TCREUR_Public/080509.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Friday, May 9, 2008, Vol. 9, No. 92

                            Headlines


A U S T R I A

LEKRA VERANSTALTUNG: Claims Registration Period Ends May 30
PETRIJA STEFANOVIC: Claims Registration Period Ends June 19
RN WOHNHAUSBAU: Claims Registration Period Ends June 3
VIVA HANDEL: Claims Registration Period Ends June 9


C Z E C H   R E P U B L I C

ON SEMICONDUCTOR: Earns US$20.8 Million in First Quarter 2008
ON SEMICONDUCTOR: Moody's Lifts Corp. Family Rating to Ba3


G E R M A N Y

BAIER VERWALTUNGS: Claims Registration Period Ends May 29
CFG IMMOBILIENVERWALTUNGS: Claims Period Ends May 29
EINRICHTUNGSHAUS JOH: Claims Registration Period Ends May 27
ELEKTRO-BUCHWALD: Claims Registration Period Ends May 27
EPROVI ELECTRONIC: Claims Registration Period Ends May 29

ESL-ENERGIESPARLADEN: Claims Registration Period Ends May 27
GP BAU: Claims Registration Period Ends May 29
HACOM SOFTWARE: Claims Registration Period Ends May 27
HAGEMANN GMBH: Claims Registration Ends May 29
HOLZ REINERT: Claims Registration Period Ends May 27

MEBID GMBH: Claims Registration Period Ends May 27
OLISTICA PRODUKT- UND HANDELS: Claims Registration Ends May 29
REHA AKTIV: Claims Registration Ends May 29
RESTAURANT PIZZERIA: Claims Registration Ends May 28
TERRA ABBRUCH: Claims Registration Ends May 28

WE.ST.-SYSTEMBAU WERNER: Claims Registration Ends May 28


I R E L A N D

CAMBER 6: Intent to Liquidate Cues S&P to Cut Ratings on CDOs
CLOVERIE PLC: Moody's May Further Cut Junk Ratings After Review


I T A L Y

ALITALIA SPA: Multi-Long Offers EUR1 Billion for Italy's Stake
FIAT SPA: To Source Auto Parts from India by 2010
PARMALAT SPA: Parma Judge Unites 2 Trials, Keeps Others Separate


K A Z A K H S T A N

ANTEK-XXI LLP: Creditors Must File Claims by June 25
KAZPROM ENERGO: Filed for bankruptcy June 20
PANTERA-PV LLP: Claims Deadline Slated for June 25
W-VALERY & K: Creditors' Claims Due on June 25
ZAMALYK & K: Claims Registration Ends June 20


K Y R G Y Z S T A N

GROW-STROY LLC: Creditors Must File Claims by June 13


N E T H E R L A N D S

IMAX CORP: Moody's Holds Junk Ratings on High Financial Risk
X5 RETAIL: Raises US$1.16 Billion from Shares Issue


R U S S I A

CAPITAL-INVEST: Court Starts Bankruptcy Supervision Procedure
GEOSTAR LLC: Moscow Bankruptcy Hearing Slated for June 12
KUBAN-AGRO-PROJECT: Creditors Must File Claims by June 26
NAFTA-TRANS: Court Names A. Ofitserov as Insolvency Manager
ROSNEFT OIL: Neft-Aktiv Files Fresh Claims Against TGK-11

SIBUR HOLDING: Moody's May Cut Ba2 Rating After Review
TATNEFT OAO: Crude Oil Reserves Up as of January 1
UST-LABINSK-OIL-PRODUCTS: Creditors Must File Claims by June 26
VINAP OJSC: Creditors Must File Claims by June 26
X5 RETAIL: Raises US$1.16 Billion from Shares Issue

ZARAYSK-AGRO LLC: Court Names A. Ofitserov as Insolvency Manager


S P A I N

MBS BANCAJA 5: S&P Rates EUR13.9 Mln Class D Notes at BB


U K R A I N E

ALKO-GRAND LLC: Creditors Must File Claims by May 21
BOLSHEVIK OJSC: Proofs of Claim Deadline Set May 21
DEMETRA LLC: Proofs of Claim Deadline Set May 21
EPICURE LLC: Proofs of Claim Deadline Set May 21
LASHDAN: Proofs of Claim Deadline Set May 21

MEGATEKS M: Proofs of Claim Deadline Set May 21
NAFTOGAZ UKRAINY: Posts UAH2.2 Billion Losses for 2006
SAKSAGAN LLC: Creditors Must File Claims by May 21
STRATEGY LLC: Proofs of Claim Deadline Set May 21
TECHNICS-MEDICINE-ECOLOGY LTD: Claims Deadline Set May 21


U N I T E D   K I N G D O M

AEON PIPE: Taps Liquidators from PricewaterhouseCoopers
AMF INTERIORS: Brings In Liquidators from Tenon Recovery
ASTON NETWORKS: Hires Liquidators from Deloitte & Touche
ASTON TELECOM: Calls In Liquidators from Deloitte & Touche
CORSAIR (JERSEY) 3: Moody's Cuts Rating on Series 13 Notes

CSW ERLAND: Appoints Liquidators from Mazars
GOALS 2006-1: S&P Rates EUR250 Mln Notes at BB with Watch Pos.
INTERNACIONALE LIMITED: Taps Joint Administrators from PwC
KLM FABRICATIONS: Andrew Appleyard Leads Liquidation Procedure
LAND MANAGEMENT: Brings In Liquidators from Vantis

MERRITT LTD: Taps Liquidator from Mazars
METRONET RAIL: Transfer Scheme Application Hearing Set on May 23
NUNEATON BOROUGH: Outlines Proposal to Fend Off Administration
P&T INNS: Appoints Philip Michael Lyon as Liquidator
RANSOM MARKETING: Hires Liquidators from Tenon Recovery

SALISBURY INTERNATIONAL: Moody's Junks Rating on Class D Notes
SUPER AGURI: Goes Into Administration; Looking for Buyers
WOK MAGIC: Calls In Liquidators from Vantis

* S&P Takes Various Rating Actions on 17 Catastrophe Bonds

BOOK REVIEW: Long-Term Care in Transition: The Regulation of
                          Nursing Homes


                            *********


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


LEKRA VERANSTALTUNG: Claims Registration Period Ends May 30
-----------------------------------------------------------
Creditors owed money by LLC Lekra Veranstaltung (FN 129459g)
have until May 30, 2008, to file written proofs of claim to
court-appointed estate administrator Paul Wuntschek at:

         Dr. Paul Wuntschek
         LLC Klein, Wuntschek & Partner
         Kaiser-Franz-Josef-Kai 70
         8010 Graz
         Germany
         Tel: 0316/813862
         Fax: 0316/813862-2
         E-mail: office@klein-wuntschek-partner.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on June 5, 2008, for the
examination of claims.

The meeting of creditors will be held at:

         The Graz Land Court
         Room 222
         Second Floor
         Graz
         Austria

Headquartered in  Graz, Austria, the Debtor declared bankruptcy
on April 23, 2008 (Bankr. Case No.  26 S 46/08x).


PETRIJA STEFANOVIC: Claims Registration Period Ends June 19
-----------------------------------------------------------
Creditors owed money by KEG Petrija STEFANOVIC (FN 183800w) have
until June 19, 2008, to file written proofs of claim to court-
appointed estate administrator Ulla Reisch at:

         Mag. Dr. Ulla Reisch   
         Praterstrasse 62-64
         1020 Vienna
         Austria
         Tel: 212 55 00
         Fax: 212 55 00 5
         E-mail: office.wien@ulsr.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on July 3, 2008, for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1703
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on April 23, 2008 (Bankr. Case No. 5 S 41/08a).  


RN WOHNHAUSBAU: Claims Registration Period Ends June 3
------------------------------------------------------
Creditors owed money by  LLC RN Wohnhausbau Fassaden & Sanierung
(FN 289303x) have until June 3, 2008, to file written proofs of
claim to court-appointed estate administrator Norbert Abel at:

         Mag. Norbert Abel
         Franz-Josefs-Kai 49/19
         1010 Vienna
         Austria
         Tel: 533 52 72
         Fax: 533 52 72 15
         E-mail: office@abel-abel.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:15 a.m. on June 17, 2008, for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1609
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on April 23, 2008 (Bankr. Case No.  6 S 63/08v).  


VIVA HANDEL: Claims Registration Period Ends June 9
---------------------------------------------------
Creditors owed money by LLC VIVA Handel (FN 212823a ) have until
June 9, 2008, to file written proofs of claim to court-appointed
estate administrator Johannes Hochleitner at:

         Dr. Johannes Hochleitner
         Kirchenplatz 8
         4070 Eferding
         Tel: 07272/3781-0
         Fax: 07272/3783
         E-mail: hannes.hochleitner@iura.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:40 a.m. on June 19, 2008, for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Wels
         Hall 101
         First Floor
         Maria Theresia Str.12
         Wels
         Austria

Headquartered in Haibach ob der Donau, Austria, the Debtor
declared bankruptcy on April 23, 2008 (Bankr. Case No.  20 S
53/08g).  



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


ON SEMICONDUCTOR: Earns US$20.8 Million in First Quarter 2008
-------------------------------------------------------------
ON Semiconductor Corporation reported that total revenues in the
first quarter of 2008 were US$421.9 million, an increase of
approximately three percent from the fourth quarter of 2007.

During the first quarter of 2008, the company reported GAAP net
income of US$20.8 million, or US$0.07 per share on a fully
diluted basis. First quarter 2008 GAAP net income included a net
charge of US$44.6 million, or US$0.14 per share on a fully
diluted basis from special items.  The special item details can
be found in the attached schedules.  During the fourth quarter
of 2007, the company reported GAAP net income of US$61.1
million, or US$0.20 per share on a fully diluted basis.

First quarter 2008 non-GAAP net income was US$65.4 million or
US$0.21 per share on a fully diluted basis.  Fourth quarter 2007
non-GAAP net income was US$68.7 million, or US$0.23 per share on
a fully diluted basis.

On a mix-adjusted basis, average selling prices in the first
quarter of 2008 were down less than two percent from the fourth
quarter of 2007.  The company’s total gross margin in the first
quarter was 34.7%.  Non-GAAP total gross margin in the first
quarter was 37.6%.  GAAP gross margin in the first quarter
included a net charge of approximately US$11.9 million or 290
basis points from special items.

Adjusted EBITDA for the first quarter of 2008 was US$97.2
million.  Adjusted EBITDA for the fourth quarter of 2007 was
US$102.1 million.  

Excluding the impact of the acquisition of AMIS Holdings, Inc.
which closed on Mar. 17, 2008, ON Semiconductor had stand alone
revenues of approximately US$396.4 million in the first quarter
of 2008, a decrease of approximately three percent from the
fourth quarter of 2007.  ON Semiconductor also reported first
quarter 2008 stand alone GAAP net income of US$40.1 million, or
US$0.14 per share on a fully diluted basis.  First quarter 2008
stand alone GAAP net income included approximately US$19.1
million, or US$0.06 per share on a fully diluted basis from
special items.

