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        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

             Tuesday, March 3, 2009, Vol. 10, No. 43

                            Headlines

A U S T R I A

ASK-US LLC: Claims Registration Period Ends March 24
BERGER PUTZSYSTEME: Claims Registration Period Ends March 17
DANIELA KECHT: Claims Registration Period Ends March 18
GEORG SCHUSTER: Claims Registration Period Ends March 19
HASA ROHRE: Claims Registration Period Ends March 16

KARL MEIER: Claims Registration Period Ends March 16
LICO ELECTRONICS: Claims Registration Period Ends March 18
LOACKER & LOACKER: Claims Registration Period Ends March 16
MUHR LLC: Claims Registration Period Ends March 18
PROTAX NFG: Claims Registration Period Ends March 18


B E L G I U M

DEXIA SA: Incurs EUR2.6 Bln Fourth Quarter Loss


C Z E C H   R E P U B L I C

UNIPETROL AS: 4th Qtr Loss Doubles to US$53.5 Million


E S T O N I A

AS HANSAPANK: Moody's Cuts Financial Strength Rating to 'D'
NATIXIS SA: Incurs EUR1.62 Billion Fourth Quarter Loss


G E R M A N Y

ANLAGEN-SYSTEM-TECHNIK GMBH: Claims Registration Ends March 17
COMMERZBANK CAPITAL: Fitch Cuts Rating on Certificates to 'B+'
DRESDNER BANK: S&P Junks Ratings on EUR1 Bln Capital Instruments
INTERHOMA GMBH: Claims Registration Period Ends March 16
KK-IMMOBILIEN: Claims Registration Period Ends March 22

KUSSEROW GMBH: Claims Registration Period Ends March 22
SGL CARBON: S&P Changes Outlook to Negative; Affirms 'BB' Rating
UNIVERSAL BAU: Claims Registration Period Ends March 9


G R E E C E

DRYSHIPS INC: Inks Final Agreement w/ Nordea Over Covenant Waiver
EMPORIKI BANK: Fitch Downgrades Individual Rating to 'F'


I R E L A N D

CAVENDISH SQUARE: Fitch Cuts Rating on Class C Notes to 'B-'
CAVENDISH SQUARE: Fitch Cuts Rating on Class C Notes to 'B'
CUSP POINT: Goes Into Liquidation
ELAN CORPORATION: To Cut Global Workforce by 14%
LAMBAY CAPITAL: Fitch Junks Ratings on GBP600 Mil. Securities

THOMAS READ: Consortium of Investors to Inject Fresh Funds


I T A L Y

IT HOLDING: S&P Cuts Long-Term Corporate Credit Rating to 'D'


K A Z A K H S T A N

ALMATINSKY LIKERO: Creditors Must File Claims by April 17
BETTA STROY: Creditors Must File Claims by April 17
CRISTINA LTD: Creditors Must File Claims by April 17
GRAJDAN PROJECT: Creditors Must File Claims by April 17
IMMOVABLES REAL: Creditors Must File Claims by April 17

KAZAKHSTAN ELECTRICITY: Moody's Cuts BCA to 13 from 11
KAZAKH MORTGAGE: Moody's Cuts Rating on Class B Notes to 'Ba1'
KOSTANAI DROB: Creditors Must File Claims by April 17
MONTAGE ELECTRO: Creditors Must File Claims by April 17
RISK INVEST: Creditors Must File Claims by April 17

TIANSHAN INTERNATIONAL: Creditors Must File Claims by April 17


K Y R G Y Z S T A N

MEYKIN LANDSHAFT: Creditors Must File Claims by March 20


N E T H E R L A N D S

FRESENIUS FINANCE: S&P Retains 'BB' Rating on EUR1.1 Bln Notes
TOMTOM NV: Says it May Breach EUR1.6 Bln Buy-Out Related Loan


P O L A N D

PKN ORLEN SA: Breaches Long-Term Loan Covenants, Bloomberg Says


P O R T U G A L

SAGRES STC: Fitch Affirms Low-B Ratings on Two Classes of Notes


R U S S I A

BASHKIR-SPETS-STROY LLC: Creditors Must File Claims by March 22
DALNEVOSTOCHNUY MINE: Creditors Must File Claims by April 22
EVALON LLC: Creditors Must File Claims by April 22
INTEGRO OJSC: Creditors Must File Claims by April 22
LD-LES LLC: Creditors Must File Claims by April 22

LOTOSHINO-TORF OJSC: Creditors Must File Claims by March 22
NOVOTROITSKIY BRICK: Creditors Must File Claims by March 22
SAKHALIN CONSTRUCTION: Creditors Must File Claims by April 22
VID-TRANS-INDUSTRIYA LLC: Komi Bankruptcy Hearing Set June 9
VYAZEMSKIY BRICK: Creditors Must File Claims by March 22


S P A I N

CABLEUROPA SAU: Moody's Cuts Corporate Family Rating to 'B3'
GC FTPYME: Fitch Cuts Ratings on Class C Notes to Low-B
SANTANDER CONSUMER: Fitch Affirms Rating on Class D Notes at 'CC'


S W I T Z E R L A N D

ALL INTERNET: Creditors Must File Proofs of Claim by March 17
FRANES LLC: Deadline to File Proofs of Claim Set March 16
HENKETEX JSC: Creditors Have Until March 17 to File Claims
HOTEL SEEPARK: Creditors Must File Proofs of Claim by March 16
MEDIPRAXIS SOLUTION: Creditors' Proofs of Claim Due by March 16

RENEWABLE ENERGY: March 16 Set as Deadline to File Claims
SALVI GIPSEREI: Creditors Must File Proofs of Claim by March 16
TURICOP JSC: Deadline to File Proofs of Claim Set March 17
UBS AG: To Raise Sr. Investment Bankers' Base Pay, NY Times Says


U K R A I N E

BTA DPR: Moody's Downgrades Ratings on 2015 Notes to Low-B
DIN LLC: Court Starts Bankruptcy Supervision Procedure
GRANE TRADING: Creditors Must File Claims by March 14
INTERMACH LLC: Creditors Must File Claims by March 14
MASTAS PROFESSIONAL: Creditors Must File Claims by March 14

ROOF-BUILDING UKRAINE: Creditors Must File Claims by March 14
SWEMON-VOSTOK OJSC: Court Starts Bankruptcy Procedure
TCHKALOV LLC: Creditors Must File Claims by March 13
VEGA LLC: Court Starts Bankruptcy Supervision Procedure
VELES LLC: Court Starts Bankruptcy Supervision Procedure

VIKOIL LLC: Court Starts Bankruptcy Supervision Procedure


U N I T E D   K I N G D O M

ALLITALIA PRODUCTION: Appoints Joint Liquidators from BDO Stoy
AVEO HOME: Baker Tilly Named Joint Liquidators
BELLATRIX PLC: S&P Lowers Rating on Class F Notes to 'B'
BLOOMING MARVELLOUS: Bought Out of Administration
BONNER-REGIS MANUFACTURING: BDO Stoy Named Joint Administrators

COFTON GROUP: To Go Into Administration
DENBY POTTERY: Sold in GBP30 Million Management Buy-Out
EBTM: To Put Main Units Into Administration
ELVI: Goes Into Administration; 20 Jobs Affected
EXPOTEAM DISPLAY: Taps Joint Liquidators from Smith & Williamson

FOUR PILLARS: Placed Into Administration
HEARTHSTEAD HOMES: Taps Joint Administrators from BDO Stoy
HSBC HOLDINGS: Raising US$18 Billion in New Capital
ITV PLC: Mulls Merger with Channel 4 and Five
K E & J SHORTLAND: Goes Into Liquidation; 30 Jobs Affected

LLOYDS BANKING: Says Talks on Asset Protection "Progressing"
ROYAL BANK: In Talks with ANZ Over Sale of Asian Assets, WSJ Says
SPORT MEDIA: Mulls Sale of Newspaper Business
WHITE YOUNG: Could Breach Banking Covenants This Year

* Large Companies with Insolvent Balance Sheet


                         *********


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


ASK-US LLC: Claims Registration Period Ends March 24
----------------------------------------------------
Creditors owed money by LLC Ask-Us (FN 237606x) have until
March 24, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Johannes M. Muehllechner
         Graben 21/3
         4020 Linz
         Austria
         Tel: 0732/77 22 00
         Fax: 0732/7722004
         E-mail: muehllechner@eurojuris.at

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

         Land Court of Linz (458)
         Hall 522
         Linz
         Austria

Headquartered in Traun, Austria, the Debtor declared bankruptcy on
Feb. 6, 2009, (Bankr. Case No. 17 S 3/09d).


BERGER PUTZSYSTEME: Claims Registration Period Ends March 17
------------------------------------------------------------
Creditors owed money by LLC Berger Putzsysteme (FN 288775w) have
until March 17, 2009, to file written proofs of claim to the
court-appointed estate administrator:

         Michael Pfleger
         Hauptplatz 1/2
         3300 Amstetten
         Austria
         Tel: 07472/61 303
         Fax: 07472/61 303-50
         E-mail: amstetten@lhup.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:40 a.m. on April 7, 2009, for the
examination of claims at:

         Land Court of St. Poelten (199)
         Room 216
         St. Poelten
         Austria

Headquartered in St. Valentin, NOE, Austria, the Debtor declared
bankruptcy on Feb. 9, 2009, (Bankr. Case No. 14 S 23/09m).


DANIELA KECHT: Claims Registration Period Ends March 18
-------------------------------------------------------
Creditors owed money by LLC Daniela Kecht (FN 219312v) have until
March 18, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Wolfgang Reinisch
         LLC Reinisch & Wisiak Rechtsanwalte
         Hauptplatz 28
         8430 Leibnitz
         Austria
         Tel: 03452/83 2 96
         Fax: 03452/83 2 96 - 20
         E-mail: leibnitz@reinisch-wisiak.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:30 a.m. on March 25, 2009, for the
examination of claims at:

         Graz Land Court by Civil Cases (638)
         Room 222
         Graz
         Austria

Headquartered in Bad Radkersburg, Austria, the Debtor declared
bankruptcy on April 4, 2009, (Bankr. Case No. 26 S 19/09b).


GEORG SCHUSTER: Claims Registration Period Ends March 19
--------------------------------------------------------
Creditors owed money by LLC Georg Schuster (FN 149845k) have until
March 19, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Norbert Scherbaum
         LLC Scherbaum/Seebacher Rechtsanwalte
         Einspinnergasse 3
         8010 Graz
         Austria
         Tel: 0316/832460
         Fax: 0316/832460-20
         E-mail: office@scherbaum-seebacher.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 4:05 p.m. on April 2, 2009, for the
examination of claims at:

         Graz Land Court by Civil Cases (638)
         Room 222
         Graz
         Austria

Headquartered in Graz, Austria, the Debtor declared bankruptcy on
Feb. 4, 2009, (Bankr. Case No. 25 S 18/09y).


HASA ROHRE: Claims Registration Period Ends March 16
----------------------------------------------------
Creditors owed money by LLC Hasa Rohre Bleche (FN 188474v) have
until March 16, 2009, to file written proofs of claim to the
court-appointed estate administrator:

         Dr. Gerhard Kucher
         St. Veiter Strasse 9
         9020 Klagenfurt
         Austria
         Tel: 0463/507510 Serie
         Fax: 0463/507510-11
         E-mail: rechtsanwalt@kucher-moessler.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on March 23, 2009, for the
examination of claims at:

         Land Court of Klagenfurt (729)
         Meeting Room 225
         Klagenfurt
         Austria

Headquartered in Poertschach am Woerther See, Austria, the Debtor
declared bankruptcy on Feb. 16, 2009, (Bankr. Case No. 41 S
28/09d).


KARL MEIER: Claims Registration Period Ends March 16
----------------------------------------------------
Creditors owed money by LLC Karl Meier (FN 61701m) have until
March 16, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Hans Peter Puchleitner
         Taborstrasse 3
         8350 Fehring
         Austria
         Tel: 03155/5170
         Fax: 03155/5170-20
         E-mail: kanzlei-puchleitner@inode.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on March 31, 2009, for the
examination of claims at:

         Graz Land Court by Civil Cases (638)
         Room 205
         Graz
         Austria

Headquartered in Graz, Austria, the Debtor declared bankruptcy on
Feb. 3, 2009, (Bankr. Case No. 40 S 7/09s).


LICO ELECTRONICS: Claims Registration Period Ends March 18
----------------------------------------------------------
Creditors owed money by LLC Lico Electronics (FN 68677x) have
until March 18, 2009, to file written proofs of claim to the
court-appointed estate administrator:

         Dr. Katharina Widhalm-Budak
         Favoritenstrasse 22/12a
         1040 Wien
         Austria
         Tel: 01/504 64 08
         Fax: 01/504 64 08 22
         E-mail: widhalm-budak@mitrecht.com

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 1:45 a.m. on April 1, 2009, for the
examination of claims at:

         Land Court of Korneuburg (119)
         Room 204
         Korneuburg
         Austria

Headquartered in Kledering, Austria, the Debtor declared
bankruptcy on Feb. 13, 2009, (Bankr. Case No. 36 S 22/09s).


LOACKER & LOACKER: Claims Registration Period Ends March 16
-----------------------------------------------------------
Creditors owed money by LLC Loacker & Loacker & Co. KG (FN 13051v)
have until March 16, 2009, to file written proofs of claim to the
court-appointed estate administrator:

         Dr. Hannes Rauch
         Austrasse 44
         6832 Sulz
         Austria
         Tel: 05522/21505
         Fax: 05522/21505-4
         E-mail: h.rauch@a1.net

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:00 a.m. on March 26, 2009, for the
examination of claims at:

         Land Court of Feldkirch (929)
         Meeting Room 45
         First Floor
         Feldkirch
         Austria

Headquartered in Koblach, Austria, the Debtor declared bankruptcy
on Feb. 9, 2009, (Bankr. Case No. 14 S 6/09h).


MUHR LLC: Claims Registration Period Ends March 18
--------------------------------------------------
Creditors owed money by LLC Muhr (FN 279817x) have until March 18,
2009, to file written proofs of claim to the court-appointed
estate administrator:

         Dr. Hannes Gruber
         Ressavarstrasse 52
         8230 Hartberg
         Austria
         Tel: 03332/64 2 45
         Fax: 03332/64 2 45 - 15
         E-mail: ra-h.gruber@telering.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:20 a.m. on March 25, 2009, for the
examination of claims at:

         Graz Land Court by Civil Cases (638)
         Room 222
         Graz
         Austria

Headquartered in Blaindorf, Austria, the Debtor declared
bankruptcy on Feb. 3, 2009, (Bankr. Case No. 26 S 18/09f).


PROTAX NFG: Claims Registration Period Ends March 18
----------------------------------------------------
Creditors owed money by LLC Protax Nfg (FN 187097v) have until
March 18, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Eva Riess
         Zeltgasse 3/13
         1080 Wien
         Austria
         Tel: 01/402 57 01
         Fax: 01/402 57 01 21
         E-mail: law@riess.co.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on April 1, 2009, for the
examination of claims at:

         Land Court of Korneuburg (119)
         Room 204
         Korneuburg
         Austria

Headquartered in Schwechat, Austria, the Debtor declared
bankruptcy on Feb. 13, 2009, (Bankr. Case No. 36 S 21/09v).


=============
B E L G I U M
=============


DEXIA SA: Incurs EUR2.6 Bln Fourth Quarter Loss
-----------------------------------------------
Dexia SA incurred a EUR2.6 billion loss (US$3.31 billion) in the
fourth-quarter of 2008 compared with a net income of EUR587
million in the same period a year earlier, Bloomberg News reports
citing a company statement.

In the third quarter of 2008, Dexia incurred a net loss of
EUR1,544 million, reflecting a major negative impact from the
financial crisis of EUR2,191 million, the Troubled Company
Reporter-Europe reported on Nov. 18, 2008.

Bloomberg News recalls Dexia received EUR6.4 billion from France,
Belgium and Luxembourg in September to avert a collapse.

To help save EUR200 million in 2009, Dexia said Jan. 30. it is
cutting 900 jobs, or about 3 percent of its staff, Bloomberg News
relates.

According to Bloomberg News, Dexia also plans to:

   --- take less risk in its trading activities
       and concentrate them in Brussels and Dublin;

   --- stop public finance operations in Australia,
       eastern Europe, Mexico and Scandinavia and
       cut lending to local governments in the U.K.
       and the U.S.; and

   --- keep its Slovakian unit as well as public
       finance operations in Italy and Iberia.

In November, the report recounts Chief Executive Officer Pierre
Mariani agreed to sell the company's unprofitable U.S. bond-
insurance unit to Assured Guaranty Ltd. for US$722 million.

The bond-insurance unit, Financial Security Assurance Inc.,
contributed EUR2.03 billion to Dexia's fourth-quarter loss, the
report discloses.

The bank plans to complete the sale of the bond insurer at the
beginning of the second quarter, the report says.

                          About Dexia SA

Dexia SA -- http://www.dexia.com/-- is a Belgian bank specialized
in retail banking and local public finance.  The Bank offers a
range of banking services for individual customers, small and
medium-sized enterprises and institutional clients.  It has four
divisions: Asset Management, Personal Financial Services, Treasury
and Financial Markets, and Investor Services.  The Asset
Management division offers products ranging from traditional and
alternative funds to socially responsible investments.  The
Personal Financial Services segment focuses on banking and
insurance products, including both life and non-life insurance
products.  Through its Treasury and Financial Markets division,
Dexia is present in the capital markets and provides support to
the entire Group.  The Investor Services segment offers various
services to shareholders, such as fund and pension administration.
Through its subsidiaries, Dexia SA is active in over 30 countries,
including Belgium, Luxembourg, Slovakia, Turkey, France, Australia
and Japan.


===========================
C Z E C H   R E P U B L I C
===========================


UNIPETROL AS: 4th Qtr Loss Doubles to US$53.5 Million
-----------------------------------------------------
Bloomberg News reports Unipetrol AS's fourth-quarter loss more
than doubled to 1.2 billion koruna (US$53.5 million), from a net
loss of 557 million koruna in the same period a year earlier.

According to the report, Unipetrol attributed the loss to the
global economic crisis, the development of crude oil prices and an
unfavorable exchange rate during last year.

Unipetrol will continue its efforts to improve efficiencies as low
petrochemical and refinery margins also hurt earnings, the company
said as cited by the news agency.

Unipetrol AS (PRG:BAAUNIPE) --- http://www.unipetrol.cz/--- is a
Czech holding company that, through its subsidiaries, is engaged
in the oil and petroleum products processing, production of
commodity chemicals, semi-finished industrial fertilizers and
polymer materials, including synthetic rubber, mineral lubricants,
plastic lubricants, paraffins, oils and petroleum jellies.  It is
also involved in the distribution of fuels and operation of gas
stations.  In addition, the Company is engaged in other related
activities, including production, distribution and sale of heat
and electricity, operation of railway tracks and railway
transportation, as well as such services as leasing services,
advisory services relating to research and development, software
and hardware advisory services, apartment rental services, among
other services.  UNIPETROL as is majority owned by POLSKI KONCERN
NAFTOWY ORLEN SA.  The Company operates through three business
segments: Refinery production, Retail and Petrochemical
production.


=============
E S T O N I A
=============


AS HANSAPANK: Moody's Cuts Financial Strength Rating to 'D'
-----------------------------------------------------------
Moody's Investors Service has downgraded the long-term global
local currency deposit and debt ratings of AS Hansapank to Baa2
from A1.  The bank financial strength rating was downgraded to D
from C- and the bank's subordinated debt ratings were downgraded
by four notches Baa3 in line with the senior debt downgrade.  The
bank's short-term ratings were also downgraded to Prime-2 from
Prime-1.  The outlook on all of the bank's ratings remains
negative.

