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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

          Wednesday, July 1, 2009, Vol. 10, No. 128

                            Headlines

A L B A N I A

CREDINS BANK: Moody's Assigns 'E+' Bank Financial Strength Rating


A U S T R I A

AUGUSTA METALLTECHNIK: Creditors Must File Claims by July 15
HATAN GMBH: Creditors Must File Claims by July 15
KGK VERMIETUNGS: Claims Filing Deadline is July 14
O + P CONSULTING GMBH: Creditors Must File Claims by July 15
OFNER INSTALLATIONS: Claims Filing Deadline is July 15


F I N L A N D

DYNEA INTERNATIONAL: S&P Downgrades Corporate Credit Rating to 'B'


F R A N C E

FRANS 2003: Moody's Downgrades Rating on Class B Notes to 'Ba2'
MATERIS: Completes Debt Restructuring


G E R M A N Y

ARCANDOR AG: Karstadt Gets 15 Expressions of Interest
ESCADA AG: Asks Bondholders to Swap EUR200 Mln Seven-Year Bonds
ESCADA AG: Moody's Downgrades Corporate Family Rating to 'Ca'
GENERAL MOTORS: Opel Sale Expected to Close in Six Months
LEAR CORP: Working on Prepackaged Bankruptcy in U.S.

PORSCHE AUTOMOBIL: Receives Qatar Bid; Rejects Volkswagen Offer
QIMONDA AG: U.S. Court to Hear Chapter 15 Petition July 22


H U N G A R Y

PROPEX INC: Committee Drops Complaint Against BNP Paribas


I R E L A N D

ALLIED IRISH: S&P Raises Ratings on Six Hybrid Securities to 'B'
BUY & SELL: Debt Restructuring Fails; Placed Into Examinership
CHESS CAPITAL: Moody's Cuts Rating on EUR125MM Securities to 'B3'
GREEN ISLAND: Moody's Cuts Rating on EUR125MM Securities to 'B3'
POD CONCERTS: Put Into Liquidation Over Tax Bill

QUALCERAM SHIRES: Seeks Liquidation; Four Units Find Investors


I T A L Y

CHEMTURA CORP: Withdrew Proposal for Inesa Guaranty Pact
CHRYSLER LLC: Sec. 341 Meeting Continued to September 21
LUCCHINNI GROUP: Moody's Cuts Corporate Family Rating to 'B1'
WIND ACQUISITION: Moody's Assigns (P)'B2' Rating on EUR2.7BB Notes


K A Z A K H S T A N

EKSEPERIMENTALNO-STROITELNAYA: Claims Filing Deadline is July 10
GERMES SERVICE: Creditors Must File Claims by July 10
INTEGRAL COMMUNICATION: Creditors Must File Claims by July 10
KARAGANDA STROY: Creditors Must File Claims by July 10
KAZINVESTBANK AO: S&P Cuts Counterparty Credit Ratings to 'B-/C'

SEM GAS: Creditors Must File Claims by July 10


K Y R G Y Z S T A N

ADIRONDACK LLP: Creditors Must File Claims by July 24


L U X E M B O U R G

BREEZE FINANCE: S&P Downgrades Rating on EUR287 Mil. Bonds to 'BB'


N E T H E R L A N D S

DUTCH MORTGAGE: S&P Affirms Ratings on Class D Notes at 'BB+'


R U S S I A

AMERICAN INT'L: to Sell Russian Bank Subsidiary to Banque PSA
AMURSKAY CONSTRUCTION: Creditors Must File Claims by July 10
BROKUS-STROY LLC: Creditors Must File Claims by July 10
KAR-STROY LLC: Creditors Must File Claims by July 7
PERMSKIY MINERAL: Creditors Must File Claims by July 10

SHELEKHOVSKIY MACHINERY: Creditors Must File Claims by July 10


S P A I N

AFIRMA GRUPO: Has Pact with Lenders to Refinance EUR1.4 Bln Debt
BANCO PASTOR: Moody's Says Exposure Linked to Swap Counterparty
CAIXA CATALUNYA: Moody's Says Exposure Linked to Swap Counterparty
CAJA DE AHORROS: Moody's Says Exposure Linked to Swap Counterparty
CAJA DE AHORROS: Moody's Says Exposure Linked to Swap Counterparty

CAJAMAR CAJA: Moody's Says Exposure Linked to Swap Counterparty
CAJA LABORAL: Moody's Says Exposure Linked to Swap Counterparty
EMPRESAS HIPOTECARIO: S&P Affirms 'BB' Rating on Class B Notes


S W I T Z E R L A N D

CELLI REISEN: Creditors Must File Claims by July 6
INFILAS MARKTFORSCHUNGS: Creditors Must File Claims by July
KISS-SHOT GMBH: Creditors Must File Claims by July 6
LOGSWISS GMBH: Claims Filing Deadline is July 6
PASQUALE DI BERNARDO-WYSS: Claims Filing Deadline is July 8

PENTAX AG: Creditors Must File Claims by July 6
PH FINANCIAL: Creditors Must File Claims by July 6
SANMINA - SCI INTERNATIONAL: Claims Filing Deadline is July 6
STELLA HOLDING: Claims Filing Deadline is July 6
UBS AG: Must Compensate Madoff Investor Losses, French Agency Says

VESTIS GMBH: Creditors Must File Claims by July 6


U K R A I N E

ALPHAMET LLC: Creditors Must File Claims by July 5
CATRAN LLC: Creditors Must File Claims by July 5
DNEPRODZERZHYNSKY MOTORCAR: Creditors Must File Claims by July 5
ENERGY SET: Creditors Must File Claims by July 5
GEFEST-TRANS LLC: Creditors Must File Claims by July 5

IMHOTEP LLC: Creditors Must File Claims by July 5
SENSOR-SOUTH LLC: Creditors Must File Claims by July 5


U N I T E D   K I N G D O M

ALIZYME PLC: In Talks to Secure Additional Funds
BNB RECRUITMENT: Goes Into Administration; Cuts 50 Jobs
BRADFORD & BINGLEY: Process to Assess Compensation Begins
CLARIS LIMITED: Moody's Withdraws 'C' Rating on JPY1 Bil. Notes
CLARIS LIMITED: Moody's Withdraws 'Ba3' Rating on JPY1 Bil. Notes

DAIRY FARMERS: Milk Link Gives 3-Month Notice for 143 Members
DARK STAR: Goes Into Administration; 280 Jobs at Risk
GLOBE PUB: Losses Widen to GPB4 Mln in Three Months Ended May 2009
HARTMARX CORP: Emerisque and SKNL Buyout to Close by July 7
INEOS GROUP: Close to Negotiating Covenants on GBP6-Bil. Debt

JOHNSTON PRESS: Lenders Defer Covenant Testing Until August 21
PREMIUM BARS: In Talks to Sell Assets to Reuben Brothers
SIMPSON & GREGG: Goes Into Administration
WHITE TOWER: S&P Lowers Rating on Class E Notes to 'B-'


                         *********


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A L B A N I A
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CREDINS BANK: Moody's Assigns 'E+' Bank Financial Strength Rating
-----------------------------------------------------------------
Moody's Investors Service has assigned first-time ratings to
Credins Bank Sh.a.  The bank has been assigned an E+ bank
financial strength rating, B1/Not Prime local currency deposit
ratings and B2/Not Prime foreign currency deposit ratings.  All
the ratings carry a stable outlook.

Moody's notes that Credins Bank's E+ BFSR, which maps to a
baseline credit assessment of B2, reflects the bank's adequate
financial fundamentals -- specifically, its good profitability and
liquidity, adequate capitalization and strong efficiency.

However, the BFSR is constrained by the bank's high level of
related-party lending, high credit concentrations, still-
developing risk management systems, nascent business and
developing franchise.  Additionally, Moody's notes that Albania's
operating and regulatory environments act to constrain the rating.
The BFSR also reflects potential volatility in Credins's earnings
given its reliance on corporate banking and the challenges posed
to Albanian banks by the economic slowdown.  Credins is the
seventh-largest (out of 16) banks operating in Albania and the
largest majority-Albanian-owned bank in the system.

The bank's long-term local currency deposit rating is B1.  The
rating receives a one-notch uplift from the B2 BCA, reflecting
Moody's assessment of a low probability of systemic support.  The
B2 foreign currency deposit rating is constrained by Albania's
foreign currency deposit ceiling.

Headquartered in Tirana, Albania, Credins Bank Sh.a. had total
assets of ALL41 billion (EUR336 million) as of the end of 2008.


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


AUGUSTA METALLTECHNIK: Creditors Must File Claims by July 15
------------------------------------------------------------
Creditors of Augusta Metalltechnik GmbH have until July 15, 2009,
to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for July 30, 2009 at 2:45 p.m.

For further information, contact the company's administrator:

         Dr. Candidus Cortolezis
         Hauptplatz 14
         8010 Graz
         Austria
         Tel: 0316/813973
         Fax: 0316/847797
         E-mail: office@cortolezis.com


HATAN GMBH: Creditors Must File Claims by July 15
-------------------------------------------------
Creditors of Hatan GmbH have until July 15, 2009, to file their
proofs of claim.

A court hearing for examination of the claims has been scheduled
for July 29, 2009 at 9:00 a.m.

For further information, contact the company's administrator:

         Dr. Erwin Senoner
         Alser Strasse 21
         1080 Wien
         Austria
         Tel: 406 05 51
         Fax: 406 96 01
         E-mail: kanzlei@jus.at


KGK VERMIETUNGS: Claims Filing Deadline is July 14
--------------------------------------------------
Creditors of KGK Vermietungs GmbH & Co. KG have until July 14,
2009 to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for July 21, 2009 at 9:00 a.m.

For further information, contact the company's administrator:

         Dr. Josef Flaschberger
         Priesterhausgasse 1
         Second floor
         9020 Klagenfurt
         Austria
         Tel: 0463/50 43 43
         Fax: 0463/50 43 43-43
         E-mail: drflaschberger@aon.at


O + P CONSULTING GMBH: Creditors Must File Claims by July 15
------------------------------------------------------------
Creditors of O + P Consulting GmbH have until July 15, 2009, to
file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for July 29, 2009 at 9:30 a.m.

For further information, contact the company's administrator:

         Dr. Stephan Riel
         Landstrasser Hauptstrasse 1/2
         1030 Wien
         Austria
         Tel: 713 44 33
         Fax: 713 10 33
         E-mail: kanzlei@jsr.at


OFNER INSTALLATIONS: Claims Filing Deadline is July 15
------------------------------------------------------
Creditors of Ofner Installations GmbH have until July 15, 2009, to
file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for July 29, 2009 at 9:15 a.m.

For further information, contact the company's administrator:

         Mag. Clemens Richter
         Esteplatz 4
         1030 Wien
         Austria
         Tel: 712 33 30
         Fax: 712 33 30-30
         E-mail: kanzlei@engelhart.at


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F I N L A N D
=============


DYNEA INTERNATIONAL: S&P Downgrades Corporate Credit Rating to 'B'
------------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its
corporate rating on Finland-based chemical producer Dynea
International Oy from 'B+' to 'B'.  The outlook is negative.

"The financial profile remains the main constraint on the rating,"
said Standard & Poor's credit analyst Lucas Sevenin.

In S&P's opinion, the financial risk profile is "highly
leveraged".

Demand for Dynea's products materially declined in the fourth
quarter of 2008, and remained low in first quarter of 2009,
pressuring EBITDA, free operating cash flow, and credit metrics.
As a result, bank covenants are also likely to become very tight
in the next few quarters.  Although S&P does not expect further
deterioration of demand at this stage, material improvements are
unlikely in the medium term in S&P's current scenario.  Visibility
remains very limited.

"The negative outlook reflects S&P's concerns that demand could
remain very low in 2009-2010 despite some modest recovery
currently expected in the second half and next year," said Mr.
Sevenin.

Rating pressures would also increase if covenant compliance is not
achieved.

S&P could revise the outlook to stable if operating trends improve
clearly and sustainably, resulting notably in adequate covenant
headroom.


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


FRANS 2003: Moody's Downgrades Rating on Class B Notes to 'Ba2'
---------------------------------------------------------------
Moody's Investors Service has lowered to Baa1 from A3 the rating
of the Class A Enhanced Equipment Trust Notes (with a legal
maturity in 2016 and a scheduled final repayment in 2013) issued
by FRANs 2003 Plc and guaranteed by MBIA Insurance Corporation and
to Ba2 from Baa3 the rating of the Class B Enhanced Equipment
Trust Notes (with the same scheduled maturity dates as the Class A
Notes) of the same transaction.  The rating of the Notes is
consistent with Moody's practice of rating insured securities at
the higher of the guarantor's insurance financial strength rating
or an underlying rating that is public.  The determination of the
underlying rating considered qualitative and quantitative factors,
including structural features of the transaction.

The rating action reflects in part the significant weakening in
earnings at the Air France/KLM Group ('the group') in FY2009 (to
March 2009), which was particularly apparent in the last quarter.
The weakened results were largely on account of fuel prices, which
increased 25% year-on-year.  Moody's notes, however, that in the
last quarter of the fiscal year, fuel prices declined over a year
earlier, such that the weakened profitability in that quarter was
on account of the sharp decline in demand and yields for both
passenger and cargo transport, in common with the industry.

Moody's notes also the reported losses on fuel derivative
contracts, which were partly non-cash, while non-fuel costs
remained fairly stable during the year.  The airline should
benefit from its current cost savings initiatives (the 'Challenge
12' cost savings program), which includes capacity reductions,
lower capital expenditures, and controls on personnel.  However,
Moody's believes that the timing and extent of an eventual
industry recovery remains uncertain, and believes furthermore that
the benefits of stronger demand will be mitigated by higher fuel
costs.  As such Moody's believe that earnings are likely to remain
depressed at least for the remainder of the current year.

The current ratings of both classes of Notes reflect in part the
underlying strength of the group, which generated EUR24 billion in
revenues in FY2009 (to March 2009), retaining its position as the
largest airline in Europe.  While Moody's recognizes that Air
France and KLM remain separate legal entities, their combined
strength is considered beneficial for the credit profile of Air
France, which is the sole obligor under the conditional sale
agreements in respect of the aircraft collateral that underpin the
repayment of Notes.  The group benefits from a well diversified
revenue base, while Air France and KLM are members of the SkyTeam
alliance, which is the second largest airline alliance globally.

The group's liquidity remains solid, with nearly EUR3.8 billion in
cash and equivalents reported as of March 2009 (excluding
marketable securities), and revolving credit facilities of just
above EUR2 billion maturing between 2010 and 2017, of which
EUR1.24 billion were undrawn.  The group reported EUR1.6 billion
in current financial maturities, including bank overdrafts.  It
has revised downward its capex plans over the medium term, now
forecast at EUR1.4 billion in the current financial year, and
EUR1.8 billion in FY2011.  Moody's notes that liquidity was
impacted by free cash flows being significantly negative in
FY2009, which Moody's believes is unlikely to reverse in the near-
term.  However, the company's cash balance will benefit from the
June 2009 issuance of convertible notes in the amount of
EUR661 million, in which the French State took a 15.7% stake (in
line with its stake in the group), which Moody's believes is
supportive of the group's credit profile.

The ratings of the Notes further reflect the protection provided
to the noteholders by the aircraft collateral, which continues to
reflect the demand for aircraft and the Euro/dollar exchange rate.
In addition to reflecting Air France's underlying credit profile,
the ratings of the Class A and Class B Notes also factor in
Moody's assessment of the loan-to-value ratios for the two classes
of Notes.

The last rating action for Frans 2003 was implemented on
18 February 2009, when the ratings of the Class A and Class B
Notes were lowered to A3 from A2, and to Baa3 from Baa2,
respectively.

Air France/KLM Group is a publicly-listed entity with full
ownership of Air France and KLM.  It is incorporated in France and
registered in Paris.


MATERIS: Completes Debt Restructuring
-------------------------------------
Wendel said that its subsidiary Materis has completed a debt
restructuring.

Materis and Wendel have obtained these amendments from a pool of
199 lenders following a 3 months process started in April 2009:

    * The liquidity of Materis has been secured until 2013
      through:

      -- a deferral of amortization (EUR290 million of repayments
         deferred to 2013);

      -- the capitalization of mezzanine interest (EUR70 million
         of additional liquidity by 2013)

      -- the availability of a EUR100 million acquisition and
         capital expenditure facility ;

      -- an additional EUR40 million basket of factoring ;

    * Covenants have been reset on the basis of a revised business
      plan taking into account the economic downturn;

    * The company will be allowed to perform debt buybacks in the
      secondary market.

