TCREUR_Public/080512.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

              Monday, May 12, 2008, Vol. 9, No. 93

                            Headlines


A U S T R I A

BIODIESEL ENNS: Claims Registration Period Ends June 17
BONITO LLC: Claims Registration Period Ends June 2
CIGDEM BICER: Claims Registration Period Ends June 3
KNOTZ BUEROTECHNIK: Creditors' Meeting Slated for May 28
UELUES TRANSPORT: Claims Registration Period Ends June 12


G E R M A N Y

A. HAAS: Claims Registration Ends May 30
BAD DESIGN: Claims Registration Period Ends May 27
BALLON-HALTER MUENSTERLAND: Claims Registration Ends May 30
BUWI KUNSTSTOFFTECHNIK: Claims Registration Ends May 30
COIFFEUR-TEAM GMBH: Claims Registration Ends May 30

COMPAKT- BAUPLANUNGS: Claims Registration Period Ends May 27
CYWORLD EUROPE: Claims Registration Period Ends May 30
DIEBOLD GMBH: Claims Registration Period Ends May 30
DIGITAL UNDERGROUND: Claims Registration Period Ends May 30
DONGES STAHLTOR: Claims Registration Period Ends May 27

FREAKSX GMBH: Claims Registration Period Ends May 26
G & M TRANSPORT: Claims Registration Period Ends May 30
GASTHOF KREITMAIR: Claims Registration Period Ends May 30
GAWS GOEZGEC: Claims Registration Period Ends May 30
GRUNDSTUECKS- UND VERWALTUNGS: Claims Registration Ends May 30

PALADION IMMOBILIEN: Claims Registration Period Ends May 29
RESA-HOLZ: Claims Registration Period Ends May 29
ROHDE TRANSPORT: Claims Registration Period Ends May 29
SAPPI PAPIER: Moody’s Places Ratings on Review & May Downgrade
SOC MICROELECTRONICS: Claims Registration Period Ends May 29

SPIELTREFF GOTHAER: Claims Registration Ends May 30
TELEDIALOG GMBH: Claims Registration Period Ends May 29
TEXTILHANDEL GMBH: Claims Registration Period Ends May 29
TF TIERFOOD: Claims Registration Period Ends May 26
THIELERT AIRCRAFT: Delivery of Skyhawk 172S Model Delayed

TRIE LOGISTIK: Claims Registration Period Ends May 26


I R E L A N D

EIRLES TWO: Fitch Junks Ratings on Three Notes Series
EUROMANX: Halts Operations Due to Rising Fuel Costs
HORMANN ELECTRONICS: Placed Under Receivership
WOODEN HOUSE: Put Into Administration by ACC Bank


I T A L Y

PARMALAT SPA: Citigroup Won’t Enter Into Settlement Talks
POWERMATE CORP: U.S. Court Okays Sale of Assets to Pramac


K A Z A K H S T A N

ALFATECH LLP: Creditors Must File Claims by June 10
FITON LLP: Claims Deadline Slated for June 10
GLOBAL COMMERCE: Claims Filing Period Ends June 10
KAZ BUSINESS: Creditors' Claims Due on June 10
PLODORIDIYE LLP: Claims Registration Ends June 17

SARMAT CONSTRUCTION: Claims Deadline Slated for June 17
SATURN-EXPRESS LLP: Claims Filing Period Ends June 10


K Y R G Y Z S T A N

ASIA-HOLDING OJSC: Creditors Must File Claims by June 13


L U X E M B O U R G

EVRAZ GROUP: To Acquire 20% of FerroChina for US$167 Million


P O R T U G A L

* Moody's Says Delinquency Trend for Portuguese RMBS Up Q1 2008


R U S S I A

BIRYULEVSKIY COLD: Creditors Must File Claims by May 26
BRIDGE-INVESTMENT LLC: Creditors Must File Claims by May 26
DALNEVOSTOCHNAYA WOOD: Creditors Must File Claims by May 26
EVRAZ GROUP: To Acquire 20% of FerroChina for US$167 Million
KALININSK-SEL-KHOZ-PRODUCT: Creditors Must File Claims by May 26

PODOZERSKOE PEAT: Creditors Must File Claims by May 26
PROGRESS LLC: Creditors Must File Claims by May 26
RED OCTOBER: Creditors Must File Claims by May 26
SEVERSTAL OAO: Completes US$810 Mln Sparrows Point Acquisition


S P A I N

FTPYME BANCAJA 4: Fitch Assigns BB- Ratings to FTA Class C Notes
URAZCA: Files for Bankruptcy with Debts of EUR65 Million


S W I T Z E R L A N D

ABC METHOD: Zug Court Commences Bankruptcy Proceedings
ALFRED KRATTIGER: Undergoing Liquidation Proceeding in Mellingen
BALLANTRE INVEST: Undergoing Liquidation Proceeding in Olten
CAIM CONSULTING: Undergoing Liquidation Proceeding in Huttwilen
CD LICHTSYSTEME: Zug Court Initiates Bankruptcy Proceedings

CORES CONSULTING: Undergoing Liquidation in Unterageri
EDUARD KETTNER: Undergoing Liquidation Proceeding in Malters
ERESTE TREUHAND: Undergoing Liquidation Proceeding in Dallikon
EXPRESS-CHARLY LLC: Zug Court Initiates Bankruptcy Proceedings
FAMO HOLDING: Undergoing Liquidation Proceeding in Risch

GILUCA LLC: Zug Court Initiates Bankruptcy Proceedings
KURT MAURER: Undergoing Liquidation Proceeding in Schoftland
LUCKY BAMBO: Undergoing Liquidation Proceeding in Baden
OEKOBLAST JSC: Undergoing Liquidation Proceeding in Zuzgen
SCHAPPI JSC: Undergoing Liquidation Proceeding in Stansstad

VINOMANIA LLC: Undergoing Liquidation Proceeding in Fahrwangen


U K R A I N E

BRIANKA MOTORCAR: Proofs of Claim Deadline Set May 22
BUSINESSELIT LLC: Proofs of Claim Deadline Set May 22
GARINDUSTRIALSERVICE LLC: Proofs of Claim Deadline Set May 22
MALIRANGE LLC: Proofs of Claim Deadline Set May 22
MATRIX UKRAINE: Proofs of Claim Deadline Set May 22

OVETRI CJSC: Creditors Must File Claims by May 22
PRIVOROTYE AGRICULTURAL: Proofs of Claim Deadline Set May 22
TECHNICAL SPECIAL: Proofs of Claim Deadline Set May 22
VIGRO-2005 LLC: Proofs of Claim Deadline Set May 22


U N I T E D   K I N G D O M

ADVANCED RESEARCH: Taps Liquidators from PricewaterhouseCoopers
ARRAN BREWERY: Runs Out of Cash; Enters into Administration
AUTAIR ENGINEERING: Creditors' Meeting Slated for May 19
BRITISH AIRWAYS: Losing Passengers After Terminal 5 Fiasco
CORIOLANUS LTD: Fitch Cuts Rating on Series 49 Notes to CC

CORIOLANUS LTD: Fitch Junks Rating on Series 77 Class C Notes
DELTA CDO: Fitch Junks Ratings on 3 Series 2005-1 Notes Classes
DELTA CDO: Fitch Junks Rating on Series 2005-2 Class E-1 Notes
DEP INTERNATIONAL: Joint Liquidators Take Over Operations
GRETNA FOOTBALL: Creditors Pick Closure Set May 17 Sans Buyer

GRIFFIN CONTRACTORS: Brings In Liquidators from Vantis
INSIDE TRACK: Brings In Administrators from Vantis
LYNDON LTD: Calls In Liquidators from Tenon Recovery
NORTHERN ROCK: SRM Joins UKSA's Call for Judicial Review
PARKIN REINFORCEMENT: Hires Liquidators from Tenon Recovery

RANK GROUP: Posts Lower Revenue for First 17 Weeks 2008
ROCK GROUP: Cash Flow Difficulties Prompt Administration
ROCK GROUP: Unable to Repair Customers’ Laptops
SONDA AVIATION: Bank of Scotland Taps Receivers from PwC
STAR SHIPPING: Appoints Liquidators from Tenon Recovery

THOMAS HARPER: Appoints Joint Administrators from Deloitte
TIMBERLAND HOMES: GLA Revokes License Over Forced Labor
TINDALE & STANTON: Appoints PwC as Joint Administrators
VIRGIN MEDIA: S&P Holds B+ Rating; Outlook Revised to Positive
WALNUT CARE: Taps Joint Administrators from Tenon Recovery

* England's Football League Sets CVA Rules For Clubs

* Begbies Traynor Acquires Fanshawe Lofts

* Begbies Traynor Acquires Dewey & Co.


* BOND PRICING: For the Week May 5 to May 9, 2008


                            *********


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


BIODIESEL ENNS: Claims Registration Period Ends June 17
-------------------------------------------------------
Creditors owed money by LLC Biodiesel Enns (FN 261714z) have
until June 17, 2008, to file written proofs of claim to court-
appointed estate administrator Guenther Grassner at:

          Dr. Guenther Grassner
          c/o Dr. Norbert Mooseder
          Suedtirolerstrasse 4-6
          4020 Linz
          Austria
          Tel: 0732/77 08 15
          Fax: 770816
          E-mail: lawfirm@gltp.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 1:50 p.m. on July 1, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Steyr
          Hall 7
          Second Floor
          Steyr
          Austria

Headquartered in Enns, Austria, the Debtor declared bankruptcy
on April 24, 2008 (Bankr. Case No. 14 S 28/08b).   Norbert
Mooseder represents Dr. Grassner in the bankruptcy proceedings.


BONITO LLC: Claims Registration Period Ends June 2
--------------------------------------------------
Creditors owed money by LLC bonito (FN 276629h) have until
June 2, 2008, to file written proofs of claim to court-appointed
estate administrator Hubert Hagspie at:

          Dr. Hubert Hagspiel
          Schulgasse 7/II
          6850 Dornbirn
          Austria
          Tel: 05572/54800
          Fax: 05572/54800-8
          E-Mail: hubert.hagspiel@gmx.net

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:50 a.m. on June 12, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Feldkirch
          Room 45
          First Floor
          Feldkirch
          Austria

Headquartered in Dornbirn, Austria, the Debtor declared
bankruptcy on April 24, 2008 (Bankr. Case No. 14 S 18/08x).


CIGDEM BICER: Claims Registration Period Ends June 3
----------------------------------------------------
Creditors owed money by KEG Cigdem Bicer Stabilbau (FN 279605i)
have until June 3, 2008, to file written proofs of claim to
court-appointed estate administrator Johannes Jaksch at:

          Dr. Johannes Jaksch
          Landstrasser Hauptstrasse 1/2
          1030 Vienna
          Austria
          Tel: 713 44 33
          Fax: 713 10 33
          E-mail: kanzlei@jsr.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 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 24, 2008 (Bankr. Case No. 6 S 62/08x).


KNOTZ BUEROTECHNIK: Creditors' Meeting Slated for May 28
--------------------------------------------------------
Creditors owed money by LLC KNOTZ Buerotechnik (FN 38003m) are
encouraged to attend the first creditors' meeting at 10:00 a.m.
on May 28, 2008.

The creditors' meeting will be held at:

          The Land Court of Leoben
          Hall IV
          First Floor
          Leoben
          Austria

The Court will also examine the claims at 10:15 a.m. on June 18,
2008, at the same venue.

Creditors have until June 5, 2008, to file written proofs of
claim to court-appointed estate administrator Helmut Fetz at:

          Dr. Helmut Fetz
          Hauptplatz 11
          8700 Leoben
          Austria
          Tel: 03842-42751
          Fax: 03842-42751-40
          E-mail: office@fetz-fetz.at

Headquartered in Leoben, Austria, the Debtor declared bankruptcy
on April 22, 2008 (17 S 17/08f).


UELUES TRANSPORT: Claims Registration Period Ends June 12
---------------------------------------------------------
Creditors owed money by KEG UELUES Transport  (FN 248044x) have
until June 12, 2008, to file written proofs of claim to court-
appointed estate administrator Thomas Engelhart at:

          Dr. Thomas Engelhart
          c/o Mag. Clemens Richter
          Esteplatz 4
          1030 Vienna
          Austria
          Tel: 712 33 30
          Fax: 712 33 30 30
          E-mail: kanzlei@engelhart.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:00 a.m. on June 26, 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 40/08d).  Clemens Richter
represents Dr. Engelhart in the bankruptcy proceedings.


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


A. HAAS: Claims Registration Ends May 30
----------------------------------------
Creditors of A. Haas Anlagen- und Rohrleitungsbau GmbH have
until May 30, 2008 to register their claims with court-appointed
insolvency manager Dr. Juergen Toemp.

Creditors and other interested parties are encouraged to attend
the meeting at noon 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 Kleve
         Meeting Hall C 58
         Ground Floor
         Schlossberg 1
         47533 Kleve
         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. Juergen Toemp
         Wilhelmshofallee 75
         47800 Krefeld
         Germany
         Tel: 0215158130
         Fax: 021515813134

The District Court of Kleve opened bankruptcy proceedings
against A. Haas Anlagen- und Rohrleitungsbau GmbH on April 23,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         A. Haas Anlagen- und Rohrleitungsbau GmbH
         Robert-Koch-Strasse 14
         46459 Rees
         Germany

         Attn: Paul Arnold Kusche, Manager
         Kantstrasse 18
         42929 Wermelskirchen
         Germany


BAD DESIGN: Claims Registration Period Ends May 27
--------------------------------------------------
Creditors of bad design H. Mensching 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 11:50 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
          Tel: 05731/84223-30
          Fax: +4957318422350

The District Court of Bielefeld opened bankruptcy proceedings
against bad design H. Mensching GmbH on April 23, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          bad design H. Mensching GmbH
          Attn: Heidrun Mensching, Manager
          Holland 27
          32052 Herford
          Germany


BALLON-HALTER MUENSTERLAND: Claims Registration Ends May 30
-----------------------------------------------------------
Creditors of Ballon-Halter Muensterland Schellhove GmbH have
until May 30, 2008 to register their claims with court-appointed
insolvency manager Manfred Vellmer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 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 Muenster
         Meeting Hall 119 B
         First Floor
         Gerichtsstr. 2-6
         48149 Muenster
         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:

         Manfred Vellmer
         Adalbertstr. 8
         48565 Steinfurt
         Germany
         Tel: 02552/638710
         Fax: +4925526387111

The District Court of Muenster opened bankruptcy proceedings
against Ballon-Halter Muensterland Schellhove GmbH on April 24,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         Ballon-Halter Muensterland Schellhove GmbH
         Attn: Dietlinde Schellhove, Manager
         Muehlenstrasse 25
         48268 Greven
         Germany


BUWI KUNSTSTOFFTECHNIK: Claims Registration Ends May 30
-------------------------------------------------------
Creditors of BuWi Kunststofftechnik GmbH & Co. KG have until
May 30, 2008 to register their claims with court-appointed
insolvency manager Dr. jur. A. Koehler.

