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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

            Friday, April 17, 2009, Vol. 10, No. 75

                            Headlines

A U S T R I A

BAUUNTERNEHMEN STEGER: Claims Registration Period Ends April 27
HEINZ SCHMIDT: Claims Registration Period Ends April 27
MOEBELTEILE.AT LLC: Claims Registration Period Ends April 28
PARAX LLC: Claims Registration Period Ends April 28
SCHOELLER-BLECKMANN JSC: Claims Registration Ends April 27

STONECLEANER LLC: Claims Registration Period Ends April 27
VLF LLC: Claims Registration Period Ends April 20


B E L G I U M

ODYSSEUS FCC: S&P Lowers Rating on Class C Notes to 'B-'


C R O A T I A

ZAGREBACKA BANKA: Moody's Changes Outlook on 'D+' BFSR to Negative


C Y P R U S

UB INVESTMENTS: Creditors Must Submit Claims by May 7


F R A N C E

HEULIEZ SA: Placed Into Administration; 1,000 Jobs at Risk


F R A N C E

PERNOD RICARD: Launches EUR1-Bln Rights Issue to Reduce Debt


G E R M A N Y

HOLETRONIC GMBH: Claims Registration Period Ends May 18
MAT PLASMATEC: Claims Registration Period Ends April 29
MS11 ENERGY: Claims Registration Period Ends June 3
MICROELECTRONIC TRADING: Claims Registration Ends April 30
OPTIMAL GLAS: Claims Registration Period Ends May 4

OSTSEEHOTEL GLUECKSBURG: Claims Registration Period Ends May 7


G R E E C E

EXCEL MARITIME: Gets Covenant Waivers From Nordea, Credit Suisse
TOP SHIPS: In Advance Talks With Bank Lenders on Covenant Waivers


I C E L A N D

GLITNIR BANKI: Court Extends Moratorium Until November 13


I R E L A N D

XELO PLC: S&P Downgrades Rating on EUR100 Mil. A2E Notes to 'B-'


I T A L Y

TISCALI SPA: Balks at Auditor's Doubts on Business Viability


K A Z A K H S T A N

AIFRI GRAND: Creditors Must File Claims by May 22
ALLIANCE BANK: Halts Debt Payment; Seeks Three-Month Standstill
ALLIANCE BANK: Fitch Cuts Long-Term Issuer Default Rating to 'RD'
ALLIANCE BANK: S&P Lowers Counterparty Credit Ratings to 'SD'
ALLIANCE DPR: Fitch Cuts Ratings on Two Series of Notes to 'B-'

ASIATIC MANAGEMENT: Creditors Must File Claims by May 22
ELITE FINANCE: Creditors Must File Claims by May 22
ENERGO REM: Creditors Must File Claims by May 22
KAITALAMALY METALL: Creditors Must File Claims by May 22
MAKO JSC: Creditors Must File Claims by May 22

TEPLO ENERGO: Creditors Must File Claims by May 22
TRAKTORNY ZAVOD: Creditors Must File Claims by May 22
TSEMENT OJSC: Creditors Must File Claims by May 22

* KAZAKHSTAN: Fitch Affirms 'BB+' Rating on Mangistau Region


K Y R G Y Z S T A N

QP KYRGYZ: Creditors Must File Claims by April 24
SALAMATHON 1916 LLC: Creditors Must File Claims by April 24


L A T V I A

LATVIJAS KRAJBANKA: Moody's Cuts Financial Strength Rating to 'E+'


L I T H U A N I A

BANKAS SNORAS: Moody's Cuts Bank Financial Strength Rating to 'E+'


L U X E M B O U R G

BERNARD L. MADOFF: UBS Caught in Liquidator Dispute Over LuxAlpha


N E T H E R L A N D S

PROVIDE ORANGE: S&P Raises Rating on Class E Notes from 'BB'


R U S S I A

ALLADIN LLC: Creditors Must File Claims by June 3
ALROSA COMPANY: Net Profit Up 1,650% in January-March 2009
ANOSOVSKIY LES-PROM-KHOZ: Creditors Must File Claims by May 3
CB RENAISSANCE: High Liquidity Pressure Cues Fitch's Junk Rating
CELLULAR CONCRETE: Creditors Must File Claims by May 3

DON-STROY-OPTIM: Creditors Must File Claims by May 3
FAKT LLC: Creditors Must File Claims by June 3
INVEST-STORY LLC: Creditors Must File Claims by June 3
RUBTSOVSKIY MACHINE: Altayskiy Bankruptcy Hearing Set August 31
SALSKOE RUNO: Rostovskaya Bankruptcy Hearing Set June 23

STROY-DON LLC: Rostovskaya Bankruptcy Hearing Set June 15
YUGOKAMA LLC: Permskiy Bankruptcy Hearing Set August 21

* RUSSIA: UniCredit SpA Sees 20% of Debt Defaulting by Year-End
* RUSSIA: Fitch Affirms 'B-' IDRs of Seven Moscow-Based Banks
* RUSSIA: S&P Gives Neg. Outlook on Novosibirsk; Keeps BB- Rating


S P A I N

AUTO ABS 2009-1: S&P Rates Class C of EUR1.18BB Notes at 'B'
AYT COLATERALES: Moody's Puts (P)Ba3 Rating on EUR28.5 Mil. Notes
MINICENTRALES DOS: Moody's Withdraws Ratings on EUR122 Mil. Bonds


S W I T Z E R L A N D

ARTEMIS WIRTSCHAFTSBETEILIGUNGEN: Claims Filing Ends April 27
COLLIMEX JSC: Creditors Must File Proofs of Claim by April 27
J. MATHIS LLC: Creditors Must File Proofs of Claim by April 24
JUPITER WIRTSCHAFTSBETEILIGUNGEN: Claims Filing Ends April 27
MEDIAMOTION IP: Deadline to File Proofs of Claim Set April 24

THINVIDISC HOLDING: Creditors Have Until April 24 to File Claims
THURNHERR CONSULTING: Claims Filing Deadline is April 27
TSV LLC: Creditors' Proofs of Claim Due by April 27
UBS AG: Mulls 7,500 Job Cuts, Bloomberg News Says


U K R A I N E

BANK EVROPEYSKIY: Tight Liquidity Cues Moody's Junk Rating
DBS GROUP: Creditors Must File Claims by April 26
K-L-O LLC: Creditors Must File Claims by April 27
KHORTITSA OJSC: Court Starts Bankruptcy Supervision Procedure
MAYAK COMMON: Creditors Must File Claims by April 27

METIZ LLC: Court Starts Bankruptcy Supervision Procedure
MIRKOR LLC: Creditors Must File Claims by April 26
SOYUZ LLC: Creditors Must File Claims by April 27
STILKO LTD: Court Starts Bankruptcy Supervision Procedure
STILMET LLC: Court Starts Bankruptcy Supervision Procedure

ZVEZDNY CHAS LLC: Court Starts Bankruptcy Supervision Procedure

* CITY OF KYIV: S&P Puts 'CCC+' Rating on Negative CreditWatch


U N I T E D   K I N G D O M

ALLERTON BRIDGES: Business and Assets Put Up for Sale
ALLERTON ENGINEERING: Business and Assets Put Up for Sale
BOHEMIA CRYSTAL: Administrators Put Business for Sale
BARTON COLD-FORM: Appoints Joint Administrators from BDO
BELINDA ROBERTSON: Brings in Administrators from Tenon Recovery

CALEDONIAN ENVIRONMENTAL: Moody's Withdraws Rating on Senior Bonds
CANARY WHARF: Moody's Cuts Rating on Class D2 Notes to 'Ba1'
CASTLE GRANITE: Business Up for Sale
CHESTER ASSET: S&P Cuts Ratings on Nine Classes of Notes to Low-B
JH BIRTWISTLE: Administrators Put Assets for Sale

LEHMAN BROTHERS: Liquidation Recognized as Foreign Main Proceeding
LEHMAN BROTHERS: Joint Administrators Issue Progress Report
MAPLE GROW: Appoints Joint Administrators from Tenon Recovery
MEDICAL FINANCE: Taps Joint Administrators from Baker Tilly
NEMUS II: S&P Downgrades Rating on Class E Notes to 'BB'

SPORT MAGAZINE: Ceases Publication After Parent's Administration
STEAD MCALPIN: Business Put Up for Sale
STENNER LIMITED: Business Put Up for Sale
TAYLOR & SONS: Enters Administration; 80 Jobs at Risk

* Moody's Takes Rating Actions on UK Banks and Building Societies
* EUROPE: S&P Takes Rating Actions on 17 Synthetic CDO Tranches

* BOOK REVIEW: Bankruptcy Investing: How to Profit from Dist. Cos.


                         *********


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


BAUUNTERNEHMEN STEGER: Claims Registration Period Ends April 27
---------------------------------------------------------------
Creditors owed money by KEG Bauunternehmen Steger (FN 197131z)
have until April 27, 2009, to file written proofs of claim to the
court-appointed estate administrator:

         Dr. Christoph Sauer
         Gartenaugasse 1
         3500 Krems
         Austria
         Tel: 02732/865 65
         Fax: 02732/865 66-11
         E-mail: anwalt@riel-grohmann.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:15 a.m. on May 13, 2009, for the
examination of claims at:

         Land Court of Krems an der Donau (129)
         Hall A
         Second Floor
         Krems an der Donau
         Austria

Headquartered in Langenlois, Austria, the Debtor declared
bankruptcy on March 17, 2009, (Bankr. Case No. 9 S 19/09f).


HEINZ SCHMIDT: Claims Registration Period Ends April 27
-------------------------------------------------------
Creditors owed money by KEG Ing. Heinz Schmidt (FN 149281g) have
until April 27, 2009, to file written proofs of claim to the
court-appointed estate administrator:

         Dr. Guenther Hoedl
         Schulerstrasse 18
         1010 Vienna
         Austria
         Tel: 513 16 55
         Fax: 513 16 55 33
         E-mail: Hoedl@anwaltsteam.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:40 a.m. on May 11, 2009, for the
examination of claims at:

         Trade Court of Vienna (007)
         Room 1609
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on March 17, 2009, (Bankr. Case No. 38 S 20/09g).


MOEBELTEILE.AT LLC: Claims Registration Period Ends April 28
------------------------------------------------------------
Creditors owed money by LLC moebelteile.at (FN 236155m) have until
April 28, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Egbert Frimmel
         Fleischmarkt 9/4
         9020 Klagenfurt
         Austria
         Tel: 0463/500 002
         Fax: 0463/500 002-4
         E-mail: office@rechtdirekt.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on May 5, 2009, for the
examination of claims at:

         Land Court Klagenfurt (729)
         Meeting Room 225
         Klagenfurt
         Austria

Headquartered in Klagenfurt, Austria, the Debtor declared
bankruptcy on March 18, 2009, (Bankr. Case No. 40 S 17/09d).


PARAX LLC: Claims Registration Period Ends April 28
---------------------------------------------------
Creditors owed money by LLC Parax (FN 180415t) have until
April 28, 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 May 5, 2009, for the
examination of claims at:

         Land Court Klagenfurt (729)
         Meeting Room 225
         Klagenfurt
         Austria

Headquartered in Klagenfurt, Austria, the Debtor declared
bankruptcy on March 18, 2009, (Bankr. Case No. 40 S 18/09a).


SCHOELLER-BLECKMANN JSC: Claims Registration Ends April 27
----------------------------------------------------------
Creditors owed money by JSC Schoeller-Bleckmann (FN 294322b) have
until April 27, 2009, to file written proofs of claim to the
court-appointed estate administrator:

         LLC Leeb & Weinwurm Rechtsanwalte - Advocacy
         Triester Strasse 8
         2620 Neunkirchen
         Austria
         Tel: 02635/62060
         Fax: 02635/62060
         E-mail: office@wlp.at

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

         Land Court Wiener Neustadt (239)
         Room 15
         Wiener Neustadt
         Austria

Headquartered in Ternitz, Austria, the Debtor declared bankruptcy
on March 18, 2009, (Bankr. Case No. 10 S 33/09w).


STONECLEANER LLC: Claims Registration Period Ends April 27
----------------------------------------------------------
Creditors owed money by LLC Stonecleaner (FN 230718t) have until
April 27, 2009, to file written proofs of claim to the court-
appointed estate administrator:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:20 a.m. on May 11, 2009, for the
examination of claims at:

         Trade Court of Vienna (007)
         Room 1609
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on March 17, 2009, (Bankr. Case No. 38 S 9/09i).


VLF LLC: Claims Registration Period Ends April 20
-------------------------------------------------
Creditors owed money by LLC VLF (FN 268629v) have until April 20,
2009, to file written proofs of claim to the court-appointed
estate administrator:

         Gerhard Rigler
         Hauptplatz 14
         2700 Wiener Neustadt
         Austria
         Tel: 02622/84 141
         Fax: 02622/84141-24
         E-mail: office@hain-rechtsanwaelte.at

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

         Trade Court of Wiener Neustadt (239)
         Room 15
         Wiener Neustadt
         Austria

Headquartered in Wiener Neustadt, Austria, the Debtor declared
bankruptcy on March 17, 2009, (Bankr. Case No. 10 S 32/09y).


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


ODYSSEUS FCC: S&P Lowers Rating on Class C Notes to 'B-'
--------------------------------------------------------
Standard & Poor's Rating Services lowered and removed from
CreditWatch negative its credit ratings on the class B and C notes
issued by Odysseus (European Loan Conduit No. 21) FCC.  These
rating actions are due to continuing uncertainty about the
potential actions that transaction parties may take regarding the
recently defaulted Belgian Bonds loan, coupled with a
deteriorating investment environment, and further reductions in
rental income which may affect the recovery value and the single-
tenant exposure in this transaction.

S&P initially placed the notes on CreditWatch negative on Feb. 25,
following the default of the Belgian Bonds loan and the resulting
uncertainties about the future performance of this loan, and the
potential for delay in the decision-making process given the
documented rules governing interaction between transaction
parties.  The concerns that drove S&P's rating action in February
have been further exacerbated by the recent announcement that a
tenant accounting for 16.5% of the rental income terminated its
lease at the end of January 2009 —- thus reducing the income from
the assets securing the Belgian Bonds loan and increasing the
already high vacancy rate to 52.78% from 35.85%.  This may further
hamper any refinancing or sales negotiations.   S&P is also
mindful of how special servicing fees will be charged.  S&P
understands that the servicer is currently considering how these
fees will be funded for the Belgian Bonds loan.  S&P understands
the most likely outcome may be that these fees will be charged
directly to the issuer without a recharge to the borrower.  In
this scenario, the class C notes could suffer an interest
shortfall.  S&P would generally not expect these fees to be
charged to an issuer when the interest cover ratio is above 1.00x
and asset values exceed the outstanding debt.  This approach, in
S&P's opinion, would not be in line with S&P's "Prudent Servicing
Practices", which require that the servicer must take all
reasonable steps possible to help prevent the interruption of the
cash flow to noteholders.  In addition, S&P has increased concerns
about the single-tenant exposure in this transaction.  In the
hypothetical scenario of the asset securing the Ford HQ loan
becoming vacant, the recovery value may experience additional
stress given the weak real estate occupier market in Europe in
general; and also because the French real estate investment market
is currently one of the weaker in continental Europe.  This
scenario could result in a principal loss for this loan.

                           Ratings List

           Odysseus (European Loan Conduit No. 21) FCC
        EUR326.8 Million Commercial Mortgage-Backed Floating-
                     and Variable-Rate Notes

       Ratings Lowered and Removed from CreditWatch Negative

                               Rating
                               ------
              Class       To            From
              -----       --            ----
              B           BBB           AA/Watch Neg
              C           B-            A/Watch Neg


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C R O A T I A
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ZAGREBACKA BANKA: Moody's Changes Outlook on 'D+' BFSR to Negative
------------------------------------------------------------------
Moody's Investors Service has changed to negative from stable the
outlook on the D+ bank financial strength rating of Zagrebacka
Banka (Croatia).  At the same time, the outlook on the bank's
A2/Prime-1 global local currency deposit ratings, and its A2 long-
term foreign currency debt rating were similarly changed to
negative from stable.  The bank's foreign currency deposit ratings
remain capped by Croatia's foreign currency deposit ceiling and
were affirmed at Ba1/Not Prime.

Moody's notes that the rating actions reflect the increasingly
negative impact of the global economic crisis on the Croatian
economy and rising risks related to the country's financial
institutions.  The rating agency notes in particular that the
projected slowdown of the economy during 2009, expectations for
much reduced foreign investment and the country's substantial
refinancing needs (in foreign currency) have -- since October 2008
-- exerted material pressure on the Croatian kuna exchange rate.
Previous years' strict central bank regulation including very high
reserve requirements particularly on external bank funding -- to
curb credit growth and contain the private sector's mounting
external debt -- created a buffer that enabled the central bank to
successfully defend the currency, to date; nonetheless,
intervention in the currency market has caused wide fluctuation of
kuna interest rates on the interbank market, from just over 0% to
over 37% between January and April 2009.

Given the high euroization of Croatia's financial sector, a
potential devaluation of the kuna would likely have considerable
implications for both the country's financial sector and the real
economy.  Moody's notes that foreign currency funding accounts for
around 71% of ZABA's group liabilities, while foreign-currency-
denominated or foreign-currency-linked lending stood at around 72%
of the group's loan book as at YE 2008.

The outlook on ZABA's ratings is affected by the fact that
(despite maintaining a matched foreign currency position) asset
quality problems would rise in the event of a devaluation of the
kuna (as un-hedged debt-servicing obligations of foreign currency
borrowers rise in kuna terms, while rising inflation further
weakens customers' financial circumstances, particularly retail
customers).  Likewise, the negative outlook takes into account
that even in the absence of a kuna devaluation scenario the
performance of the bank during 2009 is expected to reflect the
performance of the Croatian economy.  Concerns are growing
regarding the potential increase of credit costs, particularly in
relation to ZABA's large mortgage loan book as well as its
exposures to the construction and real estate sectors (whose
performance appears increasingly lacklustre following recent years
of dynamic growth).  The bank's solid retail deposit base
notwithstanding, prospects of potentially higher funding costs --
partly due to widening spreads on parental funding and partly due
to the fluctuation of kuna interest rates -- also support the
negative outlook.  Although ZABA remains strongly capitalized, the
extent to which the aforementioned affect its performance would
exert downward pressure on the bank's BFSR.

Given the bank's size and importance to the system, Moody's
continues to assess as "very high" the likelihood that the
Croatian authorities would extend systemic support to Zagrebacka
banka in case of need.  Nonetheless, Moody's notes that current
pressures on Croatian banks are of a systemic nature, placing
demands on state resources.  Given the high degree of euroization
of the Croatian financial sector, its stability has in recent
months become increasingly dependent on the authority's capacity
to maintain foreign exchange stability by using state reserves
which are not unlimited.

Meanwhile, the global financial sector crisis has affected the
performance of Unicredito (ZABA's ultimate parent, through Bank
Austria), and is giving rise to concerns over the group's exposure
to Eastern Europe.  Nevertheless, although the group announced
that it is currently suspending any plans for further growth in
the region, Moody's has not altered its parental support
assumptions for ZABA.  Importantly, the rating agency notes that
given the bank's foreign ownership, ZABA has access to resourses
-- independent of the state -- to meet its own obligations.  The
outlook on ZABA's GLC deposit and foreign currency debt ratings
has been changed to negative from stable, although the ratings
continue to reflect both systemic and parental support.

Moody's previous rating action on ZABA was implemented on November
25, 2008, when the outlook on the bank's Ba1/Not Prime foreign
currency deposit ratings was changed to stable from positive --
reflecting a similar change to the outlook on Croatia's foreign
currency bank deposit ceiling.