Excluding the impact of the acquisition, ON Semiconductor had
stand alone gross margin of approximately 35.7% in the first
quarter of 2008.  Stand alone non-GAAP gross margin in the first
quarter was 37.0%.  ON Semiconductor stand alone GAAP gross
margin in the first quarter included a net charge of
approximately US$5.1 million or 130 basis points from special
items.  The special item details can be found in the attached
schedules.  On a stand alone basis, first quarter 2008 gross
margin was also impacted from the increase in manufacturing
costs associated with the weaker dollar and increases in direct
material costs compared to the fourth quarter of 2007.

First quarter 2008 stand alone non-GAAP net income was US$59.2
million or US$0.20 per share on a fully diluted basis.  Fourth
quarter 2007 non-GAAP net income was US$68.7 million, or US$0.23
per share on a fully diluted basis.

“The positive transformation of ON Semiconductor continued in
the first quarter of 2008,” said Keith Jackson, ON Semiconductor
president and CEO.  “At the end of December, we closed the
acquisition of the CPU Voltage and Thermal Products Group from
Analog Devices which boosted our overall computing power
management expertise.  In the first quarter, we completed the
largest acquisition in the company’s history by closing the AMIS
Holdings, Inc. transaction.  These two transactions greatly
enhance our ability to address our customers’ most challenging
power management requirements and position ON Semiconductor as a
leader in the analog and power management sector.”

                   Second Quarter 2008 Outlook

“Based upon product booking trends, backlog levels, anticipated
manufacturing services revenue decline of US$8 million
sequentially and estimated turns levels, we anticipate that
total revenues will be approximately US$545 to US$560 million in
the second quarter of 2008,” Jackson said.  “Included in the
total revenue guidance is the expectation of sequential product
revenue growth of approximately two to six percent for ON
Semiconductor stand alone and approximately US$150 million of
revenue associated with the completed acquisition of AMIS
Holdings, Inc.  Backlog levels at the beginning of the second
quarter of 2008 were up from backlog levels at the beginning of
the first quarter of 2008 and represent over 85 percent of our
anticipated second quarter 2008 revenues.  We expect that
average selling prices for the second quarter of 2008 will be
down approximately two percent sequentially. []”

                   About ON Semiconductor

Headquartered Phoenix, Arizona, ON Semiconductor Corporation
(NASDAQ: ONNN) --  http://www.onsemi.com/-- is a supplier of  
power solutions to customers in the power supply, automotive,
communication, computer, consumer, medical, industrial, mobile
phone, and military/aerospace markets.  The company’s broad
portfolio includes power, analog, DSP, mixed-signal, advance
logic, clock management and standard component devices.  The
company operates a network of manufacturing facilities, sales
offices and design centers in key markets throughout North
America, Europe, and the Asia Pacific regions.  In Europe, the
company has subsidiaries in Slovak Republic, Czech Republic,
Germany, France, Italy, Ireland and the United Kingdom.  In
Asia, ON Semiconductor's subsidiaries are located in Malaysia,
Japan, Philippines, Hong Kong, China, India, Korea and
Singapore.  The company also has a presence in Bermuda.


ON SEMICONDUCTOR: Moody's Lifts Corp. Family Rating to Ba3
----------------------------------------------------------
Moody's Investors Service upgraded ON Semiconductor
Corporation's corporate family rating to Ba3 from B1 and senior
secured debt ratings to Baa3 from Ba1.  Simultaneously, Moody's
assigned a speculative grade liquidity rating of SGL-1.  The
outlook is stable.  This concludes the review for possible
upgrade that was initiated in December 2007 following the
company's announcement that it would acquire AMI Semiconductor,
Inc. for approximately US$915 million in an all-stock
transaction.  Following completion of the acquisition and
repayment of AMI Semi's bank credit facilities (March 2008),
Moody's withdrew all ratings for AMI Semi (CFR formerly rated
Ba3/Stable).

These ratings for ON Semi were upgraded:

-- Corporate Family Rating to Ba3 from B1

-- Probability of Default Rating to Ba3 from B1

-- US$25.0 Million Guaranteed Sr. Secured Revolving Credit
    Facility due 2013 to Baa3 (LGD-1, 3%) from Ba1 (LGD-1, 4%)

-- US$173.7 Million Guaranteed Sr. Secured Term Loan maturing
    through 2013 to Baa3 (LGD-1, 3%) from Ba1 (LGD-1, 4%)

These rating was assigned:

-- Speculative Grade Liquidity Rating -- SGL-1

The ratings upgrade reflects ON Semi's enhanced scale, expanded
product portfolio, broader and deeper client relationships, end
market diversification and expansion into higher margin market
segments, as well as expected manufacturing synergies (estimated
to be approximately US$50 million per annum by year end 2008)
from facility closures and consolidation following the AMI Semi
acquisition.  Additionally, the upgrade considers the company's
acquisition financing strategy which results in enhanced credit
protection measures on a pro forma basis as well as the additive
EBITDA and increased free cash flow generation provided by the
merger.  Pro forma for the transaction, financial leverage as
measured by debt to EBITDA is approximately 2.4x for the LTM
period ended Dec. 31, 2007, which is comparable to Ba3 rated
industry peers.

The stable ratings outlook reflects Moody's expectation that the
company will achieve revenue growth that outpaces the industry
and expand gross and operating margins in connection with
incremental benefits from increasing semiconductor content
within OEM/ODM platforms, a shift to higher margin products with
longer life cycles (via AMI Semi) and continued cost savings.  
The current ratings and outlook incorporate expectations of
moderate integration risk associated with AMI Semi, expanding
free cash flow, nominal debt-funded acquisition activity and
limited share repurchases.

The Ba3 CFR incorporates Moody's expectations that ON Semi will
realize manufacturing efficiency improvements, better
operational execution and lower unit production costs for AMI
Semi's growing high volume ASSP (application specific standard
products) portfolio via the transfer of ON Semi's advanced
manufacturing capabilities, process technologies and expense
reduction methods.  This, together with scheduled facility
shutdowns and relocation of AMI Semi manufacturing to lower cost
facilities, is expected to improve AMI Semi's relatively lower
operating margins over the next 12--18 months to levels
approaching ON Semi's operating margins, which are in the range
of 18-20% (Moody's adjusted) on a standalone basis.

Moody's previously commented in its March 2007 press release
that although ON Semi's financial metrics suggested a Ba3
rating, the rating was constrained to B1 at the time due to: (i)
the incremental operating costs associated with the new sub-
micron analog wafer fab in Gresham, Oregon; (ii) potential for
heightened competition; and (iii) moderate customer
concentration.  Moody's notes that the complementary nature of
the acquisition mitigates these risks and supports the Ba3
rating.  Much of AMI Semi's outsourced production will be
transferred to Gresham, improving that facility's capacity
utilization and profitability.

Additionally, AMI Semi's sole source status for nearly 90% of
its product base, well-penetrated customer base with long-
standing relationships and high entry barriers for its ASIC
(application specific integrated circuits) products now lessens
the competitive forces confronting ON Semi.  Also, ON Semi's
entry into AMI Semi's market segments such as medical,
industrial and military/aerospace, which tend to have moderate
ASP volatility and relatively long product life cycles, subdues
competitive elements.  Finally, customer concentration (top ten
non-EMS/non-distribution customers equal to 26% of revenues pre-
merger vs. 21% post-merger) is reduced with the addition of AMI
Semi's customer base, which has little overlap with ON Semi's
client base.

The Ba3 CFR factors possible delays in achieving acquisition
synergies given the size of the AMI Semi transaction.  It also
captures risks associated with the timing and amount of
restructuring charges, which could be deferred or larger than
planned; incremental capex, albeit lower than on a combined
basis; potential customer disengagements resulting from the
change in ownership and operating strategy at AMI Semi; and the
cyclical nature of the semiconductor industry.  Additionally,
the rating incorporates potential risks of a consumer-led U.S.
economic downturn, which could negatively impact demand for
consumer electronics (17% of combined company revenues),
wireless (13%) and automotive (21%) semiconductor products
supplied by the company.

To the extent the company is able to achieve good progress
towards internal execution and integration of AMI Semi as
originally planned, Moody's could upgrade the outlook or rating
over the next 6 -- 9 months.

ON Semi's speculative grade liquidity rating of SGL-1 recognizes
the company's very good liquidity position.  This is based on
cash and short-term investments of roughly US$300 million,
anticipated generation of solid free cash flow levels over the
next twelve months and a US$25 million undrawn revolver.  
Moody's expects the company to maintain healthy levels of gross
cash flow to cover capital expenditures and working capital
requirements.  Further supporting the company's overall
liquidity is the expectation for covenant compliance over the
next four quarters.

Headquartered in Phoenix, Arizona, ON Semiconductor Corporation
is a global manufacturer of power- and data-management
semiconductors as well as standard semiconductor components.  In
March 2008, ON Semi acquired AMI Semiconductor, Inc., a leading
designer and manufacturer of analog and mixed-signal custom
integrated circuits for approximately US$915 million in an all-
stock transaction.  Pro forma for the AMI Semi acquisition,
combined revenues and EBITDA (Moody's adjusted, excluding
synergies) for the twelve months ended Dec. 31, 2007 were US$2.2
billion and US$536 million, respectively.


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


BAIER VERWALTUNGS: Claims Registration Period Ends May 29
---------------------------------------------------------
Creditors of Baier Verwaltungs-GmbH have until May 29, 2008, to
register their claims with court-appointed insolvency manager
Ottmar Hermann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on June 19, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Offenbach am Main
         Hall 166N
         Kaiserstrasse 16-18
         63065 Offenbach am Main
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Ottmar Hermann
         Bleichstrasse 2 - 4
         D 60313 Frankfurt am Main
         Germany
         Tel: 069 / 91 30 92 0
         Fax: 069 / 91 30 92 30

The District Court of Offenbach am Main opened bankruptcy
proceedings against Baier Verwaltungs-GmbH on April 15, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Baier Verwaltungs-GmbH
         Attn: Emil Baier, Manager
         Hochstr. 12a
         63128 Dietzenbach
         Germany


CFG IMMOBILIENVERWALTUNGS: Claims Period Ends May 29
----------------------------------------------------
Creditors of CFG Immobilienverwaltungs-GmbH have until
May 29, 2008, to register their claims with court-appointed
insolvency manager Dr. Bruno Kuebler.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on June 19, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Munich
         Meeting Room 101
         Infanteriestr. 5
         80097 Munich
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. Bruno Kuebler
         Konrad-Zuse-Platz 1
         81829 Muenchen
         Germany
         Tel: 99299-0
         Fax: 99299-299

The District Court of Munich opened bankruptcy proceedings
against CFG Immobilienverwaltungs-GmbH on April 4, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         CFG Immobilienverwaltungs-GmbH
         Leopoldstr. 139
         80804 Muenchen
         Germany

         Attn: Fritz Spaeder, Manager
         Prinzregentenstr 110
         81677 Muenchen
         Germany


EINRICHTUNGSHAUS JOH: Claims Registration Period Ends May 27
------------------------------------------------------------
Creditors of Einrichtungshaus Joh. Schoon GmbH have until
May 27, 2008, to register their claims with court-appointed
insolvency manager Ulf Spieker.

