade

  -- Prior Rating: Caa2

  -- Prior Rating Date: 11 March 2009, downgraded to Caa2 from
     Baa2


TITAN EUROPE: Fitch Cuts Rating on EUR29.1MM Class F Notes to 'B'
-----------------------------------------------------------------
Fitch Ratings has downgraded Titan Europe 2006-3 plc's class D, E
and F CMBS floating rate notes due 2016.  The class A, B and C
notes are, together with the three downgraded tranches, placed on
Rating Watch Negative.  The cash-collateralized Class X variable-
rate notes are affirmed, with Stable Outlook.

  -- EUR395.8 million Class A FRN (XS0257767631): 'AAA' placed on
     RWN

  -- EUR5,000 Class X VRN (XS0257768100) affirmed at 'AAA'; Stable
     Outlook

  -- EUR237.5 million Class B FRN (XS0257768522): 'AAA' placed on
     RWN

  -- EUR50.2 million Class C FRN (XS0257769090): 'AA' placed on
     RWN

  -- EUR54.8 million Class D FRN (XS0257769769) downgraded to 'A-'
     from 'A'; placed on RWN

  -- EUR36.7 million Class E FRN (XS0257770007) downgraded to 'BB'
     from 'BBB'; placed on RWN

  -- EUR29.1 million Class F FRN (XS0257770775) downgraded to 'B'
     from 'BBB-' placed on RWN

The rating actions on the 14-loan multi-jurisdictional transaction
are primarily driven by the announcement on June 9, 2009, that
Arcandor and its subsidiaries, Quelle AG and Karstadt AG, will
file for insolvency.  Quelle AG is the sole tenant of the Quelle
Nurnberg loan, which accounts for 11% of the loan pool.  The
ratings actions also follow on the underperformance of the SQY
Ouest, Monnet, Eylau and Stage loans, which together comprise 23%
of the loan pool.

The EUR103.6 million Quelle Nurnberg loan (of which a EUR94.1m
senior portion is securitised) is secured on a mixed-use property
located in Nurnberg, Germany.  The asset is entirely let to Quelle
AG with a remaining lease term of 6.5 years; however, it remains
unclear whether the tenant will remain in occupation, possibly
under new ownership, or if the asset will be vacated.  Following a
re-valuation, the loan-to-value ratio increased to 89.4% (on the
A-note) and 98.4% (on the whole loan) in April 2009, from 70.0%
and 77.1%, respectively.  This has had no impact on the loan, as
the loan agreement does not include an LTV covenant.

The EUR108.1m SQY Ouest loan, which is secured by the SQY Ouest
shopping centre in Saint-Quentin-en-Yvelines, France, has been
underperforming since July 2008.  Decreasing rent collections and
rising vacancy rates (11% in April 2009, compared to 6% at closing
in June 2006) resulted in a severe deterioration in the debt
service coverage ratio to 0.5x in July 2008, from 1.3x in the
previous quarter.  While this resulted in a breach of the 1.05x
DSCR trigger, this did not constitute an event of default and the
borrower continued to make equity injections to ensure the timely
payment of interest and principal until, and including, the April
2009 interest payment date.  However, in May 2009 the borrower
announced that it was unable to pay its debts as they become due
and the loan has since been transferred into special servicing.
The asset has not been re-valued since March 2006; although it is
expected that the special servicer will call for a new valuation.
The most recent reported LTV was 73.8%; marginally down from 75.1%
at closing.

Three other loans are currently on the servicer's watch-list due
to DSCR concerns: the EUR68.6 million Monnet, EUR24 million Eylau
and EUR10 million Stage loans.  Two loans (Eylau and Stage) are
currently trapping excess cash.  The Monnet loan breached its 1x
DSCR covenant in April 2009 due to the upcoming expiries of
several leases and rental guarantees; the forward-looking DSCR
stands at 0.66x.  The Eylau loan has been trapping excess cash
since closing due to a breach of the 1.1x DSCR covenant.  While
the backward-looking DSCR improved in April 2009 due to rental
increases, the forward-looking DSCR fell in the same period mainly
due to an increase in scheduled amortization.  The Stage loan was
previously in breach of its 1.1x DSCR cash trap trigger due to a
dispute between the borrower and the sole tenant, which was
withholding 10% of the payable rent.  Following successful
negotiations the arrears have been partially repaid, and are
expected by the borrower to be fully settled by Q209.  This
resulted in an improvement in the DSCR to 1.18x in April 2009;
however, excess cash will continue to be trapped (EUR275,000 to
date) until the loan is compliant for three consecutive quarters.


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



ALTYN OZAT: Creditors Must File Claims by June 26
-------------------------------------------------
Creditors of LLP Altyn Ozat have until June 26, 2009, to submit
proofs of claim to:

         Kazakhstan Str. 78-27
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan

The Specialized Inter-Regional Economic Court of East Kazakhstan
commenced bankruptcy proceedings against the company on March 26,
2009, after finding it insolvent.

The Court is located at:

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


BTA BANK: Default May Result to US$560 Mln Losses for Swap Sellers
------------------------------------------------------------------
Abigail Moses at Bloomberg News reports that according to the
results of the first auction for an emerging-market company,
sellers of contracts protecting debt payments are expected to lose
US$560 million in the event of a default by BTA Bank JSC.

Bloomerg News relates traders set a final value of 10.25 percent
for credit- default swaps on BTA's bonds.  According to Bloomberg
News, the price means sellers of default protection have to pay
89.75 cents on the dollar to settle US$625 million of contracts.

Bloomberg News recalls the bank triggered credit-default swaps
when it stopped making principal payments on its bonds in April.

"This is the first auction in emerging-market credit- default
swaps" for a company, Bloomberg News quoted Stefan Kolek, a
strategist at UniCredit SpA in Munich, as saying.  "It will have a
pivotal role for expectations regarding recovery values."

On June 3, 2009, the Troubled Company Reporter-Europe, citing
Reuters, reported Kazakhstan's sovereign wealth fund Samruk-
Kazyna, the main shareholder of BTA, said it was not planning to
issue bonds as part of efforts to restructure the defaulted debt
of the bank.  Reuters disclosed the bank was trying to restructure
some US$15 billion in external debt after some of its creditors
invoked an acceleration clause last month on a US$550 million
loan.

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


HALYK SAVINGS: S&P Lowers LT Counterparty Credit Rating to 'B+'
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it has lowered its
long-term counterparty credit ratings on two of Kazakhstan's
leading banks, Kazkommertsbank (JSC), to 'B' from 'B+', and Halyk
Savings Bank of Kazakhstan, to 'B+' from 'BB-'.  The outlooks are
still negative.

At the same time, S&P affirmed the short-term ratings on Halyk at
'B' and lowered them on KKB to 'C' from 'B'.

"The rating actions reflect our view of the continuing downward
pressure on these banks' asset quality, capitalization, funding,
and liquidity," said Standard & Poor's credit analyst Ekaterina
Trofimova.

These concerns are partly mitigated by the state's ongoing support
to these banks through liquidity support; by their good market
positions, particularly among large Kazakh corporate clients for
KKB and the retail sector for Halyk; and adequate core revenue
generation, supported by aggressive cost management.  Cautious and
fairly efficient business and operational adjustments, as well as
deleveraging, are also helping the banks to adapt to their
worsening operating environment.

Ranked among the top three Kazakh banks, KKB had total assets of
Kazakhstani tenge 2.6 trillion (US$21 billion), and Halyk had
total assets of KZT1.65 trillion (US$12.9 billion) on Dec. 31,
2008.

Standard & Poor's classifies KKB and Halyk as systemically
important banks in Kazakhstan's financial sector.  The ratings on
the two banks reflect their stand-alone credit profiles, with no
uplift for expected extraordinary parental or government support,
which S&P considers as uncertain.  The Kazakh government acquired
a stake of 21% in KKB and 20.9% in Halyk, through common capital
injections of KZT36 billion in May 2009 and KZT27 billion in March
2009, respectively.  The government stated that it will exit from
the two banks' capital when the market situation becomes more
favorable.

Like all Kazakh banks, KKB and Halyk are suffering from sharp
asset quality deterioration, exacerbated by the deteriorated
economic environment and the lack of new financing within the
economy.  At KKB, nonperforming loans (overdue for more than 30
days for corporate customers and for more than 60 days for retail
customers, including performing loans to the same borrower)
increased to 8.1% at year-end 2008 from 3% at year-end 2007, and
continue to grow.  Restructured loans accounted for additional 9%
of total loans on Dec. 31, 2008.  Halyk had 14.6% of its loans
overdue for more than 30 days as of March 2009.  However, if S&P
include restructured loans and performing loans to nonperformers'
related parties, total loans under stress for Halyk would be
slightly less than double that level, at the same date.

Asset quality deterioration is increasingly straining the banks'
profitability and capitalization, mainly due to higher
provisioning needs.  Kazakh banks' previous strategy of
aggressively tapping international debt markets to fund fast
balance sheet growth has put them in a vulnerable position
following the global liquidity squeeze and limited viable
refinancing prospects in the foreseeable future.

Although customer deposits have so far been relatively stable,
particularly government-related deposits, a wider drop in customer
deposits could dramatically affect the liquidity position of these
banks.  Upcoming foreign debt repayments, albeit lower for Halyk
than for KKB, limit the banks' capacity to face deposit outflows.

Profitability benefits from relatively high margins and strong
cost containment, but is pressured by an increase in cost of risk.
In S&P's view, the banks are tightly capitalized in light of their
high lending concentrations, rising credit provisions and losses,
and the risky operating environment.

"The negative outlook on the two banks reflects the challenges
they are facing, mainly deteriorating asset quality and liquidity
amid the weak operating environment," said Standard & Poor's
credit analyst Magar Kouyoumdjian.

S&P expects asset quality to deteriorate further with problem
loans (including restructured loans) likely to exceed 35% in the
next quarters.  This will continue to hurt capitalization and
financial performance.

If asset quality or liquidity weaken more than S&P currently
expect or if domestic economic problems worsen to the extent that
they hurt the banks' credit standing, S&P would lower their
ratings.