Headquartered in Zagreb, the Zagrebacka Banka Group had total
assets of EUR14.2 billion at the end of 2008.


===========
C Y P R U S
===========


UB INVESTMENTS: Creditors Must Submit Claims by May 7
-----------------------------------------------------
Creditors of UB Investments Limited, which is being voluntary
wound up, are required on or before May 7, 2009, to send in their
full names, their addresses and descriptions, full particulars
of their debts or claims and names and addresses of their
solicitors (if any) to:

         Costas Hadjicosti
         Liquidator
         Abacus Limited
         Arianthi Court
         2nd Floor
         50 Agias Zonis Street
         Limassol CY-3090
         Cyprus


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


HEULIEZ SA: Placed Into Administration; 1,000 Jobs at Risk
-------------------------------------------------------
France24 reports that a court in Niort has put Heuliez SA into
administration, putting 1,000 jobs in Cerizay at risk.

The report, citing a court press release, discloses the company
will be under review until October 15, 2009.

According to the report, to avoid filing for bankruptcy, Heuliez
has to find new investors during the next six months in order to
launch production of its new electric car.

Heuliez, the report says, needs to find EUR45 million and a
portfolio of stable investors to survive.

Parties will be summoned for a hearing on June 24, to discuss the
future of the company, the report notes.

Based in Cerizay, France, Heuliez SA -- http://www.heuliez.com/
-- works as a production and design unit for various automakers.
It specializes in producing short series for niche markets, such
as convertibles or station-wagons.


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


PERNOD RICARD: Launches EUR1-Bln Rights Issue to Reduce Debt
------------------------------------------------------------
Jonathan Sibun at Telegraph.co.uk reports that Pernod Ricard has
launched a EUR1 billion (GBP882 million) rights issue to reduce
its EUR12 billion debt pile following last year's acquisition of
Absolut Vodka owner Vin & Sprit.

According to the report, shareholders will be offered three new
shares for every 17 they hold at a price of EUR26.70 each, or a
36pc discount to the closing share price on Tuesday, April 14.

The report says the deeply discounted capital raising comes as the
drinks company forecast a pick-up in trading following a sharp
slowdown in the first three months of this year.

The company's like-for-like sales in the quarter to March fell 12
percent as result of destocking among its customers, principally
in the US and Eastern Europe, the report notes.

                Non-Strategic Asset Disposal Plan

As reported in the Troubled Company Reporter-Europe on April 13,
2009, Pernod signed a definitive agreement sell its Wild Turkey
American straight bourbon and related businesses to Gruppo Campari
for a total purchase price of US$575 million to be paid in cash,
or EUR433 million at current exchange rate, representing
approximately 10 times the brand's historic contribution after
advertising and promotion.

Pernod said the sale of Wild Turkey is an important part of the
EUR1 billion disposal plan of non strategic assets communicated
after the Vin & Sprit acquisition.  With the disposals of
Glendronach, Cruzan, Bisquit, as well as of the Serkova and Vin &
Sprit brands sold at the request of the competition authorities,
the overall disposal gross proceeds reach approximately EUR577
million as of Wednesday, April 8.  The Group intends to complete
this plan within 12 months.

                       About Pernod Ricard

Headquartered in Paris, France, Pernod Ricard --
http://www.pernod-ricard.com/-- produces and distributes
spirits and wines.  The company operates in Europe, North
America, Central and South America, and the Asia-Pacific region.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on Feb. 25,
2009, Fitch Ratings affirmed French wine and spirit maker Pernod
Ricard SA's Long-term Issuer Default Rating and senior unsecured
rating at 'BB+' respectively.  The Short-term IDR was
affirmed at 'B'.  The Long-term IDR's Outlook remains Negative.


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


HOLETRONIC GMBH: Claims Registration Period Ends May 18
-------------------------------------------------------
Creditors of Holetronic GmbH have until May 18, 2009, to register
their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on June 8, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Bielefeld
         Hall 4065
         Fourth Floor
         Gerichtstrasse 66
         33602 Bielefeld
         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:

         Klaus Knetter
         Otto-Brenner-Str. 186
         33604 Bielefeld
         Germany

The court opened bankruptcy proceedings against the company on
April 1, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Holetronic GmbH
         Attn: Hubert Kaiser, Manager
         Untere Wiesenstr. 3
         32120 Hiddenhausen
         Germany


MAT PLASMATEC: Claims Registration Period Ends April 29
-------------------------------------------------------
Creditors of MAT PlasMATec GmbH have until April 29, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on May 28, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Dresden
         Hall D131
         Olbrichtplatz 1
         01099 Dresden
         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:

         Ralf Hage
         Obergraben 10
         01097 Dresden
         Germany
         Website: www.voigtsalus.de

The court opened bankruptcy proceedings against the company on
April 2, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         MAT PlasMATec GmbH
         Reisstr. 3
         01257 Dresden
         Germany

         Attn: Steffen Haubold, Manager
         Dorfplatz 4 a
         01728 Bannewitz
         Germany


MS11 ENERGY: Claims Registration Period Ends June 3
---------------------------------------------------
Creditors of MS11 Energy GmbH have until June 3, 2009, to register
their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on June 24, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Flensburg
         Hall A 220
         Suedergraben 22
         Flensburg
         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. Kay Hassler
         C/o Ehler, Ermer und Partner
         Wrangelstrasse 17-19
         24937 Flensburg
         Germany

The court opened bankruptcy proceedings against the company on
April 21, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         MS11 Energy GmbH
         Attn: Roman Michalik, Manager
         Husumer Strasse 200
         24941 Flensburg
         Germany


MICROELECTRONIC TRADING: Claims Registration Ends April 30
----------------------------------------------------------
Creditors of Microelectronic Trading Company GmbH have until
April 30, 2009, to register their claims with court-appointed
insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on May 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 Hanau
         Room 211
         Engelhardstrasse 21
         63450 Hanau
         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. Lason Gutsche
         Hynspergstrasse 24
         60322 Frankfurt/Main
         Germany
         Tel: 069  959110-0
         Fax: 069  959110-12
         E-mail: gutsche@ww-law.de

The court opened bankruptcy proceedings against the company on
April 2, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Microelectronic Trading Company GmbH
         Attn: Bernd Mueller, Manager
         Schachenwaldstr. 30
         63456 Hanau
         Germany


OPTIMAL GLAS: Claims Registration Period Ends May 4
---------------------------------------------------
Creditors of Optimal Glas and Gebaudereinigung Objektservice GmbH
have until May 4, 2009, to register their claims with court-
appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on June 16, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Leipzig
         Hall 101
         Enforcement Court
         Bernhard Goering Strasse 64
         04275 Leipzig
         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:

         Goerge Scheid
         Jacobstrasse 25
         04105 Leipzig
         Germany
         Tel: 0341/702520
         Fax: 0341/7025244
         E-mail: kanzlei@scheid-rechtsanwaelte.de

The court opened bankruptcy proceedings against the company on
April 2, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Optimal Glas and
         Gebaudereinigung Objektservice GmbH
         Attn: Uwe Bergner, Manager
         Bahnhofstr. 20
         04451 Borsdorf
         Germany


OSTSEEHOTEL GLUECKSBURG: Claims Registration Period Ends May 7
--------------------------------------------------------------
Creditors of Ostseehotel Gluecksburg GmbH have until May 7, 2009,
to register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 11:10a.m. on May 18, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Flensburg
         Hall A 220
         Suedergraben 22
         Flensburg
         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:

         Ygglev Stintzing
         Rathausstrasse 1
         24937 Flensburg
         Germany

The court opened bankruptcy proceedings against the company on
April 1, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Ostseehotel Gluecksburg GmbH
         Attn: Hans-Peter Lorenzen, Manager
         Foerdestrasse 2-4
         24960 Gluecksburg
         Germany


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


EXCEL MARITIME: Gets Covenant Waivers From Nordea, Credit Suisse
----------------------------------------------------------------
Excel Maritime Carriers Ltd. has amended its syndicated facility
with Nordea Bank and its bilateral facility with Credit Suisse, as
well as secured all the appropriate covenant waivers for these
credit facilities, which are valid until January 2011.

In particular, the amended terms of each of the credit facilities
contain financial covenants requiring the Company to maintain
minimum liquidity of US$25.0 million, maintain a leverage ratio
based on book values of not greater than 70%, maintain a ratio of
EBITDA to gross interest of not less than 1.75:1.0 and maintain an
aggregate fair market value of vessels serving as collateral for
each of the loans at all times of not less than 65% of the
outstanding principal amount of the respective loan.
Additionally, under the terms of the amended Nordea Bank
Syndicated Facility, the Company will also defer principal debt
repayments of US$150.5 million originally scheduled for 2009 and
2010 to the balloon payment at the end of the facility's term in
2016.  During the waiver and deferral periods, the applicable
credit facility margins will increase to 2.5% and 2.25%, for the
Syndicated Facility and the Credit Suisse Facility, respectively.

The Nordea Syndicated Facility and the Credit Suisse Bilateral
Facility are the only two credit facilities that the Company has
currently outstanding.

On April 8, Excel Maritime announced operating and financial
results for the fourth quarter and the year ended December 31,
2008.  The Company reported a net loss for the quarter of US$329.2
million as compared to a net income of US$34.1 million for the
fourth quarter of 2007.  For the year ended December 31, 2008, the
Company reported a net loss of US$44.7 million as compared to a
net income of US$84.9 million for the year ended December 31,
2007.

Entities affiliated with the Panayotides family, the Company's
major shareholders have injected US$45.0 million in the Company,
which was applied against the balloon payment of the Nordea credit
facility due in 2016.  In exchange for their contribution, the
entities received an aggregate of 25,714,286 Class A shares and
5,500,000 warrants, with an exercise price of US$3.50 per warrant.
The shares, the warrants and the shares issuable on exercise of
the warrants will be subject to 12-month lock-ups from March 31,
2009.  The Company has the option to defer, again to the balloon
payment in 2016, additional principal debt repayments in an amount
of up to 100% of the equity contributed, meaning the US$45.0
million already received as well as any other equity infusion by
the above-mentioned entities during 2009 and 2010.

In February 2009 the Company's Board of Directors decided to
suspend its dividend in light of the challenging conditions both
in the freight market and the financial environment.  The
suspension of dividend was effective for the dividend of the
fourth quarter of 2008.  The decision is aimed at preserving cash
and enhancing the Company's liquidity and was considered to be a
precautionary measure in view of the disruptions arising between
the Company and some of its charters, as further discussed below.

On April 6, 2009, Oceanaut announced that its shareholders
approved its dissolution and liquidation.  As a result, the
Company will receive liquidating distributions in relation to the
shares of common stock included in the 625,000 of the 1,125,000 of
the units purchased by the Company in a private placement prior to
the closing of Oceanaut's Initial Public Offering in March 2007.
The liquidating distributions will be approximately US$5.2 million
(US$8.26 per share of common stock) and they are expected to be
received on or about April 14, 2009. As of December 31, 2008, the
Company has written down approximately US$11.0 million of its
investment in Oceanaut to reflect the amount recoverable through
the liquidation process.

On April 15, Excel Maritime successfully completed the acquisition
of Quintana Maritime Limited, creating a combined company that
currently operates a fleet of 47 vessels with a total carrying
capacity of approximately 3.9 million DWT and an average age of
approximately 8.8 years.

                       About Excel Maritime

Based in Athens, Greece, Excel Maritime Carriers Ltd. --
http://www.excelmaritime.com/-- is an owner and operator of dry
bulk carriers and a provider of worldwide seaborne transportation
services for dry bulk cargoes, such as iron ore, coal and grains,
as well as bauxite, fertilizers and steel products.  Excel owns a
fleet of 40 vessels and, together with 7 Panamax vessels under
bareboat charters, operates 47 vessels (5 Capesize, 14 Kamsarmax,
21 Panamax, 2 Supramax and 5 Handymax vessels) with a total
carrying capacity of approximately 3.9 million DWT.  Excel Class A
common shares have been listed since September 15, 2005 on the New
York Stock Exchange (NYSE) under the symbol EXM and, prior to that
date, were listed on the American Stock Exchange (AMEX) since
1998.


TOP SHIPS: In Advance Talks With Bank Lenders on Covenant Waivers
-----------------------------------------------------------------
TOP Ships Inc. is in advanced discussions with lending banks on
waivers of financial covenants under its senior secured credit
facilities until the end of March 2010.  As of December 31, 2008,
the Company was not in compliance with certain loan covenants.

No definitive agreement has been signed yet.  To receive waivers,
the Company may have to amend certain terms of its existing
financing agreements, the Company said earlier this month.

On April 2, TOP Ships announced operating results for the fourth
quarter and the fiscal year ended December 31, 2008.  For the
three months ended December 31, 2008, the Company reported net
income of US$8,429,000, compared with net loss of US$37,439,000
for the fourth quarter of 2007.  For the three months ended
December 31, 2008, operating income was US$7,952,000, compared
with operating loss of US$25,982,000 for the fourth quarter of
2007.  Revenues for the fourth quarter of 2008 were US$36,962,000,
compared to US$51,789,000 recorded in the fourth quarter of 2007.

For the year ended December 31, 2008, the Company reported net
income of US$25,639,000, compared with net loss of US$49,076,000
for the year ended December 31, 2007.  For the year ended December
31, 2008, operating income was US$61,723,000, compared with
operating loss of US$29,118,000 for the year ended December 31,
2007.  Revenues for the year ended December 31, 2008 were
US$257,380,000, compared to US$252,259,000 recorded in the year
ended December 31, 2007.

Evangelos J. Pistiolis, President and Chief Executive Officer of
TOP Ships Inc., said in a news statement:  "The later part of 2008
was very challenging for the shipping industry and the world
economy overall.  Despite the challenges faced, we achieved
another quarter with solid results, which is a product of our
successful strategic decisions that were implemented throughout
the year."

On April 1, TOP Ships' Board of Directors appointed Alexandros
Tsirikos to the position of Chief Financial Officer.  Mr.
Tsirikos, 34, is a UK qualified Chartered Accountant (ACA) and has
been employed with Top Ships since July 2007 as the Company's
Corporate Development Officer.  Prior to joining TOP Ships, Mr
Tsirikos was a manager with PricewaterhoouseCoopers where he
worked for six years.  During his career with PwC, Mr. Tsirikos
drew experience both from consulting as well as auditing as a
member of the PwC Advisory team and Assurance team.  As a member
of the Advisory team, he lead and participated in numerous
projects in the public and the private sectors, involving
strategic planning and business modelling, investment analysis and
appraisal, feasibility studies, costing and project management.
As a member of the Assurance team, Mr. Tsirikos was part of the
IFRS (International Financial Reporting Standards) technical team
of PwC Greece and lead numerous IFRS conversion projects for
listed companies.  He holds an MSc in Shipping Trade and Finance
from City University of London and a Bachelor's Degree with
honours in Business Administration from Boston University in the
United States.  He speaks English, French and Greek.

If the Company receives waivers for more than one year from all
its lenders then the debt and swap facilities would be split into
current and long term portions based on when the installments fall
due.  If the Company cannot obtain covenant waivers from all of
its lenders, all loans would need to be categorized as current as
a result of cross default covenants attached to all loan
agreements.

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

As of December 31, 2008, the Company had total indebtedness under
senior secured credit facilities of US$346.9 million (excluding
unamortized financing fees of US$4.4 million) with its lenders,
the Royal Bank of Scotland, HSH Nordbank, DVB Bank, Alpha Bank,
and Emporiki Bank, maturing from 2013 through 2019.  The Company's
unencumbered cash as of December 31, 2008 was US$46.2 million.

As of December 31, 2008, the Company had three interest rate swap
agreements with RBS for the amounts of US$25.4 million, US$10.0
million and US$10.0 million for a remaining period of one, five
and five years, respectively. Under these agreements the interest
rate is fixed at an effective annual rate of 4.66% (in addition to
the applicable margin), 4.23% and 4.11%, respectively.  The
Company also had one interest rate swap agreement with Egnatia
Bank for the amount of US$10.0 million for a remaining period of
five years, respectively.  Under this agreement the interest rate
is fixed at an effective annual rate of 4.76%.  In addition, the
Company had seven interest rate swap agreements with HSH, six of
them for the amounts of US$11.2 million, US$11.2 million, US$11.2
million, US$15.1 million, US$7.4 million and US$13.4 million, for
a remaining period of three, three, three, five, five and seven
years, respectively, and a forward interest rate swap agreement
with HSH for the amount of US$15.1 million effective in June 2010
for a period of four years, at a fixed interest rate of 4.73% in
addition to the applicable margin.

The swaps of US$10.0 million and US$10.0 million with RBS and
US$10.0 million with Egnatia Bank include steepening terms based
on the two and 10 year U.S. Dollar swap difference, which is
calculated quarterly in arrears.  The interest rate for the
remaining balance of the loans is LIBOR, plus the margin.

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


=============
I C E L A N D
=============


GLITNIR BANKI: Court Extends Moratorium Until November 13
---------------------------------------------------------
On February 19, 2009, the District Court of Reykjavik granted
Glitnir Banki hf.'s request for an extension of the moratorium
on payments.

The moratorium is in effect until 1:00 p.m. on November 13, 2009.

Supreme Court Attorney Steinunn Gudbjartsdottir was appointed to
assist Glitnir in connection with the moratorium.

                    About Glitnir banki

Headquartered in Reykjavik, Iceland, Glitnir banki hf --
http://www.glitnir.is/-- offers an array of financial services to
corporation, financial institutions, investors and individuals.


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


XELO PLC: S&P Downgrades Rating on EUR100 Mil. A2E Notes to 'B-'
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'B-' from 'BBB-' its
credit rating on the EUR100 million class A2E secured limited-
recourse credit-linked variable-rate notes series 2007 (Volante
CDO) issued by Xelo PLC.

This rating action follows recent downgrades and credit events for
some assets in the underlying reference portfolio.


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


TISCALI SPA: Balks at Auditor's Doubts on Business Viability
------------------------------------------------------------
Chiara Remondini at Bloomberg News reports Tiscali SpA said it
disagreed with Ernst & Young for not issuing an opinion on 2008
accounts and questioning the viability of its business.

Citing Tiscali in a stock-exchange statement, the report relates
Ernst & Young has said it "can't express an opinion" on 2008
results as it is uncertain the company's business can continue
unless Tiscali signs a debt renegotiation deal.

According to the report, Tiscali said it has the backing of its
main lenders and believes debt renegotiation can be completed by
year's end.

The lending banks have "formally declared themselves available,
with a letter shared with Ernst & Young, to extend the standstill
period until 31st December 2009," Bloomberg News quoted Tiscali as
saying in the release.  "This timing is consistent with the
horizon of business continuity for the audit process."

Bloomberg News recalls in March, Tiscali halted payments on long-
term bank debts.  It had about EUR500 million (US$662 million) of
long-term bank borrowings at the end of last year, the report
says.

JPMorgan Chase & Co. and Intesa SanPaolo SpA were the original
underwriters and about 30 percent of the debt was later
underwritten by four other financial institutions, according to
Bloomberg News.