Creditors and other interested parties are encouraged to attend
the meeting at 10:40 a.m. on June 20, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Leer
         Hall 101
         Woerde 5
         26789 Leer
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Ulf Spieker
         Schuetzenstrasse 4a
         26670 Uplengen-Remels
         Germany
         Tel: 04956/928510
         Fax: 04956/9285120

The District Court of Leer opened bankruptcy proceedings against
Einrichtungshaus Joh. Schoon GmbH on April 4, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Einrichtungshaus Joh. Schoon GmbH
         Alter Postweg 99
         26670 Uplengen-Remels
         Germany


ELEKTRO-BUCHWALD: Claims Registration Period Ends May 27
--------------------------------------------------------
Creditors of Elektro-Buchwald GmbH have until May 27, 2008, to
register their claims with court-appointed insolvency manager
Ruediger Weiss.

Creditors and other interested parties are encouraged to attend
the meeting at 10:20 a.m. on June 24, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Halle (Saale)
         Hall 1.043
         Justizzentrum
         Thueringer Strasse 16
         06112 Halle (Saale)
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Ruediger Weiss
         Leipziger Chaussee 191f
         06112 Halle
         Germany
         Tel: 0345/614080
         Fax: 0345/6140810
         Web site: http://www.wallnerweiss.info/

The District Court of Halle (Saale) opened bankruptcy
proceedings against Elektro-Buchwald GmbH on April 9, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Elektro-Buchwald GmbH
         Pelzberg 14
         06259 Frankleben
         Germany


EPROVI ELECTRONIC: Claims Registration Period Ends May 29
---------------------------------------------------------
Creditors of eprovi electronic provider & service GmbH have
until May 29, 2008, to register their claims with court-
appointed insolvency manager Frank Imberger.

Creditors and other interested parties are encouraged to attend
the meeting at 8:50 a.m. on Juny 10, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bochum
         Hall A29
         Ground Floor
         Main Building
         Viktoriastrasse 14
         44787 Bochum
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Frank Imberger
         Huestrasse 34
         44787 Bochum
         Germany

The District Court of Bochum opened bankruptcy proceedings
against eprovi electronic provider & service GmbH on
April 14, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         eprovi electronic provider & service GmbH
         Attn: Wolfgang Koenig, Manager
         Josef-Haumann-Str. 11
         44866 Bochum
         Germany


ESL-ENERGIESPARLADEN: Claims Registration Period Ends May 27
------------------------------------------------------------
Creditors of ESL-Energiesparladen GmbH have until May 27, 2008,
to register their claims with court-appointed insolvency manager
Dr. Hans-Peter Lehner.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on June 19, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Regensburg
         Hall 105
         Augustenstr. 5
         Regensburg
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. Hans-Peter Lehner
         Ditthornstr. 5
         93055 Regensburg
         Germany
         Tel: 0941/640820-0
         Fax: 0941/640820-10

The District Court of Regensburg opened bankruptcy proceedings
against ESL-Energiesparladen GmbH on April 29, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         ESL-Energiesparladen GmbH
         Wieshuberstr. 15
         93051 Regensburg
         Germany


GP BAU: Claims Registration Period Ends May 29
-----------------------------------------------
Creditors of GP Bau- und Immobilien GmbH have until
May 29, 2008, to register their claims with court-appointed
insolvency manager Roland Lehnert.

Creditors and other interested parties are encouraged to attend
the meeting at 1:00 p.m. on June 19, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Nebenstelle
         Meeting Hall 2
         Elisabethstrasse 6
         26135 Oldenburg
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Roland Lehnert
         Hauptstrasse 5
         26122 Oldenburg
         Germany  
         Tel: 0441 950910
         Fax: 0441 9509177

The District Court of Nebenstelle opened bankruptcy proceedings
against GP Bau- und Immobilien GmbH on April 10, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         GP Bau- und Immobilien GmbH
         Attn: Guenter Philipp, Manager
         Hochtanger Weg 27
         26160 Bad Zwischenahn
         Germany


HACOM SOFTWARE: Claims Registration Period Ends May 27
------------------------------------------------------
Creditors of Hacom Software GmbH have until May 27, 2008, to
register their claims with court-appointed insolvency manager
Dr. Paul Fink.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on June 17, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Duesseldorf
         Meeting Hall A 409
         Fourth Floor
         Muehlenstrasse 34
         40213 Duesseldorf
         Germany     

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. Paul Fink
         Koenigsallee 33
         40212 Duesseldorf
         Germany

The District Court of Duesseldorf opened bankruptcy proceedings
against Hacom Software GmbH on April 22, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Hacom Software GmbH
         St.-Antonius-Str. 2
         41470 Neuss
         Germany


HAGEMANN GMBH: Claims Registration Ends May 29
----------------------------------------------
Creditors of Hagemann GmbH have until May 29, 2008 to register
their claims with court-appointed insolvency manager Dirk
Oelbermann.

Claims will be verified at 11:00 a.m. on July 3, 2008 at:
         
         The District Court of Syke
         Hall 112
         Hauptstr. 5A
         28857 Syke
         Germany
         
Creditors may constitute a creditors' committee or opt to
appoint a new insolvency manager.

The insolvency manager can be reached at:

         Dirk Oelbermann
         Ostertorsteinweg 74/75
         28203 Bremen
         Germany
         Tel: (0421)792 57-0
         Fax: (0421)792 57-57

The District Court of Syke opened bankruptcy proceedings against
Hagemann GmbH on April 1, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Hagemann GmbH
         Tannenweg 5
         49406 Barnstorf
         Germany

         Attn: Wolfgang Henne, Manager
         Kleiststr. 6
         49406 Barnstorf
         Germany


HOLZ REINERT: Claims Registration Period Ends May 27
----------------------------------------------------
Creditors of Holz Reinert GmbH have until May 27, 2008, to
register their claims with court-appointed insolvency manager
Joachim Walterscheid.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on June 17, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Joachim Walterscheid
         Am Kurpark 2
         32545 Bad Oeynhausen
         Germany

The District Court of Bielefeld opened bankruptcy proceedings
against Holz Reinert GmbH on April 14, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Holz Reinert GmbH
         Koenigstr. 56
         32547 Bad Oeynhausen
         Germany


MEBID GMBH: Claims Registration Period Ends May 27
--------------------------------------------------
Creditors of Mebid GmbH have until May 27, 2008, to register
their claims with court-appointed insolvency manager Michael
Pluta.

Creditors and other interested parties are encouraged to attend
the meeting at 8:00 a.m. on June 4, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Neu-Ulm
         Heiner-Metzger-Platz 1
         Zi. 211/II
         89231 Neu-Ulm
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Michael Pluta
         Karlstr. 33
         89073 Ulm
         Germany
         Tel: 0731/968800
         Fax: 0731/96880-50

The District Court of Neu-Ulm opened bankruptcy proceedings
against Mebid GmbH on April 21, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Mebid GmbH
         Ziegeleiweg 5
         89358 Kammeltal
         Germany


OLISTICA PRODUKT- UND HANDELS: Claims Registration Ends May 29
--------------------------------------------------------------
Creditors of "Olistica" Produkt- und Handelsgesellschaft mbH
have until May 29, 2008 to register their claims with court-
appointed insolvency manager Knut Rebholz.

Claims will be verified at 11:35 a.m. on July 23, 2008 at:

         The District Court of Charlottenburg
         Hall 218
         Second Floor
         Amtsgerichtsplatz 1
         14057 Berlin
         Germany

Creditors may constitute a creditors' committee or opt to
appoint a new insolvency manager.

The insolvency manager can be reached at:

         Knut Rebholz
         Cicerostr. 22
         10709 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against "Olistica" Produkt- und Handelsgesellschaft
mbH on March 5, 2008.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         "Olistica" Produkt- und Handelsgesellschaft mbH
         Schillerpromenade 42
         12049 Berlin
         Germany


REHA AKTIV: Claims Registration Ends May 29
-------------------------------------------
Creditors of REHA aktiv Orthopadietechnik & Homecare GmbH have
until May 29, 2008 to register their claims with court-appointed
insolvency manager Dr. Christoph Schulte-Kaubruegger.

Claims will be verified at 11:30 a.m. on July 10, 2008 at:

         The District Court of Charlottenburg
         Hall 218
         Second Floor
         Amtsgerichtsplatz 1
         14057 Berlin
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. Christoph Schulte-Kaubruegger
         Genthiner Str. 48
         10785 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against REHA aktiv Orthopadietechnik & Homecare GmbH
on March 1, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         REHA aktiv Orthopadietechnik & Homecare GmbH
         Geneststr. 5
         10829 Berlin
         Germany


RESTAURANT PIZZERIA: Claims Registration Ends May 28
----------------------------------------------------
Creditors of Restaurant Pizzeria Riviera GmbH have until
May 28, 2008 to register their claims with court-appointed
insolvency manager Dr. Thomas Leicht.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on June 26, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Stuttgart
         Hall 178
         Ground Floor
         Hauffstr. 5 (Am Neckartor)
         70190 Stuttgart
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. Thomas Leicht
         Eugenstr. 16
         70182 Stuttgart
         Germany
         Tel: 0711/245252-53

The District Court of Stuttgart opened bankruptcy proceedings
against Restaurant Pizzeria Riviera GmbH on April 30, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Restaurant Pizzeria Riviera GmbH
          Waiblinger Str. 6
          71364 Winnenden
          Germany


TERRA ABBRUCH: Claims Registration Ends May 28
----------------------------------------------
Creditors of Terra Abbruch und Erdbau Roettger GmbH have until
May 28, 2008 to register their claims with court-appointed
insolvency manager Jan-Hendrik Pannenborg.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on June 18, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Lingen (Ems)
         Hall Z 17
         New Building
         Burgstrasse 28
         49808 Lingen (Ems)
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Jan-Hendrik Pannenborg
         Prollstrasse 1
         48529 Nordhorn
         Germany
         Tel: 05921/88750
         Fax: 05921/88752
         E-mail: http://www.ra-pannack.de/  

The District Court of Lingen (Ems) opened bankruptcy proceedings
against Terra Abbruch und Erdbau Roettger GmbH on April 23,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         Terra Abbruch und Erdbau Roettger GmbH
         Attn:: Ludger Roettger, Manager
         Gewerbepark 10
         49832 Beesten
         Germany
         

WE.ST.-SYSTEMBAU WERNER: Claims Registration Ends May 28
--------------------------------------------------------
Creditors of We.St.-Systembau Werner Stein GmbH have until
May 28, 2008 to register their claims with court-appointed
insolvency manager Dr. Petra Mork.

Creditors and other interested parties are encouraged to attend
the meeting at 1:15 p.m. on July 2, 2008, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Dortmund
         Meeting Hall 3.201
         Second Floor
         Gerichtsplatz 1
         44135 Dortmund
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. Petra Mork
         Arndtstr. 28
         44135 Dortmund
         Germany

The District Court of Dortmund opened bankruptcy proceedings
against We.St.-Systembau Werner Stein GmbH on April 11, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         We.St.-Systembau Werner Stein GmbH
         Breisenbachstr. 32
         44357 Dortmund
         Germany

         Attn: Heinrich-Werner Stein, Manager
         Kreuzstr. 4
         45731 Waltrop
         Germany


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


CAMBER 6: Intent to Liquidate Cues S&P to Cut Ratings on CDOs
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 23
classes from four collateralized debt obligation of asset-backed
securities (CDO of ABS) transactions.  S&P placed 18
of the lowered ratings on CreditWatch with negative
implications.