               Downgrade Of Hansapank's BFSR to D

"The downgrade of Hansapank's BFSR reflects the bank's
significantly weakened asset quality and the continuing difficult
environment in the Baltic region," says Kimmo Rama, Vice President
-- Senior Analyst in Moody's Financial Institutions Group.  "The
severe deterioration in the global and regional macroeconomic
environment has hit the Baltic countries especially hard, beyond
Moody's initial expectations."

Moody's notes that the bank has a relatively large exposure to the
property and construction sector in the three Baltic countries,
which is likely to lead to further weakening asset quality and
higher loan loss provisioning needs over the next couple of years.
In conjunction with the deterioration in the economic environment,
this will weigh on the bank's profitability and put pressure on
its internal capital generation.

According to Moody's, the effects of the contracting economy are
reflected in the increase in Hansapank's problem loans, which
accounted for 3.1% of total loans at year-end 2008, up from 0.8%
in 2007.  Over the same period, the loan loss coverage ratio
decreased to 48% from a more comfortable 93%.  Moody's expects the
problem loan ratio to rise due to high levels of lending growth
over recent years and the slowing domestic economy.

            Downgrade of Hansapank's Long-Term Senior
                     Ratings to Baa2 From A1

The downgrade of Hansapank's long-term bank deposit and senior
debt ratings to Baa2 reflects the weaker intrinsic financial
strength of the bank, as indicated by the D BFSR as well as the
downgrade of the bank's ultimate parent, Swedbank (rated A1/Prime-
1/C-, negative outlook).  However, Moody's said that it sees a
very high probability of support from its parent and a moderate
probability of systemic support, which leads to a three-notch
uplift for the deposit and debt ratings from the Ba2 Baseline
Credit Assessment.

Moody's negative outlook on Hansapank's ratings reflects the
difficult operating environment in the Baltic region as well as
the challenges on the funding side.  The rating agency notes that
Hansapank's funding has become increasingly dependent on the
parent bank.  At the end of 2008, interbank and market funds
accounted for nearly 50% of the bank's funding, which originates
almost exclusively from the parent bank.  Moody's further notes
that Swedbank's BFSR also has a negative outlook.

These ratings of AS Hansapank have been downgraded:

  -- BFSR to D from C-
  -- Long-term bank deposit rating to Baa2 from A1
  -- Senior Unsecured rating to Baa2 from A1
  -- Subordinate MTN rating to Baa3 from A2
  -- Commercial Paper rating to Prime-2 from Prime-1
  -- Other Short Term rating to Prime-2 from Prime-1

Moody's previous rating action on Hansapank was on October 10,
2008, when the BFSR was downgraded to C- with a negative outlook
and the long-term ratings were downgraded to A1 with a negative
outlook.

Headquartered in Tallinn, Estonia, AS Hansapank reported total
consolidated assets of EUR25 billion at the end of 2008.


NATIXIS SA: Incurs EUR1.62 Billion Fourth Quarter Loss
------------------------------------------------------
Bloomberg News reports Natixis SA incurred a fourth-quarter loss
of EUR1.62 billion (US$2.1 billion), compared with a deficit of
EUR900 million in the same period a year earlier.

For the full-year 2008, the report says the company incurred a net
loss of EUR2.8 billion, compared with a net profit of EUR1.1
billion in 2007.

The bank had fourth-quarter provisions of EUR375 million related
to Bernard L. Madoff's business and won't be paying a dividend for
2008, the report discloses.

As reported by the Troubled Company Reporter on Dec. 15, 2008, the
U.S. Securities and Exchange Commission charged Mr. Madoff and his
investment firm, Bernard L. Madoff Investment Securities LLC, with
securities fraud for a multi-billion dollar Ponzi scheme that he
perpetrated on advisory clients of his firm.  The estimated
losses from Mr. Madoff's fraud were allegedly at least US$50
billion.

Bloomberg News relates the bank's main shareholders, Groupe Banque
Populaire and Groupe Caisse d'Epargne, has announced their merger
Feb. 26, with the French government agreeing to take a stake in
the combined group in exchange for about EUR5 billion in state
aid.

Natixis was one of the country's six largest consumer banks which
benefited from the French government's EUR10.5 billion financing
in December, the report recalls.

                        About Natixis SA

Headquartered in Paris, France, Natixis SA (EPA:KN) --
http://www.natixis.com/-- formerly Natexis Banques Populaires, is
involved in the banking sector and offers five main types of
services: financing and investment banking, asset management,
services, receivables management, private equity and private
banking.  Natixis also consolidates a proportion of the earnings
of the retail banking activities of the Caisse d'Epargne Group and
the Banque Populaire Group, its main shareholders.  The Bank
clientele comprises large corporations, medium-sized companies,
institutions and the Banque Populaire retail-banking network.  The
Bank operates in 68 countries located in France, Europe, the
Americas, Africa, Asia and Oceania.  Natixis is listed on the
Euronext Paris Stock Exchange.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on Feb. 5,
2009, Fitch Ratings placed Groupe Caisse d'Epargne, Groupe Banque
Populaire and Natixis SA's Long-term Issuer Default Ratings of
'A+' respectively on Rating Watch Negative.  The agency
simultaneously downgraded the Individual Ratings of GCE and GBP to
'C/D' from 'C' and downgraded Natixis's Individual Rating to 'E'
from 'D'.

Fitch also placed the LT IDRs of GCE's and GBP's central bodies,
Caisse Nationale des Caisses d'Epargne et de Prevoyance and Banque
Federale des Banques Populaires, on RWN.  Tier 2 qualifying
subordinated debt issued by CNCE, BFBP and Natixis,
rated 'A', was also placed on RWN.  Tier 1 qualifying subordinated
debt (deeply subordinated debt - 'titres super subordonnes')
issued by CNCE and NBP Capital Trust I's issues have been
downgraded to 'BB+' from 'A', and placed on RWN.


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


ANLAGEN-SYSTEM-TECHNIK GMBH: Claims Registration Ends March 17
--------------------------------------------------------------
Creditors of Anlagen-System-Technik GmbH have until March 17,
2009, to register their claims with court-appointed insolvency
manager.

Creditors and other interested parties are encouraged to attend
the meeting at 1:55 p.m. on April 15, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Mosbach
         Meeting Hall 12
         Lohrtalweg 2
         74821 Mosbach
         Germany

Claims set out in the insolvency manager's report will be verified
by the court during this meeting.  Creditors may also constitute a
creditors' committee or opt to appoint a new insolvency manager.

The insolvency manager can be reached at:

         Dr. Sebastian Braun
         Josef-Schmitt-Str. 10
         97922 Lauda-Koenigshofen
         Germany
         Tel: 09343/627590

The District Court opened bankruptcy proceedings against the
company on Feb. 18, 2009.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Anlagen-System-Technik GmbH
         Attn: Heinz Elter, Manager
         Sudetenstr. 11
         97877 Wertheim-Bestenheid
         Germany


COMMERZBANK CAPITAL: Fitch Cuts Rating on Certificates to 'B+'
--------------------------------------------------------------
Fitch Ratings has downgraded Germany-based Commerzbank Capital
Funding Trust I and II, EUROHYPO Capital Funding Trust I and II,
and Dresdner Funding Trust I, II, III and IV's dated silent
participation certificates to 'B+' from 'BBB-' (BBB minus).  All
ratings remain on Rating Watch Negative.

Fitch has also downgraded Dresdner Bank AG's (Dresdner) HT1
Funding GmbH Tier 1 Securities' and UT2 Funding plc Upper Tier 2
securities' Long-term rating to 'CC' from 'BBB-' (BBB minus).
Both ratings remain on RWN.  A Recovery Rating (RR) of 'RR4' has
been assigned to the UT2 Funding plc Upper Tier 2 securities,
while the agency has assigned a 'RR5' to the HT1 Funding GmbH Tier
1 Securities.

Fitch has also downgraded the hybrid Tier 1 capital instruments
issued by funding vehicles of Commerzbank AG, EUROHYPO AG and
Dresdner to 'B+' from 'BBB-' (BBB minus).  All of the instruments
remain on RWN.  The banks' Long-term Issuer Default Ratings of
'A', Short-term IDR of 'F1' and Support Ratings of '1' are not
affected by the rating actions and are based on the agency's view
that support from the public authorities in Germany would continue
to be forthcoming for senior unsecured creditors.  Fitch has never
assumed that support would be forthcoming for hybrid capital
instruments.  Commerzbank's Individual Rating is 'C', RWN.  The
Individual Rating of Dresdner is 'D', RWN.

The rating actions follow Dresdner's announcement of its
preliminary, unaudited 2008 results on February 26, 2009.  On a
consolidated level, Dresdner reported a loss of EUR6.3 billion for
2008 and expects the parent bank to report a net accumulated
balance sheet loss even after the reversal of all reserves,
leading to a loss participation on the part of the concerned
hybrid capital and profit participation certificates.  Management
stated that it is highly likely that coupon payments on those
instruments that are linked to "balance sheet profits" will be
deferred.

The downgrade on Commerzbank group's, including EUROHYPO, and
Dresdner's other hybrid capital instruments, which are likely to
pay the 2008 coupon and whose principals are not written down in
respect of the financial result for 2008, reflects Fitch's view of
the elevated risk of future coupon deferral.  The combined bank is
facing considerable challenges due to its restructuring process,
the deteriorating operating environment and large exposures to
risky areas, like commercial real estate, shipping, small- and
medium-sized corporate, structured credit investments and
leveraged buy-out.

The downgrade of Dresdner's loss participating Tier 1 and Upper
Tier 2 hybrid capital instruments reflects the likelihood that
these instruments will suffer cash losses on coupon payments and
partially on principal.  Fitch's Recovery Rating of 'RR5' reflects
the agency's opinion that the securities typically recover between
11%-30% of current principal and related interest.  The higher
recovery assumption of 31-50% implied by the Recovery Rating 'RR4'
is based on the cumulative nature of interest payments of the
Upper Tier 2 securities that mature in 2016.


DRESDNER BANK: S&P Junks Ratings on EUR1 Bln Capital Instruments
----------------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its ratings on
Dresdner Bank AG's EUR1 billion hybrid Tier 1 capital instruments
issued through HT1 Funding GmbH and on the bank's EUR750 million
upper Tier 2 capital instruments issued through UT2 Funding PLC to
'CC' from 'BB+'.

At the same time, S&P lowered the ratings on Dresdner Bank's
hybrid Tier 1 capital instruments issued through Dresdner Funding
Trust I, II, III, and IV, and on various other junior subordinated
Tier 1 instruments related to Commerzbank AG (A/Stable/A-1) and
its subsidiary Eurohypo AG (A/Negative/A-1) to 'BB' from 'BB+'.

All these issue ratings remain on CreditWatch, where they were
placed with negative implications on Jan. 12, 2009.

The rating actions follow yesterday's announcement by Dresdner
Bank that, according to preliminary results, a larger than
expected fourth-quarter loss has resulted in a net accumulated
loss ("balance-sheet loss") at Dresdner Bank AG (unconsolidated
accounts) in 2008, even after the reversal of all reserves, and
that regulatory capital levels have dropped close to minimum
requirements.  Dresdner Bank also stated that this would lead to
loss participation on the part of outstanding hybrid capital and
profit participation certificates.

The 'A' long-term and 'A-1' short-term counterparty credit ratings
on Commerzbank, Dresdner Bank, and Eurohypo (combined group) were
affirmed, based on S&P's view of the external support from the
government of the Federal Republic of Germany (AAA/Stable/A-1+).

The affirmation reflects that S&P considers Commerzbank a
government-related entity, based on S&P's expectation of future
and existing government support measures.  Commerzbank announced
that despite the loss at Dresdner Bank, the combined group's
regulatory Tier 1 capital ratio remains unchanged at about 10%
(calculated as of Jan. 1, 2009), following the takeover of
Dresdner Bank that closed in January 2009.

"The combined group's stand-alone credit profile remains under
review, but S&P believes that it has further weakened and is now
at least two notches below the issuer credit rating on
Commerzbank," said Standard & Poor's credit analyst Bernd
Ackermann.

This action also takes into account the weak performance of
Dresdner Bank and the rapidly changing economic environment, which
in S&P's view has placed pressure on the enlarged Commerzbank's
financial profile.  S&P will review the stand-alone credit profile
when more information on the combined group's financial profile
and the implications for its business plans becomes available.

"The downgrade and CreditWatch with negative implications on HT1
Funding GmbH and UT2 Funding PLC reflects that S&P believes that
there is now a very high likelihood that the instruments might
defer payments on the next coupon payment date on June 30, 2009,
and that the face value on the instruments might at least
temporarily be reduced as a result of the balance-sheet loss,"
said Mr. Ackermann.  In this case, S&P would likely lower the
ratings to 'C'.  In the case of HT1 Funding GmbH, the terms of the
instruments state that Dresdner Bank's former owner, Allianz SE
(AA/Stable/A-1+), would make coupon payments instead of Dresdner
Bank, according to the terms of a contingent indemnity agreement,
but the interest rate would be paid on the instruments'
reduced book value as shown in Dresdner Bank's unconsolidated
accounts.

The downgrade on notes issued by Dresdner Funding Trust I, II,
III, and IV and other hybrid capital instruments of the
Commerzbank group reflects S&P's view that the Commerzbank group's
stand-alone credit profile has weakened.  In addition, to some
degree, investors in these notes also rely on the willingness of
Commerzbank to make payments.

With the recent publication of its preliminary 2008 results,
Commerzbank has declared that it would pay coupons on Commerzbank
and Eurohypo hybrid capital instruments.  However, the payment
deferral on HT1 Funding GmbH and UT2 Funding PLC could indicate
that the Commerzbank group might be more likely to use any
deferral option.

The ratings on these issues also reflect S&P's view of the
likelihood that the current and projected difficult operating
environment and the Dresdner Bank merger will result in
significant bottom-line losses for the enlarged Commerzbank in
2009, and that the Commerzbank group relies on the government
for capital support.

This increases the potential, in S&P's view, that in the short to
medium term, Commerzbank, through its own initiative or under the
government's instructions, will defer coupon or dividend payments
to preserve cash and capital, unless it is contractually obliged
to make a payment.  Moreover, European Community law regarding
state aid may, in S&P's view, contribute to heightened payment
deferrals on hybrid capital securities of financial institutions.

These instruments remain on CreditWatch with negative
implications, where they were placed on Jan. 12, 2009.  The
CreditWatch status reflects S&P's view of the uncertainty
regarding the degree of earnings deterioration and potential
restructuring plans and their collective impact on the medium-term
earnings outlook and capital of the combined group.

"The CreditWatch also reflects the potential limitations on the
combined group's flexibility to meet coupon payments, which might
emerge as a result of state-aid investigations," said Mr.
Ackermann.

S&P expects to resolve the CreditWatch status on the hybrid issues
over the next 90 days after further meetings with Commerzbank to
discuss their earnings prospects, capital plans, and the
resolution of state-aid approval.


INTERHOMA GMBH: Claims Registration Period Ends March 16
--------------------------------------------------------
Creditors of Interhoma GmbH have until March 16, 2009, to register
their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on March 27, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Eutin
         Hall G
         1. Stick
         Jungfernstieg 3
         23701 Eutin
         Germany

Claims set out in the insolvency manager's report will be verified
by the court during this meeting.  Creditors may also constitute a
creditors' committee or opt to appoint a new insolvency manager.

The insolvency manager can be reached at:

         Walter Broehan
         Muehlenstrasse 56
         23552 Luebeck
         Germany

The District Court opened bankruptcy proceedings against the
company on RD.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Interhoma GmbH
         Attn: Heinz-Dieter Nolte-Franzen, Manager
         Diekseepromenade 2
         23714 Bad Malente-Gremsmuehlen
         Germany


KK-IMMOBILIEN: Claims Registration Period Ends March 22
-------------------------------------------------------
Creditors of KK-Immobilien- und Bau GmbH have until March 22,
2009, to register their claims with court-appointed insolvency
manager.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on April 22, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Cologne
         Room 1216
         Luxemburger Strasse 101
         50939 Cologne
         Germany

Claims set out in the insolvency manager's report will be verified
by the court during this meeting.  Creditors may also constitute a
creditors' committee or opt to appoint a new insolvency manager.

The insolvency manager can be reached at:

         Andreas Mueller-Stein
         Schuetzenstr. 5
         50126 Bergheim
         Germany

The District Court opened bankruptcy proceedings against the
company on Feb. 9, 2009.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         KK-Immobilien- und Bau GmbH
         Attn: Peter Jean-Marie Buckinx, Manager
         Hoehenweg 11
         50169 Kerpen
         Germany


KUSSEROW GMBH: Claims Registration Period Ends March 22
-------------------------------------------------------
Creditors of Kusserow GmbH have until March 22, 2009, to register
their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 11:06 a.m. on April 3, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Krefeld
         Meeting Room H 131
         Nordwall 131
         47798 Krefeld
         Germany

Claims set out in the insolvency manager's report will be verified
by the court during this meeting.  Creditors may also constitute a
creditors' committee or opt to appoint a new insolvency manager.

The insolvency manager can be reached at:

         Dr. Wolf-R. von der Fecht
         Rheinort 1
         40213 Düsseldorf
         Germany
         Tel: 0211 13940
         Fax: +4902111394251

The District Court opened bankruptcy proceedings against the
company on Feb. 16, 2009.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Kusserow GmbH
         Attn: Dr. Peter Krause, Manager
         Huelser Strasse 764b
         47803 Krefeld
         Germany


SGL CARBON: S&P Changes Outlook to Negative; Affirms 'BB' Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it revised its
outlook on Germany-based graphite electrodes and cathodes
manufacturer SGL Carbon SE to negative from stable due to the
sharp deterioration in market conditions in the steel and aluminum
sectors.  At the same time, S&P affirmed its 'BB' long-term
corporate credit rating on the company.

The outlook revision reflects the risk of SGL's financial
performance weakening notably due to a rapid downturn in the
commodity cycle.

"We expect production cuts of about 25% already announced by steel
and aluminum producers to reduce demand and pricing for graphite
electrodes and cathodes in the near term," said Standard & Poor's
credit analyst Paulina Grabowiec.

"This, coupled with the ongoing pressures arising from the high
cost of needle coke, could, in S&P's view, lead to much lower
earnings and cash flows in SGL's key profit-generating Performance
Products division," said Ms. Grabowiec.

Consequently, S&P is concerned that the company's ratio of funds
from operations to adjusted debt could weaken materially from the
healthy level of 51% for the 12 months to Sept. 30, 2008, to
possibly below S&P's expectations of 25% for the 'BB' rating
category.  For the 12 months to Sept. 30, 2008, Standard & Poor's
estimates SGL's FFO to have been EUR280 million and adjusted debt
to have been EUR549 million.

Although Standard & Poor's regards it possible that this weakening
could be partly offset by the more resilient earnings from the
Graphite Materials and Systems division and the Carbon Fibers and
Composites division, S&P is concerned that SGL's cash flow
generation may be insufficient to support its growth strategy and
that additional leverage might be needed to a greater extent than
S&P previously expected.

S&P expects the company to continue its growth-orientated strategy
in 2009 by executing the already announced capacity expansions in
graphite electrodes, cathodes, and carbon fibers, partly due to
the committed nature of investment projects underway, notably in
Malaysia.  However, S&P believes that the near-term combination of
weaker earnings and continued high capital expenditure is
likely to lead to negative cash flow generation and higher
leverage, which could put pressure on the ratings despite
currently healthy headroom.