                         About Tiscali

Cagliari, Italy-based Tiscali S.p.A. (BIT:TIS) --
http://www.tiscali.com/-- is an Internet communications company
providing broadband and narrowband access for consumer and
business applications, as well as communications services and
content.  The Company's portfolio includes Internet access in the
form of dial-up, broadband, satellite and leased lines, and
hosting services, such as co-location, shared hosting and managed
hosting.  Tiscali also offers streaming media, telephony and such
services as virtual private networks (VPN), allowing companies to
communicate with remote branches.  Its consumer products and
services include Internet access, voice, media, Internet Protocol
Television (IPTV) and value-added services, such as e-mail, Net
calendar, Net fax, Net phone, mail, instant messaging and Web
hosting.  It is operational in Europe through its subsidiaries and
joint ventures.  As of June 30, 2008, Tiscali had approximately
3.2 million active users in Italy and the United Kingdom.


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


AIFRI GRAND: Creditors Must File Claims by May 22
-------------------------------------------------
JSC Aifri Grand Estate Investment has declared insolvency.
Creditors have until May 22, 2009, to submit written proofs of
claim to:

         Micro "Samal-2", 104
         Almaty
         Kazakhstan


ALLIANCE BANK: Halts Debt Payment; Seeks Three-Month Standstill
---------------------------------------------------------------
Nariman Gizitdinov and Denis Maternovsky at Bloomberg News report
that JSC Alliance Bank has stopped paying creditors after
discovering liabilities that weren't reflected on its balance
sheet.

Alliance on April 1 said it plans to record a write-down to
reflect an overstatement of its assets.  The write-down comes as a
result of the discovery by Alliance's new management team that the
securities portfolio of the bank may be seriously impaired.

In a press release on April 13, Alliance said it entered into
transactions between 2005 and 2008 that were not properly recorded
on the bank's balance sheet.  The transactions included guarantees
issued by the bank that were secured by a pledge of US treasury
securities of approximately US$1.1 billion.

Alliance, which was nationalized by the Kazakh government in
February, won't make debt payments "for at least three months,"
the report says citing the bank in an e-mailed statement Monday.

Alliance said it was not in a position to repay the outstanding
balance due under a facility agreement which matured on March 19,
2009.  The bank has US$3.6 billion of bonds and loans outstanding,
the report discloses citing Bloomberg data.

According to Alliance, further investigations of the full extent
of the impairment and adjustments required to the bank's financial
statements are continuing, and it is currently too early to
determine whether the impairment required will be for the full
amount of the pledged securities or a lesser amount.

Alliance said the results of the investigations (including the
determination as the level of impairment required) may require a
recapitalization of the bank.

The report relates Ainur Medeubayeva, an analyst at Troika Dialog,
wrote in a note to investors on Monday, "The statement means the
bank is actually in default and would most probably require
recapitalization from a third party."

             Restructuring and Recapitalization Plan

On April 9, 2009, the Agency of the Republic of Kazakhstan on
Regulation and Supervision of Financial Markets and Financial
Organisations (the "FMSA") has instructed the bank to prepare a
restructuring and recapitalization plan that can be agreed with
its creditors.  The FMSA expects to review this plan within the
next three months.

Alliance has commenced discussions with its creditors with a view
to seeking a three-month standstill in order to enable the bank to
develop a restructuring and recapitalization plan.  The terms of
the restructuring and recapitalization plan will be discussed with
Samruk-Kazyna National Welfare Fund as a potential investor in the
bank.

                       About Alliance Bank

Based in Almaty, Kazakhstan, Alliance Bank OA (LI:ALLB) --
http://www.alb.kz/-- a.k.a Alliance Bank JSC, is a commercial
bank.  As at December 31, 2007, Alliance had 24 branches and 199
mini-branches in the Republic of Kazakhstan.  The Bank is
organized on the basis of three main segments: Retail banking,
which represents private banking services, private customer
current accounts, savings, deposits, investment savings products,
custody, credit and debit cards, consumer loans and mortgages;
Corporate banking, which represents direct debit facilities,
current accounts, deposits, overdrafts, loan and other credit
facilities, foreign currency and derivative products, and
Investment banking, which represents financial instruments
trading, structured financing, corporate leasing, and merger and
acquisitions advice.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on April 3,
2009, Moody's Investors Service downgraded Alliance Bank's local
and foreign currency deposit ratings to Caa3 from B2, and the
foreign currency senior unsecured debt rating to Ca from B2.  The
bank's subordinated and junior subordinated foreign currency debt
ratings were downgraded to C with a stable outlook. The bank
financial strength rating of E was affirmed.


ALLIANCE BANK: Fitch Cuts Long-Term Issuer Default Rating to 'RD'
-----------------------------------------------------------------
Fitch Ratings has downgraded Kazakhstan-based Alliance Bank JSC's
Long-term Issuer Default Rating to 'RD' from 'CCC', thereby
resolving the Watch Negative on the rating.

The downgrade follows Alliance's recent announcement that it has
defaulted on one of its outstanding obligations, and that it has
commenced discussions with its creditors on a three-month
standstill in order to enable the bank to develop a restructuring
and recapitalization plan.

'RD' ratings indicate that an issuer has experienced an uncured
payment default on a material financial obligation but has
otherwise not entered into bankruptcy filings, administration,
receivership, liquidation or other formal winding-up procedures.
The bank's IDRs will remain on 'RD' until Alliance has completed
the planned restructuring of its outstanding debt and, in Fitch's
opinion, is able to comply with new terms negotiated with its
creditors.

Rating actions are:

* Long-term foreign currency IDR downgraded to 'RD' from 'CCC';
  removed from RWN

* Short-term foreign currency IDR downgraded to 'RD' from 'C';
  removed from RWN

* Individual rating affirmed at 'F'

* Support rating affirmed at '5'

* Support Rating Floor affirmed at 'No Floor'

* Senior unsecured debt downgraded to Long-term 'C' from 'CCC';
  removed from RWN; Recovery Rating 'RR4'

* Senior unsecured debt affirmed at Short-term 'C';

* Senior unsecured debt issued in Russia downgraded to 'C(rus)'
  from 'B-(B minus)(rus)'; RWN removed


ALLIANCE BANK: S&P Lowers Counterparty Credit Ratings to 'SD'
-------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its long- and
short-term counterparty credit ratings on Kazakhstan-based
Alliance Bank JSC to 'SD' (selective default) from 'CC/C' after
the bank failed to make a payment on one of its financial
obligations.  The ratings were removed from CreditWatch, where
they were placed with negative implications on March 20, 2009.

S&P understands that the bank missed a payment on a loan that
matured on March 19, 2009.  According to S&P's definition, a
selective default is representative of an issuer defaulting
selectively, that is, defaulting on one issue or a class of
issues, but honoring others in a timely fashion.  S&P's default
definitions include payment defaults on both rated and unrated
financial obligations.

"We lowered the credit ratings to 'SD', assuming that Alliance
Bank continued to honor its other obligations, although there is a
high risk that it will stop doing so in the near term," said
Standard & Poor's credit analyst Annette Ess.  "Under our
criteria, S&P treat distressed exchange offers to restructure debt
obligations as equivalent to a default on the part of the issuer,
even though--technically--the investors may accept the offer
voluntarily and no legal default occurs."

The Agency of the Republic of Kazakhstan on Regulation and
Supervision of Financial Markets and Financial Organizations has
instructed Alliance to prepare a restructuring and
recapitalization plan that can be agreed with its creditors.  The
bank has started negotiating with its creditors to obtain a three-
month grace period in which to prepare this plan.  S&P understands
that this would only relate to certain financial obligations, and
the bank is currently maintaining its banking operations.

S&P understands that Samruk Kazyna National Welfare Fund's
acquisition of a majority stake in Alliance Bank has not yet been
finalized and is uncertain under the current circumstances.

"We would lower the ratings on Alliance to 'D' (default) in the
event that the bank defaults on all or substantially all of its
debt, initiates a wide-ranging distressed restructuring of its
debt obligations, or declares bankruptcy or insolvency," said Ms.
Ess.

S&P would consider revising the ratings if the bank were to
restore and sustain its repayment capacity and were to service all
its debt obligations on a timely basis and avoid distressed debt
restructuring, either through government support or improvements
in its stand-alone credit profile.


ALLIANCE DPR: Fitch Cuts Ratings on Two Series of Notes to 'B-'
---------------------------------------------------------------
Fitch Ratings has downgraded Alliance DPR Company SA's 2006-B and
2007-A notes, while maintaining them on Rating Watch Negative, and
affirmed the 2006-A note with a Stable Outlook.  The rating
actions are:

  -- Series 2006-A US$95 million notes affirmed at 'AAA'; Outlook
     Stable

  -- Series 2006-B US$67.9 million notes downgraded to 'B-'
     (B minus) from 'BB'; remain on RWN

  -- Series 2007-A US$75 million notes downgraded to 'B-'
     (B minus) from 'BB'; remain on RWN

The transaction is a securitization of present and future
diversified payment rights originated by Alliance Bank JSC, a
private commercial bank headquartered in Almaty, Kazakhstan.

Fitch's decision to downgrade the 2006-B and 2007-A notes follows
both a fundamental change in the collection flows for the
diversified payment rights transaction and growing concerns
surrounding Alliance Bank JSC's financial position.

As of February 2009, reported non-Kazakhstan collections dropped
to US$1.6 million from US$36.1 million in January, while reported
Kazakhstan collections jumped to US$154.8 million from US$43.9
million.  Fitch is concerned by the sharp fall in non-Kazakh flows
and by the fact that the Kazakhstan-based flows now constitute the
bulk of collections.  Fitch believes the change in composition,
coupled with the capital control legislation currently being
considered in Kazakhstan, significantly increases the sovereign
interference risk that this transaction is exposed to, with both
the volatility and the composition of the flows now a major
concern for the agency.  Fitch is also concerned about the timely
and accurate reporting of the transaction's flows.

Fitch has additional concerns as to the long-term ability of the
bank to meet its debt obligations, following the announcement by
Alliance Bank JSC on April 1, 2009, that it is planning a write-
down as a result of an overstatement of its assets, which could
have serious implications for its securities portfolio.  Fitch
downgraded Alliance Bank JSC's Long-term foreign currency Issuer
Default Rating to 'RD' from 'CCC'/Rating Watch Negative on
April 14, 2009, as a result of the increased likelihood of
restructuring of the bank's debt.  The rating of Alliance DPR's
notes reflects the agency's view that the future flow transaction
secured by the DPR collateral has a lower likelihood of default
than the bank's unsecured debt.  Fitch also downgraded Alliance
DPR Company's long-term IDR to 'B-' (B minus), and placed it on
Rating Watch Negative.

Fitch's decision to affirm the 2006-A note with a Stable Outlook
is based on the guarantee and reimbursement agreement provided by
the Asian Development Bank ('AAA'/Stable), guaranteeing the full
payment of interest and principal on the note.  Fitch notes that,
under an accelerated amortization event, the ADB could opt to
continue paying both interest and principal under the scheduled
amortization which, while not affecting the ultimate payment of
principal for the 2006-A note, could result in an interest payment
shortfall.  However, Fitch believes that the ADB will maintain its
commitment to honor the guarantee in full and on time, regardless
of the actual repayment schedule.  Fitch believes that this is the
most likely scenario due to the ADB's historical role in
supporting development finance and the institution's reputation as
a supranational guarantee provider.


ASIATIC MANAGEMENT: Creditors Must File Claims by May 22
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of North Kazakhstan
has declared LLP Asiatic Management Group insolvent.

Creditors have until May 22, 2009, to submit written proofs of
claim to:

         Ualihanov St. 19-149
         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


ELITE FINANCE: Creditors Must File Claims by May 22
---------------------------------------------------
JSC Elite Finance Group has declared insolvency.  Creditors have
until May 22, 2009, to submit written proofs of claim to:

         Abai ave. 115-222
         Almaty
         Kazakhstan


ENERGO REM: Creditors Must File Claims by May 22
------------------------------------------------
The Specialized Inter-Regional Economic Court of North Kazakhstan
has declared LLP Energo Rem Tech Service insolvent.

Creditors have until May 22, 2009, to submit written proofs of
claim to:

         Ualihanov St. 19-149
         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


KAITALAMALY METALL: Creditors Must File Claims by May 22
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Kaitalamaly Metall insolvent.

Creditors have until May 22, 2009, to submit written proofs of
claim to:

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


MAKO JSC: Creditors Must File Claims by May 22
----------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared JSC Mako insolvent.

Creditors have until May 22, 2009, to submit written proofs of
claim to:

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


TEPLO ENERGO: Creditors Must File Claims by May 22
--------------------------------------------------
The Specialized Inter-Regional Economic Court of South Kazakhstan
has declared LLP Shymkent Teplo Energo insolvent.

Creditors have until May 22, 2009, to submit written proofs of
claim to:

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


TRAKTORNY ZAVOD: Creditors Must File Claims by May 22
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Vostochno Kazakhstansky Traktorny Zavod (East
Kazakhstan Tractor Plant) insolvent.

Creditors have until May 22, 2009, to submit written proofs of
claim to:

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


TSEMENT OJSC: Creditors Must File Claims by May 22
--------------------------------------------------
The Specialized Inter-Regional Economic Court of South Kazakhstan
has declared OJSC Org Project Tsement insolvent.

Creditors have until May 22, 2009, to submit written proofs of
claim to:

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


* KAZAKHSTAN: Fitch Affirms 'BB+' Rating on Mangistau Region
------------------------------------------------------------
Fitch Ratings has affirmed the Kazakhstan Region of Mangistau's
Long-term foreign and local currency ratings at 'BB+' and the
Short-term foreign currency rating at 'B'.  The National Long-term
rating is affirmed at 'AA-(AA minus)(kaz)'.  The Outlooks for the
Long-term foreign and local currency and National Long-term
ratings are Stable.

The ratings of the Mangistau region reflect the wealthy but highly
concentrated local economy, its sound budgetary performance,
moderate expenditure rigidity and low debt levels.  However, the
ratings also factor in a strong reliance of the regional budget on
central government decisions and the impact of the national
economic downturn.

The region's budget performance improved in 2008, with the
operating balance amounting to 37.5% of operating revenue, up from
13.4% a year ago, due to local economic expansion and favorable
changes in inter-governmental relations.  In 2009 the region
expects budgetary performance to deteriorate as operating revenue
growth falls short of operating expenditure growth.  However,
Fitch expects the region to report a comfortable operating margin
of about 20%.

The region's economy is strong but highly concentrated in the oil
and gas sector.  Mangistau's per capita gross regional product is
2.3x above the national average.  Rich natural resources drive the
region's industrial development, but cause high tax concentration.
However, the region's tax proceeds are largely derived from
taxpayers' salaries and are not linked directly to the
profitability of local businesses.  This makes tax revenue less
vulnerable to oil price volatility.

The region recorded a high level of capital expenditure in 2008,
which accounted for 51% of total expenditure.  However,
accumulated rigid operating expenditure (staff costs and current
transfers) amounted to a modest 23% of total expenditure in 2008,
which gives the administration room for maneuver in the current
economic downturn.

Currently, the region is prohibited from issuing bonds and
guarantees or borrowing from banks; the only financing option
currently available to the region is budget loans from the central
government.  In 2005-2008 the region obtained four interest-free
loans from the central government for a mortgage lending program.
By the beginning of 2009 the outstanding amount of those budget
loans totaled KZT700 million, or a negligible 2% of current
revenue.

The Region of Mangistau is located in the south-west of
Kazakhstan. It covers 6.1% of the country's total area.  The
region has one of the largest Caspian Sea ports of the country --
Aktau.  The region contributed 6% of Kazakhstan's GDP in 2007 and
accounts for 2.6% of the national population.


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


QP KYRGYZ: Creditors Must File Claims by April 24
-------------------------------------------------
Creditors of LLC QP Kyrgyz Projects have until April 24, 2009, to
submit proofs of claim.

The company can be reached at:

         LLC QP Kyrgyz Projects
         Tel: (+996 312) 69-76-18


SALAMATHON 1916 LLC: Creditors Must File Claims by April 24
-----------------------------------------------------------
Creditors of LLC Import-Export Company Salamathon 1916 have until
April 24, 2009, to submit proofs of claim to:

         Kerme-Too St.
         Osh
         Kyrgyzstan


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


LATVIJAS KRAJBANKA: Moody's Cuts Financial Strength Rating to 'E+'
------------------------------------------------------------------
Moody's Investors Service has downgraded the long-term global
local and foreign currency deposit ratings of Latvijas Krajbanka's
to B3 from Ba2 and its bank financial strength rating to E+ from
D-.  At the same time, Moody's affirmed the bank's Not Prime
short-term ratings.  The outlook on the long-term ratings and the
BFSR is negative.

Moody's downgrade of the bank's ratings was triggered by a
combination of these factors:

   (i) the reported significant decline in Krajbanka's
       profitability and Moody's expectation of significantly
       weakening asset quality due to the rapidly deteriorating
       credit conditions in Latvia;

  (ii) the bank's high single borrower concentration and its high
       exposure to the real estate and construction sectors; and

(iii) the bank's stretched capital adequacy levels.

Krajbanka's net profit (group) in 2008 was LVL2.8 million (EUR4.0
million), a decrease of nearly 45% from its reported net profit of
LVL5.0 million (EUR7.2 million) in 2007.  Moody's sees the decline
as primarily driven by a significant increase in loan loss
provisions, which accounted for over 60% of pre-provision income.

Krajbanka continues to display a relatively high credit
concentration to the problematic real estate (both residential and
commercial) and construction sectors, which account for over 35%
of total lending.  Also, Moody's notes that the bank is exposed to
consumer and credit card lending, which accounts for about 10% of
total lending.

Although Krajbanka's asset quality was relatively stable in 2008
despite the weakening domestic economy, Moody's expects the
problem loan ratio to rise going forward.  Problem loans (i.e.
individually impaired and over 90 days past due, but not impaired
loans) accounted for 2.8% of gross loans at the end of 2008, up
only slightly from 2.3% at the beginning of the year.

The Tier 1 and the total capital ratios stood at 8.4% and 11.3%,
respectively, at the end of 2008 and 8.9% and 12% at the end of
2007.  Although Moody's recognises Krajbanka's announced plans to
increase its capital, the rating agency cautions that the bank's
capital levels are stretched given its high credit concentration
risk and questionable asset quality development.  Moody's notes
that the bank has not communicated the details or timing of the
issue.

Moody's downgrade of Krajbanka's long-term global local and
foreign currency deposit ratings to B3 from Ba2 reflects the
downgrade of the BFSR.  The B3 long-term global local currency
deposit rating incorporates Moody's assessment of a high
probability of parental support from Krajbanka's Lithuanian
majority shareholder Bankas Snoras and a low probability of
systemic support.  However, the global local currency deposit
rating does not receive an uplift from the BCA of B3 (which maps
from the E+ BFSR).

The negative outlook on the bank's ratings reflects Moody's
concerns that the bank's profitability and asset quality could
weaken further given the difficult operating environment in
Latvia.

The previous rating action on Krajbanka was implemented on
November 13, 2008, when Moody's changed the outlook on the bank's
ratings to negative from stable.

Headquartered in Riga, Latvia, Latvijas Krajbanka reported
consolidated assets of LVL681 million (EUR962 million) at the end
of 2008.


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


BANKAS SNORAS: Moody's Cuts Bank Financial Strength Rating to 'E+'
------------------------------------------------------------------
Moody's Investors Service has downgraded the long-term global
local and foreign currency deposit ratings of AB Bankas Snoras to
B3 from Ba3 and its bank financial strength rating to E+ from D-.
At the same time, Moody's affirmed the bank's Not Prime short-term
ratings.  This rating action concludes the review process
initiated on October 31, 2008.  The outlook on the long-term
ratings and the BFSR is negative.