The potential for an upgrade is currently remote.  However,
significant reductions in wholesale funding and loan
concentrations, lower foreign currency lending, stronger
capitalization, and improved asset quality, would lead us to raise
the ratings on these banks.


KASPI BANK: Fitch Cuts Bank Financial Strength Rating to 'D/E'
--------------------------------------------------------------
Fitch Ratings has affirmed Kazakhstan-based Kaspi Bank's Long-term
Issuer Default Rating at 'B' with a Negative Outlook.  At the same
time, Fitch has downgraded Kaspi's Individual Rating to 'D/E' from
'D'.  A full rating breakdown is provided at the end of this
comment.

The affirmation of Kaspi's Long-term IDR reflects the somewhat
less high risk profile of the bank's loan portfolio, relative to
other Kazakh banks, in particular the comparatively low
proportions of real estate/construction and foreign currency
lending.  It also factors in the bank's reasonable consolidated
capital ratios, which provide meaningful loss absorption capacity,
and its currently comfortable liquidity profile, which is
predominantly supported by customer funding.  These positive
factors mitigate the bank's deteriorating credit metrics and the
challenging operating environment.

"Kaspi Bank's relatively low reliance on wholesale funding
represents an important rating strength and provides flexibility
to navigate the sector's difficulties," said Maxim Miller,
Associate Director at Fitch Ratings' Financial Institutions group.
"Despite the difficult operating environment in Kazakhstan, Kaspi
has managed to expand its deposit base through the ongoing
financial crisis."

The Negative Outlook has meanwhile been maintained as reported
loan arrears have continued to increase.  Credit problems have
continued to stem from both the small- and medium-sized enterprise
and retail portfolios, which resulted in a 30% spike in non-
performing loans (NPLs -- defined as loans overdue by 90 days or
more) during Q109 to 4.8% of the portfolio, according to
management accounts under IFRS.  Although net charge-offs dropped
to nearly zero for Q109 (compared with the 1.3% quarterly average
for 2008), the trend in NPLs combined with the increasing share of
restructured loans and 30-day overdues (which increased to 9.2% of
the portfolio at end-Q109), underline the ongoing potential for a
further deterioration in the book.

Kaspi is reasonably well capitalized on a consolidated basis, with
a total capital adequacy ratio and Tier I CAR under Basel I of
25.5% and 21.2%, respectively, as of end-2008.  Regulatory capital
ratios are considerably lower because of higher risk weights on
some assets, although these have been relaxed somewhat from April
2009.  The ratios are also lower because regulatory ratios are
based on unconsolidated accounts and do not reflect capital held
by Kaspi's fully-owned insurance company subsidiary, which
primarily insures risks associated with the bank's consumer
lending.  As a result, the regulatory capital ratios K1 (tier 1
capital/total assets) and K2 (total capital/risk weighted assets)
were 9.4% and 14.5%, respectively, as of end-April'09. although
Fitch estimates that capital equal to a further 3.5% of the bank's
risk weighted assets was held at the insurance company level.

The downgrade of Kaspi's Individual Rating to 'D/E' brings the
rating into line with the Individual ratings of other somewhat
less high-risk Kazakh banks -- in particular Halyk ('B+'/Negative
Outlook; Individual 'D/E') and Bank CenterCredit ('B'/Evolving
Outlook; Individual 'D/E') -- and takes into account the
heightened asset quality risks and greater pressure on capital
which Kaspi has faced, along with its peers, due to the
deteriorating operating environment.

Kaspi was the 7th-largest commercial bank in Kazakhstan at end-
April 2009 with a 2.4% share of the banking system's assets.
Kaspi's focus has been on the wide-margin, but potentially high-
risk, SME and retail sectors.  The bank is controlled by Baring
Vostok Capital Partners, a private equity firm which invests in
the CIS.  Kazakh businessman Vyacheslav Kim is the other major
shareholder.

The rating actions are:

  -- Long-term foreign currency IDR: affirmed at 'B'; Outlook
     Negative

  -- Short-term foreign currency IDR: affirmed at 'B'

  -- Individual Rating: downgraded to 'D/E' from 'D'

  -- Support Rating: affirmed at '5'

  -- Support Rating Floor: affirmed at 'No Floor'


KAZKOMMERTSBANK: S&P Cuts LT Counterparty Credit Rating to 'B'
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it has lowered its
long-term counterparty credit ratings on two of Kazakhstan's
leading banks, Kazkommertsbank (JSC), to 'B' from 'B+', and Halyk
Savings Bank of Kazakhstan, to 'B+' from 'BB-'.  The outlooks are
still negative.

At the same time, S&P affirmed the short-term ratings on Halyk at
'B' and lowered them on KKB to 'C' from 'B'.

"The rating actions reflect our view of the continuing downward
pressure on these banks' asset quality, capitalization, funding,
and liquidity," said Standard & Poor's credit analyst Ekaterina
Trofimova.

These concerns are partly mitigated by the state's ongoing support
to these banks through liquidity support; by their good market
positions, particularly among large Kazakh corporate clients for
KKB and the retail sector for Halyk; and adequate core revenue
generation, supported by aggressive cost management.  Cautious and
fairly efficient business and operational adjustments, as well as
deleveraging, are also helping the banks to adapt to their
worsening operating environment.

Ranked among the top three Kazakh banks, KKB had total assets of
Kazakhstani tenge 2.6 trillion (US$21 billion), and Halyk had
total assets of KZT1.65 trillion (US$12.9 billion) on Dec. 31,
2008.

Standard & Poor's classifies KKB and Halyk as systemically
important banks in Kazakhstan's financial sector.  The ratings on
the two banks reflect their stand-alone credit profiles, with no
uplift for expected extraordinary parental or government support,
which S&P considers as uncertain.  The Kazakh government acquired
a stake of 21% in KKB and 20.9% in Halyk, through common capital
injections of KZT36 billion in May 2009 and KZT27 billion in March
2009, respectively.  The government stated that it will exit from
the two banks' capital when the market situation becomes more
favorable.

Like all Kazakh banks, KKB and Halyk are suffering from sharp
asset quality deterioration, exacerbated by the deteriorated
economic environment and the lack of new financing within the
economy.  At KKB, nonperforming loans (overdue for more than 30
days for corporate customers and for more than 60 days for retail
customers, including performing loans to the same borrower)
increased to 8.1% at year-end 2008 from 3% at year-end 2007, and
continue to grow.  Restructured loans accounted for additional 9%
of total loans on Dec. 31, 2008.  Halyk had 14.6% of its loans
overdue for more than 30 days as of March 2009.  However, if S&P
include restructured loans and performing loans to nonperformers'
related parties, total loans under stress for Halyk would be
slightly less than double that level, at the same date.

Asset quality deterioration is increasingly straining the banks'
profitability and capitalization, mainly due to higher
provisioning needs.  Kazakh banks' previous strategy of
aggressively tapping international debt markets to fund fast
balance sheet growth has put them in a vulnerable position
following the global liquidity squeeze and limited viable
refinancing prospects in the foreseeable future.

Although customer deposits have so far been relatively stable,
particularly government-related deposits, a wider drop in customer
deposits could dramatically affect the liquidity position of these
banks.  Upcoming foreign debt repayments, albeit lower for Halyk
than for KKB, limit the banks' capacity to face deposit outflows.

Profitability benefits from relatively high margins and strong
cost containment, but is pressured by an increase in cost of risk.
In S&P's view, the banks are tightly capitalized in light of their
high lending concentrations, rising credit provisions and losses,
and the risky operating environment.

"The negative outlook on the two banks reflects the challenges
they are facing, mainly deteriorating asset quality and liquidity
amid the weak operating environment," said Standard & Poor's
credit analyst Magar Kouyoumdjian.

S&P expects asset quality to deteriorate further with problem
loans (including restructured loans) likely to exceed 35% in the
next quarters.  This will continue to hurt capitalization and
financial performance.

If asset quality or liquidity weaken more than S&P currently
expect or if domestic economic problems worsen to the extent that
they hurt the banks' credit standing, S&P would lower their
ratings.

The potential for an upgrade is currently remote.  However,
significant reductions in wholesale funding and loan
concentrations, lower foreign currency lending, stronger
capitalization, and improved asset quality, would lead us to raise
the ratings on these banks.


NEMAN+ LLP: Creditors Must File Claims by June 26
-------------------------------------------------
Creditors of LLP Neman+ have until June 26, 2009, to submit proofs
of claim to:

         Altynsarin Str. 31
         Aktobe
         Aktube
         Kazakhstan

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

The Court is located at:

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


TELECOM A4: Creditors Must File Claims by June 26
-------------------------------------------------
Creditors of LLP Telecom A4 have until June 26, 2009, to submit
proofs of claim to:

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

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

The Court is located at:

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


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

         Altynsarin Str. 31
         Aktobe
         Aktube
         Kazakhstan

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

The Court is located at:


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


TSESNABANK: Fitch Affirms Long-Term Issuer Default Rating at 'CCC'
------------------------------------------------------------------
Fitch Ratings has affirmed Kazakhstan-based Tsesnabank's ratings,
including its Long-term Issuer Default Rating of 'CCC' with a
Negative Outlook.  Fitch has simultaneously withdrawn TSB's
ratings and will no longer provide rating or analytical coverage
of the bank.

TSB's ratings and Outlook reflect the ongoing deterioration of its
asset quality metrics, poor performance ratios, insufficient
reserve coverage, a weak capital position and the worsening
operating environment in Kazakhstan.  The ratings also reflect
Fitch's opinion that asset quality problems will likely further
erode capital.

TSB, Kazakhstan's twelfth-largest bank, is headquartered in Astana
and had a market share of 1% of assets as of end-April 2009.  TSB
is controlled by Tsesna Corporation, and at end-2008 the
corporation held 93,38% of the bank.

The rating actions are:

  -- Long-term IDR: affirmed at 'CCC'; Outlook Negative; rating
     withdrawn

  -- Short-term IDR: affirmed at 'C'; rating withdrawn

  -- Individual Rating: affirmed at 'E'; rating withdrawn

  -- Support Rating: affirmed at '5'; rating withdrawn

  -- Support Rating Floor: affirmed at 'No Floor'; rating
     withdrawn

  -- Senior Unsecured Debt: affirmed at 'CCC'; Recovery Rating
     'RR4'; ratings withdrawn


VK OTROYCOM: Creditors Must File Claims by June 26
--------------------------------------------------
Creditors of LLP VK Otroycom have until June 26, 2009, to submit
proofs of claim to:

         Kazakhstan Str. 78-27
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan

The Specialized Inter-Regional Economic Court of East Kazakhstan
commenced bankruptcy proceedings against the company on March 26,
2009, after finding it insolvent.