The rating actions reflect the receipt of notices from the
trustees on the deals stating that a majority of the
transactions' controlling classes have directed the trustees to
proceed with the liquidation of the collateral backing the CDOs.

The four deals are:

   -- Camber 6 PLC, a hybrid CDO of ABS collateralized in large
      part by mezzanine tranches of residential mortgage-backed
      securities (RMBS);

   -- Cherry Creek CDO I Ltd., a cash flow CDO of ABS deal
      collateralized in large part by mezzanine tranches of
      RMBS;

   -- Corona Borealis CDO Ltd., a hybrid CDO of ABS deal
      collateralized in large part by mezzanine RMBS tranches;
      and

   --  Timberwolf I Ltd., a hybrid CDO collateralized by
       tranches of structured finance CDO transactions.

The rating actions reflect our opinion that substantial losses
to the noteholders are likely if the transactions proceed to
liquidate.  This is based on our view of the current market
value of the underlying collateral, and our view that market
prices may not recover during the liquidation period.


                       Rating Actions

                                         Rating
Transaction              Class      To             From

Camber 6 plc             A-1 & A-2  BB/Watch Neg   A-               
Camber 6 plc             B          CCC-/Watch Neg BBB-
Camber 6 plc             C          CCC-/Watch Neg BB
Camber 6 plc             Combo Nts  CCC-/Watch Neg BB
Camber 6 plc             D          CC             B+
Camber 6 plc             E          CC             CCC
Cherry Creek CDO I Ltd.  A1S        BB/Watch Neg   A+
Cherry Creek CDO I Ltd.  A1J        CCC-/Watch Neg BBB-
Cherry Creek CDO I Ltd.  A-2        CCC-/Watch Neg BB+
Cherry Creek CDO I Ltd.  A-3        CC             B+
Cherry Creek CDO I Ltd.  B          CC             CCC-
Corona Borealis CDO Ltd. A-1A       BB/Watch Neg   A
Corona Borealis CDO Ltd. A-1B       CCC-/Watch Neg BB+              
Corona Borealis CDO Ltd. A-1C       CCC-/Watch Neg BB-
Corona Borealis CDO Ltd. S          CCC-/Watch Neg B
Corona Borealis CDO Ltd. A-2        CCC-/Watch Neg B
Corona Borealis CDO Ltd. B          CCC-/Watch Neg CCC+
Corona Borealis CDO Ltd. C          CC             CCC-
Timberwolf I Ltd.        S-1        BB/Watch Neg   AAA/Watch Neg
Timberwolf I Ltd.        A-1a       BB/Watch Neg   A+/Watch Neg   
Timberwolf I Ltd.        A-1b       CCC-/Watch Neg BB+/Watch Neg  
Timberwolf I Ltd.        A-1c       CCC-/Watch Neg BB-/Watch Neg   
Timberwolf I Ltd.        A-1d       CCC-/Watch Neg CC+/Watch Neg  

                  Other Outstanding Ratings

Transaction               Class           Rating
Camber 6 plc              F               CC               
Corona Borealis           D               CC
Timberwolf I Ltd          S-2             CC                   
Timberwolf I Ltd          A-2             CC              
Timberwolf I Ltd          B               CC
Timberwolf I Ltd          C               CC
Timberwolf I Ltd          D               CC


CLOVERIE PLC: Moody's May Further Cut Junk Ratings After Review
---------------------------------------------------------------
Moody's Investors Service has downgraded 4 classes of notes
issued by Cloverie PLC.

These rating actions are in response to severe credit
deterioration in the underlying portfolios.  The rated
transaction is a static CDO referencing a portfolio of high-
grade subprime RMBS assets of the 2005 vintage mainly.

Moody's announced on Feb. 4, 2008, that it is revising its
expected loss assumptions which are used for surveillance of
ratings of ABS CDOs holding subprime RMBS, specifically of the
2006 vintage.  Moody's stated that for purposes of monitoring
its ratings of ABS CDOs with exposure to 2006 subprime RMBS, it
will rely on certain projections of the lifetime average
cumulative losses for 2006's quarterly vintages of RMBS set
forth in a recent Moody's Special Report, "Moody's Updates Loss
Projections for 2006 Subprime Loans."  This report illustrates
average loss results for the 2006 quarterly vintages under five
distinct loss projection scenarios.  Moody's explained that it
will utilise the range of loss projections set forth in
Scenarios 2 and 3 based on deal performance and quarterly
vintage to modify its prior assumptions of the expected loss
inputs when monitoring ABS CDO ratings.

Moody's will continue to monitor all deals with exposure to US
subprime RMBS, and will take further actions in respect of all
CDOs placed under review for downgrade once the extent of actual
downgrades to US RMBS vintages becomes known.

These actions are:

   (1) Series 2005-78 US$15,000,000 Class S-2 Secured Floating
       Rate Portfolio Credit Linked Notes due 2043

    -- Current Rating: B2, on review for downgrade
    -- Prior Rating: Aa1

   (2) Series 2005-79 US$15,000,000 Class S-4 Secured Floating
       Rate Portfolio Credit Linked Notes due 2043

    -- Current Rating: B3, on review for downgrade
    -- Prior Rating: Aa3

   (3) Series 2005-80 US$15,000,000 Class A Secured Floating
       Rate Portfolio Credit Linked Notes due 2043

    -- Current Rating: Caa1, on review for downgrade
    -- Prior Rating: A1

   (4) Series 2005-81 US$15,000,000 Class B Secured Floating
       Rate Portfolio Credit Linked Notes due 2043

    -- Current Rating: Caa1, on review for downgrade
    -- Prior Rating: A3


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


ALITALIA SPA: Multi-Long Offers EUR1 Billion for Italy's Stake
--------------------------------------------------------------
Multi-Long Corp. has submitted a EUR1 billion offer to acquire
the Italian government's 49.9% stake in Alitalia S.p.A., various
reports say.

According to Multi-Long CEO Michael Breslow, the firm also
submitted a business plan for Alitalia to the European
Commission, Armorel Kenna writes for Bloomberg News.

Mr. Breslow told Bloomberg News in an e-mail that Multi-Long's
funds for the offer are "larger than anyone can imagine," adding
that its interest in Alitalia is "rock solid and not an
adventure or irresponsible bid."

Mr. Breslow also told The Associated Press that Multi-Long could
get funds for its offer from European and Brazilian banks.

Mr. Breslow added to the AP that though Multi-Long has no
experience running an airline, it can financially reorganize
Alitalia.

                         About Alitalia

Headquartered in Rome, Italy, Alitalia S.p.A. --
http://www.alitalia.it/-- provides air travel services for
passengers and air transport of cargo on national, international
and inter-continental routes, including United States, Canada,
Japan and Argentina.  The Italian government owns 49.9% of
Alitalia.

Despite a EUR1.4 billion state-backed restructuring in 1997,
Alitalia posted net losses of EUR256 million and EUR907 million
in 2000 and 2001 respectively.  Alitalia posted EUR93 million in
net profits in 2002 after a EUR1.4 billion capital injection.
The carrier booked annual net losses of EUR520 million in 2003,
EUR813 million in 2004, EUR168 million in 2005, and
EUR625.6 million in 2006.

Italian Finance Minister Tommaso Padoa-Schioppa had said that if
the sale to Air France fails, Alitalia may seek protection from
creditors and the government would appoint a special
commissioner to initiate bankruptcy proceedings


FIAT SPA: To Source Auto Parts from India by 2010
-------------------------------------------------
Fiat SpA intends to import EUR250 million worth of auto parts
from India by 2010.  This is eight times the current importation
of EUR30 million, the Economictimes reports.

The Economictimes adds that the move would enable Fiat to cut
costs since parts from India are around 10-15% cheaper.  
Further, it could also aid Fiat "broadbase its global market for
sourcing," Economictimes says.

Citing Fiat Group Purchasing SRL CEO Gianni Coda, Economictimes
relates that the sourcing would be implemented for the
automaker's Europe, Brazil and North America manufacturing
plants.

                        About Fiat S.p.A.

Based in Turin, Italy, Fiat SpA -- http://www.fiatgroup.com/--
designs, manufactures, and sells automobiles, trucks, wheel
loaders, excavators, telehandlers, tractors and combine
harvesters.  Outside Europe, the company has subsidiaries in the
United States, Japan, India, China, Mexico, Brazil and
Argentina, among others.

                          *     *     *

As of March 13, 2008, Fiat S.p.A. and its subsidiaries carries
Ba3 Corporate Family and Senior Unsecured ratings from Moody's
Investors Service, which said the outlook is positive.


PARMALAT SPA: Parma Judge Unites 2 Trials, Keeps Others Separate
----------------------------------------------------------------
Judge Eleonora Fiengo of a court in Parma, Italy, refused the
request of Parmalat founder Calisto Tanzi's lawyers to unite all
trials connected to the financial collapse of Parmalat S.p.A.,
Colleen Barry writes for The Associated Press.

Giampiero Biancolella, counsel for Mr. Tanzi, argued that
combining the Parma trials will allow an efficient defense of
his client, noting that many strands in the cases overlap, AP
reports.

Judge Fiengo refused the request, ruling that keeping the trials
separate would hasten smaller cases without hindering the
defense, AP relates.

The judge however combined two of the trials -- the main trial
accusing Mr. Tanzi and 22 others of fraudulent bankruptcy will
now include the founder's former lawyer Michele Ributti, who is
charged of misappropriating Parmalat funds.

Judge Fiengo kept these trials separate:

    * relating to the failure of the Parmatour travel firm;

    * relating to Parmalat's purchase of mineral water-firm
      Ciappazzi; and

    * relating funds availed from Emilia Romagna Factoring.

The court will resume trials June 4, 2008, AP relates.  The
court will decide the same day whether to combine to the main
proceedings the trial relating to Parmalat's  acquisition of
Eurolat.

Paola Cagossi, a lawyer representing more than 1,000 Parmalat
investors, told AP that maintain several trials would give small
shareholders a better chance of winning damages.

                       About Parmalat

Headquartered in Milan, Italy, Parmalat S.p.A.
-- http://www.parmalat.net/ -- sells nameplate milk products
that can be stored at room temperature for months.  It also has
about 40 brand product lines, which include yogurt, cheese,
butter, cakes and cookies, breads, pizza, snack foods and
vegetable sauces, soups and juices.

The company's U.S. operations filed for chapter 11 protection on
Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139).  Gary
Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal &
Manges LLP, represent the Debtors.  When the U.S. Debtors filed
for bankruptcy protection, they reported more than US$200
million in assets and debts.  The U.S. Debtors emerged from
bankruptcy on April 13, 2005.

Parmalat S.p.A. and its Italian affiliates filed separate
petitions for Extraordinary Administration before the Italian
Ministry of Productive Activities and the Civil and Criminal
District Court of the City of Parma, Italy on Dec. 24, 2003.
Dr. Enrico Bondi was appointed Extraordinary Commissioner in
each of the cases.  The Parma Court has declared the units
insolvent.

On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No.
04-14268, in the United States Bankruptcy Court for the Southern
District of New York.