Moody's downgrade of the bank's ratings was triggered by a
combination of these factors:

   (i) the reported significant decline in Bankas Snoras's
       profitability and asset quality and Moody's expectation of
       a further significant weakening in asset quality due to the
       rapidly deteriorating credit conditions in Lithuania;

  (ii) the bank's high single borrower concentration and its high
       exposure to the real estate and consumer lending sectors,
       which are likely to be adversely affected by the ongoing
       economic slowdown; and

(iii) the bank's stretched capital adequacy levels.

Bankas Snoras's net profit in 2008 was LTL23 million (EUR6.8
million), a decrease of nearly 70% from its reported net profit of
LTL73 million (EUR21.4 million) in 2007.  Moody's sees the decline
as primarily driven by a significant increase in loan loss
provisions, which accounted for nearly 70% of pre-provision
income.

Bankas Snoras continues to display a relatively high credit
concentration to the problematic real estate and construction
sector, which accounts for 21% of its loan portfolio.  Also,
Moody's notes that private individuals account for nearly 40% of
total loans.  These loans are mainly consumer and credit card
loans.

Bankas Snoras's asset quality weakened significantly in 2008.
Problem loans (i.e. individually impaired and over 90 days past
due, but not impaired loans) accounted for 4.7% of gross loans at
the end of 2008, significantly up from 2.0% at the beginning of
the year.  Due to the weakening domestic economy, Moody's expects
the problem loan ratio to rise.

The Tier 1 and total capital ratios stood at 8.0% and 10.0%,
respectively, at the end of 2008 and 7.6% and 10.6% at the end of
2007.  Although Moody's recognises Bankas Snoras's announced plans
to increase its capital, the rating agency cautions that the
bank's capital levels are stretched given its high credit
concentration risk and questionable asset quality development.
Moody's notes that the bank has not communicated the details or
timing of the issue.

Moody's downgrade of Bankas Snoras's long-term global local and
foreign currency deposit ratings to B3 from Ba3 reflects the
downgrade of the BFSR, which maps to a baseline credit assessment
of B3.  In Moody's opinion, there is only a low probability of
systemic support for Bankas Snoras in the event of a stress
situation.  Thus, the global local currency deposit rating does
not receive an uplift from the BCA.

The negative outlook on the bank's ratings reflects Moody's
concerns that the bank's profitability and asset quality could
weaken further given the difficult operating environment in
Lithuania.

The previous rating action on Bankas Snoras was implemented on
October 31, 2008, when Moody's placed its ratings on review for
possible downgrade.

Headquartered in Vilnius, Lithuania, Bankas Snoras reported
consolidated assets of LTL8.5 billion (EUR2.4 billion) at the end
of 2008.


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


BERNARD L. MADOFF: UBS Caught in Liquidator Dispute Over LuxAlpha
-----------------------------------------------------------------
UBS Luxembourg SA got caught up in the middle of a dispute between
U.S. and Luxembourg liquidators for assets left over from Bernard
Madoff's fraud, Stephanie Bodoni at Bloomberg News reports.

The report relates liquidators for LuxAlpha Sicav-American
Selection, which invested about 95 percent of its money with
Madoff, told a Luxembourg court that UBS "is hindering" demands to
transfer what's left in LuxAlpha's account to a "neutral" bank.

However, the report notes Francois Kremer, a lawyer for UBS, said
at a hearing on Wednesday, "If we give the money to the Luxembourg
liquidators, UBS may end up having to pay the U.S. trustees a
second time out of its own pocket."

The report says the case may be complicated by a request from
Irving Picard, the U.S. trustee liquidating Bernard L. Madoff
Investment Securities LLC, to preserve his "legal rights."

According to the report, a lawyer for Mr. Picard told the court
that he is seeking to preserve his claims to the funds.

The report states according to Mr. Kremer, who requested to put
the LuxAlpha funds into an escrow account, UBS doesn't oppose the
payment of bills for the liquidators.

"What UBS doesn't want to is to transfer the entirety of the money
left in the LuxAlpha account without the approval of the trustee
in the U.S.," the report quoted Mr. Kremer as saying.

Mr. Kremer, the report discloses, cited a letter from Mr. Picard's
U.S. law firm stating that UBS shouldn't make any transfers from
the LuxAlpha account that the trustee hasn't approved.

The report notes John Behrendt, a U.S. lawyer for UBS, told the
court there are two opposing claims, saying, "There is no apparent
communication between the two parties and the trustee's counsel
strenuously objected to the transfer of the funds."

As reported in the Troubled Company Reporter-Europe on April 10,
2009, Judge Christiane Junck named Alain Rukavina and Paul Laplume
as liquidators for LuxAlpha, and Carlo Reding and Ferdinand Burg
as liquidators for Herald Lux.

The liquidators, the report stated, will have to provide the court
by July 2 a total amount of the claims investors have against each
fund.

The report recalled LuxAlpha and Herald were among 17 funds and
sub-funds forced to suspend customer redemptions after disclosures
of losses from investments with Madoff.  LuxAlpha once had US$1.4
billion in assets and Herald Lux had US$225.7 million in assets as
of Oct. 31, Bloomberg News disclosed.

"More funds will follow," Bloomberg News quoted Lex Thielen, a
lawyer at Luxembourg law firm Thielen & Associes, as saying.  "The
liquidation of these funds is the best thing that can happen to
protect the investors' interests."

                     About Bernard L. Madoff

Bernard L. Madoff Investment Securities LLC was a market maker in
U.S. stocks, including all of the S&P 500 and more than 350 Nasdaq
stocks.  The firm moved large blocks of stock for institutional
clients by splitting up orders or arranging off-exchange
transactions between parties.  It also performed clearing and
settlement services.  Clients included brokerages, banks, and
other financial institutions.  In addition, Madoff Securities
managed assets for high-net-worth individuals, hedge funds, and
other institutional investors.

The firm is being liquidated in the aftermath of a fraud scandal
involving founder Bernard L. Madoff.

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

Also on Dec. 15, 2008, the Honorable Louis A. Stanton of the U.S.
istrict Court for the Southern District of New York granted the
application of the Securities Investor Protection Corporation for
a decree adjudicating that the customers of BLMIS are in need of
the protection afforded by the Securities Investor Protection Act
of 1970.  Irving H. Picard, Esq., was appointed as trustee for the
liquidation of BLMIS, and Baker & Hostetler LLP was appointed as
counsel.

Mr. Madoff, if found guilty of all counts, would be imprisoned for
150 years, but legal experts expect the actual sentence to be much
lower and would still be an effective life sentence for the 70-
year-old defendant, WSJ notes.  Mr. Madoff, WSJ relates, would
also face millions of dollars in possible criminal fines.  The
report says that Mr. Madoff has been free on bail since his arrest
on December 11, 2008.  There was no plea agreement with Mr. Madoff
in which leniency in sentencing might be recommended, the report
states, citing prosecutors.


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


PROVIDE ORANGE: S&P Raises Rating on Class E Notes from 'BB'
------------------------------------------------------------
Standard & Poor's Ratings Services has raised its ratings on the
subordinate class B to E notes issued by Provide Orange 2003-1
B.V. due to improvement in the collateral credit quality.  S&P
also affirmed its ratings on the class A+ and A notes.

These rating actions follow S&P's full credit review of the most
recent loan-level data S&P has received for the transaction.
S&P's analysis, conducted in line with S&P's Dutch residential
mortgage-backed securities criteria, shows that the pool's credit
quality has improved and the transaction has, so far, had minimal
losses and few credit events.

The collateral credit quality has improved predominantly due to
increased seasoning and house price appreciation on the underlying
assets since closing.  This has been common for many seasoned
Dutch transactions that S&P rate to date.

Until the class F notes redeemed in September 2008, most losses
were covered by a synthetic excess spread of approximately 5 basis
points per quarter (of the reference portfolio); any losses
greater than the available excess spread would then be realized.
Cumulative realized losses to date are 0.17% of the opening
balance of the portfolio, up from 0.10% in September 2008.

The transaction has also benefited from a deleveraging of the
reference portfolio, which means that as the mortgages repay the
reference portfolio shrinks.  This is not immediately apparent in
the size of the notes, as the super senior class A+ note (which
represents the super senior swap) only repays proportionately to
the super senior credit default swaps that reference the same
portfolio.  As the reference portfolio reduces, the amount of
credit enhancement for the notes increases.

                           Ratings List
                    Provide Orange 2003-1 B.V.
         EUR133.5 Million Credit-Linked Certificate-Backed
                       Floating-Rate Notes

                         Ratings Raised

                                    Rating
                                    ------
              Class         To                   From
              -----         --                   ----
              B             AAA                  AA
              C             AA                   A
              D             A                    BBB
              E             BBB                  BB

                        Ratings Affirmed

                       Class         Rating
                       -----         ------
                       A+            AAA
                       A             AAA


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


ALLADIN LLC: Creditors Must File Claims by June 3
-------------------------------------------------
Creditors of LLC Alladin (TIN 330030776, PSRN 1042316913297)
(Confectionary) have until June 3, 2009, to submit proofs of
claims to:

         P. Kulkin
         Insolvency Manager
         Office 207
         Lenina St. 65
         Krasnodar
         Russia
         Tel: (861) 274-77-06

The Arbitration Court of Krasnodarskiy will convene on Sept. 7,
2009, to hear bankruptcy proceedings.  The case is docketed under
Case No. A-32–16983/2008–1/1147B.

The Debtor can be reached at:

         LLC Alladin
         Lenina St. 171
         Novotitarovskaya
         Dinskoy
         Krasnodarskiy
         Russia


ALROSA COMPANY: Net Profit Up 1,650% in January-March 2009
----------------------------------------------------------
RIA Novosti reports that Alrosa's net profit calculated to Russian
Accounting Standards rose 1,650% quarter-on-quarter in January-
March of 2009 to RUR1.86 billion (US%55.7 million).

Alrosa, the report says, posted a net profit of RUR112.6 million
(US$3.4 million) in the fourth quarter.

                          About Alrosa

ALROSA Co. Ltd. -- http://eng.alrosa.ru/eng/-- is engaged in the
exploration, mining, manufacture and sales of diamonds and one of
the world's major rough diamond producers.  ALROSA produces about
20% of the world's rough diamond output and accounts for almost
100% of all rough diamonds produced in Russia.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on April 9,
2009, Moody's Investors Service downgraded from Ba2 to Ba3 the
corporate family ratings of ALROSA Company Ltd. and senior
unsecured US$500 million 2014 notes raised by the group at ALROSA
Finance SA and guaranteed by ALROSA Company Ltd.  The outlook is
negative.


ANOSOVSKIY LES-PROM-KHOZ: Creditors Must File Claims by May 3
-------------------------------------------------------------
Creditors of LLC Anosovskiy Les-Prom-Khoz (TIN 3806001975, PSRN
1043800984677) (Forestry) have until May 3, 2009, to submit proofs
of claims to:

         A. Chemyakin
         Temporary Insolvency Manager
         K. Marksa St. 26B
         115162 Moscow
         Russia

The Arbitration Court of Irkutskaya commenced bankruptcy
supervision procedure.  The case is docketed under Case No. A19–
1567/09–68.

The Debtor can be reached at:

         LLC Anosovskiy Les-Prom-Khoz
         Pervomayskaya St. 11/2
         Anosovo
         Ust'-Udinskiy
         666372 Irkutskaya
         Russia


CB RENAISSANCE: High Liquidity Pressure Cues Fitch's Junk Rating
----------------------------------------------------------------
Fitch Ratings has downgraded the Long-term Issuer Default Rating
of Moscow-based CB Renaissance Capital to 'CCC' from 'B-' (B
minus), removed the Rating Watch Negative, and assigned a Negative
Outlook to the rating.  A full list of rating actions is provided
at the end of this commentary.

The downgrade of CBRC reflects the heightened pressure on the
bank's liquidity.  A large majority of its non-equity funding
matures before end-2009 while the prospects for refinancing are
limited.  The bank is highly dependent on cash generated by its
loan book to support liquidity, with end-Q109 liquid assets equal
to about 12% of the balance sheet, or only about half of wholesale
funding maturing in Q209.  Fitch believes that potential support
from the bank's affiliated Renaissance Capital investment group is
now considerably less likely than before due to the latter's
weaker financial position and changing shareholder structure.
However, it remains possible that other affiliated companies or
shareholders may be able to lend some support, if needed.

Asset quality is currently reasonable based on vintage
calculations in February 2009 (non-performing loan curves for loan
generations after 2006 were fluctuating at below 7.5% of the total
portfolio with the average level of 5.7% in the said period),
although it has come under pressure from the deteriorating
operating environment.  At the same time, Fitch notes the bank's
currently adequate capital levels and significant loan loss
absorption capacity.

CBRC is a specialist consumer finance bank which has been fully
operational since 2004.  At end-2008, it was the 56th-largest bank
in Russia by total assets and was one of the main players in the
consumer finance market.  It had a network of 84 branches covering
67 regions of Russia and over 11,000 active points of sale at end-
2008.  CBRC is a part of the broader Renaissance group, which also
includes the Russia-headquartered investment banking group, known
as Renaissance Capital, (holding company Renaissance Capital
Holdings Limited rated 'B-'(B minus)/Negative), the merchant
banking entity Renaissance Partners and asset manager Renaissance
Investment Management.

The rating actions with respect to CBRC are:

  -- Long-term IDR: downgraded to 'CCC' from 'B-'(B minus);
     removed from Rating Watch Negative; assigned a Negative
     Outlook

  -- Senior unsecured debt: downgraded to 'CCC' from 'B-'(B
     minus); Recovery Rating at 'RR4'

  -- Short-term IDR: downgraded to 'C' from 'B'; removed from RWN

  -- Individual Rating: downgraded to 'E' from 'D/E'; removed from
     RWN

  -- Support Rating: affirmed at '5'

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

National Long-Term Rating; downgraded to 'B-(B minus)(rus)' from
'BB(rus)'; removed from RWN; assigned a Negative Outlook

This assessment forms the latest part of a broader review of all
Fitch-rated banks in Russia, with the main focus on asset quality,
loss absorption capacity and contingency recapitalization plans.


CELLULAR CONCRETE: Creditors Must File Claims by May 3
------------------------------------------------------
Creditors of OJSC Cellular Concrete Plant (TIN 1650003963, PSRN
1031616005882) have until May 3, 2009, to submit proofs of claims
to:

         S. Sokolova
         Temporary Insolvency Manager
         Ulyanovskaya St. 108/24
         Syzran
         446001 Samarskaya
         Russia

The Arbitration Court of Tatarstan will convene on July 16, 2009,
to hear bankruptcy supervision procedure.  The case is docketed
under Case No. A65–2701/09–SG 4–16.

The Debtor can be reached at:

         OJSC Cellular Concrete Plant
         Naberezhnye Chelny
         Russia


DON-STROY-OPTIM: Creditors Must File Claims by May 3
----------------------------------------------------
Creditors of LLC Don-Stroy-Optim (TIN 6168041914, PSRN
1036168001935) have until May 3, 2009, to submit proofs of claims
to:

         S. Martynova
         Temporary Insolvency Manager
         Post User Box 1
         360030 Nalchik
         Russia
         Tel: 8-8662-440-513.

The Arbitration Court of Rostovskaya will convene at 12:30 p.m. on
April 27, 2009, to hear bankruptcy supervision procedure.  The
case is docketed under Case No. A53–25251/08.

The Debtor can be reached at:

         LLC Don-Stroy-Optim
         Krasnoarmeyskaya St. 124/56
         Rostov-on-Don
         Russia


FAKT LLC: Creditors Must File Claims by June 3
----------------------------------------------
Creditors of LLC Fakt (Construction) have until June 3, 2009, to
submit proofs of claims to:

         Yu. Vasilyev-Chebotarev
         Temporary Insolvency Manager
         Malygina St. 8/32
         625048 Tumen
         Russia

The Arbitration Court of Tumenskaya will convene at 9:15 a.m. on
July 21, 2009, to hear bankruptcy supervision procedure.  The case
is docketed under Case No. A70-807/2009,.

The Debtor can be reached at:

         LLC Fakt
         Shilera St. 54
         Tumen
         Russia


INVEST-STORY LLC: Creditors Must File Claims by June 3
-----------------------------------------------------
Creditors of LLC Invest-Stroy-2005 (TIN 7203160860)
(Construction) have until June 3, 2009, to submit proofs of claims
to:

         Ye. Batuyeva
         Insolvency Manager
         Post User Box 321
         620014 Yekaterinburg
         Russia

The Arbitration Court of Sverdlovskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A60-19703/2008-S11.

The Debtor can be reached at:

         LLC Invest-Stroy-2005
         Office 9
         Building 9
         Frontovykh Brigad St. 15
         620017 Yekaterinburg
         Russia


RUBTSOVSKIY MACHINE: Altayskiy Bankruptcy Hearing Set August 31
---------------------------------------------------------------
The Arbitration Court of Altayskiy will convene on Aug. 31, 2009,
to hear bankruptcy proceedings on OJSC Rubtsovskiy Machine-
Building Plant (TIN 2209004000, PSRN 1022200804504).  The case is
docketed under No. A03–6894/2008-B.

The External Insolvency Manager is:

         Yu. Remizov
         Kirova St. 118
         454091 Chelyabinsk
         Russia

The Debtor can be reached at:

         OJSC Rubtsovskiy Machine-Building Plant
         Lenina Prospect 204
         Rubtsovsk
         658225 Altayskiy
         Russia


SALSKOE RUNO: Rostovskaya Bankruptcy Hearing Set June 23
--------------------------------------------------------
The Arbitration Court of Rostovskaya will convene at 10:00 a.m. on
June 23, 2009, to hear bankruptcy supervision procedure on LLC
Salskoe Runo (TIN 6153020661, PSRN 1026102517737)(Fur Factory).
The case is docketed under Case No. A53–2673/2009,.

The Temporary Insolvency Manager is:

         S. Borovlev
         Post User Box 2867
         344111 Rostov-on-Don
         Russia

The Debtor can be reached at:

         LLC Salskoe Runo
         Novostroyka St. 1
         Salsk
         347630 Rostovskaya
         Russia


STROY-DON LLC: Rostovskaya Bankruptcy Hearing Set June 15
--------------------------------------------------------
The Arbitration Court of Rostovskaya will convene at 10:00 a.m. on
June 15, 2009, to hear bankruptcy supervision procedure on LLC
Stroy-Don (TIN 6145009520, PSRN 1076145000315) (Construction).
The case is docketed under Case No. A53–23539/2008.

The Temporary Insolvency Manager is:

         Ye. Kotlyarov
         Prospect Zakrutkina 35
         Semikarakorsk
         346630 Rostovskaya
         Russia

The Debtor can be reached at:

         LLC Stroy-Don
         Third Microregion 19
         346330 Donetsk
         Rostovskaya
         Russia


YUGOKAMA LLC: Permskiy Bankruptcy Hearing Set August 21
------------------------------------------------------
The Arbitration Court of Permskiy will convene at 10:00 a.m. on
August 21, 2009, to hear bankruptcy supervision procedure on LLC
Yugokama (TIN 5948025686, PSRN 1045902108460) (Valve Plant).  The
case is docketed under Case No. A50–2060/2009,.

The Temporary Insolvency Manager is:

         S. Volkov
         Post User Box 6952
         614068 Perm'
         Russia

The Debtor can be reached at:

         LLC Yugokama
         Kirova St. 1
         Yugo-Kamskiy
         Permskiy
         Russia


* RUSSIA: UniCredit SpA Sees 20% of Debt Defaulting by Year-End
---------------------------------------------------------------
Emma O'Brien at Bloomberg News reports UniCredit SpA said Russia's
banks face an "avalanche" of bad loans this year with 20 percent
of the debt likely to be in or close to default by year-end.