SGL's performance was strong in the nine months ended Sept. 30,
2008, reflected by the increase in reported EBIT by 26% to
EUR233 million at a healthy 20.4% margin, up from 18.4% in the
same period in 2007.

The long-term rating on SGL is constrained by its exposure to the
cyclical, and currently sharply deteriorating, conditions in the
steel industry and by ongoing high raw materials and energy costs
from a concentrated supplier base, notably needle coke.
Furthermore, SGL continues to pursue a large committed investment
program, which, in S&P's opinion, is likely to lead to additional
leverage if not supported by operating cash flows.  The rating is
supported by SGL's strong market positions, especially in graphite
electrodes, and adequate liquidity.

The negative outlook reflects the possibility of a one-notch
downgrade of the long-term corporate credit rating on SGL if the
downturn is even more severe and prolonged than anticipated and
leads to weakening of the company's cash flow protection metrics
below S&P's expectations for the rating.  Furthermore, S&P is
concerned that the currently healthy headroom due to past robust
performance could diminish rapidly if SGL's earnings weaken and
prove insufficient to support ongoing heavy capital expenditure.
A ratio of FFO to adjusted debt of about 25% is consistent with
the ratings.

S&P could revise outlook to stable if SGL's credit ratios remain
within S&P's guidance for the 'BB' rating level.  Upside rating
potential is not foreseen in the near term.


UNIVERSAL BAU: Claims Registration Period Ends March 9
------------------------------------------------------
Creditors of Universal Bau GmbH have until March 9, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 a.m. on April 17, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Bonn
         Hall W 1.26
         William-Strasse 23
         53111 Bonn
         Germany

Claims set out in the insolvency manager's report will be verified
by the court during this meeting.  Creditors may also constitute a
creditors' committee or opt to appoint a new insolvency manager.

The insolvency manager can be reached at:

         Ingrid Trompertz
         Willy-Brandt-Allee 18
         53113 Bonn
         Germany

The District Court opened bankruptcy proceedings against the
company on Feb. 16, 2009.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Universal Bau GmbH
         Simrockstr. 5
         53113 Bonn
         Germany

         Attn: Uwe Broxtermann, Manager
         Plittersdorfer St. 41
         53173 Bonn
         Germany


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


DRYSHIPS INC: Inks Final Agreement w/ Nordea Over Covenant Waiver
-----------------------------------------------------------------
DryShips Inc. on Thursday, February 26, 209, reached final
agreement and received formal approval from Nordea Bank Finland
Plc, DnB NOR Bank ASA and HSH Nordbank AG regarding the previously
announced covenant waiver in connection with the US$800 million
Primelead facility consistent with the terms previously announced
on February 9, 2009.

George Economou, Chairman and Chief Executive Officer, commented:
"We are delighted to have reached a definitive agreement with the
three lenders on the Primelead facility.  This agreement is a
testament of the support of Nordea Bank Finland Plc, DnB NOR Bank
ASA and HSH Nordbank AG to DryShips.  These three lenders acting
as agents or direct lenders represent 75% of the total loans
outstanding of the Company."

                    Terms of the Waiver

As reported in the TCR-Europe on Feb. 20, 2009, DryShips reached
preliminary agreement with Nordea Bank Finland Plc to obtain a
covenant waiver in connection with the US$800 million Primelead
facility, which was used to partially finance the acquisition of
Ocean Rig ASA. The outstanding loan amount under the facility is
US$650 million.


In accordance with the main terms of the waiver: (i) the Company
will pay a restructuring fee of 0.15% on the outstanding loan
amount under the facility plus an amount equal to 1.00% per annum
on the loan outstanding for the period from January 9, 2009 until
the Effective Date of the waiver agreement; (ii) US$75 million
of principal repayment due February 2009 will be postponed until
May 2009; (iii) the margin on the facility will increase by 1.00%
to 3.125% per annum; and (iv) regular principal payments will
resume as of August 2009.  In addition, among other things, lender
consent will be required for the acquisition of DrillShip Hulls
1837 and 1838, for new cash capital expenditures or commitments
and for new acquisitions for cash until the loan has been repaid
to below US$375 million.  The waiver agreement Effective Date
will not exceed August 12, 2009, at which time the Company expects
to be in compliance with the restructured loan covenants.

                     Covenant Violations

DryShips disclosed the covenant violations on January 28.  "Our
loan agreements require that we maintain loan to value ratios
ranging from 120% to 200% of the total amount outstanding under
the relevant agreement.  The current low drybulk charter rates and
drybulk vessel values have affected our ability to comply with
these covenants.  In addition, if the value of our vessels
deteriorates significantly, we may have to record an impairment
adjustment to our financial statements, which would adversely
affect our financial results and further hinder our ability to
raise capital.  We have received notices from certain of our
lenders that we are not in compliance with our loan to value
covenants and we are currently in discussions with these and other
lenders for waivers and amendments of certain financial and other
covenants contained in our loan agreements."

                    About DryShips Inc.

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


EMPORIKI BANK: Fitch Downgrades Individual Rating to 'F'
--------------------------------------------------------
Fitch Ratings has downgraded Greece-based Emporiki Bank's
Individual rating to 'F' from 'C/D'.  At the same time, Fitch has
affirmed the bank's Long-term Issuer Default rating at 'A+',
Short-term IDR at 'F1' and Support rating at '1'.  The Outlook on
the bank's Long-term IDR is Stable.

The downgrade of Emporiki's Individual rating to 'F' from 'C/D'
reflects Fitch's opinion that the bank would have failed without
the ongoing availability of external support from its ultimate
parent, Credit Agricole (rated AA-/Outlook Stable).  Emporiki's
Long and Short-Term IDRs and Support Rating indicate that there is
an extremely high probability of support from CA because
Emporiki's activities in Greece remain strategic to the CA group,
and CA is deploying more management resources and capabilities
into the bank.  At end-2008 Emporiki was 72.56% owned by CA.

A sharp rise in loan impairments and other non-credit impairment
charges combined with a decline in operating revenues and a rigid
cost structure have resulted in a EUR492 million loss in 2008 at
the bank.  As a result of this, capital has been eroded as
reflected in Emporiki's reported total capital ratio of 4.5% at
end-2008 which is below Bank of Greece's minimum requirement.  To
restore its capital, Emporiki has announced a share capital
increase of EUR850 million.  CA has publicly stated that it is
committed to at least subscribe to its share of the capital
increase.  Following the capital increase, Emporiki expects to
report a Tier 1 capital ratio of around 8% and a total capital
ratio in excess of 10% by end-June 2009.

Despite expected capital improvements, in Fitch's opinion,
Emporiki's capital will remain under pressure due to weaker
internal capital generation as operating profits are likely to be
affected by challenging revenue generation prospects, its high
cost base in a rigid labor market and an expected rise in credit
losses in the context of a significant slowdown of the Greek
economy.  While Fitch acknowledges that a part of the credit costs
incurred in 2008 relate to precautionary measures, credit costs
are in the agency's view nonetheless likely to remain at elevated
levels.  Fitch believes that all the above factors, combined with
Emporiki's weakened deposit base, make it likely that Emporiki
will require further funding and potentially capital support from
CA.

CA took managerial control of Emporiki in early 2007 and since
then it has slowly been aligning Emporiki's business model and
risk management framework with CA group's best practice
procedures, with the aim of improving Emporiki's retail franchise,
revenue generation, cost base and asset quality - which has proved
difficult to achieve so far.

Emporiki is mainly at risk from its impaired loan exposures and
recent fast growth in an untested retail banking market.  Its
impaired loan to total loans ratio was high at around 11.5% at
end-2008.  Wholesale funding within the CA group has increased
significantly in 2008 to fund loan growth and compensate for a
decline in customer deposits.

Emporiki is the fifth-largest bank in Greece by assets, with
around 9% of loan market share.  It has a limited presence in
southeast Europe.


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


CAVENDISH SQUARE: Fitch Cuts Rating on Class C Notes to 'B-'
------------------------------------------------------------
Fitch Ratings has affirmed two and downgraded four classes of
Cavendish Square Funding plc's notes, removed the six notes from
Rating Watch Negative, and assigned Outlooks to all the notes.

The downgrades reflect Fitch's view on the credit risk of the
rated tranches following the release of the agency's revised
Structured Finance CDO rating criteria on December 16, 2008, as
well as credit deterioration to the collateral pool since the
transaction's close.

The application of the new SF CDO rating criteria incorporates
Fitch's view on industry and vintage concentration risks and the
propensity for low recoveries upon default, particularly for thin
tranches.  In conducting its review, Fitch makes a three notch
downward adjustment for any names on RWN for default analysis in
its Portfolio Credit Model.

As per the trustee report dated January 31, 2009, the portfolio
contains 185 SF assets from 155 obligors, with the largest
exposure accounting for approximately 2.0% of the outstanding
portfolio amount, and the three largest obligors accounting for
5.5% of the outstanding portfolio amount.  The portfolio has a
sector concentration of 16.3% in sub-prime RMBS, 42.6% in prime
RMBS, 17.2% in CMBS and 9.8% in SME CDO.  The two largest vintages
are 2005 and 2006 making up 34.5% and 39.7% of the portfolio
respectively, while the three largest country concentrations are
the United Kingdom, Spain and Italy making up 26.7%, 21.6% and
16.3% of the portfolio respectively.

Regarding management strategy, the collateral manager has been
reinvesting the principal proceeds into discounted assets which
has stabilized overcollateralization levels.  As per the trustee
report dated January 31, 2009, the class C OC test increased
slightly to 103.7% relative to 103.4% as the January 2008 trustee
reported level.  The manager has also purchased deeply discounted
securities in sectors where Fitch has performance concerns such as
Spanish SME CDOs.  However, these securities were purchased at
extremely low prices and are treated at purchase price in OC tests
instead of par.

Assets purchased at 80 or above are treated at par in the OC test.
If any manager were to exhibit a consistent pattern of buying
assets at or just above their respective discounted asset
threshold, Fitch would investigate this behavior.  However, in
Fitch's view this is not the case with this transaction.  The
manager appears to be simply seeking their view of value at any
price level.  The manager also has built small amounts of par by
purchasing highly rated securities which are very close to
maturity at less than par.

On January 28, 2009, the issuer bought back EUR4 million of the
class A1 notes for cancellation at a cost well below par.  This
also serves to increase the credit enhancement for the remaining
noteholders.

Fitch also notes the collateral manager has increased the
percentage of prime RMBS and reduced the exposure of CMBS.
However, this is offset by the negative credit migration of the
portfolio to 'BBB-' (BBB minus), compared with 'BBB'/'BBB-' (BBB
minus) at the last review in July 2007, and the increased
proportion of the sub-investment grade assets, currently 27.08%.
Besides, two assets making up 1.3% of the portfolio are currently
rated 'CCC+' and below on an adjusted basis.

The assignment of Stable Outlooks to class A1 and A2 mainly
reflects their senior payment position and potential benefits upon
breach of any OC triggers prescribed in the transactional
documents.  Given the current macroeconomic climate, Fitch expects
further negative portfolio migration and asset defaults could
result in a breach of OC tests, especially in the current
situation where the cushion between each OC level to their
respective trigger is very limited.  In this case interest will be
diverted away from the junior notes to amortize the senior notes.
The downgrades and assigning of Negative Outlooks to class B and C
reflects Fitch's view that these classes are vulnerable to future
rating migration.

The affirmation of the revolving credit facility is due to the
very high level of overcollateralization.  The EUR40 million
revolving credit facility is covered by the EUR308 million of
assets; furthermore its position is senior to any other payments
before an event of default.  The agency's breakeven analysis
indicates that the RCF could withstand the default of more than
the 100 riskiest obligors.

Class X was issued to cover upfront management costs and pays a
fixed amount of quarterly interest until its maturity in 2010.
The issuance proceeds of class X principal were held in a
designated bank account for payment at maturity, and the class X
interest is pro rata paid with the class A1 interest in the
priority of payments and non-payment of any due amounts
constitutes an event of default to the transaction.  Fitch expects
the repayment of the class X interest and principal to be highly
likely and has therefore affirmed the notes rating with a Stable
Outlook.

The transaction is a managed securitization of structured finance
assets, primarily consisting of European mezzanine residential and
commercial mortgage-backed securities and CDOs.  The portfolio is
actively managed by AE Global Investment Solutions Ltd ("AEGIS").

  -- EUR40 million Revolving Credit Facility due 2055: affirmed at
     'AAA'; removed from RWN; assigned a Stable Outlook

  -- EUR0.05 million class X fixed-rate note due 2010
     (ISIN: XS0241545994): affirmed at 'AAA'; removed from RWN;
     assigned a Stable Outlook

  -- EUR194.1 million class A1 floating-rate note due 2055
     (ISIN: XS0241540763): downgraded to 'A-' (A minus) from
     'AAA'; removed from RWN; assigned a Stable Outlook

  -- EUR31.2 million class A2 floating-rate note due 2055
     (ISIN: XS0241541571): downgraded to 'BB+' from 'AA'; removed
     from RWN; assigned a Stable Outlook

  -- EUR9.3 million class B floating-rate note due 2055
     (ISIN: XS0241542033): downgraded to 'B+' from 'A'; removed
     from RWN; assigned a Negative Outlook

  -- EUR9 million class C floating-rate note due 2055
     (ISIN: XS0241543353): downgraded to 'B-' (B minus) from
     'BBB'; removed from RWN; assigned a Negative Outlook


CAVENDISH SQUARE: Fitch Cuts Rating on Class C Notes to 'B'
-----------------------------------------------------------
Fitch Ratings has affirmed one and downgraded 10 classes of
Cavendish Square Funding II Ltd's notes.  Simultaneously, the
agency has removed the 11 classes from Rating Watch Negative, and
assigned rating Outlooks.  The rating actions are listed in full
at the end of this release.

The downgrades reflect Fitch's view on the credit risk of the
rated tranches following the release of the agency's revised
Structured Finance CDO rating criteria on December 16, 2008, as
well as moderate credit deterioration to the collateral pool since
the transaction's close.

The application of the new SF CDO rating criteria incorporates
Fitch's view on industry and vintage concentration risks and the
propensity for low recoveries upon default, particularly for thin
tranches.  Given the relatively stable performance of the
portfolio, the downgrades of the RCF, class A1 and A2 notes was
driven by Fitch's revised criteria.

As per the trustee report dated January 31, 2009, the portfolio
contained 175 performing assets from 152 obligors, with the
largest exposure accounting for approximately 1.8% of the
outstanding portfolio amount, and the three largest obligors
accounting for a total of 4.6%.  According to Fitch
classifications, the largest single industry is RMBS with 60% of
the portfolio notional, of which 5% fall into the non-conforming
category and 55% are classified as prime RMBS.  The three largest
country concentrations are Italy, Spain and the UK making up 27%,
20% and 16% of the portfolio respectively.

Regarding management strategy, the collateral manager has been
reinvesting the principal proceeds into discounted assets which
has improved overcollateralization levels.  As per the trustee
report dated January 31, 2009, the class C OC test increased to
107.0% from 106.2% relative to the January 2008 trustee reported
level.  The manager has also purchased deeply discounted
securities in sectors where Fitch has performance concerns such as
Spanish SME CDOs.  However, these securities were purchased at
extremely low prices and are treated at purchase price in OC tests
instead of par.

Assets purchased at 80 or above are treated at par in the OC test.
If any manager were to exhibit a consistent pattern of buying
assets at or just above their respective discounted asset
threshold, Fitch would investigate this behavior.  However, in
Fitch's view this is not the case with this transaction.  The
manager appears to be simply seeking their view of value at any
price level.  The manager also has built small amounts of par by
purchasing highly-rated securities which are very close to
maturity at less than par.

In conducting its analysis, Fitch makes a three-notch downward
adjustment for any names on Rating Watch Negative for default
analysis in its Portfolio Credit Model.  On an adjusted basis
approximately 20% of the assets are treated as sub-investment
grade.  The weighted average portfolio quality is 'BBB-' (BBB
minus) compared with 'BBB' at closing, and 5.5% of the portfolio
is currently on RWN.  The four assets rated 'CCC+' or below total
1.0% of the outstanding portfolio.

Whilst all overcollateralization and interest coverage tests are
currently passing, given the current macroeconomic climate, Fitch
expects further negative portfolio migration and asset defaults
which could result in a higher percentage of assets being
subjected to cuts in the OC ratio calculation.  This in turn could
result in the junior notes failing the OC test.  If this scenario
was to occur, interest will be diverted away from the junior notes
to amortize the senior notes.  In Fitch's view, class B, C and the
combination notes class P would be most vulnerable to future
rating migration, and there would be insufficient protection to
these classes to support investment grade ratings.  The Negative
Outlook assigned to these classes is driven by the fact that
current levels of CE may be insufficient to offer protection to
future negative portfolio migration.

Class X was issued to cover upfront management costs and pays a
fixed amount of quarterly interest until its maturity in 2011.
The class X principal is held in a designated bank account for
payment at maturity, and the class X interest ranks senior to the
class A1 principal in the priority of payments.  Fitch deems this
note as able to withstand considerable rating stress and has
therefore assigned the notes a Stable Outlook.

The transaction is a managed securitization of structured finance
assets, primarily consisting of European mezzanine residential and
commercial mortgage-backed securities and CDOs.  The portfolio is
actively managed by AE Global Investment Solutions Ltd.

  -- EUR50,000 class X fixed-rate notes due 2011
     (ISIN XS0314070441): affirmed at 'AAA'; removed from RWN;
     assigned a Stable Outlook

  -- EUR40 million Revolving Credit Facility (RCF) due 2072:
     downgraded to 'A' from 'AAA'; removed from RWN; assigned a
     Stable Outlook

  -- EUR271.2 million class A1 Tranche N floating-rate notes due
     2072 (ISIN XS0314071506): downgraded to 'A' from 'AAA';
     removed from RWN; assigned a Stable Outlook

  -- EUR39.8 million class A2 floating rate notes due 2072
     (ISIN XS0314071845): downgraded to 'BBB-' (BBB minus) from
     'AA'; removed from RWN; assigned a Stable Outlook

  -- EUR19 million class B deferrable floating-rate notes due 2072
     (ISIN XS0314072223): downgraded to 'BB' from 'A'; removed
     from RWN; assigned a Negative Outlook

  -- EUR17 million class C deferrable floating-rate notes due 2072
     (ISIN XS0314072652): downgraded to 'B' from 'BBB'; removed
     from RWN; assigned a Negative Outlook

  -- EUR19.2 million class P combination notes due 2072
     (ISIN XS0314075598): downgraded to 'BB' from 'A-' (A minus);
     removed from RWN; assigned a Negative Outlook


CUSP POINT: Goes Into Liquidation
---------------------------------
Ian Kehoe at The Sunday Business Post reports that Cusp Point
Software has gone into liquidation after failing to emerge from
examinership.

The report relates that while the company's examiner had been in
talks with a number of potential investors in Ireland, the US and
Britain, no deal was agreed.

The liquidation, which will leave Enterprise Ireland and several
private investors with more than EUR5 million in losses, will be
handled by accountancy firm KPMG, the report discloses.

On Nov. 18, 2008, the TCR-Europe, citing The Sunday Business Post,
reported that the directors of Cusp Point petitioned the High
Court to place the company into examinership after it failed to
secure additional funding and ran into cashflow difficulties.

Citing documents lodged with the courts, the report stated the
company had generated revenues of EUR143,000 last year, but racked
up losses of EUR4.7 million.  It has liabilities of EUR5.3
million, and a cash deficiency of EUR1.8 million, the report
added.

In its petition to the court, the company, as cited by the report,
said it had sought to secure new investors to ease its financial
difficulties.  However, it noted that due to the "current global
economic crisis, it was recently confirmed that these long-term
funding options were no longer available."