The Court is located at:

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


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


MAK RICH: Creditors Must File Claims by July 10
-----------------------------------------------
LLC Mak Rich is currently undergoing liquidation.  Creditors have
until July 10, 2009, to submit proofs of claim to:

          Skryabin Str. 76b
          Bishkek
          Kyrgyzstan


===================
L U X E M B O U R G
===================


CRC BREEZE: S&P Cuts Rating on EUR50 Mln Class B Bonds to 'CC'
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its long-
term debt rating on the EUR300 million class A secured bonds due
2026 issued by CRC Breeze Finance S.A. (Breeze Two) to 'BB+' from
'BBB-'.  S&P also lowered its long-term debt rating on the
EUR50 million class B secured bonds due 2016 to 'CC' from 'B'.  At
the same time, S&P removed the ratings from CreditWatch with
negative implications, where they were placed on April 27, 2009.
The outlook on both bonds is negative.

The recovery rating on the class A secured bonds remains unchanged
at '2', indicating S&P's expectation of substantial (70%-90%)
recovery of principal in the event of a payment default.

"The downgrade of the class A and class B bonds reflects S&P's
view that Breeze Two's financial performance is below our original
expectations under poor wind conditions," said Standard & Poor's
credit analyst Lidia Polakovic.

Breeze Two met its May debt service payment on both the class A
and class B bonds without using the debt service reserve accounts.
However, according to management information, all liquidity was
used to meet these payments.  This lack of excess liquidity,
together with the expectation that cash flows over the summer
months are lower than the annual average, make it highly unlikely
that Breeze Two will have sufficient funds to meet the next debt
service payment on the class B notes of EUR3.58 million, due in
November 2009.  Management expects any debt service payment on the
class B bonds in excess of the amount of their DSRA
(EUR1.2 million) to be deferred, as permitted under the bond
documents.  According to S&P's rating definitions, if Breeze Two
defers the payment on the class B bonds, S&P would lower the
rating on these bonds to 'C'.

Breeze Two expects the class A debt service payment of
EUR13.37 million in November 2009 to be met in full, although S&P
understands that part of the DSRA is likely to be used.  This
tight liquidity position and the uncertainty on the wind
availability are, in S&P's opinion, not commensurate with an
investment-grade rating level, hence the downgrade of the class A
notes to 'BB+'.

Breeze Two, a Luxembourg-based special-purpose vehicle, used the
proceeds of its debt issues to make a loan to Breeze Two Energy
GmbH & Co. KG and Eoliennes Sūroit SNC.  Breeze Two Energy is a
German limited partnership company, and Eoliennes Sūroit is a
French unlimited liability partnership.  Each has been formed for
the purpose of acquiring, constructing, owning, and operating a
portfolio of 39 wind farms with a nameplate capacity of 305
megawatts in Germany (Breeze Two Energy) and 27 MW in France
(Eoliennes Sūroit).

The negative outlook reflects S&P's view that cash flows could
deteriorate beyond S&P's current expectations if wind resources in
Germany do not improve substantially, in which case S&P believes
there is the potential for an increased use of the DSRA of the
class A notes to meet debt service payments.  It also takes into
account S&P's view that the project's financial strength could
weaken as a result of increased repair costs due to the foundation
issues concerning the Vestas V-80 and V-90 turbines, which
represent about 35% of the total installed capacity of the
portfolio.  The negative outlook also reflects the potential
downgrade of the class B bonds to 'C' if the debt service payments
are deferred.

S&P could lower the ratings if the repair costs were higher than
expected and/or if wind resources were consistently lower than
expected.

S&P could revise the outlook on the class A notes to stable if the
financial performance of the wind farms in the portfolio aligns
with the parameters for the current rating level, if Breeze Two
and Vestas make satisfactory agreements concerning cost- and
burden-sharing, and if S&P gains more visibility on future
insurance coverage of the foundations of the affected turbines.
S&P does not foresee an outlook revision to stable on the class B
bonds at this time.


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


ZLOMREX SA: S&P Lowers Corporate Credit Rating to 'CCC-'
--------------------------------------------------------
Standard & Poor's Ratings Services said that it has lowered to
'CCC-' from 'CCC+' its long-term corporate credit rating on
Poland-based integrated steel group Zlomrex S.A. due to growing
concerns that the company may not be able to meet its near-term
interest payments and other liquidity needs.  In addition, the 'C'
short-term corporate credit rating on Zlomrex was affirmed.  The
outlook is negative.

At the same time, S&P lowered to 'CC' from 'CCC' the senior
secured debt rating on the EUR170 million 8.5% callable bonds due
2014 issued by subsidiary Zlomrex International Finance S.A.,
guaranteed by Zlomrex S.A.

"The downgrade reflects our increasing concerns that Zlomrex may
not meet its near-term interest payments and other liquidity
needs, leading to possible default in the coming months," said
Standard & Poor's credit analyst Paulina Grabowiec.

S&P is concerned that Zlomrex may have difficulty meeting an
interest payment of EUR6.4 million -- about Polish zloty
(PLN) 29 million -- on its EUR170 million notes, which falls due
on Aug. 1, 2009.  Furthermore, the current fragile liquidity
position could be aggravated if banks do not extending the
maturities of some of the company's loans, some of which may
already be in default, in S&P's view.

"We believe that near-term default risks are also heightened by a
significant deterioration in operating performance at Zlomrex due
to weaker demand and steel prices.  The collapse in profitability
is coupled with Zlomrex continuing to manage its liquidity on an
ad hoc basis, handling a large number of small, short-term bank
facilities individually, and relying on the ability and
willingness of banks to renew or extend credit lines," continued
Ms. Grabowiec.

S&P recognizes that Zlomrex has had some limited success in
extending its existing credit arrangements.  However, S&P remains
concerned that the company is ill-equipped to deal with the near-
term need to finance its loss-making operations, given its current
cash burn rate, and, in S&P's view, its exhausted capacity for
more leverage.

On May 31, 2009, Zlomrex had high short-term debt of about
PLN345 million, which was supported by only PLN43 million in cash
and PLN156 million in undrawn credit lines (including factoring
and leasing).  Given that the company is currently loss-making,
S&P believes it is possible that, absent other liquidity sources,
its cash balances and availability under credit lines could be
significantly lower in August.

In the 12 months to March 31, 2009, Zlomrex's adjusted funds from
operations was negative PLN44 million, compared with PLN62 million
the year before.  This reflected the loss made by Zlomrex in the
past two financial quarters, illustrated by EBITDA of negative
PLN125 million and FFO of negative PLN164 million over the period,
and much higher interest costs.  Based on adjusted debt of
PLN1.3 billion at the end of the first quarter of 2009, the last
12 months FFO-to-adjusted-debt ratio was negative 3.4%, and the
ratio of adjusted debt to EBITDA was a highly leveraged 13.2x, up
from 5.9x at year-end 2008.

Zlomrex was unsuccessful in turning around the Zeljezara Split
operations, acquired in 2007, which are currently for sale and
deconsolidated from the company's reporting.  If a sale were to
take place, S&P does not expect the proceeds to be material enough
to meaningfully bolster Zlomrex's liquidity.

The ratings on Zlomrex reflect its distressed liquidity position,
which exposes the company to ongoing high refinancing and default
risks.  Zlomrex's vulnerable business risk profile, and highly
leveraged financial risk profile (illustrated by negative earnings
in the past six months, volatile working capital, and high short-
term debt as a consequence of its past strategy of debt-financed
growth), further constrain the ratings.  The company's integrated
steel operations provide limited benefits in view of the current
difficult industry conditions.

The negative outlook reflects S&P's concern that Zlomrex may not
be able to meet in full and on a timely basis its debt servicing,
repayments, and other liquidity needs within the next few months.
Heightened default risks are, in S&P's view, illustrated by near-
term interest payments falling due at a time when Zlomrex is
experiencing a notable reduction in available cash balances and
cash flow generation.  Furthermore, the company remains vulnerable
to decisions by banks on whether to continue to provide financing,
is reliant on the provision of bank waivers, and is enduring
significant operational underperformance.

Any upward revision of the ratings or outlook appears unlikely at
this stage, but could occur if Zlomrex's liquidity position were
to improve materially.


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


BANCA COMERCIALA: Moody's Withdraws 'D-' Bank Strength Rating
-------------------------------------------------------------
Moody's Investors Service has withdrawn these ratings of Banca
Comerciala Carpatica S.A. for business reasons:

  -- Bank Financial Strength Rating of D- with stable outlook

  -- Local Currency Deposit Ratings of Ba3/Not-Prime with stable
     outlook

  -- Foreign Currency Deposit Ratings of Ba3/Not-Prime with stable
     outlook

This action was taken with the consent of both parties and does
not reflect a change in the bank's creditworthiness.

Banca Comerciala Carpatica S.A. is based in Sibiu, Romania and had
total assets of RON2,289 million (US$809 million) at the end of
December 2008.


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


AMURSKIY REINFORCED: Creditors Must File Claims by June 22
----------------------------------------------------------
Creditors of LLC Amurskiy Reinforced Concrete Framing Plant (TIN
280101084454, PSRN 1022840507370) have until June 22, 2009, to
submit proofs of claims to:

         D. Gumirov
         Temporary Insolvency Manager
         Office 412
         Pereulok Sv.Innokentiya 1
         675000 Blagoveshchensk
         Russia

The Arbitration Court of Amurskaya will convene on July 30, 2009,
to hear bankruptcy supervision procedure on the company.  The case
is docketed under Case No. ?04–1882/2009.