The report says companies struggling to repay US$229 billion of
debt in the next 12 months are the "root cause" of the surge in
defaults.

"Plunging asset quality is the main threat to the Russian banking
industry and in fact to the economy as a whole," UniCredit banking
analyst Rustam Botashev wrote in a research note obtained by
Bloomberg News.

Bloomberg News recalls OAO Sberbank Chief Executive Officer German
Gref said April 8 Russian banks are experiencing a 20 percent
increase in delinquent debt every month.


* RUSSIA: Fitch Affirms 'B-' IDRs of Seven Moscow-Based Banks
-------------------------------------------------------------
Fitch Ratings has affirmed the Long-term foreign currency Issuer
Default Ratings of seven Moscow-based banks at 'B-' (B minus) and
revised three banks' Outlooks to Negative from Stable, as well as
taking various other rating actions.  The rating actions have
generally been driven by the deteriorating operating environment,
and in particular by the ongoing and potential future worsening of
asset quality.

The revision of National Bank Trust's Outlook to Negative from
Stable reflects the bank's currently tight liquidity position, the
ongoing deterioration of asset quality in the difficult operating
environment and the risk that settlement of the bank's
indebtedness to oil company Rosneft ('BBB-'((BBB
minus))/Negative), which has not yet been recognized on the
balance sheet, might negatively impact both liquidity and capital.
Loss absorption capacity is significant at present, but this
should be considered against the heightened risks in parts of the
bank's loan book and investments, and the risks relating to the
Rosneft settlement.

The revision of JSC SDM-Bank's Outlook to Negative from Stable
reflects the bank's moderate loss absorption capacity, the
potential for significant asset quality deterioration in the
current environment and the relatively high loan concentration on
individual borrowers and the real estate/construction sectors.  At
the same time, Fitch notes the bank's moderate current reported
loan impairment and comfortable liquidity position.

The revision of CentroCredit Bank's Outlook to Negative from
Stable and the downgrade of its Individual Rating to 'D/E' from
'D' reflects the bank's reduced capitalization, its still high
exposure to currently volatile securities markets, significant
volumes of restructured and related party loans and the potential
for further asset quality deterioration in the current
environment.  However, the agency notes that capital ratios remain
solid and loss absorption capacity is significant.

The Negative Outlook on Probusinessbank's Long-term IDR, and the
downgrade of its National Long-term rating to 'BB-(BB minus)(rus)'
from 'BB(rus)', reflects increasing loan impairment driven by the
deteriorating operating environment, tight capitalization and
credit and operational risks associated with the integration of
recently acquired banks.  At the same time, the bank's liquidity
position is at present comfortable and refinancing risk moderate.

The Stable Outlook on B&N Bank (formerly B.I.N. Bank) reflects the
bank's reasonable capitalization and loss absorption capacity,
acceptable liquidity position and management's track record of
managing the bank through previous crises.  At the same time, loan
restructuring in the corporate portfolio and impairment of the
retail book are already significant and the high exposure to the
real estate sector is a source of additional risk.  These factors
have resulted in a downgrade of B&N's Individual Rating to 'D/E'
from 'D', bringing this rating into line with those of other 'B-'
(B minus)-rated Russian banks.

The revision of Russian Universal Bank's Outlook to Stable from
Negative, as well as the upgrade of its National Long-term rating
to 'BB(rus)' from 'BB-(BB minus)(rus)', reflect the strengthening
of the liquidity position since October 2008 as a result of the
contraction of the loan book and somewhat lower customer funding
concentrations.  Capital ratios remain very strong and loan
impairment is moderate.  The ratings remain constrained, though,
by the bank's limited franchise, still high concentrations on both
sides of the balance sheet and significant related party business.

Central Commercial Bank's Stable Outlook reflects its high capital
ratios and considerable loss absorption capacity. Liquid assets
are limited, but the liquidity position is supported by a large
equity base and the sizeable proportion of non-equity funding
which is from core clients or tied to loan exposures on the asset
side of the balance sheet.  Apart from the limited liquidity, the
ratings are constrained by the bank's small franchise, high
concentrations and substantial volumes of restructured exposures
in the loan book.

The rating actions are:

B&N Bank

* Long-term foreign currency IDR: affirmed at 'B-'(B minus);
  Outlook Stable

* Senior unsecured debt: affirmed at 'B-'(B minus); Recovery
  Rating at 'RR4'

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

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

* Support Rating: affirmed at '5'

* Support Rating Floor: affirmed at 'No Floor'

* National Long-term Rating: affirmed at 'BB(rus) '; Outlook
  Stable

Central Commercial Bank Limited

* Long-term foreign currency IDR: affirmed at 'B-'(B minus);
  Outlook Stable

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

* Individual Rating: affirmed at 'D/E'

* Support Rating: affirmed at '5'

* Support Rating Floor: affirmed at 'No Floor'

* National Long-term Rating: affirmed at 'BB-(BB minus)(rus) ';
  Outlook Stable

CentroCredit Bank

* Long-term foreign currency IDR: affirmed at 'B-'(B minus);
  Outlook revised to Negative from Stable

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

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

* Support Rating: affirmed at '5'

* Support Rating Floor: affirmed at 'No Floor'

* National Long-term Rating: downgraded to 'BB-(BB minus)(rus)'
  from 'BB(rus)', Outlook revised to Negative from Stable

JSC SDM-Bank

* Long-term foreign currency IDR: affirmed at 'B-'(B minus);
  Outlook revised to Negative from Stable

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

* Individual Rating: affirmed at 'D/E'

* Support Rating: affirmed at '5'

* Support Rating Floor: affirmed at 'No Floor'

* National Long-term Rating: affirmed at 'BB-(BB minus)(rus) ';
  Outlook revised to Negative from Stable

National Bank Trust

* Long-term foreign currency IDR: affirmed at 'B-'(B minus);
  Outlook revised to Negative from Stable

* Senior unsecured debt: affirmed at 'B-'(B minus); Recovery
  Rating at 'RR4'

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

* Individual Rating: affirmed at 'D/E'

* Support Rating: affirmed at '5'

* Support Rating Floor: affirmed at 'No Floor'

Probusinessbank

* Long-term foreign and local currency IDRs: affirmed at 'B-'(B
  minus); Outlook Negative

* Senior unsecured debt: affirmed at 'B-'(B minus); Recovery
  Rating at 'RR4'

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

* Individual Rating: affirmed at 'D/E'

* Support Rating: affirmed at '5'

* Support Rating Floor: affirmed at 'No Floor'

* National Long-term Rating: downgraded to 'BB-(BB minus)(rus) '
  from 'BB(rus) ' ; Outlook Negative

Russian Universal Bank

* Long-term foreign currency IDR: affirmed at 'B-'(B minus);
  Outlook revised to Stable from Negative

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

* Individual Rating: affirmed at 'D/E'

* Support Rating: affirmed at '5'

* Support Rating Floor: affirmed at 'No Floor'

* National Long-term Rating: upgraded to 'BB(rus)' from 'BB-(BB
  minus)(rus)'; Outlook revised to Stable from Negative

The assessment of the banks referenced in this comment forms the
latest part of a broader review of all Fitch-rated banks in
Russia, with the main focus on asset quality, loss absorption
capacity and contingency recapitalization plans.


* RUSSIA: S&P Gives Neg. Outlook on Novosibirsk; Keeps BB- Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised its
outlook on the City of Novosibirsk, the third-largest city in the
Russian Federation (foreign currency BBB/Negative/A-3; local
currency BBB+/Negative/A-2; Russia national scale rating 'ruAAA')
to negative from stable.  At the same time, the 'BB-' long-term
issuer and 'ruAA-' Russian national scale ratings were affirmed.

"The outlook revision reflects Novosibirsk's increased short-term
debt and weaker self-financing capacity," said Standard & Poor's
credit analyst Irina Pilman.

The ratings are constrained by the city's low financial
flexibility and predictability, downside pressures on budgetary
performance, and pressure on liquidity due primarily to a recent
accumulation of short-term debt.

These constraints are mitigated by moderate debt, rather
sophisticated debt management, limited contingent liabilities, and
a relatively diversified economy.

As of April 1, 2009, the city's cash on accounts stood at RUR1.4
billion (about US$41.7 million), which covered from 2 to 3 weeks
of average 2009 planned monthly operating expenditures.  However,
90.5% of this cash was transferred from the upper budgets and is
earmarked.

The outlook is negative because of Novosibirsk's higher liquidity
risks following short-term debt accumulation in 2008 and its
weakening self-financing capacity.

"A downgrade is possible if the economic downturn persistently
lowers Novosibirsk's revenue growth, leading to structurally
weaker self-financing capacity, and to persistently high
dependence on short-term debt," said Ms. Pilman.

S&P could revise the outlook to stable if the city manages both to
curb expenditure growth and returns to its strong self-financing
capacity in line with 2007 levels, and succeeds in reducing the
share of short-term debt, gradually reducing debt service to less
than 10% of operating revenues.


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


AUTO ABS 2009-1: S&P Rates Class C of EUR1.18BB Notes at 'B'
------------------------------------------------------------
Standard & Poor's Ratings Services has assigned preliminary credit
ratings to the EUR1.18 billion asset-backed floating-rate notes to
be issued by AUTO ABS 2009-1 Fondo de Titulizacion de Activos.

The originator is the Spanish branch of Banque PSA Finance
(BBB/Negative/A-2).  Banque PSA Finance is the financial
subsidiary of the car manufacturer Peugeot S.A. (BBB-/Negative/A-
3).  Banque PSA Finance's lending affiliates provide auto loans
and leasing financing to consumer and commercial debtors, and
funding for dealers.

The purpose of the transaction is to securitize a portfolio of
auto loan receivables granted to private and corporate debtors
originated in Spain.

This will be the eighth transaction backed by receivables
originated and serviced by a branch or a subsidiary of Banque PSA
Finance.

The portfolio has a revolving period, during which further
receivables can be purchased.

                           Ratings List

        AUTO ABS 2009-1 Fondo de Titulizacion de Activos
         EUR1.18 Billion Asset-Backed Floating-Rate Notes

                             Prelim.        Prelim.
                             -------        -------
     Class                   rating         amount (Mil. EUR)
     -----                   ------         ---------------
     A                       AAA            1,050.2
     B                       A                 82.6
     C                       B                 47.2


AYT COLATERALES: Moody's Puts (P)Ba3 Rating on EUR28.5 Mil. Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned provisional (P) ratings to
these four series of "Bonos de Titulizacion de Activos"
(securitization bonds) of Serie AyT Colaterales Global Empresas
Caixa Galicia I, to be issued by AyT Colaterales Global Empresas
Fondo de Titulizacion de Activos:

  -- (P)Aaa to the EUR422.0 million Series A notes
  -- (P)A3 to the EUR44.5 million Series B notes
  -- (P)Baa3 to the EUR5.0 million Series C notes
  -- (P)Ba3 to the EUR28.5 million Series D notes

The Serie AyT Colaterales Global Empresas Caixa Galicia I is a new
securitization of small- and medium-sized enterprise loans under
the AyT Colaterales Global Empresas Fondo de Titulización de
Activos (the securitization fund).

According to Moody's, this deal benefits from several credit
strengths including these: (1) good diversification across
industries; (2) low exposure to the real estate sector (8.4%); (3)
neither bullet nor refinancing loans will be securitized; (4) good
average seasoning of two years; (5) a strong swap agreement
guaranteeing a gross spread of 0.70%; and (6) a 12-month
artificial write-off mechanism.

However, Moody's notes that the deal also features credit
weaknesses, notably: (1) very concentrated pool in terms of
debtors, with the top ten borrowers representing 21.7% of the
provisional portfolio; (2) geographical concentration in the
Galicia region (44.6%); (3) absence of back-up servicer commitment
at loss of Baa3; however, Moody's has taken this weakness into
account through the fees analysis; (4) relatively low percentage
of mortgage loans (51.1%); (5) pro-rata amortization of the Series
B, C and D notes leads to reduce credit enhancement of the senior
series in absolute terms; and (6) the negative impact of the
interest deferral trigger on the subordinated series.  These
increased risks were reflected in the credit enhancement
calculation.

The provisional pool of underlying assets was, as of February
2009, composed of a portfolio of 2,966 loans and 2,802 borrowers,
granted to Spanish SMEs and corporates.  The loans were originated
between 1986 and September 2008, with a weighted average seasoning
of two years and a weighted average remaining life of 10.4 years.
Around 51% of the outstanding of the portfolio is secured by a
first-lien mortgage guarantee over different types of properties
(with a weighted average LTV of 63.6%).  Geographically, the pool
is concentrated in the Galicia region (44.6%), the main commercial
area for Caixa Galicia.  At closing, a maximum of 6% of the pool
will be in arrears up to 30 days.

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

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

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

Date of previous rating action: no previous rating action


MINICENTRALES DOS: Moody's Withdraws Ratings on EUR122 Mil. Bonds
-----------------------------------------------------------------
Moody's Investors Service has withdrawn ratings on (i) the EUR122
million 4.81% bonds due 2034 issued by Minicentrales Dos S.A. and
guaranteed by MBIA Insurance Corporation; and (ii) a EUR19 million
bank debt facility maturing in 2034 raised by Minicentrales Dos
and guaranteed by MBIA.  Moody's has withdrawn these ratings for
business reasons, as a result of Moody's downgrade of the rating
of MBIA to B3 from Baa1 on February 18, 2009.

These rating actions reflect Moody's current policy to withdraw
ratings on MBIA-wrapped securities for which there is no published
underlying rating.  Should MBIA's rating subsequently move back
into the investment grade range or should Minicentrales Dos
subsequently publish the underlying ratings, Moody's would
reinstate the ratings to the wrapped instruments.  Accordingly,
the ratings on the Bonds and Loan have been withdrawn.

The last rating actions for the Bonds and the Loan were on
February 18, 2009, when the insurance financial strength rating of
MBIA was downgraded to B3 from Baa1.

Minicentrales Dos S.A. is domiciled in Madrid, Spain and is
engaged in hydroelectric power generation in Spain and Portugal.


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


ARTEMIS WIRTSCHAFTSBETEILIGUNGEN: Claims Filing Ends April 27
-------------------------------------------------------------
Creditors owed money by JSC Artemis Wirtschaftsbeteiligungen are
requested to file their proofs of claim by April 27, 2009, to:

         JSC Ferax Treuhand
         Letzigraben 89
         8040 Zurich
         Switzerland

The company is currently undergoing liquidation in Zurich.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on March 6, 2009.


COLLIMEX JSC: Creditors Must File Proofs of Claim by April 27
-------------------------------------------------------------
Creditors owed money by JSC Collimex are requested to file their
proofs of claim by April 27, 2009, to:

         Ramsenburgweg 15
         9100 Herisau
         Switzerland

The company is currently undergoing liquidation in Herisau.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on March 3, 2009.


J. MATHIS LLC: Creditors Must File Proofs of Claim by April 24
--------------------------------------------------------------
Creditors owed money by LLC J. Mathis are requested to file their
proofs of claim by April 24, 2009, to:

         JSC Hoellriegl Treuhand
         7522 La Punt Chamues-ch
         Switzerland

The company is currently undergoing liquidation in La Punt
Chamues-ch GR.  The decision about liquidation was accepted at an
extraordinary shareholders' meeting held on Dec. 11, 2008.


JUPITER WIRTSCHAFTSBETEILIGUNGEN: Claims Filing Ends April 27
-------------------------------------------------------------
Creditors owed money by JSC Jupiter Wirtschaftsbeteiligungen are
requested to file their proofs of claim by April 27, 2009, to:

         JSC Ferax Treuhand
         Letzigraben 89
         8040 Zurich
         Switzerland

The company is currently undergoing liquidation in Zurich.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on March 6, 2009.


MEDIAMOTION IP: Deadline to File Proofs of Claim Set April 24
-------------------------------------------------------------
Creditors owed money by LLC MediaMotion IP are requested to file
their proofs of claim by April 24, 2009, to:

         Poststrasse 6
         6300 Zug
         Switzerland

The company is currently undergoing liquidation in Zug.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on March 3, 2009.


THINVIDISC HOLDING: Creditors Have Until April 24 to File Claims
----------------------------------------------------------------
Creditors owed money by LLC ThinViDisc Holding are requested to
file their proofs of claim by April 24, 2009, to:

         Poststrasse 6
         6300 Zug
         Switzerland

The company is currently undergoing liquidation in Zug.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on March 3, 2009.


THURNHERR CONSULTING: Claims Filing Deadline is April 27
--------------------------------------------------------
Creditors owed money by LLC Thurnherr Consulting are requested to
file their proofs of claim by April 27, 2009, to:

         JSC Hasli Treuhand
         Werner Flury
         Mandachstrasse 52
         8155 Niederhasli
         Switzerland

The company is currently undergoing liquidation in Hedingen.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Feb. 6, 2009.


TSV LLC: Creditors' Proofs of Claim Due by April 27
---------------------------------------------------
Creditors owed money by LLC TSV are requested to file their proofs
of claim by April 27, 2009, to:

         Heimstrasse 7
         9014 St. Gallen
         Switzerland

The company is currently undergoing liquidation in Herisau.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on March 9, 2009.


UBS AG: Mulls 7,500 Job Cuts, Bloomberg News Says
-------------------------------------------------
A Bloomberg News report says UBS AG plans to cut another 7,500
jobs, bringing total staff reductions to almost 20 percent of the
workforce.

UBS remains in a "precarious situation" after clients withdrew 23
billion Swiss francs (US$20.1 billion) from the main wealth
management unit and the bank posted a first-quarter net loss of
almost 2 billion francs, Bloomberg News cited exiting Chairman
Peter Kurer as saying.

The Troubled Company Reporter-Europe, citing Bloomberg News,
reported on April 15, 2009 UBS said it will eliminate about 240
jobs from its wealth management division in the Asia-Pacific
region.

The cuts include 100 positions in Singapore and represent about 3
percent of the Zurich-based company's staff in the region,
Bloomberg News said citing Mark Panday, a spokesman in Hong Kong.

As reported in the Troubled Company Reporter-Europe on April 3,
2009, Katharina Bart at Dow Jones said analysts and investors
expect UBS to issue a profit warning and flag job cuts this month.

"We expect a first-quarter 2009 profit warning from UBS as it
writes down some of its CHF5 billion monoline exposure and makes a
restructuring charge for letting go some 5,000 to 10,000 people,"
Dow Jones quoted Helvea analyst Peter Thorne as saying.

The report stated UBS still holds US$5.34 billion in protection
from monoline insurers, which the bank originally bought in an
effort to insure against some types of losses but which has since
soured and could weigh on first-quarter profit.

A TCR-Europe report on Feb. 11, 2009 said UBS AG'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.

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
=============


BANK EVROPEYSKIY: Tight Liquidity Cues Moody's Junk Rating
----------------------------------------------------------
Moody's Investors Service has downgraded the long-term local and
foreign currency deposit ratings of Bank Evropeyskiy to Caa2 from
B3 and placed the ratings on review for possible further
downgrade.  BE's bank financial strength rating was also
downgraded to E from E+.  The bank's Not-Prime short-term local
and foreign currency deposit ratings were affirmed.  Concurrently,
the long-term national scale rating was downgraded to B3.ua from
Baa3.ua and placed on review for possible further downgrade.

According to Moody's, the Caa2/Not Prime/E global scale ratings
reflect BE's global default and loss expectation, while the B3.ua
national scale rating reflects the standing of the bank's credit
quality relative to its domestic peers.

