TCREUR_Public/080519.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 19, 2008, Vol. 9, No. 98

                            Headlines


A U S T R I A

KOCAK MESUT: Claims Registration Period Ends June 2
LBS GEBAUDESANIERUNG: Claims Registration Period Ends June 9
MEHMET YUECEKUEK: Claims Registration Period Ends June 12
PAUL BERGHOEFER: Claims Registration Period Ends June 6
TEMPO TRANSPORT: Claims Registration Period Ends May 21

XEN INFORMATION: Claims Registration Period Ends June 26


B E L G I U M

TELENET GROUP: Moody’s Lifts Corporate Family Rating to Ba3


E S T O N I A

KOMMEST AUTO: In Talks with Investors Over Possible Takeover


F I N L A N D

* Banks Remains Robust Despite Market Turmoil, Fitch Says


F R A N C E

CHEYNE ABS: Moody’s Junks Rating on US$19 Million Class D Notes
LA COMTOISE: Besancon Court Orders Liquidation Procedure


G E R M A N Y

AARON GMBH: Claims Registration Ends June 6
AEROSOL IT-GESELLSCHAFT: Claims Registration Ends June 6
AKB GEBAUDETECHNIK: Claims Registration Period Ends June 6
ART & DEKORATION: Claims Registration Period Ends June 6
ART & PRINT: Claims Registration Period Ends June 6

AUTOHAUS HORST: Claims Registration Ends June 6
AWO AUSBILDUNGSFOERDERUNGSWERK: Meeting Slated for May 26
BAHNLOGISTIK UHL: Claims Registration Period Ends June 6
BECK GASTRONOMIE: Claims Registration Ends June 6
BOMBARDIER INC: Fitch Lifts Issuer Default Rating to BB+

BOWA HEIMTEXTILIEN-VERTRIEBS: Claims Registration Ends June 6
EGON JOHANSEN: Claims Registration Period Ends June 6
FAMEG GMBH: Claims Registration Period Ends June 6
MED VITAL: Claims Registration Period Ends June 3
MUELLER + DRESEMANN: Claims Registration Ends June 6

SANITATSHAUS BEYERSDORF: Claims Registration Period Ends June 3
TALISMAN 1 FINANCE: S&P Lifts Ratings on Five Note Classes
TALISMAN-6 FINANCE: S&P Puts Ratings Under Negative CreditWatch
TALK-ROOM AGENTUR: Claims Registration Period Ends June 3
TEPPICHE UND HOLZBODEN: Claims Registration Period Ends June 3

TREUPROJEKT MANAGEMENT: Claims Registration Period Ends June 3
WATCHING GMBH: Claims Registration Ends June 6
WESTLB AG: Harald Christ to Quit from Divisional Board


H U N G A R Y

BUDAPESTI KOZLEKEDESI: May Sell Assets to Avert Bankruptcy


I R E L A N D

CLOVERIE PLC: Fitch Slashes Ratings on EUR80 Million Notes
OMEGA CAPITAL: Moody’s Cuts Ratings on Three Series 46 Notes


I T A L Y

FIAT SPA: Retains European Market Share in April 2008
PARMALAT SPA: Posts EUR90.2 Group Net Profit for 1st Qtr 2008


K A Z A K H S T A N

AGENTSTVO GRUZOVYH: Creditors Must File Claims by June 25
AVALON FINANCE: Claims Deadline Slated for June 25
INTEX XXI: Claims Filing Period Ends June 24
OTRAR COMMERTS: Creditors' Claims Due on June 25
SOLANO LLP: Claims Registration Ends June 25

STROY MASTER-PV: Creditors Must File Claims by June 25
TENGIZ-KOL LLP: Claims Deadline Slated for June 24
UNGAR-2 LLP: Claims Filing Period Ends June 24


K Y R G Y Z S T A N

EURO BUILD: Creditors Must File Claims by July 2


L U X E M B O U R G

KOENIGINSTRASSE I: Moody’s Rates EUR9.2MM Class E Loan at Ba3


N E T H E R L A N D S

PQ CORPORATION: Moody’s Puts Corporate Family Rating at B2
X5 RETAIL: Federal Anti-Monopoly Approves Karusel Acquisition


R U S S I A

BASH-LES-KOMPLEKT: Creditors Must File Claims by May 26
CHEKMAGUSHEVSKIY DIARY: Creditors Must File Claims by June 26
KEMEROVSKAYA TRANSPORT: Court Names S. Vorobey to Manage Assets
KONDURCHA CJSC: Creditors Must File Claims by May 26
NEW WAY: Creditors Must File Claims by June 26

SISTEMA JSFC: Earns US$1.6 Billion for Year Ended December 31
SISTEMA JSFC: To Invest US$1 Billion in Shyam Telelink Venture
SMIRNYKHOVSKIY TECHNICAL: Creditors Must File Claims by June 26
TATNEFT OAO: Earns RUR9.6 billion for First Quarter 2008
VORONEZH-SEL-KHOZ-KHIMIYA: Creditors Must File Claims by June 26

X5 RETAIL: Federal Anti-Monopoly Approves Karusel Acquisition


S W I T Z E R L A N D

ETAONE SWISS: Waldenburg Court Commences Bankruptcy Proceedings
FUNDGRUBE HEIDI: Creditors’ Liquidation Claims Due by May 31
GRAFTECH INT’L: Earns US$39 Million in First Quarter 2008
ISOFAS LLC: Aargau Court Commences Bankruptcy Proceedings
KLUSTER & JUNS: Deadline for Creditors to File Claims in May 22

LYS JEANS-SHOP: Creditors Must File Claims by May 23
MT MEDICAL: Creditors Must File Proofs of Claim by May 31
NEW VISIBILITY: Creditors have Until May 24 to File Claims
PROMOBILIA DEVELOPMENT: Creditors Liquidation Claims due May 23


U K R A I N E

GAMA LLC: Proofs of Claim Deadline Set May 23
GERDA LLC: Proofs of Claim Deadline Set May 23
GOLOBY HYDROECONOMY: Proofs of Claim Deadline Set May 23
K.A.V.-2006: Proofs of Claim Deadline Set May 23
LVOV TRADE-FINANCIAL: Proofs of Claim Deadline Set May 23

MAKO-COMPUTER LLC: Creditors Must File Claims by May 23
MARKET-HALL LLC: Proofs of Claim Deadline Set May 23
NAFTOGAZ UKRAINY: Posts UAH1.05 Billion Net Loss for Q1 2008
PESCHANKAAL AGRICULTURAL: Proofs of Claim Deadline Set May 23
ULIANOVKA LLC: Proofs of Claim Deadline Set May 23

VALKI LLC: Proofs of Claim Deadline Set May 23
ZHOVTNEVE AGRICULTURAL: Creditors Must File Claims by May 23