Wendel and Materis will contribute EUR45 million of equity in the
same proportions as the initial 2006 investment, i.e.
EUR36 million for Wendel and EUR9 million for the 550 manager
investors of Materis.  The company will also pay all lenders a
consent fee of 25 bps, and will increase margins on its EUR370
million amortising debt by 75 bps, such incremental interest being
fully capitalised.

The debt package structured in 2006 for the acquisition of Materis
by the Wendel group included EUR1,545 million of senior debt,
EUR140 million of second lien, and EUR260 million of mezzanine.

The amendment request received strong support from the company’s
pool of 199 lenders, with unanimous consent from the mezzanine
lenders and 99% consent from the senior lenders.  The lenders
appreciated the robust performance of the company, which is ahead
of the revised business plan as at the end of May, in the current
volatile market.  This performance stems from the leading
positions of Materis in its markets, its diversified portfolio
both in terms of geographies and activities, the quality and
implication of the management team and the launch of cost
reduction and cash preservation action plans since late 2007.

Frederic Lemoine, Chairman of the Executive Board of Wendel, said:
"The completion of this amendment illustrates Wendel's role as a
committed shareholder.  We strongly support Materis in these
difficult times, and are convinced, with the financial
restructuring now offering the appropriate time schedule, that the
activities of this wonderful group will come out stronger of the
current construction downturn".

Olivier Legrain, CEO of Materis, said: "This is a strong sign of
confidence from our main shareholder, our lenders and our
employees on our ability to stay focused and deliver a strong
performance in those exceptionally troubled times".

                         About Wendel

Wendel -- http://www.wendelgroup.com/-- is a France-based
investment company.  It primarily invests in the industrial and
service sector, in France and abroad.  As of December 31, 2008,
Wendel SA held 100% stakes in Oranje-Nassau, a Dutch group focused
on energy production as well as on private equity.  Oranje-
Nassau's energy sector is active in the exploration, development
and production of oil and gas, with the main regions of interest
in Europe, Africa and the Middle East, while the private equity
sector primarily invests in internationally oriented companies.
Wendel SA also held stakes in Bureau Veritas (52%), Materis (76%),
Stallergenes (47%), Stahl (48%), Deutsch (89%), Saint-Gobain (18%)
and Legrand (31%), as well as various non-strategic listed
holdings.

                       About Materis

Materis, which is majority owned by Wendel, comprises four
activities -- Admixtures, Aluminates, Mortars and Paints.  It has
a turnover in excess of EUR1.8 billion and 9,000 employees around
the world.


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


ARCANDOR AG: Karstadt Gets 15 Expressions of Interest
-----------------------------------------------------
Ludwig Burger and Matthias Inverardi at Reuters report that
according to German Sunday newspaper Welt am Sonntag,
Karstadt, Arcandor AG, has received expressions of interest for
its department store division from prospective buyers.

According to Reuters, Welt am Sonntag, citing sources close to
Karstadt, said 15 suitors have expressed an interest in taking
over one or more department stores.

According to Reuters, the newspaper, citing unspecified sources,
said Metro has also been approached by investors interested in
operating the Karstadt outlets Metro does not plan to take over.

Metro, Reuters notes, has previously offered to integrate 60 of
Karstadt's 91 outlets into its Kaufhof division.

                            Bankruptcy

The Troubled Company Reporter-Europe, citing Bloomberg News,
reported that Arcandor on June 9 filed for bankruptcy protection
after the German government turned down its request for loan
guarantees.  German Chancellor Angela Merkel said Arcandor's
collapse was "unavoidable" after investors and banks offered too
little to save the retailer.

Bloomberg News recalled the government on June 8 rejected two
applications for help by Arcandor.  According to Bloomberg News,
the retailer sought loan guarantees of EUR650 million (US$904
million) from Germany's Economy Fund program as debt came due.  It
also sought a further EUR437 million from a state-owned bank,
Bloomberg News noted.

                       About Arcandor AG

Germany-based Arcandor AG (FRA:ARO) -- http://www.arcandor.com/--
formerly KarstadtQuelle AG, is a tourism and retail group.  Its
three core business areas are tourism, mail order services and
department store retail.  The Company's business areas are covered
by its three operating segments: Thomas Cook, Primondo and
Karstadt.  Thomas Cook Group plc is a tour operator with
operations in Europe and North America, set up as a result of a
merger between MyTravel and Thomas Cook AG.  It also operates the
e-commerce platform, Thomas Cook, supporting travel services.
Primondo has a portfolio of European universal and specialty mail
order companies, including the core brand Quelle.  Karstadt
operates a range of department stores, such as cosmopolitan
stores, including KaDeWe (Kaufhaus des Westens), Karstadt
Oberpollinger and Alsterhaus; Karstadt brand department stores;
Karstadt sports department stores, offering sports goods in a
variety of retail outlets, and a portal, karstadt.de that offers
online shopping, among others.  Arcandor employs 43,000 people.


ESCADA AG: Asks Bondholders to Swap EUR200 Mln Seven-Year Bonds
---------------------------------------------------------------
Joseph Mapother at Bloomberg News reports that Escada AG asked
corporate bondholders to accept conditions that cut the nominal
value of their investment by about 60 percent, as the company
seeks to avoid insolvency.

The company said in a statement on Friday that investors were
asked to exchange EUR200 million (US$281 million) in seven-year
bonds due 2012.  Citing the company, Bloomberg News discloses each
EUR1,000 in old debt will be replaced by one bond worth EUR250
maturing in 2014 and a second bond worth EUR125 due 2016.
According to Bloomberg News, Escada said a 25-euro cash bonus for
signing up early raises the nominal value of the new offer to
EUR400 per EUR1,000 held.  The 25-euro cash offer is valid until
July 14, Bloomberg News notes.

Bloomberg News says according to Escada spokesman Frank Elsner, a
minimum acceptance rate representing 80 percent of the original
nominal value must be reached by the end of July for the new
conditions to apply to all holders of the old bond.  The exchange
of old bonds started on June 29, Bloomberg News states.

Klaus Kraenzle, an analyst at GSC Research GmbH in Dusseldorf, as
cited by Bloomberg News, said "I think investors have no choice
but to accept," or face the risk of insolvency.  Bloomberg News
relates Escada Chief Executive Officer Bruno Saelzerin April said
insolvency may be necessary without restructuring the bond, a
capital increase of about EUR30 million and a new credit.

As reported in the Troubled Company Reporter-Europe on June 24,
2009,  Reuters said at the end of April, Escada's net debt was at
EUR187.6 million (US$260.7 million), compared with EUR177.1
million at the end of October.  Escada's cash and cash equivalents
had declined to EUR24.7 million after the first six months of its
fiscal year, compared with EUR26.6 million a year earlier, Reuters
noted.

ESCADA AG -- http://www.escada.com/-- is a Germany-based fashion
group engaged in women's designer fashion.  The Company is
structured into two segments: ESCADA and PRIMERA.  Under its core
brand ESCADA, the Company sells women's designer fashions for
daytime, evening, business, leisure, wellness and special
occasions, as well as couture.  The fashion range is supplemented
with accessories like handbags, shoes and small leather goods.
Fragrances, eyewear, kids wear and jewelry from licensed partners
are also sold under the ESCADA brand.  The Company also offers the
ESCADA Sport product line with clothes and accesoires.  Through
its wholly owned subsidiary, PRIMERA AG, the Company additionally
sells the mid-priced brands apriori, BiBA, cavita and Laurel.  As
of October 31, 2008, ESCADA AG operated 182 own shops and 225
franchise shops in more than 60 countries.  Its manufacture
capacities are mainly outsourced to partner operations, located in
Germany, Italy, Eastern Europe and Asia.


ESCADA AG: Moody's Downgrades Corporate Family Rating to 'Ca'
-------------------------------------------------------------
Moody's Investors Service has downgraded ESCADA AG Corporate
Family Rating and Probability of Default Rating to Ca from Caa3,
and the senior unsecured rating on the EUR200 million notes due
2012 to Ca (LGD3, 49%) from Caa3.  The outlook on the ratings is
stable.

"The rating action follows the company's announcement on June 26,
2009 of its public exchange offer for the existing EUR200 million
notes due 2012 and Moody's view that the debt exchange offer
represents a distressed exchange that will be considered as a
default under the rating agency definition when the transaction
closes" says Paolo Leschiutta, a Moody's Vice President - Senior
Analyst responsible for ESCADA.  The proposed exchange offer is
part of a broader financial restructuring of the group which, if
successfully completed, would also include a new capital injection
for approximately EUR29 million and ongoing support from core
banks.

Moody's understands that key shareholders' have provided their
commitment to at least part of the capital injection subject to at
least 80% of bondholders accepting the offer, while the company,
in any case, needs at least 50%+1 bondholders to approve amendment
of covenants within the existing bond indenture.  Although, in
Moody's view, the 80% target might be challenging to be achieved,
the PDR of Ca also reflects Moody's view that in case of failure
to complete the offer, ESCADA would likely face insolvency.  The
CFR of Ca takes into account the fact that bondholders will not
recover par value of the notes and the fact that the existing bond
represents most of the financial debt of the company.  The stable
outlook reflects Moody's view that downward pressure on ratings at
current level is relatively limited.

Under the proposed scenario bond holders who accept the exchange
offer will receive 25% of the par value in new senior secured
notes due 2014, 12.5% of par value in new secured PIK-notes due
2016 and 2.5% in cash during an early bird period (ending July 14,
2009), representing in total a 40% of existing notes (including
the cash component offered before July 14).  The new notes will
receive guarantees from some subsidiaries and be secured on brand
and asset pledges.  Moody's notes that the company recently has
been successful in achieving part of the operating restructuring,
by disposing almost entirely of Primera and optimizing its current
store portfolio.  Nevertheless, ESCADA's liquidity profile remains
weak.

Downgrades:

Issuer: Escada AG

  -- Probability of Default Rating, Downgraded to Ca from Caa3

  -- Corporate Family Rating, Downgraded to Ca from Caa3

  -- Senior Unsecured Regular Bond, Downgraded to Ca (LGD3, 49%)
     from Caa3

The last rating action on ESCADA was on March 19, 2009, when
Moody's downgraded ESCADA's ratings to Caa3 from Caa2.

ESCADA, headquartered in Munich, is one of the leading European
manufacturers and distributors of ready-to-wear high-end apparel
for women.  In the financial year ended October 31, 2008, the
company reported consolidated sales of EUR582.1 million and EBITDA
of EUR8.2 million.  During the first 6 months period ending
April 30, 2009, the company reported EUR151 million of revenues
(ESCADA group only) and EUR2.2 million of EBITDA.


GENERAL MOTORS: Opel Sale Expected to Close in Six Months
---------------------------------------------------------
Andreas Cremer at Bloomberg News reports that General Motors
Corp.'s sale of its Opel division is likely to be completed by the
time the chairman of the German government-backed trust
controlling the unit leaves in six months.

Bloomberg News relates Fred Irwin, head of the trust, told
reporters on Monday in Frankfurt Opel has a "lower nine-digit-
euro" cash reserve and isn't facing a funding crisis.  "They're
not facing an emergency situation," Bloomberg News quoted Mr.
Irwin as saying.  "Opel has positive cash flow.  All suppliers
have been paid."

Bloomberg News recalls the trust has overseen Opel since GM filed
for protection from creditors on June 1.

                     Emergency Reserve

Christiaan Hetzner at Reuters reports Marco Molinari, Opel's
finance chief, plans to use just EUR1.2 billion (US$1.68 billion)
of a EUR1.5 billion bridge loan from the German government,
setting aside the remainder as an emergency reserve.  Reuters
relates a company source said Mr. Molinari presented this internal
financing plan to Opel's supervisory board on Friday.

Reuters notes Handelsblatt newspaper also reported that Opel
planned to set aside EUR300 million of the bridge loan, despite
ongoing losses, in case markets should worsen in the coming
months.  Bloomberg News discloses Roland Koch, prime minister of
Opel's home state of Hesse, said in a June 26 statement Opel is
losing about EUR100 million (US$141 million) every month.

                            Talks

GM, Bloomberg News discloses, is in talks to complete an agreement
to sell Opel and its U.K. Vauxhall brand to Magna International
Inc.  Bloomberg News says according to people familiar with the
talks, negotiations with buyout firm RHJ International SA and
Beijing Automotive Industry Holding Co. are under way and may lead
to the signing of non-binding memoranda of understanding.  John
Reed and Daniel Schafter at The Financial Times report GM could
sign at least one memorandum of understanding this week as talks
with Magna, the preferred bidder, have hit obstacles.

The FT relates a person close to the sale process on Monday said
Belgium's RHJ International had improved its earlier bid and GM
was "taking it very seriously", adding that a memorandum could be
signed within days.  China's Beijing Automotive is also expected
to present an improved offer shortly for Opel, which includes
Vauxhall in the UK, the FT states.  The FT notes Italy's Fiat
expressed interest in Opel but offered no cash in its bid.
Bloomberg News recalls Fiat Chief Executive Officer Sergio
Marchionne said on June 26 that he wouldn’t improve his bid.

According to the FT, the negotiations with Magna have run into
difficulty over access to the Detroit carmaker's global
technology, which Magna wants to secure on behalf of Russian
partners.

                      About General Motors

Headquartered in Detroit, Michigan, General Motors Corp.
(NYSE: GM) -- http://www.gm.com/-- was founded in 1908.  GM
employs about 266,000 people around the world and manufactures
cars and trucks in 35 countries.  In 2007, nearly 9.37 million GM
cars and trucks were sold globally under the following brands:
Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel,
Pontiac, Saab, Saturn, Vauxhall and Wuling.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security and
information services.

GM Europe is based in Zurich, Switzerland, while General Motors
Latin America, Africa and Middle East is headquartered in Miramar,
Florida.

As reported by the Troubled Company Reporter, GM reported net loss
of US$6.0 billion, including special items, in the first quarter
of 2009.  This compares with a reported net loss of US$3.3 billion
in the year-ago quarter.  As of March 31, 2009, GM had
US$82.2 billion in total assets and US$US$172.8 billion in total
liabilities, resulting in US$90.5 billion in stockholders'
deficit.

General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D. N.Y. Lead Case
No. 09-50026).  The Honorable Robert E. Gerber presides over the
Chapter 11 cases.  Harvey R. Miller, Esq., Stephen Karotkin, Esq.,
and Joseph H. Smolinsky, Esq., at Weil, Gotshal & Manges LLP,
assist the Debtors in their restructuring efforts.  Al Koch at AP
Services, LLC, an affiliate of AlixPartners, LLP, is the Debtors'
restructuring officer.  GM is also represented by Jenner & Block
LLP and Honigman Miller Schwartz and Cohn LLP as counsels.
Cravath, Swaine, & Moore LLP is providing legal advice to the GM
Board of Directors.  GM's financial advisors are Morgan Stanley,
Evercore Partners and the Blackstone Group LLP.

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


LEAR CORP: Working on Prepackaged Bankruptcy in U.S.
----------------------------------------------------
Lear Corp. is working on a prepackaged bankruptcy, sources told
Dow Jones Newswires.

Lear is facing a US$38 million interest payment on two bonds
Tuesday.  Lear may file for a traditional-style bankruptcy if a
prepackaged bankruptcy deal isn't reached, Dow Jones said.

Craig Trudell and Lauren Coleman at Bloomberg News report, citing
a person familiar with the matter, said Lear may file for
bankruptcy protection as early as June 29 and no later than
today July 1.

Current lenders JPMorgan Chase & Co. reportedly will provide
debtor-in-possession financing.

The Troubled Company Reporter on June 26, 2009, said Stroock &
Stroock & Lavan LLP will represent the bondholders; and Simpson
Tchacher & Bartlett LLP will represent creditors.  Investment bank
Miller Buckfire & Co. is giving Lear Corp. advice.

As reported by the TCR on June 3, 2009, Lear did not make the
US$38 million semi-annual interest payments due on June 1, 2009,
with respect to its 8.50% senior notes due 2013, and 8.75% senior
notes due 2016.  The Company utilized the 30-day grace period
applicable to the interest payments, while it continues
discussions of a possible capital restructuring with its lenders
and certain other parties, according to Matthew J. Simoncini,
senior vice president and chief financial officer of the company.
Under the applicable indentures relating to the senior notes, the
use of the 30-day grace period does not constitute a default that
permits acceleration of the senior notes or any other
indebtedness, Mr. Simoncini said.