The company, the report disclosed, proposed Kieran Wallace, a
corporate restructuring partner with KPMG accountants, as
examiner.

The company laid off 29 staff, the report recalled.

Cusp Point developed web-based document management software.  It
had opened offices in Dublin, New York and Minnesota.


ELAN CORPORATION: To Cut Global Workforce by 14%
------------------------------------------------
Elan Corporation, plc on Wednesday, February 25, 2006, announced
that, as previously guided, and as part of its ongoing efforts to
consistently and rigorously manage its overall cost base and
direct additional investment toward its promising and late stage
pipeline, it will refine its business operations and functions to
realize greater efficiencies and deepen its commitment and focus
to key and strategic areas.

The holding company, Elan Corporation, plc, will continue to have
two related but distinct operating divisions: Biopharmaceuticals
and Elan Drug Technologies.

Specific adjustments include a postponement of biologics
manufacturing activities, a strategic redesign and realignment of
the R&D organization within the Biopharmaceutical business, and a
reduction in related G&A and other support activities.  These
changes follow the realignment of components of Elan's commercial
organization announced in late 2008.

These adjustments, largely driven by changes in the
Biopharmaceuticals business, will result in a reduction in Elan's
global workforce of approximately 230 positions, or 14% of Elan's
workforce.  In Ireland, where Elan's biological manufacturing and
related fill finish activities are based, approximately 115
positions will be impacted.  A further approximately 115 positions
will be affected in the United States, mainly in the areas of
research, clinical development, biopharmaceutical development, and
related corporate support and administrative services.  Elan
expects to reassess the opportunity to invest in a biologics
manufacturing facility and restart its related fill finish
activities after the company has had the opportunity to evaluate
the data from the Phase 3 trials of bapineuzumab in Alzheimer’s
disease.

Elan expects that the financial benefits of these adjustments,
some of which will be re-invested in the advancement of the
clinical development of its pipeline, will reduce operating
expenses in 2009 by US$30-US$35 million and by approximately US$50
million in a full year.  Severance and related charges are
expected to be US$15 million and will be recorded as a charge in
the first half of 2009.

Following these planned changes, Elan reiterates its financial
guidance for 2009 and expects revenue to grow by double digit
percentages, to be Adjusted EBITDA profitable for the year, and to
end the year with cash and investment balances in the region of
US$200 million.

Elan CEO Kelly Martin said this internal realignment was driven in
large part by an assessment of the Biopharmaceuticals division
completed by Dr. Carlos V. Paya, who joined Elan as President late
last year.  The internal business review was conducted in addition
to and separately from the previously announced and on-going
corporate strategic review process which, should it be successful,
may bring additional capabilities to Elan and further augment the
company's improved financial performance and increased revenues
reported in 2008.

Mr. Martin said, "As we continue to advance the company, we remain
committed to the precise and specific investment in new talent,
new technologies and novel therapeutic opportunities in the
neuroscience field.  This will further strengthen our core
business areas that bring the greatest potential value to patients
and shareholders, and enable us to invest in our most valuable
programs within the Biopharmaceuticals and Elan Drug Technologies
businesses."

Dr. Paya said that following the changes, Elan is well positioned
in the biopharmaceutical industry.  "We are creating a forward-
thinking, flexible, science-based and patient-focused business
supported by modest infrastructure," Dr. Paya said. "This model
maximizes our opportunities and leverages our unique innovation,
talent, experience and pipeline."

Dr. Paya said that further progress would enable Elan to leverage
a highly focused and cost-advantaged organization, with a
foundation to become the world's leading neuroscience company.
Dr. Paya added, "This realignment has been strategically driven
and will enable us to further focus on our four key near-and
intermediate-term priorities: driving uptake of Tysabri, advancing
our Alzheimer’s programs, harnessing the value of our pipeline,
and maximizing the growth of EDT."

                           About Elan

Dublin, Ireland-based Elan Corporation plc (NYSE:ELN) --
http://www.elan.com/-- is a neuroscience-based biotechnology
company.  Its operations are organized into two business units:
Biopharmaceuticals and Elan Drug Technologies (EDT).
Biopharmaceuticals engages in research, development and commercial
activities primarily areas, such as Alzheimer's disease,
Parkinson's disease, multiple sclerosis (MS), Crohn's disease (CD)
and severe chronic pain.  EDT is a specialty pharmaceutical
business unit of Elan.  Elan's marketed products in the the United
States include PRIALT (ziconotide intrathecal infusion), AZACTAM
(aztreonam for injection, USP) and MAXIPIME (cefepime
hydrochloride) for Injection.  On June 5, 2006, Elan and Biogen
Idec announced the approval of a supplemental Biologics License
Application (sBLA) by the United States Food and Drug
Administration for the reintroduction of TYSABRI (natalizumab) as
a monotherapy treatment for relapsing forms of MS to slow the
progression of disability and reduce the frequency of clinical
relapses.

                           *    *    *

Elan Corporation plc continues to carry a B3 Corporate Family
Rating from Moody's Investors Service with positive outlook.


LAMBAY CAPITAL: Fitch Junks Ratings on GBP600 Mil. Securities
-------------------------------------------------------------
Fitch Ratings has downgraded Lambay Capital Securities Plc's
GBP300 million perpetual tier-one pass-through securities to 'C'
from 'BB-' (BB minus) and removed them from Rating Watch Negative.
Fitch has simultaneously withdrawn the rating on the notes.

Lambay Capital Securities plc is a limited liability company
incorporated in Ireland.  The rating of the notes is credit-linked
to the rating of the GBP300 million Series A fixed- and floating-
rate non-cumulative callable preference shares of Anglo Irish Bank
Corporation Plc ('A-'((A minus))/Stable/'F1+'), which were
downgraded to 'C' from 'BB-' (BB minus) on February 25, 2009 and
withdrawn.  The notes are secured over the aforementioned shares.
The rating action follows the announcement by the Irish Department
of Finance that no further coupon or interest payments would be
made on the preference shares.

The perpetual tier-one pass-through securities have no maturity
and are callable upon the redemption of the preference shares.
The interest payments on the notes are equal to the net dividend
received and are passed through to investors.


THOMAS READ: Consortium of Investors to Inject Fresh Funds
----------------------------------------------------------
Ian Kehoe and Gavin Daly at The Sunday Business Post report that a
consortium of new investors is preparing to inject fresh funds
into Thomas Read under a rescue plan for the group, which is in
examinership.

According to the report, the group of investors includes Thomas
Anderson, Colin Dolan, Michael Ormonde, Ian Redmond and his wife
Dawn Maye.

The report relates Mr. Anderson, whose family controls more than
half of Ireland's cinema screens, is proposing to invest EUR4
million and become a director of the group, the report discloses.
He is named as the main investor in documents circulated last
week, the report notes.  The report states Mr. Anderson is willing
to invest EUR2 million to acquire preference shares in the
business, and advance a further EUR2 million in loans, which are
to be redeemed after five years.

Mr. Dolan and Mr. Ormonde will also join the board if the plan
pushes through.  The report notes existing directors and
significant shareholders Alan Kennedy and Sean Doyle will remain
on the company's board.

The report recalls the group's examiner, Kieran Mc Carthy, sent
the plan to creditors last week.  Creditors will vote on the plan
in the coming days, before it is placed before the High Court for
ratification, the report relates.

Under the plan, the company's preferential creditors will receive
20 per cent of their debts, but unsecured creditors will receive
only between 0.86 per cent and 1.4 per cent of their debts, the
report adds.

                              Debts

On Dec. 2, 2008, the TCR-Europe reported that according to RTE
Business, Guerneville Ltd petitioned the High Court to put the
Thomas Read group of companies into examinership as Sharmane Ltd,
the parent company, was likely or unlikely to be able to pay its
debts.

Thomas Read, which employs more than 400 people, racked up debts
of EUR26.7 million, RTE Business disclosed.

Citing Gary McCarthy of Guerneville, RTE Business noted the
Diageo Ireland, Heineken Murphy Breweries and Britvic C&C were
among the largest creditors, while the group's banker creditors
included ACC Bank, owed more than EUR15 million; Ulster Bank, owed
EUR5.6 million; AIB, owed EUR3.5 million and Anglo Irish Bank,
owed EUR597,000.


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


IT HOLDING: S&P Cuts Long-Term Corporate Credit Rating to 'D'
-------------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its long-term
corporate credit rating on Italy-based fashion company IT Holding
SpA to 'D' from 'SD'.  The senior secured debt rating on the
EUR185 million senior secured notes issued by IT Holding Finance
S.A. were also lowered to 'D'.  The recovery rating on the notes
remains unchanged at '5', indicating S&P's expectations of modest
(10%-30%) recovery for noteholders in the event of a payment
default.  At Sept. 30, 2008, the group had total unadjusted debt
of EUR354 million.

The rating action follows the announcement of the Italian
government that the Ministry of Economic Development has extended
the extraordinary administration under Italian Law to IT Holding
SpA.  As per S&P's general criteria, S&P considers filing for a
creditor protection as tantamount to a default.

On Dec. 22, 2008, Standard & Poor's lowered ITH's long-term
corporate credit rating to 'SD' after the company's request to
defer, for a second time, a EUR9.4 million principal payment on
its unrated bank loan.  The initial payment fell due Oct. 20,
2008.  ITH confirmed that the payments on the 9.875%
EUR185 million senior secured notes remained current, with the
next semiannual coupon due May 15, 2009.


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


ALMATINSKY LIKERO: Creditors Must File Claims by April 17
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared JSC Almatinsky Likero-Vodochny Zavod (JSC Almaty
Alcoholic Beverage Plant) insolvent.

Creditors have until April 17, 2009, to submit written proofs of
claim to:

         Baizakov St. 273b
         Almaty
         Kazakhstan

The Court is located at:

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


BETTA STROY: Creditors Must File Claims by April 17
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda has
declared LLP Betta Stroy insolvent.

Creditors have until April 17, 2009, to submit written proofs of
claim to:

         Shokai St. 20
         Kyzylorda
         Kazakhstan
         Tel: 8 (72422) 24-29-11

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of Kyzylorda
         Aiteke bi St. 29
         120014 Kyzylorda
         Kyzylorda
         Kazakhstan


CRISTINA LTD: Creditors Must File Claims by April 17
----------------------------------------------------
The Specialized Inter-Regional Economic Court of North Kazakhstan
has declared LLP Cristina Ltd. insolvent.

Creditors have until April 17, 2009, to submit written proofs of
claim to:

         Jumabaev St. 102-25
         Petropavlovsk
         North Kazakhstan
         Kazakhstan

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of North Kazakhstan
         Brusilovsky St. 60
         Petropavlovsk
         North Kazakhstan
         Kazakhstan


GRAJDAN PROJECT: Creditors Must File Claims by April 17
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Grajdan Project insolvent.

Creditors have until April 17, 2009, to submit written proofs of
claim to:

         The Specialized Inter-Regional
         Economic Court of Pavlodar
         Djambulskaya St. 6
         Pavlodar
         Kazakhstan


IMMOVABLES REAL: Creditors Must File Claims by April 17
-------------------------------------------------------
JSC Joint-Stock Investment Fund of Immovables Real Estate
Kazakhstan has declared insolvency.   Creditors have until
April 17, 2009, to submit written proofs of claim to:

         Husainov St. 225-321
         Almaty
         Kazakhstan


KAZAKHSTAN ELECTRICITY: Moody's Cuts BCA to 13 from 11
------------------------------------------------------
Moody's Investors Service has downgraded to Baa2 from Baa1 the
senior unsecured issuer rating of Kazakhstan Electricity Grid
Operating Company. The outlook remains stable.

Controlled by the Republic of Kazakhstan, KEGOC is a Government
Related Issuer under Moody's methodology.  The downgrade reflects
Moody's expectations that KEGOC's financial profile and financial
covenant cushion (as reflected in its Baseline Credit Assessment)
will materially deteriorate going forward, driven by the company's
continuing large investments under the weakening economic and
financial conditions in the Republic of Kazakhstan and globally.
However, Moody's understands that the company's amended investment
program was developed and agreed with the state.  Due to the high
state support incorporated into KEGOC's rating, the downgrade is
limited to one notch.

The BCA of KEGOC has been cut to 13 from 11 (equivalent to Ba3
from Ba1) as Moody's expects KEGOC's already strained financial
metrics to further weaken due to the company's large investments
and exposure to floating-rate foreign currency debt, KEGOC's
primary source of funding.  The recent devaluation of the Kazakh
tenge by 18% has exposed KEGOC, which generates its revenues in
tenge, to a higher debt burden and will challenge the company's
covenant compliance going forward.  The impact of these challenges
could be increased by a worsening economic environment, including
the risk of a deterioration of the payment discipline.  The
challenges are only partially addressed by KEGOC's long-term debt
maturity profile, well-balanced maturity schedule, moderate
interest rates and a sizable amount of cash and short-term
deposits, which, according to the company, more than covered its
short-term debt obligations as of the end of 2008.

KEGOC does not currently plan to reduce or postpone its investment
program, as this is not advised by the state.  The state provides
and plans to continue providing KEGOC with support to implement
the program, without damaging its relationship with its bank
creditors (mainly EBRD and IBRD; their loans account for around
80% of KEGOC's debt as of the end of 2008; the remaining debt
consists of loans from the Development Bank of Kazakhstan, a
state-owned bank of Kazakhstan).  Given the significant size of
KEGOC's investment program, the supportive tariff regulation
incorporated into the company's BCA will be of relatively limited
importance compared to the state's direct support, including
specific equity injections, in particular to support liquidity,
and provisions of guarantees to attract new foreign currency bank
funding.  KEGOC's operating cash flow generation is expected to be
persistently lower than its investment needs, which speaks for a
lower BCA, especially in the current difficult economic and
financial conditions.

KEGOC's rating continues to incorporate the high support from the
Republic of Kazakhstan.  This assumption takes into account the
fact that a sizeable proportion (more than 50%) of the company's
debt is directly guaranteed by the state as of the end of 2008,
the state's documented decision to support the company's liquidity
going forward, as well as specific recent and future equity
injections.  Moody's notes that the proportion of guaranteed debt
may temporarily decrease as KEGOC starts drawing on the bank
facility signed in 2008 with the EBRD (which is not guaranteed by
the state).  However, Moody's understands that the company is
currently negotiating new facilities, which are likely to be
guaranteed by the state, and thus expects its guaranteed debt to
remain at a reasonably high level.  The high support is also
reinforced by the strategic importance of KEGOC, given its role as
the national electricity transmission grid owner and operator.
The rating also factors the high default dependence between the
company and the Republic of Kazakhstan.

KEGOC's rating remains primarily driven by the rating of the
Republic of Kazakhstan and the state support assumption.  The
stable outlook on the company's rating reflects the current stable
outlook on the sovereign rating as well as Moody's expectation
that KEGOC will continue to enjoy a high level of support from the
state.

A material deterioration in the state support, translating into
the company's weakening ability to manage its liquidity profile
and remain in compliance with financial covenants, would likely
negatively affect KEGOC's rating.  With all other GRI model inputs
unchanged, a two-notch downgrade of the sovereign rating would
result in a one-notch downgrade of the company's rating.

Moody's notes that, if the sovereign rating, dependence and
support assumptions remain unchanged, KEGOC's current rating could
withstand a material deterioration in the company's BCA.  However,
for KEGOC to maintain its current BCA, Moody's would expect the
company to cap Debt to EBITDA at below 5x and keep FFO/Net Debt in
the low to mid-teens, while tightly managing its liquidity
position.

The previous rating action on KEGOC was implemented on May 24,
2006, when Moody's upgraded the company's foreign currency issuer
rating and affirmed its domestic currency issuer rating in light
of the revision of the agency's rating methodology for foreign-
currency ceilings.

KEGOC is the 100% state-controlled monopoly business operating the
national electricity transmission grid of the Republic of
Kazakhstan.  The sole shareholder of the company is the state,
represented by JSC National Welfare Fund SamrukKazyna.  The
company's reported 2007 revenues amounted to KZT24.7 billion
(US$201.7 million).


KAZAKH MORTGAGE: Moody's Cuts Rating on Class B Notes to 'Ba1'
--------------------------------------------------------------
Moody's Investors Service has downgraded and placed on review for
possible downgrade these classes of Notes issued by Kazakh
Mortgage-Backed Securities 2007-1 B.V.:

  -- US$123,000,000 Class A Mortgage Backed Floating Rate Notes
     due 2029, downgraded to Baa3, on review for possible
     downgrade, previous rating Baa1, on review for possible
     downgrade;

  -- US$11,300,000 Class B Mortgage Backed Floating Rate Notes due
     2029, downgraded to Ba1, on review for possible downgrade,
     previous rating Baa2, on review for possible downgrade.

These actions result from the downgrade of Bank TuranAlem's senior
unsecured debt rating to B1 from Ba1.  BTA is the Parent of
Originator and Servicer, BTA Ipoteka (unrated), and the provider
of servicing guarantee for Kazakh Mortgage-Backed Securities 2007-
1 B.V.  Thus, the ratings of the notes issued by this transaction
are linked to the ratings of BTA due to the true sale concerns
resulting from the untested legal system in Kazakhstan and
commingling risks, which arise in case of the servicer bankruptcy.
Therefore, the downgrade of BTA results in a downgrade of the note
ratings of this transaction where the credit enhancement and other
structural features are not sufficient to mitigate the risks
listed above.

Moody's previous rating action on notes issued by Kazakh Mortgage-
Backed Securities 2007-1 B.V. was on February 9, 2009 when the
ratings of the notes were downgraded and put on review for
possible downgrade as a result of the increased risk of
redenomination.


KOSTANAI DROB: Creditors Must File Claims by April 17
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Kostanai Drob Mash insolvent.

Creditors have until April 17, 2009, to submit written proofs of
claim to:

         Gogol St. 177a
         Kostanai
         Kostanai
         Kazakhstan

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Baitursynov St. 70
         Kostanai
         Kazakhstan


MONTAGE ELECTRO: Creditors Must File Claims by April 17
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Montage Electro Service PV insolvent.

Creditors have until April 17, 2009, to submit written proofs of
claim to:

         The Specialized Inter-Regional
         Economic Court of Pavlodar
         Djambulskaya St. 6
         Pavlodar
         Kazakhstan


RISK INVEST: Creditors Must File Claims by April 17
---------------------------------------------------
JSC Joint-Stock Investment Fund Of Risk Invest Adal insolvent.
Creditors have until April 17, 2009, to submit written proofs of
claim to:

         Husainov St. 225-321
         Almaty
         Kazakhstan


TIANSHAN INTERNATIONAL: Creditors Must File Claims by April 17
--------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Tianshan International Real Estate Co. Ltd.
insolvent.

Creditors have until April 17, 2009, to submit written proofs of
claim to:

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


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


MEYKIN LANDSHAFT: Creditors Must File Claims by March 20
--------------------------------------------------------
LLC Meykin Landshaft has declared insolvency.  Creditors have
until March 20, 2009, to submit written proofs of claim.

The company can be reached at:

         (0-772) 57-12-26
         (0-772) 22-66-27


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


FRESENIUS FINANCE: S&P Retains 'BB' Rating on EUR1.1 Bln Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it has revised its
recovery rating on the EUR1.1 billion senior unsecured notes
issued by Fresenius Finance B.V. to '3' from '4'.  The '3'
recovery rating indicates S&P's expectation of meaningful (50%-
70%) recovery in the event of a payment default.  The issue rating
on these notes remains unchanged at 'BB', in line with the
corporate credit rating on the parent company, German health care
group Fresenius SE (FSE; BB/Negative/--).

The issue and recovery ratings on all of the FSE group's other
debt remain unchanged, including those on the privately placed
US$865 million-equivalent senior unsecured bonds (US$500 million
and EUR275 million) maturing in 2015 recently issued by Fresenius
U.S. Finance II Inc.  The 'BB' rating on these bonds is in line
with the corporate credit rating on FSE.  The bonds have a
recovery rating of '3', reflecting S&P's expectation of meaningful
(50%-70%) recovery in the event of a payment default.

S&P's revision of the recovery rating on the senior unsecured
notes primarily reflects the completion of the privately placed
unsecured bond issue, whose proceeds were used to repay in full
the second-secured bridge loan.  This has led to higher recovery
prospects for unsecured noteholders and has simplified the capital
structure.

In the previous waterfall of post-default payment priorities, the
second-secured bridge loan ranked ahead of the unsecured notes,
creating a rather complex capital structure and lower recovery
prospects for the unsecured lenders.  Now, the new unsecured
US$865 million bonds rank pari passu with the unsecured notes,
resulting in a simpler waterfall and recovery percentages for both
the bonds and the notes in the 50%-70% range (translating into a
recovery rating of'3').

S&P has valued FSE as a going concern, given its satisfactory
business risk profile, its leading market position, and the high
barriers to entry in terms of skills and knowledge in a highly
regulated sector.  This results in an estimated stressed
enterprise value of about EUR3.05 billion -- excluding FSE's stake
in Fresenius Medical Care AG & Co. KGaA (FMC; BB/Negative/--) --
at S&P's simulated point of default in 2012.  S&P has calculated
the recovery prospects based on the intrinsic value of the
Fresenius Helios, Fresenius Vamed, Fresenius Kabi, and APP
businesses, and have attributed a very moderate value to FSE's
stake in FMC.


TOMTOM NV: Says it May Breach EUR1.6 Bln Buy-Out Related Loan
-------------------------------------------------------------
TomTom NV warned it may breach covenants of a EUR1.6 billion loan
it used to finance its acquisition of Tele Atlas in June 2008.

"Given the uncertainties in the wider macro economic environment
and their knock on effect on consumer spending, scenarios can be
envisaged where the loan covenants could be breached," the
Amsterdam-based company said in a Feb. 24 statement.

The company disclosed it made a EUR158.5 million repayment on the
loan in December 2008 after amendment of the loan facility's
covenant conditions in October 2008, for which an amendment fee of
EUR8 million was paid in Q4 2008.

In the fourth quarter of 2008, the company said it reduced its net
debt from EUR1.3 to EUR1.1 billion.

Netherlands-based TomTom NV (AMS:TOM2) --- http://www.tomtom.com/
--- is a navigation solutions provider.  It focuses on the
provision of all-in-one portable navigation devices.  The
Company's portfolio includes the TomTom GO family, the TomTom ONE
family and the TomTom RIDER.  TomTom NV also provides navigation
software products which integrate with third party devices, such
as the TomTom NAVIGATOR software for personal digital assistants,
and the TomTom MOBILE navigation software for smart phones.  Its
TomTom HOME service is a location-based content and services
offering for TomTom's navigation products, while TomTom WORK
combines communication and smart navigation technology with
tracking and tracing expertise.  The Company's automotive business
unit offers navigation systems, such as TomTom PND, as part of a
built-in radio system integrated in the dashboard of the vehicle.
TomTom's products are marketed through a network of retailers in
30 countries and online.  The Company has offices in Europe, North
America and Asia Pacific.


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


PKN ORLEN SA: Breaches Long-Term Loan Covenants, Bloomberg Says
---------------------------------------------------------------
PKN Orlen SA has breached debt covenants on long-term loans and
will seek to persuade lenders to drop the debt to Ebitda covenant,
Bloomberg News reports citing Chief Executive Officer Jacek
Krawiec.

A drop in the value of oil inventories and increased foreign-
currency debt led to a breach in covenants on PLN9.07 billion of
borrowing, Orlen said in a statement obtained by the news agency.

According to the report, Orlen has about PLN13 billion of debt and
had a ratio of net debt to earnings before interest, taxes,
depreciation and amortization of 3.66 at the end of 2008, higher
than the 3.5 required by banks.

The company also incurred an annual loss of PLN659 million (US$178
million) from a net profit of PLN2.4 billion in 2007, the report
relates citing the company statement.

In the fourth quarter, net loss was PLN3.05 billion, compared with
a profit of PLN634.1 million a year earlier, the report discloses.
PKN Orlen lost PLN3.3 billion on inventory revaluation in the
fourth quarter, the report relates.

Poland-based Polski Koncern Naftowy ORLEN SA (WAR:PKN) a.k.a PKN
Orlen SA --- http://www.orlen.pl/--- specializes in the
manufacture, distribution, wholesale and retail sale of refined
petrochemical products.  It is principally engaged in the
processing of crude oil.  The Company's product portfolio includes
a variety of fuel and petrochemical products, as well as oil
derivatives, such as petrol, diesel, heating oil, aviation fuel
and plastics.  ORLEN's retail network comprises approximately
2,700 outlets offering services in Poland, Germany, the Czech
Republic and Lithuania, operating under the ORLEN, Petrochemia
Plock, BLISKA and STAR brands.  PKN ORLEN operates seven
refineries, of which three are located in Poland, three in the
Czech Republic and one in Lithuania.  The total deep processing
capacity of the refineries reaches 31.7 million tons per annum.
As at the end of 2007, ORLEN held directly or indirectly shares in
105 subsidiaries, of which five jointly controlled entities and 17
associate companies.


===============
P O R T U G A L
===============


SAGRES STC: Fitch Affirms Low-B Ratings on Two Classes of Notes
---------------------------------------------------------------
Fitch Ratings has upgraded Sagres STC - Explorer 2004's class N
floating-rate notes, placed class O on Rating Watch Positive, and
affirmed the ratings of the other note classes.  Sagres is the
first securitization launched by the Portuguese government and
backed by unpaid tax and social security claims originated in
Portugal.

  -- EUR135 million class A2 floating-rate notes
     (ISIN XS0190180678) affirmed at 'AAA'; Outlook Stable

  -- EUR170 million class M floating-rate notes
     (ISIN XS0190180918) affirmed at 'AAA'; Outlook Stable

  -- EUR129 million class N floating-rate notes
     (ISIN XS0190181130) upgraded to 'AAA' from 'A-' (A minus);
     Outlook revised to Stable from Positive

  -- EUR136 million class O floating-rate notes
     (ISIN XS0190181213) of 'BB+'; placed on Rating Watch Positive
     (RWP)

  -- EUR53 million class T fixed-rate notes (ISIN XS0190181486)
     affirmed at 'B', Outlook revised to Positive from Stable

The rating actions follow a review of the transaction performance
which has outperformed the agency's base case expectations.  For
the period beginning September 2008 to the end of January 2009,
the actual collections serviced by DGI have reached approximately
EUR104 million, 12% higher than Fitch's forecasted amount.
However, the actual collections have not taken into account the
collections for December 2008 and January 2009 by IGFSS, a second
servicer in the transaction.  Actual total collections for the six
month period ended February 2009 are therefore expected to be
higher.

As of September 2008, the issuer had accumulated approximately
EUR382 million in its account.  The available cash at the end of
January 2009 reached approximately EUR480 million, bolstered by
the collection from October to January 2009.  The available funds
credited to the issuer account are sufficient to pay down the
class A2, M and N notes in full.  The remaining amount covers
approximately 30% of the class O notes.

However, future collections will likely remain volatile and
unpredictable.  Should future collections perform in line with
Fitch's expectations, all the remaining notes, including the
capitalized interests on class T, are expected to be repaid before
their respective final maturity date.


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


BASHKIR-SPETS-STROY LLC: Creditors Must File Claims by March 22
---------------------------------------------------------------
Creditors of LLC Bashkir-Spets-Stroy (TIN 0248004917)
(Construction) have until March 22, 2009, to submit proofs of
claims to:

         A. Dan'ko
         Temporary Insolvency Manager
         Post User Box 78
         Orsk
         462419 Orenburgskaya
         Russia

The Arbitration Court of Orenburgskaya will convene on May 20,
2009, to hear bankruptcy supervision procedure.  The case is
docketed under Case No. A47–9093/2008.

The Debtor can be reached at:

         LLC Bashkir-Spets-Stroy
         Stroygorodok
         Novotroitsk
         Orenburgskaya
         Russia


DALNEVOSTOCHNUY MINE: Creditors Must File Claims by April 22
------------------------------------------------------------
Creditors of SUE Dalnevostochnuy Mine Construction Trust have
until April 22, 2009, to submit proofs of claims to:

         O. Rusakova
         Insolvency Manager
         Post User box 45
         690105 Vladivostok-105
         Russia

The Arbitration Court of Primorskiy commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A51–604/2008 15–15B.

The Debtor can be reached at:

         SUE Dalnevostochnuy Mine Construction Trust
         Komsomolskaya St. 41
         Fabrichnuy
         Kavalerovskiy
         692425 Primorskiy
         Russia


EVALON LLC: Creditors Must File Claims by April 22
--------------------------------------------------
Creditors of LLC Evalon (Construction) have until April 22, 2009,
to submit proofs of claims to:

         V. Veselkov
         Insolvency Manager
         Post User Box 6/12
         Central Postal Office
         680000 Khabarovsk
         Russia

The Arbitration Court of Khabarovskiy commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A73–6182/2008.

The Debtor can be reached at:

         LLC Evalon
         Prospect Oktyabrskiy 33
         Komsomolsk-on-Amur
         Russia


INTEGRO OJSC: Creditors Must File Claims by April 22
----------------------------------------------------
Creditors of OJSC Integro Commercial Bank (TIN 7744001120) have
until April 22, 2009, to submit proofs of claims to:

         Investment Insurance Agency
         Acting as Insolvency Manager
         Post User Box 48
         109052 Moscow
         Russia
         Tel: 8-800-200-08-05

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A40–89266/08–70-35B.

The Debtor can be reached at:

         OJSC Integro
         Building 2
         Ploshchad’ Pobedy 2/5
         121170 Moscow
         Russia


LD-LES LLC: Creditors Must File Claims by April 22
--------------------------------------------------
Creditors of LLC LD-Les (TIN 2706028019, PSRN 1062706008309)
(Lumbering) have until April 22, 2009, to submit proofs of claims
to:

         O. Malygina
         Insolvency Manager
         Office 308
         Volochayevskaya St. 181b
         680038 Khabarovsk
         Russia

The Arbitration Court of Khabarovskiy commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A73–6775/2008–37.

The Debtor can be reached at:

         LLC LD-Les
         Gornaya St. 1/1
         Sanboly
         Amurskiy
         Khabarovskiy
         Russia


LOTOSHINO-TORF OJSC: Creditors Must File Claims by March 22
-----------------------------------------------------------
Creditors of OJSC Lotoshino-Torf (TIN 5071004240) (Peat Digging)
have until March 22, 2009, to submit proofs of claims to:

         Ye. Buryak
         Temporary Insolvency Manager
         Post User Box 41
         117042 Moscow
         Russia

The Arbitration Court of Moscovskaya commenced bankruptcy
supervision procedure.  The case is docketed under Case No. A41–
12764/08.

The Debtor can be reached at:

         OJSC Lotoshino-Torf
         1-ya L’nozavodskaya St. 1
         Lotoshino
         Moscovskaya
         Russia


NOVOTROITSKIY BRICK: Creditors Must File Claims by March 22
-----------------------------------------------------------
Creditors of LLC Novotroitskiy Brick Plant (TIN 5607012888, PSRN
1025600825293) have until March 22, 2009, to submit proofs of
claims to:

         L. Pikina
         Insolvency Manager
         Vostretsova St. 6
         680030 Khabarovsk
         Russia

The Arbitration Court of Primorskiy commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A51–8083/2008 11–111.

The Debtor can be reached at:

         LLC Novotroitskiy Brick Plant
         Snegovaya St. 109/50
         Vladivostok
         Russia


SAKHALIN CONSTRUCTION: Creditors Must File Claims by April 22
-------------------------------------------------------------
Creditors of LLC Sakhalin Construction Company (TIN 6501171061)
have until April 22, 2009, to submit proofs of claims to:

         A. Dutov
         Insolvency Manager
         Post User Box 95
         Proletarskaya St. 10
         685000 Magadan
         Russia

The Arbitration Court of Sakhalinskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A59–6115/2008.

The Debtor can be reached at:

         LLC Sakhalin Construction Company
         Tikhaya St. 90
         693000 Yuzhno-Sakhalinsk
         Russia


VID-TRANS-INDUSTRIYA LLC: Komi Bankruptcy Hearing Set June 9
------------------------------------------------------------
The Arbitration Court of Komi will convene at 9:45 a.m. on
June 9, 2009, to hear bankruptcy supervision procedure on LLC Vid-
Trans-Indusriya (TIN 1105015574, PSRN 1031100741110) (Construction
Industry).  The case is docketed under Case No.
A29–11055/2008.

The Temporary Insolvency Manager is:

         L. Likhanova
         Post User Box 1736
         167011 Syktyvkar
         Russia

The Debtor can be reached at:

         LLC Vid-Trans-Indusriya
         Iz'yayu
         Pechorskiy
         Komi
         Russia


VYAZEMSKIY BRICK: Creditors Must File Claims by March 22
--------------------------------------------------------
Creditors of LLC Vyazemskiy Brick Plant (TIN 2721123500) have
until March 22, 2009, to submit proofs of claims to:

         N. Shveyn
         Insolvency Manager
         Bolshaya St. 97/30
         Khabarovsk
         Russia

The Arbitration Court of Khabarovskiy commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A73–14763/2008.

The Debtor can be reached at:

         LLC Vyazemskiy Brick Plant
         Shevchenko St. 4
         Vyazemsk
         Khabarovskiy
         Russia


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


CABLEUROPA SAU: Moody's Cuts Corporate Family Rating to 'B3'
------------------------------------------------------------
Moody's Investors Service has downgraded the Corporate Family
Rating of Cableuropa S.A.U. to B3 from B1.  Moody's has also
downgraded to Caa2 from B3 the ratings of (i) the EUR180 million
10.5% senior notes due 2014 issued by ONO Finance Plc and (ii) the
EUR270 million 8% senior notes due 2014 issued by ONO Finance II
Plc.  Loss Given Default assessment of LGD6 remains unchanged.
This rating action concludes the review for possible downgrade
initiated in October 2008.  The outlook on all ratings has been
changed to negative.

This action reflects Moody's view that the current trading
prospects and economic and competitive environment in Spain will
adversely affect EBITDA growth and positive free cash flow
generation capacity in the future, resulting in a deleveraging
profile falling short of original expectations and constrained
headroom under recently relaxed syndicated bank debt covenant
levels.  Moreover, notwithstanding on-balance sheet liquid assets,
there is potential in Moody's opinion for these to be depleted
over time in the absence of significant FCF generation as ONO is
facing increasing debt service requirements with refinancing risk
developing.  Reliance on continued availability through renewals
of short-term bilateral lines of credit is also seen as a source
of concern in the current capital markets environment, though the
company reports that most lines have recently been extended.

The ratings of ONO had been placed on review on October 27, 2008
(Moody's previous rating action) following the company's
announcement that it was negotiating with unions to potentially
reduce its workforce significantly in view of what the company
considered a worsening macroeconomic situation in Spain and a weak
outlook for the future.  The company regarded the announcement as
being in line with its strategy of taking a prudent approach to
growth expectations, which is also articulated in a reduction of
operating and capital expenditure with a view to conserving
liquidity and concentrating on achieving positive free cash flow.
Whilst Moody's recognizes the merits of this strategy in the
short-to-medium term, it also notes that there is a degree of
execution risk and potential hampering of ONO's medium-to-long
term growth prospects and business profile in a fiercely
competitive marketplace.  Moody's notes that the expectation of
growth in the underlying business and cash flow profile had been
considered by Moody's to be an important underpinning to the prior
ratings positioning.  The current rating positioning following the
action assumes the stabilization of ONO's management team,
including the appointment of a new CEO on a timely basis and a
smooth transition process.

The outlook on ONO's ratings is negative.  Further downward
pressure could be exerted on the rating if ONO shows any of these:
(i) failure to deliver operational performance in line with plan,
in terms of continued progress in strengthening credit and cash
flow metrics on a quarterly basis; (ii) impaired access to
bilateral lines of credit; (iii) a tightening of liquidity
negatively affecting debt service capacity or further pressure on
covenant compliance headroom; and/or (iv) failure to produce a
credible refinancing plan to face debt maturities in 2010 and
beyond (including the EUR144 million in June 2010 and EUR270
million in December 2010 under the syndicated credit facility)
with a supportive creditor group.  In this regard, Moody's notes
that any restructuring involving a discounted offer on debt
components of the capital structure could be considered a
distressed exchange and, by implication, a default under Moody's
methodologies.

Conversely, sustainable operating performance and free cash flow
generation ahead of plan together with elimination of refinancing
risk and a strengthening of liquidity beyond a 12-18 month period
could put positive pressure on the rating and/or outlook.

Headquartered in Madrid, Cableuropa S.A.U. (ONO) is the largest
cable operator and a leading alternative provider of
telecommunications, broadband and internet and pay-TV services in
Spain.  As of September 2008, ONO offered direct access services
to around 1.9 million residential and 69,000 business customers
through its own networks, which reach around 6.9 million homes in
franchises covering the majority of Spain, including the nine
largest cities.  In the 12 months to end-September 2008, ONO
generated revenues of EUR1.604 billion and EBITDA of EUR685
million.


GC FTPYME: Fitch Cuts Ratings on Class C Notes to Low-B
-------------------------------------------------------
Fitch Ratings has taken various rating actions on two Spanish
small- and medium-sized enterprise collateralized debt
obligations, GC FTPYME Sabadell 4, Fondo de Titulizacion de
Activos (GC FTPYME Sabadell 4) and GC FTPYME Sabadell 5, Fondo de
Titulizacion de Activos (GC FTPYME Sabadell 5).  The rating
actions were prompted by an increase in delinquent loans in the
transactions and concerns about Spain's deteriorating
macroeconomic environment.  The rating actions, the transactions'
main portfolio parameters and rating action rationales are:

GC FTPYME Sabadell 4:

  -- Class A(S) (ISIN ES0341169003) affirmed at 'AAA'; assigned a
     Negative Outlook

  -- Class A(G) (ISIN ES0341169011) affirmed at 'AAA'; assigned a
     Stable Outlook

  -- Class B (ISIN ES0341169029) downgraded to 'A' from 'A+';
     assigned a Negative Outlook

  -- Class C (ISIN ES0341169037) downgraded to 'BB' from 'BBB';
     assigned a Negative Outlook

Fitch's analysis of the delinquency pipeline and an updated
default forecast for the current portfolio indicated that the
credit protection for classes B and C was no longer adequate to
support the prior ratings, which is why the two classes were
downgraded and assigned Negative Outlooks.  The class A(S) notes
have been affirmed, reflecting the increase, to some degree, in
credit enhancement due to the transaction's deleveraging.  The
Negative Outlook assigned to class A(S) reflects the transaction's
exposure to the delinquency pipeline and Fitch's expectation of
significant further credit deterioration over the next two years
due to Spain's economic decline and the ongoing correction in the
real estate and construction sectors.  As the Kingdom of Spain
('AAA'/Stable/'F1+') guarantees the class A(G) notes, the 'AAA'
rating on these securities was affirmed with a Stable Outlook.

The transaction closed in 2005 and as of December 31, 2008, the
current portfolio was 47.4% of the initial portfolio balance.  90+
day delinquencies stood at 0.8% of the current portfolio.  The
portfolio is concentrated in real estate and related sectors with
the current exposure at 35.8%, and the largest geographical region
is Catalonia at 52.9%.  The reserve fund of EUR7.9 million
provides 2.2% of credit enhancement.

GC FTPYME Sabadell 5:

  -- Class A2 (ISIN ES0332234014) affirmed at 'AAA'; assigned a
     Negative Outlook

  -- Class A3(G) (ISIN ES0332234022) affirmed at 'AAA'; assigned a
     Stable Outlook

  -- Class B (ISIN ES0332234030) downgraded to 'BBB' from 'A+';
     assigned a Negative Outlook

  -- Class C (ISIN ES0332234048) downgraded to 'B' from 'BBB';
     assigned a Negative Outlook

Fitch's analysis of the delinquency pipeline and an updated
default forecast for the current portfolio indicated that the
credit protection for classes B and C was no longer adequate to
support the prior ratings, which is why the two classes were
downgraded and assigned Negative Outlooks.  The class A2 notes
have been affirmed, reflecting the increase, to some degree, in
credit enhancement due to the transaction's deleveraging.  The
Negative Outlook assigned to class A2 reflects the transaction's
exposure to the delinquency pipeline and Fitch's expectation of
significant further credit deterioration over the next two years
due to Spain's economic decline and the ongoing correction in the
real estate and construction sectors.  As the Kingdom of Spain
('AAA'/Stable/'F1+') guarantees the class A3(G) notes, the 'AAA'
rating on these securities was affirmed with a Stable Outlook.

The transaction closed in 2006 and as of December 31, 2008, the
current portfolio was 55.4% of the initial portfolio balance.  90+
day delinquencies stood at 1.4% of the current portfolio.  The
portfolio is concentrated in real estate and related sectors with
the current exposure at 32.6%, and the largest geographical region
is Catalonia at 52.7%.  The reserve fund of EUR13.8 million
provides 1.8% of credit enhancement.

Spanish macroeconomic conditions have deteriorated sharply in
recent months and there has been a notable increase in
delinquencies across SME CDO transactions.  Fitch expects further
deterioration due to the economic downturn and ongoing correction
in the real estate and related sectors, which is expected to
accelerate over the near-term.  However, many originators have
begun to reinforce collection efforts by adding staff and
employing more proactive collection strategies.  Given Fitch's
expectation for further credit deterioration in the SME segment,
the agency continues to review rated transactions to ensure the
credit protection in place is sufficient to maintain existing
ratings.

In the analysis undertaken, assumptions on probability of default
(PD) and loss severity were made with regards to current
delinquencies as well as the performing portfolio.  With respect
to default probability, the base assumption on the current
performing portion of the portfolio was revised upward to reflect
the non-investment grade nature of underlying borrowers and to
consider how the portfolio or loans could perform through-the
cycle.  This resulted in an increase in the base default
probability to approximately 10%, which was then adjusted to
reflect the remaining weighted average life of the portfolio.  The
base case PD was further adjusted to account for the existing
portfolio delinquency pipeline, with loans that have been in
arrears for longer being assigned progressively higher default
probabilities (up to 100% for loans greater than six months in
arrears).  On the recovery side, Fitch assumed the 'BB' recovery
from the initial rating analysis.  These updated PD and recovery
assumptions were used to determine an updated loss expectation and
then compared against existing subordination available for each
tranche, with minimum coverage ratios of the updated expected loss
driving the actions noted above.  Seasoning, excess spread, as
well as industry and borrower concentration risk also factored
into Fitch's credit view.

These transactions are cashflow securitizations of Spanish SME
loans granted by Banco de Sabadell ('A+'/Negative/'F1').  The
issuers are legally represented and managed by GestiCaixa SGFT,
SA, a special-purpose management company with limited liability
incorporated under the laws of Spain.


SANTANDER CONSUMER: Fitch Affirms Rating on Class D Notes at 'CC'
-----------------------------------------------------------------
Fitch Ratings has affirmed FTA Santander Consumer Spain Auto 07-
1's floating-rate notes:

  -- EUR1,623.21 million class A (ISIN ES0337709002) FRN: affirmed
     at 'AAA'; Outlook Stable

  -- EUR78 million class B (ISIN ES0337709010) FRN: affirmed at
     'A'; Outlook Stable

  -- EUR20 million class C (ISIN ES0337709028) FRN: affirmed at
     'BBB'; Outlook Negative

  -- EUR40 million class D (ISIN ES03377709036) FRN: affirmed at
     'CC'; assigned a Distressed Rating of 'DR3'

Santander 07-1 is a securitization of auto loans, granted to
individuals and companies, originated by Santander Consumer
E.F.C., S.A. (seller and servicer), in Spain.

Since September 2008, the transaction has performed slightly worse
than Fitch had expected with respect to net defaults.  As of end-
December 2008, the cumulative net default ratio stood at 0.05%,
against a base case of 0.03% for the same point of seasoning.  The
Fitch delinquency ratio peaked at 3.26% at the end of December
2008.  The long-term buckets, from 90 to 178 days and from 179 to
360 days in arrears since June 2008, have shown an increasing
trend and were 1.69% and 1.57%, respectively at the end of
December 2008.

The transaction Fitch excess spread since the second payment date
has been stable at around 1.33% and since closing the reserve fund
has been funded at the required levels.  After September 2008, the
credit enhancement levels started increasing due to an early
amortization event triggered in the same period.


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


ALL INTERNET: Creditors Must File Proofs of Claim by March 17
-------------------------------------------------------------
Creditors owed money by LLC All Internet are requested to file
their proofs of claim by March 17, 2009, to:

         Alemannengasse 29
         4313 Mohlin
         Switzerland

The company is currently undergoing liquidation in Mohlin.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Dec. 10, 2008.


FRANES LLC: Deadline to File Proofs of Claim Set March 16
---------------------------------------------------------
Creditors owed money by LLC Franes are requested to file their
proofs of claim by March 16, 2009, to:

         Franz Forrer
         Liquidator
         Reussgasse 18
         5703 Seon
         Switzerland

The company is currently undergoing liquidation in Seon.  The
decision about liquidation was accepted at an extraordinary
shareholders' eeting held on Dec. 8, 2008.


HENKETEX JSC: Creditors Have Until March 17 to File Claims
----------------------------------------------------------
Creditors owed money by JSC Henketex are requested to file their
proofs of claim by March 17, 2009, to:

         JSC Centrapriv Zug
         Alpenstrasse 15
         Mail Box: 4102
         6304 Zug
         Switzerland

The company is currently undergoing liquidation in Zug.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Jan. 29, 2009.


HOTEL SEEPARK: Creditors Must File Proofs of Claim by March 16
--------------------------------------------------------------
Creditors owed money by JSC Hotel Seepark Sempach are requested to
file their proofs of claim by March 16, 2009, to:

         Hans Peter
         Feld 1
         6204 Sempach
         Switzerland

The company is currently undergoing liquidation in Sempach.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Jan. 21, 2009.


MEDIPRAXIS SOLUTION: Creditors' Proofs of Claim Due by March 16
---------------------------------------------------------------
Creditors owed money by LLC Medipraxis Solution are requested to
file their proofs of claim by March 16, 2009, to:

         Im Neuhof 33
         6020 Emmenbrucke
         Switzerland

The company is currently undergoing liquidation in Emmen.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Dec. 22, 2008.


RENEWABLE ENERGY: March 16 Set as Deadline to File Claims
---------------------------------------------------------
Creditors owed money by LLC Renewable Energy Holding are requested
to file their proofs of claim by March 16, 2009, to:

         JSC Piller Treuhand
         Zeughausgasse 20
         6300 Zug
         Switzerland

The company is currently undergoing liquidation in Zug.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Jan. 21, 2009.


SALVI GIPSEREI: Creditors Must File Proofs of Claim by March 16
---------------------------------------------------------------
Creditors owed money by JSC Salvi Gipserei are requested to file
their proofs of claim by March 16, 2009, to:

         Alfons Riedweg
         Liquidator
         Bachtelstrasse 11
         8330 Pfaffikon
         Switzerland

The company is currently undergoing liquidation in Illnau-
Effretikon.  The decision about liquidation was accepted at an
extraordinary shareholders' meeting held on Dec. 4, 2008.


TURICOP JSC: Deadline to File Proofs of Claim Set March 17
----------------------------------------------------------
Creditors owed money by JSC Turicop are requested to file their
proofs of claim by March 17, 2009, to:

         Isabelle Bauert
         Rietstrasse 2
         8123 Ebmatingen
         Switzerland

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


UBS AG: To Raise Sr. Investment Bankers' Base Pay, NY Times Says
----------------------------------------------------------------
UBS AG is increasing the base salary of senior investment bankers
after reducing many bonuses sharply, The New York Times's Julia
Werdigier reports citing two people who have been briefed on the
changes.

The move was made to align overall compensation more closely with
other financial services jobs, like consulting, the people, who
spoke anonymously because the bank has not decided to publicly
disclose the changes, told The Times.

The step is part of a bigger overhaul of UBS's compensation
system, the people said as cited by The Times.

According to the report, any increase in base salary available to
a managing director at UBS still depends on a performance review.
But some salaries for senior bankers are being raised to about
GBP300,000 from about GBP120,000, or to US$429,000 from
US$172,000, still less than they earned when they received
bonuses, the report relates.

The Times recalls UBS, which cut its bonus pool for 2008 by more
than 80 percent, said in November its chairman, its chief
executive and other members of the executive board would receive
only salaries for 2008 and that all other employees would get
lower bonuses.

                             New CEO

Bloomberg News reports UBS AG has hired Oswald Gruebel as chief
executive officer.

Mr. Gruebel, the report says, returned Credit Suisse Group AG to
profitability in 2003 and has been retired for two years.

He replaces Marcel Rohner who is leaving after UBS admitted it
made "mistakes" by helping clients evade U.S. taxes between 2000
and 2007, Bloomberg News relates.

According to Bloomberg News, UBS had three CEOs in less than two
years.

                   Swiss Bank Account Records

As reported in the Troubled Company Reporter-Europe on Feb. 20,
2009, the U.S. government filed a lawsuit in Miami against UBS.

The lawsuit asks the court to order the international bank to
disclose to the Internal Revenue Service (IRS) the identities of
the bank's U.S. customers with secret Swiss accounts.  According
to the lawsuit, as many as 52,000 U.S. customers hid their UBS
accounts from the government in violation of the tax laws.

The government alleges in the lawsuit that of those 52,000 secret
accounts, about 20,000 contained securities and about 32,000
contained cash.  According to a UBS document filed with the
lawsuit, as of the mid-2000s, those secret accounts held about
US$14.8 billion in assets.  Court documents allege that U.S.
citizens failed to report and pay U.S. income taxes on income
earned in those secret accounts.

According to the lawsuit, Swiss-based bankers actively marketed
UBS's services to wealthy U.S. customers within the United States.
UBS documents filed with the lawsuit show that UBS bankers came to
the United States to meet with U.S. clients nearly 4,000 times per
year, in violation of U.S. law.  According to court documents, the
government alleges that UBS trained its bankers to avoid detection
by U.S. authorities.  Court documents further assert that many
U.S. contacts occurred through UBS-sponsored sporting and cultural
events, designed to appeal to extremely wealthy Americans.

The lawsuit alleges that UBS engaged in cross-border securities
transactions in the United States that it knew violated U.S.
security laws.  The lawsuit also alleges that UBS helped hundreds
of U.S. taxpayers set up dummy offshore companies, to make it
easier for those taxpayers to avoid their reporting obligations
under U.S. tax laws.

                         SEC Settlement

As reported in the Troubled Company Reporter-Europe on Feb. 20,
2009, the U.S. Securities and Exchange Commission filed Feb. 18 an
enforcement action against UBS charging the firm with acting as an
unregistered broker-dealer and investment adviser.

The SEC's complaint, filed in the U.S. District Court for the
District of Columbia, alleges that UBS's conduct facilitated the
ability of certain U.S. clients to maintain undisclosed accounts
in Switzerland and other foreign countries, which enabled those
clients to avoid paying taxes related to the assets in those
accounts.

UBS agreed to settle the SEC's charges by consenting to the
issuance of a final judgment that permanently enjoins UBS and
orders it to disgorge US$200 million.

In connection with a related criminal investigation, UBS has
entered into a deferred prosecution agreement with the Department
of Justice pursuant to which UBS will pay an additional US$180
million in disgorgement, as well as US$400 million in tax-related
payments.

                         Net Loss Widens

As reported in the Troubled Company Reporter-Europe on Feb. 11,
2009, UBS's net loss for full-year 2008 widened to CHF19,697
million from of CHF5,247 million in the prior year.

Net losses from continuing operations totaled CHF19,327 million,
compared with losses of CHF5,111 million in the prior year.

UBS attributed the losses to negative revenues in its fixed
income, currencies and commodities (FICC) area.

For the 2008 fourth quarter, UBS incurred a net loss of CHF8,100
million, down from a net profit of CHF296 million.

Net loss from continuing operations was CHF7,997 million compared
with a profit of CHF433 million.

The Investment Bank recorded a pre-tax loss of CHF7,483 million,
compared with a pre-tax loss of CHF2,748 million in the prior
quarter.  This result was primarily due to trading losses, losses
on exposures to monolines and impairment charges taken against
leveraged finance commitments.  An own credit charge of CHF1,616
million was recorded by the Investment Bank in fourth quarter
2008, mainly due to redemptions and repurchases of UBS debt during
this period.

                         More Job Cuts

UBS said it will further reduce its headcount to 15,000 by the end
of the year.

UBS's personnel numbers reduced to 77,783 on December 31, 2008,
down by 1,782 from September 30, 2008, with most staff reductions
at its investment banking unit.

                          About UBS AG

Based in Zurich, Switzerland, UBS AG (VTX:UBSN) --
http://www.ubs.com/-- is a global provider of financial services
for wealthy clients.  UBS's financial businesses are organized on
a worldwide basis into three Business Groups and the Corporate
Center.  Global Wealth Management & Business Banking consists of
three segments: Wealth Management International & Switzerland,
Wealth Management US and Business Banking Switzerland.  The
Business Groups Investment Bank and Global Asset Management
constitute one segment each.  The Industrial Holdings segment
holds all industrial operations controlled by the Group.  Global
Asset Management provides investment products and services to
institutional investors and wholesale intermediaries around the
globe.  The Investment Bank operates globally as a client-driven
investment banking and securities firm.  The Industrial Holdings
segment comprises the non-financial businesses of UBS, including
the private equity business, which primarily invests UBS and
third-party funds in unlisted companies.


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


BTA DPR: Moody's Downgrades Ratings on 2015 Notes to Low-B
----------------------------------------------------------
Moody's Investors Service has downgraded these series of notes
issued by BTA DPR Company.  This rating action follows the rating
action on the ratings of BTA Bank on February 24, 2009 and
concludes the rating action on December 12, 2008, during which
these series of notes were placed on review for possible
downgrade.

  -- US$150,000,000 Series 2007-D Floating Rate Notes due 2015,
     from Baa3 to B1

Moody's has also downgraded the underlying rating reflecting the
risk posed to the providers of the financial guarantees in
relation to these series of notes from Baa3 to B1 (for the
avoidance of doubt, these underlying ratings do not take the
benefit of the related financial guarantees into account and the
ratings of the notes, which incorporate the support of such
guarantees, are unaffected by this rating action).

  -- US$200,000,000 Series 2007-A Floating Rate Note due 2015,
     from Baa3 to B1

  -- US$200,000,000 Series 2007-B Floating Rate Note due 2015,
     from Baa3 to B1

  -- US$200,000,000 Series 2007-C Floating Rate Note due 2015,
     from Baa3 to B1

The rating action reflects Moody's downgrade of BTA Bank's global
local currency deposit rating from Ba1 to B1 and its foreign
currency senior unsecured debt rating from Ba1 to B1 on 24
February 2009.  The deposit and debt ratings of BTA Bank remain on
review, with direction uncertain.

In February 2008, the transaction has been amended to include
structural protections to achieve one-notch uplift from the then
current ratings of BTA Bank.  However, in Moody's opinion the
rapid decline in the level of flows observed in the recent months
and the potential speed at which banks with ratings in the single
B-level or below have been observed to transition into default, do
not provide adequate comfort to allow the ratings of the Notes to
achieve a one-notch uplift from the current ratings of BTA Bank.

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

Date of last rating action: December 12, 2008 when notes were put
on review for possible downgrade


DIN LLC: Court Starts Bankruptcy Supervision Procedure
------------------------------------------------------
The Economic Court of Kiev commenced bankruptcy supervision
procedure on LLC Science-Production Firm Din (EDRPOU 20220235).

The Temporary Insolvency Manager is:

         O. Venskaya
         M. Rylsky St. 137
         49116 Dnepropetrovsk
         Ukraine

The Court is located at:

         The Economic Court of Kiev
         B. Hmelnitskiy St. 44-b
         01030 Kiev
         Ukraine

The Debtor can be reached at:

         LLC Science-Production Firm Din
         Svetlitsky St. 35-a
         04208 Kiev
         Ukraine


GRANE TRADING: Creditors Must File Claims by March 14
-----------------------------------------------------
Creditors of LLC Grane Trading Group (EDRPOU 34707373) have until
March 14, 2009, to submit proofs of claim to Insolvency Manager
M. Tsurika.

The Economic Court of Nikolayev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 5/31/09.

The Court is located at:

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

The Debtor can be reached at:

         LLC Grane Trading Group
         March, 8th. St. 14-a
         Nikolayev
         Ukraine


INTERMACH LLC: Creditors Must File Claims by March 14
-----------------------------------------------------
Creditors of LLC Intermach (EDRPOU 31433913) have until March 14,
2009, to submit proofs of claim to:

         O. Vozdvizhensky
         Insolvency Manager
         Post Office Box 1799
         49027 Dnepropetrovsk
         Ukraine

The Economic Court of Dnepropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. B15/317-08.

The Court is located at:

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

The Debtor can be reached at:

         LLC Intermach
         Teplichnaya St. 15
         Yubileynoye
         52005 Dnepropetrovsk
         Ukraine


MASTAS PROFESSIONAL: Creditors Must File Claims by March 14
-----------------------------------------------------------
Creditors of LLC Mastas Professional Building (EDRPOU 33969453)
have until March 14, 2009, to submit proofs of claim to Insolvency
Manager M. Tsurika.

The Economic Court of Nikolayev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 5/28/09.

The Court is located at:

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

The Debtor can be reached at:

         LLC Mastas Professional Building
         General Karpenko St. 2/1
         Nikolayev
         Ukraine


ROOF-BUILDING UKRAINE: Creditors Must File Claims by March 14
-------------------------------------------------------------
Creditors of LLC Roof-Building Ukraine (EDRPOU 35320508) have
until March 14, 2009, to submit proofs of claim to Insolvency
Manager M. Tsurika.

The Economic Court of Nikolayev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 5/29/09.

The Court is located at:

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

The Debtor can be reached at:

         LLC Roof-Building Ukraine
         Mir Avenue 54-V
         Nikolayev
         Ukraine


SWEMON-VOSTOK OJSC: Court Starts Bankruptcy Procedure
-----------------------------------------------------
The Economic Court of Kharkov commenced bankruptcy supervision
procedure on OJSC Swemon-Vostok (EDRPOU 01188862).

The Temporary Insolvency Manager is:

         I. Kuznetsova
         Office 49
         L. Svoboda St. 50-V
         Kharkov
         Ukraine

The Court is located at:

         The Economic Court of Kharkov
         Svoboda square 5
         61022 Kharkov
         Ukraine

The Debtor can be reached at:

         OJSC Swemon-Vostok
         Semigradsky entr. 2
         Kharkov
         Ukraine


TCHKALOV LLC: Creditors Must File Claims by March 13
----------------------------------------------------
Creditors of Tchkalov LLC (EDRPOU 33907271) have until March 13,
2009, to submit proofs of claim to:

         V. Evstafieva
         Insolvency Manager
         Post Office Box 1523
         49023 Dnepropetrovsk
         Ukraine

The Economic Court of Dnepropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. B24/186-07.

The Court is located at:

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

The Debtor can be reached at:

         Tchkalov LLC
         Priyut
         Magdalenovsky
         51164 Dnepropetrovsk
         Ukraine


VEGA LLC: Court Starts Bankruptcy Supervision Procedure
-------------------------------------------------------
The Economic Court of Kharkov commenced bankruptcy supervision
procedure on LLC Vega (EDRPOU 35248629).  The Temporary Insolvency
Manager is V. Verbitsky.

The Economic Court of Kharkov is located at:

         Svoboda square 5
         61022 Kharkov
         Ukraine

The Debtor can be reached at:

         LLC Vega
         Oschepkov St. 52
         Vysoky
         62460 Kharkov
         Ukraine


VELES LLC: Court Starts Bankruptcy Supervision Procedure
--------------------------------------------------------
The Economic Court of Zaporozhye commenced bankruptcy supervision
procedure on LLC Veles (EDRPOU 21370202).

The Temporary Insolvency Manager is:

         Y. Zinchenko
         Spartakovskaya St. 8
         Guliaypole
         70200 Zaporozhye
         Ukraine

The Court is located at:

         The Economic Court of Zaporozhye
         Shaumian St. 4
         69001 Zaporozhye
         Ukraine

The Debtor can be reached at:

         LLC Veles
         40 Years of Soviet Ukraine St. 41
         69037 Zaporozhye
         Ukraine


VIKOIL LLC: Court Starts Bankruptcy Supervision Procedure
---------------------------------------------------------
The Economic Court of Vinnitsa commenced bankruptcy supervision
procedure on LLC Vikoil Subsidiary Company Podilliaptakhoprom
(EDRPOU 31860258).

The Temporary Insolvency Manager is:

         V. Sunitsa
         Post Office Box 70
         01042 Kiev
         Ukraine

The Court is located at:

         The Economic Court of Vinnitsa
         Hmelnitsky highway 7
         21036 Vinnitsa
         Ukraine

The Debtor can be reached at:

         LLC Vikoil Subsidiary Company Podilliaptakhoprom
         Shevchenko St. 1
         Pisarevka
         23205 Vinnitsa
         Ukraine


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


ALLITALIA PRODUCTION: Appoints Joint Liquidators from BDO Stoy
--------------------------------------------------------------
William Matthew Humphries Tait and David Harry Gilbert of BDO Stoy
Hayward LLP were appointed joint liquidators of Allitalia
Production & Distribution Ltd. on Jan. 31, 2009, for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         Allitalia Production & Distribution Ltd.
         Second Floor
         2 City Place
         Beehive Ring Road
         Gatwick
         West Sussex
         RH6 0PA
         England


AVEO HOME: Baker Tilly Named Joint Liquidators
----------------------------------------------
Matthew Richard Meadley Wild and Geoffrey Lambert Carton-Kelly of
Baker Tilly Restructuring and Recovery LLP were appointed joint
liquidators of Aveo Home Ltd. on Feb. 6, 2009, for the creditors'
voluntary winding-up proceeding.

The company can be reached through Baker Tilly Restructuring and
Recovery LLP at:

         The Clock House
         140 London Road
         Guildford
         Surrey
         GU1 1UW
         England


BELLATRIX PLC: S&P Lowers Rating on Class F Notes to 'B'
--------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'B' from 'BBB-' its
credit rating on the class E notes issued by Bellatrix (Eclipse
2005-2) PLC.  The ratings on the other classes in this transaction
are unaffected by this rating action.

The GBP393.69 million commercial mortgage-backed floating-rate
notes issued by Bellatrix are backed by a pool of seven commercial
real estate loans originated by Barclays Bank PLC and secured by
commercial real estate assets in the U.K.

Risks to several of the loans have materially increased, in S&P's
view, as difficulties in the U.K. real estate and real estate
finance markets have developed.  The class E rating change
reflects S&P's assessment of the increased loan term and refinance
risks.

A loan payment default occurred in December 2008 on the Market Way
loan that is secured on a retail property in a secondary location
in the center of Coventry.  It matures in July 2010 and accounts
for 10.2% of the outstanding pool balance.  The payment default
occurred under the loan following the filing for insolvency of the
main tenant, Woolworth PLC.  The shortfall caused by the default
under the loan was met by a liquidity facility drawing.  S&P
expects costs associated with the default to be met either from
deferred consideration or a liquidity facility drawing in the
short term.

The loan was transferred into special servicing in January 2009
and S&P understands that a Law of Property Act receiver has been
appointed.  An updated valuation of the property securing the loan
is expected in March 2009.  Given the current market environment
for retail properties in the U.K. as well as its secondary
location and the building quality of the asset, S&P has increased
concerns that a principal loss could occur under this loan on a
loan enforcement or sale of the property.

The rating action reflects S&P's concerns regarding several loans
in the pools, especially those with tenant concentrations.  Of
these loans, the Market Way loan causes us particular concern.


BLOOMING MARVELLOUS: Bought Out of Administration
-------------------------------------------------
Samantha Pearson at The Financial Times reports that Elaine
McPherson, the Scottish entrepreneur, has bought fashion retailer
Blooming Marvellous out of administration for an undisclosed sum.

Blooming Marvellous, the report recalls, went into administration
in January after its Iceland investor Arev withdrew funding
following the country's financial meltdown.

The report relates that according to Philip Duffy, partner at MCR,
which was appointed administrator to Blooming Marvellous, Ms.
McPherson made the highest offer for the 14-store chain.

"Not only was it the highest offer on the table but it came with
an unrivaled expertise in the retail sector," the report quoted
Mr. Duffy as saying.

Blooming Marvellous, the report discloses, will be run by Mike
Basso, owner of brand licensing specialist PanWorld Brands, and
Jim McDowell, who will be the group's managing director.

Ms. McPherson, as cited by the report, said "This is a great
opportunity to acquire what is still, in spite of recent trading
difficulties, a strong and well recognized brand."

Blooming Marvellous -- http://www.bloomingmarvellous.co.uk/--
offers maternity clothes, lingerie, and accessories.  It also
carries baby clothes and nursery items.


BONNER-REGIS MANUFACTURING: BDO Stoy Named Joint Administrators
---------------------------------------------------------------
J. M. Wright and C. K. Rayment of BDO Stoy Hayward LLP were
appointed joint administrators of Bonner-Regis Manufacturing Ltd.
on Feb. 19, 2009.

The company can be reached through BDO Stoy Hayward LLP at:

         125 Colmore Row
         Birmingham
         B3 3SD
         England


COFTON GROUP: To Go Into Administration
---------------------------------------
Joey Gardiner at building.co.uk reports that the directors of
Cofton Group Ltd on Wednesday requested its banker HBoS to put the
contractor and regeneration developer into administration after
negotiations over new funding facilities collapsed.

The report relates in an email statement Peter Nelson, managing
director of Cofton Asset Management, said: "Following a breakdown
in negotiations with the banks Cofton Group Ltd (CGL) have been
unable to renew their banking facilities and as a result the
directors have had no choice than to ask the bank to put part of
the company in the hands of an administrator."

According to the report, the request to be placed into
administration only affects Cofton Group, which includes
subsidiaries Cofton Land and Property, and Cofton Construction.
Its Welsh subsidiary Cofton Wales and sister company Cofton Asset
Management are not affected by the administration request, the
report notes.

Cofton's directors have not yet received a formal reply from the
bank, the report states.

Contract Journal's Neil Gerrard discloses Cofton has been hit by
housebuilders' inability to buy new land.  Mr. Gerrard adds the
move into administration will result in the loss of 87 jobs.

Based in Birmingham, Cofton Group Ltd -- http://www.cofton.co.uk/
-- delivers serviced land to housebuilbers.


DENBY POTTERY: Sold in GBP30 Million Management Buy-Out
-------------------------------------------------------
Denby Pottery has been sold to a management buy-out team for GBP30
million, James Thompson at The Independent reports.

The report discloses the MBO, led by Denby's managing director,
Garry Biggs, was funded by Valco, the private equity arm of
restructuring specialist Hilco.  According to the report, Valco
has provided a working capital facility to the business.

The MBO, the report states, will see more than half of the group's
GBP72 million debt written off and about 700 jobs safeguarded.

"With Denby's financial position now secure, we are looking to
make a number of quality strategic acquisitions in the sector,"
the report quoted Mr. Biggs as saying.

The report recalls Denby has struggled to service its hefty debts
recently and is battling tough retail conditions.

The Evening Telegraph relates the company went into
admministration on February 18 before being immediately bought
out.  It cut 46 jobs earlier this month, including 35 compulsory
and eight voluntary redundancies, The Evening Telegraph adds.

Based in Denby, Denby Pottery manufactures premium tableware.  It
has 16 outlet shops in the UK.


EBTM: To Put Main Units Into Administration
-------------------------------------------
Mark Potter at Reuters reports that online retailer EBTM applied
to the High Court Friday last week to put its main operating
businesses, Mockingbird Distribution Ltd and Everything But The
Music Ltd, into administration after failing to raise funds or
sell the group amid the economic downturn.

However, the report notes EBTM said the parent company was not
applying for administration and was continuing to evaluate its
options.


ELVI: Goes Into Administration; 20 Jobs Affected
------------------------------------------------
Marcus Leroux at The Times reports that fashion retailer Elvi has
gone into administration for the second time in just over a year,
resulting in the loss of 20 of the 360 jobs at the company.

The report recalls Elvi, which operates from 20 stand-alone stores
and 50 concessions in department stores, including House of Fraser
and Debenhams, went into administration last February after
Langholm Capital, its private equity owner, left the business.  It
was bought out of administration by a private consortium that
included former management, the report relates.

However, citing Elvi's administrator, Jason Elliott of Cowgill
Holloway, the report discloses "the streamlining of the business
that should have taken place didn't take place.  The purchasers
relied on the existing management to a certain extent and
continued to pump money into it."

The report states that while Mr. Elliott remained hopeful of a
sale, it would be necessary to close at least some of the
concessions.

"We are keen to agree a sale that will represent a long-term
solution for the business and minimize the impact on individual
employees, and we anticipate interest from a number of parties,"
the report quoted Mr. Elliott as saying.

Based in Redditch, Elvi specializes in upmarket fashion in sizes
16 to 28.  It began as a Dutch wholesaler in the 1940s.


EXPOTEAM DISPLAY: Taps Joint Liquidators from Smith & Williamson
----------------------------------------------------------------
Stephen Robert Cork and Joanne Elizabeth Milner of Smith &
Williamson Limited were appointed joint liquidators of Expoteam
Display Ltd. on Feb. 10, 2009, for the creditors' voluntary
winding-up proceeding.

The company can be reached through Smith & Williamson Limited at:

         25 Moorgate
         London
         EC2V 6AY
         England


FOUR PILLARS: Placed Into Administration
----------------------------------------
Andrew Smith at The Oxford Times reports that Four Pillars
(Oxford) Ltd, the parent company of Oxfordshire-based Four Pillars
Hotels Ltd, has gone into administration.

The report relates that according to David Bennett, director and
joint administrator at PricewaterhouseCoopers, the management
decided to place the parent company into administration following
discussions with lenders.

Mr. Benett, as cited by the report, said: "The management of the
Four Pillars Group of Hotels decided to reorganize the group and
as a direct consequence, and following discussions with their
current lenders, we were appointed as joint administrators to the
parent Company and investment vehicle, Four Pillars (Oxford) Ltd."

"Our immediate priority is to identify the most suitable strategic
options available to the Group which may involve the disposal of
Four Pillars (Oxford) Ltd's investment in the subsidiaries," the
report quoted Mr. Bennett as saying.

PwC however notes the hotel operating companies and Four Pillars
Hotels Ltd, the head office company, are not in administration and
will continue to trade normally, the report discloses.


HEARTHSTEAD HOMES: Taps Joint Administrators from BDO Stoy
----------------------------------------------------------
Toby Scott Underwood and J. B. Stephenson of BDO Stoy Hayward LLP
were appointed joint administrators of Hearthstead Homes Ltd. on
Feb. 18, 2009.

The company can be reached through BDO Stoy Hayward LLP at:

         4 Atlantic Quay
         70 York Street
         Glasgow
         G2 8JX
         England


HSBC HOLDINGS: Raising US$18 Billion in New Capital
---------------------------------------------------
HSBC Holdings Plc said it was seeking to raise GBP12.5 billion, or
about US$18 billion, in a rights issue of shares, The New York
Times's Julia Werdigier reports.

According to The Times, HSBC is offering investors five new shares
at 254 pence, or US$2.08 each, for every 12 they own already,
marking a substantial discount to the 491 pence at which the
shares closed Friday.

The move comes after HSBC said its 2008 net income fell to US$5.73
billion from US$19.1 billion the previous year, prompting the bank
to cut its 2008 dividend by 29 percent to 64 cents a share and
halt 2008 bonuses for its executive directors.

Goldman Sachs Group Inc. and JPMorgan Chase & Co. are leading a
group of banks that have underwritten the share sale, guaranteeing
they will buy any shares investors may not order, Bloomberg News
discloses.

Bloomberg News relates HSBC reported a pretax loss of US$15.5
billion from North American operations, compared with a profit of
US$91 million in 2007.  In Europe, the news agency says HSBC's
pretax profit rose to US$10.9 billion from US$8.6 billion.  Profit
from Hong Kong fell to US$5.46 billion from US$7.34 billion, while
earnings from the rest of Asia rose to US$6.47 billion from
US$6.01 billion, Bloomberg News says.

In 2003, The Times and Bloomberg News recall, the bank became the
first European lender to post subprime losses after it paid
US$15.5 billion for U.S.-based Household International, now named
HSBC Finance, and has since had to inject billions of dollars into
the unit to keep it afloat after the subprime market soured.

Bloomberg News and The Times relate HSBC yesterday said it would
shut down the U.S. unit's HFC and Beneficial arms in five to seven
years and cut 6,100 jobs.

HSBC's U.S. retail bank and credit card businesses won't be
affected by the shut down and job cut.

                  "Worsening Capital Shortfall"

As reported in the Troubled Company Reporter-Europe on Jan. 21,
2009, shareholder Knight Vinke Asset Management LLC said HSBC has
a substantial and worsening capital
shortfall.

Knight Vinke noted recent research reports issued by Morgan
Stanley and Goldman Sachs regarding HSBC's need for a very
substantial rights' issue, which "could be the largest rights'
issue ever made in the United Kingdom."

Bloomberg News said Goldman Sachs Group Inc. and CLSA Asia-Pacific
Markets earlier predicted HSBC will be forced to sell shares for
the first time since the financial crisis began in 2007.

According to Bloomberg News, Goldman analysts said Jan. 16 HSBC
may post a US$1.5 billion loss, raise US$17 billion in a share
issue, and pay no dividend in 2009,
citing a deteriorating U.S. economy and falling property prices.

As it predicted in early 2007, Knight Vinke said Household
International, HSBC's sub-prime lending business in the United
States, has turned out to be an unmitigated disaster.

"This is a depreciating business, the fair value of whose assets
is US$20 billion less than its liabilities (by HSBC's own
admission)," the long term HSBC shareholder said in a January 18
statement.

Eric Knight, CEO of Knight Vinke, pointed out that if Household is
not restructured, shareholders will bear all of the pain because
Household's debt is not guaranteed by HSBC.

"HSBC should stop pretending that a restructuring of Household is
inconceivable: all major banks with similar problems are now
thinking what was previously unthinkable," Mr. Knight said.

Knight Vinke also noted that HSBC's capital structure is much
weaker than would be suggested by the Tier 1 ratio, adding that
having a strong Tier 1 ratio is absolutely no guarantee that
additional capital will not be required.

                   HSBC Denies Need for Funding

The London-based lender refuted Knight Vinke's projection saying
it is one of the world's most strongly capitalized banks.

The bank is one of the world's most "strongly capitalized" lenders
and hasn't sought capital support from the U.K. government, HSBC
said in a statement obtained by Bloomberg News.  The bank "cannot
envisage circumstances" where it would need government funding,
HSBC added.

                        Madoff Exposure

On December 15, 2008, HSBC confirmed it provided financing to a
small number of institutional clients who invested in funds with
Madoff Investment Securities LLC.

HSBC said its potential exposure under these financing
transactions is in the region of US$1 billion.

HSBC also has custody clients who have invested with Madoff,
however, it does not believe that these custodial arrangements
should be a source of exposure to the group.

                     Likely Fitch Downgrade

Fitch Ratings, according to Bloomberg News, warned it may cut
HSBC's credit rating as the global recession undermines its
finances.

Bloomberg News discloses Fitch cut its outlook on HSBC's debt to
"negative" from "stable" and said the bank's long-term issuer
default rating may be lowered over the "medium term".

HSBC's profitability in the fourth quarter was probably "weak" and
the bank is increasingly likely to need to raise funds to support
the U.S. unit, Bloomberg News cited Fitch as saying.

                           About HSBC

Headquartered in London, England, HSBC Holdings plc (NYSE:HBC) --
http://www.hsbc.com/-- is a banking and financial services
organization.  Its international network comprises over 10,000
properties in 83 countries and territories in Europe; Hong Kong;
rest of Asia-Pacific, including the Middle East and Africa; North
America and Latin America.  HSBC Holdings together with its
subsidiaries (HSBC) provides a range of financial services to more
than 128 million customers.  HSBC manages its business through two
customer Groups: Personal Financial Services and Commercial
Banking, and two global businesses: Global Banking and Markets,
and Private Banking.  Personal Financial Services incorporates the
Company's consumer finance businesses.  The largest of these is
HSBC Finance Corporation (HSBC Finance), a consumer finance
company in the United States.  On March 26, 2007, the company
acquired the remaining 50.01% of Erisa S.A. and Erisa I.A.R.D.  In
September 2008, Lehman Brothers sold its entire 2.09% stake in
Amtek Auto Ltd. to HSBC Holdings PLC.


ITV PLC: Mulls Merger with Channel 4 and Five
---------------------------------------------
Amanda Andrews at The Daily Telegraph reports that ITV plc has
proposed merging with Channel 4 and Five to secure its future amid
slump in advertising revenues.

However, sources close to ITV on Tuesday stressed that the merger
was one of a number possibilities for the group and was not the
preferred option, the report notes.

ITV, the report discloses, is expected to unveil this week cost-
cutting measures, including the disposal of Friends Reunited and
about 500 job cuts.

                          About ITV plc

ITV plc -- http://www.itvplc.com/–- is a United Kingdom-based
advertising funded broadcaster.  The Company also operates as an
advertising funded media owner in the United Kingdom across all
media, including television, radio, press, cinema, outdoor and the
Internet.  As a producer, ITV makes hours of network television.
Its digital channels include ITV2, ITV3, ITV4 and Citv.  ITV also
makes programs for the BBC, Channel 4, five, Sky and other
broadcasters.  ITV produces programs watched on screens from San
Francisco to Sydney.  In addition, it produces a range of products
related to ITV programs, such as digital video disks (DVDs) and
computer games.  Its online properties include itv.com,
itvlocal.com and Friends Reunited

                          *     *     *

As reported in the TCR-Europe on Jan. 29, 2009, Standard & Poor's
Ratings Services placed its 'BB+' long-term corporate credit and
senior unsecured debt ratings on U.K. private TV broadcaster ITV
PLC on CreditWatch with negative implications.

At the same time, S&P affirmed its 'B' short-term corporate credit
rating on ITV.  The '4' recovery rating on all of the group's
outstanding bonds is unchanged.   The '4' recovery rating
indicates S&P's expectation of average (30%-50%) recovery for
unsecured creditors in the event of a payment default.


K E & J SHORTLAND: Goes Into Liquidation; 30 Jobs Affected
----------------------------------------------------------
K E & J Shortland (Crafts) has gone into liquidation, resulting in
the loss of about 30 jobs, thisisnottingham.co.uk reports.

Shortland, the report relates, ceased trading Friday last week.
Richard Saville and Peter Blair of Begbies Trayor were appointed
joint liquidators of the company, which recorded a turnover of
approximately GBP1.8 million in its last full year.

"Shortland has run out of work.  People are either withdrawing
orders or putting them on the back burner," the report quoted Mr.
Saville as saying.  "Even though we have made the workforce
redundant, our goal is to find someone willing to take the
business forward."

Based at Langar in Notts, Shortland specialized in top-of-the-
range bespoke kitchens.  It had showrooms in Stampord and Oakham.


LLOYDS BANKING: Says Talks on Asset Protection "Progressing"
------------------------------------------------------------
Lloyds Banking Group PLC confirmed Friday its discussions with
H.M. Treasury about participating in an asset protection scheme
are "progressing and are well advanced."

The Wall Street Journal reported over the weekend Lloyds said it
failed to reach an agreement with the U.K. government on insuring
its toxic assets.

According to The Journal, Lloyds is trying to get a lenient deal
like that of Royal Bank of Scotland Group PLC, which on Thursday
insured GBP300 billion in assets with lower-than-expected
penalties.  But government officials are pushing Lloyds for
tougher terms, The Journal said citing a person familiar with the
matter.

Phillip Inman at guardian.co.uk reports Lloyds was battling to
keep the government shareholding in the bank at less than 50%
despite asking ministers for additional funds to shore up its
fragile finances.

The government, guardian.co.uk relates, wants GBP4 billion worth
of preference shares, at a cost to the bank of GBP480 million a
year in dividend payments, for the insurance.  As part of the
deal, guardian.co.uk says the government has also told Lloyds it
must sign legally binding agreements to lend at least GBP10
billion more to small businesses and households.

guardian.co.uk adds also under discussion is the level of bonuses
paid to Lloyds staff.  Feb. 28 reports cited by guardian.co.uk
suggested that UK Financial Investments (UKFI), which owns 43% of
Lloyds, had ordered Lloyds to rethink its plans to pay out bonuses
and tie them closer to the bank's performance.

                             Losses

HBOS PLC, the ailing lender which Lloyds TSB Group PLC agreed to
buy last year for about GBP7.7 billion in a government brokered
deal, incurred a loss of GBP7.58 billion after taxes, compared
with a net profit of GBP3.97 billion a year earlier.

The loss was driven largely by souring property-related
investments in HBOS's corporate-lending division, the Journal
relates.

Meanwhile, Lloyds TSB Group PLC, which became Lloyds Banking Group
PLC after purchase of HBOS, posted a profit of GBP819 million,
down 75% from a year earlier.

The decrease in profit was attributed to market dislocation and
bad loans, the Journal says.

                   About Lloyds Banking Group PLC

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


ROYAL BANK: In Talks with ANZ Over Sale of Asian Assets, WSJ Says
-----------------------------------------------------------------
The Wall Street Journal, citing a person close to the situation,
reports The Royal Bank of Scotland Group PLC is in talks to sell
its retail and commercial assets in Asia to Australia & New
Zealand Banking Group Ltd. for about GBP1 billion (US$1.43
billion).

According to the report, the assets, which are in India, Taiwan,
Indonesia and elsewhere, are a portion of the Asian assets
acquired by RBS when it led a consortium to buy part of ABN Amro
Holding NV in 2007.

At the time, RBS paid GBP10 billion for its part of ABN, which
included the Asian businesses and wholesale-banking operations in
Europe, the report recalls.

                       Additional Funding

The Journal earlier reported the U.K. government agreed to provide
RBS with as much as GBP25.5 billion (US$36.64 billion) in capital
and insure GBP300 billion of the bank's assets.

The move, according to the Journal, could increase the
government's economic stake in the bank to as much as 95% from the
current 70%.

The recent help given to RBS is part of U.K.'s GBP500 billion
bank-insurance plan announced in January.

Under the funding agreement, the Journal disclosed RBS will pay a
fee of GBP6.5 billion to participate in the insurance plan.

The Journal said the bank will also absorb the first GBP20 billion
in losses on the GBP300 billion asset pool before the insurance
kicks in, and will be responsible for 10% of subsequent losses.

RBS will also pay the insurance fee, and raise an additional GBP13
billion in fresh capital, by issuing special "B" shares to the
government, the Journal said.

                            Huge Loss

As reported in the Troubled Company Reporter-Europe on Feb. 27,
RBS incurred a GBP24.0 billion net loss for the full year ending
Dec. 31, 2008 from a net income of GBP6.8 billion in 2007.

Total income for 2008 decreased 20% to GBP26.8 billion from
GBP33.5 billion
in 2007.

The losses, the Journal said, stemmed from some GBP15 billion in
impairment charges on bad loans and trading losses, and from a
goodwill write-down related to its decision to lead the 2007
takeover of Dutch bank ABN AMRO Holding N.V.

RBS's balance sheet as of Dec. 31, 2008 showed total assets of
GBP2.2 trillion, total liabilities of GBP2.1 trillion and total
equity GBP64.3 billion.

                       Job Cuts, Asset Sale

To correct factors that made its business particularly vulnerable
to the downturn, RBS plans to create a "non-core" division during
the second quarter, separately managed, but within the existing
legal structures of the Group and matrix-managed to donating
divisions where necessary.

This division will have approximately GBP240 billion of third
party assets, GBP145 billion of derivative balances and GBP155
billion of risk-weighted assets, RBS said.

As part of this effort, RBS said it is intended that the Group's
representation in approximately 36 of the 54 countries where it
operates will be significantly reduced or sold.

The income, expenses, impairments and credit market and other
trading asset write-downs associated with the non-core division in
2008 were approximately GBP3.9 billion, GBP1.1 billion, GBP3.2
billion and GBP9.2 billion respectively.

In addition, RBS said the Group aims of achieving run-rate
reductions by 2011 of greater than GBP2.5 billion (16% of 2008
cost base) at constant exchange rates, a process which will
involve reductions in employment.

As reported in the Troubled Company Reporter-Europe on Feb. 19,
2009, The Sunday Times said RBS intends to cut a further 10,000 to
20,000 jobs as part of its cost-cutting measures.

The Times recalled RBS already axed 13,000 jobs internationally
since last April, including 3,000 in its investment-banking
business.

Bloomberg News relates the bank this month said it plans to cut
2,300 jobs in Britain, in addition to about 2,700 jobs at its
global banking and markets unit.

                            About RBS

The Royal Bank of Scotland Group plc (NYSE:RBS) --
http://www.rbs.com/-- is a holding company of The Royal Bank of
Scotland plc (Royal Bank) and National Westminster Bank Plc
(NatWest), which are United Kingdom-based clearing banks.  The
company's activities are organized in six business divisions:
Corporate Markets (comprising Global Banking and Markets and
United Kingdom Corporate Banking), Retail Markets (comprising
Retail and Wealth Management), Ulster Bank, Citizens, RBS
Insurance and Manufacturing.  On October 17, 2007, RFS Holdings
B.V. (RFS Holdings), a company jointly owned by RBS, Fortis N.V.,
Fortis SA/NV and Banco Santander S.A. (the Consortium Banks) and
controlled by RBS, completed the acquisition of ABN AMRO Holding
N.V. (ABN AMRO).  In July 2008, the company disposed its entire
interest in Global Voice Group Ltd.


SPORT MEDIA: Mulls Sale of Newspaper Business
---------------------------------------------
Sport Media Group plc is in talks about selling all or part of its
newspaper business, Rowena Mason at The Daily Telegraph reports.

The report relates the board said it is exploring all
opportunities to sell the media group, after receiving "a number
of unsolicited approaches".

According to the report, the group has until the end of this week
to secure financing to meet its banking covenants.

In a Feb. 23 statement the group said it continues to have
constructive discussions with its bankers.  It noted
the board remains optimistic that an extension to facilities can
be achieved.

                     Covenant Breach

As reported in the TCR-Europe, on January 6, 2009, Sport Media was
notified by its bankers that it was in breach of one of its
banking covenants.  The bank has provided a two month extension to
the current facility, expiring on March 6, 2009.

The company, the report disclosed, is seeking to remedy the breach
through further discussions with the existing finance providers
and is also exploring a number of alternative financing sources
and structures.

Citing the Daily Telegraph's Rowena Mason, the report stated a
debt-for-equity swap is just one of the options under
consideration.

Sport Media Group plc (AIM: SPMG.L) is the integrated multi-media
group that publishes the Sunday and Daily Sport newspapers and
provides digital content for Internet and mobile channels.


WHITE YOUNG: Could Breach Banking Covenants This Year
-----------------------------------------------------
Purwa Naveen Raman at Reuters reports that White Young Green Plc
has warned it could breach one of its banking covenants later this
year due to weak market conditions, sending its shares down 12
percent at 40 pence at 1045 GMT Wednesday last week on the London
Stock Exchange.

The report relates that according to Brokerage Brewin Dolphin,
which cut the stock to "sell" from "reduce", net debt, which rose
to GBP91.5 million from GBP70.6 million a year ago, was about
GBP10 million higher than its forecast.

The report recalls analyst Oliver Smyth of Altium Securities said
in a note White Young Green took a charge of GBP8 million related
to provisions against work in progress and debtor balances, which
implies potential issues with bad debt recovery or contract
negotiations.

However, the company, as cited by the report, said discussions
with lenders regarding a remedy of a potential breach have
commenced.

                            Dividend

The company, the report discloses, also said it would not pay
dividend for the financial year to June 2009, resulting in a cash
saving of GBP4.9 million.

                           Pretax Loss

White Young Green reported a pretax loss of GBP2.1 million
(US$3.06 million) for the first half ended Dec. 31, compared with
a pretax profit of GBP7.1 million in the year ago period, the
report states.  The pretax loss is attributed to a 6% fall in net
order book and an increase in operating expenses, the report
notes.

                             Job Cuts

The company, which cut 235 jobs during the first half, is planning
to shed more jobs in the second half, the report adds.

                   About White Young Green plc

Headquartered in Leeds, White Young Green plc (WYG) –-
http://www.wyg.com/–- operates as a consultant to the built,
natural and social environment.  WYG provides a range of
complementary engineering services to clients covering all key
engineering disciplines and many associated specialist skills.  It
offers non-design-related management services, including project
management, property management, cost management, dispute
resolution, health and safety management, security consultancy and
socio- economic advisory services.  The Company provides
environmental services to clients, including noise, air and water
quality, environmental management systems, ecology, environmental
impact assessments, waste management, landscape and urban design,
pollution control, geotechnical investigations, asbestos surveys
and contaminated land remediation services.


* Large Companies with Insolvent Balance Sheet
----------------------------------------------

                                Shareholders    Total   Working
                                    Equity      Assets   Capital
                          Ticker    (US$MM)    (US$MM)   (US$MM)
                          ------ -----------  -------   --------

AUSTRIA
-------
Libro AG                            (110)         174     (168)
Sky Europe                            (4)         213      (54)


BELGIUM
-------
Sabena S.A.                          (85)       2,215     (279)


CYPRUS
------
Allbury Travel                        (5)         275     (100)
Libra Holidays                        (5)         275     (100)

CZECH REPUBLIC
--------------
Ceskomoravska Kolben &
   Danek Praha Holding               (89)         192      (59)
Setuza A.S.                          (61)         139      (62)


DENMARK
-------
Elite Shipping                       (28)         101        3
Roskilde Bank                       (533)       7,877      N.A.


FRANCE
------
BSN Glasspack                       (101)       1,151      159
Grande Paroisse S.A.                (927)         629      347
Immob Hoteliere                      (67)         301      (17)
Lab Dosilos                          (28)         110      (44)
Matussiere et Forest S.A. MTF        (78)         294      (38)
Pagesjaunes GRP           PAJ     (3,023)       1,377     (453)
Rhodia SA                           (342)       6,507      712
SDR Centrest                        (132)        (252)     N.A.
Selcodis S.A.             SPVX       (21)         141      (36)
Trouvay Cauvin                        (0)         134        9


GERMANY
-------
Alno AG                   ANO        (21)         340      (88)
Brokat AG                            (27)         144      109
CBB Holding AG            COB        (43)         905      N.A.
Cinemaxx AG               MXC        (38)         178      (47)
Dortmunder
   Actien-Brauerei        DABG       (13)         118      (27)
EECH Group AG                          0          109       57
EM.TV AG                  EV4G.BE    (22)         849       19
Kaufring AG               KAUG       (19)         151      (48)
Kunert AG                            (28)         102       29
Maternus Kliniken AG      MAK.F      (17)         182      (99)
Nordsee AG                            (8)         195      (14)
P & T Technology                       0          109       57
Primacom AG               PRC        (14)         730      (68)
Rinol AG                               0          168       (6)
Sander AG                             (6)         128       32
Sinnleffers AG                        (4)         454     (182)
Spar Handels- AG          SPAG      (442)       1,433     (294)
TA Triumph-Adler          TWN        (66)         484      (77)
Vivanco Gruppe                       (10)         131       28


GREECE
------
Empedos SA                           (34)         175      (57)
Noussa Spin                          (11)         450     (107)
Petzetakis-PFC            PETZP      (15)         294     (143)
Radio A.Korassidis        KORA      (101)         181     (165)
   Commercial
Themeliodome                         (56)         232     (128)
United Textiles                      (11)         450     (107)


HUNGARY
-------
Brodograde Indus                   (322)         264      (366)
IPK Osijek DD OS                    (15)         124       (82)
OT Optima Teleko                    (26)         119         7


ICELAND
-------
Decode Genetics                    (187)         111        48


IRELAND
-------
Elan Corp PLC             ELN      (388)       1,599       705
Waterford Wed Ut          WTFU     (506)         821       364


ITALY
-----
Binda S.p.A.              BND        (11)         129      (23)
Cirio Finanziaria S.p.A.            (422)       1,583      N.A.
Gruppo Coin S.p.A.        GC        (152)         791      (61)
Compagnia Italia          ICT       (138)         527     (318)
Credito Fondiario
   e Industriale S.p.A.             (200)       4,213      N.A.
Fullsix                               (4)         114      (18)
I Viaggi del
   Ventaglio S.p.A.       VVE        (73)         540     (127)
Lazzio S.p.A.                        (15)         261      (40)
Olcese S.p.A.             OLCI.MI    (13)         180      (80)
Parmalat Finanziaria
   S.p.A.                        (18,4219)       4,121  (16,919)
Snia S.p.A.               SN         (25)         488       31
Technodiffusione
   Italia S.p.A.          TDIFF.PK   (90)         152      (30)


LUXEMBOURG
----------
Carrier1 International S.A.          (95)         472      393


NETHERLANDS
-----------
Baan Company N.V.         BAAN        (8)         610       46
James Hardie Ind.                   (238)       2,357      184
United Pan-Euro Air       UPC     (5,505)       5,113   (9,170)


NORWAY
------
Interoil Exploration      IOX        (25)         210      (11)
Petroleum-Geo Services    PGO        (18)         400     (758)


POLAND
------
Toora                               (289)          147     (86)


PORTUGAL
--------
Lisgrafica Impressao
   e Artes Graficas SA    LIG         (4)          117     (27)


ROMANIA
-------
Oltchim RM Valce          OLT         (7)         673     (170)
Rafo Onesti               RAF       (430)         353     (616)


RUSSIA
------
Akcionernoe Brd                     (117)         135      (24)
East Siberia Brd          VSNK      (113)         148      (11)
Gukovugol                            (58)         144     (148)
OAO Samaraneftegas                  (332)         892     (611)
Vanadiy-Tula-Brd                     (12)         105       (3)
Vimpel Ship               SOVP      (116)         135      (24)
Zil Auto                  ZILLP     (240)         478     (447)


SWITZERLAND
-----------
Fortune Management                  (119)         265      (54)

TURKEY
------
Egs Ege Giyim VE                      (7)         147      (25)
Iktisat Financial                    (46)         108      N.A.
Mudurnu Tavukcul                     (65)         160     (115)
Nergis Holding                       (77)         299       38
Sifas                                (17)         117       21
Yasarbank                          (4,025)      2,644      N.A.

UKRAINE
-------
Dniprooblenergo           DNON       (51)         433     (200)
Donetskoblenergo          DOON      (367)         631     (469)


UNITED KINGDOM
--------------
Advance Display                   (3,016)       2,590     (411)
Airtours Plc                        (379)       1,818     (932)
Alldays Plc                         (120)         252     (290)
Amer Bus Sys                        (497)         121     (497)
Amey Plc                  AMY        (49)         932      (76)
Anker Plc                            (22)         115       16
Atkins (WS) Plc           ATK        (46)       1,345       58
Black & Edgingto                    (140)         203       23
BNB Recruitment                      (10)         104       38
Booker Plc                BKRUY      (60)       1,298      (13)
Bradstock Group           BDK         (2)         269        7
British Energy Ltd                (5,823)       4,921      534
British Energy Plc        BGY     (5,823)       4,921      534
British Sky Broadcast               (334)       8,126     (388)
Carlisle Group                       (12)         204       30
Compass Group             CPG       (668)       2,972     (440)
Danka Bus                           (497)         121     (497)
Dawson Holdings                      (18)         226      (63)
Dignity Plc               DTY         (9)         648       71
E-II Holdings                       (199)         651      149
Easynet Group             ESY.L      (45)         323       68
Electrical and Music
   Industries Group       EMI     (2,266)       2,950     (582)
European Home                        (14)         111      (70)
Farepak Plc                          (14)         111      (70)
Gartland Whalley                     (11)         145      (13)
Hilton Food Group                    (21)         256      (12)
Kleeneze Plc                         (14)         111      (70)
Ladbrokes Plc             LAD       (814)       2,403     (706)
Lambert Fenchurch Group               (1)       1,827        5
Leeds United                         (73)         144      (48)
M 2003 Plc                        (2,204)       7,204   (1,078)
Mytravel Group            MT.L      (380)       1,818     (931)
New Star Asset                      (398)         293       21
Next Plc                            (119)       3,161     (125)
Orange Plc                ORNGF     (594)       2,902       12
Orbis Plc                             (4)         128       (5)
Patientline Plc                      (55)         125      (10)
Preedy Alfred                       (119)       3,161     (125)
Rank Group Plc                      (132)       1,066     (175)
Regus Plc                            (46)         367      (97)
Rentokil Initial                      (8)       4,178     (886)
Saatchi & Saatchi         SSI       (119)         705      (66)
Samsonite Corp.                     (199)         651     (149)
SFI Group                 SUF       (108)         178     (265)
Skyepharma Plc            SKP       (140)         203       23
Smiths News Plc                     (124)         201      (92)
Styles & Wood                        (57)         107       (9)
Telewest
   Communications Plc     TLWT    (3,702)       7,581  (10,042)
Thorn Emi Plc                     (2,266)       2,950     (582)
Topps Tiles Plc                     (111)         195       18
Trio Finance                         (14)         592      N.A.
UTC Group                            (12)         204       30
Virgin Mobile                       (392)         166     (176)
Watson & Philip                     (120)         252     (290)

                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


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