"The rating action was prompted by the recent tightening of BE's
liquidity position and the bank's failures to process on-time
repayment to its depositors, which amounts to default on the
bank's obligations according to Moody's definition of default,"
Yana Ruvinskaya, lead analyst for Bank Evropeyskiy, explained.
According to the bank, the weakening liquidity position was caused
by the outflow of deposits that the bank experienced during recent
months.  The bank has substituted some of these deposits with the
funding it has received from National Bank of Ukraine (ca 13% of
liabilities).

Moody's is aware of the shareholder's intention to merge BE with
Bank National Standard (not rated).  Bank National Standards is
controlled by the same shareholder and reported total assets of
UAH1 billion (US$132 million) as at year-end 2008 according to
Ukrainian Accounting Standard.  However, given the lack of
certainty regarding conclusion of this merger and lack of further
details, Moody's has not factored any impact on BE's ratings into
its current financial strength assessment.

The review by Moody's will focus on the outcome of BE's efforts to
stabilise its liquidity position.  Lack of positive changes in the
near term will likely result in the downgrade of the bank's long-
term deposit ratings and the NSR.

Moody's previous rating action on Bank Evropeyskiy was on December
30, 2008, when the rating agency changed the outlook on the bank's
ratings to negative from stable.

Headquartered in Kiev, Ukraine Bank Evropeyskiy reported total
assets of UAH2.2 billion (US$285 million) under Ukrainian
Accounting Standards as at year-end 2008.


DBS GROUP: Creditors Must File Claims by April 26
-------------------------------------------------
Creditors of LLC Ukrainian Izraeli-Enterprise Dbs Group (EDRPOU
31230290) have until April 26, 2009, to submit proofs of claim to:

         A. Petrenko
         Insolvency Manager
         Komsomolskaya St. 30
         69063 Zaporozhye
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 24/381-b.

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 Ukrainian Izraeli-Enterprise Dbs Group
         Ac. Tupolev St. 17
         04128 Kiev
         Ukraine


K-L-O LLC: Creditors Must File Claims by April 27
-------------------------------------------------
Creditors of LLC K-L-O (EDRPOU 33421978) have until April 27,
2009, to submit proofs of claim to:

         E. Shevtsov
         Insolvency Manager
         Post Office Box 3925
         49069 Dnepropetrovsk
         Ukraine

The Economic Court of Dnepropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No B15/63-09.

The Court is located at:

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

The Debtor can be reached at:

         LLC K-L-O
         Office 59
         Donetsk Highway 130
         49000 Dnepropetrovsk
         Ukraine


KHORTITSA OJSC: Court Starts Bankruptcy Supervision Procedure
-------------------------------------------------------------
The Economic Court of Zaporozhye commenced bankruptcy supervision
procedure on OJSC Motorcar Transport – Khortitsa (EDRPOU
03114187).

The Temporary Insolvency Manager is:

         A. Petrenko
         Komsomolskaya St. 30
         69063 Zaporozhye
         Ukraine

The Court is located at:

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

The Debtor can be reached at:

         OJSC Motorcar Transport – Khortitsa
         Skovoroda St. 19
         69089 Zaporozhye
         Ukraine


MAYAK COMMON: Creditors Must File Claims by April 27
----------------------------------------------------
Creditors of Common Agricultural Enterprise Mayak (EDRPOU
36036403) have until April 27, 2009, to submit proofs of claim to
T. Chagovets, Insolvency Manager.

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No B-19/13-09.

The Court is located at:

         The Economic Court of Kharkov
         Svoboda Square 5
         61022 Kharkov
         Ukraine

The Debtor can be reached at:

         Common Agricultural Enterprise Mayak
         Novostroyenovskaya St. 66
         Krasnokutsk
         Kharkov
         Ukraine


METIZ LLC: Court Starts Bankruptcy Supervision Procedure
--------------------------------------------------------
The Economic Court of Dnepropetrovsk commenced bankruptcy
supervision procedure on LLC Production and Commercial Firm Metiz
(EDRPOU 23357199).

The Temporary Insolvency Manager is:

         A. Yakovleva
         Metroyevskaya St. 12/109
         49018 Dnepropetrovsk
         Ukraine

The Court is located at:

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

The Debtor can be reached at:

         LLC Production and Commercial Firm Metiz
         Office 152
         Savkin St. 6
         49000 Dnepropetrovsk
         Ukraine


MIRKOR LLC: Creditors Must File Claims by April 26
--------------------------------------------------
Creditors of LLC Mirkor (EDRPOU 32882529) have until April 26,
2009, to submit proofs of claim to:

         Y. Derevianchenko
         Insolvency Manager
         Office 6
         50 Years of USSR St. 139
         83100 Donetsk
         Ukraine

The Economic Court of Donetsk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 27/22b.

The Court is located at:

         The Economic Court of Donetsk
         Artem St. 157
         Donetsk
         Ukraine

The Debtor can be reached at:

         LLC Mirkor
         Office 1
         Titov Avenue 15
         Donetsk
         Ukraine


SOYUZ LLC: Creditors Must File Claims by April 27
-------------------------------------------------
Creditors of LLC Soyuz (EDRPOU 23486637) have until April 27,
2009, to submit proofs of claim to:

         D. Kargayev
         Insolvency Manager
         Gayevoy Quarter 8/8
         Lugansk
         Ukraine

The Economic Court of Lugansk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 12/15?.

The Court is located at:

         The Economic Court of Lugansk
         Great Patriotic War Square 3a
         91000 Lugansk
         Ukraine

The Debtor can be reached at:

         LLC Soyuz
         Vokzalnaya St. 1A
         Olkhovoye
         Stanichno-Lugansky
         93653 Lugansk
         Ukraine


STILKO LTD: Court Starts Bankruptcy Supervision Procedure
---------------------------------------------------------
The Economic Court of Dnepropetrovsk commenced bankruptcy
supervision procedure on LLC Stilko Ltd. (EDRPOU 21869653).

The Temporary Insolvency Manager is:

         A. Yakovleva
         Metroyevskaya St. 12/109
         49018 Dnepropetrovsk
         Ukraine

The Court is located at:

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

The Debtor can be reached at:

         LLC Stilko Ltd.
         Office 146
         Mashynostroitelnaya St. 1
         49000 Dnepropetrovsk
         Ukraine


STILMET LLC: Court Starts Bankruptcy Supervision Procedure
----------------------------------------------------------
The Economic Court of Dnepropetrovsk commenced bankruptcy
supervision procedure on LLC Stilmet (EDRPOU 31944568).

The Temporary Insolvency Manager is:

         A. Yakovleva
         Metroyevskaya St. 12/109
         49018 Dnepropetrovsk
         Ukraine

The Court is located at:

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

The Debtor can be reached at:

         LLC Stilmet
         Office 146
         Savkin St. 6
         49099 Dnepropetrovsk
         Ukraine


ZVEZDNY CHAS LLC: Court Starts Bankruptcy Supervision Procedure
---------------------------------------------------------------
The Economic Court of Poltava commenced bankruptcy supervision
procedure on LLC Zvezdny Chas (EDRPOU 32690080).

The Temporary Insolvency Manager is:

         I. Gritsenko
    Post Office Box 1841
         36007 Poltava
         Ukraine

The Court is located at:

         The Economic Court of Poltava
         Zigin St. 1
         36000 Poltava
         Ukraine

The Debtor can be reached at:

         LLC Zvezdny Chas
         Osvitianskaya St. 6
         36021 Poltava
         Ukraine


* CITY OF KYIV: S&P Puts 'CCC+' Rating on Negative CreditWatch
--------------------------------------------------------------
Standard & Poor's Ratings Services has placed its 'CCC+' long-term
issuer credit rating and senior unsecured debt rating on the City
of Kyiv, the capital of Ukraine (foreign currency CCC+/Negative/C;
local currency B-/Negative/C;) on CreditWatch with negative
implications.

"This move reflects Kyiv's increased exposure to short-term debt
resulting from the city's relatively unexpected decision to
attract two bank loans to repay its energy bills," said Standard &
Poor's credit analyst Karen Vartapetov.

The rating on Kyiv reflects S&P's recent downgrade of the
sovereign, as well as the city's large debt, which bears foreign
exchange risks.  Although until recently Kyiv had no principal
payments due until 2011, its recent decision to raise short-term
bank loans to repay energy payables results in higher-than-
expected debt service already in 2009-2010.  The rating is
supported by Kyiv's role as the Ukrainian capital and economic
center.

As of March 17, 2009, the city reported only Ukrainian hryvnia
8 million in the general fund.

The negative CreditWatch placement reflects the city's increased
exposure to refinancing risk, in a context of tightening
liquidity, as the result of the unexpected resort to short-term
debt.

S&P will resolve the CreditWatch placement and leave the rating at
its current level if S&P sees clear and reliable confirmation from
the central government of timely support, if needed, of the city
in servicing its newly attracted loans.  Kyiv's prudent approach
to debt and liquidity policies, as well as noticeable improvements
in revenue flows, will also contribute to such a rating action.

"Alternatively, S&P could lower the rating if the city sticks to
the risky policy of attracting short-term debt during the current
year and/or the central government is reluctant to explicitly and
unambiguously confirm its financial support," said Mr. Vartapetov.
"Negative rating actions on Ukraine could put additional pressure
on Kyiv as well."


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


ALLERTON BRIDGES: Business and Assets Put Up for Sale
-----------------------------------------------------
Allerton Bridges Limited and Allerton Engineering Limited's joint
administrators, RH Kelly and JP Sumpton, offer for sale as a going
concern the companies' business and assets.

Based in North Yorkshire, the companies supply complex stell
fabrications and steel bridge structures.

For more information, contact:

    Adrian Benson
    Ernst & Young LLP
    I Bridgewater Place
    Water Lane, Leeds
    LS11 5QR
    Tel: (0113) 298 2285
    Fax: (0113) 298 220


ALLERTON ENGINEERING: Business and Assets Put Up for Sale
---------------------------------------------------------
Allerton Engineering Limited and Allerton Bridges Limited's joint
administrators, RH Kelly and JP Sumpton, offer for sale as a going
concern the companies' business and assets.

Based in North Yorkshire, the companies supply complex stell
fabrications and steel bridge structures.

For more information, contact:

    Adrian Benson
    Ernst & Young LLP
    I Bridgewater Place
    Water Lane, Leeds
    LS11 5QR
    Tel: (0113) 298 2285
    Fax: (0113) 298 2206


BOHEMIA CRYSTAL: Administrators Put Business for Sale
-----------------------------------------------------
Bohemia Crystal (UK) Ltd.'s joint administrators, Alan Price and
Neil Marshman of Marshman Price, offer for sale the company's
business.

The company is a distributor of high end crystal and glass with
nine concessions in leading stores.

For more details, contact Richard Lawton or Robin Pritchard at:

          Edward Symmons
          020 7955 8454


BARTON COLD-FORM: Appoints Joint Administrators from BDO
--------------------------------------------------------
C. K. Rayment and J. M. Wright of BDO Stoy Hayward LLP were
appointed joint administrators of Barton Cold-Form Ltd. on
March 31, 2009.

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

         125 Colmore Row
         Birmingham
         B3 3SD
         England


BELINDA ROBERTSON: Brings in Administrators from Tenon Recovery
---------------------------------------------------------------
Thomas Campbell MacLennan and Trevor John Binyon of Tenon Recovery
were appointed joint administrators of Belinda Robertson (UK) Ltd.
on March 27, 2009.

The company can be reached at:

         Belinda Robertson (UK) Ltd.
         4 West Halkin Street
         London
         SW1X 8JA
         England


CALEDONIAN ENVIRONMENTAL: Moody's Withdraws Rating on Senior Bonds
------------------------------------------------------------------
Moody's Investors Service has withdrawn the rating on GBP63.639
million 6.627% guaranteed senior secured bonds due 2037 issued in
2000 by Caledonian Environmental Services plc and guaranteed by
MBIA Assurance S.A.  Moody's has withdrawn this rating for
business reasons.

The rating withdrawal reflects Moody's current policy to withdraw
ratings on MBIA--wrapped securities for which there is no
published underlying rating.  Should MBIA's rating subsequently
move back into the investment grade range or should CES
subsequently publish the underlying rating, Moody's would
reinstate the rating for the Bonds.

The last rating action on MBIA was on February 18, 2009, when its
insurance financial strength rating was downgraded from Baa1 to B3
with developing outlook.  MBIA's standalone rating was withdrawn
on February 24, 2009, and is now evaluated on a consolidated basis
as part of the MBIA Insurance Corporation group (B3 insurance
financial strength rating, with developing outlook).

CES is a special purpose company incorporated in Scotland in 2000
to enter into a 40-year concession contract to design, build,
finance, operate and maintain a new waste water treatment works.


CANARY WHARF: Moody's Cuts Rating on Class D2 Notes to 'Ba1'
------------------------------------------------------------
Moody's Investors Service has downgraded these classes of Notes
issued by Canary Wharf Finance II plc (amounts reflect outstanding
as of April 2007):

  - GBP222,900,000 Class B 6.8 per cent First Mortgage Debentures
    due 2033 downgraded to A1, previously on 21 February 2002
    assigned Aa2;

  - GBP104,000,000 Class B3 Floating Rate First Mortgage
    Debentures due 2037 downgraded to A1, previously on 24 April
    2007 assigned Aa2;

  - GBP275,000,000 Class C2 Floating Rate First Mortgage
    Debentures due 2037 downgraded to Baa1, previously on 24 April
    2007 assigned A2;

  - GBP125,000,000 Class D2 Floating Rate First Mortgage
    Debentures due 2037 downgraded to Ba1, previously on 24 April
    2007 assigned Baa2.

At the same time Moody's has affirmed the ratings of the Class A1,
A3 and A7 Notes all currently rated Aaa.

Moody's rates all of the issued Notes of this transaction.  The
rating action concludes the review for possible downgrade that was
initiated for the Class B, Class B3, Class C2 and Class D2 Notes
on September 18, 2008.

Canary Wharf Finance II plc represents a true-sale single-borrower
securitization secured by first-ranking mortgages over seven prime
office properties located in the London Docklands district -- a
purpose built area for office properties, which has been subject
to extensive urban regeneration since 1981.  This transaction
originally closed in June 2000 and the Issuer has issued Notes on
six occasions, with the most recent issuance closing in April
2007.  The total current balance of the Notes is approximately
GBP2.55 billion and the transaction has, apart from the issues
highlighted below, performed within Moody's expectations regarding
loan coverage performance and vacancy rates since the first
closing date in 2000.

Moody's rating review included an analysis of the impact on the
Notes' ratings of these negative developments: (i) the insolvency
of Lehman Brothers Limited, the main tenant of the largest
property in the pool, 25/30 Bank Street; (ii) the weakening credit
strength of a number of larger tenants occupying the other six
properties in the transaction; and (iii) Moody's expectation of
further property value declines in the future.  Each issue is
discussed in turn below.

(i) Impact of Lehman Brothers insolvency:

Lehman Brothers Limited is the tenant for 25/30 Bank Street,
which, at 19.8% of the total portfolio's lettable area, is the
largest property in the securitized portfolio, providing in excess
of 1,000,000 sq. ft. of prime office space.  LBL is currently
undergoing UK insolvency procedures via administration, while
LBL's parent, Lehman Brothers Holding Inc., which acts as
guarantor under the lease agreement, is currently undergoing
chapter 11 administration in the United States.  LBL's fully
repairing and insuring lease is still performing as of the date of
this rating action. The lease expires in 2033 and is subject to
fixed nominal rental uplifts over time.  The LBL rent is
guaranteed for a four year period, by a rental shortfall facility
provided by AIG Financial Products Corporation (unrated), whose
obligations are guaranteed by American International Group, Inc.
(A3, Prime-1).

The rental shortfall facility is drawable on every quarter in
which there has been a shortfall between the rent received on the
building and the rent which would have been due under the original
LBL lease, and it may be drawn for a period of up to four years
commencing from the date of first drawdown.  The facility is not
available for any rental shortfall purposes from any other
building and cannot be used after the expiry of the four year
period commencing from the first drawing date.

According to the sponsor, for the space no longer occupied by LBL
on 25/30 Bank Street, 350,000 sq. ft. was sub-let in December 2008
to Nomura International Plc for approximately two years.  An
additional approximately 150,000 sq. ft. is sub-let to tenants
such as NYSE Euronext, Jones Lang Lasalle and the Financial
Services Authority on sub-leases up until 2013.

Due to the breach of a rating trigger in the rental shortfall
facility agreement, AIGFPC subsequently funded a cash deposit into
an AIGFPC bank account, over which the Issuer has a fixed charge.
The amount deposited is equivalent to the net present value of
four years of future LBL contracted rent.  This amount is adjusted
every quarter to reflect the latest NPV calculations and rental
obligations of LBL over the forward looking four year period.
Moody's has given benefit to the rental shortfall facility in its
analysis, not only due to the four year coverage it represents,
but also as future property rental cash flows should be smoothed,
since it allows the estate managers to actively seek replacement
tenants for LBL for the 25/30 Bank Street property once LBL has
missed a payment.

However, Moody's notes that there will remain an element of
increased uncertainty about the future level of achievable rental
cash-flows, especially when compared with the rent currently paid
by LBL.  Moody's expectation is that the average tenant quality
and future lease profile for 25/30 Bank Street will be less
favourable than at the inception of the lease.

(ii) Weakening credit strength of a number of larger tenants:

The remaining six properties in the portfolio are occupied by more
than 45 tenants, with the majority being active in the financial
or banking sector.  The remaining top five tenants by percentage
of annual gross portfolio rent are: Clifford Chance LLP (19.3%),
Morgan Stanley & Co International plc (A2, Prime-1) (11.5%),
Citigroup Inc (A3, Prime-1) (8.8%) and Barclays Bank plc (Aa3,
Prime-1) (6.0%).

Due to negative rating actions affecting several of the tenants in
this transaction, the average tenant rating since closing has
decreased by approximately two notches.  Furthermore, Moody's
anticipates that this trend will continue for some time given its
negative outlook for the financial institutions sector.

Although vacancy rates have remained historically stable at less
than 1%, Moody's believes that there is now more uncertainty
around the future rental profile of the transaction as a whole, in
particular in terms of tenant defaults leading to increased
vacancies and/or the possibility that in the next few years due to
reduced demand for space lease breaks being exercised and/or rent
free concessions being made to keep existing tenants.

(iii) Expectation of future property value declines:

Moody's has also re-examined its modeling value for the property
portfolio.  Although over a longer term horizon, a "sustainable
value" of approximately GBP3.3 billion (based on a cap rate of
approximately 6.75%) has been adopted in assessing this
transaction, in the near term, Moody's expects further weakening
of values in the London office market.  Moody's anticipates that
the portfolio value will drop to its "trough value" of GBP2.7
billion, a further decline of at approximately 8% over the last
valuation report dated December 31, 2008.  Should the transaction
default over the near term, recoveries would be impacted by the
current weak property market, and this would mainly affect the
junior and mezzanine classes of Notes.  Moody's expects that over
the remaining term of the transaction, property values will
recover for the portfolio, and has included this assumption in its
long term modeling of the transaction.

The consideration of all the factors above, as well as current
note to value levels led to the downgrades of Classes B, B3, C2
and D2.

Moody's also affirmed the ratings of Classes A1, A3 and A7.
Despite the above described worsening of certain key credit
characteristics for the transaction as a whole, the level of
subordination of the Aaa-rated Notes as well as the absence of any
near term pressure on coverage levels for the transaction means
that the impact is partially mitigated for the Aaa-rated Notes.


CASTLE GRANITE: Business Up for Sale
------------------------------------
Castle Granite Ltd's business is up for sale.

The company, which is under administration, is a supplier of
natural stone products and aggregates.