The Debtor can be reached at:

         LLC Amurskiy Reinforced Concrete Framing Plant
         Koltsevaya Str. 47
         Blagoveshchensk
         Russia


CONDENSER OJSC: Creditors Must File Claims by June 22
-----------------------------------------------------
Creditors of OJSC Condenser (Electrical Elements Production) (TIN
5706002190, PSRN 1025700558773, RVC 570601001) have until June 22,
2009, to submit proofs of claims to:

         I. Churkina
         Temporary Insolvency Manager
         Post User Box 2
         394038 Voronezh
         Russia

The Arbitration Court of Orlovskaya will convene at 4:10 p.m. on
Sept. 30, 2009, to hear bankruptcy supervision procedure on the
company.  The case is docketed under Case No. ?48–1580/2009.

The Debtor can be reached at:

         OJSC Condenser
         Polevaya Str. 37
         Glazunova
         Glazunovskiy
         303340 Orlovskaya
         Russia


MAGNITOGORSK STEEL: Posts US$110 Mln Loss in First Quarter 2009
---------------------------------------------------------------
Ilya Khrennikov at Bloomberg News reports that OAO Magnitogorsk
Iron & Steel Works posted a loss of US$110 million in the first
quarter of 2009, compared with net income of US$271 million a year
earlier.

Bloomberg News relates the company said sales dropped 55 percent
to US$965 billion, while production fell 43 percent to 2.07
million tons as demand shrank in Russia.

Headquartered in Magnitogorsk, Russia, OAO Magnitogorsk Iron and
Steel Works -- http://www.mmk.ru/-- manufactures steel and
accounts for about 20% of all steel products sold on the
domestic market.  MMK is a major fully integrated steel making
complex encompassing all the required processes, from
preparation of iron ore materials to high added value processing
of steel.  About half of the Company's output is exported
worldwide.

                         *     *     *

OAO Magnitogorsk Iron and Steel Works continues to carry a Ba2
long-term corporate family and probability of default ratings from
Moody's with stable outlook.


MOSCOW REGIONAL: S&P Raises LT Issuer Credit Rating to 'CC/ruCC'
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had raised its
long-term issuer credit and Russia national scale ratings on
Russia-based Moscow Regional Investment Trust Co. to 'CC/ruCC'
from 'SD/SD'.  In addition, S&P raised its ratings on MRITC's
Russian ruble 4 billion bond to 'CC/ruCC' from 'D/D'.  The
'CC/ruCC' ratings on MRITC's other RUR3 billion bond, of which
RUR1.2 billion is outstanding, are still on CreditWatch with
developing implications, where they were placed on April 7, 2009.
All the other ratings on MRITC are now also on CreditWatch with
developing implications.

"The upgrade follows a nearly full restructuring of the company's
RUR4 billion bonds, on which MRITC missed a put option on March
26, 2009," said Standard & Poor's credit analyst Felix Ejgel.

The company has announced that all identified bondholders (98%)
have agreed with the proposed restructuring terms.

Standard & Poor's considers that the company is no longer in
default on its bond, because S&P thinks that the operation is
essentially completed and S&P believes that the company is willing
to do its best to finalize the operation with the remaining
bondholders.

The resolution of MRITC's default on its obligations was made
thanks to transfers received from MRITC's owner, the Moscow Oblast
(NR), either directly from its budget or via other oblast-owned
companies.

MRITC has also confirmed that it is servicing all other debt
obligations on a timely basis.

MRITC's debt burden is high, and its ability to service debt
obligations depends on the Moscow Oblast's willingness to provide
sufficient funds.  As of June 1, 2009, MRITC's debt totaled about
RUR34.6 billion

During the last four months, MRITC's unrestricted cash has not
exceeded RUR250 million, which is far below the RUR20.3 billion of
direct debt obligations falling due within the next 12 months.

The CreditWatch placement with developing implications indicates
that the ratings could be raised, affirmed, or lowered.

S&P plans to resolve the CreditWatch status within the next 90
days, after S&P gain more visibility on the Moscow Oblast's
ability to either provide MRITC with the financial resources
needed to service its debt on a timely basis, or on MRITC's
ability to negotiate the extension of loans before they fall due.

"The ratings will come under pressure--and eventually fall to
'D'--if the company fails to restore its ability to service its
debt in a timely manner because the Moscow Oblast doesn't provide
enough funds to meet upcoming debt obligations including
guarantees," said Mr. Ejgel.

Conversely, S&P could raise the ratings if MRITC receives payments
from its counterparties and transfers from the oblast's budget as
planned, thereby restoring an adequate liquidity position, or if
the company managed to extend bank loans falling due in the next
three months.

Confirmation of the company's cash plan for 2009 and an explicit
commitment from the oblast to provide funds on a timely basis
would also be key considerations for any positive rating actions.


KUZ-POLIMER-MASH CJSC: Creditors Must File Claims by June 22
------------------------------------------------------------
The Arbitration Court of Ryazanskaya commenced bankruptcy
supervision procedure on CJSC Kuz-Polimer-Mash (TIN 7702587544,
PSRN 1057749369578) (Hardware Items).  The case is docketed under
Case No. ?54–1611/2009-S1.

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

          S. Ryumina
          Temporary Insolvency Manager
          Office 3
          Building 2
          Pravo-Lybedskaya Str. 35
          Ryazan
          Russia

The Debtor can be reached at:

          CJSC Kuz-Polimer-Mash
          Building 1
          Kuybyshevskoe shosse 25
          Ryazan
          Russia


SANIKA LLC: Creditors Must File Claims by June 22
-------------------------------------------------
Creditors of LLC Sanika Construction Company (TIN 6501107235, PSRN
1026500530803) have until June 22, 2009, to submit proofs of
claims to:

         D. Gumirov
         Temporary Insolvency Manager
         Office 412
         Pereulok Sv.Innokentiya 1
         675000 Blagoveshchensk
         Russia

The Arbitration Court of Sakhalinskaya will convene on Nov. 23,
2009, to hear bankruptcy supervision procedure on the company.
The case is docketed under Case No. ?59–901/2009.

The Debtor can be reached at:

         LLC Sanika
         K. Marksa Str. 20
         Yuzhno-Sakhalinsk
         Russia


STROY-GRAD LLC: Creditors Must File Claims by June 22
-----------------------------------------------------
Creditors of LLC Stroy-Grad (TIN 2801086797, PSRN 1022800521776)
(Construction) have until June 22, 2009, to submit proofs of
claims to:

         T. Bryantseva
         Temporary Insolvency Manager
         Apt. 24
         Zaburkhanovskaya Str. 85
         Blagoveshchensk
         Russia

The Arbitration Court of Amurskaya will convene on July 17, 2009,
to hear bankruptcy supervision procedure on the company.  The case
is docketed under Case No. ?04-1153/2009.

The Debtor can be reached at:

         LLC Stroy-Grad
         Novotroitskoe 2-e shosse
         Blagoveshchensk
         Russia


SVERDLOVSKAYA FUEL: Creditors Must File Claims by June 22
---------------------------------------------------------
Creditors of OJSC Sverdlovskaya Fuel Company (TIN 6672209090, PSRN
1069672046289) have until June 22, 2009, to submit proofs of
claims to:

          A. Rodin
          Temporary Insolvency Manager
          Post User Box 7
          124683 Moscow
          Russia

The Arbitration Court of Sverdlovskaya will convene on Aug. 25,
2009, to hear bankruptcy supervision procedure on the company.
The case is docketed under Case No. ?60–9034/2009-S11.

The Debtor can be reached at:

          OJSC Sverdlovskaya Fuel Company
          Sibirskiy Trakt Str. 55
          Yekaterinburg
          620100 Sverdlovskaya
          Russia


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


H. TISCHHAUSER AG: Claims Filing Deadline is June 19
----------------------------------------------------
Creditors of H. Tischhauser AG are requested to file their proofs
of claim by June 19, 2009, to:

         Hans Tischhauser
         Liquidator
         Lorystrasse 4
         3008 Bern
         Switzerland

The company is currently undergoing liquidation in Bern.  The
decision about liquidation was accepted at an extraordinary
general meeting held on March 13, 2009.


HWH TRADING: Creditors Must File Claims by June 19
--------------------------------------------------
Creditors of HWH Trading GmbH are requested to file their proofs
of claim by June 19, 2009, to:

         Walter H. Boss
         Liquidator
         Mail Box 865
         8034 Zurich
         Switzerland

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


POSEIDON DERIVATIVES: Claims Filing Deadline is June 19
-------------------------------------------------------
Creditors of Poseidon Derivatives Trading AG are requested to file
their proofs of claim by June 19, 2009, to:

         Spielhofer Treuhand AG
         Mail Box 366
         6314 Unterageri
         Switzerland

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


STAR ESTATE: Creditors Must File Claims by June 19
--------------------------------------------------
Creditors of Star Estate Promote AG are requested to file their
proofs of claim by June 19, 2009, to:

         Dr. Daniel Glasl
         Liquidator
         Bahnhofstrasse 106
         Mail Box 1130
         8021 Zurich
         Switzerland

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


VIEWLINE GMBH: Claims Filing Deadline is June 19
------------------------------------------------
Creditors of Viewline GmbH are requested to file their proofs of
claim by June 19, 2009, to:

         Alfred Maurer
         Liquidator
         Untere Steingrubenstrasse 19
         4500 Solothurn
         Switzerland

The company is currently undergoing liquidation in Solothurn.  The
decision about liquidation was accepted at a shareholders' meeting
held on May 4, 2009.


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


ARGUS LLC: Creditors Must File Claims by June 19
------------------------------------------------
Creditors of LLC Argus (code EDRPOU 30059514) have until June 19,
2009, to submit proofs of claim to:

         R. Talan
         Insolvency Manager
         Post Office Box 158
         49000 Dnepropetrovsk
         Ukraine

The Economic Court of Dnepropetrovsk commenced bankruptcy
proceedings against the company on May 5, 2009.  The case is
docketed under Case No. B24/250-08.

The Court is located at:

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

The Debtor can be reached at:

         LLC Argus
         Dovgalevskaya Str. 2
         Nikopol
         53211 Dnepropetrovsk
         Ukraine


AVART LLC: Creditors Must File Claims by June 19
------------------------------------------------
Creditors of LLC Avart (code EDRPOU 33473963) have until June 19,
2009, to submit proofs of claim to:

         A. Gladiy
         Insolvency Manager
         Post Office Box 189
         49000 Dnepropetrovsk
         Ukraine

The Economic Court of Dnepropetrovsk commenced bankruptcy
proceedings against the company on March 12, 2009.  The case is
docketed under Case No. B15/306-08.

The Court is located at:

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

The Debtor can be reached at:

         LLC Avart
         Shyrshov Str. 7-B
         Dnepropetrovsk
         Ukraine


BALTA REGIONAL: Creditors Must File Claims by June 19
-----------------------------------------------------
Creditors of Balta Regional Communal Enterprise Subsidiary Company
(code EDRPOU 30981263) have until June 19, 2009, to submit proofs
of claim to:

         V. Darienko
         Insolvency Manager
         Sadovaya Str. 18/5
         65023 Odessa
         Ukraine

The Economic Court of Odessa commenced bankruptcy proceedings
against the company on March 30, 2009.  The case is docketed under
Case No. 32-24/8-08-474.

The Court is located at:

         The Economic Court of Odessa
         Shevchenko Avenue 29
         65032 Odessa
         Ukraine

The Debtor can be reached at:

         Balta Regional Communal Enterprise Subsidiary Company
         Koritniansky Lane 34
         Balta
         Odessa
         Ukraine


BALTA FUR: Creditors Must File Claims by June 19
------------------------------------------------
Creditors of OJSC Balta Fur Plant (code EDRPOU 00300044) have
until June 19, 2009, to submit proofs of claim to:

         V. Darienko
         Insolvency Manager
         Sadovaya Str. 18/5
         65023 Odessa
         Ukraine

The Economic Court of Odessa commenced bankruptcy proceedings
against the company on Sept. 25, 2007.  The case is docketed under
Case No. 2/181-07-6211.

The Court is located at:

         The Economic Court of Odessa
         Shevchenko Avenue 29
         65032 Odessa
         Ukraine

The Debtor can be reached at:

         OJSC Balta Fur Plant
         Pravda Str. 8-a
         Balta
         Odessa
         Ukraine


ENERGY-GARANT LLC: Creditors Must File Claims by June 19
--------------------------------------------------------
Creditors of LLC Energy-Garant (code EDRPOU 33568096) have until
June 19, 2009, to submit proofs of claim to:

         V. Darienko
         Insolvency Manager
         Sadovaya Str. 18/5
         65023 Odessa
         Ukraine

The Economic Court of Odessa commenced bankruptcy proceedings
against the company on March 30, 2009.  The case is docketed under
Case No. 32/40-09-1106.

The Court is located at:

         The Economic Court of Odessa
         Shevchenko Avenue 29
         65032 Odessa
         Ukraine

The Debtor can be reached at:

         LLC Energy-Garant
         Tchernomorskogo Kazatstva Str. 66/1
         Odessa
         Ukraine


OBRIY LLC: Creditors Must File Claims by June 19
------------------------------------------------
Creditors of LLC Obriy (code EDRPOU 30758103) have until June 19,
2009, to submit proofs of claim to O. Decheva, the company's
insolvency manager.

The Economic Court of Odessa commenced bankruptcy proceedings
against the company on April 27, 2009.  The case is docketed under
Case No. 32-93-08-3648.

The Court is located at:

         The Economic Court of Odessa
         Shevchenko Avenue 29
         65032 Odessa
         Ukraine

The Debtor can be reached at:

         LLC Obriy
         Larzhanka
         Izmail
         Odessa
         Ukraine


PORIV-K LLC: Creditors Must File Claims by June 19
--------------------------------------------------
Creditors of LLC Poriv-k (code EDRPOU 20797532) have until
June 19, 2009, to submit proofs of claim to:

         R. Puriy
         Insolvency Manager
         Post Office Box 8110
         79066 Lvov
         Ukraine

The Economic Court of Lvov commenced bankruptcy proceedings
against the company on May 5, 2009.  The case is docketed under
Case No. 8/42.

The Court is located at:

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

The Debtor can be reached at:

         LLC Poriv-k
         Gorodotskaya Str. 357
         79040 Lvov
         Ukraine


PROGRESS AGRICULTURAL: Creditors Must File Claims by June 19
------------------------------------------------------------
Creditors of Agricultural OJSC Progress (code EDRPOU 05406310)
have until June 19, 2009, to submit proofs of claim to:

         V. Darienko
         Insolvency Manager
         Sadovaya Str. 18/5
         65023 Odessa
         Ukraine

The Economic Court of Odessa commenced bankruptcy proceedings
against the company on March 8, 2009.  The case is docketed under
Case No. 24/330-06-14105.

The Court is located at:

         The Economic Court of Odessa
         Shevchenko Avenue 29
         65032 Odessa
         Ukraine

The Debtor can be reached at:

         Agricultural OJSC Progress
         Ploskoye
         Balta
         Odessa
         Ukraine


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


DAIRY FARMERS: Llandyrnog Creamery Sold to Milk Link
----------------------------------------------------
Stephen Oldfield, David Kelly and Ian Green, the joint receivers
and managers of Dairy Farmers of Britain Limited, secured a going
concern sale of the Dairy Farmers of Britain Limited Llandyrnog
site to Milk Link (Llandyrnog) Limited .

Llandyrnog was part of the Dairy Farmers of Britain co-operative
placed into receivership on June 3, 2009.

The Llandyrnog Creamery is a key part of the North Wales farming
and rural community, manufacturing traditional Welsh cheese for
nearly 100 years principally under the Cadog, Dairy Farmers of
Britain and own brand labels.

The site is supplied by around 250 farmers from North Wales and
the borders region and uses around 180 million liters of milk per
annum.

The sale transfers the entire workforce of the Llandyrnog business
of 170 people.  No redundancies have been made at the plant since
the appointment of receivers and managers and therefore the whole
of the workforce has transferred.

Stephen Oldfield, joint receiver and manager of Dairy Farmers of
Britain Ltd, said:

"We're pleased to announce a sale that secures jobs for all the
Llandyrnog Creamery workers and new milk contracts for the
relevant farmer members a week into our appointment and wish Milk
Link well with their new acquisition.  There was significant
interest in the plant as it is modern and has a clear
differentiated offering of Welsh traditional cheese.  We've been
grateful for the support of farmers, hauliers and employees in
keeping the milk flowing and the cheese maturing while a suitable
sale was agreed."

Stephen Yates, Chairman of the Member Council of Dairy Farmers of
Britain, said: "Llandyrnog is a good business but was reliant on
our members staying with the receivers and managers while a sale
was secured.  The council district and regional chairman held
urgent meetings with the relevant farmer members in Wales and the
borders immediately following the appointment of the receivers and
managers to explain the position on Llandyrnog.  This ensured the
milk field was retained while Council negotiated with Milk Link to
secure attractive milk contracts, which were conditional upon its
purchase of Llandyrnog.  I am delighted the strategy has paid off
and those farmers now have a new milk contract to allow them to
continue farming in this very beautiful area of the British
Isles."

Commenting on the transaction, Neil Kennedy, Milk Link's Chief
Executive, said: "The acquisition of Llandyrnog is another
positive development for Milk Link and reinforces our leadership
of the British cheese market.  The creamery in terms of its assets
and staff, the products and brands it produces and its customer
base are of good quality and we believe that it will be an
important contributor to our value added processing business.

"In securing the future of the creamery, we have also ensured that
there is a long term requirement for high quality milk produced by
dairy farmers in North Wales, Lancashire and the Midlands.  In the
last couple of days our milk procurement team have signed up over
200 farmers and we are confident that we will have secured the
milk required for the creamery by the end of this week."

Stephen Oldfield, David Kelly and Ian Green were appointed joint
receivers and managers of Dairy Farmers of Britain (DFOB) on
June 3, 2009.

          Background on Dairy Farmers of Britain

DFOB is an agricultural milk cooperative that employs 2,200 at its
sites in the South West, the Midlands and the North East.  It has
1,800 farmer members across Great Britain who supply over 1
billion litres to the food and drink industry, comprising 10% of
UK milk production.

DFOB suffered significant losses in its liquids division and
therefore in November 2008 it announced the closure of its Fole
and Portsmouth dairies to achieve a return to profitability in
this division.  During the following months, DFOB was not able to
pay its farmer members a competitive milk price, which resulted in
members tendering their resignations in large numbers. These
members are currently serving their 12 months notice period to
terminate their contracts with DFOB.

Since the closure of the 2 dairies, the liquids division has
suffered the further loss of the Co-Operative supermarket
contract, which comes into effect on August 1, 2009.  This made
the restructure insufficient to turnaround the liquids division.

In March 2009, DFOB completed a transfer of member debt to equity,
but was unsuccessful in achieving the agreement of its loan note
holders to transfer their debt to equity.


GLOBE PUB: Fitch Comments on Heineken's Acquisition of Notes
------------------------------------------------------------
Fitch Ratings said that Heineken's recent acquisition of
significant amounts of notes issued by Globe Pub Issuer Plc is a
material new development which could affect the structural
features of the transaction.  Fitch has not to date received
information on the intentions of Heineken and considers that in
the absence of such information it could be impossible to maintain
ratings on Globe's notes.

Globe is a whole business securitization of a portfolio of
tenanted and leased pubs owned by Globe Pub Company and managed by
Scottish and Newcastle Pub Enterprises.  The notes rated by Fitch
are detailed below:

  -- GBP191.3 million class A1 secured fixed/floating rate notes
     due 2033: rated 'BB', on Rating Watch Negative

  -- GBP57 million class B1 secured floating rate notes due 2036:
     rated 'B-', on Negative Outlook

Heineken announced on May 28, 2009, that it acquired 85.7% of the
class A1 notes, 31.6% of the class B1 notes, 21.7% of the
syndicated bank debt and that it had assumed the economic interest
of the swap counterparty of Globe Pub Management Limited (GPM or
the management company).  On the other hand, Heineken group, as
the parent company of Scottish & Newcastle and S&NPE, is a
significant trade creditor of Globe, currently supplying the
majority of the beer as well as management services according to
long-term agreements in force since closing of the transaction.

However, given the poor transaction's performance since close
(eventually leading to a loan event of default in the quarter
ended February 28, 2009) and the amount of total debt in the
structure, Heineken is now contractually obliged to supply Globe's
pubs with beer and management services without currently receiving
any payments in return.

Fitch is concerned that Heineken's various competing interests as
a debt holder and a deeply-subordinated trade creditor could
affect the overall debt's and borrower's ownership structure.  As
the majority holder (over 75%) of the class A1, Heineken could,
for example call an extraordinary resolution amending the basic
terms of this class which would be binding on the other class A1
holders who do not have such competing interests.  In the absence
of clear information, in the next 30 days, on what could be the
impact of this unusual situation, where the best interest of a
majority note-holder might not lie in the full and timely receipt
of debt service, Fitch may have to withdraw its ratings on Globe's
notes.


GOWRINGS MOBILITY: Administrator Seeks Buyer
--------------------------------------------
Steve Adshead and Greg Palfrey, from the south coast office of
accountancy group Smith & Williamson, were appointed joint
administrators of Gowrings Mobility Limited.

The Newbury-based company, which employs 120 staff and sold over
1400 wheelchair passenger vehicles last year ran into financial
difficulties beyond its control.

The company sells converted new and used mobility cars and vans
from manufacturers such as Citroen, Chrysler, Fiat, Ford, Renault,
Vauxhall and Volkswagen and had revenues of over 19.5 million in
their last financial year.

Mr. Adshead, based in Southampton, said: "Gowrings Mobility is a
well-respected company with a reputation for excellence in all
aspects of the business, leading it to become UKs leading
manufacturer and supplier of wheelchair passenger vehicles.

"Unfortunately it hit financial difficulties in the face of base
vehicle and vehicle leasing scheme cost increases.

The company, which sells up to 100 vehicles a month, continues to
trade while we look to find a buyer to rescue the business as a
going concern and safeguard as many jobs as possible."

"We appreciate this is an anxious, unsettling time for everybody,
as well as suppliers and customers, and were doing all we can to
secure the future of the business."

Vehicles booked in for work will be carried out as normal during
the interim, which should reassure customers.

Gowrings Mobilitys showroom, offices and 45,000 ft2 conversion
factory are in Newbury. Customers include the disabled, carers and
healthcare providers.

The company invented the original wheelchair passenger vehicle a
converted Austin Mini Countryman and makes all kinds of
alterations, from lowered floors to secure restraint systems and
lightweight ramps.

It was also the first supplier of wheelchair accessible vehicles
to the national Motability Scheme, set up by the government in
1977.

The scheme enables disabled people to use government-funded
mobility allowances to obtain a new car, powered wheelchair or
scooter, with Gowrings Mobility offering one of the widest ranges
in a UK-wide network of dealers.

It is the second time within a week that Smith & Williamson has
been appointed administrators to the motoring industry.

Mr Palfrey and joint administrator David Blenkarn are also looking
to find a buyer for the Bicknells Vauxhall car dealership at
Tipton in the West Midlands.

Interested parties should contact Smith & Williamsons Southampton
office: Steve Adshead or Amanda Phillips on 023 8082 7619
Steve.adshead@smith.williamson.co.uk
Amanda.phillips@smith.williamson.co.uk


INDEPENDENT NEWS: Alexander Lebedev May Acquire Independent Titles
------------------------------------------------------------------
Amanda Andrews at Telegraph.co.uk reports that Russian oligarch
Alexander Lebedev may acquire the Independent titles of
Independent News & Media Plc.

Telegraph.co.uk relates sources said that there were currently no
formal discussions involving bankers, although there has been
ongoing interest in the Independent titles from Mr. Lebedev, as
the Daily Telegraph disclosed in January.

According to Telegraph.co.uk, while Mr. Lebedev, who recently
acquired the Evening Standard, may be able to buy the Independent
titles for as little as GBP1, the titles are currently losing
GBP10 million a year.  INM, Telegraph.co.uk says, is likely to be
only interested in a deal if the buyer can take on all the
newspapers' losses.

                           Debts

On May 19, 2009, the Troubled Company Reporter-Europe, citing
Telegraph.co.uk, reported that INM reached a deal with its lenders
to defer the repayment of a EUR200 million (GBP180 million) bond
until June 26.  The agreement, the report disclosed, will give
INM, which has total debts of EUR1.3 billion, more time to de-
leverage its balance sheet and sell assets.  The report recalled
the company warned there was a "strong likelihood" that it would
breach its financial covenants unless it could reach a deal with
the lenders.

Headquartered in Dublin, Ireland, Independent News & Media PLC
(ISE:IPD) -- http://www.inmplc.com/-- is engaged in printing and
publishing of metropolitan, national, provincial and regional
newspapers in Australia, India, Ireland, New Zealand, South Africa
and the United Kingdom.  It also has radio operations in Australia
and New Zealand, and outdoor advertising operations in Australia,
New Zealand, South-East Asia and across Africa.  The Company also
has online operations across each of its principal markets.  The
Company has three business segments: printing, publishing, online
and distribution of newspapers and magazines and commercial
printing; radio, and outdoor advertising.  INM publishes over 200
newspaper and magazine titles, delivering a combined weekly
circulation of over 32 million copies with a weekly audience of
over 100 million consumers.  In March 2008, it acquired The Sligo
Champion.  During the year ended December 31, 2007, the Company
acquired the remaining 50% interest in Toowoomba Newspapers Pty
Ltd.


NORTHERN ROCK: Bankers Say May Be Split Into Two Businesses
-----------------------------------------------------------
Northern Rock plc could be split into two businesses, Suzy Jagger
and Catherine Griffiths report citing investment bankers examining
the feasibility of a sale of the bank.

According to the report, under such an arrangement, which is one
of a number of options being considered, the Treasury would try to
sell the GBP19.5 billion package of retail deposits separately
from the GBP66.7 billion Northern Rock mortgage book.  The report
says the buyer of the mortgage business would have to assume the
bad loans held by Northern Rock.

The report relates it emerged last week that the Treasury was
considering whether it could return Northern Rock, which was
nationalized in February 2008, to the private sector by the autumn
through a sale, a float or a remutualisation.  The report recalls
two years ago this autumn, Northern Rock was forced to sought
liquidity support facility from the Bank of England, triggering a
run on the bank.

The report notes there had been tension between the Shareholder
Executive and UK Financial Investments over which should have
responsibility for Northern Rock.  Northern Rock is under the
auspices of the Shareholder Executive but will be transferred to
UKFI in a few weeks, the report discloses.

Myles Neligan at Reuters reports the Sunday Express, citing
unnamed sources, said the Treasury was considering Richard
Branson's Virgin Group as a potential buyer of Northern Rock,
although it had yet to decide whether a sale of the bank would
deliver the best return for taxpayers.

                       About Northern Rock

Headquartered in Newcastle upon Tyne, England, Northern Rock plc
-- http://www.northernrock.co.uk/-- deals with mortgages, savings
accounts, loans and insurance.  The company also promotes secured
loans to its existing mortgage customers.  The company had more
than US$200 billion in assets at the end of June 2007.

                         *     *     *

As reported in the Troubled Company Reporter on April 2, 2009,
Moody's Investors Service downgraded to E from E+ Northern Rock's
Bank Financial Strength Rating.  The E BFSR maps into a Baseline
Credit Assessment of Caa1.  The bank's dated and undated hybrid
subordinated debts were also downgraded to Ca from B1 and B3,
respectively.  The outlook on the subordinated instruments is
negative.  The senior long term and short term ratings of A2/P-1
were affirmed with a developing outlook.


NORTHERN ROCK: Gov't Says Investors Not Entitled to Compensation
----------------------------------------------------------------
Jeff St. Onge at Bloomberg News reports that Jonathan Sumption, an
attorney for the U.K. Treasury, on Thursday told a three-judge
panel of the Court of Appeal in London that Northern Rock Plc
investors aren't entitled to compensation because the bank would
have gone bankrupt had it not been nationalized.

"Without public financial support, this company would have become
insolvent and would have gone into administration," Bloomberg News
quoted Mr. Sumption as saying.  "No companies were prepared to buy
Northern Rock even at a knockdown price."

Bloomberg News relates Northern Rock shareholders are asking the
court to force the government to compensate them for shares
rendered worthless when the bank was taken over last year, arguing
their property was unfairly seized.  According to Bloomberg News,
lawyers for the investors, including hedge funds SRM Global and
RAB Capital Plc, told the court that the U.K. Treasury's method of
valuing their stock would result in a negligible payout at best
and enable the government to unfairly profit when it eventually
sells the bank.  Bloomberg News recounts the shareholders sought a
so-called judicial review of how the shares will be valued by a
government-appointed expert after they failed in February to
convince a lower court they were entitled to compensation when a
two-judge panel in London threw out a lawsuit by SRM Global, RAB
and a group of private investors.

Bloomberg News recalls Northern Rock, which was nationalized in
February 2008, nearly failed in 2007 after it had to seek
emergency funding from the Bank of England and then suffered a run
on its deposits.

                       About Northern Rock

Headquartered in Newcastle upon Tyne, England, Northern Rock plc
-- http://www.northernrock.co.uk/-- deals with mortgages, savings
accounts, loans and insurance.  The company also promotes secured
loans to its existing mortgage customers.  The company had more
than US$200 billion in assets at the end of June 2007.

                          *     *     *

As reported in the Troubled Company Reporter on April 2, 2009,
Moody's Investors Service downgraded to E from E+ Northern Rock's
Bank Financial Strength Rating.  The E BFSR maps into a Baseline
Credit Assessment of Caa1.  The bank's dated and undated hybrid
subordinated debts were also downgraded to Ca from B1 and B3,
respectively.  The outlook on the subordinated instruments is
negative.  The senior long term and short term ratings of A2/P-1
were affirmed with a developing outlook.


NORTHERN ROCK: Fitch Affirms Individual Rating at 'F'
-----------------------------------------------------
Fitch Ratings has revised the Rating Watch on Northern Rock's
Long-term Issuer Default Rating of 'A-' to Evolving from Positive.
The agency has simultaneously affirmed NR's Short-term IDR at
'F1+' and the Individual Rating at 'F'.  Fitch has placed the
Support Rating of '1' on Rating Watch Negative.

The rating actions reflect the proposed division of the bank into
a legacy company holding the majority of mortgage loans which
would be wound down on a solvent basis, and a smaller bank holding
retail deposits which would write new mortgage business.  Fitch's
Issuer Default ratings are assigned on the basis that they will
apply to the new bank rather than the legacy company.  As the new
institution would likely be smaller, and be of lesser importance
to the UK banking system, Fitch considers it possible that NR's
Long-term IDR could be downgraded.  If the bank were sold to a
third party, it is possible that the resulting institution could
be rated either higher or lower than 'A-'.  To reflect this
potential scenario, the Rating Watch on the Long-term IDR has been
revised to Evolving, the Rating Watch for the Support Rating Floor
has been revised to Evolving from Positive, and the Support Rating
has been placed on RWN

The Short-term rating of 'F1+' benefits from the UK government
guarantee and ownership.  Fitch will continue to monitor the
evolution of both these aspects as further details of the
restructuring and any potential sale emerge.  The Individual
Rating of 'F' is affirmed in the absence of fresh capital or a
record of profitable trading.

There has been no formal declaration of how NR's existing debt
will be allocated between the two new institutions, but Fitch
considers it probable that most or all of the senior debt and all
the Lower Tier 2, Upper Tier 2 and Tier 1 debt securities would be
allocated to the legacy company, following the example of Bradford
& Bingley.  Fitch expects any senior debt allocated to the smaller
bank to be rated at the same level as the IDR of that institution.
Although the senior debt presently benefits from a UK government
guarantee, the guarantee only lasts as long as the current period
of financial market instability, which is insufficient for Fitch
to rate the debt at the level of the UK sovereign rating of 'AAA'.
However, if the debt were allocated to the legacy company, Fitch
believes that the term of the guarantee would be made identical to
that offered to Bradford & Bingley, and would thus be guaranteed
by the UK government until maturity.  Under this scenario, Fitch
would rate the debt at the same level as the UK sovereign.

The downgrading of the Lower Tier 2, Upper Tier 2 and Tier 1 debt
securities reflects Fitch's opinion that the most probable outcome
is that these securities would be allocated to the legacy company.
While the intention is for the company to be wound down on a
solvent basis, Fitch believes, again following the case of
Bradford & Bingley, that there is an elevated risk that the
securities could be used to absorb potential losses or that
payments could be deferred.  To reflect the possibility of
elevated risk, the securities have been placed on RWN.

NR's ratings are:

  -- Long-term IDR 'A-'; Rating Watch revised to Evolving from
     Positive

  -- Short-term IDR affirmed at 'F1+'

  -- Individual Rating affirmed at 'F'

  -- Support Rating '1'; placed on RWN

  -- Support Rating Floor 'A-'; Rating Watch revised to Evolving
     from Positive

  -- Lower Tier 2 subordinated debt downgraded to 'B+' from 'BBB-
     '; Rating Watch revised to Negative from Positive

  -- Upper Tier 2 subordinated debt downgraded to 'B' from 'BB-';
     placed on Rating Watch Negative

  -- Tier 1 securities downgraded to 'B-' from 'BB-'; placed on
     RWN


STICHTING PROFILE: Fitch Lowers Rating on Class E Notes to 'B'
--------------------------------------------------------------
Fitch Ratings has downgraded Stichting Profile Securitisation I's
GBP342.06 million floating-rate notes and senior credit default
swap, due 2041, and assigned Stable Outlooks as detailed:

  -- GBP303,275,917 SCDS: downgraded to 'AA+' from 'AAA'; assigned
     a Stable Outlook

  -- GBP88,122 class A+ (ISIN: XS0235101119): downgraded to 'AA+'
     from 'AAA'; assigned a Stable Outlook

  -- GBP17,200,000 class A (ISIN: XS0235101465): downgraded to
     'A+' from 'AAA'; assigned a Stable Outlook

  -- GBP5,400,000 class B (ISIN: XS0235102190): downgraded to
     'BBB+' from 'AA'; assigned a Stable Outlook

  -- GBP3,000,000 class C (ISIN: XS0235102513): downgraded to
     'BBB' from 'A'; assigned a Stable Outlook

  -- GBP3,100,000 class D (ISIN: XS0235102943): downgraded to
     'BB+' from 'BBB'; assigned a Stable Outlook

  -- GBP3,700,000 class E (ISIN: XS0235103248): downgraded to 'B'
     from 'BB'; assigned a Stable Outlook

Stichting Profile Securitization 1 is a synthetic securitization
of exposures to project finance loans, under the Private Finance
Initiative and Public and Private Partnership in the UK
underwritten by Sumitomo Mitsui Banking Corporation Europe Ltd
(SMBCE, rated 'A'/'F1'/Outlook Stable) and NIBC Bank N.V. (NIBC,
rated 'BBB+'/'F2'/Outlook Negative).

The downgrades reflect Fitch's view on the credit risk of the
rated notes following the release of the agency's revised Project
Finance CDO rating criteria on August 18, 2008.  At that time,
Fitch stated that it would review its ratings to establish
consistency for existing and new ratings.  The key drivers of the
rating actions are the revised cumulative asset default rates and
target CDO default probabilities for PF CDOs which are similar to
those for corporate CDOs.  However, Fitch has modified the term
structure of defaults to reflect the varied risks in the different
phases of a project for PF CDOs.

As per the latest trustee report of March 2009, all loans except
one have completed construction and are now in the operation phase
which has slightly decreased the portfolio's risk profile.  The
ratings and Fitch's view on the recoveries of the underlying loans
have been stable on a portfolio basis.  Since Fitch's last review,
the ratings of 21 loans have been affirmed, five have been
upgraded by one notch, and four have been downgraded by one notch.
The base case recovery assumptions have remained the same except
for two loans which have seen recoveries decline by 5%
respectively, and one loan for which recovery has declined by 1%.
Although there have been no substitutions in the portfolio, two
loans have been removed since the last review.  The trustee deemed
one as a non-qualifying loan which should not have been included
in the portfolio at deal close.  As a result the loan was
effectively repurchased at full par value.  The other loan was
also redeemed in full.  The portfolio currently contains 30 loans
from 29 obligors.

As outlined in the revised PF CDO criteria, the complex nature of
PF assets and portfolios requires more analysis outside of a
quantitative model, and hence the criteria framework entails a
three step process.  Besides analyzing the portfolio using Fitch's
proprietary Portfolio Credit Model -- step 1, Fitch tested obligor
concentration by looking at rating obligor coverage tests -- step
2.  For example, when assets were ranked on an expected loss
basis, assuming Fitch's recovery expectations, SCDS and class A+
were able to withstand the default of seven issuers rated 'BBB+'
or below, and class E was able to withstand the default of two
issuers.  The rating obligor coverage tests were also stressed for
different recovery assumptions and the transaction proved to be
fairly sensitive to changes in recovery expectations.  For
example, if recovery assumptions were significantly stressed to
approximately 42% (which is half of the expected weighted average
recovery rate of the portfolio), then class A+ would only be able
to withstand the default of four issuers rated 'BBB+' or below,
and class E would not be able to withstand the default of even one
issuer.  As part of step 3, other stress tests such as country and
sector concentration, and risks of facility management providers
defaulting were also performed.

Based on Fitch's analysis from the three step process, the current
credit enhancement (as a percentage of current portfolio notional)
of 11.49%, 11.49%, 6.38%, 4.78%, 3.89%, 2.97%, and 1.87% for
classes SCDS, A+, A, B, C, D, and E respectively was not
sufficient to support the prior ratings.

Stichting Profile Securitization I is a limited liability company,
incorporated under the laws of the Netherlands.  At closing, SMBCE
bought protection under a bank swap in respect of a GBP383 million
reference portfolio, net of a threshold amount, from the German
public agency Kreditanstalt fur Wiederaufbau (rated
'AAA'/'F1+'/Outlook Stable).  KfW hedged its exposure by entering
into a senior credit default swap with a senior swap provider and
by issuing certificates of indebtedness (Schuldscheine), which are
credit-linked to the performance of the underlying portfolio of
debt obligations.  At close, the transaction had a four-year
replenishing period which ends in December 2009, after which the
transaction becomes static and will start to amortize.


WEST BROMWICH: Avoids Collapse Following Debt-For-Equity Swap Deal
------------------------------------------------------------------
Philip Aldrick at Telegraph.co.uk reports that West Bromwich
Building Society has reached a debt-for-equity swap deal with
bondholders, rescuing it from administration.

According to the report, under the deal, brokered by the Treasury,
the subordinated debt holders will swap their GBP182.5 million of
loans for an instrument that shares in the members' profits.  The
report discloses West Brom last year had GBP394 million of
"members equity" and GBP192 million of subordinated debt.

The report says after the debt-for-equity swap, it is thought
bondholders will have rights over 20pc of the society's profits.
The report discloses after the conversion, West Brom's tier one
capital ratio will rise to 12pc-13pc from last year's 10pc.
The report recalls the mutual was close to breaching regulatory
capital requirements after suffering heavy losses on its buy-to-
let, sub-prime and commercial lending books.  Its auditors, KPMG,
have also been unwilling to sign off the accounts, the report
recounts.

West Bromwich Building Society, along with its subsidiaries --
http://www.westbrom.co.uk-- operates in three business segments.
Retail lending is engaged in incorporating core society lending,
mortgage company lending, private customer savings and financial
services. Commercial is engaged in incorporating commercial
lending. Property is engaged in property rental.  Some of its
wholly owned subsidiaries include West Bromwich Mortgage Company
Limited, which holds and disposes debts secured on land and lend
money on the security of land; West Bromwich Commercial Limited,
which is engaged in commercial lending; MortgageForce Limited,
which is a franchised mortgage broker; WBBS Computer Finance
Limited, which is engaged in leasing and licensing computer
equipment, and West Bromwich Homes Limited, which is engaged in
investment in property for rental.

                        *     *     *

In April, Moody's Investors Service downgraded West Bromwich
Building Society's bank financial strength rating to 'E+'
from 'C-'.


* BOND PRICING: For the Week June 8 to June 12, 2009
----------------------------------------------------
Issuer                    Coupon   Maturity   Currency   Price
------                    ------   --------   --------   -----

AUSTRIA
-------
Conwert Immo INV          1.500    11/12/14      EUR     63.90
Oester Volksbk            4.810    07/29/25      EUR     89.30
Oester Volksbk            5.270    02/08/27      EUR     90.12

FRANCE
------
Alcatel SA                4.750    01/01/11      EUR     15.20
Calyon                    6.000    06/18/47      EUR     35.19
Cap Gemini SA             2.500    01/01/10      EUR     51.38
Cap Gemini Soget          1.000    01/01/12      EUR     40.52
Cap Gemini Soget          3.500    01/01/14      EUR     37.52
Cie Fin Foncier           2.500    02/24/31      CHF     70.19
Cie Fin Foncier           3.880    04/25/55      EUR     71.37
Ciments Francais          4.750    04/04/17      EUR     79.27
Club Mediterrane          4.380    11/01/10      EUR     47.55
CMA CGM                   5.500    05/16/12      EUR     47.38
CMA CGM SA                7.250    02/01/13      USD     44.75
Soc Air France            2.750    04/01/20      EUR     19.26

CZECH REPUBLIC
--------------
Czech Republic            2.750    01/16/36      JPY     46.17

DENMARK
-------
Danske Bank               5.380    09/29/21      GBP     74.86

GERMANY
-------
Bayerische Lndbk          4.500    02/07/19      EUR     71.30
City of Kiev              8.630    07/15/11      USD     61.52
City of Kiev              8.630    07/15/11      USD     57.47
Commerzbank AG            4.130    09/13/16      EUR     72.40
Commerzbank AG            6.630    08/30/19      GBP     76.00
Depfa Pfandbrief          6.100    08/01/18      EUR     71.20
Deutsche Bk Lond          3.000    05/18/12      CHF     67.00
Deutsche Bk Lond          1.000    03/31/27      USD     39.38
Dresdner Bank AG          6.180    02/28/23      EUR     74.85
Dresdner Bank AG          5.700    07/31/23      EUR     70.64
Rheinboden Hybk           6.250    06/01/11      EUR     99.99

IRELAND
-------
Alfa Bank                 8.640    02/22/17      USD     77.34
Allied Irish Bks          7.880    07/05/23      GBP     73.62
Allied Irish Bks          5.250    03/10/25      GBP     55.52
Allied Irish Bks          5.630    11/29/30      GBP     52.30
Ardagh Glass              7.130    06/15/17      EUR     79.25
Banesto Finance           6.120    11/07/37      EUR      6.12
Bank of Ireland           4.880    01/22/18      GBP     69.70
Bank of Ireland           4.630    02/27/19      EUR     67.76
Bank of Ireland           9.250    09/07/20      GBP     83.62
Dali Capital 29           4.800    12/21/37      GBP     73.18
Depfa ACS Bank            5.030    08/01/18      JPY     16.35
Depfa ACS Bank            1.650    12/20/16      JPY     70.10
Depfa ACS Bank            2.380    02/15/19      CHF     92.36
Depfa ACS Bank            0.500    03/03/25      CAD     53.10
Depfa ACS Bank            4.600    12/05/25      EUR     70.54
Depfa ACS Bank            3.250    07/31/31      CHF     85.30
Depfa ACS Bank            0.250    07/08/31      CAD     30.15
Depfa ACS Bank            5.130    03/16/37      USD    101.67
Depfa Bank Plc           11.000    02/07/11      BRL     69.38
Depfa Bank Plc            4.000    09/14/12      EUR     74.42
Hypo Public Fin           5.400    03/26/24      EUR     40.49
UT2 Funding Plc           0.000    06/30/16      EUR     29.06

ITALY
-----
Cir SpA                   5.750    12/16/24      EUR     66.44
Comune di Milano          4.020    06/29/35      EUR     66.13

LUXEMBOURG
----------
Bank of Moscow            6.810    05/10/17      USD     72.15
Breeze                    4.520    04/19/27      EUR     87.00
Cirsa Fin Lux             8.750    05/15/14      EUR     75.38
Codere Fin Lux            8.250    06/15/15      EUR     65.25
CRC Breeze                5.290    05/08/26      EUR     62.54
Globus Capital            8.500    03/05/12      USD     47.52

NETHERLANDS
-----------
ABN Amro Bank NV          3.380    08/15/31      CHF     90.60
ABN Amro Bk-NY            7.130    10/15/93      USD     69.58
Achmea Hypobk             4.300    04/03/24      EUR     73.34
Achmea Hypobk             4.000    12/27/24      EUR     69.75
Air Berlin Finan          1.500    04/11/27      EUR     38.56
ALB Finance BV            9.000    11/22/10      USD     19.48
ALB Finance BV            8.750    04/20/11      GBP     20.99
ALB Finance BV            7.880    02/01/12      EUR     19.98
ALB Finance BV            9.250    09/25/13      USD     20.96
Alfa Bk Ukraine           9.750    12/22/09      USD     69.94
Astana Finance            7.880    06/08/10      EUR     17.50
Astana Finance            9.000    11/16/11      USD     16.48
ATF Capital BV            9.250    02/21/14      USD     70.62
Bk Ned Gemeenten          0.500    06/27/18      CAD     67.45
Bk Ned Gemeenten          0.500    02/24/25      CAD     45.37
BLT Finance BV            7.500    05/15/14      USD     52.27
Cemex Fin Europe          4.750    03/05/14      EUR     65.58
Clondalkin BV             8.000    03/15/14      EUR     52.38
Clondalkin BV             8.000    03/15/14      EUR     52.38
Hit Finance BV            4.880    10/27/21      EUR     72.97
JSC Bank Georgia          9.000    02/08/12      USD     72.59
Turanalem Fin BV          7.130    12/21/09      GBP     23.99
Turanalem Fin BV          7.880    06/02/10      USD     28.99
Turanalem Fin BV          6.250    09/27/11      EUR     24.47
Turanalem Fin BV          7.750    04/25/13      USD     29.43
Turanalem Fin BV          8.000    03/24/14      USD     27.04
Turanalem Fin BV          8.500    02/10/15      USD     26.43
Turanalem Fin BV          8.250    01/22/37      USD     24.53

ROMANIA
-------
Bucharest                 4.130    06/22/15      EUR     77.43

SPAIN
-----
Balear Gov't              4.060    11/23/35      EUR     69.76
Bancaja                   4.250    05/26/13      EUR     70.90
Bancaja                   4.380    02/14/17      EUR     70.92
Cedulas TDA A-6           4.250    04/10/31      EUR     70.33
Comun Auto Canar          3.900    11/30/35      EUR     66.43
Comun Auto Canar          4.200    10/25/36      EUR     70.06

SWITZERLAND
-----------
Cytos Biotech             2.880    02/20/12      CHF     42.97

UNITED KINGDOM
--------------
Alfa-Bank CJSC            9.250    07/26/10      USD     64.73
Alfa-Bank CJSC           12.000    08/11/11      USD     77.49
Alliance&Leic Bld         5.250    03/06/23      GBP     73.27
Alliance&Leic Bld         5.880    08/14/31      GBP     73.09
Alpha Credit Grp          2.940    03/04/35      JPY     69.23
Amlin Plc                 6.500    12/19/26      GBP     69.53
Anglian Wat Fin           2.400    04/20/35      GBP     47.41
Arsenal Sec               5.140    09/01/29      GBP     68.74
Aviva Plc                 5.750    11/14/21      EUR     72.34
Aviva Plc                 5.250    10/02/23      EUR     69.06
Aviva Plc                 6.880    05/22/38      EUR     67.37
Aviva Plc                 6.880    05/20/58      GBP     66.51
Azovstal                  9.130    02/28/11      USD     68.42
Barclays Bk Plc          11.650    05/20/10      USD     51.83
BL Super Finance          5.270    07/04/25      GBP     74.15
BL Super Finance          5.580    10/04/25      GBP     71.10
Bradford&Bin Bld          7.630    02/16/10      GBP     10.00
Bradford&Bin Bld          5.630    02/02/13      GBP    102.11
Bradford&Bin Bld          4.250    05/04/16      EUR     83.49
Bradford&Bin Bld          5.500    01/15/18      GBP      9.99
Bradford&Bin Bld          4.880    06/28/17      EUR     81.08
Bradford&Bin Bld          2.750    10/16/18      CHF     96.03
Bradford&Bin Bld          5.750    12/12/22      GBP      7.25
Bradford&Bin Bld          3.500    07/16/27      CHF     90.87
Bradford&Bin Bld          2.880    10/16/31      CHF     57.27
Bradford&Bin Bld          4.910    02/01/47      EUR     47.24
Brit Insurance            6.630    12/09/30      GBP     56.37
British Land Co           5.360    03/31/28      GBP     73.74
British Land Co           5.360    03/31/28      GBP     73.52
British Land Co           5.010    09/24/35      GBP     74.83
British Land Co           5.260    09/24/35      GBP     71.24
British Land Co           5.260    09/24/35      GBP     67.62
British Tel Plc           5.750    12/07/28      GBP     69.07
British Tel Plc           6.380    06/23/37      GBP     70.88
Britannia Bldg            5.750    12/02/24      GBP     61.23
Britannia Bldg            5.880    03/28/33      GBP     55.93
Brixton Plc               5.250    10/21/15      GBP     69.50
Brixton Plc               6.000    09/30/19      GBP     65.88
Broadgate Finance         4.850    04/05/31      GBP     73.52
Broadgate Finance         5.000    10/05/31      GBP     73.10
Broadgate Finance         5.100    04/05/33      GBP     58.84
Broadgate Finance         4.820    07/05/33      GBP     71.00
Cattles Plc               7.880    01/17/14      GBP      9.48
Cattles Plc               8.130    07/05/17      GBP     15.00
CGNU Plc                  6.130    11/16/26      GBP     66.82
City of Kyiv              8.250    11/26/12      USD     54.96
City of Kiev              8.000    11/06/15      USD     49.31
Clerical Med Fin          6.450    07/05/23      EUR     54.72
Connect M77/GSO           5.400    03/31/34      GBP     72.26
Co-operative Bnk          5.630    11/16/21      GBP     69.47
Delamare Finance          6.070    02/19/29      GBP     69.70
Prudential Bank           6.880    12/29/21      GBP     60.34

                            *********

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.

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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.


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