On May 13, 2009, the Company entered into an amendment and waiver
under its primary credit facility, wherein the waiver of covenant
defaults under the primary credit facility would terminate if the
Company were to make any payments with respect to the senior
notes.  A full-text copy of the second amendment and waiver is
available for free at http://ResearchArchives.com/t/s?3a6e

                      About Lear Corporation

Based in Southfield, Michigan, Lear Corporation --
http://www.lear.com/-- is one of the world's leading suppliers of
automotive seating systems, electrical distribution systems and
electronic products.  The Company's products are designed,
engineered and manufactured by a diverse team of 80,000 employees
at 210 facilities in 36 countries.  Lear is traded on the New York
Stock Exchange under the symbol [LEA].

Outside the United States, Lear has subsidiaries in
Germany, Luxembourg, Sweden, Singapore, China, India and Mexico,
among others.

                            *     *     *

Lear had approximately US$1.2 billion in cash and cash equivalents
as of April 4, 2009, as compared to approximately US$1.6 billion
as of December 31, 2008.  The decline reflects negative free cash
flow in the first quarter, as well as the termination of an
accounts receivable factoring facility in Europe.  Lear had total
assets of US$6.4 billion, current liabilities of US$4.4 billion
and long-term liabilities of US$2.0 billion, resulting in US$41.4
million in stockholders' deficit at April 4, 2009.


PORSCHE AUTOMOBIL: Receives Qatar Bid; Rejects Volkswagen Offer
---------------------------------------------------------------
Chris Reiter at Bloomberg News reports Porsche Automobil Holding
SE said the sports-car maker got a bid from the Qatar Investment
Authority after it rejected an offer from Volkswagen AG.

Qatar, Bloomberg News discloses, made a bid for a stake in the
holding company and options that can be converted into VW shares.
Bloomberg News relates Frank Gaube, a Porsche spokesman, said in a
telephone interview on Monday that negotiations with the Qatar
Investment Authority will focus on a purchase price.  Mr. Graube,
as cited by Bloomberg News, said  VW's offer, for Porsche's
operating unit, wasn't "feasible" because it would trigger the
immediate repayment of a EUR10.75 billion (US$15 billion) credit
line.  Citing reports in Focus and Der Spiegel magazines,
Bloomberg News discloses Volkswagen offered to buy about half of
Porsche's car business for EUR3 billion to EUR4 billion.
Bloomberg News notes Peik von Bestenbostel, a spokesman for
Volkswagen, denied that the carmaker set a deadline for talks with
Porsche.

Bloomberg News recalls net debt at Porsche tripled to more than
EUR9 billion after the company increased its stake in Volkswagen
to 50.8 percent at the beginning of this year.

"Until we see cash going into Porsche, Porsche is going to be in a
situation of extremely tight liquidity," Bloomberg news quoted
Philippe Houchois, an automotive analyst at UBS AG in London, as
saying.

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


QIMONDA AG: U.S. Court to Hear Chapter 15 Petition July 22
----------------------------------------------------------
The United States Bankruptcy Court for the Eastern District of
Virginia will convene a hearing on July 22, 2009, at 11:00 a.m. to
consider a Chapter 15 petition for Qimonda AG, and a related
request for a permanent injunction against creditor actions in the
U.S.

On June 15, 2009, Dr. Michael Jaffe, in his capacity as the
foreign representative of Qimonda AG, filed a petition with the
Bankruptcy Court seeking recognition of its insolvency proceedings
in Germany as the "foreign main proceeding."

Chapter 15 allows a company to seek protection from creditors in
the United States while its primary foreign proceeding is pending
in another country.  If the U.S. court grants the Chapter 15
petition, the assets in the U.S. can be liquidated or reorganized
through the foreign proceeding.

Responses or objections to the petition and motion or the relief
requested by the petitioner must be filed so as to be received no
later than July 15, 2009, at 5:00 p.m. (Eastern Daylight Savings
Time).

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

Qimonda AG filed for Chapter 15 on June 15, 2009 (Bankr. E.D. Va.
Case No. 09-14766).  Jeff A. Showalter, Esq., at Morrison &
Foerster, LLP, represents petitioner Dr. Michael Jaffe as counsel.
In its petition, Qimonda AG listed more than US$1 billion each in
assets and debts.


=============
H U N G A R Y
=============


PROPEX INC: Committee Drops Complaint Against BNP Paribas
---------------------------------------------------------
At the behest of the official committee of unsecured creditors in
Propex Inc.'s case, the U.S. Bankruptcy Court for the Eastern
District of Tennessee dismissed the adversary proceeding commenced
by the Committee against BNP Paribas Securities Corp. and certain
of the Debtors' prepetition lenders.  The Committee sought the
dismissal in light of the Court-approved stipulation it entered
into with the Debtors, BNP Paribas and Houlihan Lokey & Zukin Inc.
for the resolution of the Debtors' prepetition secured
indebtedness to BNP Paribas and the Prepetition Lenders.

The Committee sued BNP Paribas and the Prepetition Lenders on
September 23, 2008, challenging the validity of certain liens the
Lenders held under the Prepetition Credit Agreement.

A recently approved stipulation of the parties contemplate the
dismissal of the Committee Complaint versus BNP Paribas, the
allowance of a claim to the Prepetition Lenders equal to the
aggregate prepetition loan of the Debtors of about US$230 million,
and the consent of the Prepetition Lenders to the allocation of
the certain funds and net cash proceeds in the possession of the
Debtors' estates.  Under the stipulation, the Prepetition Lenders
also waive any claim arising from adequate protection liens and
claims.

                       About Propex Inc.

Headquartered in Chattanooga, Tennessee, Propex Inc. --
http://www.propexinc.com/-- produces geosynthetic, concrete,
furnishing, and industrial fabrics and fiber.  It also produces
primary and secondary carpet backing.  Propex operates in North
America, Europe, and Brazil.  In Europe, the company has
manufacturing facilities in Germany, Hungary and the United
Kingdom.

The company and its debtor-affiliates filed for Chapter 11
protection on January 18, 2008 (Bankr. E.D. Tenn. Case No.
08-10249).  The Debtors selected Edward L. Ripley, Esq., Henry J.
Kaim, Esq., and Mark W. Wege, Esq. at King & Spalding, in Houston,
Texas, to represent them.  The Official Committee of Unsecured
Creditors tapped Ira S. Dizengoff, Esq., at Akin Gump Strauss
Hauer & Feld, LLP, in New York, to be its counsel.

Propex Inc., and its affiliates delivered to the Court a Joint
Plan of Reorganization and Disclosure Statement on October 29,
2008.

As of June 29, 2008, the Debtors' balance sheet showed total
assets of USUS$562,700,000, and total debts of USUS$551,700,000.

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


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


ALLIED IRISH: S&P Raises Ratings on Six Hybrid Securities to 'B'
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it raised its ratings
on six hybrid securities issued or guaranteed by Allied Irish
Banks PLC (AIB; A/Watch Neg/A-1) to 'B' from 'C'.

On June 11, 2009, AIB announced exchange offers for six series of
hybrid capital securities as the "exchange offer securities" with
an aggregate value of about EUR3 billion.  In line with S&P's
criteria, S&P characterized the exchange offers as a "distressed
exchange".  As a result, on June 11, 2009, S&P lowered the ratings
on the exchange offer securities to 'C', reflecting S&P's opinion
that the exchange was equivalent to a payment deferral.  Under
S&P's criteria, upon completion of distressed offers, S&P review
the ratings on the remaining tender offer securities.

AIB's exchange offer has now closed and settled on June 25, 2009.
Participants in the offer received dated subordinated notes.  S&P
subsequently reviewed the ratings on the six exchange offer
securities and raised them to 'B', commensurate with the pre-
exchange ratings on AIB's hybrid securities.  S&P has established
'A-/Watch Neg' ratings on the new dated subordinated notes into
which the exchange offer securities were exchanged.

S&P anticipates that AIB will realize a net profit in the region
of EUR1 billion from these six exchange offers.  S&P expects that
this will have led to a reduction in the bank's Tier 1 regulatory
capital base, but increased the equity and Core Tier 1 regulatory
capital bases, and S&P's preferred capital measures, adjusted
total equity and total adjusted capital.

                          Ratings List

                            Upgraded

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

                         To         From
                         --         ----
                         B          C

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

                         To         From
                         --         ----
                         B          C
  GBP400 mil var rate perp callable sub upper Tier 2 hybrid

                         To         From
                         --         ----
                         B          C

                           AIB UK 1 LP
  EUR1 bil var rate /fltg non-cum perp callable pfd secs*

                         To         From
                         --         ----
                         B          C

                           AIB UK 2 LP
  EUR500 mil var rate fxd/fltg rate jr sub non cum perp callable
                            pfd secs*

                         To         From
                         --         ----
                         B          C

                           AIB UK 3 LP
GBP350 mil var rate fxd/fltg rate jr sub non cum perp callable pfd
                              secs*

                         To         From
                         --         ----
                         B          C

              * Guaranteed by Allied Irish Banks PLC.


BUY & SELL: Debt Restructuring Fails; Placed Into Examinership
--------------------------------------------------------------
Simon Carswell at The Irish Times reports that the directors of
Buy & Sell, the classified advertising paper and Web site, decided
to place the business into examinership after it was unable to
restructure debts of EUR18.3 million to National Irish Bank.

The Irish Times relates Ms. Justice Mary Laffoy appointed
accountant Tom Kavanagh of Kavanagh Fennell to three firms behind
the classified adverts business -- BS, Buy & Sell (Northern
Ireland) and Naldin on an application by its directors.  The three
directors of Buy Sell are executive chairman, financier Niall
McFadden and Declan Cassidy, The Irish Times states.

Mr. Boyle told The Irish Times that the business was
"fundamentally profitable" but that it had been unable to service
its bank debt and working capital needs.  Citing Mr. Boyle, The
Irish Times discloses the company, which employed 64 people
Donnybrook, Dublin, owed a further EUR1.6 million falling due to
trade creditors.  According to The Irish Times, Mr. Boyle said he
hoped to launch a bid for the business with other investors to be
sourced by corporate finance firm Raglan Capital which would take
it out of examinership.

The company had been threatened with liquidation by the Revenue,
which it owed a debt of EUR500,000, The Irish Times discloses.
The matter will be before the court again on July 8, The Irish
Times notes.


CHESS CAPITAL: Moody's Cuts Rating on EUR125MM Securities to 'B3'
-----------------------------------------------------------------
Moody's Investors Service has downgraded its ratings of one class
of notes issued by CHESS Capital Securities plc.

The transaction is a pure pass-through of the rating of non-
cumulative Perpetual Capital Securities of EBS Capital No. 1 S.A.
The rating action follows the downgrade of the EBS collateral to
B3 from B1.

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

  -- Repackaged Securities (October 2001)

  -- Moody's Refines It's Approach to Rating Structured Notes
     (July 1997)

The rating action is:

CHESS Capital Securities plc:

(1) EUR125,000,000 Perpetual Tier-One Pass-Through Securities

  -- Current Rating: B3
  -- Prior Rating: B1
  -- Prior Rating Date: 20 April 2009, downgraded to B1 from Baa1


GREEN ISLAND: Moody's Cuts Rating on EUR125MM Securities to 'B3'
----------------------------------------------------------------
Moody's Investors Service has downgraded its ratings of one class
of notes issued by Green Island Capital Securities plc.

The transaction is a pure pass-through of the rating of non-
cumulative Perpetual Capital Securities of EBS Capital No. 1 S.A.
The rating action follows the downgrade of the EBS collateral to
B3 from B1.

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

  -- Repackaged Securities (October 2001)

  -- Moody's Refines It's Approach to Rating Structured Notes
     (July 1997)

The rating action is:

Green Island Capital Securities plc:

(1) EUR125,000,000 Perpetual Tier-One Pass-Through Securities

  -- Current Rating: B3
  -- Prior Rating: B1
  -- Prior Rating Date: 20 April 2009, downgraded to B3 from B1


POD CONCERTS: Put Into Liquidation Over Tax Bill
------------------------------------------------
Ian Kehoe and Gavin Daly at The Sunday Business Post Online report
that music promoter John Reynolds has decided to put his company,
Pod Concerts, into liquidation.

According to the report, Mr. Reynolds plans to appoint a
liquidator to Pod Concerts following a petition by the Revenue
Commissioners to wind up the business.  The report relates the
Revenue moved last week to wind up the company in an effort to
secure an outstanding liability.  Pod Concerts, which experienced
cashflow problems after losing money on the Midlands and Lovebox
festivals, owed the Revenue EUR1.2 million.  It recently paid
EUR500,000 off its overall tax bill and Mr. Reynolds had hoped to
reach an agreement with the Irish tax authority to repay the
remainder over a 16-month period.


QUALCERAM SHIRES: Seeks Liquidation; Four Units Find Investors
--------------------------------------------------------------
RTE Business reports that David Hughes of Ernst & Young, the
examiner to Qualceram Shires, will make an application to have the
company liquidated after attempts to secure funding failed.

The examiner, the report says, has told the company it is 'highly
unlikely' that shareholders will receive anything from the
process.

According to the report, four of the company's four subsidiaries,
Shires Ireland, Quality Ceramics Arklow Ltd., Quay Bathrooms and
Quality Ceramics Sales Ltd, will continue in examinership.  The
report relates in a June 29 statement the company said the four
subsidiaries had signed a binding agreement with an investor who
will invest in four of its Irish businesses.

The report recalls the company, which employs 90 people, went into
into examinership in April after talks with its bankers and
landlord failed to reach agreement.  It had been hit by the
slowdown in the property markets in Ireland and the UK, the report
discloses.

Headquartered in Arklow, Ireland, Qualceram Shires plc --
http://www.qualceram-shires.com/-- is engaged in the manufacture,
sale and distribution of bathroom products.  The Company offers a
range of traditional and contemporary bathroom products, including
wash hand basins in glass and electronically controlled whirlpool
baths.  Its range of goods include vitreous china, acrylic baths,
taps and brassware, heated towel rails, bathroom furniture and
accessories.  The Company's brands include Shires, Selecta, Shaws
and Trent. Some of its subsidiaries include QCM Limited, which is
a holding company; Quality Ceramics (Arklow) Limited, which is
engaged in manufacturing; Qualceram Limited, which is a holding
company; Quality Ceramic (Sales) Limited, which is engaged in
sales and distribution, and Shires Limited, which is engaged in
manufacturing, sales and distribution.


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


CHEMTURA CORP: Withdrew Proposal for Inesa Guaranty Pact
--------------------------------------------------------
Chemtura Corp. and its affiliates withdrew a request seeking
authority to enter into a guarantee agreement with Intesa
Mediofactoring SpA in connection with the obligation of the
Debtors' non-debtor affiliates.

Chemtura Corporation Chief Financial Officer Stephen Forsyth
relates that certain of the Debtors' European subsidiaries
participate in a program to sell certain of their eligible
accounts receivable, otherwise referred to as the European
Accounts Receivable Facility.  The European Subsidiaries sell
their accounts receivables to Intesa Mediofactoring SpA in
exchange for an amount equal to the face value of the receivables.
This arrangement permits the European Subsidiaries to receive
advance payment on account of the sold receivables that have not
been collected.

However, the decline in the Debtors' financial performance
constrained their ability to access liquidity under the European
AR Facility.  Intesa Mediofactoring imposed restrictions in the
European Subsidiaries' ability to sell accounts under the
European AR Facility, according to Mr. Forsyth.  In that light,
the Debtors sought approval to enter into an agreement with Intesa
pursuant to which Chemtura Corp. will guarantee the obligations of
the European Subsidiaries under the AR Facility on
a postpetition basis.

The salient terms of the Postpetition AR Guarantee Agreement were:

  (a) Chemtura Corp. will not dispose of its direct or indirect
      part of all of its ownership interest in the European
      Subsidiaries without having first advised Intesa in
      writing;

  (b) Chemtura Corp. will continue to provide financing and
      managerial support to the European Subsidiaries to allow
      them to meet obligations under the European AR Agreement;
      and

  (c) Chemtura Corp. will unconditionally reimburse Intesa, up
      to a total of EUR70 million on written demand, any and all
      amounts owed for any reason to Intesa by the European
      Subsidiaries pursuant to the terms of the European AR
      Agreement.

                        About Chemtura Corp

Based in Middlebury, Connecticut, Chemtura Corporation (CEM) --
http://www.chemtura.com/-- with 2008 sales of US$3.5 billion, is
a global manufacturer and marketer of specialty chemicals, crop
protection products, and pool, spa and home care products.

Chemtura Corporation and 26 of its U.S. affiliates filed voluntary
petitions for relief under Chapter 11 on March 18, 2009 (Bankr.
S.D. N.Y. Case No. 09-11233).  M. Natasha Labovitz, Esq., at
Kirkland & Ellis LLP, in New York, serves as bankruptcy counsel.
Wolfblock LLP serves as the Debtors' special counsel.  The
Debtors' auditors and accountant are KPMG LLP; their investment
bankers are Lazard Freres & Co.; their strategic communications
advisors are Joele Frank, Wilkinson Brimmer Katcher; their
business advisors are Alvarez & Marsal LLC and Ray Dombrowski
serves as their chief restructuring officer; and their claims and
noticing agent is Kurtzman Carson Consultants LLC.

As of December 31, 2008, the Debtors had total assets of
US$3.06 billion and total debts of US$1.02 billion.

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


CHRYSLER LLC: Sec. 341 Meeting Continued to September 21
--------------------------------------------------------
Corinne Ball, Esq., at Jones Day, in New York, disclosed that the
meeting of creditors of Old Carco LLC, f/k/a Chrysler LLC, and its
debtor-affiliates pursuant to Section 341 of the Bankruptcy Code
commenced as scheduled on June 22, 2009, at 1:00 p.m., New York
Time, at the New York Helmsley Hotel.

According to Ms. Ball, the Section 341 Meeting was continued to,
and will be concluded on September 21, 2009, at 1:30 p.m., New
York Time, at the Office of the United States Trustee for Region
2, at 80 Broad Street, 4th Floor, New York, NY 10004.

                        About Chrysler LLC

Headquartered in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- manufactures Chrysler, Jeep(R), Dodge
and Mopar(R) brand vehicles and products.  The Company has dealers
worldwide, including Canada, Mexico, U.S., Germany, France, U.K.,
Argentina, Brazil, Venezuela, China, Japan, and Australia.  In
2007, Cerberus Capital Management LP acquired an 80.1% stake in
Chrysler for US$7.2 billion.  Daimler AG kept a 19.9% stake.

On April 30, Chrysler LLC and 24 affiliates sought Chapter 11
protection from creditors (Bankr. S.D.N.Y (Mega-case), Lead Case
No. 09-50002). Chrysler hired Jones Day, as lead counsel; Togut
Segal & Segal LLP, as conflicts counsel; Capstone Advisory Group
LLC, and Greenhill & Co. LLC, for financial advisory services; and
Epiq Bankruptcy Solutions LLC, as its claims agent.  Chrysler has
changed its corporate name to Old CarCo following its sale to a
Fiat-owned company.  As of December 31, 2008, Chrysler had
US$39,336,000,000 in assets and US$55,233,000,000 in debts.
Chrysler had US$1.9 billion in cash at that time.

In connection with the bankruptcy filing, Chrysler reached an
agreement with Fiat SpA, the U.S. and Canadian governments and
other key constituents regarding a transaction under Section 363
of the Bankruptcy Code that would effect an alliance between
Chrysler and Italian automobile manufacturer Fiat.  Under the
terms approved by the Bankruptcy Court, the company formerly known
as Chrysler LLC on June 10, 2009, formally sold substantially all
of its assets, without certain debts and liabilities, to a new
company that will operate as Chrysler Group LLC.  Fiat has a 20
percent equity interest in Chrysler Group.

Bankruptcy Creditors' Service, Inc., publishes Chrysler Bankruptcy
News.  The newsletter tracks the Chapter 11 proceedings of
Chrysler LLC and its debtor-affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


LUCCHINNI GROUP: Moody's Cuts Corporate Family Rating to 'B1'
-------------------------------------------------------------
Moody's Investors Service has downgraded the Ba3 Corporate Family
Rating for Lucchini to B1.  The outlook was left unchanged at
stable.

The downgrade reflects the anticipated weakening of the credit
metrics of Lucchini in the intermediate term driven by the weak
steel markets affecting the company's operating performance.

The recently release 1Q 2009 results evidence the pressure on
profitability and operating cash flow generation.  The agency
expects that the company could continue to generate negative
EBITDA throughout 2009 with possible marginal improvements toward
the end of the year and into 1-2 quarters of 2010 if the steel
markets do not improve.

On the positive side, Moody's acknowledge that Lucchini has a
solid liquidity position supported by EUR457 million in cash while
in the next 4 quarters the company needs to repay EUR66 million
and spend EUR89 million on capex.

The stable outlook reflects the fact that, although, Moody's
believes that the company could be under breach of covenants in
2009 under syndicated loan facilities, the agency anticipates that
the lenders should remain supportive leaving therefore the ability
for the company to manage such occurrence.  Moody's also notes
that free cash flow consumption is expected to be limited if at
all during the current year thanks to effective working capital
management.

Moody's would see a further downward pressure on the rating if
Lucchini would not be able: (1) to generate positive EBITDA from
2010; and (ii) to have gross leverage progressively moving toward
3.5x over the course of the next 15 months.

The last rating action was on 25 September 2007 when Moody's
affirmed Ba3 Corporate Family Rating to Lucchini SpA with a
outlook stable.  The rating action took into account Lucchini's
track record of consistently adhering to its strategy and
financial policy, with the consolidation of the financial
indebtedness and the repayment of the short-term drawings

Lucchini is Italy's second largest steel producer, with an output
in 2007 of 3.02 million tons of steel including of 2.1 million
tones of long and rolled products.  The company is one of the
largest European producers of special quality long products by
volume of production and has several plants and service centres
throughout Europe, primarily in Italy and France.

For the year ending 31 December 2008, the company's revenues and
Gross Margin from Operation were EUR2.7 billion and
EUR294 million, respectively.

Severstal controls 79.82% of Lucchini's shares.


WIND ACQUISITION: Moody's Assigns (P)'B2' Rating on EUR2.7BB Notes
------------------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)B2 rating
to the approximately EUR2.7 billion new senior notes, due 2017,
announced to be issued by Wind Acquisition Finance S.A.  The new
senior notes will rank pari passu with the existing senior notes.
The proceeds of the issue are intended to be used to prepay Wind
Acquisition Holdings Finance S.A.'s PIK loan due December 2011, as
well as to pay a one-off dividend to Weather Investments in the
amount of EUR500 million.  The assigned rating assumes that there
will be no material variations to the draft legal documentation
reviewed by Moody's.

Concurrently, Moody's affirmed the Ba3 corporate family rating of
Wind Telecomunicazioni S.p.A, but changed the outlook to negative
from stable, reflecting that the proposed issue reduces the
company's financial flexibility and headroom within the existing
rating category.

Moody's also notes that, because the uncertainty over whether the
PIK obligation would be refinanced with senior secured vs.
unsecured debt has been eliminated, Moody's upgraded the senior
secured debt ratings to Ba1 from Ba2, reflecting the substantial
amount of additional junior debt that will be added to the capital
structure relative to the amount of senior secured debt.

Moody's analytical approach has always qualitatively factored an
expected refinancing of WAHF's PIK loan as an obligation that
would eventually weigh on the company's financial profile though
it was unclear whether that refinancing would be with senior
secured or unsecured debt.  Moody's therefore consider the
proposed transaction -- to the extent of the refinancing of the
PIK obligations -- to be broadly ratings neutral and in line with
Moody's earlier expectations, notwithstanding the fact that Wind's
cash interest coverage metrics will weaken to a certain degree.
Nevertheless, the additional EUR500 million debt to be raised at
the Wind level and ultimately distributed to shareholders does
weaken Wind's financial flexibility although in Moody's view it
can be accommodated within the current rating category.

Moody's notes that the rating actions assume that senior credit
facility covenant levels will have been reset prior to the
issuance of the new senior notes such that covenant headroom will
remain comfortably positioned relative to the company's new
business plan and that the bond placement will ultimately be
completed as proposed.

The last rating action was on July 2, 2007, when Moody's affirmed
Wind's Ba3 CFR following its refinancing announcement, which was
ultimately cancelled due to market conditions.

Moody's assigns provisional ratings when the assignment of a final
rating is subject to the fulfillment of contingencies, but it is
highly likely that the rating will become definitive after all
documents are received or an obligation is issued into the market.
A provisional rating is denoted by placing a (P) in front of the
rating.

Wind Telecomunicazioni S.p.A is a leading integrated telecom
operator in Italy, where it is active in the wireless market
(under the Wind brand), the fixed-line voice, broadband and data
services market (through its Infostrada brand), and the Internet
services market, including narrowband and portal services (under
the Libero brand).  In the year ended December 2008, Wind reported
revenues of EUR5.5 billion and EBITDA of EUR2.0 billion.


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


EKSEPERIMENTALNO-STROITELNAYA: Claims Filing Deadline is July 10
----------------------------------------------------------------
Creditors of LLP Ekseperimentalno-Stroitelnaya Companiya have
until July 10, 2009, to submit proofs of claim to:

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

The Specialized Inter-Regional Economic Court of Pavlodar
commenced bankruptcy proceedings against the company on April 20,
2009.


GERMES SERVICE: Creditors Must File Claims by July 10
-----------------------------------------------------
Creditors of LLP Germes Service Ltd have until July 10, 2009, to
submit proofs of claim to:

         Jahaev Str. 71
         Kyzylorda
         Kazakhstan

The Specialized Inter-Regional Economic Court of Kyzylorda
commenced bankruptcy proceedings against the company on
December 25, 2008, after finding it insolvent.

The Court is located at:

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



INTEGRAL COMMUNICATION: Creditors Must File Claims by July 10
-------------------------------------------------------------
Creditors of LLP Integral Communication have until July 10, 2009,
to submit proofs of claim to:

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

The Specialized Inter-Regional Economic Court of Almaty commenced
bankruptcy proceedings against the company on May 4, 2009.


KARAGANDA STROY: Creditors Must File Claims by July 10
------------------------------------------------------
Creditors of LLP Karaganda Stroy Project have until July 10, 2009,
to submit proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of Karaganda
         Alalykin Str. 9
         Karaganda
         Kazakhstan

The Specialized Inter-Regional Economic Court of Karaganda
commenced bankruptcy proceedings against the company on
April 6, 2009.


KAZINVESTBANK AO: S&P Cuts Counterparty Credit Ratings to 'B-/C'
----------------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its long- and
short-term counterparty credit ratings on KazInvestBank to 'B-/C'
from 'B/B'.  S&P also lowered the Kazakhstan national scale rating
on the bank to 'kzBB-' from 'kzBB'.  The outlook is negative.

"The rating action reflects S&P's view of the continuing pressure
on the bank's asset quality and vulnerable funding profile, high
concentrations in loans and deposits, and weakened profitability,
amid the challenging operating environment," said Standard &
Poor's credit analyst Annette Ess.  These concerns are partly
mitigated by its focused niche strategy, a capable management
team, and satisfactory information transparency and corporate
governance.

KIB is a small Kazakh bank with a market share of about 1% and
total assets of Kazakhstani tenge 81.4 billion (US$543 million) at
the end of March 2009.

KIB, like other Kazakh banks, is suffering from asset quality
deterioration, heightened by the economic slowdown after five
years of rapid loan growth.  Loans more than 90 days overdue
increased considerably to 7.3% of total loans by the end of March
2009 from 0.5% at year-end 2007.

Due to its focus on corporate banking, KIB displays high
concentrations in loans and deposits, with the top 20 lenders
accounting for 3.5x of equity and the top 20 depositors for 74% of
total deposits as of end-March 2009.  S&P is concerned by its high
share of government-related deposits, which can be withdrawn on
government orders.  Asset quality deterioration has strained the
bank's profitability due to a sharp increase in provisions.

The bank's international funding, of which a manageable $21.4
million matures until the end of 2009, comes mostly from its
European Bank for Reconstruction and Development trading line.

"The negative outlook reflects the continued, albeit still
manageable, pressure on the bank's asset quality and its funding
vulnerability amid the sector turbulence," said Ms. Ess.

"We would consider lowering S&P's long-term rating on the bank if
liquidity comes under pressure from deposit withdrawal from
government-related entities, if asset quality deteriorates beyond
S&P's expectations, or if its loss-absorption cushion (including
capitalization and provision coverage) reduces significantly."


SEM GAS: Creditors Must File Claims by July 10
----------------------------------------------
Creditors of OJSC Sem Gas Service have until July 10, 2009, to
submit proofs of claim to:

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

The Specialized Inter-Regional Economic Court of East Kazakhstan
region commenced bankruptcy proceedings against the company on
April 6, 2009.


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


ADIRONDACK LLP: Creditors Must File Claims by July 24
-----------------------------------------------------
LLP Adirondack is currently undergoing liquidation.  Creditors
have until July 24, 2009, to submit proofs of claim to:

Inquiries can be addressed to (+996 312) 68-10-66.


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


BREEZE FINANCE: S&P Downgrades Rating on EUR287 Mil. Bonds to 'BB'
------------------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its long-term
underlying debt rating on the EUR287 million class A secured bonds
due in 2027 issued by Luxembourg-based Breeze Finance S.A. (Breeze
Three) to 'BB' from 'BBB-'.  S&P also lowered its long-term debt
rating on the EUR87 million class B subordinated bonds due 2027 to
'CC' from 'B-'.  At the same time, S&P removed the ratings from
CreditWatch, where they were placed with negative implications on
April 23, 2009.  The outlook on both bonds is negative.

The 'BBB' insured rating on the class A notes, reflecting what S&P
see as an unconditional and irrevocable guarantee of payment of
scheduled interest and principal provided by MBIA U.K. Insurance
Ltd. (BBB/Negative/--), is unaffected.

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

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

Breeze Three met its April debt service payment on both the class
A and class B bonds without using the debt service reserve
accounts.  However, according to management information, all
liquidity (besides a minimum operating reserve of EUR1 million)
was used to meet these payments, which led to a tight liquidity
situation.  Furthermore, cash flows over the summer months are
historically lower than the annual average, and therefore a
recovery is not likely until October.  In addition, the likelihood
of lower availability of some Nordex turbines make it highly
unlikely in S&P's opinion that Breeze Three will have sufficient
funds to meet the next EUR4.43 million debt service payment on the
class B notes, due in October 2009.

Breeze Three is a special-purpose entity that raised funds for a
wind-power partnership comprising 43 wind farms in Germany and
France with a total installed capacity of 347.4 megawatts.  The
majority of the wind farms (91% of the installed capacity) are
located in Germany.

The negative outlook reflects S&P's view that cash flows could
deteriorate beyond S&P's current expectations due to a composite
of factors."  S&P sees uncertainty regarding cash flow over the
next months due to the prevailing poor wind conditions in
Germany," said Mr. Binder.  "We also believe there is a lack of
visibility regarding the potential impact on the project's cash
flows if and when the project has to pay for the repair costs
related to the Vestas turbine foundations, and potentially the
replacement of the Nordex blades should no agreement be reached
with the supplier."  In addition, it is not clear to us if the
Vestas turbine foundations will be insured again.


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


DUTCH MORTGAGE: S&P Affirms Ratings on Class D Notes at 'BB+'
-------------------------------------------------------------
Standard & Poor's Ratings Services raised and removed from
CreditWatch positive its credit ratings on the class B and C notes
issued by Dutch Mortgage Portfolio Loans II B.V. and Dutch
Mortgage Portfolio Loans III B.V.  At the same time, S&P affirmed
S&P's ratings on the class A and D notes in both deals.

The rating actions follow S&P's credit and cash flow analysis of
the most recent transaction information that S&P has received.
The rating actions are primarily driven by the increased seasoning
and house price appreciation on the underlying assets since
closing, together with continued low arrears levels.

This means that S&P's calculated weighted-average foreclosure
frequencies for each rating level have reduced for each rating
scenario.  The house price appreciation also causes a reduction in
S&P's weighted-average loss severities.  Overall, S&P now expect
the transactions to experience fewer losses at each rating level
than at closing.  DMPL II currently has an unindexed weighted-
average loan-to-foreclosure value of 62.36%, a seasoning of 117
months, and arrears of 0.14%.  DMPL III currently has a WALFTV of
66.53%, a seasoning of 103 months, and arrears of 0.36%.

Both transactions have benefited from deleveraging.  The notes
(excluding the class D excess spread notes) benefit from increased
credit enhancement and can withstand greater losses.