For more information, contact:

         Chris Tate
         Begbies Traynor
         Tel: 023 8023 3522


CHESTER ASSET: S&P Cuts Ratings on Nine Classes of Notes to Low-B
-----------------------------------------------------------------
Standard & Poor's Ratings Services has taken various rating
actions on notes issued by several U.K. credit card trusts.

Specifically, S&P:

  -- lowered and removed from CreditWatch negative the class B and
     C notes issued by various Chester Asset Receivables Dealings
     PLC issuers (Cards Trust I and Trust II linked), and Chester
     Asset Receivables Dealings Issuer Ltd. (Cards II delinked);
     and

  -- placed on CreditWatch negative all the class A notes on
     various tranches issued by Chester Asset Receivables Dealings
     (Cards Trust I and Trust II linked issuances), and Chester
     Asset Receivables Dealings Issuer (Cards II delinked
     issuance).

These rating actions follow S&P's full credit and cash flow
analysis of these transactions.  Deteriorating performance in
these transactions has led us to review S&P's base case
assumptions.  Charge-offs have risen for Cards Trusts 1 and 2.

S&P has increased its base case charge-off rate to 8.00% from
7.00% (February values were 7.97% actual and 7.21% lagged) for
Cards 1, and to 8.00% from 7.50% for Cards 2.  For Cards 2, the
charge-offs in February were 8.47%, which is above S&P's new base
case.  However, when S&P analyzes charge-offs, S&P takes a lagged
value because the monthly default rate can understate the actual
default rate if the underlying receivable balance has increased,
or conversely overstate it if the receivable balance has been
shrinking.  S&P lags the defaults by at least the default
definition (180 days).  The lagged charge-off value for February
was 7.57%.

S&P has also revised its base case assumption for the payment rate
for both trusts.  The payment rate is an important variable in
determining ratings in a credit card transaction as a high payment
rate reduces the amortization period and, therefore, the
transaction's exposure to stressed defaults.  The payment rate for
both trusts has been falling in recent months and S&P's base case
is 10.5% for Cards 1 and 12.5% for Cards 2.

Re-running S&P's models with the new base cases for defaults and
payment rate showed that the class B and C notes for both Cards 1
and Cards 2 could not withstand S&P's rating stresses at their
current levels.

For Cards 2 delinked, even though there is extra subordination
from the over-isssuance of class B and C notes, benefit can only
be given up to the required subordinated amount.  This is because
when retained principal for the lower notes is used to clear the
charge-off associated with the more senior notes, only retained
principal up to the required subordinated amount is available.

A decrease in the payment rate and a rise in the charge-off rate
has led to the CreditWatch placements for the class A notes in
Cards 1 and 2 linked.  Again, a higher credit enhancement for
Cards 2 delinked has led to those notes being affirmed.  S&P will
continue to monitor the charge-off rate and the payment rate for
both trusts in the coming months.

                           Ratings List

      Ratings Lowered and Removed from Creditwatch Negative


          Chester Asset Receivables Dealings No.11 PLC
         GBP60 million and EUR730 million asset backed
                       floating rate notes

                                  Rating
                                  ------
         Class         To                   From
         -----         --                   ----
         B             BBB+                 A/Watch Neg
         C             BB+                  BBB/Watch Neg

          Chester Asset Receivables Dealings No.12 PLC
          GBP300 million asset backed floating rate notes

                                  Rating
                                  ------
         Class         To                   From
         -----         --                   ----
         B             BBB+                 A/Watch Neg
         C             BB+                  BBB/Watch Neg

          Chester Asset Receivables Dealings 2001-B PLC
          GBP250 million asset backed floating rate notes

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

          Chester Asset Receivables Dealings 2002-A PLC
         EUR775.50 million asset backed floating rate notes

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

          Chester Asset Receivables Dealings 2003-B PLC
          GBP250 million asset backed floating rate notes

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

          Chester Asset Receivables Dealings 2003-C PLC
          EUR706 million asset backed floating rate notes

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

          Chester Asset Receivables Dealings 2004-1 PLC
         GBP500 million asset backed floating rate notes

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

      Chester Asset Receivables Dealings Issuer Ltd. 2004-C1
         EUR175 million asset backed floating rate notes

                                 Rating
                                 ------
         Class         To                  From
         -----         --                  ----
         C1            BB                  BBB/Watch Neg

      Chester Asset Receivables Dealings Issuer Ltd. 2006-C1
           GBP70 million asset backed floating rate notes

                                  Rating
                                  ------
         Class         To                  From
         -----         --                  ----
         C             BB                  BBB/Watch Neg

      Chester Asset Receivables Dealings Issuer Ltd. 2004-B1
          EUR125 million asset backed floating rate notes

                                  Rating
                                  ------
         Class         To                  From
         -----         --                  ----
         B1            BBB                 A/Watch Neg


      Chester Asset Receivables Dealings Issuer Ltd. 2006-B1
          GBP50 million asset backed floating rate notes

                                  Rating
                                  ------
         Class         To                  From
         -----         --                  ----
         B1            BBB                 A/Watch Neg

              Ratings Placed On Creditwatch Negative


          Chester Asset Receivables Dealings No.11 PLC
         GBP60 million and EUR730 million asset backed
                       floating rate notes

                                   Rating
                                   ------
             Class         To                  From
             -----         --                  ----
             A             AAA/Watch Neg       AAA

           Chester Asset Receivables Dealings No.12 PLC
           GBP300 million asset backed floating rate notes

                                    Rating
                                    ------
              Class         To                  From
              -----         --                  ----
              A             AAA/Watch Neg       AAA

           Chester Asset Receivables Dealings 2001-B PLC
           GBP250 million asset backed floating rate notes

                                   Rating
                                   ------
         Class         To                          From
         -----         --                          ----
         A             AAA/Watch Neg               AAA

           Chester Asset Receivables Dealings 2002-A PLC
           EUR775.50 million asset backed floating rate notes

                                   Rating
                                   ------
         Class         To                           From
         -----         --                           ----
         A             AAA/Watch Neg                AAA

           Chester Asset Receivables Dealings 2003-B PLC
           GBP250 million asset backed floating rate notes

                                   Rating
                                   ------
         Class         To                           From
         -----         --                           ----
         A             AAA/Watch Neg                AAA

           Chester Asset Receivables Dealings 2003-C PLC
           EUR706 million asset backed floating rate notes

                                   Rating
                                   ------
         Class         To                           From
         -----         --                           ----
         A             AAA/Watch Neg                AAA

           Chester Asset Receivables Dealings 2004-1 PLC
           GBP500 million asset backed floating rate notes

                                   Rating
                                   ------
         Class         To                           From
         -----         --                           ----
         A             AAA/Watch Neg                AAA

        Chester Asset Receivables Dealings Issuer Ltd. 2004-A1
           GBP300 million asset backed floating rate notes

                                   Rating
                                   ------
         Class         To                           From
         -----         --                           ----
         A1            AAA/Watch Neg                AAA

        Chester Asset Receivables Dealings Issuer Ltd. 2004-A2
           GBP250 million asset backed floating rate notes

                                   Rating
                                   ------
         Class         To                           From
         -----         --                           ----
         A2            AAA/Watch Neg               AAA

        Chester Asset Receivables Dealings Issuer Ltd. 2006-A1
           GBP250 million asset backed floating rate notes

                                   Rating
                                   ------
          Class         To                           From
          -----         --                           ----
          A1            AAA/Watch Neg               AAA


      Chester Asset Receivables Dealings Issuer Ltd. 2008-A1
           EUR350 million asset backed floating rate notes

                                   Rating
                                   ------
          Class         To                           From
          -----         --                           ----
          A1            AAA/Watch Neg               AAA

      Chester Asset Receivables Dealings Issuer Ltd. 2008-A2
           GBP300 million asset backed floating rate notes

                                   Rating
                                   ------
         Class         To                           From
         -----         --                           ----
         A2            AAA/Watch Neg                AAA


JH BIRTWISTLE: Administrators Put Assets for Sale
-------------------------------------------------
JH Birtwistle & Co Ltd, Lancashire's joint administrators, JNR
Pitts and DF Wilson of Begbies Traynor, offer for sale the
company's Greige fabric weaving and synthetic yarn processing
business and assets.

For more information, contact Jim Asquith at 0161 831 9444.


LEHMAN BROTHERS: Liquidation Recognized as Foreign Main Proceeding
------------------------------------------------------------------
The High Court of Justice, Chancery Division, Companies Court, on
March 30, ordered that the liquidation of Lehman Brothers Inc. be
recognized as a foreign main proceeding in accordance with
UNCITRAL Model Law on cross-border insolvency as set out in
Schedule 1 to the Cross-Border Insolvency Regulations 2006.

The foreign representative is:

         James W. Giddens
         Hughes Hubbard & Reed LLP
         One Battery Park Plaza
         New York
         New York, 10004
         United States of America

The Debtor's principal place of business in Great Britain is:

         Lehman Brothers Inc.
         25 Bank Street
         London, E14 5LE


LEHMAN BROTHERS: Joint Administrators Issue Progress Report
-----------------------------------------------------------
The joint administrators of Lehman Brothers International (Europe)
("LBIE") have updated the creditor community with the issue of
their progress report for the last six months.

The administrators are pursuing the objective of achieving a
better result for LBIE's creditors as a whole than would be likely
if LBIE were immediately wound up.  To that end the report
provides details of the work undertaken and progress made towards
achieving that aim.

Steve Pearson, joint administrator and partner at
PricewaterhouseCoopers LLP said: "The collapse of Lehman Brothers
last September was one of the defining moments of the current
economic and financial crisis and we stated at the time that the
administration of Lehman Brothers International (Europe) would be
an exceptionally complex task.  Six months into the
administration, we are pleased to be able to update the creditor
community with the progress we have made.  Key achievements to
date include the recovery of US$8.7 billion and gaining control of
over GBP35 billion in securities.

"In the last six months, we have been working to implement a
structure which will maximise recoveries and enable claims to be
agreed.  This has now been achieved and results are coming
through.  Returning assets to clients remains a key priority.

"The task continues to be challenging and we are working closely
with regulators, institutions and counterparties amongst other
stakeholders to ensure the best outcome."

Key achievements to date:

    * LBIE's equities business was sold to Nomura Holdings Inc.
      Over 2,400 jobs were preserved and related employee claims
      against the estate were mitigated;

    * control has been asserted over the assets of the Company and
      its clients, including over US$35.5 billion in securities;

    * US$8.7 billion has been recovered to date and is held as
      cash on deposit or investments;

    * an interim mechanism for the return of assets has been
      implemented.  A total of US$12.2 billion (46%) of Client
      Assets have been returned or released to March 14, 2009;

    * policies have been formed for handling the estimated 839,000
      pending and failed trades, including deleting many from
      exchanges;

    * majority of LBIE's estimated 130,000 over-the-counter
       ("OTC") derivative contracts have identified and valued;

    * revised employee reward and retention processes have been
      implemented for the retained 360 employees.  These focus
      and reward on the objectives of the Administration;

    * a mechanism for the systematic return of Client Assets has
      been identified, shared with the High Court, the Committee,
      key industry groups and the market;

    * the IT environment, critical to the protection and recovery
      of value from the estate, has been stabilized and annual IT
      costs have been reduced by over US$200 million per annum;
      and

    * the exit from overseas branches has been largely concluded,
      realizing over US$150 million to date.

                   Lehman Brothers' Collapse

Founded in 1850, Lehman Brothers Holdings Inc. --
http://www.lehman.com-- was the fourth largest investment bank in
the United States, offering a full array of financial services in
equity and fixed income sales, trading and research, investment
banking, asset management, private investment management and
private equity.  Its worldwide headquarters in New York and
regional headquarters in London and Tokyo are complemented by a
network of offices in North America, Europe, the Middle East,
Latin America and the Asia Pacific region.

Lehman filed for chapter 11 on Sept. 15, 2008 (Bankr. S.D.N.Y.
Case No. 08-13555) after Barclays PLC and Bank of America Corp.
backed out of a deal to acquire the company, and the U.S. Treasury
refused to provide financial support that would have eased out a
sale.  Lehman's bankruptcy petition listed US$639 billion in
assets and US$613 billion in debts, effectively making the firm's
bankruptcy filing the largest in U.S. History.  Several affiliates
filed bankruptcy petitions thereafter.

On Sept. 19, 2008, Lehman Brothers, Inc., was placed in
liquidation pursuant to the provisions of the Securities Investor
Protection Act (Case No. 08-CIV-8119).  James W. Giddens was
appointed trustee for the SIPA liquidation of the business of LBI.

Lehman Brothers Finance AG, aka Lehman Brothers Finance SA, filed
a petition under Chapter 15 of the U.S. Bankruptcy Code on
February 10, 2009.  Lehman Brothers Finance, a subsidiary of
Lehman Brothers Inc., estimated both its assets and liabilities at
more than US$1 billion.

LBHI's U.S. bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, has been placed into administration,
together with Lehman Brothers Ltd., LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to wind down the business of LBI
(Europe) on Sept. 15, 2008.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on Sept. 16.  The
two units have combined liabilities of JPY4 trillion --
US$38 billion.  Akio Katsuragi, a former Morgan Stanley executive,
runs Lehman's Japan units.

Lehman Brothers Asia Limited, Lehman Brothers Securities Asia
Limited and Lehman Brothers Futures Asia Limited suspended
operations upon the bankruptcy filing of their U.S. counterparts.

                           Asset Sales

Barclays Bank Plc has acquired Lehman's North American
investment banking and capital markets operations and supporting
infrastructure for US$1.75 billion.  Nomura Holdings Inc., the
largest brokerage house in Japan, on Sept. 22 reached an agreement
to purchased Lehman Brothers Holdings, Inc.'s operations in Europe
and the Middle East less than 24 hours after it reached a deal to
buy Lehman's operations in the Asia Pacific for US$225 million.
Nomura paid only US$2 dollars for Lehman's investment banking and
equities businesses in Europe, but agreed to retain most of
Lehman's employees.

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


MAPLE GROW: Appoints Joint Administrators from Tenon Recovery
-------------------------------------------------------------
Andrew Appleyard and Nicholas Lee of Tenon Recovery were appointed
joint administrators of Maple Grow Ltd. on March 26, 2009.

The company can be reached through Tenon Recovery at:

         Sixth Floor
         The White House
         111 New Street
         Birmingham
         B2 4EU
         England


MEDICAL FINANCE: Taps Joint Administrators from Baker Tilly
-----------------------------------------------------------
Bruce Alexander Mackay and Andrew Martin Sheridan of Baker Tilly
Restructuring and Recovery LLP were appointed joint administrators
of Medical Finance (Bristol) Ltd. on March 30, 2009.

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

         5 Old Bailey
         London
         EC4M 7AF
         England


NEMUS II: S&P Downgrades Rating on Class E Notes to 'BB'
---------------------------------------------------------
Standard & Poor's Rating Services has lowered its credit ratings
on the class D and E notes issued by NEMUS II (Arden) PLC.  At the
same time, S&P removed classes E and F from CreditWatch negative.
The ratings on the other classes issued by NEMUS II (Arden) are
unaffected.

The notes are backed by six loans secured by commercial properties
throughout the U.K. and Jersey.

The rating actions reflect S&P's concerns regarding deterioration
in the creditworthiness of the overall loan pool due to recent
market value declines that have affected U.K. commercial property.

Furthermore, some loans are secured against properties let by one
or very few tenants.  This exposes the loans to the inherent risks
associated with majority or 100% exposure to a single tenant.

                           Ratings List

                       NEMUS II (Arden) PLC
  GBP260.87 Million Commercial Mortgage-Backed Floating-Rate Notes

                         Rating Lowered

              Class       To                  From
              -----       --                  ----
              D           BBB                 A

       Rating Lowered and Removed from CreditWatch Negative

          Class       To                  From
          -----       --                  ----
          E           BB                  BBB/Watch Neg

             Rating Removed from CreditWatch Negative

          Class       To                  From
          -----       --                  ----
          F           BB                  BB/Watch Neg


SPORT MAGAZINE: Ceases Publication After Parent's Administration
----------------------------------------------------------------
John Reynolds at mediaweek.co.uk reports that Sport magazine, the
men's free weekly magazine, has suspended publication after its
French parent company, Sport Media & Strategy, went into
administration.

The report relates the magazine, launched in September 2006, said
it had decided to suspend publication while it rethinks its
business model.

The last issue of the magazine, which employs 24 people, was
distributed on April 3, the report notes.

"Although the magazine is tremendously popular with readers,
especially the AB demographic, over the past few months we have
seen several clients close down and others cut advertising spend
dramatically," the report quoted Greg Miall, the magazine's
managing director, as saying.


STEAD MCALPIN: Business Put Up for Sale
---------------------------------------
Stead McAlpin and Co Ltd, Carlisle's joint administrators, JNR
Pitts and DF Wilson of Begbies Traynor, offer for sale the
company's business and assets.

The company is engaged in fabric printing, dyeing and finishing.

For more details, contact:

      Jim Asquith
      Eddisons
      0161 831 9444


STENNER LIMITED: Business Put Up for Sale
-----------------------------------------
Stenner Limited's joint administrators offer for sale the
company's business and assets.

The company is a band saw manufacturer based in Tiverton, Devon.

For more information, contact:

            Rosemary Penn Newman
            BTG McInnes Corporate Finance
            Tel: +44 (0)23 8023 3522


TAYLOR & SONS: Enters Administration; 80 Jobs at Risk
-----------------------------------------------------
Port-Talbot based Taylor & Sons Ltd. has entered administration,
putting more than 80 jobs at risk, thisissouthwales.co.uk reports.

Alistair Wardell and Nigel Morrison, of Grant Thornton, have been
appointed administrators of the company,
the report relates.

According to the report, the effect of the economic downturn,
particularly in relation to the steel industry, has
been blamed for the company's collapse.

Taylor & Sons Ltd. -- http://www.taylorandsons.co.uk/-- is a
structural and mechanical engineering company.


* Moody's Takes Rating Actions on UK Banks and Building Societies
-----------------------------------------------------------------
Moody's Investors Service has affirmed the debt and deposit
ratings of 2 building societies, whereas three banks and one
building society either remain or have been placed under review
for possible downgrade.  The debt and deposit ratings of 9 other
institutions have been downgraded.

This rating action on UK mortgage lenders includes Moody's
continued expectation of systemic support for the senior
obligations for these institutions, and follows the recalibration
of Moody's Bank Financial Strength Ratings as announced in Moody's
Special Comment published in February 2009.

In addition, the subordinated and hybrid securities of the same
institutions were downgraded in line with Moody's concern that
systemic support may not be extended to these instruments in the
case of financial distress.

Downgrade of the BFSRs, Long Term Ratings, and Subordinate and
Hybrid Securities

"The rating actions reflect Moody's concern that the current
economic crisis in the U.K and indeed globally will lead to
significantly higher credit losses than previously anticipated,
particularly among the residential and commercial real estate
assets, to which these mortgage lenders and building societies
have a highly concentrated exposure," said Marjan Riggi, VP/Senior
Credit Officer and lead analyst for U.K mortgage lenders.

(I) BFSRs: While Moody's BFSR framework remains unchanged; as a
result of the unprecedented depth of the economic crisis Moody's
are placing an increased emphasis on rating factors which address
the near-term threats to banks' intrinsic financial strengths and
sustainability.  Specifically the focus is on the performance of
capital adequacy indicators and future core earnings under
different Expected-Loss scenarios for the current portfolios;
capital adequacy levels that include stresses on assets and
earnings have often become a considerable constraint to the
intrinsic strength of these entities.