U N I T E D   K I N G D O M

AU NAT: Joint Administrators Sell 46 Au Naturale Stores
BETA FINANCE: Moody’s Puts Ratings Under Review & May Downgrade
CENTAURI CORP: Moody’s Puts Ratings Under Review & May Downgrade
CENTRAL CHICKEN: Brings In Liquidators from PKF
COURTS PLC: Calls In Liquidators from KPMG

CURZON FUNDING: Moody’s Lowers Rating on Class D Notes to Ba1
DECO 11: S&P Puts Ratings on Class D and E Notes Under Watch
DORADA CORP: Moody’s Puts Ratings Under Review & May Downgrade
EUROSAIL 2006-3NC: S&P Puts Notes’ Ratings on Negative Watch
INVENSYS PLC: S&P Puts BB Rating Under Positive CreditWatch

PAPERCHASE PRODUCTS: Borders Taps JPMorgan for Strategic Review
PROPERTY MART: Ceases Trading; Shareholders Meet Set for June 12
SCOTTISH RE: S&P Puts D Rating on US$125 Million Preferred Stock
TRAC-X EUROPE: Moody’s Cuts Rating on US$500MM Notes to Ba1
TREES SA: Fitch Puts Rating on Series 87 Loan on Negative Watch

TRIBUNE LIMITED: Moody’s Junks Ratings on Three Notes Series
WESTEK LTD: Appoints Liquidator from Grant Thornton

* Fitch Says UK Credit Card Index Delinquency Up in March 2008

* Fitch Says UK Non-Conforming RMBS Still Has Sufficient Support


* BOND PRICING: For the Week May 12 to May 16, 2008


                            *********


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


KOCAK MESUT: Claims Registration Period Ends June 2
---------------------------------------------------
Creditors owed money by KG KOCAK Mesut (FN 162410p) have until
June 2, 2008, to file written proofs of claim to court-appointed
estate administrator Edmund Roehlich at:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on June 16, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1705
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on April 21, 2008 (Bankr. Case No. 3 S 41/08m).  Richard Proksch
represents Dr. Roelich in the bankruptcy proceedings.


LBS GEBAUDESANIERUNG: Claims Registration Period Ends June 9
------------------------------------------------------------
Creditors owed money by LLC LBS Gebaudesanierung (FN 251387m)
have until June 9, 2008, to file written proofs of claim to
court-appointed estate administrator Thomas Burkowski at:

          Dr. Thomas Burkowski
          Graben 32
          4020 Linz
          Austria
          Tel: 65 45 56
          Fax: 65 45 56-57
          E-mail: burkowski.alexander@aon.at    

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on June 23, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Linz
          Room 522
          Fifth Floor
          Linz
          Austria

Headquartered in Linz, Austria, the Debtor declared bankruptcy
on April 22, 2008 (Bankr. Case No. 12 S 28/08t).  


MEHMET YUECEKUEK: Claims Registration Period Ends June 12
---------------------------------------------------------
Creditors owed money by KEG Mehmet Yuecekuek (FN 260074m) have
until June 12, 2008, to file written proofs of claim to court-
appointed estate administrator Gerhard Bauer at:

          Mag. Gerhard Bauer
          Mahlerstrasse 7
          1010 Vienna
          Austria
          Tel: 512 97 06
          Fax: 512 97 06 20
          E-mail: ra-g.bauer@aon.at    

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:45 a.m. on June 26, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          Trade Court of Vienna
          Room 1703
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on April 22, 2008 (Bankr. Case No. 5 S 38/08k).  


PAUL BERGHOEFER: Claims Registration Period Ends June 6
-------------------------------------------------------
Creditors owed money by LLC Paul Berghoefer (FN 113930w) have
until  June 6, 2008,to file written proofs of claim to court-
appointed estate administrator Guenther Hoedl at:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on June 20, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1607
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on April 22, 2008 (Bankr. Case No. 28 S 57/08y).  


TEMPO TRANSPORT: Claims Registration Period Ends May 21
-------------------------------------------------------
Creditors owed money by LLC TEMPO Transport und
Gueterbefoerderung (FN 282522z) have until May 21, 2008, to file
written proofs of claim to court-appointed estate administrator
Andrea Prochaska at:

          Mag. Andrea Prochaska
          Wassergasse 33/12
          1030 Wien
          Austria
          Tel: 01/718 77 50
          Fax: 01/718 77 50 15
          E-mail: kanzlei@andrea.prochaska.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on June 4, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Korneuburg
          Room 204
          Second Floor
          Korneuburg
          Austria

Headquartered in Himberg bei Wien, Austria, the Debtor declared
bankruptcy on April 21, 2008 (Bankr. Case No. 36 S 43/08b).  


XEN INFORMATION: Claims Registration Period Ends June 26
--------------------------------------------------------
Creditors owed money by LLC XEN Information Systems (FN 188179i)
have until June 26, 2008, to file written proofs of claim to
court-appointed estate administrator Norbert Abel at:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:15 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 21, 2008 (Bankr. Case No. 5 S 34/08x).  Johanna Abel-
Winkler represents Mag. Abel in the bankruptcy proceedings.


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


TELENET GROUP: Moody’s Lifts Corporate Family Rating to Ba3
-----------------------------------------------------------
Moody's Investors Service upgraded a corporate family rating of
Telenet Group Holding N.V. to Ba3 from B1.  At the same time,
the rating agency upgraded a rating on the EUR2.3 billion senior
secured facility to Ba3 from B1.  The outlook on the ratings is
stable.

The upgrade reflects Telenet's continued strong operational and
financial performance. In 2007, the company increased its
revenue and reported EBITDA by 15% and 21% respectively.  The
company's public guidance for 2008 is to grow its revenue in the
range of 5 -- 6% whilst EBITDA at 6 -- 8%.  Although revenue and
EBITDA growth is slowing, Moody's believes that the company has
a strong growth momentum to further increase its subscriber base
in Internet and telephony and to continue to generate free cash
flow which supports its credit profile.

As of 31 March 2008, the company was leveraged at 4.5x Debt to
LTM EBITDA. Based on the expected EBITDA growth, the company
will continue to de-leverage in 2008.

In November 2007, Telenet announced an agreement-in-principle
with the Pure Intercommunales on matters including the transfer
of the analogue and digital television activities of the pure
cable companies to Telenet.  Telenet will pay at the closing, a
one-off total amount of EUR170 million, likely to be funded
through a combination of the bank debt and cash on the balance
sheet, and afterwards an annual fee for operational expenses,
depreciation booked and a fixed reasonable return on capital
invested.  Given that the agreement is currently being disputed
by Belgacom in courts, the transaction may be finalised closer
to the end of 2008 / beginning 2009.  Furthermore, the agreement
with the PICs creates upside for Telenet's revenue and EBITDA
growth going forward.

Despite solid operating performance, Telenet is facing a number
of challenges.  Competitive environment is intensifying with
Belgacom making a good progress in its IPTV offering.  Although
Telenet is more protected in Flanders, the company is exposed to
a more vigorous competition in the Brussels area where former
UPC Belgium operates.  Furthermore, in 2008 and 2009, Telenet's
telephony revenue will suffer due to an interconnect rate
reduction; potential impact on revenue could approximately be
EUR10 million in 2008 and of a similar magnitude in 2009.

The Ba3 rating assumes that event risk for Telenet is relatively
limited over the near term.  Moody's believes that any material
M&A activities are likely to involve the company's majority
shareholder, Liberty Global Inc.  Furthermore, the rating
assumes that any shareholder distributions would be modest.

The stable outlook on the ratings reflects Moody's expectations
that the company will continue to grow its revenue and EBITDA
and adhere to its disciplined financial policy.  Furthermore,
Moody's anticipates that the company will have availability
under the existing bank facility to finance its payment to the
PICs.  The Ba3 rating is underpinned by the company's leverage
below 5.0x Debt to EBITDA.

What could change the rating up:

At this juncture, Moody's does not anticipate an upward movement
in the rating over the medium term. The rating is likely to be
constrained by the company's scale when compared to its peers.

What could change the rating down:

An increase in leverage over 5.5x Debt to EBITDA; more
aggressive shareholder remuneration


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


KOMMEST AUTO: In Talks with Investors Over Possible Takeover
------------------------------------------------------------
AS Kommest Auto is in discussions with three potential investors
regarding a possible takeover, Ott Ummelas writes for Bloomberg
News.

Kommest Auto's owner Toomas Ruutman disclosed talks are expected
to be concluded in the "near term," Bloomberg relates.

Mr. Ruutman earlier dismissed an Aeripaeev report that PSA
Peugeot Citroen stopped delivering cars and spare parts to
Kommest Auto since March because of the company's debts, arguing
shipments were delayed due to ongoing talks.  

Mr. Ruutman however told Bloomberg that first shipments are
already under way as the company has reached new cooperation
deals.

On May 13, 2008, Silgate Credit Enterprises Ltd. filed a
bankruptcy petition against the company in a court in Estonia,
the paper reveals, citing Aeripaeev.

Headquartered in Tallin, Estonia, AS Kommest Auto is a dealer of
Peugeot cars in Estonia and Latvia.  The company has 14
dealerships in Estonia.  It employs 250 people.


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


* Banks Remains Robust Despite Market Turmoil, Fitch Says
---------------------------------------------------------
In a special report issued May 16, 2008, Fitch Ratings said that
the Finnish banking system remains robust despite the financial
market turmoil since summer 2007.  The operating environment is,
however, expected to deteriorate slightly due to slower economic
growth in Finland and its major export countries.

The highly concentrated Finnish banking system is dominated by
three financial groups - the pan-Nordic financial group, Nordea,
the cooperative OP Pohjola Group, and Sampo Group, which is
owned by Danske Bank.  These three players controlled around 90%
of the market at end-2007.  Over the past three years these
three groups have enhanced their risk management and benefited
from a diversification in revenue and assets, which has resulted
in high levels of profitability.  The sound domestic economy
over recent years has supported increased lending volumes,
particularly in the retail sector, which has compensated for
increasing margin pressure.  Strong asset quality has also
contributed to solid bottom-line results.

The major Finnish banks enjoy good access to diversified funding
sources, and although funding has become more expensive as a
result of the current volatility and illiquidity in financial
markets, they have not to date had any problems raising short-
term funding.  Capitalisation is strong and compares well to
that of its Scandinavian neighbours.

In its report, Fitch also notes that as the larger institutions
become more diversified and merge with and/or acquire insurance
operations, the Finnish Financial Supervisory Authority (FFSA)
is working more closely with the Finnish Insurance Supervisory
Authority and other Scandinavian regulators.  The FFSA, which is
the regulatory body for financial institutions in Finland,
appears to be coping adequately with the challenges arising from
cross-sectoral and cross-border financial groups, and the
implementation of Basel II.  Since Finland's entry into the
European Union (EU) in 1995, prudential regulations have largely
been in line with EU directives.

The report, entitled "The Finnish Banking System and Prudential
Regulations", is available on the agency's subscriber website,
http://www.fitchresearch.com/


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


CHEYNE ABS: Moody’s Junks Rating on US$19 Million Class D Notes
---------------------------------------------------------------
Moody's Investors Service downgraded six classes of notes issued
by Cheyne ABS Investments I PLC.  Five of these tranches remain
on review for downgrade.  These rating actions are a response to
the credit deterioration in the underlying portfolio.  The
transaction is a managed cash CDO referencing mainly ABS CDOs,
89% of portfolio notional.  The ABS CDOs are of the 2003, 2004,
and 2005 vintages.

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

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

The rating actions are:

Cheyne ABS Investments I PLC:

      (1) The US$56,000,000 Class A-1 Senior Floating Rate Notes
          due 2045;

          Current Rating: A1, on review for possible downgrade
          Prior Rating: Aaa, on review for possible downgrade

      (2) The US$23,000,000 Class A-2 Senior Floating Rate Notes
          due 2045;

          Current Rating: Baa3, on review for possible downgrade
          Prior Rating: Aa1, on review for possible downgrade

      (3) The US$43,000,000 Class B Deferrable Floating Rate
          Notes due 2045;

          Current Rating: Ba3, on review for possible downgrade
          Prior Rating: A1, on review for possible downgrade

      (4) The US$20,000,000 Class C Deferrable Floating Rate
          Notes due 2045;

          Current Rating: B3, on review for possible downgrade
          Prior rating: Baa2, on review for possible downgrade

      (5) The US$19,000,000 Class D Deferrable Floating Rate
          Notes due 2045; and

          Current Rating: Ca
          Prior Rating: Ba2, on review for possible downgrade

      (6) The US$20,000,000 Class P Combination Notes due 2045

          Current Rating: Ba3, on review for possible downgrade
          Prior Rating: A3, on review for possible downgrade


LA COMTOISE: Besancon Court Orders Liquidation Procedure
--------------------------------------------------------
The Tribunal de Commerce of Besancon, France ordered the
liquidation of La Comtoise des Pains, Bloomberg reports citing
La Tribune as its source.

According to the report, the company's 50 employees will be made
redundant after the Court rejected the only bid for the company.

Headquartered in Chemaudin, France, La Comtoise des Pains makes
bread for school cafeterias and hospitals.  The company has been
under court protection since April 2007.


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


AARON GMBH: Claims Registration Ends June 6
-------------------------------------------
Creditors of AARON GmbH have until June 6, 2008 to register
their claims with court-appointed insolvency manager Dr. Mark
Zeuner.