                           Ratings List

       Ratings Raised and Removed From Creditwatch Positive

              Dutch Mortgage Portfolio Loans II B.V.
          EUR1.005 Billion Fixed- And Floating-Rate Notes

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

             Dutch Mortgage Portfolio Loans III B.V.
           EUR1.256 Billion Secured Floating-Rate Notes

                              Rating
                              ------
         Class       To                      From
         -----       --                      ----
         B           AA+                     AA/Watch Pos
         C           A+                      A/Watch Pos

                        Ratings Affirmed

              Dutch Mortgage Portfolio Loans II B.V.
          EUR1.005 Billion Fixed- And Floating-Rate Notes

                        Class       Rating
                        -----       ------
                        A           AAA
                        D           BB+

             Dutch Mortgage Portfolio Loans III B.V.
            EUR1.256 Billion Secured Floating-Rate Notes

                        Class       Rating
                        -----       ------
                        A           AAA
                        D           BB+


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


AMERICAN INT'L: to Sell Russian Bank Subsidiary to Banque PSA
-------------------------------------------------------------
American International Group has entered into an agreement to sell
98 percent of the shares in its consumer finance operations in
Russia, consisting of OOO AIG Bank (RUS), with an option, not
exercisable until mid-March 2011, for the sale of the remaining
two percent, to Banque PSA Finance SA (a 100 percent- owned
subsidiary of PSA Peugeot Citroen Group).  The transaction is
subject to the satisfaction of certain conditions, including
approval by the Central Bank of Russia.

OOO AIG Bank (RUS) was established in June 2008 and currently
employs a dozen employees.  Terms of the transaction were not
disclosed.

Deutsche Bank acted as financial advisor and Debevoise & Plimpton
served as legal counsel to AIG on this transaction.  CMS in Russia
served as legal counsel to Banque PSA Finance.

                  About American International

Based in New York, American International Group, Inc., is the
leading international insurance organization with operation in
more than 130 countries and jurisdictions.  AIG companies serve
commercial, institutional and individual customers through the
most extensive worldwide property-casualty and life insurance
networks of any insurer.  In addition, AIG companies are leading
providers of retirement services, financial services and asset
management around the world.  AIG's common stock is listed on the
New York Stock Exchange, as well as the stock exchanges in Ireland
and Tokyo.

In September 2008, AIG experienced a liquidity crunch when its
credit ratings were downgraded below "AA" levels by Standard &
Poor's, Moody's Investors Service and Fitch Ratings.  On
September 16, 2008, the Federal Reserve Bank created an
US$85 billion credit facility to enable AIG to meet increased
collateral obligations consequent to the ratings downgrade, in
exchange for the issuance of a stock warrant to the Fed for 79.9%
of the equity of AIG.  The credit facility was eventually
increased to as much as US$182.5 billion.  AIG has sold a number
of its subsidiaries and other assets to pay down loans received,
and continues to seek buyers of its assets.

At March 31, 2009, AIG had US$819.75 billion in total assets and
US$765.53 billion in total liabilities.  At September 30, 2008,
AIG had US$1.022 trillion in total assets and US$950.9 billion in
total debts.

The Troubled Company Reporter reported on March 4, 2009, that
Moody's Investors Service confirmed the A3 senior unsecured debt
and Prime-1 short-term debt ratings of American International
Group, Inc.  AIG's subordinated debt rating has been downgraded to
Ba2 from Baa1.  The rating outlook for AIG is negative.  This
rating action follows AIG's announcement of net losses of
US$62 billion for the fourth quarter and $99 billion for the full
year of 2008, along with a revised restructuring plan supported by
the U.S. Treasury and the Federal Reserve.  This concludes a
review for possible downgrade that was initiated on September 15,
2008.


AMURSKAY CONSTRUCTION: Creditors Must File Claims by July 10
------------------------------------------------------------
Creditors of OJSC Amurskaya Construction Company (TIN 2808016679 ,
PSRN 1042800173063) have until July 10, 2009, to submit proofs of
claims to:

          M. Pintusov
          Temporary Insolvency Manager
          Apt. 81
          Shimanovskogo Str. 36
          675000 Blagoveshchensk
          Russia

The Arbitration Court of Amurskaya will convene on Sept. 23, 2009,
to hear bankruptcy supervision procedure on the company.  The case
is docketed under Case No. ?04–844/2009.

The Debtor can be reached at:

         OJSC Amurskaya Construction Company
         Office 4
         Verkhnezeyskaya Str. 21
         Tynda
         676282 Amurskaya
         Russia


BROKUS-STROY LLC: Creditors Must File Claims by July 10
-------------------------------------------------------
The Arbitration Court of Volgogradskaya commenced bankruptcy
proceedings against LLC Brokus-Stroy (TIN 7715222727, PSRN
1027739791530) (Construction) after finding the company insolvent.
The case is docketed under Case No. ?12–5455/2009.

Creditors have until July 10, 2009, to submit proofs of claims to:

         S. Fetisov
         Insolvency Manager
         Post User Box 3243
         400122 Volgograd
         Russia

The Debtor can be reached at:

         LLC Brokus-Stroy
         Prospect Lenina 98
         400005 Volgograd
         Russia


KAR-STROY LLC: Creditors Must File Claims by July 7
---------------------------------------------------
The Arbitration Court of Saint-Petersburg commenced bankruptcy
proceedings against LLC Kar-Stroy (TIN 7802308353, PSRN
1047855115220, RVC 784101001) (Construction) after finding the
company insolvent.  The case is docketed under Case No.
?56–21736/2009.

Creditors have until July 7, 2009, to submit proofs of claims to:

          A. Belokopyt
          Insolvency Manager
          Post User Box 163
          191028 Saint-Petersburg
          Russia

The Debtor can be reached at:

         LLC Kar-Stroy
         Chaikovskogo Str. 12B
         191187 Saint-Petersburg
         Russia


PERMSKIY MINERAL: Creditors Must File Claims by July 10
-------------------------------------------------------
Creditors of LLC Permskiy Mineral Water Plant (TIN 5951041102,
PSRN 1055907562006) have until July 10, 2009, to submit proofs of
claims to:

         Ye.Drozdova
         Temporary Insolvency Manager
         Karpinskogo Str. 81-42
         614095 Perm
         Russia

The Arbitration Court of Permskiy will convene at 10:40 a.m. on
Oct. 10, 2009, to hear bankruptcy supervision procedure on the
company.  The case is docketed under Case No. ?50–6969/2009.

The Debtor can be reached at:

         LLC Permskiy Mineral Water Plant
         Kirova Str. 7a
         454114 Chelyabinsk
         Russia


SHELEKHOVSKIY MACHINERY: Creditors Must File Claims by July 10
--------------------------------------------------------------
Creditors of OJSC Shelekhovskiy Machinery and Repair Plant (TIN
3821000976, PSRN 1023802255487) have until July 10, 2009, to
submit proofs of claims to:

         V. Pulyaevskiy
         Temporary Insolvency Manager
         Post User Box 159
         664081 Irkutsk-81
         Russia

The Arbitration Court of Irkutskaya will convene at 10:40 a.m. on
Oct. 19, 2009, to hear bankruptcy supervision procedure on the
company.  The case is docketed under Case No. ?19–7666/09–68-71.

The Debtor can be reached at:

         OJSC Shelekhovskiy Machinery and Repair Plant
         Izvestkovaya Str. 2
         Shelekhov
         666034 Irkutskaya
         Russia


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


AFIRMA GRUPO: Has Pact with Lenders to Refinance EUR1.4 Bln Debt
----------------------------------------------------------------
Ben Harding at Reuters reports that Afirma Grupo Inmobiliario,
S.A., said on Monday it was in the process of signing agreements
with creditor banks to refinance around EUR1.4 billion  (US$1.96
billion) of debt.

In a June 11 report Reuters disclosed the company reached a pre-
accord with creditor banks to delay the repayment of its debt for
two years and finance interest payments during the period.  The
report said the preliminary agreement includes the possibility of
providing Afirma with an additional cash injection to guarantee
the company's stability for three years against a backdrop of a
severe slump in its business agreement.  The company's net debt
stood at EUR1.44 billion at the end of March, the report stated.

Afirma Grupo Inmobiliario, S.A., is a real estate company based in
Spain.


BANCO PASTOR: Moody's Says Exposure Linked to Swap Counterparty
---------------------------------------------------------------
On June 15, 2009, Moody's Investors Service's Financial
Institution Group concluded the review of the long-term and short-
term debt ratings of Banco Pastor (A3/P-2/D/Negative Outlook),
which had been placed on review for possible downgrade on the
May 19, 2009.  The long-term debt rating was downgraded to A3 from
A2 and short-term debt rating was downgraded from P-1 to P-2.

As outlined in the structured finance press release of the
May 28, 2009, Moody's has assessed the exposure to Banco Pastor in
the outstanding RMBS and ABS transactions and has placed on review
for possible downgrade all notes issued by these transactions:

  -- TDA Pastor 1, FTA
  -- IM Pastor 3, FTH
  -- IM Pastor 4, FTA

The main exposure arising in TDA Pastor 1, FTA, is linked to the
role of swap counterparty that Banco Pastor performs.  Following
the downgrade, Banco Pastor should post collateral and search for
a replacement or guarantor.  No credit support annex is in place
for these transactions.  Moody's current Framework for De-linking
Hedge Counterparty Risks from Global Structured Finance Cashflow
Transactions establishes the amounts to be posted for entities
with A3/P-2 ratings based on the Mark-to-Market value of the swaps
and considering its volatility.  A Credit Support Annex regulating
the postings needs to be in place.  During the review Moody's will
consider the collateral posted and the impact of this potential
higher linkage to the swap counterparty.

Another exposure is the servicing role that Banco Pastor fulfils.
As part of Moody's detailed review, Moody's will assess whether
the current credit enhancement in the structure is sufficient to
protect the transaction from increased commingling risk.  The
documentation includes monthly sweeps of collections with no
frequency change at loss of P-1.

The main exposure arising under IM Pastor 3, FTH and IM Pastor 4,
FTA, is linked to the servicing role that Banco Pastor plays in
them.  As part of Moody's detailed review, Moody's will consider
if the liquidity available is sufficient in case of a servicing
transfer. Moody's notes that the reserve fund of both transactions
are below their target levels and that no other sources of
liquidity are available.  Moody's will also assess whether the
current credit enhancement is sufficient to protect these
transactions from increased commingling risk.  The documentation
includes monthly sweeps of collections with a frequency change to
weekly and daily, respectively at loss of P-1.

Banco Pastor acts as swap counterparty in both transactions.  For
IM Pastor 3, following the downgrade, Banco Pastor may either post
collateral or seek a replacement or guarantor.  Moody's
understanding is that Banco Pastor is in the process of being
replaced as swap counterparty.  For IM Pastor 4, Banco Pastor
payment obligations under the swap are already guaranteed by Banco
Popular (Aa3/P-1/C-/Negative Outlook).

TDA Pastor 1, FTA

  -- Class A1, Placed Under Review for Possible Downgrade,
     previously on 5th March 2003 Assigned Aaa

  -- Class A2, Placed Under Review for Possible Downgrade,
     previously on 5th March 2003 Assigned Aaa

  -- Class B, Placed Under Review for Possible Downgrade,
     previously on 5th March 2003 Assigned A2

  -- Class C, Placed Under Review for Possible Downgrade,
     previously on 5th March 2003 Assigned Baa2

  -- Class D, Placed Under Review for Possible Downgrade,
     previously on 5th March 2003 Assigned Ba1

IM Pastor 3, FTH

  -- Class A, Placed Under Review for Possible Downgrade,
     previously on 14th June 2005 Assigned Aaa

  -- Class B, Placed Under Review for Possible Downgrade,
     previously on 14th June 2005 Assigned Aa3

  -- Class C, Placed Under Review for Possible Downgrade,
     previously on 6th May 2009 Assigned Baa2

  -- Class D, Placed Under Review for Possible Downgrade,
     previously on 6th May 2009 Assigned B3

IM Pastor 4, FTA

  -- Class A, Placed Under Review for Possible Downgrade,
     previously on 6th June 2006 Assigned Aaa

  -- Class B, Placed Under Review for Possible Downgrade,
     previously on 6th May 2009 Assigned A1

  -- Class C, Placed Under Review for Possible Downgrade,
     previously on 6th May 2009 Assigned Ba2

  -- Class D, Placed Under Review for Possible Downgrade,
     previously on 6th May 2009 Assigned Caa2


CAIXA CATALUNYA: Moody's Says Exposure Linked to Swap Counterparty
------------------------------------------------------------------
On June 15, 2009, Moody's Investors Service's Financial
Institution Group concluded the review of the long-term and short-
term debt ratings of Caixa Catalunya (A3/P-2/D-/Negative Outlook),
which had been placed on review for possible downgrade on the 19
May 2009.  The long-term debt rating was downgraded to A3 from A2
and short-term debt rating was downgraded from P-1 to P-2.

As outlined in the structured finance press release of the
May 28, 2009, Moody's has assessed the exposure to Caixa Catalunya
in the outstanding RMBS and ABS transactions and has placed on
review for possible downgrade all notes issued by these
transactions:

  -- Hipocat 14, FTA
  -- Hipocat 16, FTA
  -- GAT FTGENCAT 2008, FTA

The main exposure arising in these three transactions is linked to
the role of swap counterparty that Caixa Catalunya performs.
Following the downgrade, Caixa Catalunya may either post
collateral or seek a replacement or guarantor.  No Credit Support
Annex is currently in place for these transactions.  Moody's
current Framework for De-linking Hedge Counterparty Risks from
Global Structured Finance Cashflow Transactions establishes the
amounts to be posted for entities with A3/P-2 ratings based on the
Mark-to-Market value of the swaps and considering its volatility.
A Credit Support Annex regulating the postings needs to be in
place.  During the review Moody's will consider the collateral
posted and the impact of this potential higher linkage to the swap
counterparty.

For GAT FTGENCAT 2008, Caixa Terrassa (Baa2/P-2/D/Negative
Outlook) is one of the swap counterparties.  Following the
downgrade, Caixa Terrasa may either seek a replacement or
guarantor and in the meantime post collateral in accordance to the
Credit Support Annex in place.  Based on Moody's analysis, the
swap agreement with Caixa Terrassa does not constitute additional
risk for this transaction and the rating review is not driven by
this.

Another exposure arising under these transactions is linked to the
servicing role that Caixa Catalunya performs.  As part of Moody's
detailed review, Moody's will assess whether the current credit
enhancement is sufficient to protect these transactions from
increased commingling risk.  Given daily sweeping of collections,
this risk is limited and it is not driving the rating actions.

Moody's will also monitor the fulfillment of remedies included in
documentation following any other rating trigger breach such as
the replacement or need to find a guarantor of account bank
provider or paying agent.

Hipocat 14, FTA

  -- Class A, Placed Under Review for Possible Downgrade,
     previously on 20th March 2008 Assigned Aaa.

  -- Class B, Placed Under Review for Possible Downgrade,
     previously on 20th March 2008 Assigned Aa3

  -- Class C, Placed Under Review for Possible Downgrade,
     previously on 20th March 2008 Assigned Baa3

  -- Class D, Placed Under Review for Possible Downgrade,
     previously on 20th March 2008 Assigned Ca

Hipocat 16, FTA

  -- Class A, Placed Under Review for Possible Downgrade,
     previously on 20th June 2008 Assigned Aaa

  -- Class B, Placed Under Review for Possible Downgrade,
     previously on 20th June 2008 Assigned Aa3

  -- Class C, Placed Under Review for Possible Downgrade,
     previously on 20th June 2008 Assigned Baa3

GAT FTGENCAT 2008, FTA

  -- Class A1, Placed Under Review for Possible Downgrade,
     previously on 5th August 2008 Assigned Aaa

  -- Class A2(G), Placed Under Review for Possible Downgrade,
     previously on 5th August 2008 Assigned Aaa

  -- Class B, Placed Under Review for Possible Downgrade,
     previously on 5th August 2008 Assigned Aa3

  -- Class C, Placed Under Review for Possible Downgrade,
     previously on 5th August 2008 Assigned A2

  -- Class D, Placed Under Review for Possible Downgrade,
     previously on 5th August 2008 Assigned Baa2

  -- Class E, Placed Under Review for Possible Downgrade,
     previously on 5th August 2008 Assigned Ba2


CAJA DE AHORROS: Moody's Says Exposure Linked to Swap Counterparty
------------------------------------------------------------------
On June 15, 2009, Moody's Investors Service's Financial
Institution Group concluded the review of the long-term and short-
term debt ratings of Caja de Ahorros del Mediterraneo (A3/P-
2/D-/Negative Outlook), which had been placed on review for
possible downgrade on the May 19, 2009.  The long-term debt rating
was downgraded to A3 from A2 and short-term debt rating was
downgraded from P-1 to P-2.

As outlined in the structured finance press release of the
May 28, 2009, Moody's has assessed the exposure to CAM in the
outstanding RMBS and ABS transactions and has placed on review for
possible downgrade all notes issued by these transactions:

  -- TDA CAM 5, FTA
  -- TDA CAM 6, FTA
  -- TDA CAM 7, FTA
  -- TDA CAM 8, FTA
  -- Empresas TDA CAM 6, FTA
  -- FTPYME TDA CAM 7, FTA

The key exposure arising under these transactions is linked to the
servicing role that CAM performs.  As part of Moody's detailed
review, Moody's will assess whether the current credit enhancement
in the structure is sufficient to protect the transactions from
increased commingling risk.  The documentation includes monthly
sweeps of collections with frequency change to weekly at loss of
P-1. Moody's notes that for the 4 RMBS transactions sweeps of
collections are currently done every two days.  Moody's will also
consider if the liquidity available is sufficient in case of a
servicing transfer.  Moody's notes that the reserve funds for
Empresas TDA CAM 6, FTA and for the 4 RMBS transactions are below
their target levels and that no other source of liquidity is
available in these transactions.

The other main exposure arising under Empresas TDA CAM 6, FTA and
FTPYME TDA CAM 7, FTA is linked to the role of swap counterparty
that CAM performs.  Following the downgrade, CAM may either post
collateral or search for a replacement or guarantor.  No credit
support annex is in place for these transactions.  Moody's current
Framework for De-linking Hedge Counterparty Risks from Global
Structured Finance Cashflow Transactions establishes the amounts
to be posted for entities with A3/P-2 ratings based on the Mark-
to-Market value of the swaps and considering its volatility.  A
Credit Support Annex regulating the postings needs to be in place.
During the review Moody's will consider the collateral posted and
the impact of this potential higher linkage to the swap
counterparty.

CAM is not swap counterparty for the 4 RMBS transactions.  It was
replaced by Confederacion Espańola de Cajas de Ahorro (Aa2, P-1)
in December 2008 or February 2009 for all four transactions.
Their reinvestment accounts were also transferred from CAM to
CECA.

TDA CAM 5, FTA

  -- Class A, Placed Under Review for Possible Downgrade,
     previously on 6th October 2005 Assigned Aaa

  -- Class B, Placed Under Review for Possible Downgrade,
     previously on 6th October 2005 Assigned A2

TDA CAM 6, FTA

  -- Class A1, Placed Under Review for Possible Downgrade,
     previously on 30th March 2006 Assigned Aaa

  -- Class A2, Placed Under Review for Possible Downgrade,
     previously on 30th March 2006 Assigned Aaa.

  -- Class A3, Placed Under Review for Possible Downgrade,
     previously on 30th March 2006 Assigned Aaa

  -- Class B, Placed Under Review for Possible Downgrade,
     previously on 5th December 2008 Assigned Baa2

TDA CAM 7, FTA

  -- Class A1, Placed Under Review for Possible Downgrade,
     previously on 16th October 2006 Assigned Aaa

  -- Class A2, Placed Under Review for Possible Downgrade,
     previously on 16th October 2006 Assigned Aaa

  -- Class A3, Placed Under Review for Possible Downgrade,
     previously on 16th October 2006 Assigned Aaa

  -- Class B, Placed Under Review for Possible Downgrade,
     previously on 5th December 2008 Assigned Baa1

TDA CAM 8, FTA

  -- Class A, Placed Under Review for Possible Downgrade,
     previously on 7th March 2007 Assigned Aaa

  -- Class B, Placed Under Review for Possible Downgrade,
     previously on 5th December 2008 Assigned A3

  -- Class C, Placed Under Review for Possible Downgrade,
     previously on 5th December 2008 Assigned Ba1

  -- Class D, Placed Under Review for Possible Downgrade,
     previously on 7th March 2007 Assigned Ca

  -- Empresas TDA CAM 6, FTA

  -- Class A1, Placed Under Review for Possible Downgrade,
     previously on 28th March 2008 Assigned Aaa

  -- Class A2, Placed Under Review for Possible Downgrade,
     previously on 28th March 2008 Assigned Aaa

  -- Class B, Placed Under Review for Possible Downgrade,
     previously on 28th March 2008 Assigned A3

  -- Class C, Placed Under Review for Possible Downgrade,
     previously on 28th March 2008 Assigned Baa3

  -- FTPYME TDA CAM 7, FTA

  -- Class A1, Placed Under Review for Possible Downgrade,
     previously on 1st August 2008 Assigned Aaa

  -- Class A3, Placed Under Review for Possible Downgrade,
     previously on 1st August 2008 Assigned Aaa

  -- Class B, Placed Under Review for Possible Downgrade,
     previously on 1st August 2008 Assigned A2

  -- Class C, Placed Under Review for Possible Downgrade,
     previously on 1st August 2008 Assigned Baa3


CAJA DE AHORROS: Moody's Says Exposure Linked to Swap Counterparty
------------------------------------------------------------------
On June 15, 2009, Moody's Investors Service's Financial
Institution Group concluded the review of the long-term and short-
term debt ratings of Caja de Ahorros de Valencia, Castellon y
Alicante (A3/P-2/D-/Negative Outlook), which had been placed on
review for possible downgrade on the May 19, 2009.  The long-term
debt rating was downgraded to A3 from A2 and short-term debt
rating was downgraded from P-1 to P-2.

As outlined in the structured finance press release of the
May 18, 2009, Moody's has assessed the exposure to Bancaja in the
outstanding RMBS and ABS transactions and has placed on review for
possible downgrade all notes issued by these transactions:

Bancaja 3, FTA

  -- Class A, Placed Under Review for Possible Downgrade,
     previously on 30th July 2002 Assigned Aaa

  -- Class B, Placed Under Review for Possible Downgrade,
     previously on 30th July 2002 Assigned A1

  -- Class C, Placed Under Review for Possible Downgrade,
     previously on 30th July 2002 Assigned Baa2

The main exposure arising in Bancaja 3, FTA, is linked to the
servicing role that Bancaja fulfils.  As part of Moody's detailed
review, Moody's will assess whether the current credit enhancement
in the structure is sufficient to protect the transaction from
increased commingling risk.  The documentation includes sweeps of
collections every 10 days with no frequency change at loss of P-
1.This transaction had a five-year revolving period which
terminated in 2007.  For this reason the pool factor currently
stands at 62.14% which is considerably higher than other Bancaja
deals closed even after 2002.  Hence increased subordination
available to cover for potential commingling losses is more
limited than in other transactions.

Bancaja acts as swap counterparty for this transaction.  Following
the downgrade, Bancaja may either post collateral or seek a
replacement or guarantor.  A credit support annex was signed for
this transaction on January 2009.  Based on Moody's analysis, the
swap agreement with Bancaja does not constitute additional risk
and the review is not driven by this.

Moody's will also monitor the fulfillment of remedies included in
documentation following the rating trigger breach in relation to
the paying agent.  Moody's notes that the Treasury Account was
transferred from Bancaja to Banco Popular in February 2009.


CAJAMAR CAJA: Moody's Says Exposure Linked to Swap Counterparty
---------------------------------------------------------------
On June 15, 2009, Moody's Investors Service's Financial
Institution Group concluded the review of the long-term and short-
term debt ratings of Cajamar Caja Rural, Sociedad Cooperativa de
Credito (A3/P-2/D+/Negative Outlook) (Cajamar), which had been
placed on review for possible downgrade on the May 19, 2009.  The
long-term debt rating was downgraded to A3 from A2 and short-term
debt rating was downgraded from P-1 to P-2.

As outlined in the structured finance press release of the
May 28, 2009, Moody's has assessed the exposure to Cajamar in the
outstanding RMBS and ABS transactions and has placed on review for
possible downgrade all notes issued by these transactions:

  -- IM Cajamar 3, FTA
  -- IM Cajamar 4, FTA
  -- IM Cajamar 5, FTA
  -- IM Cajamar 6, FTA

The main exposure arising in IM Cajamar 3, FTA, IM Cajamar 4, FTA,
IM Cajamar 5, FTA and IM Cajamar 6, FTA is linked to the role of
swap counterparty that Cajamar performs.  Following the downgrade,
Cajamar may either post collateral or seek a replacement or
guarantor.  No Credit Support Annex is in place for these
transactions.  Moody's current Framework for De-linking Hedge
Counterparty Risks from Global Structured Finance Cashflow
Transactions establishes the amounts to be posted for entities
with A3/P-2 ratings based on the Mark-to-Market value of the swaps
and considering its volatility.  A Credit Support Annex regulating
the postings needs to be in place.  During the review Moody's will
consider the collateral posted and the impact of this potential
higher linkage to the swap counterparty.

Another exposure is reflected in the servicing role that Cajamar
performs.  As part of Moody's detailed review, Moody's will assess
whether the current credit enhancement in each structure is
sufficient to protect these transactions from increased
commingling risk.  Given these transactions include daily sweeps
of collections at loss of P-1, this risk is limited and it is not
driving the rating actions.

Moody's will also monitor the fulfillment of remedies included in
documentation following the rating trigger breach in relation to
the re-investment account.

IM Cajamar 3, FTA

  -- Class A, Placed Under Review for Possible Downgrade,
     previously on 10th March 2006 Assigned Aaa

  -- Class B, Placed Under Review for Possible Downgrade,
     previously on 10th March 2006 Assigned Aa2

  -- Class C, Placed Under Review for Possible Downgrade,
     previously on 10th March 2006 Assigned Baa1

  -- Class D, Placed Under Review for Possible Downgrade,
     previously on 10th March 2006 Assigned Ba2

  -- Class E, Placed Under Review for Possible Downgrade,
     previously on 10th March 2006 Assigned Caa1

IM Cajamar 4, FTA

  -- Class A, Placed Under Review for Possible Downgrade,
     previously on 12th September 2006 Assigned Aaa

  -- Class B, Placed Under Review for Possible Downgrade,
     previously on 12th September 2006 Assigned Aa3

  -- Class C, Placed Under Review for Possible Downgrade,
     previously on 12th September 2006 Assigned Baa1

  -- Class D, Placed Under Review for Possible Downgrade,
     previously on 12th September 2006 Assigned Ba1

  -- Class E, Placed Under Review for Possible Downgrade,
     previously on 12th September 2006 Assigned Ca.

IM Cajamar 5, FTA

  -- Class A, Placed Under Review for Possible Downgrade,
     previously on 14th September 2007 Assigned Aaa

  -- Class B, Placed Under Review for Possible Downgrade,
     previously on 14th September 2007 Assigned Aa2

  -- Class C, Placed Under Review for Possible Downgrade,
     previously on 14th September 2007 Assigned A2

  -- Class D, Placed Under Review for Possible Downgrade,
     previously on 14th September 2007 Assigned Baa3

IM Cajamar 6, FTA

  -- Class A, Placed Under Review for Possible Downgrade,
     previously on 8th February 2008 Assigned Aaa.

  -- Class B, Placed Under Review for Possible Downgrade,
     previously on 8th February 2008 Assigned Aa2

  -- Class C, Placed Under Review for Possible Downgrade,
     previously on 8th February 2008 Assigned A1

  -- Class D, Placed Under Review for Possible Downgrade,
     previously on 8th February 2008 Assigned Baa3


CAJA LABORAL: Moody's Says Exposure Linked to Swap Counterparty
---------------------------------------------------------------
On June 15, 2009, Moody's Investors Service's Financial
Institution Group concluded the review of the long-term and short-
term debt ratings of Caja Laboral Popular Cooperativa de Credito
(A3/P-2/C-/Negative Outlook) (Caja Laboral), which had been placed
on review for possible downgrade on the May 19, 2009.  The long-
term debt rating was downgraded to A3 from A1 and short-term debt
rating was downgraded from P-1 to P-2.

As outlined in the structured finance press release of the
May 28, 2009, Moody's has assessed the exposure to Caja Laboral in
the outstanding RMBS and ABS transactions and has placed on review
for possible downgrade all notes issued by these transactions:

IM Caja Laboral 1, FTA

  -- Class A, Placed under Review for Possible Downgrade,
     previously on 11th December 2006 Assigned Aaa

  -- Class B, Placed under Review for Possible Downgrade,
     previously on 11th December 2006 Assigned Aa2

  -- Class C, Placed under Review for Possible Downgrade,
     previously on 11th December 2006 Assigned A1

  -- Class D, Placed under Review for Possible Downgrade,
     previously on 11th December 2006 Assigned Baa3

  -- Class E, Placed under Review for Possible Downgrade,
     previously on 11th December 2006 Assigned Ca

The main exposure arising in IM Caja Laboral 1, FTA is linked to
the role of swap counterparty that Caja Laboral performs.  Given
current swap language Caja Laboral does not need to take any
action following its downgrade.  However, under Moody's current
Framework for De-linking Hedge Counterparty Risks from Global
Structured Finance Cashflow Transactions, entities with A3/P-2
rating are required to either post collateral or seek a guarantor
or replacement.  Moody's will assess the impact of this higher
linkage to the swap counterparty.

Another exposure arising under IM Caja Laboral 1, FTA is reflected
in the servicing role that Caja Laboral fulfils.  As part of
Moody's detailed transaction review, Moody's will assess whether
the current credit enhancement in the structure is sufficient to
protect the transaction from increased commingling risk.  Given
documentation includes daily sweep of collections at loss of P-1,
this risk is limited and it is not driving the rating action.

Finally, Moody's will also monitor the fulfillment of remedies
included in documentation following rating trigger breach in
relation to re-investment account.


EMPRESAS HIPOTECARIO: S&P Affirms 'BB' Rating on Class B Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit rating on the class B notes issued
by Empresas Hipotecario TDA CAM 3, Fondo de Titulizacion de
Activos.  At the same time, S&P affirmed its ratings on the class
A2 and C notes.

These rating actions follow S&P's credit and cash flow analysis
based on the most recent transaction information and loan-level
data S&P received from the originator.

S&P is increasingly concerned about concentration risk within the
pool.  The notes are now backed by a pool comprising only 410
loans.  The top 10 borrowers account for 20% of the pool by
balance, with the top 50 loans accounting for 50%.  These
concentrations are higher than S&P typically see in the Spanish
small and midsize enterprise securitizations S&P rate.

Specifically, the portfolio is heavily concentrated in the
Valencia region, with material exposure to the real estate and
construction sector, which has near- to medium-term refinancing
needs.

Portfolio performance is showing the first signs of deterioration.
While 90+ day arrears, net of defaults, remained relatively stable
in the last quarter, S&P has observed an increase in recorded
defaults, with gross cumulative defaults now standing at 56 basis
points, having effectively doubled--albeit from a low base--over
the quarter.

The transaction features an early amortization mechanism, which
pays down senior notes based on the current balance of defaulted
loans.  Consequently, the higher the delinquency rates, the
greater the probability that the transaction might not generate
sufficient excess spread to meet this obligation.  Indeed, on the
last payment date the issuer drew on the cash reserve, which is
now EUR12.972 million, almost EUR1.500 million lower than its
required level of EUR14.650 million.

Given the underlying pool characteristics, S&P expects default and
delinquency rates to continue to increase as the Spanish economic
environment worsens.  As a result of these expectations, S&P's
credit and cash flow analysis shows that the class B notes have
insufficient credit enhancement to maintain their 'A' rating and
S&P has consequently lowered the rating to 'BBB'.

                          Ratings List

     Empresas Hipotecario TDA CAM 3, Fondo de Titulizacion de
                             Activos
        EUR750 Million Mortgage-Backed Floating-Rate Notes

       Rating Lowered and Removed From CreditWatch Negative

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

                         Ratings Affirmed

                     Class             Rating
                     -----             ------
                     A2                AAA
                     C                 BB


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


CELLI REISEN: Creditors Must File Claims by July 6
--------------------------------------------------
Creditors of Celli Reisen AG are requested to file their proofs of
claim by July 6, 2009, to:

         Jean-Pierre Balbiani
         Oberdorfstrasse 11
         8953 Dietikon
         Switzerland

The company is currently undergoing liquidation in Volketswil.
The decision about liquidation was accepted at an extraordinary
general meeting held on April 29, 2009.


INFILAS MARKTFORSCHUNGS: Creditors Must File Claims by July
-----------------------------------------------------------
Creditors of Infilas Marktforschungs AG are requested to file
their proofs of claim by July 6, 2009, to:

         Rinaldo Poltera
         Uetlibergstr. 132
         8045 Zurich
         Switzerland

The company is currently undergoing liquidation in Zurich.  The
decision about liquidation was accepted at a general meeting held
on April 3, 2009.


KISS-SHOT GMBH: Creditors Must File Claims by July 6
----------------------------------------------------
Creditors of Kiss-Shot GmbH are requested to file their proofs of
claim by July 6, 2009, to:

         Rene Hufschmid
         Liquidator
         Milchgasse 16
         5703 Seon
         Switzerland

The company is currently undergoing liquidation in Lenzburg.  The
decision about liquidation was accepted at a shareholders' meeting
held on April 27, 2009.


LOGSWISS GMBH: Claims Filing Deadline is July 6
-----------------------------------------------
Creditors of LogSwiss GmbH are requested to file their proofs of
claim by July 6, 2009, to:

         Jost Windlin
         Gartenstrasse 4
         6304 Zug
         Switzerland

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


PASQUALE DI BERNARDO-WYSS: Claims Filing Deadline is July 8
-----------------------------------------------------------
Creditors of Pasquale Di Bernardo-Wyss AG are requested to file
their proofs of claim by July 8, 2009, to:

         Bernardo Pasquale
         Liquidator
         Industriestrasse 20
         4703 Kestenholz
         Switzerland

The company is currently undergoing liquidation in Kestenholz.
The decision about liquidation was accepted at a general meeting
held on May 13, 2009.


PENTAX AG: Creditors Must File Claims by July 6
-----------------------------------------------
Creditors of Pentax (Schweiz) AG in GmbH are requested to file
their proofs of claim by July 6, 2009, to:

         Pentax (Schweiz) AG
         Widenholzstrasse 1
         8304 Wallisellen
         Switzerland

The company is currently undergoing liquidation in Wallisellen.
The decision about liquidation was accepted at an extraordinary
general meeting held on April 28, 2009.


PH FINANCIAL: Creditors Must File Claims by July 6
--------------------------------------------------
Creditors of PH Financial Consulting AG are requested to file
their proofs of claim by July 6, 2009, to:

         PH Financial Consulting AG
         Ruetenenstrasse 55
         6375 Beckenried
         Switzerland

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


SANMINA - SCI INTERNATIONAL: Claims Filing Deadline is July 6
-------------------------------------------------------------
Creditors of Sanmina-SCI International GmbH are requested to file
their proofs of claim by July 6, 2009, to:

         Sanmina-SCI International GmbH
         Pestalozzistrasse 2
         8200 Schaffhausen
         Switzerland

The company is currently undergoing liquidation in Schaffhausen.
The decision about liquidation was accepted at the shareholders'
meeting held on May 15, 2009.


STELLA HOLDING: Claims Filing Deadline is July 6
------------------------------------------------
Creditors of Stella Holding AG are requested to file their proofs
of claim by July 6, 2009, to:

          Intactus Treuhand AG
          Baarerstrasse 71
          6302 Zug
          Switzerland

The company is currently undergoing liquidation in Zug.  The
decision about liquidation was accepted at a general meeting held
on May 1, 2009.


UBS AG: Must Compensate Madoff Investor Losses, French Agency Says
------------------------------------------------------------------
Heather Smith at Bloomberg News reports that Autorite des Marches
Financiers, France's market regulator, said UBS AG, a custodian
bank to funds that entrusted money with Bernard Madoff, should
reimburse investors in the funds for their losses.

Bloomberg News discloses French investors lost as much as EUR500
million (US$703 million) in funds tied to Mr. Madoff, many based
in Luxembourg.  According to Bloomberg News, Luxembourg Budget
Minister, Luc Frieden, has said custodian banks have "clear"
obligations to compensate investors.

Bloomberg News notes Autorite des Marches Financiers President
Jean-Pierre Jouyet on Monday said the public must "be informed of
the risks" in investments like the defunct LuxAlpha Sicav-American
Selection fund, which invested 95 percent of its money with Mr.
Madoff and used a UBS affiliate in Luxembourg as custodian bank.
Bloomberg News relates UBS said in a statement the bank does not
have responsibility to the investors of the fund.  The bank, as
cited by Bloomberg News, said in a statement that investors, their
advisers and Luxembourg's market regulator were informed that
LuxAlpha's sole purpose was to place money with Mr. Madoff.

                          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.

On June 29, 2009, a federal judge in New York sentenced Mr.
Madoff, 71, to 150 years in prison for masterminding the largest
Ponzi scheme in U.S. history.


VESTIS GMBH: Creditors Must File Claims by July 6
-------------------------------------------------
Creditors of Vestis GmbH are requested to file their proofs of
claim by July 6, 2009, to:

         Vestis GmbH
         Bohnenbergstrasse 12
         8212 Neuhausen am rheinfall
         Switzerland

The company is currently undergoing liquidation in Neuhausen am
Rheinfall.  The decision about liquidation was accepted by Vestis
GmbH on July 1, 2006.


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


ALPHAMET LLC: Creditors Must File Claims by July 5
--------------------------------------------------
Creditors of LLC Alphamet (code EDRPOU 32750778) have until
July 5, 2009 to submit proofs of claim to:

         D. Popovich
         Insolvency Manager
         Post Office Box 608
         58010 Chernovtsy
         Ukraine

The Economic Court of Chernovtsy region commenced bankruptcy
proceedings against the company on May 19, 2008.  The case is
docketed under Case No 10/21/b.

The Court is located at:

         The Economic Court of Chernovtsy
         O. Kobilianskaya Str. 14
         58000 Chernovtsy
         Ukraine

The Debtor can be reached at:

         LLC Alphamet
         Biriukova str. 10
         Sokiriany
         Chernovtsy
         Ukraine


CATRAN LLC: Creditors Must File Claims by July 5
------------------------------------------------
Creditors of LLC Scince and Production Enterprise Catran (code
EDRPOU 13666640) have until July 5, 2009, to submit proofs of
claim to:

         LLC Diffender
         Insolvency Manager
         Kikvidze Str. 12
         01103 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on May 12, 2009.  The case is docketed under
Case No. N15/273-?.

The Court is located at:

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

The Debtor can be reached at:

         LLC Science and Production Enterprise Catran
         Kurchatov Str. 23-A
         02166 Kiev
         Ukraine


DNEPRODZERZHYNSKY MOTORCAR: Creditors Must File Claims by July 5
----------------------------------------------------------------
Creditors of OJSC Dneprodzerzhynsky Motorcar Plant (code EDRPOU
05482481) have until July 5, 2009, to submit proofs of claim to:

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

The Economic Court of Dnepropetrovsk commenced bankruptcy
proceedings against the company on May 29, 2009.  The case is
docketed under Case No. B24/40/15/176/02.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Dneprodzerzhynsky Motorcar Plant
         Stasovaya Str. 79
         Dneprodzerzhynsk
         51927 Dnepropetrovsk
         Ukraine


ENERGY SET: Creditors Must File Claims by July 5
------------------------------------------------
Creditors of LLC Energy Set Ltd (code EDRPOU 34398128) have until
July 5, 2009, to submit proofs of claim to:

         D. Popovich
         Insolvency Manager
         Post Office Box 608
         58010 Chernovtsy
         Ukraine

The Economic Court of Chernovtsy region commenced bankruptcy
proceedings against the company on May 19, 2008.  The case is
docketed under Case No. 5/35/b.

The Court is located at:

         The Economic Court of Chernovtsy
         O. Kobilianskaya Str. 14
         58000 Chernovtsy
         Ukraine

The Debtor can be reached at:

         LLC Energy Set Ltd
         Sviato-Pokrovskaya Str. 36-B
         Khotin
         Chernovtsy
         Ukraine


GEFEST-TRANS LLC: Creditors Must File Claims by July 5
------------------------------------------------------
Creditors of LLC Gefest-Trans (code EDRPOU 32700219) have until
July 5, 2009, to submit proofs of claim to:

         O. Kulagin
         Insolvency Manager
         Office 1
         Artem Str. 11
         Yubileynoye
         Lugansk
         Ukraine

The Economic Court of Lugansk commenced bankruptcy proceedings
against the company on May 18, 2009.  The case is docketed under
Case No. 12/32 ?.

The Court is located at:

         The Economic Court of Lugansk
         Heroes of GPW Square 3-a
         91000 Lugansk
         Ukraine

The Debtor can be reached at:

         LLC Gefest-Trans
         Artem Str. 51-g
         Makarovo
         Lugansk region
         Ukraine


IMHOTEP LLC: Creditors Must File Claims by July 5
-------------------------------------------------
Creditors of LLC Building Company Imhotep (code EDRPOU 35307094)
have until July 5, 2009, to submit proofs of claim to Y. Firsov,
the company's insolvency manager

The Economic Court of Lugansk commenced bankruptcy proceedings
against the company on May 21, 2009.  The case is docketed under
Case No 12/37 ?.

The Court is located at:

         The Economic Court of Lugansk
         Heroes of GPW Square 3-a
         91000 Lugansk
         Ukraine

The Debtor can be reached at:

         LLC Building Company Imhotep
         Kotelnikov Str. 14
         Lugansk
         Ukraine


SENSOR-SOUTH LLC: Creditors Must File Claims by July 5
------------------------------------------------------
Creditors of LLC Sensor-South (code EDRPOU 35786435) have until
July 5, 2009, to submit proofs of claim to:

         L. Timofeyeva
         Insolvency Manager
         Post Office Box 179
         54017 Nikolayev
         Ukraine

The Economic Court of Nikolayev commenced bankruptcy proceedings
against the company on June 2, 2009.  The case is docketed under
Case No. 5/147/09.

The Court is located at:

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

The Debtor can be reached at:

          LLC Sensor-South
          Office 179
          Lazurnaya Str. 18-b
          Nikolayev
          Ukraine


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


ALIZYME PLC: In Talks to Secure Additional Funds
------------------------------------------------
Alizyme plc provided an update on the Company's financial
position.

Alizyme has licensing and development agreements with regard to
COLAL-PRED(R) with various parties.  These agreements provide for
payments to Alizyme tied to the achievement of specified
milestones and royalties.  As previously reported, the Company is
dependent on the milestone income in order to continue as a going
concern.  As a result of potential significantly increased funding
obligations under these contracts and the status of ongoing
discussions with various parties to mitigate the potential impact
on the Company these funding obligations may have, there is now
material uncertainty as to the receipt of milestone payments due.
Accordingly, the Company does not now expect to have sufficient
funding to last beyond the end of August 2009 and will be unable
to continue as a going concern without the raising of additional
funds.  The Company is in discussions with its advisers in
relation to such funding.  In the absence of additional funds, the
Company may face going into administration or liquidation.

The Board of Alizyme is reviewing the overall strategy and
structure of the Company, and has implemented a consultation
process with its employees with respect to a redundancy programme
where it is anticipated that the number of employees will be
significantly reduced.

The Company, with its advisers, is also considering the
suitability of the Company's current main market listing given its
market capitalization and limited resources

Headquartered in Cambridge, United Kingdom, Alizyme plc (LSE:AZM)
-- http://www.alizyme.com-- is a speciality bio-pharmaceutical
development company, focused on the therapeutic areas of metabolic
disorders, gastrointestinal disorders and cancer supportive care.
It is developing and commercialising products for the treatment
and management of obesity and type 2 diabetes, of gastrointestinal
disorders, involving inflammation, such as ulcerative colitis, and
of the gastrointestinal side effects of cancer therapy, such as
mucositis.  The Company has three late-stage drug candidates,
including Cetilistat, COLAL-PRED and ATL-104.  Cetilistat is being
developed for the treatment of obesity and type 2 diabetes.
COLAL-PRED is a gastrointestinal product developed for the
treatment of ulcerative colitis. ATL-104 is being developed as an
orally administered mouthwash for the treatment of mucositis of
the mouth and gastrointestinal tract arising during cancer
treatment.  In April 2008, the development of renzapride was
discontinued following results of the Phase III study.


BNB RECRUITMENT: Goes Into Administration; Cuts 50 Jobs
-------------------------------------------------------
Jane Bradley at The Scotsman reports BNB Recruitment Solutions,
the parent company of Barkers Scotland, has gone into
administration, resulting in the loss of around 50 jobs.

According to the report, on Monday, HR consultancy firm Penna
Consulting bought Barkers Scotland, from the administrator for
GBP8.6 million.  The report relates Barkers' recruitment
advertising business was taken on by the new owner.  Barkers, the
report says, has been bought up by Penna Consulting due to what
its new owner described as "excessive debt" and "onerous leases".
The company will now trade as Penna Barkers, the report discloses.

It is understood the Glasgow office is to close, while a small
number of recruitment staff will work from Barkers' Edinburgh
base, the report notes.

BNB Recruitment Solutions -- http://www.bnb.co.uk/-- is a
specialist provider of Recruitment Solutions and Outsourcing
Solutions in the UK and Recruitment Consultancy in Asia.


BRADFORD & BINGLEY: Process to Assess Compensation Begins
---------------------------------------------------------
On June 24, 2009 Peter Clokey, a partner of PricewaterhouseCoopers
LLP (PwC), was appointed in a personal capacity to determine what
compensation, if any, should be paid to former shareholders of
Bradford & Bingley plc and to others whose interests may have been
affected.

Peter Clokey, PwC partner, commented: "All shares in the bank were
transferred into public ownership on September 29, 2008 during a
period of extreme financial instability under a transfer order
that also modified the rights of bondholders and may have affected
others.  The bank is maintaining a register of the 930,000 former
shareholders whose rights were transferred and are now subject to
the compensation order, if personal details change then former
shareholders should contact the registrar.  I will also consider
the position of bond and noteholders and it is important that they
contact me with their details so that I can keep them updated as
my valuation process continues.

"To determine what, if any, compensation is owed I will be
gathering and reviewing a significant amount of information about
the financial position of the bank in the days and weeks leading
up to the end of September last year.  I will be following a
robust and fair process in what will be a very complex
assignment."

Mr. Clokey has set up a website, http://www.bandbvaluer.org.uk
[weblink], through which people can contact him, register to
receive updates on his valuation process, and also find links to
the registrar, Computershare and other relevant information.


As reported in the Troubled Company Reporter-Europe on June 4,
2009, The Times disclosed the bank was taken into public ownership
last September and its savings business and branches sold to
Santander Group, of Spain.  Richard Pym, B&B's chairman, is in
charge of winding down the business, which has 300,000 borrowers
and outstanding mortgages of GBP41 billion, The Times notes.

                 Deferral of Interest Payment

On May 29, 2009, the TCR-Europe, citing Telegraph.co.uk, reported
that B&B said it would not pay the interest due on GBP325 million
of subordinated bonds.  Telegraph.co.uk related the bank said it
would not make interest payments on GBP150 million of floating
rate subordinated notes due on June 30, GBP125 million of 6.625pc
notes due on June 16, and GBP50 million of 11.625pc bonds due on
July 20.  B&B, Telegraph.co.uk disclosed, is able to skip the
payments after the Treasury changed the rules in February allowing
the nationalized bank to make such deferrals on so-called lower
Tier 2 debt to protect the taxpayers.  Telegraph.co.uk noted there
is no certainty over when, or indeed if, B&B will make the missed
payments.  It was also unclear whether the decision by B&B to
defer those payments would constitute a default on credit default
swaps, Telegraph.co.uk stated.

                   About Bradford & Bingley

Headquartered in Bingley, United Kingdom, Bradford & Bingley plc
-- http://www.bbg.co.uk/-- offers residential mortgages, and
focus on a range of areas providing mortgages for individuals.  It
focuses on its savings business and provides a range of
savings products through 197 branches and network of 140 third-
party branch-type agents, by phone, post and Online.


CLARIS LIMITED: Moody's Withdraws 'C' Rating on JPY1 Bil. Notes
---------------------------------------------------------------
Moody's withdrew the rating of one class of notes issued by Claris
Limited.  These notes were redeemed in full on June 25, 2009.

The rating action is:

Claris Limited:

(1) JPY1,000,000,000 No 81/2006 Napa Valley IX Synthetic CDO of
ABS Floating Rate Notes due 2026

  -- Current Rating: WR
  -- Prior Rating: C
  -- Prior Rating Date: 23 April 2009, downgraded to C from Caa3


CLARIS LIMITED: Moody's Withdraws 'Ba3' Rating on JPY1 Bil. Notes
-----------------------------------------------------------------
Moody's withdrew the rating of one class of notes issued by Claris
Limited.  These notes were redeemed in full on June 25, 2009.

The rating action is:

Claris Limited:

(1) JPY1,000,000,000 Series No 108/2007 Millesime 2007-3 Synthetic
CDO of ABS Floating Rate Notes due 2037

  -- Current Rating: WR

  -- Prior Rating: Ba3

  -- Prior Rating Date: 17 June 2009, downgraded to Ba3 from Baa3
     on review for downgrade


DAIRY FARMERS: Milk Link Gives 3-Month Notice for 143 Members
-------------------------------------------------------------
PricewaterhouseCoopers LLP (PwC), receivers and managers of Dairy
Farmers of Britain (DFB), the milk cooperative that went into
receivership on June 3, 2009, reached an agreement with Milk Link
who will provide a contract with a three-month notice period for
the remaining DFB farmer members.  This option applies to the 143
members still with the co-operative and those that sign up will
receive, in the first instance, over 18ppl for an industry
standard liter.  These farmers are principally based in the North
East and North Yorkshire, Cumbria and Lancashire, south of
Manchester and a smaller number in South Wales.

PwC's meeting with Defra, the Welsh Assembly, Dairy UK, the DFB
Member Council, the NFU, the Welsh Union of Farmers, plus other
representative bodies, on June 17, 2009 concluded the best
solution for the remaining 200 members was to try to find
alternative milk buyers.  The receivers and managers have since
been working towards that objective and all other parties have
made advice packages available.

Since the meeting, around 60 of the 200 farmers in question have
found alternate buyers, but there remain 143 farmers who continue
to have their milk collected by the receivers at a wholly
uneconomic 10p minimum base price.  This low price is due to high
haulage costs and the need to sell the collected milk at commodity
prices.  Milk Link, who acquired the DFB-owned Llandyrnog Creamery
earlier this month, can offer a better price due to their improved
efficiencies and a larger milk field.

Stephen Oldfield, PwC's agribusiness leader and joint receiver,
said: "The PwC team, the DFB Milk Supply team and the Member
Council have been working hard to solve the problem of the
remaining DFB Milk Field.  In the first three weeks of the
receivership, 1,600 of the 1,800 farmers were able to find
alternate buyers for their milk but there remained a rump of
farmers that could not --  mainly due to the remoteness of their
location or the size of their herd.  It is very good news that we
have been able to find an alternative for those remaining farmers
less than a month into the receivership and at a much improved
price than we were able to offer.  Farmers need to take
independent advice before signing up but this is a real step
forward to sorting out the remaining DFB milk field and finding a
safe home for farmers' milk."

Will Sanderson, Milk Link corporate affairs director, said: "The
provision of this contract, we believe, will provide those DFB
farmers without an alternative buyer, a much needed period of
stability and a secure outlet for their milk.  It will also allow
them time to assess how they want to move forward in dairy
farming."

The Milk Link contract, which is effective July 1, 2009, has been
posted and emailed to remaining farmers on June 26, 2009.  Those
members who do not sign up will continue to have their milk
collected by PwC but at the lower minimum base price of 10p.

For NFU members the helpline is available on 0870 845 8458 to
assist the remaining farmers with any legal queries.

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

                 About Dairy Farmers of Britain

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

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

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

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


DARK STAR: Goes Into Administration; 280 Jobs at Risk
-----------------------------------------------------
Jane Bradley at The Scotsman reports that leisure management
business Dark Star has gone into administration, putting 280 jobs
at risk.

According to the report, Ally McKever, which had 51 per cent
shareholding in Dark Star, said that he had  put "a significant
amount" of his own money into the business in a bid to keep it
afloat, adding that his banks –- HBOS and Anglo Irish -– had put
pressure on him to put the company into administration.

"We were struggling to meet payments because we had put a lot of
money into redeveloping the sites," the report quoted Mr. McKever
as saying.

The report relates joint administrator Kenny Craig pledged that it
was "business as usual" for Dark Star, adding that there would be
no immediate redundancies.

Based in Glasgow, Dark Star operates a chain of 14 leased premises
with the majority located in the west of Scotland, including the
Bar Budda chain.  The business also includes four hotels in
Aberdeen, Ayr and Dunfermline.


GLOBE PUB: Losses Widen to GPB4 Mln in Three Months Ended May 2009
------------------------------------------------------------------
Pan Kwan Yuk at the Financial Times reports that Globe Pub
Company's pre-tax losses for the three months to the end of
May widened by more than two-thirds, from GBP2.2 million to GBP4
million.

The FT says the company, owned by Robert Tchenguiz, the property
entrepreneur, blamed the widening losses on declining drink sales
and higher operating costs and interest payments.  The company,
the FT relates, warned there was little prospect for recovery.
"It is becoming increasingly difficult to reopen closed pubs and
prevent further ones from failing due to the recent covenant
breach and subsequent restricted access to capital," the FT quoted
the company as saying in an update to bondholders.

The FT notes the company has been in default of its securitization
covenants for the past two financial quarters.  According to the
FT, plunging operating profits has left Globe unable to meet a
bondholder test requiring earnings before interest, tax,
depreciation and amortization to be no less than a wafer-thin 1.25
times debt costs.  As a result, Deloitte has been drafted in to
review the business, the FT discloses.

Globe Pub Company -- http://www.globepubcompany.co.uk/-- was
established in 2004 by R20, an investment company of Robert
Tchenguiz.  The company currently runs over 450 quality leased
pubs across the United Kingdom.  Its estate is managed by S&N Pub
Enterprises.


HARTMARX CORP: Emerisque and SKNL Buyout to Close by July 7
-----------------------------------------------------------
The United States Bankruptcy Court for the Northern District of
Illinois approved the sale of substantially all of the assets of
Hartmarx Corporation to Emerisque Brands UK and SKNL North
America, B.V., for a total transaction value of roughly
US$119 million.

Emerisque Brands and SKNL expect the transaction to close July 7,
2009.

"We are pleased that the Court, with the unanimous support of the
Company and its lenders, agreed that our going concern bid is in
the best interest of the estate and all of Hartmarx's
stakeholders," Emerisque Brands and SKNL said in a statement.

"Once the transfer of assets is complete, SKNL and Emerisque look
forward to revitalizing the iconic American brands that constitute
the Hartmarx portfolio.

"We are confident about returning Hartmarx to profitability and to
fulfill its potential in the U.S. and in the global marketplace
with the continued support of all constituencies involved."

                    About Hartmarx Corporation

Based in Chicago, Illinois, Hartmarx Corporation --
http://www.hartmarx.com/-- produces and markets business, casual
and golf apparel under its own brands, including Hart Schaffner
Marx, Hickey-Freeman, Palm Beach, Coppley, Monarchy, Manchester
Escapes, Society Brand, Racquet Club, Naturalife, Pusser's of the
West Indies, Brannoch, Sansabelt, Exclusively Misook, Barrie Pace,
Eye, Christopher Blue, Worn, One Girl Who . . . and b.chyll.  In
addition, the company has certain exclusive rights under licensing
agreements to market selected products under a number of premier
brands such as Austin Reed, Burberry men's tailored clothing, Ted
Baker, Bobby Jones, Jack Nicklaus, Claiborne, Pierre Cardin, Lyle
& Scott, Golden Bear, Jag and Dr. Martens.  The Company's broad
range of distribution channels includes fine specialty and leading
department stores, value-oriented retailers and direct mail
catalogs.

Hartmarx and certain affiliates filed for bankruptcy protection on
January 23, 2009 (Bankr. N.D. Ill. Lead Case No. 09-02046).
George N. Panagakis, Esq., Felicia Gerber Perlman, Esq., and Eric
J. Howe, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP,
represent the Debtors in their restructuring efforts.  When the
Debtors filed for bankruptcy, they listed US$483,108,000 in total
assets and US$261,220,000 in total debts as of August 31, 2008.


INEOS GROUP: Close to Negotiating Covenants on GBP6-Bil. Debt
-------------------------------------------------------------
Peter Taylor at Telegraph.co.uk reports that Ineos Group Holdings
plc is close to renegotiating the covenants on its GBP6.4 billion
debt pile after a critical meeting with hundreds of bankers on
Sunday.

The report relates Jim Ratcliffe, the executive chairman, laid out
a five-year plan for the chemicals company, at the meeting.

The report recalls Ineos had already secured the backing of the
"sounding group" of seven banks representing the 230 banks in the
lending syndicate.  According to the report, representatives for
the company will now meet with other banks in the syndicate in an
attempt to secure their support for the covenants to be redrawn
ahead of the July 15 deadline.  Ineos, the report says, needs to
secure the support of two thirds of the banks in the syndicate to
succeed in renegotiating its covenants.  The report discloses
under the plan proposed by the company, it will pay about
GBP300 million to renegotiate the covenants, with its annual
interest bill climbing from GBP534 million to GBP666 million.

                      About INEOS Group

INEOS Group is a diversified chemical company consisting of
several businesses.  Product lines include ethylene oxide-based
specialty and intermediate chemicals, fluorochemicals used as
refrigerants and propellants, and phenol and acetate products.
INEOS Chlor makes chlor-alkali chemicals, and INEOS Films and
Compounds manufactures PVC and PET films.  INEOS Group was formed
in 1998 after a management buyout led by CEO Jim Ratcliffe, who
controls the group. Ratcliffe has placed INEOS among the world's
top chemical companies (with ExxonMobil, Dow, and BASF) through
his many and varied acquisitions.


JOHNSTON PRESS: Lenders Defer Covenant Testing Until August 21
--------------------------------------------------------------
The Scotsman reports that Johnston Press plc said its lenders on
Monday agreed to defer testing certain debt covenants until
August 21.

The Scotsman discloses Johnston said some of the terms of its
loans were due to expire yesterday, June 30.

The Scotsman relates the company said talks to renegotiate its
GBP448 million in debt continue.  Johnston chief financial officer
Stuart Paterson, as cited by The Scotsman, said the talks were
"constructive and progressive".

Johnston Press plc, along with its subsidiaries, --
http://www.johnstonpress.co.uk-- is engaged in publishing of
local and regional weekly, evening and morning newspapers, both
paid-for and free, together with associated Websites, as well as
specialist publications in paper, online or via mobile
technologies.  The Company operates in two business segments:
newspaper publishing (in print and online) and contract printing.
It has operations in the United Kingdom and the Republic of
Ireland.  The Company's subsidiaries include Johnston Publishing
Ltd, Johnston Press (Ireland) Ltd, Johnston (Falkirk) Ltd,
Strachan & Livingston Ltd, Wilfred Edmunds Ltd, North Notts
Newspapers Ltd, Yorkshire Weekly Newspaper Group Ltd, Sussex
Newspapers Ltd, T R Beckett Ltd, Halifax Courier Ltd and Isle of
Man Newspapers Ltd, among others.  On March 7, 2008, the Company
acquired Clonnad Ltd, which publishes one title, South Tipp Today.


PREMIUM BARS: In Talks to Sell Assets to Reuben Brothers
-------------------------------------------------------
Premium Bars & Restaurants is in exclusive talks to sell some or
all of its assets to the Reuben brothers.

The FT relates David and Simon Reuben, who hold a 32.5 per cent
stake in PBR, are understood to have offered to buy all but five
of the company's 47 sites for GBP52 million.  According to the
FT, the deal, if completed, could see PBR undergo a pre-pack
administration, although no decision has been made.

As reported in the Troubled Company Reporter-Europe on June 17,
2009, Manchester Evening News said to succeed the Reuben brothers
would need approval from the PBR board and accountants BDO Stoy
Hayward who are advising the company.

                       Emergency Funding

The FT discloses that PBR, which is burdened with net debt of
GBP41 million after buying Living Room and other brands, said
Sunday it reached an agreement with its bankers, led by RBS, to
extend emergency funding from its GBP5.5 million capital
expenditure facility until July 31.

The FT recalls shares in Aim-listed PBR were suspended in December
after it failed to issue full-year audited accounts.

Premium Bars & Restaurants plc -- http://www.pbr.uk.com/-- is a
leisure company incorporated in the UK in 1997.  The company has a
diverse portfolio of over 50 bars, restaurants and clubs in the
UK, as well as two hotels, The Waterside on Newcastle's quayside
and The Rex in Whitley Bay.  Its bars and restaurants trade under
the names of The Living Room, Prohibition Bar & Grill and Bel and
The Dragon.


SIMPSON & GREGG: Goes Into Administration
-----------------------------------------
Will Mann at Contract Journal reports that Simpson & Gregg has
gone into administration, resulting in the loss of 92 jobs.

Contract Journal reports according to NEbusiness.co.uk,
administrators Grant Thornton said there was little hope of
finding a buyer for the 61-year-old business, which operated
primarily in the new-build housing market.

"It's unlikely we will be able to sell the business.  The company
had run into cashflow difficulties and it had been unable to
purchase materials to complete some of its contracts," Contract
Journal quoted Grant Thornton's Joseph McLean as saying.

Based in Newcastle Simpson is a plumbing and electrical
contractor.


WHITE TOWER: S&P Lowers Rating on Class E Notes to 'B-'
-------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on all the notes issued by
White Tower 2006-3 PLC.

At closing, White Tower 2006-3 acquired the senior-ranking portion
of a whole loan secured against nine office properties in Greater
London, eight of which are in or close to the City of London.  The
outstanding senior loan (and note) balance is GBP1.15 billion.

There is additional debt in the form of a GBP284.8 million B-note
that does not form part of the securitization.  The relationship
between the issuer (as senior lender) and B-lender is governed by
an intercreditor agreement.

The reported net income is GBP88.6 million per year.  The loan is
due to mature in October 2009 and the legal final maturity of the
notes is October 2012.

On June 8, the market value of the properties was reported as
GBP929 million, resulting in a senior loan-to-value ratio of 124%.
The whole-loan LTV ratio is 155% and exceeds the 83% covenant.

S&P understands that the borrower has until July 1 to remedy the
breach but S&P believes it is unlikely that a cure payment will be
made given the size of funds required to do so.  Given the
circumstances and based on current information, S&P expects the
servicer will confirm a loan event of default shortly after the
expiry of the cure period.

The mechanics of allocating whole-loan proceeds between the issuer
and B-note lender are detailed in the intercreditor agreement.
Since closing, the issuer has received interest due under the
senior loan and the B-lender has received interest due under the
B-note, scheduled amortization due under the whole loan, and
excess cash after the whole-loan debt service.

A loan event of default, such as a breach of the whole-loan LTV
ratio covenant, would not automatically change the allocation of
the whole-loan proceeds.  S&P understands that the servicer is
required to accelerate the loan before all payments due to the B-
lender are effectively stopped and paid to the issuer.

In situations where the B-lender's economic interest has been
eroded completely, S&P believes the servicer may consider ceasing
to make further payments to the B-lender under its powers to do so
in the documents.

In light of the current whole-loan LTV ratio metrics and limited
prospects for a material recovery in property values, in S&P's
view, it is likely that the servicer will take the necessary steps
to ensure that payments received under the whole loan are applied
sequentially for the benefit of the noteholders.

S&P considers it unlikely that the loan will repay in full at
maturity in October 2009, and consider a program of property sales
is the most likely workout scenario for the loan.

In S&P's opinion, the properties are of varying degrees of
quality.  S&P believes Alban Gate and Undershaft are likely to
appeal to a range of investors due to their 15-year unexpired
lease terms to JPMorgan Chase Bank, N.A. (AA-/Negative/A-1+) and
Aviva International Insurance Ltd. (AA-/Negative/ A-1+; local
currency), respectively.  The other properties are subject to
shorter unexpired lease terms and face the possibility of declines
in income as tenants vacate at lease expiry or rents revert to
market level.  S&P estimates that the portfolio as a whole is
approximately 30% overrented.

S&P's analysis has assumed the sequential allocation of whole-loan
proceeds from October 2009 onward, which S&P estimates could
result in senior loan amortization of more than GBP10 million a
quarter after payments of senior loan interest and senior costs.
This level of amortization is unlikely to be sustainable, in S&P's
view, if properties are sold and net income is reduced.  In
considering the way forward, S&P believes the servicer is likely
to weigh up the benefit of deferring sales in favor of additional
amortization against possible further deterioration in value of
the properties, particularly those with short unexpired lease
terms.

The strength of the underlying cash flows and availability of
liquidity at the issuer level make timely payment of interest for
all classes of notes likely, in S&P's view.

S&P believes that the recent valuation indicates that full
recovery of principal for the class A and B noteholders is
possible.  However, S&P believes that potential further
deterioration in market values and limited availability of debt
finance creates great uncertainty over the timing and amount of
any cash receipts from a property disposal program or alternative
workout strategy.  S&P does not expect the market value of the
properties to improve in the near term and consider that current
LTV ratios are not commensurate with the previous ratings on the
notes.  For these reasons, S&P lowered its ratings to reflect the
deterioration in the transaction's creditworthiness.

                           Ratings List

                     White Tower 2006-3 PLC
   GBP1.15 Billion Commercial Mortgage-Backed Floating-Rate Notes

      Ratings Lowered and Removed From CreditWatch Negative

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

                            *********

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, Joy A. Agravante and Peter A. Chapman, Editors.

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

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

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

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


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