Parmalat has three financing arms: Dairy Holdings Ltd., Parmalat
Capital Finance Ltd., and Food Holdings Ltd.  Dairy Holdings and
Food Holdings are Cayman Island special-purpose vehicles
established by Parmalat S.p.A.  The Finance Companies are under
separate winding up petitions before the Grand Court of the
Cayman Islands.  Gordon I. MacRae and James Cleaver of Kroll
(Cayman) Ltd. serve as Joint Provisional Liquidators in the
cases.  On Jan. 20, 2004, the Liquidators filed Sec. 304
petition, Case No. 04-10362, in the United States Bankruptcy
Court for the Southern District of New York.  In May 2006, the
Cayman Island Court appointed Messrs. MacRae and Cleaver as
Joint Official Liquidators.  Gregory M. Petrick, Esq., at
Cadwalader, Wickersham & Taft LLP, and Richard I. Janvey, Esq.,
at Janvey, Gordon, Herlands Randolph, represent the Finance
Companies in the Sec. 304 case.

The Honorable Robert D. Drain presides over the Parmalat
Debtors' U.S. cases.  On June 21, 2007, the U.S. Court granted
Parmalat permanent injunction.


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


ANTEK-XXI LLP: Creditors Must File Claims by June 25
----------------------------------------------------  
The Specialized Inter-Regional Economic Court of Astana has
declared LLP Antek-XXI insolvent.

Creditors have until June 25, 20008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Astana
         May 9 Str. 37/1-102
         Astana
         Kazakhstan
         Tel: 8 (7172) 39-73-00


KAZPROM ENERGO: Filed for bankruptcy June 20
--------------------------------------------  
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Kazprom Energo Service insolvent.

Creditors have until June 20, 20008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Aktube
         Altynsarin Str. 31
         Aktobe
         Aktube
         Kazakhstan
         Tel: 8 (3132) 21-30-32


PANTERA-PV LLP: Claims Deadline Slated for June 25
--------------------------------------------------  
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Pantera-PV insolvent.

Creditors have until June 25, 20008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Pavlodar
         Dostoevsky Str. 72
         Pavlodar
         Kazakhstan
         Tel: 8 (7182) 32-91-97


W-VALERY & K: Creditors' Claims Due on June 25
----------------------------------------------  
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP W-Valery & K insolvent on December 25, 2007.

Creditors have until June 25, 20008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Pavlodar
         Dostoevsky Str. 72
         Pavlodar
         Kazakhstan
         Tel: 8 (7182) 32-91-97


ZAMALYK & K: Claims Registration Ends June 20
---------------------------------------------  
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Zamalyk & K insolvent.

Creditors have until June 20, 20008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Aktube
         Altynsarin Str. 31
         Aktobe
         Aktube
         Kazakhstan
         Tel: 8 (3132) 21-30-32


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


GROW-STROY LLC: Creditors Must File Claims by June 13
-----------------------------------------------------
LLC Construction Company Grow-Stroy has declared insolvency.  
Creditors have until June 13, 2008 to submit written proofs of
claim to:

         LLC Construction Company Grow-Stroy
         Kievskaya Str. 80
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 90-63-05
              (+996 312) 90-63-06


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


IMAX CORP: Moody's Holds Junk Ratings on High Financial Risk
------------------------------------------------------------
Moody's Investors Service changed the ratings outlook for IMAX
Corporation to positive from stable based on its improved
liquidity position.  IMAX announced an approximately US$18
million private placement of common stock and an amendment to
its credit facility, which enhances covenant flexibility,
extends the maturity and potentially increases availability.
Proceeds from these transactions will help IMAX to manage the
substantial upfront capital investments related to its joint
venture agreements.

Moody's also affirmed the Caa1 corporate family and the Caa1
probability of default ratings for IMAX as well as the Caa2
rating on its senior unsecured bonds.

IMAX Corporation

   -- Outlook, Changed To Positive from Stable;
   -- Corporate Family Rating, Affirmed at Caa1;
   -- Probability of Default Rating, Affirmed at Caa1;
   -- Senior Unsecured Bonds, Affirmed at Caa2, LGD 4, 60%.

The Caa1 corporate family rating reflects high financial risk
and the lack of visibility regarding IMAX's long term cash flow
prospects, as well as execution risk related to the strategic
transition to increased use of joint ventures and the rollout of
the new digital system.  A highly enforceable backlog of signed
contracts, recent positive business indicators, and the value of
the IMAX brand support the ratings.

IMAX Corporation specializes in large-format and three-
dimensional film presentation; the company typically leases or
sells its projection and sound systems, and licenses the use of
its trademarks.  With annual revenue of approximately US$115
million, IMAX maintains headquarters in Mississauga, Ontario,
Canada.

The company has a subsidiary in Netherlands, IMAX (Netherlands)
B.V., and also in Japan, IMAX Japan Inc.


X5 RETAIL: Raises US$1.16 Billion from Shares Issue
---------------------------------------------------
X5 Retail Group N.V. has raised US$1.16 billion its recent
shares issue in form of Global Depositary Receipts, RIA Novosti
reports.

X5 raised the amount through:

    * floating 48.11 million GDRs, most of which were purchase
      via preemptive rights for US$1.03 billion; and

    * placement of treasury stock in the form of GDRs  for
      US$132 million.

X5 said it would proceeds to finance its US$970-million
acquisition of Formata Holding B.V.

                        About X5 Retail

Headquartered in Amsterdam, Netherlands, X5 Retail Group N.V.
(LSE: FIVE) -- http://www.x5.ru/en/-- acts as a holding firm
for the group of companies that operate retail grocery stores.
The main activity of the company is the development and
operation of grocery retail stores.  The company operated
Pyaterochka and Perekrestok retail chains in Russia, including
Moscow, St. Petersburg, Nizhniy Novgorod, Krasnodar, Kazan,
Samara, Ekaterinburg and Kiev, Ukraine.

                          *     *     *

As of March 6, 2008, X5 Retail Group N.V. carries a B1 Corporate
Family Rating from Moody's Investors Service.  Moody's said the
outlook is positive.

X5 Retail and its subsidiaries also carries a 'BB-' long-term
corporate credit rating from Standard & Poor's Ratings Services.
S&P said the outlook is stable.


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


CAPITAL-INVEST: Court Starts Bankruptcy Supervision Procedure
-------------------------------------------------------------
The Arbitration Court of Moscow commenced bankruptcy supervision
procedure on LLC Capital-Invest (TIN 7731524919).  The case is
docketed under Case No. A40-9780/08-88-22B.

The Temporary Insolvency Manager is:

         N. Biryukova
         Chulkovo
         Ramenskiy
         140125 Moscow
         Russia

The Court is located at:

         The Arbitration Court of Moscow
         Novaya Basmannaya Str. 10
         Moscow
         Russia

The Debtor can be reached at:

         LLC Capital-Invest
         Vereyskaya Str. 7
         Moscow
         Russia


GEOSTAR LLC: Moscow Bankruptcy Hearing Slated for June 12
---------------------------------------------------------
The Arbitration Court of Moscow will convene on June 12, 2008,
to hear the bankruptcy supervision procedure on LLC Geostar (TIN
7710473131).  The case is docketed under Case No. A40-65916/
07-38-176B.

The Temporary Insolvency Manager is:

         N. Biryukova
         Chulkovo
         Ramenskiy
         140125 Moscow
         Russia

The Court is located at:

         The Arbitration Court of Moscow
         Novaya Basmannaya Str. 10
         Moscow
         Russia

The Debtor can be reached at:

         LLC Geostar
         Room 1
         B. Kozikhinskiy Per. 22
         Moscow
         Russia


KUBAN-AGRO-PROJECT: Creditors Must File Claims by June 26
---------------------------------------------------------
Creditors of CJSC Kuban-Agro-Project have until June 26, 2008,
to submit proofs of claim to:

         E. Leyliyan
         Insolvency Manager
         Office 428
         Krasnaya Str. 180
         350020 Krasnodar
         Russia

The Arbitration Court of Krasnodar commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A-32-9749/2007-44/318-B.

The Court is located at:

         The Arbitration Court of Krasnodar
         Krasnaya Str. 6
         Krasnodar
         Russia

The Debtor can be reached at:

         CJSC Kuban-Agro-Project
         Mira Str. 58
         Krasnodar
         Russia


NAFTA-TRANS: Court Names A. Ofitserov as Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Moscow appointed A. Ofitserov as
Insolvency Manager for CJSC Nafta-Trans.  He can be reached at:

         A. Ofitserov
         Post User Box 49
         123181 Moscow
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-14537/06-95-67B.

The Court is located at:

         The Arbitration Court of Moscow
         Novaya Basmannaya Str. 10
         Moscow
         Russia

The Debtor can be reached at:

         CJSC Nafta-Trans
         Office 2
         Building 2
         Krasina Str. 7
         123056 Moscow
         Russia


ROSNEFT OIL: Neft-Aktiv Files Fresh Claims Against TGK-11
---------------------------------------------------------
Neft-Aktiv, a subsidiary of OAO Rosneft Oil Co, filed new claims
in the Moscow Arbitration Court relating to the creation of
electricity generator TGK-11 last year, Nadia Popova writes for
The Moscow Times.

As reported in the Troubled Company Reporter-Europe on Feb. 21,
2008, Neft-Aktiv had filed a lawsuit against TGK-11 alleging
that the shareholders' meeting in which TomskEnergo agreed to
merge with TGK-11 was questionable.

In its latest claim, Neft-Aktiv said that the merger was not
valid since the ballots were miscounted, The Moscow Times
relates.  Dmitry Chernyakov, counsel for Neft-Aktiv, added that
the ballots were counted by one person despite a provision
saying that a "commission of three" should do the count.  Mr.
Chernyakov further said that the company also violated its
charter by not publishing the shareholders' meeting in the  
Krasnoye Znamya, The Moscow Times adds.

The Moscow Times discloses that Neft-Aktiv's latest move comes
as a surprise since Anatoly Chubais, CEO of Unified Energy
System, TGK-11's parent company, had earlier said that the
government had already been included in the mediation.

TGK-11 lawyer Anna Kaflevskaya, however, declined to comment on
the claims, The Moscow Times notes.

The next hearing is scheduled on May 30, 2008, The Moscow Times
states.

                         About Rosneft

Headquartered in Moscow, Russia, OAO Rosneft Oil Co. --
http://www.rosneft.com/-- produces and markets petroleum
products.  The Company explores for, extracts, refines, and
markets oil and natural gas.  Rosneft produces oil in Western
Siberia, Sakhalin, the North Caucasus, and the Arctic regions of
Russia.

                         *     *     *

As of Feb. 7, 2008, OAO Rosneft Oil Co. carries a BB+ long-term
corporate credit rating from Standard & Poor's Ratings Services.
S&P said the outlook is positive.


SIBUR HOLDING: Moody's May Cut Ba2 Rating After Review
------------------------------------------------------
Moody's Investors Service placed the Ba2 Corporate Family Rating
of Sibur Holding OJSC on review for possible downgrade following
the recent announcement of the contemplated management buyout of
50% +1 share of the company by its main shareholder Gazprombank
(ratings on review for upgrade) for approximately US$2.3 billion
(RUR53.5 billion).

The Cyprus-based Hidron Holdings Limited, which is owned by five
of Sibur's top managers, announced on April 29 that it had
reached a preliminary agreement with Gazprombank's
representatives to acquire a controlling stake in the company.
Hidron will also issue a put option in favor of Gazprombank for
the purchase of the remaining 20% for approximately US$920
million within three years of the date of the transaction.
Significant part of the financing of the transaction, excluding
the put option, will be provided by the seller.

Sibur's management has outlined the broad steps for the
financing of the transaction; however, Moody's notes that some
aspects remain under discussion, especially in terms of the
impact the transaction may have on the company's financial
policies as well as significant associated liquidity and
refinancing risks.  Moody's notes that Sibur was very strongly
positioned within its rating category prior to the transaction.

In the coming months, Moody's will focus its ratings review on
the impact of this transaction on Sibur's financial flexibility
and strategies including:

   (1) The nature and tenor of the final funding arrangements
       being put in place;

   (2) The terms and conditions of Hidron's put option, and the
       scale of the potential participation of the strategic
       partner(s);

   (3) Management's strategy and the execution risk, if any,
       associated with redeeming the US$1.23 billion in bridge
       loans being provided by Gazprombank;

   (4) The provisions with regard to Gazfond (a non-governmental
       pension fund) remaining a blocking minority in the
       company;

   (5) The medium-term refinancing strategy for the acquisition
       debt and any possible impact on Sibur; and

   (6) The scale and magnitude of the company's revised capital
       investment and M&A strategies.

Domiciled in St. Petersburg, Russian Federation OJSC Sibur
Holding is the largest Russian vertically integrated
petrochemical holding, producing hydrocarbon feedstock,
fertilizers, Synthetic rubbers, polymers and tyres.  Sibur's
reported revenues in 2007 amounted to RUR143 billion, EBITDA
RUR34 billion and net income RUR22.3 billion.


TATNEFT OAO: Crude Oil Reserves Up as of January 1
--------------------------------------------------
Based on the results of evaluation by Miller & Lents, Ltd.
(USA), independent international oil and gas consultants,
conducted at the request of OAO Tatneft, as of Jan. 1, 2008 the
reserves of oil and gas of Tatneft under the SPE-WPC
classification were:

   -- Proved reserves of crude oil and condensate – 6 billion
      139 million 700 thousand barrels, which is 228 million
      barrels more than as of Jan. 1, 2007;

   -- Probable reserves of crude oil and condensate – 2 billion
      141 million 300 thousand barrels, which is 146.9 million
      barrels more than as of Jan. 1, 2007;

   -- Possible reserves of crude oil and condensate – 610.1
      million barrels.

The reserves of gas also increased and are comprised of:

   -- proved – 1,323.9 Bcf
   -- probable – 452 Bcf, and
   -- possible – 43.3 Bcf.

In 2007 Tatneft produced record volume of crude oil in the last
14 years – 25 million 741 thousand metric tons (approximately
183.35 million barrels).  Outside of Tatarstan the company’s
subsidiaries produced approximately 196 thousand metric tons
(1.4 million barrels) of crude oil.

The increase in reserves of Tatneft is directly related to
successful application of modern technologies during crude oil
and gas production, geographical expansion of the Company’s
activities as well as the commencement of development of highly
viscous bitumen oil fields in the Republic of Tatarstan.

Positive results of pilot production from Ashalchinsky and
Mordovo-Karmalsky highly viscous bitumen oil fields allowed to
book as proved (under international standards) a portion of the
reserves of these fields (approximately 3.17 million barrels).
Another 5.4 million and 258 million barrels of highly viscous
bitumen oil reserves are booked as probable and possible
respectively.

                       About Tatneft

Headquartered in Tatartan, Russia, OAO Tatneft --
http://www.tatneft.ru/eng/-- explores for, produces, refines
and markets crude oil.  The company operates a chain of retain
gasoline filling stations and exports some of its petrochemical
products to former Soviet Union countries and Europe.

                          *     *     *

As of April 17, 2008, OAO Tatneft carries Fitch's B+ Issuer
Default rating.  Its Short-Term rating stands at B.  Fitch said
the outlook is positive.


UST-LABINSK-OIL-PRODUCTS: Creditors Must File Claims by June 26
---------------------------------------------------------------
Creditors of OJSC Ust-Labinsk-Oil-Products have until June 26,
2008, to submit proofs of claim to:

         E. Lejlyan
         Insolvency Manager
         Office 2
         Kubano-Naberezhnaya Str. 100
         350063 Krasnodar
         Russia

The Arbitration Court of Krasnodar will convene at 11:00 a.m. on
Dec. 15, 2008, to hear the bankruptcy proceedings against the
company after finding it insolvent.  The case is docketed under
Case No. A-32-15588/2007-60/421-B.

The Court is located at:

         The Arbitration Court of Krasnodar
         Krasnaya Str. 6
         Krasnodar
         Russia

The Debtor can be reached at:

         OJSC Ust-Labinsk-Oil-Products
         Zapolotnyannaya Str. 41
         Ust-Labinsk
         Krasnodar
         Russia


VINAP OJSC: Creditors Must File Claims by June 26
-------------------------------------------------
Creditors of OJSC Vinap (TIN 5411100032) have until June 26,
2008, to submit proofs of claim to:

         I. Sidorov
         Insolvency Manager
         Petukhova Str. 79
         630119 Novosibirsk
         Russia
         Tel: (383) 342-56-53

The Arbitration Court of Novosibirsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A45-12751/06-4/244.

The Court is located at:

         The Arbitration Court of Novosibirsk
         Kirova Str. 3
         630007 Novosibirsk
         Russia

The Debtor can be reached at:

         OJSC Vinap
         Petukhova Str. 79
         630119 Novosibirsk
         Russia


X5 RETAIL: Raises US$1.16 Billion from Shares Issue
---------------------------------------------------
X5 Retail Group N.V. has raised US$1.16 billion its recent
shares issue in form of Global Depositary Receipts, RIA Novosti
reports.

X5 raised the amount through:

    * floating 48.11 million GDRs, most of which were purchase
      via preemptive rights for US$1.03 billion; and

    * placement of treasury stock in the form of GDRs  for
      US$132 million.

X5 said it would proceeds to finance its US$970-million
acquisition of Formata Holding B.V.

                        About X5 Retail

Headquartered in Amsterdam, Netherlands, X5 Retail Group N.V.
(LSE: FIVE) -- http://www.x5.ru/en/-- acts as a holding firm
for the group of companies that operate retail grocery stores.
The main activity of the company is the development and
operation of grocery retail stores.  The company operated
Pyaterochka and Perekrestok retail chains in Russia, including
Moscow, St. Petersburg, Nizhniy Novgorod, Krasnodar, Kazan,
Samara, Ekaterinburg and Kiev, Ukraine.

                          *     *     *

As of March 6, 2008, X5 Retail Group N.V. carries a B1 Corporate
Family Rating from Moody's Investors Service.  Moody's said the
outlook is positive.

X5 Retail and its subsidiaries also carries a 'BB-' long-term
corporate credit rating from Standard & Poor's Ratings Services.
S&P said the outlook is stable.


ZARAYSK-AGRO LLC: Court Names A. Ofitserov as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Moscow appointed A. Ofitserov as
Insolvency Manager for LLC Zaraysk-Agro.  He can be reached at:

         A. Ofitserov
         Post User Box 49
         123181 Moscow
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A41-?2-9737/07.

The Court is located at:

         The Arbitration Court of Moscow
         Novaya Basmannaya Str. 10
         Moscow
         Russia

The Debtor can be reached at:

         LLC Zaraysk-Agro
         Leninskaya Str. 44
         Zaraysk
         140600 Moscow
         Russia


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


MBS BANCAJA 5: S&P Rates EUR13.9 Mln Class D Notes at BB
--------------------------------------------------------
Standard & Poor's Ratings Services has assigned its credit
ratings to the EUR1.85 billion mortgage-backed floating-rate
notes to be issued by MBS Bancaja 5 Fondo de Titulizacion de
Activos.
  
This will be Bancaja's fifth mortgage-backed securities (MBS)
transaction.  It has already issued 12 residential mortgage-
backed securities and six small and midsize enterprise
transactions.  As in previous Bancaja MBS transactions, a
small percentage of the loans from the preliminary pool will not
be backed by residential properties, but by commercial
properties.
  
At closing, the originator Caja de Ahorros de Valencia,
Castellon y Alicante (Bancaja) will sell to MBS Bancaja 5 a
EUR1.85 billion closed portfolio of secured loans granted to
Spanish and non-Spanish individuals.
  
As in other Spanish transactions, interest and principal will be
combined into a single priority of payments, with some triggers
in the payment of interest to protect senior noteholders.
  

                        Ratings List
  
         MBS Bancaja 5 Fondo de Titulizacion de Activos
       EUR1.85 Billion Mortgage-Backed Floating-Rate Notes
  
         Class          Rating        Amount (Mil. EUR)
  
         A              AAA            1,780.6
         B              A                 37.0
         C              BBB               18.5
         D              BB                13.9


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


ALKO-GRAND LLC: Creditors Must File Claims by May 21
----------------------------------------------------
Creditors of LLC Alko-Grand (code EDRPOU 31742530) have until
May 21, 2008, to submit proofs of claim to:
         
         The Economic Court of Chernovcy
         O. Kobylianska Str. 14
         58000 Chernovcy
         Ukraine

The Economic Court of Chernovcy commenced bankruptcy supervision
procedure on the company on March 12, 2008.  The case is
docketed as 5/81/B.

The Debtor can be reached at:

         LLC Alko-Grand
         Golovnaya Str. 249-A
         58018 Chernovcy
         Ukraine


BOLSHEVIK OJSC: Proofs of Claim Deadline Set May 21
---------------------------------------------------
Creditors of OJSC Tribal Plant Bolshevik (code EDRPOU 00483530)
have until May 21, 2008, to submit proofs of claim to:

         The Economic Court of Donetsk
         Artema Str. 157
         83048 Donetsk
         Ukraine

The Economic Court of Donetsk commenced bankruptcy proceedings
against the company after finding it insolvent on April 9, 2008.  
The case is docketed as 45/180b.

The Debtor can be reached at:

         OJSC Tribal Plant Bolshevik
         50 years of USSR Str. 117
         Zhelannoye
         Yasinovatka District
         86023 Donetsk
         Ukraine


DEMETRA LLC: Proofs of Claim Deadline Set May 21
------------------------------------------------
Creditors of LLC Demetra (code EDRPOU 32186295) have until
May 21, 2008, to submit proofs of claim to:

         The Economic Court of Zaporozhje
         Shaumiana Str. 4
         69001 Zaporozhje
         Ukraine

The Economic Court of Zaporozhje commenced bankruptcy
proceedings against the company after finding it insolvent on
March 20, 2008.  The case is docketed as 21/305/07.

The Debtor can be reached at:

         LLC Demetra
         Pervomayskoye
         Vasilievsky District
         71643 Zaporozhje
         Ukraine


EPICURE LLC: Proofs of Claim Deadline Set May 21
------------------------------------------------
Creditors of LLC Epicure (code EDRPOU 22140530) have until
May 21, 2008, to submit proofs of claim to:

         The Economic Court of Zaporozhje
         Shaumiana Str. 4
         69001 Zaporozhje
         Ukraine

The Economic Court of Zaporozhje commenced bankruptcy
proceedings against the company after finding it insolvent on
April 2, 2008.  The case is docketed as 25/71/08.

The Debtor can be reached at:

         LLC Epicure
         40 years of Soviet Ukraine Str. 39-A
         69037 Zaporozhje
         Ukraine


LASHDAN: Proofs of Claim Deadline Set May 21
--------------------------------------------
Creditors of Joint Enterprise Lashdan (code EDRPOU 31570058)
have until May 21, 2008, to submit proofs of claim to:

         The Economic Court of Zhytomir
         Putiatinskiy Square 3/65
         10014 Zhytomir
         Ukraine

The Economic Court of Zhytomir has commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed as 7/69b.  

The Debtor can be reached at:

         Joint Enterprise Lashdan
         Marshal Rybalko Str. 18-a
         Zhytomir
         Ukraine


MEGATEKS M: Proofs of Claim Deadline Set May 21
-----------------------------------------------
Creditors of LLC Megateks M (code EDRPOU 34606797) have until
May 21, 2008, to submit proofs of claim to:

         The Economic Court of Nikolaev
         Admiralskaya Str. 22
         54009 Nikolaev
         Ukraine

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company on March 25, 2008, after finding it
insolvent.  The case is docketed as 5/125/08.


NAFTOGAZ UKRAINY: Posts UAH2.2 Billion Losses for 2006
------------------------------------------------------
NAK Naftogaz Ukrainy posted UAH2.2 billion in losses for 2006,
compared with UAH18 billion in losses in 2005, Daryna
Krasnolutska writes for Bloomberg News.

Naftogaz attributed the increase in losses to its inability to
pass on price hikes to consumer as well as to higher taxes,
Bloomberg News relates.  The company also associated the losses
with its gas wholesale distribution segment.

Bloomberg News relates that when Russia double the price of its
gas deliveries to Ukraine, the government didn't allow Naftogaz
to pass on cost increase to households and state-funded
agencies.

                        Reporting Delay

According to Bloomberg News, Naftogaz had delayed the
publication of its 2006 audited annual results three times to
avoid defaulting on US$500 million in Euro-denominated bonds,
which it issued in 2004.

The company asked bondholders to grant a waiver in October 2007.

                     About Naftogaz Ukrainy

Headquartered in Kiev, Ukraine, NAK Naftogaz Ukrainy --
http://www.naftogaz.com/-- processes gas, oil and condensate at
the Company's five gas processing plants, which produce LPG,
motor fuels and other types of petroleum products.  Over 97% of
the oil and gas in Ukraine is produced by the enterprises of the
Company.

                          *     *     *

As of March 31, 2008, NAK Naftogaz Ukrainy carries a Ba3
Corporate Family Rating, a Ba2 Senior Unsecured Debt rating, and
a Ba3 Probability-of-Default rating from Moody's with stable
outlook.

Naftogaz also carries a Rating Watch Negative on its Long-term
foreign and local currency Issuer Default Ratings of 'B+',
senior unsecured rating of 'B+' and Recovery Rating of 'RR4'.


SAKSAGAN LLC: Creditors Must File Claims by May 21
--------------------------------------------------
Creditors of LLC Agricultural Enterprise Saksagan (code EDRPOU
03741429) have until May 21, 2008, to submit proofs of claim to:

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

The Economic Court of Dnipropetrovsk commenced bankruptcy
supervision procedure on the company on April 2, 2008.  The case
is docketed as B 15/114-08.

The Debtor can be reached at:

         LLC Agricultural Enterprise Saksagan
         Piatihatsky District
         Saksagan
         52100 Dnipropetrovsk
         Ukraine


STRATEGY LLC: Proofs of Claim Deadline Set May 21
-------------------------------------------------
Creditors of LLC Strategy (code EDRPOU 32293854) have until
May 21, 2008, to submit proofs of claim to:

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

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent on
April 8, 2008.  The case is docketed as B 26/70-08.

The Debtor can be reached at:

         LLC Strategy
         Lenin Quay Str. 17
         49000 Dnipropetrovsk
         Ukraine


TECHNICS-MEDICINE-ECOLOGY LTD: Claims Deadline Set May 21
---------------------------------------------------------
Creditors of Science-Production Firm Technics-Medicine-Ecology
Ltd. (code EDRPOU 16281722) have until May 21, 2008, to submit
proofs of claim to:

         The Economic Court of Kiev
         B. Hmelnitskij Boulevard 44-B
         01030 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on April 8, 2008.
The case is docketed as 23/132-b.

The Debtor can be reached at:

         Science-Production Firm Technics-Medicine-Ecology Ltd.
         Pimonenko Str. 10-A
         Kiev
         Ukraine


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


AEON PIPE: Taps Liquidators from PricewaterhouseCoopers
-------------------------------------------------------
Edward Klempka and Colin Haig of PricewaterhouseCoopers LLP were
appointed joint liquidators of Aeon Pipe Systems Ltd. (formerly
Pengarth Ltd. and Aeon Pipe Systems Holdings Ltd.) on
April 25 for the creditors' voluntary winding-up procedure
proceeding.

The joint liquidators can be reached at:

         PricewaterhouseCoopers LLP
         Benson House
         33 Wellington Street
         Leeds
         LS1 4JP
         England


AMF INTERIORS: Brings In Liquidators from Tenon Recovery
--------------------------------------------------------
Matthew Colin Bowker and David Antony Willis of Tenon Recovery
were appointed joint liquidators of AMF Interiors Ltd. on
April 28 for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Tenon Recovery
         33 George Street
         Wakefield
         WF1 1LX
         England


ASTON NETWORKS: Hires Liquidators from Deloitte & Touche
--------------------------------------------------------
Ian Brown and Neil Matthews of Deloitte & Touche LLP were
appointed joint liquidators of Aston Networks Ltd. on April 29
for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Deloitte & Touche LLP
         Gainsborough House
         34-40 Grey Street
         Newcastle upon Tyne
         NE1 6AE
         England


ASTON TELECOM: Calls In Liquidators from Deloitte & Touche
----------------------------------------------------------
Ian Brown and Neil Matthews of Deloitte & Touche LLP were
appointed joint liquidators of Aston Telecom Ltd. (formerly
Abacus Foods Ltd.) on April 29 for the creditors' voluntary
winding-up proceeding.

The joint liquidators can be reached at:

         Deloitte & Touche LLP
         Gainsborough House
         34-40 Grey Street
         Newcastle upon Tyne
         NE1 6AE
         England


CORSAIR (JERSEY) 3: Moody's Cuts Rating on Series 13 Notes
----------------------------------------------------------
Moody's Investors Service downgraded one class of notes issued
by Corsair (Jersey) No. 3 Limited.

This rating action is the result of negative credit migration in
the underlying pools of corporate reference credits.

This rating actions is:

Corsair (Jersey) No. 3 Limited

   (1) Series 13 US$10,000,000 Class A Floating Rate Secured
       Credit-Linked Notes due 2012

    -- Current Rating: Ba3
    -- Prior Rating: Ba2, on review for downgrade


CSW ERLAND: Appoints Liquidators from Mazars
--------------------------------------------
Robert David Adamson and Paul Charlton of Mazars LLP were
appointed joint liquidators of CSW Erland Ltd. on April 28 for
the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Mazars LLP
         Mazars House
         Gelderd Road
         Gildersome
         Leeds
         LS27 7JN
         England


GOALS 2006-1: S&P Rates EUR250 Mln Notes at BB with Watch Pos.
--------------------------------------------------------------
Standard & Poor's Ratings Services has placed on CreditWatch
with positive implications its credit ratings on the class B, C,
and D notes issued by GOALS 2006-1 Ltd., a special-purpose
entity.
  
These CreditWatch placements follow an initial review of the
most recent transaction information received by Standard &
Poor's.  This analysis shows that the likelihood of positive
rating actions has increased.  The performance of the underlying
collateral has been robust and a large amount of excess
spread has been available to cover potential losses.
  
The level of protection available to the class B and C
noteholders from the subordination of the class D notes and the
reserve fund has considerably increased. The class B credit
enhancement level has increased to 27.33% as of April 2008 from
9.25% as of closing and the class C credit enhancement level
has increased to 10.86% from 4.25%.  The credit enhancement for
the class D notes provided by the reserve fund has increased to
4.27% from 2.25% of the current outstanding balance as a result
of the amortization of the most senior notes. The credit
enhancement of the class D notes as a percentage of
outstanding balance of the notes is expected to remain at 4.27%
given the transaction reserve fund amortization mechanism.  
  
Standard & Poor's will now conduct a more detailed analysis to
investigate whether these notes can attain a higher rating. The
results of this review and any rating changes will be reported
in due course.
  
The transaction, which closed in August 2006, is backed by a
pool of German equipment lease receivables originated by Grenke
Leasing AG.
  
                         Ratings List
                      GOALS 2006-1 Ltd.
         EUR250 Million Floating-Rate Asset-Backed Notes  

            Class                  Rating
                       To                        From
            -----      --                        ----  
       
Ratings Placed On CreditWatch Positive
  
            B          A/Watch Pos               A
            C          BBB/Watch Pos             BBB
            D          BB/Watch Pos              BB


INTERNACIONALE LIMITED: Taps Joint Administrators from PwC
----------------------------------------------------------
PricewaterhouseCoopers LLP's Graham Martin, Ian Green and Jeremy
Webb have been appointed joint administrators to Internacionale
Limited on May 7, 2008.

Prior to the appointment of administrators, the company secured
a sale of the Internacionale brand and stores together with 31
of the 91 Au Naturale stores securing over 1,350 jobs.  The
Internacionale stores will continue to trade as normal and are
unaffected by this administration.

On May 1, 2008, a meeting of the company’s retention of title
creditors -- mainly stock suppliers -- approved a scheme of
arrangement which would see them receive 25p in the GBP1 as a
compromise of certain rights over the stock. Implementation of
the scheme is subject to final sanction by the Court of Session.

"The company has suffered serious financial distress as a result
of the general retail downturn together with major operational
difficulties in the supply of stock from its warehouses to the
retail outlets," Mr. Martin said.  "“We will continue to trade
the remaining 59 Au Naturale stores while we fully assess the
options available.  We would like to take this opportunity to
thank the suppliers of the company for their support for the
scheme of arrangement which will allow us to do this."

Headquartered in Glasgow, The United Kingdom, Internacionale
Limited -- http://www.internacionale.co.uk/-- owns and operates  
Internacionale, a chain of value women’s fashion stores and Au
Naturale, a homeware retailer.


KLM FABRICATIONS: Andrew Appleyard Leads Liquidation Procedure
--------------------------------------------------------------
Andrew Appleyard of Tenon Recovery was appointed liquidator of
KLM Fabrications Ltd. on April 29 for the creditors' voluntary
winding-up procedure.

The liquidator can be reached at:

         Tenon Recovery
         6th Floor
         The White House
         111 New Street
         Birmingham
         B2 4EU
         England


LAND MANAGEMENT: Brings In Liquidators from Vantis
--------------------------------------------------
Julie Anne Kinnison and Colin Ian Vickers of Vantis were
appointed joint liquidators of Land Management Projects Ltd.
(formerly Officeflight Ltd.) on April 28 for the creditors'
voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Vantis
         4th Floor
         Southfield House
         11 Liverpool Gardens
         Worthing
         West Sussex
         BN11 1RY
         England


MERRITT LTD: Taps Liquidator from Mazars
----------------------------------------
Timothy Colin Hamilton Ball of Mazars LLP was appointed  
liquidator of Merritt Ltd. on April 24 for the creditors'
voluntary winding-up procedure.

The liquidator can be reached at:

         Mazars LLP
         Regency House
         3 Grosvenor Square
         Southampton
         SO15 2BE
         England


METRONET RAIL: Transfer Scheme Application Hearing Set on May 23
----------------------------------------------------------------
The PPP administrators of  the Metronet Rail Group have made an
application to court to appoint the date on which Transfer
Schemes to transfer the business undertaken by Metronet to two
subsidiaries of TfL will come into force.

The hearing of the application will take place on May 23, 2008.  
Creditors have been advised of the details of the court hearing
and the terms of the transfer schemes.

                         About Metronet

The Metronet Rail Group -- http://www.metronetrail.com/-- is
responsible for upgrading, replacing and maintaining two-thirds
of London Underground's infrastructure -- its trains, stations,
signaling, track, tunnels and bridges -- under a 30-year Public
Private Partnership (PPP) contract which came into operation in
April 2003.

The Metronet Rail Group owns and operates Metronet Rail BCV Ltd.
and Metronet Rail SSL Lte. -- which maintain the Bakerloo,
Central, Victoria, and Waterloo & City lines (BCV) and Circle,
District, Metropolitan, Hammersmith & City and East London lines
(SSL).

On July 18, 2007, Metronet Rail BCV Ltd. and Metronet Rail SSL
Ltd., entered Administration; Alan Bloom, Maggie Mills, Roy
Bailey and Stephen Harris, partners and directors of Ernst &
Young LLP, were appointed PPP Administrators.  This followed the
PPP Arbiter's Interim Determination award of just GBP121 million
for Metronet Rail BCV, when the company had been seeking a
GBP551 million Interim Determination and GBP992 million in
total.


NUNEATON BOROUGH: Outlines Proposal to Fend Off Administration
--------------------------------------------------------------
Nuneaton Borough AFC, also known as The Boro, has put forward a
proposal to the Conference Football League in an attempt to save
the club from going into administration, Coventry Telegraph
reports.

Boro director Ian Neale, Coventry Telegraph relates, called an
urgent meeting to discuss the proposal with Conference secretary
Dennis Strudwick.

"Hopefully they can steer us in the right direction and see a
way through for the club.  The ball is in their court and we now
wait to hear from the Conference," Mr. Neale told Conventry
Telegraph.

According to Mr. Neale, Boro has not yet entered into
administration, saying they still have to clarify relegation
rules of the Conference before taking any step, Coventry
Telegraph discloses.

The Boro director, Coventry Telegraph adds, is concerned the
club may get demoted to the Southern League if it collapsed into
administration.

Nuneaton Borough AFC -- http://www.nbafc.net/--  
plays football in the Conference North division of English
football: The highest level of football within the market town
of Nuneaton, Warwickshire.


P&T INNS: Appoints Philip Michael Lyon as Liquidator
----------------------------------------------------
Philip Michael Lyon of Mazars LLP was appointed liquidator of
P&T Inns Ltd. on April 7 for the creditors' voluntary winding-up
procedure.

The liquidator can be reached at:

         Mazars LLP
         Cartwright House
         Tottle Road
         Nottingham
         NG2 1RT
         England


RANSOM MARKETING: Hires Liquidators from Tenon Recovery
-------------------------------------------------------
Nigel Ian Fox and Stanley Donald Burkett-Coltman of Tenon
Recovery were appointed joint liquidators of Ransom Marketing
Ltd. on April 23 for the creditors' voluntary winding-up
proceeding.

The joint liquidators can be reached at:

         Tenon Recovery
         Highfield Court
         Tollgate
         Chandlers Ford
         Eastleigh
         Hampshire
         SO53 3TZ
         England



SALISBURY INTERNATIONAL: Moody's Junks Rating on Class D Notes
--------------------------------------------------------------
Moody's Investors Service has downgraded 5 classes of notes
issued by Salisbury International Investments Limited.

These rating actions are in response to severe credit
deterioration in the underlying portfolios.  The rated
transactions are static CDOs referencing portfolios of high-
grade first and second lien RMBS and subprime RMBS assets of the
2004 and 2005 vintages mainly.

Moody's announced on Feb. 4, 2008, that it is revising its
expected loss assumptions which are used for surveillance of
ratings of ABS CDOs holding subprime RMBS, specifically of the
2006 vintage.  Moody's stated that for purposes of monitoring
its ratings of ABS CDOs with exposure to 2006 subprime RMBS, it
will rely on certain projections of the lifetime average
cumulative losses for 2006's quarterly vintages of RMBS set
forth in a recent Moody's Special Report, "Moody's Updates Loss
Projections for 2006 Subprime Loans."  This report illustrates
average loss results for the 2006 quarterly vintages under five
distinct loss projection scenarios.  Moody's explained that it
will utilise the range of loss projections set forth in
Scenarios 2 and 3 based on deal performance and quarterly
vintage to modify its prior assumptions of the expected loss
inputs when monitoring ABS CDO ratings.

Moody's will continue to monitor all deals with exposure to US
subprime RMBS, and will take further actions in respect of all
CDOs placed under review for downgrade once the extent of actual
downgrades to US RMBS vintages becomes known.

These actions are:

   (1) Series 2005-10 US$18,750,000 Class C Secured Floating
       Rate Portfolio Linked Notes due 2025

    -- Current Rating: B1, on review for downgrade
    -- Prior Rating: A2

   (2) Series 2005-11 US$18,750,000 Class C Secured Floating
       Rate Portfolio Linked Notes due 2025

    -- Current Rating: Caa2, on review for downgrade
    -- Prior Rating: A1

   (3) Series 2005-12 US$18,750,000 Class C Secured Floating
       Rate Portfolio Linked Notes due 2025

    -- Current Rating: B2, on review for downgrade
    -- Prior Rating: A2

   (4) Series 2005-13 US$18,750,000 Class C Secured Floating
       Rate Portfolio Linked Notes due 2025

    -- Current Rating: B2, on review for downgrade
    -- Prior Rating: A2

   (5) Series 2005-14 US$33,000,000 Class D Secured Floating
       Rate Portfolio Credit Linked Notes due 2045

    -- Current Rating: Ca
    -- Prior Rating: A2


SUPER AGURI: Goes Into Administration; Looking for Buyers
---------------------------------------------------------
Administrators have been appointed to seek a buyer for Super
Aguri F1 Team.  It follows boss Aguri Suzuki’s decision earlier
this week to cease racing activity and withdraw the team from
the 2008 FIA Formula One World Championship.

The administrators say they are seeking to sell the business as
an ongoing concern to a company or individual looking to launch
a Formula One or other motorsport operation and claim that
several expressions of interest have already been received.

"This Administration provides a unique opportunity to get into
high-level motorsport without having to build an operation from
scratch," joint administrator Philip Long said in a statement.
In terms of capability a new team could easily be up and running
for the 2009 Formula One season.

"Virtually everything is in place including the people, the
technical expertise, the laboratories and testing facilities.  A
new team could walk in and take over a fully operational unit
from day one.  There are a number of other motor sport projects
being undertaken which should interest the motor racing world."

Based in Leafield, United Kingdom, Super Aguri F1 Team  --
http://www.saf1.co.jp/en/ -- is a Formula One team that  
competed since 2006 and finished ninth overall in the 2007
constructors’ championship.  In addition to their two drivers,
Anthony Davidson and Takuma Sato, the team employed more than 90
people at the site.


WOK MAGIC: Calls In Liquidators from Vantis
---------------------------------------------
Mark Newman and Robert Leonard Harry Knight of Vantis Business
Recovery Services were appointed joint liquidators of Wok Magic
Ltd. on May 1 for the creditors' voluntary winding-up  
proceeding.

The joint liquidators can be reached at:

         Vantis Business Recovery Services
         Judd House
         16 East Street
         Tonbridge
         Kent
         TN9 1HG
         England


* S&P Takes Various Rating Actions on 17 Catastrophe Bonds
----------------------------------------------------------
Standard & Poor's Ratings Services took various rating actions
on 11 natural catastrophe bonds and six mortality catastrophe
bonds.
      
"These actions reflect the revision of the default table we use
to rate insurance-linked securitizations," said Standard &
Poor's credit analyst Cameron Heath.  "We revise the default
table periodically to better reflect observed historical
corporate defaults."

S&p raised the ratings on eight natural peril catastrophe bonds
and one mortality catastrophe bond by one notch. We also lowered
the ratings on three natural peril catastrophe bonds and four
mortality catastrophe bonds by one notch as well as one
mortality catastrophe bond by two notches.

Standard & Poor's is not taking any rating action on notes with
less than 12 months to the stated maturity. The reason is that
for the six notes that would have otherwise been downgraded, the
passage of time will typically reduce the probability of
attachment.  Therefore, the probability of attachment
based on the time to maturity would be less than the one-year
probability of attachment that the revised default table uses.

                           Ratings List

                                              To          From

Ratings raised

Calabash Re II Ltd. Class D1                  BB-         B+
Carillon Ltd. Series 1 Class A-1              BB-         B+
Fusion 2007 Ltd. Class B                      B+          B
MedQuake Ltd. Series 1 Class B                B+          B
Mystic Re II Ltd. Series 2007-1               BB-         B+
Residential Reinsurance 2006 Ltd. Class A     B+          B
Residential Reinsurance 2007 Ltd. Class 2     B+          B
Queen Street Ltd. Class B                     B+          B
Vita Capital II Ltd. Class B                  A+          A

Ratings lowered

Atlas Reinsurance IV Ltd.                     B-          B
Fusion 2007 Ltd. Class A                      B-          B
Nathan Ltd. Class A Series 1                  BBB+        A-
Successor Hurricane Industry Ltd.
  Series 6 Class D                            B-          B
OSIRIS Capital PLC Series 2 Class B           BBB+        A-
Vita Capital II Ltd. Class C                  BBB+        A-
Vita Capital III Ltd.
  Series 6* Class A                           A+          AA-
  Series 7 Class A                            A           AA-

*Financial guarantee provided by CIFG Europe (A+/Negative/--)


BOOK REVIEW: Long-Term Care in Transition: The Regulation of
                          Nursing Homes
------------------------------------------------------------
Author:     David B. Smith
Publisher:  Beard Books
Paperback:  170 pages
List Price: US$34.95

Order your personal copy at
http://amazon.com/exec/obidos/ASIN/1587980304/internetbankrupt   

This book is an invaluable reading for health care professionals
involved in the management of nursing homes.  It includes
lessons learned from the regulatory experience for the health
sector as a whole.

Long-Term Care in Transition is a carefully documented case
study of the changes that took place in the regulation of
nursing homes in New York between 1975 and 1980.

It covers the history of the regulatory offensive in New York
and strategies of control and their effectiveness, touching on
such subjects as professional standards, rate setting,
reimbursement, criminal prosecution, and consumers.


                            *********

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.  Jason Nieva, Julybien Atadero, Carmel Zamesa
Paderog, Joy Agravante, Zora Jayda Zerrudo Sala and Pius Xerxes
Tovilla, Editors.

Copyright 2008.  All rights reserved.  ISSN 1529-2754.

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

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

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


                 * * * End of Transmission * * *