Claims will be verified at 8:40 a.m. on June 16, 2008 at:

         The District Court of Montabaur
         Hall 106
         First Floor
         Bahnhofstrasse 47
         56410 Montabaur
         Germany

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

The insolvency manager can be reached at:

         Dr. jur. A. Koehler
         Wilhelmstrasse 42
         65582 Diez
         Germany
         Tel: 06432-64580
         Fax: 06432-645820
         E-mail: verwaltung@koehler-insolvenz.de

The District Court of Montabaur opened bankruptcy proceedings
against BuWi Kunststofftechnik GmbH & Co. KG on March 1, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         BuWi Kunststofftechnik GmbH & Co. KG
         Attn: Dr. Armin Froehlich, Manager
         Hauptstrasse 1a
         57520 Neunkhausen
         Germany


COIFFEUR-TEAM GMBH: Claims Registration Ends May 30
---------------------------------------------------
Creditors of Coiffeur-Team GmbH have until May 30, 2008 to
register their claims with court-appointed insolvency manager
Markus Gross.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on July 7, 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 Offenburg
         Hall 0005
         Hindenburgstr. 5
         77654 Offenburg
         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:

         Markus Gross
         Weingartenstr.19a
         77654 Offenburg
         Germany

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

The Debtor can be reached at:

         Coiffeur-Team GmbH
         Hauptstr.33/Ratsgasse
         77756 Hausach
         Germany

         Attn: Anette Stelzenmueller, Manager
         Kirchweg 3
         72290 Lossburg
         Germany


COMPAKT- BAUPLANUNGS: Claims Registration Period Ends May 27
------------------------------------------------------------
Creditors of COMPAKT- Bauplanungs- und
Erschliessungsgesellschaft mbH have until May 27, 2008, to
register their claims with court-appointed insolvency manager
Joerg Trittermann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on June 27, 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 Wolfsburg
          Hall D
          Rothenfelder Strasse 43
          38440 Wolfsburg
          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:

          Joerg Trittermann
          Lessingplatz 9
          38100 Braunschweig
          Germany
          Tel: 0531/120 68 70
          Fax: 0531/120 68 80

The District Court of Wolfsburg opened bankruptcy proceedings
against COMPAKT- Bauplanungs- und Erschliessungsgesellschaft mbH
on April 3, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

          COMPAKT- Bauplanungs- und
          Erschliessungsgesellschaft mbH
          Westernstr. 27
          38154 Koenigslutter
          Germany


CYWORLD EUROPE: Claims Registration Period Ends May 30
------------------------------------------------------
Creditors of Cyworld Europe GmbH have until May 30, 2008, to
register their claims with court-appointed insolvency manager
Dirk Pfeil.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on July 1, 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 Frankfurt/Main
         Hall 2
         Building F
         Klingerstrasse 20
         60313 Frankfurt/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:

         Dirk Pfeil
         Eschersheimer Landstrasse 60
         D 60322 Frankfurt am Main
         Germany
         Tel: 069/1530960
         Fax: 069/15309666

The District Court of Frankfurt/Main opened bankruptcy
proceedings against Cyworld Europe GmbH on April 2, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Cyworld Europe GmbH
         Fuerstenbergerstrasse 3-9
         60322 Frankfurt am Main
         Germany


DIEBOLD GMBH: Claims Registration Period Ends May 30
----------------------------------------------------
Creditors of Diebold GmbH have until May 30, 2008, to register
their claims with court-appointed insolvency manager Hans-Joerg
Derra.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on July 7, 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 Aalen
         Hall 0.11
         Ground Floor
         Stuttgarter Strasse 7,
         73430 Aalen
         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:

         Hans-Joerg Derra
         Frauenstr. 14
         89073 Ulm
         Germany
         Tel: 0731/922880
         Fax: 0731/92288-88
         E-mail: dmp@derra-ul.de

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

The Debtor can be reached at:

         Diebold GmbH
         Wiesenstr. 10
         89518 Heidenheim
         Germany

         Attn: Andrea Diebold, Manager
         Lonetalstr. 1
         89537 Giengen
         Germany


DIGITAL UNDERGROUND: Claims Registration Period Ends May 30
-----------------------------------------------------------
Creditors of Digital Underground GmbH have until May 30, 2008,
to register their claims with court-appointed insolvency manager
Robert Multrus.

Creditors and other interested parties are encouraged to attend
the meeting at 8:35 a.m. on July 1, 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 Rosenheim
         Room 114
         Rosenheim
         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:

         Robert Multrus
         Rathausstr. 10
         83022 Rosenheim
         Germany
         Tel: 0 80 31/ 8074790
         Fax: 0 80 31/ 80747966

The District Court of Rosenheim opened bankruptcy proceedings
against Digital Underground GmbH on May 2.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Digital Underground GmbH
         Wasserburger Str. 1
         83123 Amerang
         Germany


DONGES STAHLTOR: Claims Registration Period Ends May 27
-------------------------------------------------------
Creditors of Donges Stahltor- und Fensterbau GmbH have until
May 27, 2008, to register their claims with court-appointed
insolvency manager Jan Markus Plathner.

Creditors and other interested parties are encouraged to attend
the meeting at 8:45 a.m. on May 28, 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 Darmstadt
          Hall 14
          First Floor
          Building D
          Mathildenplatz 15
          64283 Darmstadt
          Germany

The Court will also verify the claims set out in the insolvency
manager's report at 11:00 a.m. on July 8, 2008, at the same
venue.

The insolvency manager can be reached at:

          Dr. Jan Markus Plathner
          Lyoner Strasse 14
          60528 Frankfurt
          Germany
          Tel: 069/962334-0
          Fax: 069/962334-22
          E-mail: m.plathner@brinkmann-partner.de

The District Court of Darmstadt opened bankruptcy proceedings
against Donges Stahltor- und Fensterbau GmbH on April 16, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Donges Stahltor- und Fensterbau GmbH
          Mainzer Strasse 55
          64293 Darmstadt
          Germany


FREAKSX GMBH: Claims Registration Period Ends May 26
----------------------------------------------------
Creditors of FreaksX GmbH have until May 26, 2008, to register
their claims with court-appointed insolvency manager Knut Thomas
Hofheinz.

Creditors and other interested parties are encouraged to attend
the meeting 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 Hannover
          Hamburger Allee 26
          30161 Hannover
          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:

          Knut Thomas Hofheinz
          Am Markte 13
          30159 Hannover
          Germany
          Tel: 0511 357721-0
          Fax: 0511 357721-40

The District Court of Hannover opened bankruptcy proceedings
against FreaksX GmbH on April 24, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

          FreaksX GmbH
          Vahrenwalder Str. 294
          30179 Hannover
          Germany


G & M TRANSPORT: Claims Registration Period Ends May 30
-------------------------------------------------------
Creditors of G & M Transport GmbH have until May 30, 2008, to
register their claims with court-appointed insolvency manager
Heiko Jaap.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on July 9, 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 Stralsund
         Hall AE 26
         House A
         Bielkenhagen 9
         Stralsund
         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:

         Heiko Jaap
         Steinbeckerstr. 10
         17489 Greifswald
         Germany

The District Court of Stralsund opened bankruptcy proceedings
against G & M Transport GmbH on April 30, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         G & M Transport GmbH
         Waldweg 9a
         18442 Martensdorfv
         Germany

         Attn: Elke Baldermann, Manager
         Penniner Damm 2
         18442 Negast
         Germany


GASTHOF KREITMAIR: Claims Registration Period Ends May 30
---------------------------------------------------------
Creditors of Gasthof Kreitmair GmbH have until May 30, 2008, to
register their claims with court-appointed insolvency manager
Axel W. Bierbach.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on June 30, 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 102
         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:

         Axel W. Bierbach
         Schwanthalerstr. 32
         80336 Muenchen
         Germany
         Tel: 54511-0
         Fax: 54511-444

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

The Debtor can be reached at:

         Gasthof Kreitmair GmbH
         Attn: Kenneth Wein,Manager
         Keferloh 2
         85630 Grasbrunn
         Germany


GAWS GOEZGEC: Claims Registration Period Ends May 30
----------------------------------------------------
Creditors of Gaws Goezgec Heizungsbau GmbH have until May 30,
2008, to register their claims with court-appointed insolvency
manager Klaus Knetter.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on June 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 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:

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

The District Court of Bielefeld opened bankruptcy proceedings
against Gaws Goezgec Heizungsbau GmbH on April 16, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Gaws Goezgec Heizungsbau GmbH
         Attn: Koeksal Goeczgec, Manager
         Schmiedestr. 10
         33613 Bielefeld
         Germany


GRUNDSTUECKS- UND VERWALTUNGS: Claims Registration Ends May 30
--------------------------------------------------------------
Creditors of Grundstuecks- und Verwaltungsgesellschaft Koepenick
mbH have until May 30, 2008 to register their claims with court-
appointed insolvency manager Christian Koehler-Ma.

Claims will be verified at 8:30 a.m. on July 31, 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:

         Christian Koehler-Ma
         Kurfuerstendamm 26 a
         10719 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Grundstuecks- und Verwaltungsgesellschaft
Koepenick mbH on May 3, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Grundstuecks- und Verwaltungsgesellschaft Koepenick mbH
         Bahnhofstr. 11
         12555 Berlin
         Germany


PALADION IMMOBILIEN: Claims Registration Period Ends May 29
-----------------------------------------------------------
Creditors of Paladion 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 1:30 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 Oldenburg
         Meeting hall
         Second Floor
         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
         E-mail: RA Lehnert OL@t-online.de

The District Court of Oldenburg opened bankruptcy proceedings
against Paladion Immobilien GmbH on April 4, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Paladion Immobilien GmbH
         Hundsmuehler Str. 170a
         26131 Oldenburg
         Germany


RESA-HOLZ: Claims Registration Period Ends May 29
-------------------------------------------------
Creditors of Resa-Holz GmbH i.L. have until May 29, 2008, to
register their claims with court-appointed insolvency manager
Sebastian Nolte.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 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 Erfurt
         Hall 15
         Judicial Center
         Rudolfstr. 46
         99092 Erfurt
         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:

         Sebastian Nolte
         Peterstr. 5
         99084 Erfurt
         Germany

The District Court of Erfurt opened bankruptcy proceedings
against Resa-Holz GmbH i.L. on April 14, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Resa-Holz GmbH i.L.
         Attn: Alexander Heinemann, Manager
         Niederreissener Strasse 1
         99628 Buttstadt
         Germany


ROHDE TRANSPORT: Claims Registration Period Ends May 29
-------------------------------------------------------
Creditors of Rohde Transport- und Speditionsgesellschaft mbH
have until May 29, 2008, to register their claims with court-
appointed insolvency manager Tim F. Gatcke.

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 Hameln
         Hall 106
         Zehnthof 1
         31785 Hameln
         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:

         Tim F. Gatcke
         Ger.-Fach Nr. 355
         Hans-Boeckler-Allee 26
         30173 Hannover
         Germany
         Tel: 0511-360960
         Fax: 0511-36096-90

The District Court of Hameln opened bankruptcy proceedings
against Rohde Transport- und Speditionsgesellschaft mbH on
March 12, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         Rohde Transport- und Speditionsgesellschaft mbH
         Philipp-Reis-Str. 22
         31832 Springe
         Germany


SAPPI PAPIER: Moody’s Places Ratings on Review & May Downgrade
--------------------------------------------------------------
Moody's Investors Service placed on review for possible
downgrade the Ba1 corporate family rating of Sappi Ltd as well
as the Ba1 instrument ratings of Sappi Papier Holding GmbH, the
US$500m global bonds 2012 and US$250m global bonds 2032.

Although Sappi's reported group operating performance in the
first fiscal half of 2008 improved against the same period last
year, Sappi's core fine paper operations in Europe and North
America, accounting for more than 70% of sales, remain weak with
an operating margin of 3.5% (vs. 1.5% in H1 2007).  A number of
factors, foremost input cost inflation and continued weak
pricing, add pressure particularly in Europe.  The decision to
place the ratings under review for possible downgrade resulted
from a slower pace of improving metrics.  Moody's had expected
Sappi's metrics to be on a positive trajectory so that levels of
retained cash flow (RCF) to net debt would be notably above 20%,
RCF minus capital expenditures to debt would reach double digit
percentage levels and return on assets (EBITDA/average assets)
would be above 7% by mid 2008.

The review will focus on (i) the extent of positive contribution
of the nearly concluded Saiccor project, (ii) the sustainability
of profit improvements in the North American operations shown in
the first quarter of 2008 and (iii) the prospects for a major
recovery in its European operations.  Moody's will also assess
the strength of Sappi's liquidity profile against certain
potential cash calls.  Any rating movement will likely be
limited to one notch.

The last rating action was on April 17, 2007, when Moody's
changed the outlook to negative from stable.

Sappi Ltd. domiciled in Johannesburg, South Africa, is a leading
global producer of coated fine paper and dissolving pulp with
consolidated group sales of FYE 2007 (ending September) of USD
5.3 billion.  Sappi Papier Holding GmbH is the holding company
for Sappi's international paper operations outside of South
Africa and accounts for approximately three quarters of sales
and net operating assets of the group.


SOC MICROELECTRONICS: Claims Registration Period Ends May 29
------------------------------------------------------------
Creditors of SOC Microelectronics Verwaltungs GmbH have until
May 29, 2008, to register their claims with court-appointed
insolvency manager Angelika Amend.

Creditors and other interested parties are encouraged to attend
the meeting at 2:30 p.m. on July 3, 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 Koenigstein/Ts.
         Hall 106 A
         Burgweg 9
         61462 Koenigstein/Ts.
         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:

         Angelika Amend
         Minnholzweg 2b D
         61476 Kronberg
         Germany
         Tel: 06173-78340
         Fax: 06173/783422

The District Court of Koenigstein/Ts opened bankruptcy
proceedings against SOC Microelectronics Verwaltungs GmbH on
April 7, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         SOC Microelectronics Verwaltungs GmbH
         Am  Kronberger Hang 4
         65824 Schwalbach
         Germany


SPIELTREFF GOTHAER: Claims Registration Ends May 30
---------------------------------------------------
Creditors of Spieltreff Gothaer Strasse GmbH have until May 30,
2008 to register their claims with court-appointed insolvency
manager Dr. Petra Hilgers.

Claims will be verified at 9:55 a.m. on July 30, 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:

         Dr. Petra Hilgers
         Goethestr. 85
         10623 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Spieltreff Gothaer Strasse GmbH on
March 17, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         Spieltreff Gothaer Strasse GmbH
         Duesseldorfer Str. 42
         10707 Berlin
         Germany


TELEDIALOG GMBH: Claims Registration Period Ends May 29
-------------------------------------------------------
Creditors of TeleDialog GmbH have until May 29, 2008, to
register their claims with court-appointed insolvency manager
Dr. Yorck Tilman Streitboerger.

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 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:

         Dr. Yorck Tilman Streitboerger
         Adenauerplatz 4
         33602 Bielefeld
         Germany

The District Court of Bielefeld opened bankruptcy proceedings
against TeleDialog GmbH  on April 11, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         TeleDialog GmbH
         Detmolder Str. 241
         33605 Bielefeld
         Germany


TEXTILHANDEL GMBH: Claims Registration Period Ends May 29
---------------------------------------------------------
Creditors of Textilhandel GmbH + Co Kommanditgesellschaft fuer
Damenoberbekleidung have until May 29, 2008, to register their
claims with court-appointed insolvency manager Michael Bremen.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 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 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:

         Michael Bremen
         Sternstr. 58
         40479 Duesseldorf
         Germany

The District Court of Duesseldorf opened bankruptcy proceedings
against Textilhandel GmbH + Co Kommanditgesellschaft fuer
Damenoberbekleidung on May 1, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Textilhandel GmbH + Co Kommanditgesellschaft fuer
         Damenoberbekleidung
         Anton-Kux-Strasse 2
         41460 Neuss
         Germany


TF TIERFOOD: Claims Registration Period Ends May 26
---------------------------------------------------
Creditors of TF Tierfood Fachmarkt Meerbusch GmbH have until
May 26, 2008, to register their claims with court-appointed
insolvency manager Paul Fink.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on June 27, 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 341
          Third 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 TF Tierfood Fachmarkt Meerbusch GmbH on April 17, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          TF Tierfood Fachmarkt Meerbusch GmbH
          Rudolf-Diesel-Strasse 2
          40670 Meerbusch
          Germany



THIELERT AIRCRAFT: Delivery of Skyhawk 172S Model Delayed
---------------------------------------------------------
As a result of Thielert Aircraft Engines GmbH’s insolvency
filing, delivery of Cessna’s Skyhawk 172S has been delayed,
flightglobal.com reports.

Flightglobal relates that according to Cessna, there will be no
deliveries for the Skyhawk 172S model.  Flightglobal adds that
the model was to contain a “Jet-A fuelled 155hp (116kW) Thielert
Centurion 2.0 litre turbos.”

Headquartered in Lichtenstein, Germany, Thielert Aircraft
Engines GmbH -- http://www.thielert.com/-- is a full subsidiary
of Thielert AG, which develops and manufactures components for
high-performance engines and special parts with complex
geometries and hardware and software for digital engine control
systems.

As reported in the Troubled Company Reporter-Europe on April 25,
2008, the executive board of Thielert Aircraft filed for the
opening of insolvency at the county court Chemnitz in Germany.


TRIE LOGISTIK: Claims Registration Period Ends May 26
-----------------------------------------------------
Creditors of Trie Logistik GmbH mit Sitz in Wismar have until
May 26, 2008, to register their claims with court-appointed
insolvency manager Dirk Decker.

Creditors and other interested parties are encouraged to attend
the meeting on June 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 Schwerin
          19053 Schwerin
          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:

          Dirk Decker
          Obotritenring 98
          19053 Schwerin
          Germany

The District Court of Schwerin opened bankruptcy proceedings
against Trie Logistik GmbH mit Sitz in Wismar on April 11, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Trie Logistik GmbH mit Sitz in Wismar
          Rapsacker 8
          23556 Luebeck
          Germany


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


EIRLES TWO: Fitch Junks Ratings on Three Notes Series
-----------------------------------------------------
Fitch Ratings has today downgraded Eirles Two Limited Series
135, 136, 137's floating-rate and variable-rate secured notes
due 2039.  In addition, the three series have been removed from
Rating Watch Negative.  The rating of Series 134's variable-rate
secured notes due 2039, remains unchanged.

   -- US$20.625 million Series 134 (ISIN: XS0203295216): remains
      at 'CC'

   -- US$16.875 million Series 135 (ISIN: XS0203296370):
      downgraded to 'CC' from 'CCC' RWN

   -- US$22.5 million Series 136 (ISIN: XS0203294839):
      downgraded to CCC' from 'B' RWN

   -- US$37.5 million Series 137 (ISIN: XS0203295059):
      downgraded to 'CCC' from 'BB' RWN

Fitch's rating action reflects higher loss expectations due to
greater-than-expected collateral deterioration in Tsar 11's
portfolio.  The negative credit migration is primarily
attributable to the rapid credit deterioration in subprime
residential mortgage-backed securities as well as exposure to US
structured finance CDOs.

The portfolio comprises US subprime RMBS (30.4%), Alternative A
mortgage loans (24.8%) and US diversified structured finance
CDOs (13.4%).  Since the time of the last rating action in
November 2007, there has been further deterioration in the
quality of the portfolio.  As per the trustee report dated April
2008, 12.5% of the portfolio is rated 'CCC+' or below, with
27.7% of the portfolio rated 'BB+' or below.  This compares to
credit enhancement levels of 11.14% for Series 137, 8.1% for
Series 136 and 5.82% for Series 135.

Eirles Two Limited is a special purpose vehicle incorporated
under the laws of Ireland.  The notes have a scheduled maturity
date of Oct. 13, 2039 and absorb the credit risk of a credit
default swap with Deutsche Bank AG.  The notes are backed by
'AAA'-rated collateral securities funded by the net proceeds
from the issue of the notes.  The credit default swap with
Deutsche Bank AG relates to a reference portfolio of primarily
US asset-backed securities obligations.  The portfolio completed
the ramp up period in April 2006 and the current portfolio
notional stands at US$740.9 million.  The portfolio is selected
by Winchester Capital Principal Finance, a subsidiary of
Deutsche Bank AG.


EUROMANX: Halts Operations Due to Rising Fuel Costs
---------------------------------------------------
EuroManx said in its website that as of May 9, 2008, it was
ceasing operations and as a result, no further flights will be
operated.

The company said that despite attempts to "develop and grow the
business," it had faced "insurmountable obstacles" over the last
six months that included increasing costs of fuel prices and a
reduction in the number of passengers.

According to a report by the BBC News, the airline is now
undergoing receivership and has resulted in the lose of around
70 jobs.

EuroManx -- http://www.euromanx.com/-- provides flights from
Isle of Man to locations that includes Belfast, Liverpool,
London and Manchester.


HORMANN ELECTRONICS: Placed Under Receivership
----------------------------------------------
Hormann Electronics Ltd. is now under receivership with a
receiver appointed last May 9, 2008, RTE Business reports.
According to Director and Quality Control Manager Denis
O'Mullane, RTE adds that the receivership was due to the company
being unable to catch up with competition from Eastern Europe as
well as those from the Far East.

Under receivership, the company intends to sell its assets as a
"going concern," RTE relates.

Based in Cork, Ireland, Hormann Electronics Ltd. --
http://www.hormann.ie/-- is an electronics contract
manufacturing company offering full turnkey services, ranging
from Printed Circuit board assembly and test, through full
system build and supply chain management.



WOODEN HOUSE: Put Into Administration by ACC Bank
-------------------------------------------------
ACC Bank has taken control of the Wooden House Lodge Hotel and
appointed Tom Kavanagh of Kavanagh Fennell as receiver, the
Post.ie reports.

Although recently renovated, the hotel eventually stopped
operations as a result of “financial difficulties,” the Post
relates.  The Post adds that ACC took control over the hotel in
order to secure debts.

The Post further says that the administrator is likely to look
for a buyer.

The Wooden House Lodge Hotel -- http://www.thewoodenhouse.ie/--
is situated in the village of Kilmore Quay.


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


PARMALAT SPA: Citigroup Won’t Enter Into Settlement Talks
---------------------------------------------------------
Citigroup Inc. is not holding talks with Parmalat S.p.A. to
settle its U.S. civil case or with Italian investigators for
plea-bargain agreements, Thomson Financial News reports, citing
sources close to the bank.

According to Thomson Financial News, analysts have speculated
that Parmalat and Citigroup could reach a settlement during a
civil trial in New Jersey.

Citigroup is facing a US$2.2 billion in damages in New Jersey
and has counter-sued Parmalat for US$699 million.  Citigroup
executives, meanwhile, are facing criminal charges in Milan and
Parma, Italy.

The bank has been denying the charges.

                       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.



POWERMATE CORP: U.S. Court Okays Sale of Assets to Pramac
---------------------------------------------------------
The Hon. Kevin Gross of the United States Bankruptcy Court for
the District of Delaware approved the sale of Powermate Corp.
and its debtor-affiliates Powermate Holding Corp. and Powermate
International, Inc., to Pramac Industries Inc., for
US$6,559,200.

Court records show that the assets sold to Pramac include:

    * raw materials and WIP;
    * machinery and equipment;
    * Powermate trademarks;
    * Powerstation trademarks; and
    * patents and other intellectual property.

Judge Gross had also approved the sale of the Debtors:

   -- Black Max trademark to Homelite Technologies for
      US$300,000;

   -- finished goods to Tap Enterprises Inc. for US$2,525,385;

   -- certain inventory to Homelite Consumer Products Inc. for
      US$5,498,143; and

   -- Magna Force trademarks to MAT Industries LLC US$300,000.

                     About Pramac

Pramac group develops and manufactures a wide range of power
generation equipment, materials handling equipment and
photovoltaic components.  Pramac uses its global network to
supply these products to markets throughout the World.  Pramac’s
common stock trades on Borsa Italiana under the symbol PRA.

                      About Powermate

Headquartered in Aurora, Illinois, Powermate Corp. --
http://www.powermate.com/-- manufacturers of portable and home
standby generators, air compressors, and pressure washers.
Powermate Holding Corp. is the parent of Powermate Corp.  In
turn, Powermate Corp. owns 100% of Powermate International Inc.
Powermate Corp. operates the company’s assets located in the
United States. Powermate International has sales employees in
Hong Kong and the Philippines.  Powermate Holding has no
employees or operations.

The three companies filed for chapter 11 protection on March 17,
2008 (Bankr. D. Del. Lead Case No.08-10498).  Kenneth J. Enos,
Esq.. and Michael R. Nestor, Esq., at Young, Conaway, Stargatt &
Taylor, represent the Debtors.  The Official Committee of
Unsecured Creditors, which has seven creditor members, is
represented by Monika J. Machen, Esq., at Sonnenschein Nath
Rosenthal LLP.  When the Debtors filed for protection from their
creditors, they listed estimated assets and debts between
$50 million and $100 million.

Powermate Holding has two other non-debtor subsidiaries,
Powermate Canadian Corp., located in Canada and Powermate S. de
R.L. de C.V., which is domiciled in Mexico.


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


ALFATECH LLP: Creditors Must File Claims by June 10
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Alfatech insolvent.

Creditors have until June 10, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Seifullin ave. 555a
         050012, Almaty
         Kazakhstan
         Tel: 8 777 296 30-34


FITON LLP: Claims Deadline Slated for June 10
---------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Fiton insolvent on March 14, 2008.

Creditors have until June 10, 2008, to submit written proofs of
claims to:
         The Specialized Inter-Regional
         Economic Court of Kostanai
         Gogol Str. 177a
         Kostanai
         Kazakhstan


GLOBAL COMMERCE: Claims Filing Period Ends June 10
--------------------------------------------------
LLP Global Commerce Ltd. has declared insolvency.  Creditors
have until June 10, 2008, to submit written proofs of claims to:

         LLP Global Commerce Ltd.
         Micro District Samal, 12
         Astana
         Kazakhstan


KAZ BUSINESS: Creditors' Claims Due on June 10
----------------------------------------------
LLP Kaz Business Engineering has declared insolvency.  Creditors
have until June 10, 2008, to submit written proofs of claims to:

         LLP Kaz Business Engineering
         Abai ave. 221
         Astana
         Kazakhstan


PLODORIDIYE LLP: Claims Registration Ends June 17
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Plodoridiye insolvent.

Creditors have until June 17, 2008, 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


SARMAT CONSTRUCTION: Claims Deadline Slated for June 17
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Sarmat Construction insolvent.

Creditors have until June 17, 2008, 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


SATURN-EXPRESS LLP: Claims Filing Period Ends June 10
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Saturn-Express insolvent on March 14, 2008.

Creditors have until June 10, 2008, to submit written proofs of
claims to:
         The Specialized Inter-Regional
         Economic Court of Kostanai
         Gogol Str. 177a
         Kostanai
         Kazakhstan


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


ASIA-HOLDING OJSC: Creditors Must File Claims by June 13
--------------------------------------------------------
OJSC Asia-Holding has declared insolvency.  Creditors have until
June 13, 2008 to submit written proofs of claim.

Inquiries can be addressed to (0-555) 77-07-73.


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


EVRAZ GROUP: To Acquire 20% of FerroChina for US$167 Million
------------------------------------------------------------
Evraz Group S.A. is planning to acquire a 20% stake in
FerroChina Ltd. for US$167 million, Kommersant relates citing
Chinese press reports.

FerroChina, through adviser Merrill Lynch, commenced its search
for a strategic foreign investor to increase sales and access to
raw materials, Kommersant reports.

Evraz will be competing with BlueScope Steel Ltd. for the stake.

According to Kommersant, a stake in FerroChina would complement
Evraz's planned acquisition of a 51.05% controlling package in
Chinese Delong Holdings.

                          About Evraz

Headquartered in Luxembourg, Evraz Group S.A. (LSE:EVR) --
http://www.evraz.com/-- manufactures and distributes steel and
related products.  In addition, the Company owns and operates
certain mining assets.  Its steel production and mining
facilities are mainly located in the Russian Federation.  It
operates three steel mills in Russia, one mill in the Sverdlovsk
region and two mills in the Kemerovo region.

                         *     *     *

As reported in the TCR-Europe on May 7, 2008, Fitch Ratings
affirmed Evraz's Long-term IDR and senior unsecured ratings of
'BB' and Short-term IDR of 'B'.  The ratings of Mastercroft
Limited (Evraz's core subsidiary holding most of its key
operating assets within Russia) are also affirmed at Long-term
IDR 'BB' and Short-term IDR 'B', as is the senior unsecured 'BB'
rating of Evraz Securities S.A.  The Outlooks for Evraz's and
Mastercroft Limited's Long-term IDRs are Stable.

Fitch has assigned Evraz Group S.A.'s US$1.05 billion and US$550
million notes due in 2013 and 2018, respectively, final 'BB'
ratings.  The ratings are in line with Evraz's 'BB' Long-term
Issuer Default rating.  The notes maturing in 2013 have an
annual coupon of 8.875% while the notes maturing in 2018 have an
annual coupon of 9.5%.

As reported in the TCR-Europe on March 18, 2008, Standard &
Poor's Ratings Services affirmed its 'BB-' long-term
corporate credit and senior unsecured debt ratings on Russia-
based steel producer Evraz Group S.A. and its core subsidiary
Mastercroft Ltd.  S&P also affirmed the Russia national scale
ratings on Evraz and Mastercroft at 'ruAA'.  The outlook is
positive.

At the same time, Moody's Investors Service placed Evraz's Ba2
corporate family rating, Ba2 rating for Senior Notes due 2009
and Ba3 rating for Senior Notes due 2015 on review for possible
downgrade following the recent announcement of the acquisition
of IPSCO's Canadian plate and pipe business from SSAB for a net
cost of US$2.3 billion.


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


* Moody's Says Delinquency Trend for Portuguese RMBS Up Q1 2008
---------------------------------------------------------------
In the first quarter of 2007, one Portuguese Residential
Mortgage-Backed Securities deal closed.

So far, no external rating events have affected any transaction.
The delinquency trend in first quarter 2008 was 2.16%, up from
1.33% at the beginning of last year.  Generally, 60+ day
delinquencies of vintages show moderate growth over time, the
report notes.

"The 2003 vintage shows 60+ day delinquencies of 0.97% after 24
months whereas the index stands at 1.52%," says Ignacio Rivela,
a Moody's senior associate and author of the report.  "This
vintage appears to be outperforming its peer group to date,
which may be attributed to the better collateral quality on
closing of some of the 2003 transactions."

Current Constant Prepayment Rate stands at 10.99% in first
quarter 2008 compared to 7.02% a year ago.

"The economic climate in Portugal, whilst showing tentative
signs of improvement, remains fragile.  Consumer sentiment has,
to date, failed to mirror the improvement in business
confidence.  With the labor market remaining weak, significant
improvement is unlikely in the near future.  Against this
backdrop, house prices remain depressed," says Nitesh Shah, a
Moody's economist and co-author of the report.

"Delinquency performance has displayed mild deterioration during
the economic recovery in Portugal.  Economic growth in Portugal
is likely to weaken as a consequence of the global slowdown;
therefore, we expect the delinquency performance to continue
deteriorating.", adds Mr.Shah.


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


BIRYULEVSKIY COLD: Creditors Must File Claims by May 26
-------------------------------------------------------
Creditors of CJSC Biryulevskiy Cold Storage Facility have until
May 26, 2008, to submit proofs of claim to:

         V. Vinogorov
         Temporary Insolvency Manager
         Post User Box 96
         2nd Dubrovskaya Str. 1
         109044 Moscow
         Russia

The Arbitration Court of Moscow will convene at 2:30 p.m. on
May 20, 2008, to hear the company's bankruptcy supervision
procedure.  The case is docketed under Case No. A40-77022/
06-71-1170B.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Biryulevskiy Cold Storage Facility
         Stupinskiy Proezd 6
         11740 Moscow
         Russia


BRIDGE-INVESTMENT LLC: Creditors Must File Claims by May 26
-----------------------------------------------------------
Creditors of LLC Investment Company Bridge-Investment have until
May 26, 2008, to submit proofs of claim to:

         S. Morozov
         Temporary Insolvency Manager
         Office 213
         Malaya Yakimanka Str. 24/8
         119180 Moscow
         Russia

The Arbitration Court of Moscow will convene at 10:30 a.m. on
Aug. 19, 2008, to hear the company's bankruptcy supervision
procedure.  The case is docketed under Case No. A40-9555/
08-38-31B.

The Court is located at:

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

The Debtor can be reached at:

         LLC Investment Company Bridge-Investment
         Building 1
         1st Tverskaya-Yamskaya Str. 10
         125047 Moscow
         Russia


DALNEVOSTOCHNAYA WOOD: Creditors Must File Claims by May 26
-----------------------------------------------------------
Creditors of LLC Dalnevostochnaya Wood Processing Corporation
have until May 26, 2008, to submit proofs of claim to:

         V. Yurakov
         Insolvency Manager
         Post User Box 74
         690048 Vladivostok-48
         Russia

The Arbitration Court of Primorye commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A51-11446/2207 26-166 B.

The Court is located at:

         Arbitration Court of Primorye
         Room 313
         Svetlanovskaya Str. 54
         Vladivostok
         Russia

The Debtor can be reached at:

         LLC Dalnevostochnaya Wood Processing Corporation
         692725 Zarubino
         Molodezhnaya Str. 7
         Russia


EVRAZ GROUP: To Acquire 20% of FerroChina for US$167 Million
------------------------------------------------------------
Evraz Group S.A. is planning to acquire a 20% stake in
FerroChina Ltd. for US$167 million, Kommersant relates citing
Chinese press reports.

FerroChina, through adviser Merrill Lynch, commenced its search
for a strategic foreign investor to increase sales and access to
raw materials, Kommersant reports.

Evraz will be competing with BlueScope Steel Ltd. for the stake.

According to Kommersant, a stake in FerroChina would complement
Evraz's planned acquisition of a 51.05% controlling package in
Chinese Delong Holdings.

                          About Evraz

Headquartered in Luxembourg, Evraz Group S.A. (LSE:EVR) --
http://www.evraz.com/-- manufactures and distributes steel and
related products.  In addition, the Company owns and operates
certain mining assets.  Its steel production and mining
facilities are mainly located in the Russian Federation.  It
operates three steel mills in Russia, one mill in the Sverdlovsk
region and two mills in the Kemerovo region.

                         *     *     *

As reported in the TCR-Europe on May 7, 2008, Fitch Ratings
affirmed Evraz's Long-term IDR and senior unsecured ratings of
'BB' and Short-term IDR of 'B'.  The ratings of Mastercroft
Limited (Evraz's core subsidiary holding most of its key
operating assets within Russia) are also affirmed at Long-term
IDR 'BB' and Short-term IDR 'B', as is the senior unsecured 'BB'
rating of Evraz Securities S.A.  The Outlooks for Evraz's and
Mastercroft Limited's Long-term IDRs are Stable.

Fitch has assigned Evraz Group S.A.'s US$1.05 billion and US$550
million notes due in 2013 and 2018, respectively, final 'BB'
ratings.  The ratings are in line with Evraz's 'BB' Long-term
Issuer Default rating.  The notes maturing in 2013 have an
annual coupon of 8.875% while the notes maturing in 2018 have an
annual coupon of 9.5%.

As reported in the TCR-Europe on March 18, 2008, Standard &
Poor's Ratings Services affirmed its 'BB-' long-term
corporate credit and senior unsecured debt ratings on Russia-
based steel producer Evraz Group S.A. and its core subsidiary
Mastercroft Ltd.  S&P also affirmed the Russia national scale
ratings on Evraz and Mastercroft at 'ruAA'.  The outlook is
positive.

At the same time, Moody's Investors Service placed Evraz's Ba2
corporate family rating, Ba2 rating for Senior Notes due 2009
and Ba3 rating for Senior Notes due 2015 on review for possible
downgrade following the recent announcement of the acquisition
of IPSCO's Canadian plate and pipe business from SSAB for a net
cost of US$2.3 billion.


KALININSK-SEL-KHOZ-PRODUCT: Creditors Must File Claims by May 26
----------------------------------------------------------------
Creditors of CJSC Kalininsk-Sel-Khoz-Product have until May 26,
2008, to submit proofs of claim to:

         A. Fedotov
         Insolvency Manager
         Post User Box 5
         Post Office
         Balakovo
         413840 Saratov
         Russia

The Arbitration Court of Saratov commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A-57-24782/07-40.

The Court is located at:

         The Arbitration Court of Saratov
         Babushkin Vvoz 1
         Saratov
         Russia

The Debtor can be reached at:

         CJSC Kalininsk-Sel-Khoz-Product
         Kalininsk
         Saratov
         Russia


PODOZERSKOE PEAT: Creditors Must File Claims by May 26
------------------------------------------------------
Creditors of OJSC Podozerskoe Peat Enterprise (TIN
3714083488) have until May 26, 2008, to submit proofs of claim
to:

         A. Bogdanets
         Temporary Insolvency Manager
         Post User Box 18
         Central Post Office
         Ivanovo
         Russia

The Arbitration Court of Ivanovo commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A17-6610/2007-14-B.

The Court is located at:

         The Arbitration Court of Ivanovo
         B. Khmelnitskogo Str. 59B
         Ivanovo
         Russia

The Debtor can be reached at:

         OJSC Podozerskoe Peat Enterprise
         Sportivnaya Str. 1
         Podozerskiy
         Komsomolskiy
         153136 Ivanovo
         Russia


PROGRESS LLC: Creditors Must File Claims by May 26
--------------------------------------------------
Creditors of LLC Progress (TIN 6919004500) have until May 26,
2008, to submit proofs of claim to:

         S. Zhidov
         Temporary Insolvency Manager
         Sovetskaya Str. 4
         440026 Pneza
         Russia

The Arbitration Court of Tver commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
A66-588/2008.

The Court is located at:

         The Arbitration Court of Tver
         Room 7
         Sovetskaya Str. 23b
         Tver
         Russia

The Debtor can be reached at:

         LLC Progress
         Zarechnaya Str. 2
         Vesyegonsk
         Vesyegonskiy
         171720 Tver
         Russia


RED OCTOBER: Creditors Must File Claims by May 26
--------------------------------------------------
Creditors of LLC Red October (TIN 3108004380) have until May 26,
2008, to submit proofs of claim to:

         V. Goncharov
         Temporary Insolvency Manager
         Litovskaya Str. 12a
         305023 Kursk
         Russia

The Arbitration Court of Belgorod will convene on June 12, 2008,
to hear the company's bankruptcy supervision procedure.  The
case is docketed under Case No. A08-1134/08-31B.

The Court is located at:

         The Arbitration Court of Belgorod
         Narodnyj Avenue 135
         308600 Belgorod
         Russia

The Debtor can be reached at:

         LLC Red October
         Lenina Str. 6
         Pochaevo
         Grayvoronskiy
         Belgorod
         Russia


SEVERSTAL OAO: Completes US$810 Mln Sparrows Point Acquisition
--------------------------------------------------------------
OAO Severstal has completed its acquisition of Sparrows Point
LLC from ArcelorMittal for US$810 million, RIA Novosti reports,
citing CEO Alexei Mordashev.

As reported in the TCR-Europe on March 27, 2008, Severstal
Senior Vice President Thomas Veraszto said the acquisition of
Sparrows Point will help Severstal's North American unit reduce
costs by more than US$50 million yearly and help boost the
company's annual output by 20% to 21.1 million metric tons.

Sparrows Point, currently owned by ArcelorMittal, was sold
by Joseph G. Krauss, Divestiture Trustee, as required by the
Final Judgment entered on May 23, 2007 in the United States
District Court for the District of Columbia in the matter known
as United States v. Mittal Steel Company N.V., to settle a
complaint filed by the United States Department of Justice
following the merger agreement between Mittal Steel and Arcelor
S.A. in 2006.

Sparrows Point has a capacity of 3.6 million metric tons of
crude steel and shipped 2.3 million metric tons of finished
steel products in 2007; it is the only integrated producer of
flat rolled steel on the U.S. East Coast and is a major North
American supplier of tin mill products.

Merrill Lynch & Co. acted as exclusive financial advisor to
Severstal and rendered a fairness opinion to the Board of
Directors regarding this transaction.  Skadden, Arps, Slate,
Meagher & Flom LLP acted as legal counsel to Severstal.

                         About Severstal

Headquartered in Cherepovets, Russia, OAO Severstal --
http://www.severstal.com/-- is the country's largest steel
producer, with steel production of 17.1 million tons in 2005.
The Company owns Severstal North America, the fifth largest
integrated steel maker in the U.S. with 2005 production of 2.7
million tons, and Lucchini, Italy's second largest steel group
with 2005 production of 3.5 million tons.  Severstal is one of
the world's lowest cost and most profitable steel producers,
with 2005 EBITDA per ton of around EUR150 per ton.

                         *     *     *

As of March 26, 2008, OAO Severstal carries Ba2 Corporate
Family, Senior Unsecured Debt and Probability-of-Default ratings
from Moody's Investor Service, which said the the outlook on all
ratings is stable.

The company also carries BB long-term Foreign and Local Issuer
Credit ratings from Standard & Poor's, which said the outlook is
stable.

Severstal carries BB- Issuer Default and Senior Unsecured
ratings from Fitch, which said the outlook is positive.


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


FTPYME BANCAJA 4: Fitch Assigns BB- Ratings to FTA Class C Notes
---------------------------------------------------------------
Fitch Ratings assigns Negative Rating Outlooks to four classes
of Spanish small and medium-sized enterprise collateralized debt
obligations as:

   -- BBVA-6 FTPYME, Fondo De Titulizacion De Activos Class C
      'BBB+' ;

   -- FTPYME Bancaja 6 Fondo de Titulizacion de Activos Class C
      'BBB-';

   -- FTPYME Bancaja 4, FTA Class D 'BB-' and

   -- PYME BANCAJA 5, FTA Class C 'BBB'.

The Negative Rating Outlooks are driven by a combination of
declining performance trends as well as the worsening Spanish
macro-economic environment.  These Negative Outlooks impact
approximately 7% of the 54 outstanding Fitch-rated Spanish SME
CDO transactions and approximately 2% of the 256 outstanding
tranches.  All affected classes are rated in the 'BBB' category
or lower.  Some of these transactions are from relatively recent
vintages that have not benefited from de-leveraging to the same
degree as older vintage transactions.


URAZCA: Files for Bankruptcy with Debts of EUR65 Million
--------------------------------------------------------
Construction and real estate company Urazca has filed for
bankruptcy with around EUR65 million in debts,
typicallyspanish.com reports.

The company, the report adds, additionally has about
EUR25 million in commercial debts.

Urazca is located in the Basque Country.


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



ABC METHOD: Zug Court Commences Bankruptcy Proceedings
------------------------------------------------------
The Bankruptcy Service of Zug commenced bankruptcy proceedings
against LLC Abc method on April 1, 2008.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6301 Zug
         Switzerland


ALFRED KRATTIGER: Undergoing Liquidation Proceeding in Mellingen
----------------------------------------------------------------
JSC Alfred Krattiger is currently undergoing liquidation
proceedings in Mellingen, Switzerland.

The decision about liquidation was accepted at a general meeting
on March 4, 2008.

Deadline for creditors to file proofs of claim was May 11, 2008.


BALLANTRE INVEST: Undergoing Liquidation Proceeding in Olten
------------------------------------------------------------
JSC Ballantre Invest is currently undergoing liquidation
proceedings in Olten, Switzerland.

The decision about liquidation was accepted at the extraordinary
general meeting on March 20, 2008.

Deadline for creditors to file proofs of claim was May 10, 2008.


CAIM CONSULTING: Undergoing Liquidation Proceeding in Huttwilen
---------------------------------------------------------------
CAIM Consulting for Accessory, Instruments and Macins Ltd. liab.
Co. is currently undergoing liquidation proceedings in
Huttwilen, Switzerland.

The decision about liquidation was accepted at the shareholders’
meeting on Dec. 17, 2007.

Deadline for creditors to file proofs of claim was May 9, 2008.


CD LICHTSYSTEME: Zug Court Initiates Bankruptcy Proceedings
-----------------------------------------------------------
The Bankruptcy Service of Zug commenced bankruptcy proceedings
against JSC CD Lichtsysteme on April 4, 2008.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland


CORES CONSULTING: Undergoing Liquidation in Unterageri
------------------------------------------------------
LLC CORES Consulting Renee Schneider is currently undergoing
liquidation proceedings in Unterageri, Switzerland.

The decision about liquidation was accepted at the shareholders’
meeting on March 4, 2008.

Deadline for creditors to file proofs of claim was May 10, 2008.


EDUARD KETTNER: Undergoing Liquidation Proceeding in Malters
------------------------------------------------------------
JSC Eduard Kettner is currently undergoing liquidation
proceeding in Malters, Switzerland.

The decision about liquidation was accepted at the extraordinary
general meeting on Jan. 30, 2008.

Deadline for creditors to file proofs of claim was May 9, 2008.


ERESTE TREUHAND: Undergoing Liquidation Proceeding in Dallikon
--------------------------------------------------------------
LLC Ereste Treuhand is currently undergoing liquidation
proceedings in Dallikon ZH, Switzerland.

The decision about liquidation was accepted at the extraordinary
shareholders’ meeting on Dec. 20, 2007.

Deadline for creditors to file proofs of claim was May 9, 2008.


EXPRESS-CHARLY LLC: Zug Court Initiates Bankruptcy Proceedings
--------------------------------------------------------------
The Bankruptcy Service of Zug commenced bankruptcy proceedings
against LLC Express-Charly on April 1, 2008.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6301 Zug
         Switzerland


FAMO HOLDING: Undergoing Liquidation Proceeding in Risch
--------------------------------------------------------
JSC Famo Holding is currently undergoing liquidation proceedings
in Risch, Switzerland.

The decision about liquidation was accepted at the general
meeting on Nov. 1, 2006.

Deadline for creditors to file proofs of claim was May 9, 2008.


GILUCA LLC: Zug Court Initiates Bankruptcy Proceedings
------------------------------------------------------
The Bankruptcy Service of Zug commenced bankruptcy proceedings
against LLC Express-Charly on April 1, 2008.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland


KURT MAURER: Undergoing Liquidation Proceeding in Schoftland
------------------------------------------------------------
JSC Kurt Maurer is currently undergoing liquidation proceedings
in Schoftland, Switzerland.

The decision about liquidation was accepted at the general
meeting on March 6, 2008.

Deadline for creditors to file proofs of claim was May 11, 2008.


LUCKY BAMBO: Undergoing Liquidation Proceeding in Baden
-------------------------------------------------------
LLC Lucky Bambo is currently undergoing liquidation proceedings
in Baden, Switzerland.

The decision about liquidation was accepted at the extraordinary
shareholders’ meeting on Feb. 20, 2008.

Deadline for creditors to file proofs of claim was May 11, 2008.


OEKOBLAST JSC: Undergoing Liquidation Proceeding in Zuzgen
----------------------------------------------------------
JSC OEKOBLAST is currently undergoing liquidation proceedings in
Zuzgen, Switzerland.

The decision about liquidation was accepted at the extraordinary
general meeting on Feb. 29, 2008.

Deadline for creditors to file proofs of claim was May 11, 2008.


SCHAPPI JSC: Undergoing Liquidation Proceeding in Stansstad
-----------------------------------------------------------
JSC Schappi is currently undergoing liquidation proceedings in
Stansstad, Switzerland.

The decision about liquidation was accepted at the extraordinary
general meeting on March 17, 2008.

Deadline for creditors to file proofs of claim was May 9, 2008.


VINOMANIA LLC: Undergoing Liquidation Proceeding in Fahrwangen
--------------------------------------------------------------
LLC Vinomania is currently undergoing liquidation proceedings in
Fahrwangen, Switzerland.

The decision about liquidation was accepted at the extraordinary
shareholders’ meeting on Jan. 30, 2008.

Deadline for creditors to file proofs of claim was May 10, 2008.


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


BRIANKA MOTORCAR: Proofs of Claim Deadline Set May 22
-----------------------------------------------------
Creditors of OJSC Brianka Motorcar Transport Enterprise 10924
(code EDRPOU 03113331) have until May 22, 2008, to submit proofs
of claim to:

         The Economic Court of Lugansk
         Geroiv VVV Square 3a
         91000 Lugansk
         Ukraine

The Economic Court of Lugansk commenced bankruptcy proceedings
against the company on April 10, 2008, after finding it
insolvent.  The case is docketed as 9/165b.

The Debtor can be reached at:

         OJSC Brianka Motorcar Transport Enterprise 10924
         Techbazovskaya Str. 1
         Brianka
         94105 Lugansk
         Ukraine


BUSINESSELIT LLC: Proofs of Claim Deadline Set May 22
-----------------------------------------------------
Creditors of LLC Businesselit (code EDRPOU 33831590) have until
May 22, 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 has commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 23/345-b.

The Debtor can be reached at:

         LLC Businesselit
         Novopechersky Lane 5
         Kiev
         Ukraine


GARINDUSTRIALSERVICE LLC: Proofs of Claim Deadline Set May 22
-------------------------------------------------------------
Creditors of LLC Garindustrialservice (code EDRPOU 33969013)
have until May 22, 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 after finding it insolvent.  The case is
docketed as 5/175/08.

The Debtor can be reached at:

         LLC Garindustrialservice
         Artileriyskaya Str. 10
         54030 Nikolaev
         Ukraine


MALIRANGE LLC: Proofs of Claim Deadline Set May 22
--------------------------------------------------
Creditors of LLC Malirange (code EDRPOU 34045416) have until
May 22, 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 has commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 23/344-b.

The Debtor can be reached at:

         LLC Malirange
         Mechnikov/Pervomaysky Str. 10/2
         Kiev
         Ukraine


MATRIX UKRAINE: Proofs of Claim Deadline Set May 22
---------------------------------------------------
Creditors of Matrix Ukraine (code EDRPOU 32288231) have until
May 22, 2008, to submit proofs of claim to:

         The Economic Court of Odessa
         Shevchenko Avenue 4
         65032 Odessa
         Ukraine

The Economic Court of Odessa commenced bankruptcy proceedings
against the company on March 18, 2008, after finding it
insolvent.  The case is docketed as 2/23-08-483.

The Debtor can be reached at:

         Matrix Ukraine
         Lidersovsky Boulevard 3
         65044 Odessa
         Ukraine


OVETRI CJSC: Creditors Must File Claims by May 22
-------------------------------------------------
Creditors of CJSC Ovetri (code EDRPOU 05517423) have until
May 22, 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.  The case is docketed as B
15/8/02.

The Debtor can be reached at:

         CJSC Ovetri
         Zonov Str. 3
         Ordzhonikidze
         53300 Dnipropetrovsk
         Ukraine


PRIVOROTYE AGRICULTURAL: Proofs of Claim Deadline Set May 22
------------------------------------------------------------
Creditors of Privorotye Agricultural LLC (code EDRPOU 31503566)
have until May 22, 2008, to submit proofs of claim to:

         The Economic Court of Hmelnitskij
         Nezalezhnosti Square 1
         29000 Hmelnitskih
         Ukraine

The Economic Court of Hmelnitskij commenced bankruptcy
proceedings against the company after finding it insolvent on
April 4, 2008.  The case is docketed as 2/71-B.

The Debtor can be reached at:

         Privorotye Agricultural LLC
         Privorotye
         Kamianets-Podolsky District
         Hmelnitskij
         Ukraine


TECHNICAL SPECIAL: Proofs of Claim Deadline Set May 22
------------------------------------------------------
Creditors of LLC Technical Special Trade (code EDRPOU 33722233)
have until May 22, 2008, to submit proofs of claim to:

         The Economic Court of Odessa
         Shevchenko Avenue 4
         65032 Odessa
         Ukraine

The Economic Court of Odessa commenced bankruptcy proceedings
against the company on March 27, 2008, after finding it
insolvent.  The case is docketed as 2/65-08-1125.

The Debtor can be reached at:

         LLC Technical Special Trade
         Voznesensky Lane
         65023 Odessa
         Ukraine


VIGRO-2005 LLC: Proofs of Claim Deadline Set May 22
---------------------------------------------------
Creditors of LLC Vigro-2005 (code EDRPOU 33745292) have until
May 22, 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 has commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 23/320-b.

The Debtor can be reached at:

         LLC Vigro-2005
         P. Lumumba Str. 15
         Kiev
         Ukraine


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


ADVANCED RESEARCH: Taps Liquidators from PricewaterhouseCoopers
---------------------------------------------------------------
Karen Lesley Dukes and Robert William Birchall of
PricewaterhouseCoopers LLP were appointed joint liquidators of
Advanced Research Concepts (UK) Ltd. on April 30 for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         Advanced Research Concepts (UK) Ltd.
         1 Winchester Place
         North Street
         Poole
         Dorset
         BH15 1NX
         England


ARRAN BREWERY: Runs Out of Cash; Enters into Administration
-----------------------------------------------------------
The Arran Brewery Company Limited has entered into
administration.  In its website, the company said that Graham H.
Martin and Laurie K. Manson have been appointed as Joint
Administrators.

According to a report by the Daily Record, the company ran out
of cash as a result of increasing costs of fuel and wages.  The
Daily Record adds that owners Richard and Elisabeth Roberts also
cited the rising pricing of grain as a factor in the company’s
demise.

The Arran Brewery Company Ltd. -- http://www.arranbrewery.com/
-- manufactures casks and bottled beer.


AUTAIR ENGINEERING: Creditors' Meeting Slated for May 19
--------------------------------------------------------
Creditors of Autair Engineering Ltd. (Company Number 00843733)
will meet at 10:00 a.m. on May 19, 2008, at:

          Express by Holiday Inn
          Percival Way 2
          Luton
          LU2 9GP
          England

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on May 18, 2008 at:

          Timothy John Edward Dolder
          Joint Administrator
          Begbies Traynor (South) LLP
          Calverton House
          Tilers Road
          Milton Keynes
          MK11 3LL
          England

Begbies Traynor -- http://www.begbies.com/-- assists companies,
creditors, financial institutions and individuals on all aspects
of financial restructuring and corporate recovery.


BRITISH AIRWAYS: Losing Passengers After Terminal 5 Fiasco
----------------------------------------------------------
British Airways carried only 2.59 million passengers in
April 2008 compared to 2.81 million passengers in April 2007.
According to published reports, the 7.9% decrease has been
blamed on the botched opening of Terminal 5 in March 2008.

Premium passengers, however, increased 3.4% in April 2008 coming
off a 4% decline of premium traffic in March 2008.

Mr. Willie Walsh, British Airways' chief executive, in a BBC
report said, that the company failed to predict the problems
that blighted the opening of Heathrow's Terminal 5

Citing Brokers Collins Stewart, the Investment Markets reported
that the Terminal 5 debacle could cost British Airways up to
GBP50 million in compensation payments, flight cancellations and
other costs.

Headquartered in West Drayton, United Kingdom, British Airways
Plc -- http://www.ba.com/-- operates of international and
domestic scheduled and charter air services for the carriage of
passengers, freight and mail, and provides of ancillary
services.  The British Airways group consists of British Airways
plc and a number of subsidiary companies including in particular

British Airways Holidays Ltd. and British Airways Travel Shops
Ltd.  BA has offices in India and Guatemala.

                        *     *     *

As of Jan. 2, 2008, British Airways Plc carries a senior
unsecured debt rating of Ba1 from Moody's Investors' Service
with a stable outlook.


CORIOLANUS LTD: Fitch Cuts Rating on Series 49 Notes to CC
----------------------------------------------------------
Fitch Ratings has downgraded Coriolanus Limited Series 49 N-TSAR
Class G variable-rate secured notes (ISIN XS0295497969) notes
due 2044 to 'C' from 'CC' and removed them from Rating Watch
Negative.

Under the transaction Deutsche Bank (rated 'AA-'/'F1+'/Outlook
Stable) bought protection from Coriolanus Limited under a credit
default swap referencing a portfolio of asset-backed securities.

Fitch's rating action reflects higher loss expectations due to
greater-than-expected collateral deterioration in the portfolio.
The negative credit migration is primarily attributable to the
rapid credit deterioration in subprime residential mortgage-
backed securities from the 2004, 2005, and 2006 vintages as well
as exposure to US structured finance CDOs.

The portfolio comprises U.S. subprime RMBS (4.3%), Alternative A
mortgage loans (14.4%), and U.S. diversified structured finance
CDOs (58.1%). Subprime RMBS of the pre- 2005, 2005 & 2006
vintages account for approximately 2.5%, 1.0% & 0.8% of the
portfolio, respectively.  As per the latest trustee report dated
April 2008, 4.9% of the portfolio is rated 'CCC+'.  This
compares to credit enhancement level of 0.65% for Class G.

Currently, 10.7% of the portfolio is on RWN, including 8.4% of
U.S. diversified structured finance CDOs where Fitch expects
significant migration from the current levels.


CORIOLANUS LTD: Fitch Junks Rating on Series 77 Class C Notes
-------------------------------------------------------------
Fitch Ratings has downgraded Coriolanus Series 77 Class C
variable-rate secured notes (ISIN: XS0304981516) due 2044 to 'C'
from 'CC' and removed them from Rating Watch Negative.

Under the transaction Deutsche Bank (rated 'AA-'/'F1+'/Outlook
Stable) bought protection from Coriolanus Limited under a credit
default swap referencing a portfolio of asset-backed securities.

Fitch's rating action reflects higher loss expectations due to
greater-than-expected collateral deterioration in the portfolio.
The negative credit migration is primarily attributable to the
rapid credit deterioration in subprime residential mortgage-
backed securities from the 2004, 2005, and 2006 vintages as well
as exposure to US structured finance CDOs.

The portfolio comprises U.S. subprime RMBS (4.3%), Alternative A
mortgage loans (14.6%), and U.S. diversified structured finance
CDOs (58%).  Subprime RMBS of the pre- 2005, 2005 & 2006
vintages account for approximately 2.5%, 1% & 0.8% of the
portfolio, respectively.  As per the latest trustee report dated
April 2008, 4.9% of the portfolio is rated 'CCC+'.  This
compares to credit enhancement level of 1.35% for Class C.

Currently, 10.7% of the portfolio is on RWN, including 8.4% of
U.S. diversified structured finance CDOs where Fitch expects
significant migration from the current levels.


DELTA CDO: Fitch Junks Ratings on 3 Series 2005-1 Notes Classes
---------------------------------------------------------------
Fitch Ratings has downgraded Delta CDO plc Series 2005-1's
collateralized debt obligations and removed them from Rating
Watch Negative:

   -- Class B (ISIN XS0218111739): downgraded to 'CCC' from 'A';
      removed from RWN

   -- Class C (ISIN XS0218113198): downgraded to 'CC' from
      'BBB'; removed from RWN

   -- Class D (ISIN XS0218113602): downgraded to 'CC' from 'B';
      removed from RWN

Delta 2005-1 is a synthetic arbitrage CDO of a diverse portfolio
of highly rated asset-backed securities.

The downgrades reflect significant deterioration in the
portfolio's credit quality since November 2007.  The assets
rated 'CCC' or below constitute 5.45% of the portfolio and
exceed the credit enhancement of the most senior note.  These
assets are sub-prime residential mortgaged-backed securities
positions and CDO exposures.  The speculative-grade exposure of
the asset pool is currently 10.92%. Currently, 5.47% of the
assets are on RWN and rated below investment grade.  The
reference portfolio currently stands at US$1.36 billion and is
composed of 117 US structured finance securities, including 62
sub-prime RMBS entities, which make up 52% of the portfolio
notional.  Of these, 32 (30% of the portfolio notional) are US
sub-prime RMBS entities issued since 2005.

The ratings address the likelihood of full and timely payment of
interest and ultimate payment of principal of all classes of
notes by final maturity in 2039.  The reference portfolio is
managed by Wharton Asset Management subject to portfolio
guidelines and eligibility criteria.


DELTA CDO: Fitch Junks Rating on Series 2005-2 Class E-1 Notes
--------------------------------------------------------------
Fitch Ratings has downgraded Delta CDO plc Series 2005-2's
collateralized debt obligations and removed Class E-1 from
Rating Watch Negative:

   -- Class B-1 (ISIN US24741NAD57): downgraded to 'B' from
      'A+'; remains on RWN

   -- Class C-1 (ISIN US24741NAE31): downgraded to 'B-' from
      'BBB'; remains on RWN

   -- Class E-1 (ISIN US24741NAG88): downgraded to 'CC' from
     'CCC'; removed from RWN

Delta is a synthetic arbitrage CDO of a diverse portfolio of
highly rated asset-backed securities.

The reference portfolio's credit quality has deteriorated since
the review in November 2007 and the number of speculative-grade
names has increased.  The lowest-rated names have recently
experienced significant negative credit migration.  The bucket
rated 'CCC' and below comprises 0.65% of the pool assets.  The
bucket rated 'B' comprises 5.38% of the pool assets and the
bucket rated 'BB' comprises 3.93%.

While Class E-1 currently supports the higher-rated notes, the
protection provided by these notes is marginal.  The Class B-1
and C-1 notes are exposed to the performance of the low-rated
assets in the pool.  Currently, 8.55% of the assets are on RWN.
Fitch will resolve the RWN on the Class B-1 and C-1 notes once
the RWN on the assets in the pool is resolved.

The reference portfolio currently stands at US$1.73 billion and
is composed of 116 US structured finance securities, including
72 sub-prime RMBS entities, which make up 64% of the portfolio
notional.  Of these, 58 (53% of the portfolio notional) are sub-
prime RMBS entities issued since 2005.

The reference portfolio is managed by Wharton Asset Management
subject to portfolio guidelines and eligibility criteria.  The
ratings address the likelihood of full and timely payment of
interest and ultimate payment of principal of all Classes of
notes by final maturity in 2045.


DEP INTERNATIONAL: Joint Liquidators Take Over Operations
---------------------------------------------------------
Gerald Irwin of Irwin & Company and Ian Gould of PKF (UK) LLP
were appointed joint liquidators of DEP International Ltd.
(formerly Fernscan Ltd.) on April 25 for the creditors'
voluntary winding-up proceeding.

The company can be reached at:

         DEP International Ltd.
         c/o Irwin & Company
         Station House
         Midland Drive
         Sutton Coldfield
         West Midlands
         B72 1TU
         England


GRETNA FOOTBALL: Creditors Pick Closure Set May 17 Sans Buyer
-------------------------------------------------------------
Creditors of Gretna Football Club Ltd. will move to shut down
the company on May 17, 2008, if administrators fail to find a
buyer, BBC News reports.

Joint administrators David Elliott and Lisa Hogg of Wilson Field
Ltd. told creditors that they have found four potential buyers
for the club, and expect a sale before the season ends May 17,
BBC News says.

Mr. Elliott told BBC News that creditors have allowed the club
play its remaining games, the last of which will be on May 13,
2008.

As reported in the TCR-Europe on April 29, 2008, that three
potential buyers -- including football consultant and agent Paul
Davies -- have yet to submit offers.

Gretna went into administration in March 2008 after Brooks
Mileson terminated financial support, News and Star reports.

The company has GBP3,734,811.53 in total debts, which excluded
an administrators’ bill of more than GBP250,000.

                      List of Major Creditors

         Creditor                            Amount
         --------                         ------------
         Brooks Mileson                   GBP1,871,000
         Rowan Alexander                       800,000
         HM Inland Revenue is owed             439,762
         HM Customs and Excise                 136,292
         University of Cumbria                  74,000
         James Grady                            20,000
         Martin Canning                          9,000
         Carlisle City Council                   2,000

Headquartered Gretna, United Kingdom, Gretna Football Club Ltd.
-- http://www.gretnafootballclub.co.uk-- is a Scottish football
club that plays in the Scottish Premier League.


GRIFFIN CONTRACTORS: Brings In Liquidators from Vantis
------------------------------------------------------
D. Wilson and P. Atkinson of Vantis Business Recovery Services
were appointed joint liquidators of Griffin Contractors Ltd. on
May 1 for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Vantis Business Recovery Services
         43-45 Butts Green Road
         Hornchurch
         Essex
         RM11 2JX
         England


INSIDE TRACK: Brings In Administrators from Vantis
--------------------------------------------------
Glyn Mummery and Jeremy Stuart French of Vantis Business
Recovery Services were appointed joint administrators of Inside
Track Seminars Ltd. (Company Number 04444151) on April 29, 2008.

Headquartered in United Kingdom, Vantis Plc (fka Vantis
Numerica) -- http://www.vantisplc.com/-- provides accounting,
business and tax advisory services in the United Kingdom.

The company can be reached at:

          Inside Track Seminars Ltd.
          1 Grove Crescent
          Kingston Upon Thames
          Surrey
          KT1 2DD
          England
          Tel: 020 8546 4277
          Fax: 020 8241 0184
          Web site: http://www.insidetrack.eu.com/


LYNDON LTD: Calls In Liquidators from Tenon Recovery
----------------------------------------------------
Ian William Kings and Steven Philip Ross of Tenon Recovery were
appointed joint liquidators of Lyndon Ltd. on April 29 for the
creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Tenon Recovery
         Tenon House
         Ferryboat Lane
         Sunderland
         Tyne and Wear
         SR5 3JN
         England


NORTHERN ROCK: SRM Joins UKSA's Call for Judicial Review
--------------------------------------------------------
SRM Global Fund, a leading institutional shareholder in Northern
Rock plc, on Thursday, May 8, 2008, joined the judicial review
of the UK Government's compensation scheme imposed following
nationalization of Northern Rock plc in February this year.  The
judicial review is being pursued by the UK Shareholders
Association, which is promoting the interests of the
approximately 150,000 small private shareholders who held as
much as 25% of the shares.

The shareholders' case is that the compensation scheme has been
formulated so as to result in, at best, negligible compensation
being paid for the expropriation by the Government of their
shares, contrary to European and English law.  In doing so the
Government has taken temporary ownership of a solvent and
profitable business at no cost with the explicit intention of
selling it on in the future at an inevitable profit.

In considering whether the Government's compensation scheme
strikes a fair balance between the interests at stake, the
shareholders will invite the High Court to investigate the
conduct of the Government, the Bank of England, HM Treasury and
the Financial Services Authority in the provision of lender of
last resort support to Northern Rock as well as in the process
which led to the decision to nationalize and then to impose the
compensation scheme.

The shareholders rely on evidence from the eminent economist,
Professor Tim Congdon, to demonstrate that it is unprecedented
for a solvent bank to be nationalized after receiving lender of
last resort support.  Professor Congdon's evidence will also
show that in such circumstances, the seizure of a bank by a
government for commercial gain is without parallel in the
developed world.

The shareholders also rely on the evidence of an independent
expert valuer to show that the constraints imposed by the
Government's compensation scheme will lead to a valuation which
is far removed from Northern Rock's true value.  The
Government's compensation scheme can be expected to produce a
nil value whereas Northern Rock's book value pre nationalization
was at least four pounds per share.

"Northern Rock's shareholders have had an unfair compensation
proposal forced on them and the only redress is through the
courts," a spokesman for SRM said.

"Nationalization has resulted in major job losses and serious
damage to the UK mortgage market which has caused the cost of
mortgages for millions of UK households to be increased.  The
unexplained delay by the Government to appoint a valuer for
Northern Rock has caused much uncertainty and heartache to the
many individual shareholders who were looking to rely on their
shares as a nest egg or part of their provision for their
retirement.  No shareholder enters into litigation lightly but
in these circumstances institutional investors and individual
shareholders have no alternative.  It is entirely within the
Government's power to avoid lengthy and expensive litigation by
introducing an unbiased compensation scheme.

"Prior to the hearing, the shareholders will be asking the court
to release vital documents which will shed some light on the
Government's reasoning for pursuing nationalization and also
publicly expose why it was imposed without fair compensation."

SRM acquired a stake of 11.5% in Northern Rock ahead of
nationalization on Feb. 17, 2008.  As a value investor, SRM
believed Northern Rock's shares were trading at a deep discount
to its book value and that the provision of support from the
Bank of England had never previously led to nationalization.
SRM also publicly stated it was prepared to invest in a long
term private sector solution to recapitalize Northern Rock.

                     The Shareholders' Case

The Compensation Scheme passed by Parliament in March is neither
fair nor balanced and the compensation which will ensue is
grossly disproportionate to the true value of Northern Rock's
shares.  In these circumstances, nationalization amounts to
nothing more than confiscation of property for negligible
shareholder value.

The assumptions contained in the Act and the Compensation Order
do not reflect the expectations and reality of the role of the
Bank of England as a central bank (or the wider role of the
Tripartite Authorities) nor the historical consequences of
Lender of Last Resort support nor do they reflect the reality of
what actually happened.

The nationalization of Northern Rock is unprecedented, and has
no parallel with previous nationalizations which were carried
out on the basis of long-term public ownership.  The Government
has repeatedly said Northern Rock's nationalization is
"temporary" with the aim of making a profit for the Government.
The fairness of the Compensation Scheme is to be judged in that
light.

                The Failings of the Government

The shareholders contend that the Tripartite Authorities (HM
Treasury, The Bank of England and the FSA) failed in their
duties to protect the property of shareholders.  In particular
they:

   -- ignored decades of custom and practice and refused to let
      Northern Rock covertly receive LOLR facilities from the
      Bank of England

   -- courted the private sector to run Northern Rock as a going
      concern only to impose increasingly onerous terms on
      proposals made by the interested parties

   -- failed to arrest a run of depositors' funds following the
      leak to the media and refused to investigate the source of
      the leak

   -- conceded very swiftly that the LOLR support constituted
      state aid under EU rules.  This had the effect of
      constraining Northern Rock's business and future trading
      prospects as well as requiring the involvement of the EU
      Commission in determining Northern Rock's future

   -- introduced the concept of "value for money for the
      taxpayer" as the overriding principle that would justify
      nationalization of a solvent and profitable bank.  This is
      despite the fact that (i) the concept has never been used
      before in the context of LOLR support and (ii) no tax
      payers funds have been drawn to support Northern Rock
     (taxpayers have been in the black as Northern Rock pays a
      penalty rate of interest)

   -- used the provision of LOLR support as a reason to permit
      the taxpayer to make a profit when Northern Rock is
      returned to the private sector.  It is not the role of a
      central bank providing LOLR facilities to make a profit
      for the taxpayer; this has turned the Government into
      financial speculators

   -- established a compensation scheme which will provide no
      more than a negligible sum for shareholders to compensate
      for the expropriation of an asset with a book value in
      excess of GBP1.75 billion

The Government exploited the position of the Bank of England as
Lender of Last Resort for its own commercial advantage.

The Government effectively exploited the unique position of the
Bank of England, as Lender of Last Resort, to assume for itself
the entirety of the collateral provided for the facilities.
Such a measure appears to be unprecedented in the case of a
solvent institution.  HM Treasury has provided no proper
explanation for its actions.  Fundamentally, it has not sought
to explain why a legitimate requirement for the protection of
taxpayers' interests developed into requiring "sufficient value
for money for the taxpayer".

Furthermore, the objective of a central bank is not to make a
return, or profit, on its lending.  In this regard the
shareholders have sought the independent expert opinion of
Professor Timothy Congdon, an economist author and former member
of HM Treasury's Panel of Independent Forecasters.  Also, the
Government moved from a position in September where it wanted
protection in respect of the support facilities and their
repayment to one where its solution secured "sufficient value"
for the taxpayer.

However, the taxpayer was already sufficiently protected, and
the public interest did not require nationalization in order to
secure value for money for the taxpayer.  The shareholders say
that it is not in the public interest for the Government to
expropriate to itself commercial opportunities and value owned
by shareholders, especially when it does not pay for them.

The shareholders object to their commercial interests being
transferred to the Government, for nothing.  The Compensation
Scheme contained in The Banking (Special Provisions) Act 2008
fails to strike a fair balance between the expropriation of the
shares in Northern Rock and compensation payable for such
expropriation.

Contrary to its position last year and its public statements
last month the Bank of England made available sufficient
liquidity to UK financial institutions.  The irony is that six
months on, a repeat of the crisis that enveloped Northern Rock
is highly unlikely.

                  About Northern Rock plc

Headquartered in Newcastle upon Tyne, England, Northern Rock plc
-- http://www.northernrock.co.uk/mortgages/-- deals with
mortgages, savings accounts, loans and insurance.  The company
also promotes secured loans to its existing mortgage customers.
The company had more than US$200 billion in assets at the end of
June 2007.

                          *     *     *

In December 2007, Moody's Investors Service downgraded to E+
from D+ Northern Rock's Bank Financial Strength Rating.  The E+
maps into a Baseline Credit Assessment of B1.

The bank's dated subordinated debt was downgraded to B1 from
Baa1 and the undated subordinated debt and Tier-1 securities
were downgraded to B3 from Baa1 and Baa3 respectively.  All of
these ratings have negative outlooks.  Northern Rock's short-
term rating was affirmed at Prime-1.


PARKIN REINFORCEMENT: Hires Liquidators from Tenon Recovery
-----------------------------------------------------------
David Antony Willis and Thomas Dixon of Tenon Recovery were
appointed joint liquidators of Parkin Reinforcement Ltd. on
April 28, 2008 for the creditors' voluntary winding-up
proceeding.

The joint liquidators can be reached at:

         Tenon Recovery
         Cleveland Business Centre
         Middlesbrough
         TS1 2RQ
         England


RANK GROUP: Posts Lower Revenue for First 17 Weeks 2008
-------------------------------------------------------
The Rank Group Plc has released its trading results for the
first 17 weeks of 2008.

As anticipated, the effects of the smoking ban and adverse
changes to gaming regulations resulted in lower levels of Group
revenue compared with the first 17 weeks in 2007.

The company, however, experienced a modest improvement in
average weekly revenue levels compared with the final four
months of 2007 (the period immediately following the
implementation of the Gambling Act 2005), and cost-saving
initiatives have strengthened the Group's profit performance.

Having taken action to address our cost base, the objective is
to return the Group to revenue growth.  The company is focused
on growing the number of visits to businesses by rewarding loyal
customers, reaching out to engage with new customers and raising
standards of service and product for all customers.

                           Group Result

On a like-for-like basis, Group revenue was 8% lower than in the
first 17 weeks of 2007, reflecting the year-on-year effects on
our U.K. retail businesses of the English and Welsh smoking bans
and the loss of Section 21 gaming terminals (under the Gambling
Act 2005).

Revenue in Blue Square, our interactive business, remained
strongly ahead of the comparable period in 2007.

Year-on-year segmental and Group revenue for the 17 weeks ended
April 27, 2008:

                 Like-for-like revenue (excludes   Total revenue
                    club openings, closures and
                           relocations)

   Mecca Bingo                    (14)%                 (16)%
   Top Rank Espana*                 7%                    7%
   Grosvenor Casinos               (8)%                  (7)%
   Blue Square                     10%                   10%
   Group                           (8)%                  (9)%

Mecca Bingo

In Mecca Bingo revenue declined by 14% on a like-for-like basis,
with admissions down 13% and spend per head down 1%.  However,
this represents a modest improvement in trading compared with
the final four months in 2007.

In England and Wales, like-for-like revenue is down 17% against
the comparable period in 2007, while in Scotland it is
marginally ahead.

During the period, the company extended the number of clubs with
outside gaming areas to 43 and we developed 23 adult gaming
centers within our Mecca Bingo portfolio.  In the clubs where we
have been permitted to make these innovations, the company seen
incremental revenue and profit improvement.

In February 2008, the company opened a new Mecca Bingo club at
Thanet in Kent and is pleased with its early trading
performance.  In April, the company closed our Mecca Bingo club
in Swindon.  At present no further club openings or closures are
scheduled.

The company is disappointed by the Government's decision to
reject industry calls for taxation reform for bingo in its
Budget 2008.  The company supports the position of the Bingo
Association that, in the absence of any clear rationale for the
perpetuation of 'double taxation', HM Treasury should grant
bingo parity with other forms of gaming in Britain through the
abolition of VAT on bingo revenues.

Top Rank Espana

The difficult consumer environment in Spain affected the
performance of Spanish bingo clubs business during the first 17
weeks of the year.  Although reported revenue grew by 7%, this
was as a consequence of the strength of the Euro against
Sterling.  In Euros, revenue declined by 2%, with spend per head
flat and admissions down 2%.

Grosvenor Casinos

In Grosvenor Casinos revenue declined by 8% on a like-for-like
basis, with admissions down 14% and spend per head up 5%. Like-
for-like revenue declined by 4% in London casinos and by 13% in
provincial casinos.  London casinos benefited from an increase
in spend per head, with win margin higher than in the
comparative period in 2007.  Admissions were down by 14% in both
London and the provinces.

As with Mecca Bingo, this performance represents a modest
improvement in average weekly revenue, compared with the final
four months in 2007.

In February, the group opened its fifth casino under the G
Casino brand, at Thanet (a relocation of our Ramsgate casino
license) and is pleased with its early trading performance.  The
company remain on schedule to open its first casino in Scotland,
at Aberdeen later this year.

Blue Square

Blue Square, the the company's interactive gaming division, grew
revenue by 10% against the comparable period in 2007.  Games
products, and in particular, Meccabingo.com performed strongly
in the period but revenue from sportsbook business was lower,
reflecting the increasingly competitive nature of the U.K.
sports betting market.

Pension Plan

As announced at the time of annual results on Feb. 20, 2008, we
have entered into a series of agreements to transfer the assets
and liabilities of the Rank Pension Plan to Rothesay Life.

Since then, the company has received the appropriate tax
clearance for the transaction from HM Revenue and Customs.

The company remains on course to complete this transaction by 30
June 2008 and anticipates a net cash inflow to Rank of at least
GBP20 million.

                             Outlook

Given the difficult trading environment for retail gaming
businesses, the company encouraged by its start to 2008.  the
company has achieved a degree of success in adjusting to the
smoking ban and the new gaming regulations and have taken
timely action to protect profits.  Nevertheless, the company is
conscious that the difficult consumer climate is likely to make
2008 a challenging year for the gaming sector.

                        About Rank Group

Headquartered in London, United Kingdom, Rank Group PLC --
http://www.rank.com/-- is an international leisure and
entertainment company.  The Group provides services to the film
industry, including film processing, video duplication and
cinema exhibition.  The Group's leisure and entertainment
activities entail gambling services, encompassing Mecca Bingo
Clubs and Grosvenor Casinos, and owned and franchises Hard Rock
cafes.

                          *     *     *

As of May 9, 2008, The Rank Group Plc carries B1 corporate
family and probability-of-default rating from Moody's Investors
Service, which said the outlook is negative.

The company also carries B+ long-term corporate credit rating
from Standard & Poor's Ratings Services, which said the outlook
is negative.


ROCK GROUP: Cash Flow Difficulties Prompt Administration
--------------------------------------------------------
Dominic Wong and David Langton of Deloitte & Touche LLP were
appointed joint administrators of Rock Group Plc on May 8, 2008.

The failure of the company is partly attributed to the cash flow
difficulties as a result of stock misappropriation by a former
employee.  This led to suppliers reducing credit limits, further
adversely impacting upon cash flows.

"The Rock Group has won many industry awards for its high
performance range of laptops, which are primarily aimed at the
gaming sector. It prides itself on the performance, design,
quality and value offered by its laptops," Dominic Wong
disclosed.

"We are seeking a buyer for the business as a going concern and
interested parties should contact the administrators without
delay," Mr. Wong added.

Deloitte & Touche LLP -- http://www.deloitte.com/-- provides
audit, tax, consulting and corporate finance services through
more than 9,000 people in 21 locations.  The group is the United
Kingdom member firm of Deloitte Touche Tohmatsu, a Swiss Verein
whose member firms are separate and independent legal entities.

Headquartered in Warwick, England, The Rock Group Plc --
http://www.rockdirect.com/-- is manufacturer and retailer of
high performance laptop computers aimed at the gaming sector. It
has a turnover of around GBP5 million and employs approximately
25 staff.


ROCK GROUP: Unable to Repair Customers’ Laptops
-----------------------------------------------
Dominic Wong and David Langton of Deloitte & Touche LLP, as
appointed joint administrators of Rock Group Plc, disclosed that
a majority of laptops held by the company and belonging to
customers were awaiting repair.

The administrators said that since the company has ceased
trading, it will be unable to undertake service and warranty
work.

However, the administrators added that they are in advanced
discussions with a number of interested parties, with the aim of
completing a sale of the business within 7-10 days of their
appointment.  If a sale of the business can be achieved, it is
likely that a purchaser will wish to preserve the goodwill in
the business by completing outstanding service and warranty work
and returning these computers to customers as quickly as
possible.

In the meantime, the administrators said that the laptops will
be securely stored.  The administrators revealed that they are
not currently in a position to return laptops to customers as
the courier firm who delivered the computers to customers is
demanding payment of significant arrears before resuming
service.  The administrators however are in the process of
making alternative arrangements.

Any customer wishing to collect their laptop should make
arrangements by calling customer services at 0845 155 0999

Due to the limited number of staff available the above line will
only be manned from Monday to Friday between 9.00 a.m. and 5.30
p.m.  Outside of these hours please go to the Rock website and
complete a support ticket detailing your query.

Headquartered in Warwick, England, The Rock Group Plc --
http://www.rockdirect.com/-- is manufacturer and retailer of
high performance laptop computers aimed at the gaming sector. It
has a turnover of around GBP5 million and employs approximately
25 staff.



SONDA AVIATION: Bank of Scotland Taps Receivers from PwC
--------------------------------------------------------
Bank of Scotland Plc appointed David James Bennett and Robert
William Birchall of PricewaterhouseCoopers LLP joint
administrative receivers of Sonda Aviation Enterprises Ltd.
(Company Number 02430639) on April 29, 2008.

PricewaterhouseCoopers LLP -- http://www.pwcglobal.com/--
provides auditing services, accounting advice, tax compliance
and consulting, financial consulting and advisory services to
clients in a variety of industries.

The company can be reached at:

          Sonda Aviation Enterprises Ltd.
          38 Salisbury Road
          Worthing
          West Sussex
          BN11 1RD
          England
          Tel: 01903 209 152
          Fax: 01903 756 222


STAR SHIPPING: Appoints Liquidators from Tenon Recovery
-------------------------------------------------------
Nigel Ian Fox and Stanley Donald Burkett-Coltman of Tenon
Recovery were appointed joint liquidators of Star Shipping 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


THOMAS HARPER: Appoints Joint Administrators from Deloitte
----------------------------------------------------------
Richard Michael Hawes and Stephen Anthony John Ramsbottom of
Deloitte & Touche LLP were appointed joint administrators of
Thomas Harper Ltd. (Company Number 4588355) on April 30, 2008.

Deloitte & Touche LLP -- http://www.deloitte.com/-- provides
audit, tax, consulting and corporate finance services through
more than 9,000 people in 21 locations.  The group is the United
Kingdom member firm of Deloitte Touche Tohmatsu, a Swiss Verein
whose member firms are separate and independent legal entities.

The company can be reached at:

          Thomas Harper Ltd.
          Friary House
          46-50 Southgate Street
          Gloucester
          CL1 2DR
          England


TIMBERLAND HOMES: GLA Revokes License Over Forced Labor
-------------------------------------------------------
The Gangmaster Mr Jonathan Beckson, director of Timberland Homes
Ltd., trading as Timberland Homes Recruitment, had their license
revoked with immediate effect by the Gangmasters Licensing
Authority on Tuesday, May 6, 2008.

An investigation carried out by GLA revealed rather shocking
conditions imposed on mainly Polish migrant workers used for
flower picking throughout the UK.

These vulnerable workers were threatened with huge deductions
from wages and even a threat to involve their families in their
home country if they left the employment of the gangmaster or
failed to pay money to him.

Abhorrent living and transport conditions meant the workers were
housed in sub-standard accommodation and transported in
prohibited, un-certified vehicles.

The GLA is passing the information on this case to the UK Human
Trafficking Centre.

Reports regarding the vehicles' use in transporting the workers
have been submitted to Scottish Procurators' Fiscal to consider
a prosecution.

GLA officers found:

   -- a threatening letter to workers stating that they were not
      free to leave before the end of the contract without
      paying GBP700, and if they did not have the money this
      would be recovered from the workers or their families in
      their home country

   -- Timberland were subcontracting workers from an unlicensed
      Polish gangmaster

   -- some workers stated that they received GBP24 for a nine
      hour day

   -- workers received 4 pence per bunch of flowers picked

   -- no timesheets were used, so pay could not be accurately
      recorded

   -- Scottish Agricultural Minimum Wage was not being paid

   -- VOSA had issued prohibition notices on six Timberland
      minibuses in Cornwall and Timberland flouted the law by
      transporting the workers to Scotland in these vehicles and
      continued to use these minibuses for transportation of
      workers there on a daily basis

   -- Grampian and Tayside Police Forces took combined action
      regarding the use of the minibuses, forcing the operator
      to reduce seating capacity due to their 'unlicensed'
      status.  Reports regarding the vehicles' use have been
      submitted to Scottish Procurators' Fiscal regarding
      consideration of prosecution of the firm

   -- workers did not give their consent for transport and
      accommodation deductions

   -- workers were charged for the protective clothing needed to
      carry out the job

   -- six to eight workers shared rooms in converted farm
      buildings that were not licensed as houses of multiple
      occupation

   -- there were not enough beds for the 43 workers and only 4
      toilets between them

   -- the Kitchen facilities were poor and used bedding and
      laundry was kept in the cooking area thus creating a
      serious hygiene and fire hazard

   -- Tayside Fire and Rescue inspected the accommodation at the
      request of the GLA and found the premises to be
      unsatisfactory and issued a report stating that it should
      be rectified without delay

   --  other contract abuses

"There is another world out there that the vast majority of us
are lucky enough not to see.  Forced labor, intimidation and
abuse at work is something nobody should experience but we are
uncovering it too frequently," Paul Whitehouse, chairman of the
GLA said.

"Some labor providers are doing a great job in a tough industry,
but the rogue gangmasters are making workers lives a misery and
it is these crooks that we are committed to catching."

"The GLA is here to route out the rogues.  We are getting
results through strong enforcement activities, which is the only
way to stop this exploitation.  Where we find abuse of
vulnerable workers, we will use all of the powers at our
disposal in the continuing fight to protect vulnerable workers
across the UK."

Some industry insiders have described us as draconian.  We are.
We are also ugly and intend to get uglier with those who abuse
the vulnerable at work."


"The ALP fully supports the GLA in taking strong action against
those labor providers who flout laws and mistreats workers,"
Mark Boleat, chairman of the Association of Labour Providers
said.

"I would like to congratulate those who uncovered this
frightening story of worker abuse, something which seems
unbelievable in 21st century Britain.  This abuse will not be
tolerated and I would like to see the GLA use all of their
powers to stamp out worker exploitation in the UK," Jim
Sheridan, MP for Paisley & Renfrewshire North, said.

"The breadth and depth of this abuse is staggering.  This action
by the GLA will free these workers from a working hell, and send
a powerful signal to other employers in this sector that if they
cheat workers, then they will be put out of business," Jack
Dromey, deputy General secretary of Unite said.

"We welcome this important intervention by the GLA, coming as it
does on the day when the Commission on Vulnerable Employment
exposes the twilight world of work inhabited by millions of
vulnerable workers across the UK."

Almost 1200 gangmasters are now licensed to operate legally in
the UK and the GLA has uncovered worker exploitation, illegal
activity that led to the revocation of 56 licenses and a recent
prosecution for operating without a GLA license.

                  About Timberland Homes

Timberland Homes Ltd. (t/a Timberland Homes Recruitment) was
based in Brandon in Suffolk and supplied workers to Winchester
Growers in Cornwall and a flower picking consortium, Grampian
Growers near Montrose in Scotland.

According the Guardian, the company went into receivership in
December last year.


TINDALE & STANTON: Appoints PwC as Joint Administrators
-------------------------------------------------------
Ian Stokoe and Ian Green of PricewaterhouseCoopers LLP were
appointed joint administrators of Tindale & Stanton Ltd.
(Company Number 01188441) on May 1, 2008.

PricewaterhouseCoopers LLP -- http://www.pwcglobal.com/--
provides auditing services, accounting advice, tax compliance
and consulting, financial consulting and advisory services to
clients in a variety of industries.

The company can be reached at:

          Tindale & Stanton Ltd.
          Unit 9
          Hobson Industrial Estate
          Newcastle upon Tyne
          Tyne and Wear
          NE16 6EA
          England
          Tel: 01207 271 041
          Fax: 01207 270 973


VIRGIN MEDIA: S&P Holds B+ Rating; Outlook Revised to Positive
--------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on U.K.-
based telecommunications provider Virgin Media Inc. to positive
from stable following the publication of first-quarter 2008
results.  The 'B+' long-term corporate credit rating was
affirmed.

At the same time, Standard & Poor's revised to '3' from '4' its
recovery rating on the junior-lien debt issued by Virgin Media
Investment Holdings Ltd., a subsidiary of VMI, while leaving the
'B+' issue-level rating on this debt unchanged, in line with the
'B+' corporate credit rating on the group.

The recovery rating of '3' indicates our expectation of
meaningful (50%-70%) recovery in the event of a payment default.

"The outlook revision reflects VMI's improving operating
performance and continuing focus on deleveraging its capital
structure," said Standard & Poor's credit analyst Karim Nadji.
"It also follows the company's US$1 billion convertible debt
issuance, which extends VMI's debt maturity profile and improves
covenant headroom, notably from 2009 onward."

At March 31, 2008, total adjusted debt was GBP6.3 billion
(GBP6.0 billion reported), translating into adjusted total debt
to EBITDA (for the 12 months to March 2008) of 4.8x (4.7x
reported), down from 5.3x one year earlier.

"There is potential for an upgrade in the near term if VMI
continues to focus on deleveraging to below 4x adjusted total
debt to EBITDA, steadily grow both revenue and EBITDA, and
generate increasing free operating cash flow," Mr. Nadji added.

Standard & Poor's does not think this is incompatible with
tightening financial maintenance covenants if headroom prospects
are proactively managed through early refinancing or possible
asset disposals.

A more aggressive financial policy or a material acquisition--
which S&P does not expect at this stage--would likely not be
compatible with a rating upgrade.  Downside risk would most
likely arise from a deterioration in operating performance and
cash flow generation.  The evolution of covenant headroom will
be closely monitored.  Although S&P believes that VMI will
maintain ample flexibility in terms of time and means of action
to protect adequate covenant headroom, tightening covenants--
notably from 2009 onward--along with demanding debt service
coverage compliance in 2010 would place downward pressure on the
outlook or rating if the company failed to proactively address
these concerns well ahead of time.


WALNUT CARE: Taps Joint Administrators from Tenon Recovery
----------------------------------------------------------
Dilip K. Dattan and Patrick B. Ellward of Tenon Recovery were
appointed joint administrators of Walnut Care Ltd. (Company
Number 04300065) on April 29, 2008.

Tenon Recovery -- http://www.tenongroup.com/-- provides
accounting and business advice to owner-managed and private
business.

The company can be reached at:

          Walnut Care Ltd.
          Northorpe Road
          Halton
          Holegate
          Spilsby
          Lincolnshire
          PE23 5NZ
          England
          Tel: 01790 755 654
          Fax: 01790 755 613


* England's Football League Sets CVA Rules For Clubs
----------------------------------------------------
England's Football League is imposing a 25-point deduction on
clubs that exit insolvency without a company voluntary
arrangement, eufootball.biz says.

The league also requires clubs to have a settlement that is
accepted by three-quarters of the creditors, eufootball.biz
relates.



* Begbies Traynor Acquires Fanshawe Lofts
-----------------------------------------
Begbies Traynor Group plc, the AIM listed specialist
professional services organisation, has added to its strength in
the region with the acquisition of Southampton and Bath based
corporate recovery and insolvency firm, Fanshawe Lofts.
Fanshawe Lofts was set up in 1990.  The well-established firm
provides corporate finance, business turnaround, corporate
recovery and insolvency services to small and medium-size
businesses and is headed up by Senior Partners, Antony Fanshawe
and Rosemary Penn-Newman.

Begbies Traynor Group plc, the AIM listed specialist
professional services organisation, has added to its strength in
the region with the acquisition of Southampton and Bath based
corporate recovery and insolvency firm, Fanshawe Lofts.

Fanshawe Lofts was set up in 1990.  The well-established firm
provides corporate finance, business turnaround, corporate
recovery and insolvency services to small and medium-size
businesses and is headed up by Senior Partners, Antony Fanshawe
and Rosemary Penn-Newman.

The acquisition is another move by the Begbies Traynor Group,
which has existing regional offices in Southampton, Bournemouth,
Salisbury, Bath and Bristol, to strengthen its already well-
established presence in the area -- a market which the Group
believes has significant growth potential.

Antony Fanshawe commented:  “We are delighted to be joining
Begbies Traynor Group.  The move will enable us to benefit from
this national, highly respected brand, making us a formidable
competitor in this market.”

Julie Palmer, Partner with overall responsibility for the
Group’s Southampton, Salisbury and Bournemouth offices, says:
“Fanshawe Lofts is a well established and respected firm and
will add significantly to our offering on the South Coast.  Our
respective services are highly complementary and our combined
strength will make us the leading player in our local market.”

Begbies Traynor Group plc has a turnover in excess of GBP50
million employing more than 600 people across a network of
regional offices.  It provides independent professional advice
and solutions to businesses, financial institutions, the
accountancy and other professions and individuals in areas of
finance, recovery, investigation and risk management, specialist
financial advice and commercial finance.  The Group’s
international network, Begbies Global Network (BGN) covers over
40 countries


* Begbies Traynor Acquires Dewey & Co.
--------------------------------------
Specialist professional services organisation Begbies Traynor
Group has added to its strength in Wales with the acquisition of
the corporate recovery and insolvency business of Dewey & Co.

Dewey & Co was established in Cardiff by Peter Dewey, who was
formerly with Deloitte, 19 years ago.  As well as the corporate
recovery and insolvency business, the company has a general
accountancy practice which remains independent.

Specialist professional services organisation Begbies Traynor
Group has added to its strength in Wales with the acquisition of
the corporate recovery and insolvency business of Dewey & Co.

Dewey & Co was established in Cardiff by Peter Dewey, who was
formerly with Deloitte, 19 years ago.  As well as the corporate
recovery and insolvency business, the company has a general
accountancy practice which remains independent.

The corporate recovery and insolvency specialism will now
operate as an integral part of Begbies Traynor’s long
established Cardiff office.  Explains David Hill, partner
responsible for Cardiff: “The addition of the Dewey & Co team to
our operation provides further partner level expertise and
resource at a key time in our growth locally and nationally.  We
are seeing rising demand for our services as businesses
increasingly recognise the need to seek professional advice
sooner rather than later when they come under financial
pressure.”

Peter Dewey adds: “There is a natural synergy between our two
businesses and this is the right time to formally separate our
corporate recovery and insolvency operation from our other work.
The link with Begbies Traynor now makes our team part of the
leading independent, business rescue, recovery, and
restructuring specialist in the UK.”

Begbies Traynor Group plc has grown consistently in recent
years, with a number of acquisitions around the country adding
to its geographic strength and service scope.  The Group today
is AIM listed and provides independent professional advice and
solutions to businesses, financial institutions, the accountancy
and other professions and individuals in the areas of finance,
recovery, investigation and risk management, specialist
financial advice and commercial finance.


* BOND PRICING: For the Week May 5 to May 9, 2008
-------------------------------------------------
Issuer                   Coupon   Maturity   Currency   Price
------                   ------   --------   --------   -----

AUSTRIA
-------
Kommunal Kredit
  Austria AG              0.500    03/15/19     CAD      65.35
                          0.250    10/14/26     CAD      40.31
Republic of Austria       4.000    06/22/22     EUR      72.41
                          0.000    10/10/25     EUR      63.26

FINLAND
-------
Muni Finance PLC          1.000    03/19/13     AUD      73.79
                          0.500    04/26/13     AUD      71.13
                          1.000    10/30/17     AUD      57.25
                          1.000    02/27/18     AUD      56.54
                          0.500    09/24/20     CDN      61.01
                          0.250    06/28/40     CDN      20.76
                          1.000    11/21/16     NZD      60.51

FRANCE
------
Alcatel S.A.              4.750    01/01/11     EUR      14.68
Altran Technologies S.A.  3.750    01/01/09     EUR      12.33
BNP Paribas               0.250    12/20/14     US$      75.10
Calyon                    6.000    06/18/47     EUR      48.13
CAP Gemini S.A.           2.500    01/01/10     EUR      53.49
                          1.000    01/01/12     EUR      47.77
Club Mediterranee S.A.    3.000    11/01/08     EUR      66.36
                          4.375    11/01/10     EUR      48.05
FCC Rome Alliance
Funding                   2.26     01/08/21     EUR      74.10
Groupe Vial               2.5      01/01/14     EUR      34.79

Havas S.A.                4.000    01/01/09     EUR      10.73
Infogrames
   Entertainment S.A.     1.500    04/01/09     EUR       0.81
Ingenico                  2.750    01/01/12     EUR      20.61
Maurel & Prom             3.500    01/01/10     EUR      21.26
Publicis Group            0.750    07/17/08     EUR      29.09
                          1.000    01/18/18     EUR      42.30
Rhodia S.A.               0.500    01/01/14     EUR      37.17
Scor S.A.                 4.125    01/01/10     EUR       2.13
Soc Air France            2.750    04/01/20     EUR      25.22
Soitec                    4.625    12/20/09     EUR       5.88
Theolia S.A.              2.000    01/01/14     EUR      24.80
Valeo                     2.38     01/01/11     EUR      43.55
Vivendi Univers           1.75     10/30/08     EUR      30.20

Wavecom S.A.              1.750    01/01/14     EUR      20.44
Wendel Invest S.A.        2.000    06/19/09     EUR      45.31

GERMANY
-------
Deutsche Schifbk          4.200    01/23/09     EUR      99.58
KfW Bankengruppe          0.500    10/30/13     AUD      69.06
                          0.500    12/19/17     EUR      68.28
                          5.000    05/23/20     EUR      75.78
                          1.250    07/07/20     EUR      75.05
                          1.250    07/29/20     EUR      75.50
                          5.000    07/21/25     EUR      71.17
                          5.000    09/01/25     EUR      73.95
                          5.000    08/10/30     EUR      67.63
Landeskreditbank Baden-
   Wuerttemberg Foerderbk 0.500    05/10/27     CDN      44.02
Landwirtschaftliche
   Rentenbank AG          1.000    03/29/17     NZD      59.12

GREECE
------
Hellenic Republic         0.990    07/07/24     EUR      67.67
                          0.630    04/40/25     EUR      67.17

ICELAND
-------
Kaupthing Bank            6.130    10/04/16     US$     102.10
                          6.500    02/03/45     EUR      50.17

IRELAND
-------
Banesto Finance Plc       6.120    11/07/37     EUR       6.12
Depfa ACS Bank            0.500    03/03/25     CDN      48.41
                          0.250    07/08/33     CDN      28.33
Irish Nationwide
  Building Society        5.500    01/10/18     GBP      74.33
Magnolia Finance IV Plc   1.050    12/20/45     US$      16.56
Ono Finance II            8.000    05/16/14     EUR      73.66

ITALY
-----
Telecom Italia            5.250    03/17/55     EUR      73.25
Risanamento               1.000    04/17/69     EUR      54.24

LUXEMBOURG
----------
Del Monte Fin SA          6.630    05/24/06     EUR      45.07
Finmek International      7.000    12/03/04     EUR       6.51
IT Holding Fin            9.880    11/15/12     EUR      76.38
Nell AF S.A.              8.375    08/15/15     EUR      72.88
                          8.375    08/15/15     US$      73.37

NETHERLANDS
-----------
ABN Amo Bank B.V.         6.000    03/16/35     EUR      75.32
Air Berlin Finance B.V.   1.500    04/11/27     EUR      59.23
BK Ned Gemeenten          0.500    06/27/18     CDN      68.12
                          0.500    02/24/25     CDN      48.46
BLT Finance BV            7.500    04/17/74     US$      73.64
Cirio Del Monte           7.750    03/14/05     EUR      36.73
DGS Int’l Fin Co. B.V.   10.000    06/01/07     US$       1.00
Hypo Real ES Finance      5.500    08/20/08     EUR      50.57
Indah Kiat Intl          11.880    06/15/02     US$      53.00
IVG Finance B.V.          1.750    03/29/17     EUR      65.35
Kazkommerts
  International B.V.      6.880    02/13/17     EUR      75.03
Kazkommertsbank           8.500    06/13/17     US$      74.80
Lehman Bros TSY B.V.      2.000    02/16/15     EUR      72.90
                          2.000    03/18/15     EUR      72.66
                          4.169    02/16/17     EUR      68.04
                          2.892    06/13/17     EUR      68.15
                          6.000    02/15/35     EUR      53.00
                          2.000    03/16/35     EUR      48.53
                          7.000    05/17/35     EUR      53.75
                          7.250    10/05/35     EUR      43.78
                          6.000    11/02/35     EUR      52.25
Montell Finance B.V.      8.100    03/15/27     US$      68.65
Natl Invester Bank       25.982    05/07/29     EUR      31.90
Ned Waterschapbk          6.000    06/01/35     EUR      68.77
                          6.500    08/15/35     EUR      63.03
                          6.000    06/30/45     EUR      60.30
Rabobank Groep N.V.       6.000    02/22/35     EUR      63.22
                          5.000    02/28/35     EUR      60.83
                          7.000    03/23/35     EUR      60.33
                          6.000    05/09/35     EUR      68.20
                          0.440    04/08/20     EUR      74.51
Tjiwi Kimia Finance BV    13.25    08/01/01     US$       0.44

NORWAY
------
Kommunalbanken A.S.       0.500    02/07/13     AUD      72.01
Norske Skogindustrier ASA 7.000    06/26/17     EUR      64.88

SWEDEN
------
AB Svensk Export          0.500    03/27/13     AUD      72.54
Swedish Exp Cred          1.000    03/27/13     NZD      73.95
                          1.000    12/20/12     NZD      75.18
                          1.000    01/29/13     NZD      74.68

UNITED KINGDOM
--------------
Anglian Water
   Finance Plc            2.400     04/20/35    GBP      50.73
BAA Plc                   5.130     02/15/23    GBP      75.81
Britannia Building
   Society                5.875     03/28/33    GBP      74.47
F&C Asset Management plc  6.750     12/20/26    GBP      74.64
Grainer Plc               3.630     05/17/14    GBP      75.29
HSBC Bank Plc             3.650     05/18/15    EUR      91.13
Jaztel Plc                5.000     04/29/10    EUR      69.49
National Grid Gas Plc     1.754     10/17/36    GBP      41.52
                          1.771     03/30/37    GBP      41.50
Royal BK Scotland         7.000     06/09/25    EUR      63.86
                          9.500     04/04/25    US$      70.59
RSL Communications Ltd   10.125     03/01/08    US$       2.25
Wessex Water Fin          1.369     07/31/57    GBP      24.01


                            *********

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 * * *