"These rating actions include the results derived from the
analysis of various stress scenarios, incorporating a peak-to-
trough house price decline of 40% for Moody's base scenario, and
compared this to banks' exposure to different asset classes
(prime, subprime, buy-to-let, self-certified, second lien etc.)
taking into account indexed loan-to-value-buckets which already
reflected a double-digit house price decline.  Moody's also
stressed the non-housing-association-related parts of the banks'
commercial loan portfolio -- whose performance has already come
under considerable pressure in this economic downturn, and which
Moody's expects to worsen significantly over the next couple of
years -- to different levels, depending among other factors, on
the size of individual exposures and concentration risks", Marjan
Riggi continued.

The key concerns for mortgage lenders in the U.K. remain: (1) the
amount of capital available to absorb the upcoming losses,
especially those arising from specialist loan books (typically
self-certified loans, buy-to-let loans, second-lien loans, or
purchased loans), and commercial real estate loans where
concentration risks are high; (2) for a few lenders with notable
holdings of structured and other illiquid securities, Moody's
updated marks were a driver in increased expected losses for such
portfolios; and (3) an important parameter in this analysis is the
future earnings capacity of mortgage lenders which directly
affects their ability to add to or replenish the capital cushion.
In the case of building societies, earnings levels are naturally
constrained by their mutuality model and therefore their ability
to increase depleted capital levels is more limited.

(II) Senior Debt and Deposit Ratings: While this analysis has
revealed a wider variety of intrinsic credit profiles with BFSRs
ranging from C+ to E+, Moody's long term and short term senior
debt and deposit ratings continue to take into account the
expectation of systemic (and, where relevant, parental or mutual)
support and are in line with Moody's expectation that banks in
highly rated countries will receive or are likely to receive
support depending on their level of systemic importance as well as
their importance to their parent, if any.  Therefore, no senior
debt or deposit ratings have been downgraded below Baa3.

With regard to mutual support, Moody's increasingly consider that
the support within the building society group -- mainly stemming
from Nationwide -- is shifting towards systemic support, as
Nationwide has already contributed to the consolidation of the
sector by taking over two weaker entities.  During this time of
exceptional stress Moody's believe that the likelihood of
government support has increased, underpinning the investment
grade debt and deposit ratings of these institutions.

(III) Subordinated Debt/Hybrids: Moody's notes that due to the
potential lack of systemic support for the subordinated and hybrid
securities in the U.K., the anchor for subordinated and hybrid
debt ratings issued by these institutions will no longer be the
supported debt and deposit rating, but the standalone intrinsic
strength rating, the Baseline Credit Assessmentwhich is derived
from the BFSR.  This change in Moody's rating of subordinated debt
and hybrids in the UK follows the recent precedence on the
exclusion of support on such instruments by the U.K. government in
the case of the Dunfermline Building Society, and builds on an
earlier precedence of Bradford & Bingley.

Moody's general approach for notching subordinated debt and hybrid
securities has been in line with the "Guidelines for Rating Bank
Junior Securities" from April 2007 with the exception that Moody's
now notch the subordinated ratings off the standalone rating, the
BCA:

* Banks with BFSRs above D+: dated and undated (junior)
  subordinated debt is rated one notch below the BCA.  Hybrids
  (typically preference shares or PIBS) are rated two notches
  below the BCA.

* Banks with BFSRs in the D range (D+, D, D-): dated subordinated
  debt is rated one notch below the BCA.  Undated subordinated
  debt is rated two notches below the BCA, and hybrid securities
  are rated three notches below the BCA.

* Banks with BFSRs of E+: Moody's widened the notching for dated
  subordinated debt to three notches below the BCA.  Undated
  subordinated debt is rated 4 notches below the BCA, and hybrid
  securities are rated five notches below the BCA (but capped at
  the Ca level if no default has yet occurred), to reflect the
  significantly higher expected loss of these instruments issued
  by these institutions.

                    Summary Of Rating Actions

Abbey National plc:

The BFSR is downgraded to C- from C+ on review for downgrade
(mapping to BCA of Baa2); senior debt/deposit ratings of Aa3 are
on review for downgrade; the P-1 rating is affirmed; subordinated
debt ratings are downgraded to Baa3; Tier 1 hybrid instruments are
downgraded to Ba1; the review will focus on the impact of the
integration of Alliance & Leicester and the degree to which this
will be offset by further capital measures from their ultimate
parent, Banco Santander S.A. (Aa1/B).

Alliance & Leicester:

The BFSR is downgraded to E+ from C+ with a developing outlook
(mapping to BCA of B1); senior debt/deposit ratings of Aa3 are on
review for downgrade, the P-1 rating is affirmed; dated
subordinated debt is downgraded to Caa1; junior subordinated debt
is downgraded to Caa2; and Tier 1 hybrid instruments are
downgraded to Caa3; the developing outlook on the BFSR reflects
the intrinsic weakness of A&L, balanced by the potential strength
to be derived from its shareholders, Abbey and Banco Santander;
the Aa3 ratings and the review for downgrade are aligned with the
ratings of Abbey, reflecting the cross-guarantee for senior debt
between the two institutions.

Britannia Building Society:

The BFSR is downgraded to D+ from C (mapping to BCA of Ba1) and
has been placed on review with direction uncertain reflecting the
pressure from its weak intrinsic strength and the benefits
expected from the merger with the Co-Operative Bank plc (rated A2/
C); senior debt/deposit ratings of A2/P-1 are on review for
downgrade; the review will focus on the impact of the near-term
merger with the Co-Operative Bank and the extent to which the
strength of the Co-Operative Bank can offset some of the intrinsic
challenges that Britannia is facing; dated subordinated debt is
downgraded to Ba2; and PIBS are downgraded to B1.

Chelsea Building Society:

The BFSR is downgraded to E+ from C (mapping to BCA of B1) with a
negative outlook; senior debt/deposits downgraded to Baa3 from A2
with a stable outlook; short-term ratings are downgraded to P-3
from P-1; dated subordinated debt downgraded to Caa1.

Coventry Building Society:

The BFSR is downgraded to C- from C+ (mapping to BCA of Baa2) with
a negative outlook; senior debt/deposits downgraded to A3 from A2
with a negative outlook; the short-term ratings are downgraded to
P-2 from P-1; dated subordinated and junior subordinated debt is
downgraded to Baa3; PIBS are downgraded to Ba1.

Leeds Building Society:

The BFSR has been affirmed at C+ (mapping to BCA of A2), outlook
changed to negative; senior debt/deposit ratings and subordinated
debt ratings have been affirmed at A2/A3 with a stable outlook;
the P-1 rating has also been affirmed.

Nationwide Building Society:

The BFSR is downgraded to C- from B (mapping to BCA of Baa2) with
a negative outlook; senior debt/deposit ratings downgraded to Aa3
from Aa2 with a stable outlook; P-1 ratings affirmed; dated
subordinated debt and junior subordinated debt is downgraded to
Baa3; PIBS downgraded to Ba1.

Newcastle Building Society:

The BFSR is downgraded to D- from C- (mapping to BCA of Ba3) with
a negative outlook; senior debt/deposits ratings are downgraded to
Baa2 from A3 with a negative outlook and the P-2 short-term
ratings are affirmed; dated subordinated debt is downgraded to B1.

Norwich & Peterborough Building Society:

The BFSR is downgraded to D from C (mapping to BCA of Ba2) with a
negative outlook; senior debt/deposits ratings are downgraded to
Baa2 from A2 with a negative outlook; P-1 short-term ratings
downgraded to P-2.

Nottingham Building Society:

The BFSR has been affirmed at C- (mapping to BCA of Baa2) and the
outlook is changed to negative; senior debt/deposit ratings are
affirmed at A3 with a negative outlook; P-2 ratings affirmed.

Principality Building Society:

The BFSR is downgraded to D- from C- (mapping to BCA of Ba3) with
a negative outlook; senior debt/deposit ratings are downgraded to
Baa2 from A3 with a negative outlook; the P-2 short-term ratings
are affirmed; dated subordinated debt is downgraded to B1; and
PIBS downgraded to B3.

Skipton Building Society:

The BFSR is downgraded to D+ from C+ (mapping to BCA of Ba1) with
a negative outlook; senior debt/deposit ratings are downgraded to
Baa1 from A2 with a negative outlook; P-1 short-term ratings are
downgraded to P-2; dated subordinated debt is downgraded to Ba2;
This rating action concludes the review for downgrade on Skipton's
BFSR initiated on November 3, 2008, following the merger with
Scarborough Building Society.  Furthermore as a consequence of the
merger Scarborough's ratings are withdrawn.

Standard Life Bank:

The BFSR is downgraded to D from C- (mapping to BCA of Ba2) with a
negative outlook; senior debt/deposit ratings of A2/P-1 are on
review for downgrade; the review will focus on the level of
support available from the bank's parent Standard Life Assurance
Ltd. rated A1; dated subordinated debt is downgraded to Ba3;
junior subordinated debt downgraded to B1.

West Bromwich Building Society:

The BFSR is downgraded to E+ from C- (mapping to BCA of B3) with a
negative outlook; senior debt/deposit ratings are downgraded to
Baa3 from A3 with a stable outlook; short-term ratings downgraded
to P-3 from P-2; dated subordinated debt and junior subordinated
debt is downgraded to Caa3; PIBS are downgraded to Ca.

Yorkshire Building Society:

The BFSR is downgraded to D+ from C (mapping to BCA of Ba1) with a
negative outlook; senior debt/deposit ratings are downgraded to
Baa1 from A2 with a negative outlook; short-term ratings are
downgraded to P-2 from P-1; dated subordinated debt is downgraded
to Ba2.

Previous rating actions on the above institutions are:

The last rating action on Abbey was on July 14, 2008, when the
Aa3/Prime1/C+ ratings were affirmed, and the outlook was changed
to stable from positive.

The last rating action on Alliance & Leicester was on October 20,
2008, when the long term ratings were upgraded to Aa3 reflecting
the completion of the acquisition by Banco Santander (Aa1/P-1).

The last rating action on Britannia was on January 21, 2009, when
Moody's affirmed the A2/C/P-1 ratings following the announcement
that the Co-operative Bank and Britannia are to merge.

The last rating action on Chelsea was on October 7, 2008, when the
A2/P-1 ratings were affirmed and the BFSR was downgraded to C.

The last rating action on Coventry was on April 20, 2007, when the
ratings of A2/P-1/C+ were affirmed.

The last rating action on Leeds was on April 20, 2007, when the
ratings of A2/P-1/C+ were affirmed.

The last rating action on Nationwide was on September 8, 2008,
when the ratings of Aa2/Prime-1/B were affirmed.

The last rating action on Newcastle was on November 27, 2008, when
the ratings were downgraded to A3/P-2/C-.

The last rating action on Norwich and Peterborough was on April
20, 2007, when the ratings were upgraded to A2/P-1.

The last rating action on the Nottingham was on May 20, 2008, when
the ratings of A3/P-2/C- were assigned for the first time.

The last rating action on Principality was on November 24, 2008,
when the ratings were downgraded to A3/P-2/C-.

The last rating action on Skipton was on November 3, 2008, when
the ratings of A2/P-1 were affirmed and the BFSR of C+ was put on
review for possible downgrade following the announcement of a
merger between Skipton and the Scarborough.  At the same time, the
A3 deposit ratings of Scarborough were put on review for possible
upgrade.

The last rating action on Standard Life Bank was on November 19,
2007, when the A2/P-1/C- ratings were affirmed.

The last rating action on West Bromwich was on September 15, 2008,
when the ratings were downgraded to A3/P-2/C-.

The last rating action on Yorkshire was on September 15, 2008,
when the ratings of A2/P-1 were affirmed and the BFSR was
downgraded to C.

Structured Finance related rating actions, if any, are not covered
by this press release.

All of the banks and building societies included in this action
are headquartered in the U.K.


* EUROPE: S&P Takes Rating Actions on 17 Synthetic CDO Tranches
---------------------------------------------------------------
Standard & Poor's Ratings Services took credit rating actions on
17 European synthetic collateralized debt obligation tranches
following recent rating changes on the underlying collateral or a
dependent party in those deals.

Specifically, S&P:

  -— lowered its ratings on seven tranches;

  —- lowered and removed from CreditWatch negative its ratings on
     three tranches;

  —- lowered and kept on CreditWatch negative its ratings on four
     tranches;

  —- lowered and placed on CreditWatch negative its rating on one
     tranche;

  —- raised its rating on one tranche; and

  —- placed on CreditWatch negative its rating on one tranche.

                           Ratings List

                         Ratings Lowered

                      Alexandria Capital PLC
   EUR400 Million Floating-Rate Secured Liquidity-Linked Notes

                                        Rating
                                        ------
           Series             To                    From
           ------             --                    ----
           2005-8             AA+                   AAA

                           Coriolanus Ltd.
                  GBP155 Million Pass-Through Notes

                                        Rating
                                        ------
           Series             To                    From
           ------             --                    ----
           45                 BB-                   BB

                         Elva Funding PLC
          US$48.297 Million Secured Variable-Rate Notes

                                        Rating
                                        ------
           Series             To                    From
           ------             --                    ----
           2004-7             A                     A+

                         Elva Funding PLC
          US$10 Million Secured Variable Interest Rate Notes

                                        Rating
                                        ------
           Series             To                    From
           ------             --                    ----
           2005-1             BBB+                  A

                    Repacs Trust Series: Crystal
US$18.2 Million Variable-Rate Principal At Risk Certificates

                     To                    From
                     --                    ----
                     BB+                   BBB-

                       Sceptre Capital B.V.
     EUR40 Million CMS-Linked Repackaged "PowerTranche" Notes

                                        Rating
                                        ------
           Series             To                    From
           ------             --                    ----
           2006-5             B                     BB-

                    Willow No.2 (Ireland) PLC
     EUR7 Million Secured Limited-Recourse Variable-Rate Notes

                                        Rating
                                        ------
           Series             To                    From
           ------             --                    ----
           18                 A+                    AA-

       Ratings Lowered and Removed from Creditwatch Negative

                         Argon Capital PLC
        EUR11 Million Limited-Recourse Secured Fixed-Rate
                        Credit-Linked Notes

                                        Rating
                                        ------
           Series             To                    From
           ------             --                    ----
           111                A                     A+/Watch Neg

                           Claris Ltd.
       EUR10 Million CMS Indexed Rate Credit-Linked Notes

                                        Rating
                                        ------
           Series             To                    From
           ------             --                    ----
           56/2005            BBB                   BBB+/Watch Neg

                  Royal Bank of Scotland PLC (The)
            GBP150 Million TelSec Credit-Linked Notes

                                        Rating
                                        ------
           Series             To                    From
           ------             --                    ----
           4169               BBB                   BBB+/Watch Neg

         Ratings Lowered and Kept on Creditwatch Negative

                            Aria CDO I
         EUR31.5 Million, CHF58.4 Million, GBP0.4 Million,
                  and US$17.4 Million Floating-Rate
    Secured Notes (Issued By Aria CDO I (Cayman Islands) Ltd.)

                                        Rating
                                        ------
           Series             To                    From
           ------             --                    ----
           4                  BBB+/Watch Neg        A+/Watch Neg

                            Aria CDO I
         EUR31.5 Million, CHF58.4 Million, GBP0.4 Million,
                   and US$17.4 Million Floating-Rate
     Secured Notes (Issued By Aria CDO I (Cayman Islands) Ltd.)

                                        Rating
                                        ------
           Series             To                    From
           ------             --                    ----
           5                  BBB+/Watch Neg        A+/Watch Neg

                           Aria CDO I
        EUR31.5 Million, CHF58.4 Million, GBP0.4 Million,
                  and US$17.4 Million Floating-Rate
    Secured Notes (Issued By Aria CDO I (Cayman Islands) Ltd.)

                                        Rating
                                        ------
           Series             To                    From
           ------             --                    ----
           6                  BBB+/Watch Neg        A+/Watch Neg

                            Aria CDO I
        EUR31.5 Million, CHF58.4 Million, GBP0.4 Million,
                  and US$17.4 Million Floating-Rate
    Secured Notes (Issued By Aria CDO I (Cayman Islands) Ltd.)

                                        Rating
                                        ------
           Series             To                    From
           ------             --                    ----
           7                  BBB+/Watch Neg        A+/Watch Neg

        Ratings Lowered and Placed on Creditwatch Negative

                        Classic Finance B.V.
            EUR50 Million Secured Variable-Rate Notes

                                        Rating
                                        ------
           Series             To                    From
           ------             --                    ----
           2004-3             A-/Watch Neg          AA+

                      Edam Funding One Ltd.
EUR20 Million Limited-Recourse Floating-Rate Credit-Linked Notes

                                        Rating
                                        ------
           Series             To                    From
           ------             --                    ----
           2006-1             A+/Watch Neg          A+

                          Rating Raised

                        Lunar Funding V PLC
               EUR10 Million Limited-Recourse Secured
                  Floating-Rate Credit-Linked Notes

                                        Rating
                                        ------
           Series             To                    From
           ------             --                    ----
           2008-64            A                     BBB


* BOOK REVIEW: Bankruptcy Investing: How to Profit from Dist. Cos.
------------------------------------------------------------------
Author:     Ben Branch and Hugh Ray
Publisher:  Beard Books
Paperback:  344 pages
List Price: US$39.95

Order your personal copy at
http://www.amazon.com/exec/obidos/ASIN/1587981211/internetbankrupt

The book Bankruptcy Investing: How to Profit from Distressed
Companies, is written by Ben Branch and Hugh Ray.

Corporate bankruptcies are at an all-time high, and this trend is
likely to continue.  Bankruptcy Investing introduces investors to
the risky but lucrative opportunities to invest in the securities
of troubled companies.

Every area of this exciting field is described in complete detail.
Real-world examples illustrate the explanations.  Companies in
distress may go through an informal or formal workout of problems,
or they may enter Chapter 11 or Chapter 7 bankruptcy.

The investment implications for the securities of firms in each of
these stages are considered in full.  Everything the investor
needs to know is contained in this book.  The authors show why it
can be smart to invest in troubled companies.

Whether you are a savvy investor or experienced fund manager (or
aspire to be one), Bankruptcy Investing introduces you to the
risky but lucrative opportunities for investing in the securities
of troubled companies.

This timely new book describes in detail the rules of the game and
how to apply them to pick the winners.

The authors, both experts in the legal and financial aspects of
bankruptcy investing, explain everything you need to know about
investing in distressed companies, including estimating bankruptcy
values, how to use timing to your advantage, quantitative
techniques to minimize risks, evaluating available data,
characteristics of various types of short-term and long-term debt
instruments, investment strategies, and sources of additional
information.

You'll fully understand all the implications of investing in the
securities of firms in all stages of financial distress--from
informal or formal workouts to Chapter 11 or Chapter 7 bankruptcy-
-as well as investing in both debt and equity securities.

Real-world examples illustrate how you can profit from investing
in troubled companies and what risks are incurred.  An extensive
glossary defines legal, economic and financial terms.

Bankruptcy Investing translates the often-confusing lexicon of
bankruptcy into a profitable investment program that you can
implement immediately.

You too will discover an exciting way to find new investment
winners.

Two financial experts guide you through the risky but lucrative
investment opportunities available in troubled companies.

Whether your interests are informal or formal workouts, Chapter 11
or Chapter 7 bankruptcies, debt or equity securities, this book
will explain everything you need to know about investing in
distressed corporations.

Topics include estimating bankruptcy values, how to use timing to
your advantage, quantitative techniques to minimize risk,
evaluating available data, the characteristics of various types of
short-term and long-term debt instruments, and investment
strategies.

                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *