TCREUR_Public/100506.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Thursday, May 6, 2010, Vol. 11, No. 088

                            Headlines



A U S T R I A

AVW INVEST: Plans to File for Insolvency


F R A N C E

CMA CGM: Fails to Finalize Restructuring Deal; Eyes IPO
RHODIA SA: Fitch Assigns 'BB-' Rating on Senior Unsec. Notes


G E R M A N Y

ALMATIS BV: Has Prepackaged Plan of Reorganization
ALMATIS BV: Proposes Combined Hearing on Prepack Plan on June 10
ALMATIS BV: Wants June 29 Extension for Schedules & Statements
COMMERZBANK AG: Wants U.K. Judge to Junk Dresdner Bonus Claims
COMMERZBANK AG:: Fitch Upgrades Individual Rating to 'D'

CONTINENTAL AG: Mulls IPO for Tire Unit, Handelsblatt Says
DEUTSCHE LUFTHANSA: Posts EUR298 Mil. Net Loss in Q1 2010
JUNO LTD: S&P Junks Ratings on Two Classes of Notes From Low-B
QIMONDA AG: ITC Files Appeal Over Bankruptcy Stays
WESTLB AG: Moody's Affirms 'E+' Bank Financial Strength Rating


I R E L A N D

ALANDA HOMES: To Seek Administration; Parent to Halt Funding


K A Z A K H S T A N

AGRARIAN CREDIT: Moody's Downgrades Issuer Ratings to 'Ba2'
EURASIAN BANK: Fitch Changes Outlook to Stable; Keeps 'B-' Rating
HOUSE CONSTRUCTION: Moody's Cuts Local Cur. Deposit Rtngs to Ba1
KAZAGROFINANCE: Moody's Downgrades Issuer Ratings to 'Ba2'
KAZAKHSTAN MORTGAGE: Moody's Cuts Local Cur. Issuer Rating to B1


N E T H E R L A N D S

LYONDELL CHEMICAL: Administrative Claims Bar Date on June 29
LYONDELL CHEMICAL: Parent to Release 1st Quarter Results May 7
LYONDELL CHEMICAL: Takes First Step to Trade Publicly in NYSE


R O M A N I A

* ROMANIA: Government Draws Up Insolvency Act


R U S S I A

UC RUSAL: Ewarton Alumina Refinery Re-Opens


S P A I N

CABLEUROPA SAU: S&P Raises Corporate Credit Rating to 'B-'

* SPAIN: Not Seeking Financial Rescue, Prime Minister Says


U N I T E D   K I N G D O M

ADVENTI: Bought Out of Administration by Castle Computer
BRITISH AIRWAYS: Merged Company to Have Premium Listing in UK
BROADGATE FINANCING: S&P Removes Neg. Watch on Credit Ratings
EUROCASTLE CDO II: S&P Cuts Rating on Class E Notes to 'B'
INTERNATIONAL POWER: Moody's Assigns 'Ba3' Rating on Senior Bonds

INTERNATIONAL POWER: Fitch Assigns 'BB' Rating on Senior Notes
INTERNATIONAL POWER: S&P Affirms 'BB' Corporate Credit Rating
MARRACHE & CO: Supreme Court Declares Founding Partner Bankrupt
RATIO MONEY: In Administration; Leonard Curtis Appointed
TATA STEEL: Corus Deal Positive Move Despite Short-Term Problems


X X X X X X X X

* EUROPE: Merkel Calls for "Orderly" Default of EU Member States

* Upcoming Meetings, Conferences and Seminars




                         *********



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


AVW INVEST: Plans to File for Insolvency
----------------------------------------
Mariajose Vera at Bloomberg News reports that AvW Invest AG said
the board of directors decided to file for insolvency as soon as
possible.  AvW Invest AG is an Austrian investment and venture-
capital company.


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


CMA CGM: Fails to Finalize Restructuring Deal; Eyes IPO
-------------------------------------------------------
Robert Wright at The Financial Times reports that CMA CGM on
Tuesday failed to finalize a restructuring package amid
disagreements over the Saade family's continuing control of the
company, which lost US$1.42 billion in 2009.

The FT relates CMA CGM has been in discussions with its creditors
since September on a potential deal to restructure the line's
financial obligations to lenders and shipyards after the worst
year in container shipping's history threatened its future.  The
company has since missed deadlines to finalize an agreement, which
it hoped to announce in April, the FT notes.

According to the FT, a successful restructuring of CMA CGM's
EUR5.5 billion (US$7 billion) debt is a precondition for lenders
to finance CMA CGM's orderbook of 30, mostly large containerships
from Korean shipyards.

                               IPO

Rodolphe Saade, Jacques Saade's son, deputy chief executive, told
the FT his father had decided to pursue an IPO after the
successful conclusion of a restructuring.  Mr. Saade, as cited by
the FT, said any IPO would be structured to ensure the family
retained control.

The FT says people involved in the restructuring discussions have
indicated that several investors are determined that the family
should lose control.

CMA CGM wants between US$350 million and US$500 million in fresh
equity, the FT states.

Headquartered in Marseilles, France, CMA CGM S.A. --
http://www.cma-cgm.com/-- ships freight PDQ.  The marine
transportation company is one of the world's leading container
carriers.  Through subsidiaries it operates a fleet of about 370
vessels that serve more than 400 ports around the globe, and it
maintains a network of about 650 facilities in about 150
countries.  In addition to hauling containers by sea, CMA CGM
provides logistics services, arranging the transportation of
containerized freight by river, road, and rail.  The company's
tourism division arranges cruises and other travel services.
Chairman Jacques Saade founded the company in 1978.


RHODIA SA: Fitch Assigns 'BB-' Rating on Senior Unsec. Notes
------------------------------------------------------------
Fitch Ratings has assigned Rhodia S.A.'s EUR500 million eight-year
(2018) benchmark eurobond an expected senior unsecured 'BB-'
rating.

Rhodia is rated Long-term Issuer Default 'BB-' with Stable
Outlook.  Rhodia plans to use the net proceeds to refinance
approximately EUR500 million senior floating rate notes due 2013.
Fitch will assign the notes a final rating upon closure, scheduled
for May 10, 2010, subject to the receipt of final documentation
materially conforming to the draft documentation reviewed.

The notes, which carry a 7% coupon, are unsecured obligations of
Rhodia and will rank equally with existing unsecured,
unsubordinated obligations.  The notes are subordinated to
Rhodia's secured indebtedness (EUR57 million as of end-March
2010).  The documentation contains an issuer call option while it
does not contain any specific financial covenants.

On February 26, 2010, Fitch revised Rhodia's Outlook to Stable
from Negative which reflected the continuous sequential recovery
in volumes and pricing in the polyamide and silcea businesses in
H209.  This resulted in strong free cash flow generation, reduced
net financial debt and credit metrics exceeding Fitch's initial
forecast for 2009.  Although visibility, especially for H210, is
limited and uncertainties remain, particularly regarding European
markets, the Stable Outlook reflects Fitch's improved expectations
for 2010.


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


ALMATIS BV: Has Prepackaged Plan of Reorganization
--------------------------------------------------
Simultaneously with its bankruptcy petition filing, Almatis B.V.
delivered to the U.S. Bankruptcy Court for the Southern District
of New York its Joint Prepackaged Plan of Reorganization and
Disclosure Statement on April 30, 2010.

The Prepackaged Plan is dated April 23, 2010, and constitutes a
separate Chapter 11 subplan for each of the Almatis Debtors
except DIC Almatis Holdco B.V. and DIC Almatis Midco B.V.

The primary purpose of the Plan is to effect a financial
reorganization of the claims of the Debtors' financial lenders.

The Debtors inform the Court that their operating business is
sound, but they are currently saddled with too much debt that
arose when they were acquired by the Dutch Co-op, an entity owned
by Dubai International Capital LLC.  That acquisition, which took
the form a leveraged buy-out, left the Debtors with more than
US$1 billion in debt to the Lenders, Almatis Chief Executive
Officer Remco De Jong says.  Thus, the need to restructure the
Almatis business.

                  Corporate & Capital Structure

The ultimate parent of the Almatis Group is Dutch Co-op, a
cooperative entity incorporated under the laws of The
Netherlands.  Approximately 87% of the membership interests in
Dutch Co-op is held by DIC and its affiliate, GSEF Bulbul
(Cayman) Limited.  Several members of current and former senior
management in the Almatis Group hold the remaining membership
interests in Dutch Co-op.

As of April 6, 2010, Almatis B.V. and certain of U.S. and
European affiliates have total consolidated bank debt of
approximately US$1,044,900,000.

Almatis is indebted under these prepetition credit arrangements:

  * First Lien Facilities.  Almatis B.V., Almatis US Holding,
    Inc., and Almatis Holdings GmbH are borrowers under a Senior
    and Second Lien Facilities Agreement, Term and Revolving
    Facilities, dated October 31, 2007.  Under the Senior Credit
    Facility, UBS Limited, as lead arranger, facility agent, and
    security trustee, for a group of lending parties that lent
    the Senior Facility Borrowers the principal amount of
    approximately EUR286 million in Euro term loans and
    approximately US$198 million in U.S. dollar term loans, and
    made available an aggregate principal amount of up to
    US$50 million under two multicurrency credit facilities.

    Currently, the largest single holder of the debt issued
    under the First Lien Facilities are certain companies or
    investment funds owned or managed by Oaktree Capital
    Management, L.P.

    The Oaktree Entities hold, in the aggregate, about 46% of
    the First Lien Debt.

  * Swap Agreements.  Swap agreements include an ISDA Master
    Agreement dated as of January 4, 2008, between UBS Limited
    and Almatis B.V.; an ISDA Master Agreement dated as of
    January 4, 2008, between UBS AG, London Branch and Almatis
    Holdings GmbH; an ISDA Master Agreement dated as of
    January 4, 2008, between UBS AG, London Branch and Almatis
    US Holding Inc.; an ISDA Master Agreement dated as of
    January 14, 2008, between Almatis Holdings GmbH and
    Commerzbank Aktiengesellschaft; and an ISDA Master Agreement
    dated as of 20 March 2008, between Almatis B.V. and
    Commerzbank Aktiengesellschaft.

  * Senior Debt Outstanding; Prepetition Collateral.  As of
    April 6, 2010, the aggregate outstanding amount owed under
    the First Lien Facilities and the Swap Agreements, including
    accrued interest, was approximately US$681.1 million,
    consisting of approximately US$663.7 million owed under the
    First Lien Facilities and approximately US$17.4 million owed
    under the Swap Agreements.

    Obligations under the Senior Credit Facility are guaranteed
    by DIC Almatis Bidco B.V.; Almatis Holdings 3 B.V.; Almatis
    Holdings 9 B.V.; Almatis B.V.; Almatis Holdings 7 B.V.;
    Almatis US Holding, Inc.; Almatis, Inc.; Almatis Asset
    Holdings LLC; Blitz F07-neunhundertsechzig-drei GmbH;
    Almatis Holdings GmbH; and Almatis GmbH.

    Obligations under the First Lien Facilities and the Swap
    Agreements are secured by first priority security interests
    on certain assets of the Senior Facility Borrowers and
    guarantors and first priority security interests in the
    equity of intermediate holding companies and certain
    operating subsidiaries of DIC Almatis Bidco B.V.  They are
    collectively referred to as the "Prepetition Collateral".

  * Letters of Credit/Guarantees.  Certain Almatis affiliates
    have, pursuant to the agreements related to the Senior
    Credit Facility, caused various letters of credit or
    Guarantees to be issued in favor of certain of their
    creditors.

    As of April 6, 2010, the total amount of those letters of
    credit and guarantees was approximately US$1.3 million. Of
    this amount, approximately US$0.9 million relates to a letter
    of credit issued by UBS Limited in favor of JPMorgan Chase
    Bank N.A. in connection with natural gas hedging; the
    balance relates to limited guarantees that have been issued.

  * Second Lien Facilities.  UBS Limited, as lead arranger,
    senior agent and security trustee, with other lender parties
    from time to time, including UBS AG, London Branch, also
    lent the Senior Facility Borrowers Euro term loans in the
    principal amount of approximately EUR52 million pursuant to
    the second lien subfacilities.

    As of April 6, 2010, the aggregate outstanding amount owed
    to the Second Lien Lenders under the Second Lien Facilities
    was approximately US$77.7 million.  Under the terms of the
    Intercreditor Agreement, obligations under the Second Lien
    Facilities are secured by the Prepetition Collateral on a
    second priority basis.

  * Mezzanine Credit Facility.  Almatis B.V. and Almatis Holdings
    9 B.V. -- the Mezzanine Facility Borrowers -- are borrowers
    under a Mezzanine Facility Agreement dated October 31,
    2007.  UBS Limited is original lead arranger, original
    mezzanine agent, and security trustee for the group of
    lender parties signatory to the deal under the Mezzanine
    Credit Facility.  Wilmington Trust (London) Limited is the
    successor to UBS Limited as mezzanine agent.

    The Mezzanine Credit Facility consists of two Eurodollar
    term loan subfacilities in an aggregate principal amount of
    EUR121,536,218.

    The obligations under the Mezzanine Credit Facility are
    guaranteed by DIC Almatis Bidco B.V.; Almatis Holdings 3
    B.V.; Almatis Holdings 9 B.V.; Almatis B.V.; Almatis
    Holdings 7 B.V.; Almatis US Holding, Inc.; Almatis, Inc.;
    Almatis Asset Holdings LLC; Blitz F07-neunhundertsechzig-
    drei GmbH; Almatis Holdings GmbH; and Almatis GmbH.

    Under the terms of the Intercreditor Agreement, obligations
    under the Mezzanine Credit Facility are secured by the
    Prepetition Collateral on a third priority basis.

    As of April 6, 2010, the aggregate outstanding amount
    owed under the Mezzanine Credit Facility was approximately
    US$200.6 million.

  * Junior Mezzanine Credit Facility.  DIC Almatis Bidco B.V. is
    the borrower under a junior mezzanine credit facility dated
    November 11, 2007.  UBS Limited is lead arranger, original
    junior mezzanine agent, and Security Trustee for the lender
    parties under the Junior Mezzanine Credit Facility.
    Wilmington Trust is the successor to UBS Limited as the
    junior mezzanine agent.

    The Junior Mezzanine Credit Facility consists of a Euro-
    denominated term loan facility in the principal amount of
    EUR1,699,560.

    Obligations under the Junior Mezzanine Credit Facility are
    guaranteed by DIC Almatis Midco B.V.; DIC Almatis Bidco
    B.V.; Almatis Holdings 3 B.V.; Almatis Holdings 9 B.V.; and
    Almatis B.V.

    Under the terms of the Intercreditor Agreement, obligations
    under the Junior Mezzanine Credit Facility are secured by a
    fourth priority pledge of the equity interests in Almatis
    Holdings 7 B.V.; Almatis B.V.; Almatis Holdings 9 B.V. and
    Almatis Holdings 3 B.V.; and by a first priority pledge of
    the equity interests in DIC Almatis Bidco B.V.  This is
    referred as the "Junior Mezzanine Facility Collateral."

    As of April 6, 2010, the aggregate amount outstanding
    under the Junior Mezzanine Credit Facility was approximately
    US$80.6 million.

  * The Intercreditor Agreement.  The Senior Credit Facility, the
    Swap Agreements, the Mezzanine Credit Facility, and the
    Junior Mezzanine Credit Facility -- collectively, the
    Prepetition Credit Facilities -- are subject to an
    Intercreditor Agreement dated as of October 31, 2007,
    between the borrowers under the Prepetition Credit
    Facilities and UBS Limited, as Senior Agent, original
    mezzanine agent, original junior mezzanine agent, and
    Security Trustee, among others.

    The Intercreditor Agreement sets forth the relative ranking
    among the Prepetition Credit Facilities regarding rights and
    priority to payment and collateral and contains broad
    subordination and turnover provisions.

    Under the Intercreditor Agreement, the relative payment
    priorities among the Prepetition Credit Facilities are, in
    order of priority:

     1. the First Lien Debt and the Hedge Counterparty Debt;
     2. the Second Lien Debt;
     3. the Mezzanine Debt; and
     4. the Junior Mezzanine Debt.

  * Capitalized Finance Leases.  Almatis leases certain
    equipment under capitalized finance leases.

    As of April 6, 2010, approximately US$7.8 million in debt was
    outstanding on equipment and other property subject to
    capitalized finance leases with various third parties.

  * Unsecured Trade Debt.  Almatis owe approximately US$20 million
    in unsecured trade debt as of March 31, 2010.  This debt,
    all of which is current, arises from the provision of goods
    and services necessary to operation of the Debtors'
    business.

                        Almatis Valuation

Almatis engaged Moelis & Company, a financial advisory firm, to
prepare a valuation of its business enterprise.  Upon analysis,
Moelis concludes that the value of Almatis is approximately
US$540 million, or approximately US$140 million less than the
amount of the Senior Debt.

                        TERMS OF THE PLAN

Mr. De Jong relates that the Plan contemplates these provisions:

  1. A portion of the Senior Lender Claims owed to the Senior
     Lenders will be replaced with a New Senior Debt and a New
     Junior Debt.

  2. The Senior Lenders will receive the balance of their
     consideration related to the Senior Lender Claims in cash
     and through ownership of Equityco, a newly formed Dutch
     corporation, which will indirectly hold 100% of the
     Interests in the Reorganized Almatis B.V. and all of its
     subsidiaries, whether Reorganized Debtors or non-Debtors.

  3. Equityco will be owned primarily by the Senior Lenders,
     subject to warrants to be issued to the Second Lien Lenders
     and the Mezzanine Lenders, and to Management Instruments to
     be issued to participating members of senior management.

  4. The New Certificate of EquityCo will allow it to issue
     common shares.  EquityCo will also be authorized to issue
     warrants and management instruments.

  5. The New Senior Debt and the New Junior Debt will be
     Issued on the Plan Effective Date.

  6. As of the Plan Effective Date, the Debtors may obtain a
     revolving credit facility of up to US$25 million under an
     Additional Facility.

               Classification of Claims & Interests

The Plan also designates claims and interests against the Debtors
into three unclassified classes and 10 classified classes:

Class      Description                      Projected Recovery
-----      -----------                      ------------------
N/A       Administrative Expense Claims               100.0%
N/A       Professional Compensation Claims            100.0%
N/A       Priority Tax Claims                         100.0%
1(a)-(k)  Other Priority Claims                       100.0%
2(a)-(k)  Senior Lender Claims               Option A: 87.0%
                                             Option B: 78.0%
3(a)-(k)  Second Lien Claims                            2.2%
4(a)-(k)  Mezzanine Claims                              0.0%
5(a)-(d)  Junior Mezzanine Claims                       0.0%
6(a)-(k)  Other Secured Claims                        100.0%
7(a)-(k)  General Unsecured Claims                    100.0%
8(a)-(d)  Impaired Intercompany Claims                  0.0%
8(e)-(k)  Unimpaired Intercompany Claims                N/A
9(a)-(k)  Subordinated Claims                           0.0%
10(a)-(d)  Interests in DIC Almatis BidCo B.V.,
            Almatis Holdings 3 B.V., Almatis
            Holdings 9 B.V. and Almatis B.V.            0.0%
10(e)-(k)  Other Interests                               N/A

Each holder of Class 2 Senior Lender Claims can elect to receive
either an Option A or Option B consideration:

  (a) The Option A Consideration consists of (i) New Senior Debt
      in a nominal amount equal to 80% of the principal amount
      of the holder's Senior Lender Claims, plus (ii) the Option
      A Cash Consideration of cash in an amount equal to 6.5% of
      the principal amount of that holder's Senior Lender
      Claim, plus (iii) an amount equal to the principal amount
      of the holder's Senior Lender Claims multiplied by US$0.01
      which will be applied towards a subscription for Equityco
      Shares at par.

  (b) The Option B Consideration consists of (i) New Junior Debt
      in a nominal amount equal to 45% of the principal amount
      of the holder's Senior Lender Claims, plus (ii) an amount
      equal to the principal amount of that holders' Senior
      Lender Claims multiplied by US$0.075 which will be applied
      towards a subscription for Equityco Shares at par.

Holders of Class 3 Second Lien Claims will receive a pro rata
share of the Equityco Class 3 Warrants, which are warrants or
similar instruments in Equityco that will entitle the holders to
3% of the amount by which the Equity Value exceeds US$325,000,000.

Holders of Class 4 Mezzanine Claims will receive a pro rata share
of the Equityco Class 4 Warrants, which are warrants or similar
instruments in Equityco that will entitle the holders to 2% of
the amount by which the Equity Value exceeds US$400,000,000.

Class 1 Other Priority Claims, Class 6 Other Secured Claims,
Class 7 General Unsecured Claims, Class 8(e)-(k) Intercompany
Claims, and Class 10(e)-(k) Interests are Unimpaired under the
Plan and are expected to accept the Plan.

Class 5(a)-(d) Junior Mezzanine Claims, Class 8(a)-(d)
Intercompany Claims, Class 9(a)-(k) Subordinated Claims, and
Class 10(a)-(d) Interests are Impaired under the Plan and are not
entitled to any distribution.

                       Enterprise Value

The valuation conducted by Moelis & Company for the Debtors
demonstrates that the estimated midpoint of the reorganization
value of the Reorganized Debtors is $540 million and the equity
value of the Reorganized Debtors is $135.2 million.  A plan
effective date of June 30, 2010, is assumed under the valuation
analysis.

                       Plan Alternatives

The Debtors believe that any alternative to confirmation of the
Plan, including conversion of the Chapter 11 Cases to cases
under Chapter 7 of the Bankruptcy Code, or liquidation under the
laws of a foreign jurisdiction, would diminish the value of the
Debtors' business and assets, result in significant delays,
litigation and additional costs and substantially lower, and in
certain cases eliminate entirely, the recoveries for Holders of
Allowed Claims.

                        Plan Exhibits

The Debtors attached to the Disclosure Statement several exhibits
related to the Plan.  They include copies of (i) the Liquidation
Analysis, which sets forth estimated recoveries in a chapter 7
liquidation of the Debtors, as compared to estimated recoveries
under the Plan; (ii) the Projections, which sets forth the
analysis, and related financial projections, showing that, after
the Effective Date, the Debtors will be able to fund its ongoing
business and debt service obligations and will likely not require
further financial reorganization; (iii) the Senior Debt
Distribution; (iv) the Plan Support Agreement; (v) the Debt Term
Sheet; (vi) the Equity Term Sheet; (vii) the MIP Term Sheet;
(viii) the Bonus Term Sheet; (ix) the Implementation Memorandum;
(x) the KEIP Term Sheets; (xii) the form of the Disbursing Agent
Agreement; and (xiii) the Proposed Confirmation Order.

Full-text copies of the Almatis Prepackaged Plan and Disclosure
Statement are available for free at:

      http://bankrupt.com/misc/ALMATIS_PrepackdPlan.pdf
      http://bankrupt.com/misc/ALMATIS_DisclosureStatement.pdf

Full-text copies of the Plan Exhibits are available for free at:

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

                       About Almatis Group

Alamtis B.V., and its affiliates filed for Chapter 11 on April 30,
2010 (Bankr. S.D.N.Y. Lead Case No. 10-12308).  Almatis B.V.
estimated assets of US$500 million to US$1 billion and debts of
more than US$1 billion as of the bankruptcy filing.

Almatis, operationally headquartered in Frankfurt, Germany, is a
global leader in the development, manufacture and supply of
premium specialty alumina products.  With nearly 900 employees
worldwide, the company's products are used in a wide variety of
industries, including steel production, cement production, non-
ferrous metal production, plastics, paper, ceramics, carpet
manufacturing and electronic industries.  Almatis operates nine
production facilities worldwide and serves customers around the
world.  Until 2004, the business was known as the chemical
business of Alcoa.  Almatis is now owned by Dubai International
Capital LLC, the international investment arm of Dubai Holding.

Michael A. Rosenthal, Esq., at Gibson, Dunn & Crutcher LLP, serves
as counsel to the Debtors in the Chapter 11 cases.  & German
Counsel: Linklaters LLP is the special English and German counsel
and De Brauw Blackstone Westbroek N.V. is Dutch counsel.  Epiq
Bankruptcy Solutions, LLC, serves as claims and notice agent.


ALMATIS BV: Proposes Combined Hearing on Prepack Plan on June 10
----------------------------------------------------------------
Almatis B.V. and its debtor affiliates prepared a Joint
Prepackaged Plan of Reorganization and Disclosure Statement dated
April 23, 2010.  The Plan is the result of efforts the Debtors
undertook to effect a restructuring of their businesses.

Specifically, the current Plan is the result of the negotiations
the Debtors engaged in with their senior lenders and Oaktree
Capital Management, L.P.  The Debtors reached a Plan Support
Agreement with the Senior Lenders, whereby holders of more than
2/3 of the outstanding principal amount of the Senior Lender
Claims agreed to vote in favor of the Plan.

Shortly after the PSA was finalized, the Debtors solicited votes
on the Plan through the Disclosure Statement before the Petition
Date.

Accordingly, the Debtors filed for voluntary Chapter 11 petitions
in the U.S. Bankruptcy Court for the Southern District of New
York on April 30, 2010, to obtain approval of the Plan.

By this motion, the Debtors ask the Court to schedule a combined
hearing to consider the adequacy of the Disclosure Statement and
confirmation of the Plan on June 10, 2010.

The Debtors aver that a combined hearing in their Chapter 11
cases would promote judicial economy and their expedient
reorganization.

At the Combined Hearing, the Debtors intend to ask the Court to
find that the Disclosure Statement contains "adequate
information" pursuant to Section 1125 of the Bankruptcy Code.

Michael A. Rosenthal, Esq., at Gibson, Dunn & Crutcher LLP, in
New York, asserts that the Disclosure Statement contains
descriptions and summaries of, among other things:

  (i) the Plan;

(ii) certain events preceding the commencement of the Chapter
      11 cases;

(iii) claims asserted against the Debtors' estates;

(iv) funding under the Plan;

  (v) risk factors affecting the Plan;

  (v) liquidation analysis setting forth the estimated return
      that holders of claims and equity interests would receive
      in a hypothetical Chapter 7 case;

(vi) financial projections that would be relevant to creditors'
      determinations of whether to accept or reject the Plan;
      and

(vii) certain federal tax law consequences of the Plan.

In addition, the Disclosure Statement was the subject of review
and comment by, among others, the holders of Senior Lender
Claims, Mr. Rosenthal adds.

"The Court should also confirm the Plan," the Debtors aver.

The Debtors intend to seek confirmation of the Plan at the
Combined Hearing.  They insist that the Plan they have proposed
satisfies all of the requirements for confirmation under the
Bankruptcy Code.

The Debtors expect to file a Confirmation Brief (i) demonstrating
that the Plan satisfies each requirement for confirmation, and
(ii) responding to objections to confirmation, if any.

                       SOLICITATION SCHEDULE

Almatis B.V. and its debtor affiliates commenced on April 23,
2010, the solicitation of acceptances of a Joint Prepackaged Plan
of Reorganization and Disclosure Statement they prepared.

The Debtors initiated the solicitation process right after they
reached a Plan Support Agreement with their senior prepetition
lenders.

By this motion, the Debtors ask the Court to approve the
solicitation, balloting, tabulation and related activities they
have undertaken and completed with respect to the Plan prior to
the Petition Date.

Michael A. Rosenthal, Esq., at Gibson, Dunn & Crutcher LLP, in
New York, relates that the Solicitation Package distributed by
the Debtors contained a copy of the Plan, the Disclosure
Statement, the proposed Confirmation Order, the appropriate
Ballots and a letter in support of the Plan signed by certain
supporting Senior Prepetition Lenders.

The Solicitation Package identified April 6, 2010, as the record
date for determining which holders of claims were entitled to
vote on the Plan.

                        Voting Deadline

In accordance with Section VII.A.2 of the Prepack Standing Order
and applicable non-bankruptcy law, the Debtors seek to set
5:00 p.m. prevailing U.S. Eastern Time on May 7, 2010, as the
deadline for holders of claims entitled to vote to accept or
reject the Plan.

By virtue of the Plan Support Agreement, the Debtors believe that
accepting votes from holders of approximately 75% in amount of
the claims in each of Classes 2(a)-(k) will be received by the
Voting Deadline.

               Plan/Disclosure Statement Objections

The Debtors also seek that the Court direct all objections to the
Disclosure Statement and Plan be filed and served so as to be
received no later than 4:00 p.m. prevailing Eastern Time, on
June 2, 2010.

They urge the Court to require that all objections to
the Disclosure Statement and Plan:

  -- be in writing;

  -- comply with the Bankruptcy Rules, the Local Bankruptcy
     Rules, and other case management rules and orders of the
     Court;

  -- state the name and address of the objecting party, and the
     nature and amount of any claim or interest asserted by the
     objecting party against the estate or property of the
     Debtors;

  -- state with particularity the legal and factual basis for
     the objections, and, if applicable, a proposed
     modification to the Plan that would resolve the objection;
     and

  -- be filed with the Clerk of the Court and served upon these
     parties so as to be actually received by the Objection
     Deadline: (i) the Office of the U.S. Trustee; (ii) counsel
     to the Debtors, Gibson Dunn & Crutcher LLP, 200 Park
     Avenue, New York, NY 10166, Attn: Michael A. Rosenthal and
     Janet M. Weiss; and (iii) any person who have filed a
     request for notice in the Chapter 11 Cases pursuant to
     Rule 2002 of the Federal Rules of Bankruptcy Procedure.

                     Tabulation Procedures

Separate claims held by a single creditor in a particular class
were aggregated and treated as if that creditor held one claim in
that class.

Creditors were required to vote all of their claims within a
particular class.  Vote splitting is not allowed.

Ballots are not counted if (i) they indicate both an acceptance
or rejection of any Subplan, or (ii) they fail to indicate an
acceptance or rejection of any Subplan.  Improperly executed,
unsigned, illegible and late filed Ballots are also not counted.

The last properly executed Ballot received before the Voting
Deadline will be deemed to reflect the voter's intent and
supersede any prior Ballots.

                      Plan-Related Notices

The Debtors have asked for the Court to set a combined hearing on
June 10, 2010, for the approval of the Disclosure Statement and
confirmation of the Plan.

In this light, the Debtors ask the Court to authorize them to
serve a combined notice of the commencement of the Chapter 11
cases and the Combined Hearing on their creditors no later than
two business days after the entry of the Scheduling Order.

The Debtors also propose to publish a notice of the Combined
Hearing in The Wall Street Journal and any other publication they
deem necessary.

The Debtors further seek that they not be required to distribute
copies of the Disclosure Statement and the Plan to the Unimpaired
Classes, who are deemed to have accepted the Plan; and the
Impaired Rejecting Classes, who are deemed to have rejected the
Plan.  Instead, the Debtors seek to send these parties the
Combined Hearing Notice, which sets forth the manner in which
copies of the Plan and Disclosure Statement may be obtained.

                   Objections to Cure Amounts

To aid in the implementation of the Plan, the Debtors seek to
establish procedures for determining cure amounts owed under
contracts and leases that will be assumed under the Plan.

The Debtors will cause to serve on counterparties by May 21,
2010, a Notice of Contracts to be assumed under the Plan.  The
Cure Notice will set forth the cure amount the Debtors believe
must be paid to cure all monetary defaults under the Assumed
Contracts.

The Counterparties will have until June 2, 2010, to object to a
proposed cure amount or proposed assumption of a Contract or
Lease.  The Cure Objection must be in writing and must specify
the cure obligations being objected to.

If no timely Cure Objection is timely filed, the counterparty to
an Assumed Contract or Lease is deemed to have consented to the
assumption of the Contract or Lease.

                       About Almatis Group

Alamtis B.V., and its affiliates filed for Chapter 11 on April 30,
2010 (Bankr. S.D.N.Y. Lead Case No. 10-12308).  Almatis B.V.
estimated assets of US$500 million to US$1 billion and debts of
more than US$1 billion as of the bankruptcy filing.

Almatis, operationally headquartered in Frankfurt, Germany, is a
global leader in the development, manufacture and supply of
premium specialty alumina products.  With nearly 900 employees
worldwide, the company's products are used in a wide variety of
industries, including steel production, cement production, non-
ferrous metal production, plastics, paper, ceramics, carpet
manufacturing and electronic industries.  Almatis operates nine
production facilities worldwide and serves customers around the
world.  Until 2004, the business was known as the chemical
business of Alcoa.  Almatis is now owned by Dubai International
Capital LLC, the international investment arm of Dubai Holding.

Michael A. Rosenthal, Esq., at Gibson, Dunn & Crutcher LLP, serves
as counsel to the Debtors in the Chapter 11 cases.  & German
Counsel: Linklaters LLP is the special English and German counsel
and De Brauw Blackstone Westbroek N.V. is Dutch counsel.  Epiq
Bankruptcy Solutions, LLC, serves as claims and notice agent.


ALMATIS BV: Wants June 29 Extension for Schedules & Statements
--------------------------------------------------------------
Almatis B.V. and its affiliated debtors sought and obtained
permission from Judge Glenn to file their schedules of assets and
liabilities and statement of financial affairs no later than
June 29, 2010.

Section 521 of the Bankruptcy Code and Rule 1007 of the Federal
Rules of Bankruptcy Procedure require a debtor to file its (i)
schedules of assets and liabilities; (ii) schedules of current
income and expenditures; (iii) schedules of executory contracts
and unexpired leases; and (iv) statements of financial affairs
within 15 days after its bankruptcy filing.

The Debtors' attorney, Michael Rosenthal, Esq., at Gibson Dunn &
Crutcher LLP, in New York, said the Debtors would not be able to
complete the schedules and statements within the required time
period due to the size and complexity of their business
operations, and the limited number of employees available to do
the task.

                       About Almatis Group

Alamtis B.V., and its affiliates filed for Chapter 11 on April 30,
2010 (Bankr. S.D.N.Y. Lead Case No. 10-12308).  Almatis B.V.
estimated assets of US$500 million to US$1 billion and debts of
more than US$1 billion as of the bankruptcy filing.

Almatis, operationally headquartered in Frankfurt, Germany, is a
global leader in the development, manufacture and supply of
premium specialty alumina products.  With nearly 900 employees
worldwide, the company's products are used in a wide variety of
industries, including steel production, cement production, non-
ferrous metal production, plastics, paper, ceramics, carpet
manufacturing and electronic industries.  Almatis operates nine
production facilities worldwide and serves customers around the
world.  Until 2004, the business was known as the chemical
business of Alcoa.  Almatis is now owned by Dubai International
Capital LLC, the international investment arm of Dubai Holding.

Michael A. Rosenthal, Esq., at Gibson, Dunn & Crutcher LLP, serves
as counsel to the Debtors in the Chapter 11 cases.  & German
Counsel: Linklaters LLP is the special English and German counsel
and De Brauw Blackstone Westbroek N.V. is Dutch counsel.  Epiq
Bankruptcy Solutions, LLC, serves as claims and notice agent.


COMMERZBANK AG: Wants U.K. Judge to Junk Dresdner Bonus Claims
--------------------------------------------------------------
Lindsay Fortado at Bloomberg News reports that Commerzbank AG on
Tuesday asked a judge in London to dismiss the claims from more
than 100 current and former bankers at its Dresdner Kleinwort
unit.

Bloomberg relates Jonathan Sumption, a lawyer for Commerzbank,
said the collapse of Lehman Brothers Holdings Inc. and its affect
on the financial markets made it impractical for the bank to pay
what it considered discretionary bonuses.  According to Bloomberg,
the bankers say they were paid a 10th of what they were owed in a
contract with Dresdner Kleinwort before it was acquired by
Commerzbank last year.

Mr. Sumption, as cited by Bloomberg, said the EUR6.3-billion 2008
loss of Dresdner's investment-banking operations amid the global
financial crisis, plus Commerzbank's need to tap the German
government for EUR18.2 billion of capital, created a material
change to the contracts.

Commerzbank, Bloomberg says, is asking the court to dismiss the
two lawsuits filed by the workers instead of going to trial.

According to Bloomberg, the case is "The parties named in Schedule
A v Dresdner Kleinwort Ltd & ors, High Court, IHQ/10/0062
IHQ/10/0063.

Headquartered in Frankfurt am Main, Germany, Commerzbank AG --
http://www.commerzbank.com/-- is the parent company of a
financial services group active around the world.  The group's
operating business is organized into six segments providing each
other with mutually beneficial synergies: Private and Business
Customers, Mittelstandsbank, Central and Eastern Europe ,
Corporates & Markets, Commercial Real Estate and Public Finance
and Treasury.

                          *     *     *

As reported by the Troubled Company Reporter-Europe on Jan. 18,
2010, Standard & Poor's Ratings Services said it affirmed its
'CCC' debt ratings on various Tier 1 hybrid capital instruments
issued by Germany-based Commerzbank AG (A/Negative/A-1) and
related entities.  The instruments affected were issued by
Commerzbank Capital Funding Trust I, II, and III and Dresdner
Capital Funding Trust I, III, and IV.  These rating actions follow
S&P's review of different scenarios for upcoming coupon payments,
which S&P believes could lead to positive or negative rating
implications.

The affirmation of S&P's ratings on Dresdner FTs' instruments
reflects its view that Commerzbank would likely be able to conform
with regulatory capital requirements, which is a condition for
making coupon payments.  However, S&P consider it possible that
regulatory intervention may prevent a coupon payment, considering
that Commerzbank has received substantial amounts of state aid to
prevent a default.  The next coupon payment will be that of
Dresdner Capital Funding Trust IV on March 31, 2010.  In S&P's
view, the Commerzbank FTs' and Dresdner FTs' instruments rank
equally.  Consequently, S&P would likely raise the ratings on all
of them if coupon payments are made.  S&P would lower the ratings
to 'C' if S&P believes that Commerzbank would not be in a position
to make the payment on March 31, 2010.

Coupon payments on Commerzbank FTs' instruments could be suspended
if Commerzbank records a balance-sheet loss on an unconsolidated
basis, which S&P consider likely for 2009.  The rating affirmation
reflects its view that coupon payments might be possible if
Commerzbank were to make coupon payments on the Dresdner FTs'
instruments.  This is because S&P could consider Commerzbank FTs'
instruments to be on par with those of Dresdner FTs.  An
alternative scenario could be that regulators no longer recognize
the Dresdner FTs' instruments as Tier 1 capital.  In such a
scenario, a coupon payment on Dresdner FTs' instruments would
likely be possible and could lead to positive rating actions on
the Dresdner FTs instruments.  However, S&P believes this would
not trigger a coupon payment on Commerzbank FTs' instruments.  If
Commerzbank were to miss coupon payments on the Commerzbank FTs
instruments, S&P would likely lower the ratings to 'C', but raise
them if the payments are made.


COMMERZBANK AG:: Fitch Upgrades Individual Rating to 'D'
--------------------------------------------------------
Fitch Ratings has affirmed Germany-based Commerzbank AG's Long-
term Issuer Default Rating at 'A+' with a Stable Outlook and
Short-term IDR at 'F1+'.  At the same time, the Individual rating
has been upgraded to 'D' from 'D/E'.

The Support Rating and the Support Rating Floor have been affirmed
at '1' and 'A+', respectively.  Commerzbank's January 2012 bond
issue, which is guaranteed by Germany's Financial Market
Stabilisation Fund, has also been affirmed at 'AAA'.  In addition,
the agency has taken various actions on the bank's hybrid notes.

The upgrade of the Individual Rating reflects Fitch's assessment
that Commerzbank's capital is sufficient to absorb further losses
likely to arise in its restructuring and in the integration of
Dresdner Bank AG, which it acquired in 2009.  The agency therefore
views that the bank will not require any additional support from
the public authorities.  However, downside risks to performance in
2010 remain material given the bank's remaining substantial
exposure to the commercial real estate sector, its sizeable
portfolio of structured credit investments and exposure to the
shipping industry.  It is also exposed to central and eastern
Europe, where economic conditions remain difficult, and to other
more risky activities in leveraged and acquisition finance.  In
addition, there remains execution risk from the integration of
Dresdner and the re-positioning of its investment-banking
activities.

The bank's Long- and Short-term IDRs and Support rating are based
on its systemic significance in the German banking system.  Since
May 2009, the Federal Republic of Germany (rated
'AAA'/Stable/'F1+') has held a minority stake of 25% + one share
in Commerzbank, Germany's second-largest privately held bank.

Hybrid capital instruments issued by the Commerzbank group:

Dresdner Funding Trust I and III's dated silent participation
certificates have been upgraded to 'B' from 'CCC' and removed from
Rating Watch Negative.  The upgrade reflects Fitch's assessment of
the reduced likelihood of coupon deferral as a possible coupon
deferral is linked to a capital test which Fitch considers the
bank to pass in the short to medium term.

Commerzbank Capital Funding Trust I, II, Former Dresdner Bank's
UT2 Funding plc upper tier 2 securities and HT1 Funding GmbH tier
1 Securities have been affirmed and removed from RWN.  This
reflects Fitch's opinion that additional coupon deferrals for 2010
are less likely and, if they were to incur in the near term, would
be already captured by the current rating level.  The ratings have
been affirmed:

* Commerzbank Capital Funding Trust I and II, affirmed at 'CCC';
  off RWN

* UT2 Funding plc upper tier 2 securities affirmed at 'CC'; off
  RWN; Recovery Rating at 'RR4'

* HT1 Funding GmbH tier 1 Securities affirmed at 'CC'; off RWN;
  Recovery Rating at 'RR5'.

The ratings of EUROHYPO Capital Funding Trust I and II, which are
rated 'CCC', remain on RWN, reflecting uncertainty over the
potential change in EUROHYPO AG's ownership as a condition for the
European Commission's approval of Commerzbank's state aid.  All
other ratings of EUROHYPO AG remain unaffected by the rating
action.  These are:

* Long-term IDR: 'A'; RWN
* Short-term IDR: 'F1'
* Support Rating: '1'
* Support Rating Floor: 'A-'

Commerzbank reported total assets of EUR844bn at end-2009, down
from EUR1,046bn at end-2008 on a pro-forma basis, reflecting the
de-leveraging process at the group, including in its corporates &
markets and asset-based financing units.  Commerzbank has
organised itself into a core bank, an asset-backed lender (real
estate, public finance and ship lending) and a restructuring unit.
At end-2009, the segments asset-based finance and Mittelstandsbank
accounted for 65% of total NPLs.  Total NPLs accounted for roughly
6% of gross loan book.  Commercial real estate related exposure at
default was EUR77bn, with the UK, Spain and U.S. accounting for
61% of tier 1 capital.  At EUR34.3bn, the total ABS book is
substantial and carries potential volatility risks.  Credit
spreads are the main source of market risk in the trading and
banking books, but were somewhat reduced between FY08/09.

In Fitch's rating criteria, a bank's standalone risk is reflected
in Fitch's Individual ratings and the prospect of external support
is reflected in Fitch's Support ratings.  Collectively these
ratings drive Fitch's Long- and Short-term IDRs.


CONTINENTAL AG: Mulls IPO for Tire Unit, Handelsblatt Says
----------------------------------------------------------
Holger Elfes at Bloomberg News, citing Handelsblatt, reports that
Continental AG is considering an initial public offering for its
tire unit.

According to Bloomberg, the newspaper, citing unidentified people
with knowledge of the plan, said a share sale would appease
creditor banks, whose approval is needed for a planned merger of
Continental and Schaeffler next year.  Bloomberg relates the
newspaper said Continental would retain a majority stake in the
tire unit under the plan.

Bloomberg notes the newspaper said Schaeffler, which owns 75.1% of
Continental, owes about EUR13 billion (US$16.8 billion).

As reported by the Troubled Company Reporter-Europe on Feb. 25,
2010, the Financial Times said that about EUR8 billion of
Continental's debt load is due in 2012, leaving it with a
refinancing risk and increasing the urgency for bond issues to
improve maturities.  The FT disclosed Continental said it did not
expect to further bring down its net debt pile this year.

                       About Continental AG

Hanover, Germany-based Continental AG (OTC:CTTAY) --
http://www.conti-online.com/-- is an automotive industry
supplier.  The Company focuses its activities on the development,
production and distribution of products that improve driving
safety, driving dynamics and ride comfort.  It operates in six
divisions.  Chassis and Safety provides active and passive driving
safety, safety and chassis sensor systems, as well as chassis
components.  Powertrain focuses on engine systems, hybrid electric
drives, injection technology, and sensors and actuators, among
others.  Interior manufactures information management modules and
wireless mobile devices.  Passenger and Light Truck Tires provides
tires for passenger cars, motorcycles and bicycles.  Commercial
Vehicle Tires offers tires for trucks, as well as industrial and
off-the-road vehicles.  ContiTech specializes in the rubber and
plastics technology, offering parts, components and systems for
the automotive industry and other sectors.  In January 2009,
Schaeffler KG acquired 49.9% interest in the Company.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on Jan. 25,
2010, Standard & Poor's Ratings Services said that the 'B+' long-
term corporate credit rating on Germany-based automotive supplier
Continental AG remained on CreditWatch with negative implications,
where it was originally placed on June 10, 2009.  The 'B' short-
term rating was affirmed.

"S&P remain concerned about the potential negative influence on
Continental's credit quality from its 42% owner, the Schaeffler
group (not rated)," said Standard & Poor's credit analyst Werner
Staeblein.  "In S&P's view, the nature of the relationship between
Schaeffler and Continental make S&P's parent-
subsidiary criteria applicable, and the relationship between
Continental and Schaeffler remains the key risk for the rating."

While Continental's bank loan documentation provides some
protection for Continental at this stage, S&P viewed this as
likely temporary in nature.  From the limited available public
information about Schaeffler, S&P concluded that there is a high
probability that Schaeffler's financial situation is weaker than
that of Continental, implying an overall credit quality lower than
that of Continental.


DEUTSCHE LUFTHANSA: Posts EUR298 Mil. Net Loss in Q1 2010
---------------------------------------------------------
James Wilson at The Financial Times reports that Deutsche
Lufthansa AG posted a net loss of EUR298 million in the first
quarter of 2010, compared with a net loss of EUR267 million in
2009.

The FT relates the company incurred operating losses of EUR330
million (US$430 million) compared with a EUR44 million loss for
the same period of 2009.  The figure does not include the
consequences of last month's disruption caused by volcanic ash,
which grounded flights across much of Europe for days because of
safety concerns, the FT notes.

According to the FT, the German airline blamed losses that were
wider than expected partly on higher fuel charges and costs from
the consolidation of Austrian Airlines and bmi, which Lufthansa
does not expect to be profitable in 2010.  Lufthansa, the FT says,
has estimated costs from the volcanic disruption at about EUR200
million.

A strike by Lufthansa pilots in February was another factor and
was estimated by the airline to have cost about EUR48 million, the
FT states.

Deutsche Lufthansa AG -- http://www.lufthansa.com/-- is an
aviation company with operations worldwide.  It operates in five
business segments: Passenger Transportation, Logistics,
Maintenance, Repair and Overhaul (MRO), Information Technology
(IT) services and Catering.  On January 22, 2008, it acquired 19%
of the shares in JetBlue Airways.  In October 2008, Lufthansa
established an Italian company called Lufthansa Italia as it mulls
to make Milan based Malpensa airport its third hub after Frankfurt
and Munich.  In September 2009, Austrian Airlines AG was taken
over by Deutsche Lufthansa AG.  Austrian Airlines will therefore
become part of the Lufthansa Group as of September 2009.

                           *     *     *

Deutsche Lufthansa AG continues to carry a Ba1 Corporate Family
Rating and Probability of Default Rating from Moody's Investors
Service with stable outlook.  The ratings were assigned by Moody's
in September 2009.


JUNO LTD: S&P Junks Ratings on Two Classes of Notes From Low-B
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
JUNO Ltd.'s class D and E notes.  At the same time, S&P withdrew
its rating on the class X notes and affirmed its ratings on all
remaining classes of notes.

JUNO is a pan-European synthetic commercial mortgage-backed
securities transaction that references 15 loans.  Five of the
loans are in special servicing: Keops Portfolio, Neumarkt, SCI
Clichy, Senior Den Tir, and Junior Den Tir.

The Keops Portfolio loan was transferred into special servicing as
a consequence of breaching its loan-to-value covenant.  The
reported LTV ratio is 89%.  S&P understands that the borrower has
proposed a restructuring, and that there is sufficient cash
generated from the portfolio to meet certain capital expenditure
requirements.  The reported vacancy rate is 16%, and S&P believes
capex may assist in letting the vacant space.

The Neumarkt loan went into special servicing in anticipation of a
breach of the interest coverage ratio covenant.  Due to a
deterioration in cash flow, S&P understands that the loan may
experience a payment default in the medium term.  The reported LTV
ratio is 96%.

In October 2009, the property securing the SCI Clichy loan was
valued at EUR69.05 million resulting in a loan-to-value ratio of
163%.  However, under the terms of the loan agreement, the loan is
subject to a biennial test requiring the LTV ratio to be no
greater than 80%.  The next test date is not until June 2010, and
S&P understand that a new valuation is likely to be commissioned
at that time for the purpose of the test.  Furthermore, the
reported vacancy rate for the property is 40% (from 0% at
closing), and S&P understand that capex may be required to
refurbish the vacant space to attract new tenants.

The LTV ratios for the Senior Den Tir and Junior Den Tir loans are
136% and 165%, respectively, and the reported vacancy rate for the
property is 37% (from 9% at closing).

The rating actions reflect S&P's opinion that full repayment of
the class D and E notes is unlikely absent a material improvement
in the market condition, and that such potential losses could
occur in the near term.

S&P has also withdrawn its rating on the class X note to reflect
its application of its updated criteria for rating interest-only
securities, which S&P published on April 15, 2010.

                          Ratings List

                   JUNO (ECLIPSE 2007-2) Ltd.,
EUR867.95 Million Commercial Mortgage-Backed Floating-Rate Notes

                          Ratings Lowered

                                     Ratings
                                     -------
               Class           To              From
               -----           --              ----
               D               CCC-            B
               E               CCC-            B-

                          Rating Withdrawn

                      Class           Rating
                      -----           ------
                      X               A

                          Ratings Affirmed

                      Class           Rating
                      -----           ------
                      A               A
                      B               BBB-
                      C               BB


QIMONDA AG: ITC Files Appeal Over Bankruptcy Stays
--------------------------------------------------
Insisting that Section 337 investigations are regulatory actions
excluded from automatic stays, the U.S. International Trade
Commission has challenged a bankruptcy judge's decision to halt
the agency's probe of Qimonda AG in the wake of the semiconductor
maker's Chapter 15 filing, according to Bankruptcy Law360.

Law360 relates that the ITC appealed Monday the February stay to
the U.S. District Court for the Eastern District of Virginia,
contending that the bankruptcy court fundamentally misunderstood
the nature of 337.

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

Qimonda AG commenced insolvency proceedings with a local court in
Munich, Germany, on January 23, 2009.  On June 15, 2009, QAG filed
a petition for relief under Chapter 15 of the Bankruptcy Code
(Bankr. E.D. Virginia Case No. 09-14766).

Qimonda North America Corp., an indirect and wholly owned
subsidiary of QAG, is the North American sales and marketing
subsidiary of QAG.  QNA is also the parent company of Qimonda
Richmond LLC.  QNA and QR filed for Chapter 11 on February 20
(Bankr. D. Del. Lead Case No. 09-10589).  Mark D. Collins, Esq.,
Michael J. Merchant, Esq., and Maris J. Finnegan, Esq., at
Richards Layton & Finger PA, represents the Debtors as counsel.
Roberta A. DeAngelis, the United States Trustee for Region 3,
appointed seven creditors to serve on an official committee of
unsecured creditors.  Jones Day and Ashby & Geddes represent the
Committee.  In its bankruptcy petition, Qimonda Richmond, LLC,
listed more than US$1 billion each in assets and debts.  The
information was based on Qimonda Richmond's financial records
which are maintained on a consolidated basis with Qimonda North
America Corp.


WESTLB AG: Moody's Affirms 'E+' Bank Financial Strength Rating
--------------------------------------------------------------
Moody's Investors Service has downgraded the senior unsecured debt
and deposit ratings of WestLB AG to A3 from A2 and its
subordinated debt ratings to Baa1 from A3 following Moody's
revision of its assumptions for future support for the bank.  The
rating action concludes the review for possible downgrade that
Moody's initiated for these ratings on 8 December 2009.  The E+
bank financial strength rating (BFSR, which maps directly to a B2
baseline credit assessment, BCA), was affirmed and the outlook on
this rating changed to stable from developing.  The Prime-1 short-
term rating was also affirmed, while WestLB's hybrid ratings and
the Aa1 rating for obligations that qualify for the grandfathering
of "Gewaehrtraegerhaftung" (a guarantee obligation) remained
unaffected by the rating action.

In line with the rating action on WestLB AG, Moody's has also
changed the outlook on the E+ BFSR of WestLB Covered Bond Bank
plc, Dublin, to stable from developing and affirmed the
subsidiary's Prime-1 short-term ratings.  The review status of the
bank's A2 senior unsecured debt and deposit ratings will be
concluded shortly.

          Downgrade of WestLB's Long-Term Ratings Due to
         Weakening Support From Public Sector Shareholders

"The rating action follows a review of the probability of future
support for WestLB from its current owners," says Katharina
Barten, a Vice President at Moody's in Frankfurt and lead analyst
for WestLB.  "Past support measures have reached such a scale that
the two North-Rhine Westphalian savings bank associations, which
together still hold a majority share in the bank, would likely
compromise their own financial strength if they decided to offer
further support measures in the foreseeable future.  More
importantly, the two associations have stated publicly that they
are no longer willing to provide further support to the bank," Ms.
Barten adds.  Moody's therefore lowered its assumptions for the
probability of future cooperative support -- which also captures
support from public sector owners if these are themselves members
of the group of public sector banks (the S-Financial Group), which
in turn maintain and benefit from cross-sector support mechanisms.
Another driver for this adjustment was the uncertainty of whether
WestLB will remain a member of this group over the long term,
given the European Commission's requirement that the current
owners divest the majority of their shareholding by December 2011
at the latest.

At the same time, Moody's factored into WestLB's fully supported
ratings a slightly higher probability of support from the German
government, which, through a EUR 3.0 billion hybrid capital
injection, for the first time offered direct support to a German
Landesbank.  "Moody's fully recognizes that WestLB will remain in
the hands of public sector owners for the time being and that the
government's Financial Market Stabilisation Fund has been
available to support the bank," Ms. Barten explains.  "This
offsetting effect has resulted in the relatively mild downgrade of
just one notch to A3 for WestLB's senior unsecured debt ratings."
The rating uplift from the bank's B2 BCA was lowered from nine to
eight notches.  This still implies Moody's expectation of very
high support going forward, even though WestLB has lost some of
its systemic relevance through the off-loading of approximately
EUR 40 billion of its assets, together with the bulk of its
grandfathered debt, into a wind-down entity.

Moody's decision should be viewed in the context of its recent
analysis of changing support in Germany, as outlined in the
Special Comment "Assessing Post-Crisis Support for German Banks".
In this report Moody's points out that weakening support from
public sector owners -- among other factors -- exerts pressure on
several supported Landesbank ratings, while uncertainties for
junior classes of debt are rising across the banking landscape.
While the latter has not yet been factored into any German bank
ratings -- whose subordinated debt ratings generally remain one
notch below senior unsecured debt -- the rating action reflects
Moody's concern about the gradually weakening support for banks
that needed large-scale support during the crisis and do not yet
display sufficient financial recovery and stabilization that would
allow for a material upgrade in their BFSRs.

        Negative Outlook on the A3 Rating Reflects Risk Of
             Further Weakening Support over Long Term

Moody's believes that, in a post-crisis situation with more normal
market conditions and a potentially better-capitalized banking
system, single banks in distress could be less likely to receive
support than in the past.  This should ultimately generate
downward rating pressure, unless banks are able to offset this
anticipated reduction in systemic support by strengthening their
levels of stand-alone financial strength which would exert upward
pressure on their BFSRs.  In the case of WestLB, this likely trend
could be exacerbated by the forthcoming change in its shareholder
composition, in particular if the bank were to be taken over by
private investors, which would in turn almost certainly jeopardize
the bank's membership in the S-Financial Group's.  Nevertheless,
Moody's considers such an outcome to be unlikely and expects that
a solution to the Commission's requirement of a change in the
bank's ownership will be found within the S-Financial Group of
public sector banks.

            E+ BFSR Constrained by Weak Franchise and
                    the Bank's Uncertain Future

Moody's change of the outlook on the BFSR to stable from
developing reflects the improved financial profile of the core
bank following the completion of a "bad bank" structure on 30
April 2010.  (This included a transfer of sizeable portfolios of
non-core and higher-risk assets into the wind-down vehicle Erste
Abwicklungsanstalt (rated Aa1/Prime-1), along with capitalization
measures amounting to EUR 3.0 billion from the SoFFin.) The
offloading transaction has a number of positive implications for
WestLB's risk and business profile, including (i) a reduction in
risk-weighted assets and thus capital relief, (ii) a reduction in
certain risk concentrations and (iii) an improvement in the
group's funding profile.

Moody's affirmation of the E+ BFSR and the change of its outlook
to stable also reflects that, despite these positive developments,
the BFSR remains constrained by the bank's weak franchise, which
includes several core segments that do not (or only
insufficiently) contribute to group profits, thus resulting in the
bank's continued dependence on volatile, wholesale-focused sources
of income.  Moreover, Moody's does not rule out that the bank
could be split up and unwound if efforts to divest the bank were
to prove unsuccessful.

          Summary of Ratings and Rating Actions: WestLB

  -- Rating for senior unsecured debt and deposits: downgraded to
     A3

  -- Rating for senior subordinated debt: downgraded to Baa1

  -- Prime-1 short-term rating: affirmed

  -- E+ BFSR (B2 BCA): affirmed, outlook changed to stable from
     developing

  -- Aa1 rating for grandfathered obligations, stable outlook:
     unaffected

Summary of Ratings and Rating Actions: WestLB Covered Bond Bank
plc

  -- A2 rating for senior unsecured debt and deposits, on review
     for downgrade: no action yet

  -- Prime-1 short-term rating: affirmed

  -- E+ BFSR (B2 BCA): affirmed, outlook changed to stable from
     developing

The previous rating action on WestLB was implemented on March 11,
2010, when Moody's corrected the rating of one grandfathered
security.  In its previous rating action on December 8, 2009,
Moody's had placed the A2 senior unsecured debt and deposit
ratings and the A3 subordinated debt ratings on review for
possible downgrade and changed the outlook on its E+ BFSR to
developing from negative.

Headquartered in Duesseldorf, Germany, WestLB reported total
assets of EUR242.3 billion as of the end of December 2009 and
reported a pre-tax loss of EUR503 million for the 12-month period.


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


ALANDA HOMES: To Seek Administration; Parent to Halt Funding
------------------------------------------------------------
Barry O'Halloran at The Irish Times reports that Alanda Homes,
McInerney Holdings plc's insolvent Spanish subsidiary, has decided
to ask the Spanish courts to appoint an administrator to the
company.

The report relates McInerney on Tuesday announced that it does not
intend to invest further cash in Alanda.  According to the report,
McInerney said in a statement that its decision to stop feeding
cash to its Spanish apartment developer was part of its plan to
"to concentrate all available resources on its core businesses of
home building in UK and Ireland".

The report notes the group's statement said that Alanda Homes'
assets were worth EUR4.5 million on December 31, 2009.  The debts
of the overall Spanish business, which includes two profitable
divisions, are estimated at less than EUR10 million, the report
discloses.

The report recounts McInerney said that over time, there was a
possibility that Alanda's creditors would be repaid from the sale
of apartments.

Headquartered in Dublin, Ireland, McInerney Holdings plc --
http://www.mcinerneyholdings.eu/-- is a home builder and regional
home builder in the North and Midlands of England.  It also
undertakes commercial and leisure projects in Ireland, United
Kingdom and Spain.  It operates in Ireland, the United Kingdom and
Spain.  The main trading activities of the Company's Irish home
building business during the year ended December 31, 2008
consisted of construction of private houses, trading in developed
sites and land, development of residential land for third-parties
and in joint-ventures, and contracting for third-parties.  The
Company's commercial property development division, Hillview
Developments Ltd (Hillview), develops industrial units in the
Greater Dublin area.  Hillview completed 1,223 square meters of
industrial units as of December 31, 2008.  Its Spanish division,
Alanda Group, is developing freehold apartment schemes.  As of
December 31, 2008, the Company completed 1,359 private and
contracting residential units in Ireland, the United Kingdom and
Spain.


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


AGRARIAN CREDIT: Moody's Downgrades Issuer Ratings to 'Ba2'
-----------------------------------------------------------
Moody's Investors Service has concluded its review for possible
downgrade of six Kazakh financial institutions with the downgrade
of the ratings of five financial institutions, four of which are
financial Government-Related Issuers -- namely Development Bank of
Kazakhstan, Kazakhstan Mortgage Company, KazAgroFinance and
Agrarian Credit Corporation.  The fifth institution affected by
the downgrade is House Construction Savings Bank of Kazakhstan --
a fully government-owned bank.  The ratings of the sixth
institution under review DBK-Leasing, a fully owned subsidiary of
Development Bank of Kazakhstan, were confirmed.  The outlook on
Kazakhstan Mortgage Company's long-term issuer rating is negative,
reflecting the ongoing pressure on the company's stand-alone
financial profile and, in Moody's view, its diminishing policy
role.  The outlook for the issuer and deposit ratings of all other
aforementioned financial institutions is stable, in line with the
stable outlook on Kazakhstan's sovereign rating.

The downgrades were triggered by a lowering of Moody's support
assumptions incorporated in the ratings of the five Kazakh
institutions affected, and conclude the review process initiated
on April 8, 2010.

Given the government's propensity to protect its balance sheet
from large contingent liabilities, the rating agency has
reassessed the level of the government support incorporated into
the ratings of the five Kazakh institutions.  The agency notes
that although the affected institutions continue to serve
important policy roles within the Kazakh financial sphere, the
strategic importance of these entities for the government may not
be as vital as other GRIs, particularly those operating in the oil
and gas industry, which is the main engine of economic growth for
the country.  As a result, Moody's has lowered the level of
government support reflected in the ratings of these financial
institutions, causing a downward adjustment in their issuer and
debt ratings.  The issuer ratings of DBK-Leasing were confirmed,
given that the downgrade of its parent's rating by one notch has
no impact on Moody's assessment of the possible parental support
to the issuer.

Moody's notes that although the review led to a reduction in the
level of credit enhancement stemming from government support, the
ratings of the five Kazakh institutions continue to benefit from
significant uplift from their stand-alone or Baseline Credit
Assessments.  The new ratings still reflect between one- to four-
notches of uplift from their BCAs.

The rating actions taken by Moody's in respect of these financial
institutions are:

* Development Bank of Kazakhstan: The long-term foreign currency
  issuer and debt ratings were downgraded to Baa3 from Baa2.  The
  outlook is now stable.  These ratings benefit from Moody's
  assessment of a high probability of government support that
  results in a three-notch uplift from the bank's BCA of 11-13.

* House Construction Savings Bank of Kazakhstan: The long-term and
  short-term local currency deposit ratings were downgraded to
  Ba1/Not Prime from Baa3/Prime-3.  The outlook is now stable.
  These ratings benefit from Moody's assessment of a high
  probability of government support that results in a four-notch
  uplift from the bank's BCA of B2.

* KazAgroFinance: The long-term local and foreign currency issuer
  ratings were downgraded to Ba2 from Ba1.  The outlook is now
  stable.  These ratings benefit from Moody's assessment of a
  medium probability of government support that results in a tree-
  notch uplift from the company's BCA of 15.

* Agrarian Credit Corporation: The long-term local and foreign
  currency issuer ratings were downgraded to Ba2 from Ba1.  The
  outlook is now stable.  These ratings benefit from Moody's
  assessment of a medium probability of government support that
  results in a tree-notch uplift from the company's BCA of 15.

* Kazakhstan Mortgage Company: The long-term local currency issuer
  rating was downgraded to B1.  The outlook is negative,
  reflecting the ongoing pressure on the company's stand-alone
  financial profile and, in Moody's view, the recently diminishing
  policy role that the company serves within the Kazakh financial
  sphere.  This rating benefits from Moody's assessment of a
  medium probability of government support that results in a one
  notch uplift from the company's BCA of 15.

* DBK-Leasing: The Ba3 long-term local and foreign currency issuer
  ratings was confirmed; these ratings continue to benefit from
  Moody's assessment of a high probability of parental support
  that results in a three-notch uplift from the company's BCA of
  B3.

Moody's previous rating action on Development Bank of Kazakhstan,
Kazakhstan Mortgage Company, KazAgroFinance, Agrarian Credit
Corporation, House Construction Savings Bank of Kazakhstan and
DBK-Leasing was on April 8, 2010, when the rating agency placed on
review for possible downgrade the issuer and deposit ratings of
the aforementioned financial institutions following the sovereign
rating action.


EURASIAN BANK: Fitch Changes Outlook to Stable; Keeps 'B-' Rating
-----------------------------------------------------------------
Fitch Ratings has revised the Outlook of Kazakhstan-based Eurasian
Bank to Stable from Negative and affirmed the bank's Long-term
Issuer Default Rating at 'B-'.

The revision of EBK's Outlook to Stable reflects the bank's now
solid loss absorption capacity compared to credit risks faced,
following a large KZT9 billion equity injection in Q409.  It also
factors in the better prospects for the Kazakh economy during the
remainder of 2010.  Fitch expects Kazakhstan's economy will grown
3% this year compared with a contraction of 1.5% in 2009, which
should help to limit further asset quality deterioration.  The
bank's ratings remain constrained by EBK's weak operating
profitability, undiversified funding, still high customer
concentrations on both sides of the balance sheet, significant
related party business and its plans to grow rapidly during 2010
without attracting further capital injections.

The deterioration in asset quality in 2009 was broadly in line
with Fitch's assumptions made in 2008, with NPLs (loans overdue by
90 days) rising to 10.7% of the portfolio at end-February 2010
from 4.6% at end-2008; most of the growth in NPLs was reported in
H109.  The agency expects a continued, albeit slowing, inflow of
non-performing loans in 2010, which should, nevertheless, peak
during the year given the more favorable outlook for the operating
environment.  Exposure to the real estate and construction sectors
is sizeable, at 33% of the loan book at end-2009, and restructured
loans are also significant.  However, Fitch notes that accrued
interest accounted for a moderate 10.1% of total interest income
in 2009 statutory accounts, which is comfortably the lowest ratio
among Fitch-rated banks in Kazakhstan.

Funding is primarily sourced from customer accounts, which
accounted for 81% of liabilities at end-2009.  Despite 72%
customer account growth in 2009, concentrations and dependence on
related parties remain high.  At end-2009, liquidity was ample
(with liquid assets comprising 30% of total assets), as credit
expansion was put on hold pending the bank's recapitalization in
Q409, and deposits continued to grow.  However, this level of
liquid assets is likely to quickly fall with the resumption of
loan growth.  EBK remains relatively immune to refinancing risk,
and has no plans to tap foreign capital markets this year.

Shareholder equity injections during 2009 allowed EBK to reserve
current problem loans and provided some buffer to absorb potential
losses in the current loan portfolio.  At end-February 2010, the
bank's total regulatory capital ratio was 16.4%, and it could have
increased its reserves/loans ratio to 21% without breaching
minimum capital requirements.  However, looking forward, Fitch
believes that capitalization is likely to come under pressure in
light of the bank's weak profitability, potential for further NPL
recognition and ambitious growth plans.

Key to further movements in EBK's ratings will be capitalization
levels and liquidity management, as the bank seeks to grow amid
the economic recovery.  Downward rating pressure could re-emerge
should the targeted growth be weakly managed from a credit risk or
liquidity management perspective, or should asset quality
deterioration on the bank's current portfolio be more severe than
is currently anticipated by Fitch.  Given the bank's limited track
record, narrow franchise, aggressive growth plans and weak
performance, upside rating potential is currently limited.

The rating actions are:

  -- Long-term IDR: affirmed at 'B-'; Outlook revised to Stable
     from Negative

  -- Short-term IDR: affirmed at 'B'

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

  -- Support Rating: affirmed at '5'

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

At end-2009, EBK was Kazakhstan's seventh-largest commercial bank,
with 2.8% of banking system assets.  The bank is ultimately owned
by three local businessmen -- Alijan Ibragimov, Alexander
Machkevich and Patokh Chodiev -- who also control a 43.7% stake in
the Eurasian Natural Resources Corporation.  ENRC is the world's
largest stainless and carbon steel raw materials provider with
strong regional power production.  Kazakhmys Eurasia B.V. and the
government, hold a 14.59% and a 19.31% stake in ENRC, respectively

In Fitch's rating criteria, a bank's standalone risk is reflected
in Fitch's Individual ratings and the prospect of external support
is reflected in Fitch's Support ratings.  Collectively these
ratings drive Fitch's Long- and Short-term IDRs.


HOUSE CONSTRUCTION: Moody's Cuts Local Cur. Deposit Rtngs to Ba1
----------------------------------------------------------------
Moody's Investors Service has concluded its review for possible
downgrade of six Kazakh financial institutions with the downgrade
of the ratings of five financial institutions, four of which are
financial Government-Related Issuers -- namely Development Bank of
Kazakhstan, Kazakhstan Mortgage Company, KazAgroFinance and
Agrarian Credit Corporation.  The fifth institution affected by
the downgrade is House Construction Savings Bank of Kazakhstan --
a fully government-owned bank.  The ratings of the sixth
institution under review DBK-Leasing, a fully owned subsidiary of
Development Bank of Kazakhstan, were confirmed.  The outlook on
Kazakhstan Mortgage Company's long-term issuer rating is negative,
reflecting the ongoing pressure on the company's stand-alone
financial profile and, in Moody's view, its diminishing policy
role.  The outlook for the issuer and deposit ratings of all other
aforementioned financial institutions is stable, in line with the
stable outlook on Kazakhstan's sovereign rating.

The downgrades were triggered by a lowering of Moody's support
assumptions incorporated in the ratings of the five Kazakh
institutions affected, and conclude the review process initiated
on April 8, 2010.

Given the government's propensity to protect its balance sheet
from large contingent liabilities, the rating agency has
reassessed the level of the government support incorporated into
the ratings of the five Kazakh institutions.  The agency notes
that although the affected institutions continue to serve
important policy roles within the Kazakh financial sphere, the
strategic importance of these entities for the government may not
be as vital as other GRIs, particularly those operating in the oil
and gas industry, which is the main engine of economic growth for
the country.  As a result, Moody's has lowered the level of
government support reflected in the ratings of these financial
institutions, causing a downward adjustment in their issuer and
debt ratings.  The issuer ratings of DBK-Leasing were confirmed,
given that the downgrade of its parent's rating by one notch has
no impact on Moody's assessment of the possible parental support
to the issuer.

Moody's notes that although the review led to a reduction in the
level of credit enhancement stemming from government support, the
ratings of the five Kazakh institutions continue to benefit from
significant uplift from their stand-alone or Baseline Credit
Assessments.  The new ratings still reflect between one- to four-
notches of uplift from their BCAs.

The rating actions taken by Moody's in respect of these financial
institutions are:

* Development Bank of Kazakhstan: The long-term foreign currency
  issuer and debt ratings were downgraded to Baa3 from Baa2.  The
  outlook is now stable.  These ratings benefit from Moody's
  assessment of a high probability of government support that
  results in a three-notch uplift from the bank's BCA of 11-13.

* House Construction Savings Bank of Kazakhstan: The long-term and
  short-term local currency deposit ratings were downgraded to
  Ba1/Not Prime from Baa3/Prime-3.  The outlook is now stable.
  These ratings benefit from Moody's assessment of a high
  probability of government support that results in a four-notch
  uplift from the bank's BCA of B2.

* KazAgroFinance: The long-term local and foreign currency issuer
  ratings were downgraded to Ba2 from Ba1.  The outlook is now
  stable.  These ratings benefit from Moody's assessment of a
  medium probability of government support that results in a tree-
  notch uplift from the company's BCA of 15.

* Agrarian Credit Corporation: The long-term local and foreign
  currency issuer ratings were downgraded to Ba2 from Ba1.  The
  outlook is now stable.  These ratings benefit from Moody's
  assessment of a medium probability of government support that
  results in a tree-notch uplift from the company's BCA of 15.

* Kazakhstan Mortgage Company: The long-term local currency issuer
  rating was downgraded to B1.  The outlook is negative,
  reflecting the ongoing pressure on the company's stand-alone
  financial profile and, in Moody's view, the recently diminishing
  policy role that the company serves within the Kazakh financial
  sphere.  This rating benefits from Moody's assessment of a
  medium probability of government support that results in a one
  notch uplift from the company's BCA of 15.

* DBK-Leasing: The Ba3 long-term local and foreign currency issuer
  ratings was confirmed; these ratings continue to benefit from
  Moody's assessment of a high probability of parental support
  that results in a three-notch uplift from the company's BCA of
  B3.

Moody's previous rating action on Development Bank of Kazakhstan,
Kazakhstan Mortgage Company, KazAgroFinance, Agrarian Credit
Corporation, House Construction Savings Bank of Kazakhstan and
DBK-Leasing was on April 8, 2010, when the rating agency placed on
review for possible downgrade the issuer and deposit ratings of
the aforementioned financial institutions following the sovereign
rating action.


KAZAGROFINANCE: Moody's Downgrades Issuer Ratings to 'Ba2'
----------------------------------------------------------
Moody's Investors Service has concluded its review for possible
downgrade of six Kazakh financial institutions with the downgrade
of the ratings of five financial institutions, four of which are
financial Government-Related Issuers -- namely Development Bank of
Kazakhstan, Kazakhstan Mortgage Company, KazAgroFinance and
Agrarian Credit Corporation.  The fifth institution affected by
the downgrade is House Construction Savings Bank of Kazakhstan --
a fully government-owned bank.  The ratings of the sixth
institution under review DBK-Leasing, a fully owned subsidiary of
Development Bank of Kazakhstan, were confirmed.  The outlook on
Kazakhstan Mortgage Company's long-term issuer rating is negative,
reflecting the ongoing pressure on the company's stand-alone
financial profile and, in Moody's view, its diminishing policy
role.  The outlook for the issuer and deposit ratings of all other
aforementioned financial institutions is stable, in line with the
stable outlook on Kazakhstan's sovereign rating.

The downgrades were triggered by a lowering of Moody's support
assumptions incorporated in the ratings of the five Kazakh
institutions affected, and conclude the review process initiated
on April 8, 2010.

Given the government's propensity to protect its balance sheet
from large contingent liabilities, the rating agency has
reassessed the level of the government support incorporated into
the ratings of the five Kazakh institutions.  The agency notes
that although the affected institutions continue to serve
important policy roles within the Kazakh financial sphere, the
strategic importance of these entities for the government may not
be as vital as other GRIs, particularly those operating in the oil
and gas industry, which is the main engine of economic growth for
the country.  As a result, Moody's has lowered the level of
government support reflected in the ratings of these financial
institutions, causing a downward adjustment in their issuer and
debt ratings.  The issuer ratings of DBK-Leasing were confirmed,
given that the downgrade of its parent's rating by one notch has
no impact on Moody's assessment of the possible parental support
to the issuer.

Moody's notes that although the review led to a reduction in the
level of credit enhancement stemming from government support, the
ratings of the five Kazakh institutions continue to benefit from
significant uplift from their stand-alone or Baseline Credit
Assessments.  The new ratings still reflect between one- to four-
notches of uplift from their BCAs.

The rating actions taken by Moody's in respect of these financial
institutions are:

* Development Bank of Kazakhstan: The long-term foreign currency
  issuer and debt ratings were downgraded to Baa3 from Baa2.  The
  outlook is now stable.  These ratings benefit from Moody's
  assessment of a high probability of government support that
  results in a three-notch uplift from the bank's BCA of 11-13.

* House Construction Savings Bank of Kazakhstan: The long-term and
  short-term local currency deposit ratings were downgraded to
  Ba1/Not Prime from Baa3/Prime-3.  The outlook is now stable.
  These ratings benefit from Moody's assessment of a high
  probability of government support that results in a four-notch
  uplift from the bank's BCA of B2.

* KazAgroFinance: The long-term local and foreign currency issuer
  ratings were downgraded to Ba2 from Ba1.  The outlook is now
  stable.  These ratings benefit from Moody's assessment of a
  medium probability of government support that results in a tree-
  notch uplift from the company's BCA of 15.

* Agrarian Credit Corporation: The long-term local and foreign
  currency issuer ratings were downgraded to Ba2 from Ba1.  The
  outlook is now stable.  These ratings benefit from Moody's
  assessment of a medium probability of government support that
  results in a tree-notch uplift from the company's BCA of 15.

* Kazakhstan Mortgage Company: The long-term local currency issuer
  rating was downgraded to B1.  The outlook is negative,
  reflecting the ongoing pressure on the company's stand-alone
  financial profile and, in Moody's view, the recently diminishing
  policy role that the company serves within the Kazakh financial
  sphere.  This rating benefits from Moody's assessment of a
  medium probability of government support that results in a one
  notch uplift from the company's BCA of 15.

* DBK-Leasing: The Ba3 long-term local and foreign currency issuer
  ratings was confirmed; these ratings continue to benefit from
  Moody's assessment of a high probability of parental support
  that results in a three-notch uplift from the company's BCA of
  B3.

Moody's previous rating action on Development Bank of Kazakhstan,
Kazakhstan Mortgage Company, KazAgroFinance, Agrarian Credit
Corporation, House Construction Savings Bank of Kazakhstan and
DBK-Leasing was on April 8, 2010, when the rating agency placed on
review for possible downgrade the issuer and deposit ratings of
the aforementioned financial institutions following the sovereign
rating action.


KAZAKHSTAN MORTGAGE: Moody's Cuts Local Cur. Issuer Rating to B1
----------------------------------------------------------------
Moody's Investors Service has concluded its review for possible
downgrade of six Kazakh financial institutions with the downgrade
of the ratings of five financial institutions, four of which are
financial Government-Related Issuers -- namely Development Bank of
Kazakhstan, Kazakhstan Mortgage Company, KazAgroFinance and
Agrarian Credit Corporation.  The fifth institution affected by
the downgrade is House Construction Savings Bank of Kazakhstan --
a fully government-owned bank.  The ratings of the sixth
institution under review DBK-Leasing, a fully owned subsidiary of
Development Bank of Kazakhstan, were confirmed.  The outlook on
Kazakhstan Mortgage Company's long-term issuer rating is negative,
reflecting the ongoing pressure on the company's stand-alone
financial profile and, in Moody's view, its diminishing policy
role.  The outlook for the issuer and deposit ratings of all other
aforementioned financial institutions is stable, in line with the
stable outlook on Kazakhstan's sovereign rating.

The downgrades were triggered by a lowering of Moody's support
assumptions incorporated in the ratings of the five Kazakh
institutions affected, and conclude the review process initiated
on April 8, 2010.

Given the government's propensity to protect its balance sheet
from large contingent liabilities, the rating agency has
reassessed the level of the government support incorporated into
the ratings of the five Kazakh institutions.  The agency notes
that although the affected institutions continue to serve
important policy roles within the Kazakh financial sphere, the
strategic importance of these entities for the government may not
be as vital as other GRIs, particularly those operating in the oil
and gas industry, which is the main engine of economic growth for
the country.  As a result, Moody's has lowered the level of
government support reflected in the ratings of these financial
institutions, causing a downward adjustment in their issuer and
debt ratings.  The issuer ratings of DBK-Leasing were confirmed,
given that the downgrade of its parent's rating by one notch has
no impact on Moody's assessment of the possible parental support
to the issuer.

Moody's notes that although the review led to a reduction in the
level of credit enhancement stemming from government support, the
ratings of the five Kazakh institutions continue to benefit from
significant uplift from their stand-alone or Baseline Credit
Assessments.  The new ratings still reflect between one- to four-
notches of uplift from their BCAs.

The rating actions taken by Moody's in respect of these financial
institutions are:

* Development Bank of Kazakhstan: The long-term foreign currency
  issuer and debt ratings were downgraded to Baa3 from Baa2.  The
  outlook is now stable.  These ratings benefit from Moody's
  assessment of a high probability of government support that
  results in a three-notch uplift from the bank's BCA of 11-13.

* House Construction Savings Bank of Kazakhstan: The long-term and
  short-term local currency deposit ratings were downgraded to
  Ba1/Not Prime from Baa3/Prime-3.  The outlook is now stable.
  These ratings benefit from Moody's assessment of a high
  probability of government support that results in a four-notch
  uplift from the bank's BCA of B2.

* KazAgroFinance: The long-term local and foreign currency issuer
  ratings were downgraded to Ba2 from Ba1.  The outlook is now
  stable.  These ratings benefit from Moody's assessment of a
  medium probability of government support that results in a tree-
  notch uplift from the company's BCA of 15.

* Agrarian Credit Corporation: The long-term local and foreign
  currency issuer ratings were downgraded to Ba2 from Ba1.  The
  outlook is now stable.  These ratings benefit from Moody's
  assessment of a medium probability of government support that
  results in a tree-notch uplift from the company's BCA of 15.

* Kazakhstan Mortgage Company: The long-term local currency issuer
  rating was downgraded to B1.  The outlook is negative,
  reflecting the ongoing pressure on the company's stand-alone
  financial profile and, in Moody's view, the recently diminishing
  policy role that the company serves within the Kazakh financial
  sphere.  This rating benefits from Moody's assessment of a
  medium probability of government support that results in a one
  notch uplift from the company's BCA of 15.

* DBK-Leasing: The Ba3 long-term local and foreign currency issuer
  ratings was confirmed; these ratings continue to benefit from
  Moody's assessment of a high probability of parental support
  that results in a three-notch uplift from the company's BCA of
  B3.

Moody's previous rating action on Development Bank of Kazakhstan,
Kazakhstan Mortgage Company, KazAgroFinance, Agrarian Credit
Corporation, House Construction Savings Bank of Kazakhstan and
DBK-Leasing was on April 8, 2010, when the rating agency placed on
review for possible downgrade the issuer and deposit ratings of
the aforementioned financial institutions following the sovereign
rating action.


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


LYONDELL CHEMICAL: Administrative Claims Bar Date on June 29
------------------------------------------------------------
Judge Robert E. Gerber of the U.S. Bankruptcy Court for the
Southern District of New York declared Lyondell Chemical Company's
Third Amended Joint Plan of Reorganization effective on April 30,
2010.

A list of the Emerged Debtors is available for free
at http://bankrupt.com/misc/Lyondell_EmergedDebtors.pdf

Judge Gerber ruled that the Plan and its supplements, including
all release and injunctive provisions are binding on the Debtors,
the Reorganized Debtors, any successors-in-interest to the
Debtors, any entity acquiring or receiving property or a
distribution under the Plan, and any holder of a Claim against or
Equity Interest in the Debtors as of April 23, 2010, including all
governmental entities, whether or not the Claim or Equity Interest
of that holder is impaired under the Plan and whether or not that
holder or entity has accepted the Plan.

Judge Gerber has confirmed Lyondell's Plan on April 23, 2010,
with the approval of an overwhelming majority of the voting
creditor classes.

"This marks a new beginning for LyondellBasell.  We emerge from
bankruptcy as a stronger, leaner, more competitive company, with
an improved balance sheet and liquidity, intent on making
LyondellBasell the industry leader," said Jim Gallogly, chief
executive officer in a statement.  "Our employees have worked
diligently for more than one year to bring us to this point and I
extend my appreciation to each of them for their perseverance.
Likewise, I am grateful to our customers, suppliers and investors
for their unwavering confidence in our company.

"We can now devote our full attention to making LyondellBasell the
best company in our industry, committed to operational excellence,
further improving our competitiveness, and most of all, serving
our customers.  We will continue to develop and deliver the
innovative products and technologies our customers value," Mr.
Gallogly said.

LyondellBasell disclosed that it has a significantly improved
financial position at emergence, with approximately US$5.2 billion
of net consolidated debt and approximately US$3 billion of opening
liquidity.   As part of its exit financing, LyondellBasell raised
US$3.25 billion of first priority debt as well as US$2.8 billion
through a rights offering.   The proceeds from the sale of notes,
borrowings under a term loan, an asset-based lending facility, a
new European securitization facility and the rights offering
proceeds were used to pay and replace certain existing debt and
other obligations including debtor-in-possession credit
facilities, an existing European securitization facility, to make
certain other payments, and to assure adequate liquidity for the
company going forward.

LyondellBasell issued approximately 564 million shares of common
stock under its Plan of Reorganization.  This included stock
issued in exchange for allowed claims as well as through a rights
offering.  The company is arranging for the stock to be publicly
traded on the New York Stock Exchange with the goal of being
listed by the third quarter 2010.

"LyondellBasell's plan of reorganization, which became effective
today, is the capstone of an historic and extremely successful
global reorganization," the company's lead counsel, Cadwalader,
Wickersham & Taft LLP said in a statement.

George Davis, Esq., a partner at Cadwalader's Financial
Restructuring practice, noted that "When Lyondell retained
Cadwalader 15 months ago, the credit markets were frozen and the
ability to obtain third-party DIP financing was virtually non-
existent."

"I am proud to be among so many outstanding professionals who met
every challenge this complex case presented in a time frame and
with results that permit our client to move forward with
confidence and certainty," Mr. Davis said.

A new parent company, LyondellBasell Industries N.V., incorporated
in the Netherlands, is the successor of the former parent company,
LyondellBasell Industries AF S.C.A., a Luxembourg company that is
no longer part of LyondellBasell.  LyondellBasell Industries N.V.
owns and operates substantially the same businesses as the
previous parent company, including subsidiaries that were not
involved in the bankruptcy cases.  LyondellBasell's corporate seat
is Rotterdam, Netherlands, with administrative offices in Houston
and Rotterdam.

                  Administrative Expense Bar Date

Together with Lyondell's Notice of Effective Date is the
establishment of an Administrative Bar Date.

Papers filed in court note that any party that holds any right to
payment, whether secured or unsecured, constituting a cost or
expense of the Debtors' Chapter 11 case that is allowed in
accordance with Sections 330, 365, 503(b), 507(a)(2) and 507(b)
of the Bankruptcy Code, must file a request for an Administrative
Expense on or before June 29, 2010.  This includes amounts owed
to vendors providing goods and services to the Debtors during
their Chapter 11 cases and actual and necessary expenses of
operating the Debtors' businesses, arising after the Petition
Date but before May 1, 2010.

Any party does not need to file a request for an Administrative
Expense for (i) liabilities incurred in the ordinary course of
business; (ii) Postpetition Intercompany Claims; (iii) Allowed
Priority Tax Claims and Allowed Secured Tax Claims that are not
due and payable on or before the Effective Date and (iv)
professional compensation and reimbursement of expenses pursuant
to Section 503 of the Bankruptcy Code, requests for which must be
filed with the Bankruptcy Court in accordance with the Plan.

Requests for an Administrative Expense should conform
substantially with an Administrative Expense form together with
supporting documents and must be submitted to the Bankruptcy
Court:

  IF SENT BY MAIL, TO:
  Lyondell Chemical Company, et al.
  Claims Processing Center
  c/o Epiq Bankruptcy Solutions, LLC
  FDR Station
  P.O. Box 5013
  New York, NY 10150-5013

  IF SENT BY MESSENGER OR OVERNIGHT COURIER, TO:
  Lyondell Chemical Company, et al. Claims Processing Center
  c/o Epiq Bankruptcy Solutions, LLC
  757 Third Avenue, 3rd Floor
  New York, NY 10017

Requests must be served on counsel for the Debtors, George A.
Davis, Esq., and Andrew M. Troop, Esq., at Cadwalader, Wickersham
& Taft LLP, in New York.

Any administrative expense forms that are not properly filed and
served by the Administrative Bar Date will be disallowed
automatically without the need for any objection from the Debtors
or the Reorganized Debtors or any action by the Bankruptcy Court.

                      About Lyondell Chemical

LyondellBasell Industries is one of the world's largest polymers,
petrochemicals and fuels companies.  It is the global leader in
polyolefins technology, production and marketing; a pioneer in
propylene oxide and derivatives; and a significant producer of
fuels and refined products, including biofuels.  Through research
and development, LyondellBasell develops innovative materials and
technologies that deliver exceptional customer value and products
that improve quality of life for people around the world.
Headquartered in The Netherlands, LyondellBasell --
http://www.lyondellbasell.com/-- is privately owned by Access
Industries.

Basell AF and Lyondell Chemical Company merged operations in 2007
to form LyondellBasell Industries, the world's third largest
independent chemical company.  LyondellBasell became saddled with
debt as part of the US$12.7 billion merger.  On January 6, 2009,
LyondellBasell Industries' U.S. operations and one of its European
holding companies -- Basell Germany Holdings GmbH -- filed
voluntary petitions to reorganize under Chapter 11 of the U.S.
Bankruptcy Code to facilitate a restructuring of the company's
debts.  The case is In re Lyondell Chemical Company, et al.,
Bankr. S.D.N.Y. Lead Case No. 09-10023).  Seventy-nine Lyondell
entities, including Equistar Chemicals, LP, Lyondell Chemical
Company, Millennium Chemicals Inc., and Wyatt Industries, Inc.
filed for Chapter 11.  In May 2009, one of the cases was dismissed
-- Case No. 09-10068 -- because it is duplicative of Case No. 09-
10040 relating to Debtor Glidden Latin America Holdings.

The Hon. Robert E. Gerber presides over the case.  Deryck A.
Palmer, Esq., at Cadwalader, Wickersham & Taft LLP, in New York,
serves as the Debtors' bankruptcy counsel.  Evercore Partners
serves as financial advisors, and Alix Partners and its subsidiary
AP Services LLC, serves as restructuring advisors.  AlixPartners'
Kevin M. McShea acts as the Debtors' Chief Restructuring Officer.
Clifford Chance LLP serves as restructuring advisors to the
European entities.  Lyondell Chemical estimated that consolidated
assets total US$27.12 billion and debts total US$19.34 billion as
of the bankruptcy filing date.

Lyondell has obtained approximately US$8 billion in DIP financing
to fund continuing operations.  The DIP financing includes two
credit agreements: a US$6.5 billion term loan, which comprises a
US$3.25 billion in new loans and a US$3.25 billion roll-up of
existing loans; and a US$1.57 billion asset-backed lending
facility.

LyondellBasell Industries AF S.C.A. and another affiliate were
voluntarily added to Lyondell Chemical's reorganization filing
under Chapter 11 on April 24, 2009, in order to seek protection
against claims by certain financial and U.S. trade creditors.  On
May 8, 2009, LyondellBasell Industries added 13 non-operating
entities to Lyondell Chemical Company's reorganization filing
under Chapter 11 of the U.S. Bankruptcy Code.  All of the entities
are U.S. companies and were added to the original Chapter 11
filing for administrative purposes.

Bankruptcy Creditors' Service, Inc., publishes Lyondell Bankruptcy
News.  The newsletter tracks the Chapter 11 proceeding undertaken
by Lyondell Chemical Company and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


LYONDELL CHEMICAL: Parent to Release 1st Quarter Results May 7
--------------------------------------------------------------
LyondellBasell announced the following schedule and contact
information for a teleconference on financial results through the
first quarter 2010:

    Details:
    Friday, May 7, 2010
    11:30 a.m. Eastern Time

    Hosted by Doug Pike, Vice President, Investor Relations

    Teleconference Numbers:
    United States: +1-800-369-1176
    London: 0800-279-9630
    Netherlands: 0800-343-4364

    Pass Code: LyondellBasell

Go to www.lyondellbasell.com/teleconference for a complete listing
of toll-free numbers by country.

Slides will be available at the time of the presentation and
afterward at www.lyondellbasell.com/earnings.

Telephone replay will be available from 2:30 p.m. Eastern Time on
May 7, 2010, to 1:29 a.m. Eastern Time on June 8, 2010.

    The replay dial-in numbers are:

    United States: +1-800-677-9149     Pass Code: 6345

    International: 203-369-3408      Pass Code: 6345

                      About Lyondell Chemical

LyondellBasell Industries is one of the world's largest polymers,
petrochemicals and fuels companies.  It is the global leader in
polyolefins technology, production and marketing; a pioneer in
propylene oxide and derivatives; and a significant producer of
fuels and refined products, including biofuels.  Through research
and development, LyondellBasell develops innovative materials and
technologies that deliver exceptional customer value and products
that improve quality of life for people around the world.
Headquartered in The Netherlands, LyondellBasell --
http://www.lyondellbasell.com/-- is privately owned by Access
Industries.

Basell AF and Lyondell Chemical Company merged operations in 2007
to form LyondellBasell Industries, the world's third largest
independent chemical company.  LyondellBasell became saddled with
debt as part of the US$12.7 billion merger.  On January 6, 2009,
LyondellBasell Industries' U.S. operations and one of its European
holding companies -- Basell Germany Holdings GmbH -- filed
voluntary petitions to reorganize under Chapter 11 of the U.S.
Bankruptcy Code to facilitate a restructuring of the company's
debts.  The case is In re Lyondell Chemical Company, et al.,
Bankr. S.D.N.Y. Lead Case No. 09-10023).  Seventy-nine Lyondell
entities, including Equistar Chemicals, LP, Lyondell Chemical
Company, Millennium Chemicals Inc., and Wyatt Industries, Inc.
filed for Chapter 11.  In May 2009, one of the cases was dismissed
-- Case No. 09-10068 -- because it is duplicative of Case No. 09-
10040 relating to Debtor Glidden Latin America Holdings.

The Hon. Robert E. Gerber presides over the case.  Deryck A.
Palmer, Esq., at Cadwalader, Wickersham & Taft LLP, in New York,
serves as the Debtors' bankruptcy counsel.  Evercore Partners
serves as financial advisors, and Alix Partners and its subsidiary
AP Services LLC, serves as restructuring advisors.  AlixPartners'
Kevin M. McShea acts as the Debtors' Chief Restructuring Officer.
Clifford Chance LLP serves as restructuring advisors to the
European entities.  Lyondell Chemical estimated that consolidated
assets total US$27.12 billion and debts total US$19.34 billion as
of the bankruptcy filing date.

Lyondell has obtained approximately US$8 billion in DIP financing
to fund continuing operations.  The DIP financing includes two
credit agreements: a US$6.5 billion term loan, which comprises a
US$3.25 billion in new loans and a US$3.25 billion roll-up of
existing loans; and a US$1.57 billion asset-backed lending
facility.

LyondellBasell Industries AF S.C.A. and another affiliate were
voluntarily added to Lyondell Chemical's reorganization filing
under Chapter 11 on April 24, 2009, in order to seek protection
against claims by certain financial and U.S. trade creditors.  On
May 8, 2009, LyondellBasell Industries added 13 non-operating
entities to Lyondell Chemical Company's reorganization filing
under Chapter 11 of the U.S. Bankruptcy Code.  All of the entities
are U.S. companies and were added to the original Chapter 11
filing for administrative purposes.

Bankruptcy Creditors' Service, Inc., publishes Lyondell Bankruptcy
News.  The newsletter tracks the Chapter 11 proceeding undertaken
by Lyondell Chemical Company and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


LYONDELL CHEMICAL: Takes First Step to Trade Publicly in NYSE
-------------------------------------------------------------
LyondellBasell Industries N.V., the new parent of Lyondell
Chemical Company and its reorganized debtor affiliates filed with
the U.S. Securities and Exchange Commission on April 28, 2010, a
Form 10 to register Class A ordinary shares, Class B ordinary
shares and warrants to purchase Class A ordinary shares with the
New York Stock Exchange pursuant to Section 12(b) of the
Securities Act.

Specifically, as of April 30, 2010 or the Emergence Date,
LyondellBasell's authorized share capital will be EUR51,000,000,
consisting of 1,000,000,000 Class A ordinary shares and two
275,000,000 Class B ordinary shares, each with a par value of
EUR0.04.  As of the Emergence Date, LyondellBasell expects that
300,000,000 of Class A ordinary shares, 263,901,979 of Class B
ordinary shares and 11,278,040 of warrants to purchase Class A
ordinary shares will be outstanding, not including any equity-
based compensation issued under the equity compensation plan.

Each shareholder is entitled to one vote for each ordinary share
held on every matter submitted to a vote of shareholders,
including election of members of the Management Board and
Supervisory Board.  There are no cumulative voting rights.
Accordingly, the holders of a majority of voting rights will have
the power to elect all members of the Management Board and the
Supervisory Board who are standing for election.

Pursuant to Dutch law and LyondellBasell's Articles of
Association, the Supervisory Board and holders of ordinary shares
have the right to approve decisions from the Management Board
relating to (i) the transfer of all or substantially all of
LyondellBasell's enterprise by way of a share or asset sale,
consolidation or merger or otherwise; (ii) the entering into or
termination of a long-lasting commercial relationship that is of
essential importance to the company's business and (iii) the
acquisition or disposition of shares or assets with a value of at
least one-third of the company's consolidated asset value.

LyondellBasell's Articles of Association require that in the event
of a purchase, conversion or exchange of class B ordinary shares
at a value less than US$10.61 per class B ordinary share, subject
to anti-dilution adjustments in case of a transfer of all or
substantially all of LyondellBasell's enterprise to third parties,
the Management Board must obtain the approval of the Supervisory
Board and holders of 85% of the voting power of the class B
ordinary shares outstanding at the time.

In addition, a resolution for LyondellBasell's merger or demerger
will require the approval of the Supervisory Board and holders of
85% of the voting power of the class B ordinary shares, in the
event that in any transaction each class B ordinary share would be
purchased, converted or exchanged at a value less than the class B
liquidation preference.  A resolution to amend the provisions in
LyondellBasell's Articles of Association relating to the
conversion of class B ordinary shares into class A ordinary
shares, the voting rights of class B ordinary shares and the class
B liquidation preference requires the prior approval from both the
Supervisory Board and all the holders of class B ordinary shares.
Certain resolutions to amend certain provisions of the Articles of
Association in a manner disproportionately affecting a class of
LyondellBasell's ordinary shares will require the approval of 2/3
of the outstanding voting power of that class.

There are no laws in effect in The Netherlands or provisions in
the Articles of Association limiting the rights of non-resident
investors to hold or vote ordinary shares.

Pursuant to the Articles of Association, the Management Board,
with the approval of the Supervisory Board, may determine to
allocate amounts to LyondellBasell's reserves up to the amount of
the company's annual profits.  Out of LyondellBasell's share
premium reserve and other reserves available for shareholder
distributions under Dutch law, the general meeting of shareholders
may declare distributions after a proposal of the Management Board
after approval from the Supervisory Board.  LyondellBasell cannot
pay dividends if the payment would reduce its shareholders' equity
below the aggregate par value of the company's outstanding
ordinary shares, plus reserves required to be maintained by law.

In addition, LyondellBasell does not currently plan to pay a
regular dividend on its class A ordinary shares or class B
ordinary shares.  Any future cash dividends or distributions will
be paid in U.S. dollars.

Each shareholder and certain other parties designated under Dutch
law will be permitted, either personally or through an attorney
authorized in writing, to attend the general meeting of
shareholders, to address the meetings and to exercise voting
rights, subject to certain provisions of Dutch law and the
Articles of Association.

LyondellBasell's general meetings of shareholders will be held in
The Netherlands at least annually, within six months after the
close of each financial year.

One or more shareholders representing solely or jointly at least
1% of the issued share capital or, as long as LyondellBasell's
shares are admitted to trading on the NYSE, shareholders whose
shares represent EUR50,000,000 or more, can ask the Supervisory
Board to place a matter on the agenda, provided that the
Supervisory Board has received that request at least 60 days
before the date of the general meeting of shareholders.

                 Post-Emergence Directors

In addition, LyondellBasell's executive officers are:

  Name                            Title
  ----                            -----
James L. Gallogly                Chief Executive Officer
C. Kent Potter                   Chief Financial Officer
Craig Glidden                    Executive Vice President and
                                  Chief Legal Officer
Kevin W. Brown                   Senior Vice President,
                                  Refining
Bhavesh V. (Bob) Patel           Senior Vice President,
                                  O&P - Americas
Anton de Vries                   Senior Vice President, O&P -
                                  EAI
Patrick Quarles                  Senior Vice President,
                                  Intermediates & Derivatives
Just Jansz                       Senior Vice President,
                                  Technology

The Supervisory Board will initially consist of nine members, four
of which will be independent members.  Of the initial Supervisory
Board, Apollo Global Management, LLC will have the right to
nominate three members while Access Industries and Ares Corporate
Opportunities Fund III, L.P. will each have the right to nominate
one initial member.  Apollo has nominated Joshua J. Harris, Scott
M. Kleinman and Marvin O. Schlanger to serve on the Supervisory
Board.  Access has nominated Philip Kassin to serve on the
Supervisory Board.  Ares has nominated Jeffrey S. Serota to serve
on the Supervisory Board.  Currently, LyondellBasell has not yet
identified the nominees expected to be the independent members of
the Supervisory Board.

A full-text copy of the Form 10 is available for free at:

                http://ResearchArchives.com/t/s?611e

                      About Lyondell Chemical

LyondellBasell Industries is one of the world's largest polymers,
petrochemicals and fuels companies.  It is the global leader in
polyolefins technology, production and marketing; a pioneer in
propylene oxide and derivatives; and a significant producer of
fuels and refined products, including biofuels.  Through research
and development, LyondellBasell develops innovative materials and
technologies that deliver exceptional customer value and products
that improve quality of life for people around the world.
Headquartered in The Netherlands, LyondellBasell --
http://www.lyondellbasell.com/-- is privately owned by Access
Industries.

Basell AF and Lyondell Chemical Company merged operations in 2007
to form LyondellBasell Industries, the world's third largest
independent chemical company.  LyondellBasell became saddled with
debt as part of the US$12.7 billion merger.  On January 6, 2009,
LyondellBasell Industries' U.S. operations and one of its European
holding companies -- Basell Germany Holdings GmbH -- filed
voluntary petitions to reorganize under Chapter 11 of the U.S.
Bankruptcy Code to facilitate a restructuring of the company's
debts.  The case is In re Lyondell Chemical Company, et al.,
Bankr. S.D.N.Y. Lead Case No. 09-10023).  Seventy-nine Lyondell
entities, including Equistar Chemicals, LP, Lyondell Chemical
Company, Millennium Chemicals Inc., and Wyatt Industries, Inc.
filed for Chapter 11.  In May 2009, one of the cases was dismissed
-- Case No. 09-10068 -- because it is duplicative of Case No. 09-
10040 relating to Debtor Glidden Latin America Holdings.

The Hon. Robert E. Gerber presides over the case.  Deryck A.
Palmer, Esq., at Cadwalader, Wickersham & Taft LLP, in New York,
serves as the Debtors' bankruptcy counsel.  Evercore Partners
serves as financial advisors, and Alix Partners and its subsidiary
AP Services LLC, serves as restructuring advisors.  AlixPartners'
Kevin M. McShea acts as the Debtors' Chief Restructuring Officer.
Clifford Chance LLP serves as restructuring advisors to the
European entities.  Lyondell Chemical estimated that consolidated
assets total US$27.12 billion and debts total US$19.34 billion as
of the bankruptcy filing date.

Lyondell has obtained approximately US$8 billion in DIP financing
to fund continuing operations.  The DIP financing includes two
credit agreements: a US$6.5 billion term loan, which comprises a
US$3.25 billion in new loans and a US$3.25 billion roll-up of
existing loans; and a US$1.57 billion asset-backed lending
facility.

LyondellBasell Industries AF S.C.A. and another affiliate were
voluntarily added to Lyondell Chemical's reorganization filing
under Chapter 11 on April 24, 2009, in order to seek protection
against claims by certain financial and U.S. trade creditors.  On
May 8, 2009, LyondellBasell Industries added 13 non-operating
entities to Lyondell Chemical Company's reorganization filing
under Chapter 11 of the U.S. Bankruptcy Code.  All of the entities
are U.S. companies and were added to the original Chapter 11
filing for administrative purposes.

Bankruptcy Creditors' Service, Inc., publishes Lyondell Bankruptcy
News.  The newsletter tracks the Chapter 11 proceeding undertaken
by Lyondell Chemical Company and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


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


* ROMANIA: Government Draws Up Insolvency Act
---------------------------------------------
Mediafax.ro reports that Romanian administrative-territorial
institutions that can no longer pay debts overdue by more than 90
days, which exceed 15% of the annual local budget, will undergo
insolvency and will have to present plans for financial recovery
and management reorganization.

Insolvency procedures will also set off if the institution can no
longer pay salaries for more than 90 days from the falling date,
the report says, citing a draft act approved by the Romanian
Government in its weekly meeting Wednesday.

According to the report, under the act, within five working days
from adopting the decision declaring state of insolvency, "a
committee for financial crisis situations" will be set up, through
order of the prefect, and the management of the institution
undergoing insolvency will no longer be entitled to make any
decision that may increase financial dues, to hire extra staff and
borrow money, except re-financing loans.

The state of insolvency is presumed in case of failure to pay
debts overdue by more than 120 days, which exceed 50% of the
annual local budget of the respective unit, and failure to pay
salary rights for more than 120 days from the falling date, the
report states.


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


UC RUSAL: Ewarton Alumina Refinery Re-Opens
-------------------------------------------
Prime Minister Hon. Bruce Golding has welcomed the news that
Russian alumina company, UC Rusal, will be re-opening the Ewarton
Alumina refinery by mid-year, Jamaica Information Service reports.

"We welcome that announcement and, especially, the jobs that will
be restored to the bauxite workers.  We provided special
concessions under the existing fiscal regime to enable the plant
to be reopened," the report quoted Mr. Golding as saying.  The
report relates Mr. Golding said that the future of Alumina
Partners of Jamaica (Alpart) and Kirkvine remains less certain,
but noted that if the global market for alumina continues to
improve, "we expect to see the re-opening of Alpart, but it is not
possible to say how soon that will be."

"Kirkvine faces two major challenges.  It is the oldest of our
plants and will require significant investment in new technology
before it can achieve the desired levels of efficiency. Secondly,
the type of bauxite reserves that remain, although in abundance,
requires considerably more energy to process," Mr. Golding said,
the report notes.  The future growth of the bauxite/alumina
industry, and not just Kirkvine, depends heavily on our ability to
provide a cheaper source of energy, he added.

RUSAL -- http://www.rusal.com/-- is among the world's top
aluminum producers, along with Rio Tinto Alcan and Alcoa.  Formed
in 2000 from various parts of the old Soviet state apparatus,
RUSAL produces about 4 million tons of aluminum, 11 million tons
of alumina, and 6 million tons of bauxite.  Its aluminum business
include packaging and foil operations in addition to a network of
smelters.  Those Soviet spare parts were significantly augmented
in 2007 when the company merged with fellow Russian aluminum
producer Sual and Glencore's alumina unit.  RUSAL is majority
owned by Board member Oleg Deripaska, who had owned the company
completely prior to the merger.


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


CABLEUROPA SAU: S&P Raises Corporate Credit Rating to 'B-'
----------------------------------------------------------
Standard & Poor's Ratings Services said that it has raised to 'B-'
from 'CCC+' its long-term corporate credit rating on Spanish cable
operator Cableuropa S.A.U.  S&P removed the rating from
CreditWatch with developing implications, where it had been placed
on Jan. 18, 2010.  The outlook is stable.

At the same time, S&P has raised to 'CCC' from 'CCC-' the ratings
on the senior unsecured debt issued by financing vehicles ONO
Finance PLC and ONO Finance II PLC and guaranteed by Cableuropa.
The recovery rating on this debt is unchanged at '6', indicating
S&P's expectation of negligible (0%-10%) recovery in the event of
a payment default.

"These rating actions follow Cableuropa's reported successful
refinancing of a large part of its bank debt," said Standard &
Poor's credit analyst Guillaume Trentin.

The company has indicated that lenders who hold over 80% of its
senior secured debt have given their consent to roll over their
exposure under tranches A and B of its credit facility (totaling
about EUR1.8 billion) into a forward start facility with a bullet
maturity in June 2013.

Given that these tranches previously amortized steeply between
2010 and 2013, S&P believes it was critical for the company to
receive such a high level of acceptance from lenders to avoid a
cash default during the next couple of years.  Therefore, S&P
believes that the FSF meaningfully benefits Cableuropa's near-term
liquidity and results in a pro forma debt maturity profile more in
line with its cash flow generation.

In addition, the company has announced the board's approval to
issue EUR200 million in new pay-in-kind (PIK) shareholder
participative loan, including an initial EUR125 million injection
and EUR75 million to be potentially unlocked from an escrow
account subject to liquidity triggers.  S&P believes that these
new funds, while modest relative to Cableuropa's debt burden, are
a positive sign from a financial policy standpoint, and, if
necessary, will help Cableuropa cover refinancing costs such as
upfront fees and additional interest charges.

Finally, the terms of the refinancing package increase
Cableuropa's flexibility for potential further debt refinancing in
its view.  S&P also notes the relaxation of the bank debt's
financial covenants, which reduces the risks of a breach over the
coming quarters, in S&P's view.

On Dec. 31, 2009, Grupo Corporativo Ono S.A., the ultimate parent
company of Cableuropa S.A.U., had EUR4.1 billion of gross debt on
balance sheet, including a fully drawn EUR3.5 billion senior
secured credit facility, and EUR450 million of senior unsecured
notes.

"The stable outlook mainly reflects S&P's view that Cableuropa is
likely to meet its financial obligations over the next two years,
and S&P's expectations of resilient operating performance and
continued positive free cash flow generation, despite current
operating pressures," said Mr. Trentin.

S&P will closely monitor the evolution of the group's liquidity
position, which should remain crucial for the rating for some
time.  Despite the refinancing, S&P view Cableuropa's highly
leveraged capital structure as being short-dated, given the high
debt maturities in 2013 and 2014.  In this respect, the company's
ability to refinance part of its senior bank debt through the
capital markets, as contemplated, may be an important
consideration for the rating over the next year or so.  This would
demonstrate the company's ability to bring in new lenders, as
opposed to turning to existing lenders to roll over their exposure
as in the recently completed transaction.

S&P could downgrade Cableuropa to the 'CCC' category over the next
12 months if operating performance does not meet the company's
business plan, leading in turn to weaker financial flexibility to
face debt amortizations or significantly lower covenant headroom,
or if S&P perceive that the company is contemplating a distressed
exchange offer.

Given the high refinancing needs in 2013 and limited growth
prospects stemming from a fiercely competitive market and Spain's
prolonged economic recession, S&P believes a positive rating
action is unlikely during the coming months.  Improvement in
business operations and cash flow generation is, to some extent,
already factored into the ratings.


* SPAIN: Not Seeking Financial Rescue, Prime Minister Says
----------------------------------------------------------
Carl Mortished and Ian King at The Times report that Jose Luis
Rodriguez Zapatero, Spain's Prime Minister, was forced to deny
that the country was seeking a financial rescue Tuesday amid
mounting concern that financial contagion from Greece was
spreading.

The report relates Mr. Zapatero dismissed as "complete madness"
talk that he was on the verge of seeking EUR280 billion in aid
from his eurozone partners.

According to the report, the rumor caused Spain's Ibex index of
leading shares to fall by 5.4%.

The report recounts pressure on Spain has been growing since last
Wednesday, when Standard & Poor's cut its sovereign rating from
AA-plus to AA.

The report notes Mr. Zapatero said the market stories were
intolerable: "Rumors like this can lead to certain views and can
certainly damage our interests as a country."


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


ADVENTI: Bought Out of Administration by Castle Computer
--------------------------------------------------------
Mark Smith at Herald Scotland reports that Castle Computer
Services has acquired Adventi out of administration in a deal
agreed with accounting firm PricewaterhouseCoopers.

According to the report, the acquisition does not include
Adventi's education-sector division, which was operated through
its Scotsys subsidiary.

The report recalls Adventi collapsed last month with the loss of
22 jobs, apparently precipitated by an unpaid VAT bill.  Peter
Shakeshaft, who took over as chief executive last year, appointed
PwC as administrators to wind up the company, the report recounts.

The sale price of the company to Castle was not disclosed, the
report notes.

Bellshill-based Adventi is a provider of IT and software services
to Scottish SMEs.


BRITISH AIRWAYS: Merged Company to Have Premium Listing in UK
-------------------------------------------------------------
David Robertson and Peter Stiff at The Financial Times report that
British Airways plc is understood to have had three meetings with
FTSE International, the firm that arranges the FTSE 100 and other
indices, to discuss the issue of retaining an additional primary
London listing after its proposed merger with Iberia.

The FT says the new holding company for BA and Iberia will be
called International Airlines, and will be incorporated in Spain.
According to the FT, it will also have a listing in Madrid, which
according to FTSE rules makes the British flag carrier Spanish.

The headquarters of International Airlines will be in the UK and
the airline will retain BA as a brand and an operating company,
the FT notes.  In addition, the merged airline will be 56%-owned
by existing BA shareholders, the FT states.

"International Airlines will have a premium listing in the UK.
Its shares will be traded on the main market of the London Stock
Exchange and it is envisaged that they will be included in FTSE's
UK Index Series," the FT quoted a BA spokesman as saying.

The London listing has been granted and will be formally announced
once the merger is completed later this year, the FT discloses.

                      About British Airways

Headquartered in Harmondsworth, England, British Airways Plc,
along with its subsidiaries, (LON:BAY) -- http://www.ba.com/-- is
engaged in the operation of international and domestic scheduled
air services for the carriage of passengers, freight and mail and
the provision of ancillary services.  The Company's principal
place of business is Heathrow.  It also operates a worldwide air
cargo business, in conjunction with its scheduled passenger
services.  The Company operates international scheduled airline
route networks together with its codeshare and franchise partners,
and flies to more than 300 destinations worldwide.  During the
fiscal year ended March 31, 2009 (fiscal 2009), the Company
carried more than 33 million passengers.  It carried 777,000 tons
of cargo to destinations in Europe, the Americas and throughout
the world.  In July 2008, the Company's subsidiary, BA European
Limited (trading as OpenSkies), acquired the French airline,
L'Avion.

                           *     *     *

As reported in the Troubled Company Reporter-Europe on March 19,
2010, Moody's Investors Service lowered to B1 from Ba3 the
Corporate Family and Probability of Default Ratings of British
Airways plc; and the senior unsecured and subordinate ratings to
B2 and B3, respectively.  Moody's said the outlook is stable.
This concludes the review that was initiated on November 10, 2009.

The rating action reflects Moody's view that credit metrics will
not be commensurate with the previous rating category in the
medium term.  Moody's expect furthermore that metrics will be
burdened in the foreseeable future by the company's significant
pension deficit, which was at GBP2.6 billion for the APS and NAPS
schemes combined as of September 2009 (under IAS).  Moody's
nevertheless understand that under the current agreement with the
trade unions, the cash contributions to these deficits will be
frozen at GBP330 million per year for three years, subject to
approval by the Pensions Regulator and the trustees.


BROADGATE FINANCING: S&P Removes Neg. Watch on Credit Ratings
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on Broadgate Financing
PLC's class B, C1, C2, and D commercial mortgage-backed floating-
rate notes.  At the same time, S&P affirmed and removed from
CreditWatch negative the ratings on the class A1, A2, A3, and A4
notes.

S&P originally placed the ratings on the class B, C1, C2, and D
notes on CreditWatch negative in June 2009 and extended the
CreditWatch negative placements to the class A1, A2, A3, and A4
notes in February 2010.  This followed S&P's review of all
European commercial mortgage-backed securities that S&P rate, in
light of the pressure facing commercial real estate debt and
capital markets, and the potential impact on loan refinance risks.

For the rating actions, S&P's analysis considered:

* The sustainability of the cash flow that the properties generate
  over the life of the transaction compared with interest and
  principal payment requirements;

* The quality of the properties, including both their future
  income-producing potential and capital-expenditure requirements;
  and

* A projection of leverage levels throughout the life of the
  transaction, including the effect of the scheduled reduction in
  the Willis Building cash deposit.

Broadgate Financing is a secured loan transaction currently
secured on 15 properties located on the Broadgate office estate on
Liverpool Street, London.  The outstanding loan balance is
GBP1,939.2 million (from GBP2,080.0 million at closing).  The
transaction includes GBP220.0 million in cash collateral
(originally GBP250.6 million) that was retained following the sale
of the Willis Building in June 2008.  All of the notes except the
class A4 notes are fully amortizing and the final maturity dates
of the notes range from January 2022 to July 2036.

The properties are currently occupied by 104 tenants and have a
weighted-average remaining lease term to first-break option of
6.88 years.  The largest tenant is UBS, which contributes
approximately 30% of the rental income and has a weighted-average
remaining lease term of approximately four years.  A large
majority of the top 10 tenants, which account for approximately
70% of the rental income, are in the financial/banking sector.

S&P believes that the portfolio valuation and accordingly loan-to-
value ratios have been negatively affected by the market value
declines seen in the U.K. since issuance.  This is reflected by
reported values of GBP1,822.75 million in December 2009 compared
with GBP2,800.00 million in January 2005, suggesting an increase
in the LTV ratio to 94.25% (including the GBP220 million Willis
Building cash deposit) from 74.29%.

In its analysis, S&P has considered the evolution of the LTV ratio
over the life of the transaction and the refinancing prospects of
the loan at certain stages throughout the transaction's life.
This analysis takes into account the net effect of the scheduled
reduction in the Willis Building cash deposit, which has reduced
by approximately GBP4.5 million per quarter over the past 12
months, and the scheduled amortization of the notes.

In addition, S&P has analyzed the properties' ability to sustain
coverage levels throughout the life of the transaction, taking
into account S&P's belief that the dependence on tenants in the
financial/banking sector now entails more risk.  This analysis
involved stressing cash flows to see the effect on coverage ratios
of factors such as increased vacancies and stressed rental levels
upon reletting.  S&P believes that potential difficulties may
arise upon the expiry of tenants' leases--especially over 2013 and
2014, when 29.3% of the rental income is at risk of leases
expiring, and also over 2019 and 2020, when a further 44.2% of the
rental income may expire.

Under certain cash flow stress scenarios, S&P is of the opinion
that interest and principal payments on the junior notes may
become reliant on the cash flow reserves and liquidity facility
drawings.  S&P also believe that there are situations where the
expiry of leases could result in certain classes of notes being at
risk of interest and principal payments being deferred.
Therefore, when considering these stress scenarios, S&P has also
taken into account the potential increase in leverage levels that
may arise from liquidity drawings and the deferral of scheduled
principal payments.

As a result, S&P has lowered its ratings on the class B to D notes
to reflect both S&P's views of leverage levels and the risks that
increased vacancies may lead to insufficient coverage levels.  In
addition, S&P has affirmed its ratings on all class A notes to
reflect its view of their relative creditworthiness.


EUROCASTLE CDO II: S&P Cuts Rating on Class E Notes to 'B'
----------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
Eurocastle CDO II PLC's class A1, A2, B, C, D, and E notes.  At
the same time, S&P removed the class B, C, D, and E notes from
CreditWatch negative.

The rating actions follow S&P's assessment of a deterioration in
the credit quality of the underlying portfolio.  According to
S&P's analysis, the percentage of assets rated below investment-
grade (below 'BBB-') is currently about 53%.  Of those, S&P
considers about 8.7% as rated 'CCC+' and below and about 3.4% as
defaulted.  In S&P's view, this deterioration in the portfolio's
credit quality has led to an increase in scenario default rates.

As per the latest available trustee report of March 2010, the
transaction currently breaches its class A/B and class C/D
overcollateralization ratio test.  From the information the
trustee provided to us, S&P note that this breach is mainly due to
adjustments to the balance of assets rated 'CCC+' and below, which
according to the transaction's documents need to be applied when
calculating these tests.

The breach of the overcollateralization ratio tests has led to a
reduction in the principal amount outstanding of the class A-1
notes because available interest and principal proceeds, after
payment of interest on the class B notes, are used to repay the
notes in order of seniority starting with class A-1.  The class C,
D, and E notes continue to defer their interest payments.

S&P also notes that according to the transaction documents, there
are two overcollateralization ratio tests which, if failed,
trigger an event of default under the notes.  These are the
"inadequate par coverage test" with a trigger of 100%, which is
currently calculated on the class A-1 notes; and the "class A
collateral test", which is calculated on the class A-1 and A-2
notes together and has a trigger of 103%.

According to the information S&P received from the trustee, the
inadequate par coverage test currently passes with a ratio of
131.6% and the class A collateral test currently passes with a
ratio of 111.8%.   Although the class A collateral test is
approaching its trigger level of 103%, in S&P's view, it is less
likely that a portfolio liquidation will occur if an event of
default is triggered.  This is due to the fact that according to
the note conditions, a portfolio liquidation following an event of
default can, among other conditions, only occur subject to the
consent of 66 2/3% by principal amount outstanding of each of the
class A, B, C, and D notes.

S&P notes that the transaction will enter its amortization phase
in June 2010 and the weighted-average life of the portfolio has
reduced.  S&P has also observed a recent increase in the credit
enhancement available for all rated notes.  However, S&P's cash
flow analysis indicates that in relation to all rated classes of
notes, these factors are not sufficient to compensate for the
increase in the scenario default rate.

As a result, the existing ratings on the class A-1, A-2, B, C, D,
and E notes are in S&P's opinion no longer commensurate with the
available credit enhancement, and S&P has therefore lowered the
ratings on these notes.

Eurocastle II is a managed cash flow collateralized debt
obligation involving primarily U.K. commercial mortgage-backed
securities (about 55% according to S&P's analysis), U.K.
residential mortgage-backed securities (about 28% according to
S&P's analysis), and commercial asset-backed securities.  The
transaction closed in May 2005.

                           Ratings List

                      Eurocastle CDO II PLC

  GBP300 Million Senior and Mezzanine Deferrable-Interest Fixed-
                     and Floating-Rate Notes

                          Ratings Lowered

                                     Ratings
                                     -------
               Class           To              From
               -----           --              ----
               A-1             AA              AAA
               A-2             A               AA

      Ratings Lowered and Removed From CreditWatch Negative

                               Ratings
                               -------
         Class           To              From
         -----           --              ----
         B               BB+              BBB+/Watch Neg
         C               BB               BBB/Watch Neg
         D               B+               BB/Watch Neg
         E               B                BB-/Watch Neg


INTERNATIONAL POWER: Moody's Assigns 'Ba3' Rating on Senior Bonds
-----------------------------------------------------------------
Moody's Investors Service has assigned a Ba3 rating to the
EUR250 million senior unsecured bonds due 2017 to be issued by
International Power plc.  At the same time, Moody's affirms the
issuer rating at Ba3: the outlook remains stable.

IPR's Ba3 rating reflects these factors: (i) the existing issuer
rating of Ba3; (ii) the bond size of EUR250 million, which Moody's
views as not materially increasing the leverage at the issuer
level; (iii) the high Free Cash Flow generation by IPR in 2009 of
GBP791 million; (iv) last year's significant reduction in net
debt; and (iv) IPR's Corporate Family Rating of Ba2.

The issuer rating covers debt issued or guaranteed at the holding
company level by IPR.  The issuer rating is constrained by the
effect of subordination to senior secured debt in IPR's underlying
projects.  IPR manages 50 projects in 21 countries; each of these
projects is financed on a non-recourse basis.  The issuer rating's
subordination is therefore, in part, offset by beneficial
portfolio effects.  As a result, the issuer rating is only one
notch below the CFR.

The last rating action was on August 21, 2008, when Moody's
upgraded the ratings of IPR.  At that time, the CFR was upgraded
to Ba2 from Ba3, and the senior unsecured issuer rating to Ba3
from B2.

IPR is a UK-based, FTSE-100-listed, leading independent
electricity-generating company.  IPR is a globally diversified
power project holding company with a portfolio of equity interests
in electricity generation and associated assets.  It has more than
20.6 GW (net) of capacity, from around 50 projects -- most of
which are in operation.  In 2009, IPR generated FCF of
GBP791 million on group revenue of GBP3.7 billion.


INTERNATIONAL POWER: Fitch Assigns 'BB' Rating on Senior Notes
--------------------------------------------------------------
Fitch Ratings has assigned International Power Finance plc's
EUR250 million, seven-year senior unsecured notes an expected 'BB'
senior unsecured rating.  The expected rating is aligned with
IPF's parent, International Power plc's Long-term Issuer Default
Rating of 'BB', on which the Outlook is Stable.

The final rating is contingent upon receipt of final documents
conforming to information already received and details of the
bond's coupon.

IPF is a direct, wholly-owned subsidiary of IPR.  IPF was
incorporated and registered in England and Wales as a public
limited company on April 16, 2010, and is a finance vehicle, and
thus noteholders will rely exclusively on IPR's and its operating
subsidiaries' financial standing for the payment of the notes.
The notes benefit from a guarantee from IPR that ranks equally
with all IPR's existing and future senior unsecured indebtedness.
The notes are, however, structurally subordinated to all debt,
other liabilities and commitments (including trade payables and
lease obligations) of IPR's operating subsidiaries.  The net
proceeds from the issuance and sale of the notes will be used for
IPR's general corporate purposes.  The note indenture will be
governed by the laws of the State of New York.

IPR is a leading independent power generation company with
interests in 32,358mw (gross) of power-generating capacity, from
participations in 50 power plants located in 21 countries across
five core regions -- North America, Europe, Middle East, Australia
and Asia.

IPR's IDR of 'BB' reflects the blend of contract types in its
plant portfolio, which is 28% uncontracted, 24% short-term
contracted and 34% long-term contracted.  These long-term
contracts take the form of stable earning Power Purchase
Agreements throughout Europe, the Middle East and Asia.  The
rating also benefits from a very low level of group debt at the
corporate level (17% pro-forma FYE09 after EUR250 million note
issuance), strong liquidity and limited refinancing needs until
2012.  However, the rating is constrained by a concentration of
cash flows amongst a small number of projects and the company's
reliance on gas-fired generation (61% of generation capacity).


INTERNATIONAL POWER: S&P Affirms 'BB' Corporate Credit Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed the long-
term corporate credit rating of 'BB' on U.K.-based power developer
International Power.  The outlook is stable.

At the same time, S&P assigned a 'BB' rating to the proposed
EUR250 million senior unsecured bond to be issued by International
Power Finance (2010) PLC.

The rating on the proposed bond is subject to the successful
issuance of the bond and S&P's review of final documentation.  Any
material change in the amount or terms of the proposed bond would
have to be reviewed by Standard & Poor's and could affect the
current corporate credit or the issue ratings.

"The 'BB' rating on the proposed bond reflects the corporate
credit rating on IPR of 'BB' and a recovery rating on the proposed
bond of '4', which leads to the equalization of the rating on the
proposed bond ratings with the CCR," said Standard & Poor's credit
analyst Olli Rouhiainen.

The rating on IPR continues to reflect S&P's view of IPR's
exposure to cash flows from speculative-grade projects at the
parent level, where financing packages include: dividend
distribution covenants; significant exposure to merchant risk at
the project level, especially in the U.K., U.S., and Australia;
the "significant" financial risk profile at the parent level; and
IPR's appetite for debt-financed acquisitions.

The rating is supported by what S&P view as a diverse,
geographically well-spread project portfolio, good credit
protection measures at parent company level, and adequate
liquidity headroom at the parent level.  Furthermore, consolidated
leverage has fallen following the sale of Czech assets and the
application of funds to reduce project level debt.

"The stable outlook reflects S&P's view of adequate cash-based
credit protection metrics at the parent level, which makes the
group self-funding for future committed investments," said Mr.
Rouhiainen.  "Furthermore, sufficient liquidity should allow the
group to adjust to potentially lower power prices in its merchant
markets and potentially lower distributions from projects in
developing countries."

An improvement in cash flow quality (a key measure for power
developers), ongoing strong performance that highlights the
benefits of diversification, or significant deleveraging could
lead to an outlook change to positive or an upgrade.

However, parent-company leverage that is consistently higher than
S&P anticipate, large debt-funded acquisitions, or a deterioration
in cash flow quality could trigger a downgrade or a revision of
the outlook to negative.  S&P could also reassess its approach to
IPR as a project developer should it continue to make significant
debt repayments from parent-company level to its subsidiaries.
This could be viewed as IPR looking to finance itself more on a
corporate basis, which is likely to lead to pressure on the
ratings in light of the consolidated credit ratios.


MARRACHE & CO: Supreme Court Declares Founding Partner Bankrupt
---------------------------------------------------------------
Brian Reyes at Gibraltar Chronicle reports that Isaac Marrache,
the founding partner of troubled law firm Marrache & Co., was
declared bankrupt by the Supreme Court Tuesday.  Mr. Marrache was
granted leave to appeal the decision, the report notes.

According to Gibraltar Chronicle, a court order placing Marrache's
assets in the hands of an official trustee was also put on hold
until the outcome of the appeal.

Gibraltar Chronicle relates Mr. Marrache told Judge Karen Prescott
in Puisne that the future of his career depended on being able to
appeal the bankruptcy ruling.

Mr. Marrache represented himself in court but was accompanied by
Jonathan Goldberg, Gibraltar Chronicle discloses.

The Troubled Company Reporter-Europe, citing Gibraltar Chronicle,
on Feb. 22, 2010, reported that Adrian Hyde, a UK accountant and
Edgar Lavarello a partner at PricewaterhouseCoopers Gibraltar,
were appointed as the joint provisional liquidators to Marrache &
Co.  Gibraltar Chronicle disclosed the move came following an
application to the Supreme Court of Gibraltar by Triay & Triay,
the lawyers acting for a major Irish client seeking to recover
money from the firm.  The Irish party asserts more than GBP10
million in claims, according to Gibraltar Chronicle.

Marrache & Co. is an international corporate law firm based in
Gibraltar.


RATIO MONEY: In Administration; Leonard Curtis Appointed
--------------------------------------------------------
John Titley and Andrew Poxon were appointed as joint
administrators of Ratio Money Limited on April 12, 2010.

Ratio Money has ceased to trade and is not in a position to
progress any customer claims.

However, the administrators have concluded a sale of the Company's
goodwill to a third party who will be progressing claims through a
connected business, Consumer Claims Agency.  It is understood that
Consumer Claims Agency will contact customers over the next one to
two weeks regarding progression of the claims.

Claimholders advised that the claim is not viable may lodged a
claim against the Company in respect of the claimholders' fee by
sending details in writing to Leonard Curtis, DTE House, Hollins
Mount, Bury BL9 8AT.

Alternatively, those who made payments by credit card may be able
to claim a refund from the credit card company and the
administrators advise the claimholders to contact Consumer Direct
on 08454 040506 for further information.

In the meantime, the administrators say the Leonard Curtis' staff
is unable to assist with any queries relating to claims in process
and all inquiries should be directed to Consumer Claims Agency.
The agency can be reached at:

          Consumer Claims Agency
          18 The Downs
          Altrincham
          Cheshire WA14 2PU
          Tel: 08458 740 240
          E-mail: admin@ccagency.co.uk


TATA STEEL: Corus Deal Positive Move Despite Short-Term Problems
----------------------------------------------------------------
Peter Marsh at The Financial Times reports that B. Muthuraman,
Tata Steel's vice-chairman, said that the group's acquisition of
Corus is on track to meet its objectives.

"We are extremely confident that with the economy and markets
gradually improving, Corus will create value for Tata over the
long term," the FT quoted Mr. Muthuraman as saying.

The FT relates Mike Locker, president of Locker Associates, a
US- based steel consultancy, said: "Even though there are short-
term problems, over a longer period I think [the Corus deal] will
turn out to be a wise move for Tata."

The FT says Corus' results are moving in the right direction.
After the US$1 billion loss in the first nine months of 2009, it
recorded positive ebitda of US$142 million in the final three
months, the FT states.

The FT notes one London-based banker is less enthusiastic about
the deal.  The bank, as cited by the FT, said: "Mr. Tata badly
wanted to do this acquisition but in my view he paid a very full
price for Corus.  It also diverted the company from other possible
approaches [to building up its steel business], especially in
Asia.  I don't see this as a positive move from either a financial
or a strategic point of view."

The FT recalls since the beginning of 2009, Corus, which was
acquired by Tata three years ago, has cut more than 5,000 jobs,
mostly from its UK plants that employ just over 20,000 people.
Adding to trading problems, Kirby Adams, the American installed as
Corus's chief executive last March, was plunged into a legal
dispute with an Italian-led consortium that caused controversy by
reneging on a deal to take over the Teesside site, the FT
discloses.  The site, whose problems pre-date the Tata deal, has
been mothballed since the middle of last year, the FT notes.

                         About Tata Steel

Headquartered in Mumbai, India, Tata Steel Limited --
http://www.tatasteel.com/-- is a diversified steel producer.  It
has operations in 24 countries and commercial presence in over 50
countries.  Its operations predominantly relate to manufacture of
steel and ferro alloys and minerals business. Other business
segments comprises of tubes and bearings.  On April 2, 2007, Tata
Steel UK Limited (TSUK), a subsidiary of Tulip UK Holding No.1,
which in turn is a subsidiary of Tata Steel completed the
acquisition of Corus Group plc.  Tata Metaliks Limited, which is
engaged in the business of manufacturing and selling pig iron,
became a subsidiary of the Company with effect from February 1,
2008.  In September 2008, the Company acquired a 7.3% interest in
Riversdale Mining Ltd.

                           *     *     *

Tata Steel Ltd. continues to carry a Ba3 corporate family rating
from Moody's Investors Service with stable outlook.  The rating
was downgraded by Moody's from Ba2 in June 2009.


===============
X X X X X X X X
===============


* EUROPE: Merkel Calls for "Orderly" Default of EU Member States
----------------------------------------------------------------
Tony Czuczka at Bloomberg News reports that German Chancellor
Angela Merkel's coalition stepped up calls for allowing the
"orderly" default of euro-region member states to avoid any repeat
of the Greek fiscal crisis.

Bloomberg relates the parliamentary leaders of the three coalition
parties agreed in Berlin Tuesday to put a resolution to parliament
alongside the bill on Greek aid calling for the European Union to
revise rules for the euro to put pressure on countries that run
deficits.

Bloomberg notes Ms. Merkel said in an interview with ARD
television late Wednesday that it's time to learn lessons from the
Greek bailout and raised the option of "an orderly insolvency" as
a way to make sure creditors participate in any future rescue.

According to Bloomberg, Volker Kauder, the floor leader of
Merkel's Christian Democrats, said that the European Commission,
the EU's executive body, must be able to better examine the
finances of member states to avert any rerun of what happened in
Greece.

"We quite urgently need something for the members of
European Monetary Union that we also didn't have during the
banking crisis two years ago," Bloomberg quoted Finance Minister
Wolfgang Schaeuble as saying Wednesday.  "Namely the possibility
of a restructuring procedure in the event of looming insolvency
that helps prevent systemic contagion risks."


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

May 21, 2010
AMERICAN BANKRUPTCY INSTITUTE
   Nuts and Bolts - NYC
      Alexander Hamilton Custom House, SDNY, New York, N.Y.
         Contact: 1-703-739-0800; http://www.abiworld.org/

May 24, 2010
AMERICAN BANKRUPTCY INSTITUTE
   New York City Bankruptcy Conference
      New York Marriott Marquis, New York, NY
         Contact: 1-703-739-0800; http://www.abiworld.org/

May 11-14, 2010
AMERICAN BANKRUPTCY INSTITUTE
   Litigation Skills Symposium
      Tulane University, New Orleans, La.
         Contact: 1-703-739-0800; http://www.abiworld.org/

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

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

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

Aug. 3, 2010
AMERICAN BANKRUPTCY INSTITUTE
   Atlanta Consumer Bankruptcy Skills Training
      Georgia State Bar Building, Atlanta, Ga.
         Contact: 1-703-739-0800; http://www.abiworld.org/

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

Aug. 11-14, 2010
AMERICAN BANKRUPTCY INSTITUTE
   Hawai.i Bankruptcy Workshop
      The Fairmont Orchid, Big Island, Hawaii
         Contact: 1-703-739-0800; http://www.abiworld.org/

Sept. 14, 2010
AMERICAN BANKRUPTCY INSTITUTE
   ABI/NYIC Golf and Tennis Fundraiser
      Maplewood Golf Club, Maplewood, N.J.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Sept. 20, 2010 (tentative)
AMERICAN BANKRUPTCY INSTITUTE
   Complex Financial Restructuring Program
      Fordham Law School, New York, N.Y.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Sept. 23-25, 2010
AMERICAN BANKRUPTCY INSTITUTE
   Southwest Bankruptcy Conference
      Four Seasons Las Vegas, Las Vegas, Nev.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 1, 2010 (tentative)
AMERICAN BANKRUPTCY INSTITUTE
   ABI/UMKC Midwestern Bankruptcy Institute
      Kansas City Marriott Downtown, Kansas City, Kan.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 6-8, 2010
TURNAROUND MANAGEMENT ASSOCIATION
   TMA Annual Convention
      JW Marriott Grande Lakes, Orlando, Florida
         Contact: http://www.turnaround.org/

Oct. 11, 2010
AMERICAN BANKRUPTCY INSTITUTE
   Chicago Consumer Bankruptcy Conference
      Standard Club, Chicago, Ill.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 15, 2010
AMERICAN BANKRUPTCY INSTITUTE
   NCBJ/ABI Educational Program
      Hilton New Orleans Riverside, New Orleans, La.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 29, 2010 (tentative)
AMERICAN BANKRUPTCY INSTITUTE
   International Insolvency Symposium
      The Savoy, London, England
         Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. __, 2010
AMERICAN BANKRUPTCY INSTITUTE
   Delaware Views from the Bench and Bankruptcy Bar
      Hotel du Pont, Wilmington, Del.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 11, 2010
AMERICAN BANKRUPTCY INSTITUTE
   Detroit Consumer Bankruptcy Conference
      Hyatt Regency Dearborn, Dearborn, Mich.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Dec. 9-11, 2010
AMERICAN BANKRUPTCY INSTITUTE
   Winter Leadership Conference
      Camelback Inn, a JW Marriott Resort & Spa,
      Scottsdale, Ariz.
         Contact: 1-703-739-0800; http://www.abiworld.org/

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

Jan. 20-21, 2011
AMERICAN BANKRUPTCY INSTITUTE
   Rocky Mountain Bankruptcy Conference
      Westin Tabor Center, Denver, Colo.
         Contact: 1-703-739-0800; http://www.abiworld.org/

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

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

July 21-24, 2011
AMERICAN BANKRUPTCY INSTITUTE
   Northeast Bankruptcy Conference
      Hyatt Regency Newport, Newport, R.I.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 4-6, 2011  (tentative)
AMERICAN BANKRUPTCY INSTITUTE
   Mid-Atlantic Bankruptcy Workshop
      Hotel Hershey, Hershey, Pa.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 14, 2011
AMERICAN BANKRUPTCY INSTITUTE
   NCBJ/ABI Educational Program
      Tampa Convention Center, Tampa, Fla.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 25-27, 2011
TURNAROUND MANAGEMENT ASSOCIATION
   Hilton San Diego Bayfront, San Diego, CA
      Contact: http://www.turnaround.org/

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

Apr. 19-22, 2012
AMERICAN BANKRUPTCY INSTITUTE
   Annual Spring Meeting
      Gaylord National Resort & Convention Center,
      National Harbor, Md.
         Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2012
AMERICAN BANKRUPTCY INSTITUTE
   Southeast Bankruptcy Workshop
      The Ritz-Carlton Amelia Island, Amelia Island, Fla.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 2-4, 2012
AMERICAN BANKRUPTCY INSTITUTE
   Mid-Atlantic Bankruptcy Workshop
      Hyatt Regency Chesapeake Bay, Cambridge, Md.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 29 - Dec. 2, 2012
AMERICAN BANKRUPTCY INSTITUTE
   Winter Leadership Conference
      JW Marriott Starr Pass Resort & Spa, Tucson, Ariz.
         Contact: 1-703-739-0800; http://www.abiworld.org/


                            *********

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

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

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

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

                            *********


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

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Valerie U. Pascual, Marites O. Claro, Rousel Elaine
T. Fernandez, Joy A. Agravante and Peter A. Chapman, Editors.

Copyright 2010.  All rights reserved.  ISSN 1529-2754.

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

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

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


                 * * * End of Transmission * * *