Creditors and other interested parties are encouraged to attend
the meeting at 10:45 a.m. on June 23, 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
         Hall 7
         Demmlerplatz 14
         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:

         Dr. Mark Zeuner
         Beethovenstr. 13
         19053 Schwerin
         Germany

The District Court of Schwerin opened bankruptcy proceedings
against AARON GmbH on April 23, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         AARON GmbH
         Attn: Reinhard Hasse, Manager
         Grevesmuehlener Strasse 8
         23936 Mallentin
         Germany


AEROSOL IT-GESELLSCHAFT: Claims Registration Ends June 6
--------------------------------------------------------
Creditors of Aerosol IT-Gesellschaft fuer Konzept und Vertrieb
mbH have until June 6, 2008 to register their claims with court-
appointed insolvency manager Eberhard Stock.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on June 13, 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 Krefeld
         Meeting Hall H 131
         First Floor         
         Nordwall 131
         47798 Krefeld
         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:

         Eberhard Stock
         Wilhelmshofallee 75
         47800 Krefeld
         Germany         

The District Court of Krefeld opened bankruptcy proceedings
against  Aerosol IT-Gesellschaft fuer Konzept und Vertrieb mbH
on Dec. 6, 2006.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         Aerosol IT-Gesellschaft fuer Konzept und Vertrieb mbH
         Attn: Klaus Nuerck, Manager
         Kurfuerstenstr. 79
         10787 Berlin
         Germany


AKB GEBAUDETECHNIK: Claims Registration Period Ends June 6
----------------------------------------------------------
Creditors of AKB Gebaudetechnik GmbH & Co. KG have until
June 6, 2008, to register their claims with court-appointed
insolvency manager Gerhard Brinkmann.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 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:

         Gerhard Brinkmann
         Freiligrathstr. 1
         18055 Rostock
         Germany

The District Court of Stralsund opened bankruptcy proceedings
against AKB Gebaudetechnik GmbH & Co. KG on May 2, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         AKB Gebaudetechnik GmbH & Co. KG
         Attn: Gunnar Witt, Manager
         Gahlkower Wende 9
         17509 Bruenzow
         Germany


ART & DEKORATION: Claims Registration Period Ends June 6
--------------------------------------------------------
Creditors of ART & DEKORATION Exclusive Inneneinrichtung GmbH
have until June 6, 2008, to register their claims with court-
appointed insolvency manager Franz-Joachim Sessig.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 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 Weilheim
         Meeting Hall E 007
         Waisenhausstr. 5
         Weilheim
         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:

         Franz-Joachim Sessig
         Brienner Strasse 46
         80333 Muenchen
         Germany
         Tel: 089/579 491 0
         Fax: 089/579 491 29

The District Court of Weilheim opened bankruptcy proceedings
against ART & DEKORATION Exclusive Inneneinrichtung GmbH on
April 30, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         ART & DEKORATION Exclusive Inneneinrichtung GmbH
         Josef-Jaegerhuber-Str. 5
         82319 Starnberg
         Germany


ART & PRINT: Claims Registration Period Ends June 6
---------------------------------------------------
Creditors of Art & Print Werbeproduktion GmbH have until
June 6, 2008, to register their claims with court-appointed
insolvency manager Peter Sulzmann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on July 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 Aschaffenburg
         Meeting Room 5.103
         First Upper Floor
         Schlossplatz 5
         63739 Aschaffenburg
         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:

         Peter Sulzmann
         Bahnhofstr. 31
         63500 Seligenstadt
         Germany
         Tel: 06182/92050
         Fax: 06182/920515

The District Court of Aschaffenburg opened bankruptcy
proceedings against Art & Print Werbeproduktion GmbH on
April 25, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         Art & Print Werbeproduktion GmbH
         Siemensstr. 12
         63755 Alzenau
         Germany  


AUTOHAUS HORST: Claims Registration Ends June 6
-----------------------------------------------
Creditors of Autohaus Horst Erb GmbH have until June 6, 2008 to
register their claims with court-appointed insolvency manager
Ulrich Nehrig.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on June 12, 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 verify the claims set out in the insolvency
manager's report at 11:00 a.m. on July 14, 2008 at the same
venue, while creditors may constitute a creditors' committee or
opt to appoint a new insolvency manager.

The insolvency manager can be reached at:

         Ulrich Nehrig
         Schillerstr. 2
         79102 Freiburg
         Germany

The District Court of Offenburg opened bankruptcy proceedings
against  Autohaus Horst Erb GmbH on May 1, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Autohaus Horst Erb GmbH
         Dinglinger Hauptstr. 9
         77933 Lahr
         Germany

         Attn: Hanyo Erb, Manager
         Bertholdstr. 42
         77933 Lahr
         Germany


AWO AUSBILDUNGSFOERDERUNGSWERK: Meeting Slated for May 26
---------------------------------------------------------
The court-appointed insolvency manager for AWO
Ausbildungsfoerderungswerk Passau gGmbH, Silke Hasenoehrl will
present his first report on the Company's insolvency proceedings
at a creditors' meeting at 9:00 a.m. on May 26, 2008.

The meeting of creditors and other interested parties will be
held at:

         The District Court of Passau
         Meeting Hall 6
         Ground Floor
         Schustergasse 4
         Passau
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 9:00 a.m. on July 15, 2008 at the same
venue.

Creditors have until June 6, 200 to register their claims with
the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Silke Hasenoehrl
         Dr.-Ernst-Derra-Str. 4
         94032 Passau
         Germany
         Tel: 0851-9885960
         Fax: 0851-98859610

The District Court of Passau opened bankruptcy proceedings
against AWO Ausbildungsfoerderungswerk Passau gGmbH on May 2,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:
                  
         AWO Ausbildungsfoerderungswerk Passau gGmbH
         Sailerwoehr 16
         94032 Passau
         Germany


BAHNLOGISTIK UHL: Claims Registration Period Ends June 6
--------------------------------------------------------
Creditors of BahnLogistik Uhl GmbH have until June 6, 2008, to
register their claims with court-appointed insolvency manager
Norbert Oberdiek.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Saarbruecken
         Area Hall 13
         First Floor
         Branch Office Sulzbach
         Vopeliusstrasse 2
         66280 Sulzbach
         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:

         Norbert Oberdiek
         Mathias-Iven-Strasse 10
         66117 Saarbruecken
         Germany
         Tel: 0681/ 954 120
         Fax: 0681/ 954 1222

The District Court of Saarbruecken opened bankruptcy proceedings
against BahnLogistik Uhl GmbH on May 6, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         BahnLogistik Uhl GmbH
         Donaustrasse 1
         66606 St.Wendel
         Germany

         Attn: Manuela Uhl, Manager
         Am Bahnhof 7
         66606 St. Wendel
         Germany


BECK GASTRONOMIE: Claims Registration Ends June 6
-------------------------------------------------
Creditors of Beck Gastronomie GmbH have until June 6, 2008 to
register their claims with court-appointed insolvency manager
Dr.Martin Mildenberger.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on June 16, 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 at 9:30 a.m. on July 11, 2008 at the same
venue, while creditors may constitute a creditors' committee or
opt to appoint a new insolvency manager.

The insolvency manager can be reached at:

         Dr.Martin Mildenberger
         Bertha-von-Suttner-Str.3
         77654 Offenburg
         Germany

The District Court of Offenburg opened bankruptcy proceedings
against Beck Gastronomie GmbH on May 1, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Beck Gastronomie GmbH
         Attn: Christian Beck, Manager
         Schutterwalder Str.1
         77656 Offenburg
         Germany


BOMBARDIER INC: Fitch Lifts Issuer Default Rating to BB+
--------------------------------------------------------
Fitch Ratings has upgraded the Issuer Default Rating and long-
term debt rating for Bombardier Inc. to 'BB+' from 'BB'.

    -- IDR to 'BB+' from 'BB';
    -- Senior unsecured debt to 'BB+' from 'BB';
    -- Preferred stock to 'BB-' from 'B+'.

The Rating Outlook is Stable. The ratings affect approximately
US$4.7 billion of outstanding debt and preferred stock as of
Jan. 31, 2008.

The upgrades to BBD's ratings reflect improved credit metrics,
the company's progress in realizing higher margins and cash
flow, and a solid outlook for many of its end-markets.  The
ratings are also supported by a large backlog, the company's
business diversification, its leading market positions, the
robust business jet market, and its healthy liquidity position.  
The company's ratings were previously upgraded one notch in
January 2008 when it used high cash balances to reduce debt by
approximately $1 billion.  BBD is focused on building a stronger
capital structure and further reducing leverage, which would
help reduce its cost of funds and improve the company's
financial and strategic flexibility.

Although Fitch anticipates that BBD could further strengthen its
financial profile over the long term, the Stable Outlook
incorporates shorter term operating challenges that the company
continues to address.  These include margins that, while
improving, remain relatively low by industry standards,
particularly in the business jet and regional aircraft
businesses.  In fiscal 2008 aerospace margins increased to 5.8%
compared to 3.9% in fiscal 2007.  As a result of an accounting
change, the aerospace business may attain BBD's margin target of
8% as early as fiscal 2009, but the company could reset its
target to reflect the accounting change and its outlook for the
business.  In the transportation business, margins in fiscal
2008 before special charges increased to 4.4%, up from 3.9% in
fiscal 2007. The increase includes the benefits of a previously
completed restructuring program which have been partially offset
by special charges and a reduction in scope related to BBD's
participation in the Metronet project.  Fitch believes BBD
should be able to complete the rest of the project at a
reasonable level of profitability, but the recent program
adjustments represent a delay in BBD's long-term plans to grow
margins to 6% and expand its presence and capabilities in
signaling and services work in the transportation sector.

Other rating concerns include business jet market cyclicality
and the impact of exchange rate volatility on margins, financial
results, and planning.  Aerospace concerns include risks
inherent in developing new aircraft models, new entrants in the
regional jet (RJ) market, and contingent obligations related to
past aircraft sales, although these contingent obligations are
spread out over time and are not a near-term concern.  Tighter
conditions in the credit markets could potentially prompt BBD to
provide aircraft financing, at least on an interim basis, that
could increase its funding needs and make it more difficult to
achieve better credit metrics.

BBD continues to hold significant market shares in its aerospace
and transportation markets.  During fiscal 2008 BBD's total
orders increased significantly due to growing international
demand for business jets and a rebound in demand for larger
regional aircraft.  Aerospace unit orders were 698 aircraft in
fiscal 2008 compared to 363 aircraft in fiscal 2007, bringing
the aerospace backlog to US$22.7 billion.  Orders in the
transportation segment were comparatively stable at US$11.3
billion after increasing in fiscal 2007 to US$11.8 billion due
to large orders for rolling stock.  Transportation's backlog
rose to US$30.9 billion.  Bombardier's total backlog at the end
of fiscal 2008 was US$53.6 billion, up from US$40.7 billion.

After meeting with the management of the CSeries program, Fitch
has become more positive on the business case for the program,
although risks are still present.  Fitch's concerns regarding
the program include execution of the development and
certification plan (which is a common concern for all new
aircraft programs), the potential need for BBD to finance some
deliveries, the supply chain, market demand, and potential
competitor responses.  Fitch's previous concerns about the
CSeries' source of technological advantage have been reduced by
BBD's disciplined approach to designing the plane, which has
increased the likelihood that the CSeries will produce the
expected fuel efficiency, noise reduction and reduced emissions.  
The technology supporting these benefits includes the new geared
turbofan engine from Pratt & Whitney and an increased use of
advanced materials (composites and an aluminum-lithium alloy).  
The interior is also attractive, incorporating many features
which are similar to those found in the Boeing 777 and 787.  
Potential competition from Boeing, Airbus and RJ manufacturers
represents a significant concern, including pricing actions on
existing aircraft from Boeing and Airbus.

In February 2008, BBD's board of directors authorized CSeries
sales offers to customers.  BBD has not announced any launch
orders, but if sufficient orders are received, BBD could launch
the CSeries by the end of 2008, with entry into service expected
in 2013.  The CSeries would serve as BBD's entry into the
mainline aircraft market, targeting the low end of the 100-149
seat range (110-130 seats).  Expenditures for development and
tooling are estimated at approximately US$3.2 billion, with BBD
picking up about one-third of the cost and suppliers and
governments picking up the rest.  Fitch estimates that BBD
should be able to fund the program with internally generated
cash or cash balances.  In addition to lower operating costs, an
important foundation of BBD's business case for the CSeries is
the argument that the aircraft will be the only plane in the
market specifically designed for the 100-149-seat segment, with
all other aircraft in the segment scaled up or down from other
models.

Free cash flow rose substantially in fiscal 2008 to US$1.9
billion.  The receipt of customer advances in fiscal 2008
generated an unusually large amount of cash from working
capital.  While a similar cash inflow is not expected to recur,
free cash flow should be supported by BBD's large backlog,
especially in the aerospace segment.  Cash deployment is
primarily directed toward capital expenditures that include the
development of new aircraft such as the CSeries.  Expenditures
are expected to be spread out over several years, so the impact
of the development programs on BBD's financial position should
be manageable.

BBD's credit protection measures at the end of fiscal 2008
continued to improve as debt/EBITDA declined to 3.24 times (x)
compared to 4.74x one year earlier.  Stronger free cash flow
measures were largely attributed to the impact of working
capital as described above.  Although FFO Interest Coverage
declined to 2.54x in fiscal 2008 from 3.47x in fiscal 2007, it
included the impact of a large, US$826 million pension
contribution.  Going forward, the ratio should benefit from a
lower pension contribution in fiscal 2009, estimated by BBD at
US$315 million, as well as BBD's US$1 billion debt reduction
debt completed at the end of fiscal 2008.

At Jan. 31, 2008, BBD maintained US$3.6 billion of unrestricted
cash balances, not including US$1.3 billion of restricted cash
related to its letter of credit (LOC) facility.  Restricted cash
balances are not available for liquidity purposes or for the
benefit of unsecured bond holders.  Bombardier's unrestricted
cash balances are the company's sole source of liquidity as it
does not have a bank facility available; the LOC facility is
restricted to LOC issuance.  BBD's liquidity position benefits
from a reduction in net pension liability following significant
contributions in 2008.  In addition, debt maturities are minimal
until fiscal 2013.

                     About Bombardier Inc.

Headquartered in Canada, Bombardier Inc. --
http://www.bombardier.com/-- (TSE:BBD.B) manufactures
innovative transportation solutions, from regional
aircraft and business jets to rail transportation equipment,
systems and services.

The company manufactures rail equipment through its Bombardier
Transportation unit. Bombardier Transport's Europe management
office is located in Germany. The company also has production
facilities in France, Spain, Switzerland, Belgium, Italy,
Austria, Hungary, Czech Republic, Poland, Denmark, Sweden,
Norway an the United Kingdom.  Other production facilities are
located at Brazil, China, India and Australia.


BOWA HEIMTEXTILIEN-VERTRIEBS: Claims Registration Ends June 6
-------------------------------------------------------------
Creditors of BOWA Heimtextilien-Vertriebs GmbH have until
June 6, 2008, to register their claims with court-appointed
insolvency manager Stefanie Kaufmann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Aug. 6, 2008, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Ludwigshafen am Rhein
         Meeting Hall XIII
         Wittelsbachstr. 10
         67061 Ludwigshafen/Rhein
         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:

         Stefanie Kaufmann
         Roxheimer Str. 17
         67240 Bobenheim-Roxheim
         Germany

The District Court of Ludwigshafen am Rhein opened bankruptcy
proceedings against BOWA Heimtextilien-Vertriebs GmbH on
May 7, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         BOWA Heimtextilien-Vertriebs GmbH
         Dieselstrasse 13
         67269 Gruenstadt
         Germany

         Attn: Eva Bornewasser, Manager
         Fr.Diffine-Strasse 12
         67281 Kirchheim
         Germany


EGON JOHANSEN: Claims Registration Period Ends June 6
-----------------------------------------------------
Creditors of Egon Johansen GmbH have until June 6, 2008, to
register their claims with court-appointed insolvency manager
Ygglev Stintzing.

Creditors and other interested parties are encouraged to attend
the meeting at 8:48 a.m. on June 25, 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 Flensburg
         Hall A 220
         Flensburg
         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:

         Ygglev Stintzing
         Rathausstrasse 1
         24937 Flensburg
         Germany

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

The Debtor can be reached at:

         Egon Johansen GmbH
         Gewerbepark 20
         24983 Handewitt
         Germany


FAMEG GMBH: Claims Registration Period Ends June 6
--------------------------------------------------
Creditors of FAMEG GmbH have until June 6, 2008, to register
their claims with court-appointed insolvency manager Heiko Jaap.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 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
         Ground Floor
         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 FAMEG GmbH on May 1, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         FAMEG GmbH
         Attn: Rene Schmidt, Manager
         Bahnhofstr. 44/46
         17489 Greifswald
         Germany


MED VITAL: Claims Registration Period Ends June 3
-------------------------------------------------
Creditors of med Vital Esslingen GmbH & Co.KG have until June 3,
2008, to register their claims with court-appointed insolvency
manager Steffen Beck.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.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 Esslingen
          Hall 1
          First Floor
          Ritterstr. 5
          Eingang Strohstrasse
          Esslingen
          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:

          Steffen Beck
          Breitscheidstr. 10
          70174 Stuttgart
          Germany
          Tel: 0711/252566-0
          Fax: 0711/252566-66

The District Court of Esslingen opened bankruptcy proceedings
against med Vital Esslingen GmbH & Co.KG on April 10, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          med Vital Esslingen GmbH & Co.KG
          Kollwitzstr. 1
          73728 Esslingen
          Germany


MUELLER + DRESEMANN: Claims Registration Ends June 6
----------------------------------------------------
Creditors of Mueller + Dresemann GmbH have until June 6, 2008 to
register their claims with court-appointed insolvency manager
Norbert Schrader.

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 Wuppertal
         Meeting Hall A234
         Second Floor
         Eiland 2
         42103 Wuppertal
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 8:30 a.m. on July 22, 2008 at the same
venue, while creditors may constitute a creditors' committee or
opt to appoint a new insolvency manager.

The insolvency manager can be reached at:

         Norbert Schrader
         Viehhofstr. 117
         42117 Wuppertal
         Germany
         Tel: 0202-430980
         Fax: 0202-4309843

The District Court of Wuppertal opened bankruptcy proceedings
against Mueller + Dresemann GmbH on May 1, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Mueller + Dresemann GmbH
         Giebel 30
         42327 Wuppertal
         Germany


SANITATSHAUS BEYERSDORF: Claims Registration Period Ends June 3
---------------------------------------------------------------
Creditors of Sanitatshaus Beyersdorf GmbH have until June 3,
2008, to register their claims with court-appointed insolvency
manager Robert Fliegner.

Creditors and other interested parties are encouraged to attend
the meeting at 10:20 a.m. on July 15, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Bochum
          Hall A 29
          Ground Floor
          Main Building
          Viktoriastrasse 14
          44787 Bochum
          Germany
        
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

          Robert Fliegner
          Westring 303
          44629 Herne
          Germany

The District Court of Bochum opened bankruptcy proceedings
against Sanitatshaus Beyersdorf GmbH on April 30, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Sanitatshaus Beyersdorf GmbH
          Attn: Thomas Klering, Manager
          Bahnhofstrasse 259
          44629 Herne
          Germany


TALISMAN 1 FINANCE: S&P Lifts Ratings on Five Note Classes
----------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on five
classes of commercial mortgage-backed notes issued by Talisman 1
Finance PLC.  At the same time, S&P affirmed the ratings on the
remaining notes.
  
The upgrades follow the prepayment of one of the commercial
loans backing the notes – VVG -- and a subsequent increase in
relative credit enhancement available for the remaining notes.
  
The transaction was arranged by the London branch of ABN AMRO
Bank N.V.  When it closed on June 3, 2005, the EUR554.35 million
notes that were issued were initially supported by a pool of
four commercial and residential real estate loans.  Two of the
loans--AZL/Beta and VVG--have subsequently prepaid, in January
2006 and April 2008 respectively.
  
The loan prepayments have caused the notes to amortize, reducing
the current note balance outstanding to EUR164.93 million.
  
Following prepayment of the AZL/Beta loan, S&P upgraded the
class B, C, and D notes in March 2006 in light of the increasing
levels of credit enhancement.  Prepayment of the VVG loan has
further improved credit enhancement and this has caused today's
upgrade.
  
Prime Loan
  
This loan is secured by two shopping centers in Germany and
represents 87.86% of the residual loan balance.  Billstedt
Center is located in a suburb approximately 10 km to the east of
Hamburg and is the larger of the two centers by value.  There
are some 118 retail units.  The second is City-Center Cologne-
Chorweiler, situated some 13 km north of Cologne.  It comprises
99 retail outlets.
  
Lease terms on the two centers vary in length but the weighted
average unexpired term runs approximately three years beyond
loan maturity.  S&P has been advised that vacancy levels across
the two centers are currently at 2.6%.

At closing, the portfolio was effectively 1005 occupied. Demand
appears to be high despite the relatively secondary locations of
the two properties, and S&P considers that this is likely to
remain so for the remainder of the loan term.

Rental increases have resulted in an improved interest coverage
ratio (ICR) to 2.23x currently from 2.17x at closing.
  
The properties are both managed by ECE Projektmanagement GmbH.
  
Alpha Loan
  
This loan is secured by a retail park and eight residential
blocks, also in Germany.  The retail park is situated in Berlin
and is the dominant property by value (about 70%).  The park is
characterized by the DIY store Toom Baumarkt, Sconto, and Edeka,
constituting approximately 85% of the total rent roll.  The
center presently has 100% occupancy, although one tenant (7.8%
of the total rent roll) has advised that it has exercised its
break option by Dec. 31, 2008 and will vacate the premise by the
end of this year.  S&P has factored this into its analysis,
although we do expect the unit to relet.
  
The residential units are in Munster.  The town is dominated by
a large military base, which contributes to the current positive
economic performance of the area.  Since closing, rents have
risen across the portfolio, increasing the ICR to 1.77x from
1.67x.  Vacancy rates remain relatively low across the
portfolio.
  
S&P assessments of net operating income for both the Prime and
Alpha loans supports the upgrades.  Net operating income for the
Prime loan is EUR13.7 million, equating to an exit yield on debt
of 9.8%.  In respect of Alpha, S&P’s assessment of net operating
income is EUR2.6 million, giving an exit yield on debt of 10.8%.

In S&P’s opinion, this reduces the risk of default both during
the loan term and also at refinance, which warrants the
upgrades.
  
                        Ratings List
  
                    Talisman 1 Finance PLC

           EUR554.35 Million Commercial Mortgage-Backed
                 Floating- And Variable-Rate Notes

                        Ratings Raised
  
            Class       To                  From
            -----       --                  ----  
            C           AAA                  AA
            D           AA                   BBB+
            E           A                    BBB
            F           A                    BBB-
            G           BBB                  BB
              
                       Ratings Affirmed

                  Class            Rating
                  -----            ------
                  A                AAA
                  B                AAA
                  X                AAA


TALISMAN-6 FINANCE: S&P Puts Ratings Under Negative CreditWatch
---------------------------------------------------------------
Standard & Poor's Rating Services has placed on CreditWatch with
negative implications its ratings on the class E and F notes
issued by Talisman-6 Finance PLC.

The ratings on the other classes in the transaction remain
unaffected.
  
These actions are a consequence of S&P’s concerns regarding the
payment default and the resulting increased uncertainty
surrounding an underlying commercial loan, the Cherry loan.  
S&P’s concerns are exacerbated by the loan having been
transferred into special servicing by the servicer, Hatfield
Philips.  The loan is secured by 11, predominantly residential
properties in east Germany.
  
As of the April 2008 interest payment date (IPD), the borrower
failed to pay the full amount of debt service, which resulted in
a liquidity facility drawing.  The reason for the payment
default was insufficient funds in the rental income account.  
S&P understands from Hatfield Philips that there has been a lack
of clarity regarding the provision of data, and Hatfield Philips
continues to work closely with the asset manager to verify the
current position.
  
S&P’s concerns relate to both the potential ability to pay
interest in a timely manner and the ability to repay the
principal balance at loan maturity in October 2011.
  
The liquidity facility covers interest shortfalls under the loan
in addition to interest on any such drawings and special
servicer fees.  There is also, however, an appraisal reduction
mechanism structured to limit liquidity facility drawings by
automatically reducing the liquidity facility available
following a loan event of default where the up-to-date loan-to-
value ratio exceeds 95%.
  
Following the transfer into special servicing, there is a
requirement to commission an up-to-date valuation within 30
days.  Whilst the April 2008 IPD reported loan-to-value ratio is
83.79%, this is based on the valuation at closing; we consider
that there is increased possibility that the appraisal reduction
may be triggered.
  
S&P will now carry out a full and detailed analysis of the
transaction to incorporate property visits for Cherry and
selected properties for other loans in the pool, particularly
the Orange, Coconut, and Mango loans, all of which exhibit some
deterioration in interest coverage ratio, though no covenants
have been breached to date.
  
                       Ratings List
  
                     Talisman–6 Finance PLC

          EUR1,076.4 Million Commercial Mortgage-Backed
             Floating-Rate And Variable-Rate Notes

               Ratings Placed On CreditWatch Negative
  
            Class         To                  From
            -----         --                  ----
            E             BBB-/Watch Neg      BBB-
            F             BB/Watch Neg        BB


TALK-ROOM AGENTUR: Claims Registration Period Ends June 3
---------------------------------------------------------
Creditors of talk-room Agentur fuer Telefonmarketing GmbH have
until June 3, 2008, to register their claims with court-
appointed insolvency manager Joerg Riedemann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 Halle-Saalkreis
          Hall 1.043
          Judicial Center
          Thueringer Str. 16
          06112 Halle
          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 Riedemann
          Muehlweg 47
          D 06114 Halle
          Germany
          Tel: 0345/293900
          Fax: 0345/2939029

The District Court of Halle-Saalkreis opened bankruptcy
proceedings against talk-room Agentur fuer Telefonmarketing GmbH
on April 2, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

          talk-room Agentur fuer Telefonmarketing GmbH
          Haupttor Bau 4310
          06237 Leuna
          Germany


TEPPICHE UND HOLZBODEN: Claims Registration Period Ends June 3
--------------------------------------------------------------
Creditors of Teppiche und Holzboden 3 x 3 GmbH have until June
3, 2008, to register their claims with court-appointed
insolvency manager Jan H. Wilhelm.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on July 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 Hamburg
          Hall B 405
          Fourth Floor Annex
          Civil Justice Bldg.
          Sievkingplatz 1
          20355 Hamburg
          Germany

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

The insolvency manager can be reached at:

          Jan H. Wilhelm
          Albert-Einstein-Ring 11/15
          22761 Hamburg
          Germany

The District Court of Hamburg opened bankruptcy proceedings
against Teppiche und Holzboden 3 x 3 GmbH on April 15, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Teppiche und Holzboden 3 x 3 GmbH
          Attn: Wilfried Schnohr, Manager
          Neuer Weg 47
          21029 Hamburg
          Germany


TREUPROJEKT MANAGEMENT: Claims Registration Period Ends June 3
--------------------------------------------------------------
Creditors of Treuprojekt Management GmbH have until June 3,
2008, to register their claims with court-appointed insolvency
manager Jens-Soeren Schroeder.

Creditors and other interested parties are encouraged to attend
the meeting at 10:40 a.m. on July, 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 Hamburg
          Hall B 405
          Fourth Floor Annex
          Civil Justice Bldg.
          Sievkingplatz 1
          20355 Hamburg
          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:

          Jens-Soeren Schroeder
          Raboisen 38
          20095 Hamburg
          Germany

The District Court of Hamburg opened bankruptcy proceedings
against Treuprojekt Management GmbH on April 9, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Treuprojekt Management GmbH
          Attn: Stefan Pruss, Manager
          Untertrave 86
          23552 Luebeck
          Germany


WATCHING GMBH: Claims Registration Ends June 6
----------------------------------------------
Creditors of Watching GmbH have until June 6, 2008 to register
their claims with court-appointed insolvency manager Udo Feser.

Claims will be verified at 10:15 a.m. on Aug. 6, 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:

         Udo Feser
         Uhlandstr. 165/166
         10719 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Watching GmbH on March 12, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Watching GmbH
         Eiswerderstr. 18
         13585 Berlin
         Germany


WESTLB AG: Harald Christ to Quit from Divisional Board
------------------------------------------------------
Harald Christ, member of WestLB´s Private Banking Divisional
Board and Chief Executive Manager of Weberbank AG, is leaving
the WestLB Group at his own request in order to pursue new
business opportunities elsewhere.

He will leave the Bank on June 30, 2008 by amicable and mutual
consent.

"We would like to thank Harald Christ for his strong commitment
and his achievements regarding the further strategic development
of our Bank," Michael Graf Strasoldo, Chairman of the Managing
Board of Weberbank, said.  "We wish him all the very best both
professionally and personally for the future."

                           About WestLB

Hearquartered in Duesseldorf, Germany, WestLB AG (DAX:WESTLB)
-- http://www.westlb.com/-- provides financial advisory,
lending, structured finance, project finance, capital markets
and private equity products, asset management, transaction
services and real estate finance to institutions.

In the United States, certain securities, trading, brokerage and
advisory services are provided by WestLB AG's wholly owned
subsidiary WestLB Securities Inc., a registered broker-dealer
and member of the NASD and SIPC.

WestLB's shareholders are the two savings banks associations in
NRW (25.15% each), two regional associations (0.52% each), the
state of NRW (17.47%) and NRW.BANK (31.18%), which is owned by
NRW (64.7%) and two regional associations (35.3%).

                          *     *     *

In January 2008, Fitch Rating downgraded WestLB AG's Individual
rating to 'F' from 'D/E' and removed the Rating Watch Negative.


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


BUDAPESTI KOZLEKEDESI: May Sell Assets to Avert Bankruptcy
----------------------------------------------------------
Budapesti Kozlekedesi Vallalat Zrt is considering on selling its
remaining property assets to avoid bankruptcy, the Financial
Times reports citing Nepszabadsag.

The company, which is owned by the City of Budapest, is drafting
a list of properties to sold for approval, the report adds.

Nepszabadsag related that BKV had previously sold some assets
and noted that the expected revenues from future sell-offs would
still be insufficient to resolve the company's financial woes,
FT relates.

Headquartered in Budapest, Hungary, BKV Zrt (Budapesti
Kozlekedesi Zrt.; Mass Transport co. ltd. of Budapest) --
http://www.bkv.hu/home/index.php-- is the unified public  
transport company of the city of Budapest.


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


CLOVERIE PLC: Fitch Slashes Ratings on EUR80 Million Notes
----------------------------------------------------------
Fitch Ratings downgraded Cloverie Plc's EUR30m Series 2004-72
Class C (ISIN: XS0205981581) and EUR50m Series 2004-77 Class C
(ISIN: XS0207605162) secured credit-linked floating-rate notes
due 2024 to 'BB' from 'AAA'.  In addition, the notes have been
placed on Rating Watch Negative.  The USD50m Series 2005-04
Class C (ISIN: XS0212294077) secured credit-linked floating-rate
notes due 2025 are also downgraded to 'BB' from 'AAA' and are
also placed on RWN.

The downgrades reflect the portfolio's deterioration since May
2007.  The portfolio consists of assets that were initially
rated 'AAA'.  Since the last review in May 2007, credit
deterioration on three reference assets has substantially
lowered the pool quality.  The amortisation of the underlying
pool led to a decrease in synthetic excess spread. In
conjunction with subordination, available credit enhancement is
not sufficient to cover the risk of the 'BB'-rated portion of
the underlying asset pool.  Currently, the noteholders are
directly exposed to the risk of the 'BB'-rated underlying
assets.  The notes remain on RWN until the RWN status of the
assets in the underlying pool is resolved.

These transactions are synthetic collateralised debt
obligations.  Cloverie is a special purpose vehicle incorporated
under the laws of Ireland.  It has entered into mezzanine credit
default swaps with Citigroup Global Markets Limited. Each series
references an identical static portfolio of 100% US RMBS Home
Equities originated in 2004.  The notes are backed by eligible
collateral securities purchased with the net proceeds of their
issuance.


OMEGA CAPITAL: Moody’s Cuts Ratings on Three Series 46 Notes
------------------------------------------------------------
Moody's Investors Service downgraded and left on review for
further downgrade several tranches of a managed synthetic CDO
issued by Omega Capital Europe p.l.c. Series 46.  The underlying
portfolio of these transactions includes a siginificant portion
of US subprime and Alt-A bonds, in particular of the 2006
vintages.

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

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

The rating actions are:

Issuer: Omega Capital Europe p.l.c. Series 46

    (1) EUR48.75M Class A Notes Due March 2050

        Current Rating: Baa3, on review for downgrade
        Prior Rating: Aaa

    (2) EUR16.25M Class B Notes Due March 2050

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

    (3) EUR7.00M Class C Notes Due March 2050

        Current Rating: Ba1, on review for downgrade
        Prior Rating: Aa3


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


FIAT SPA: Retains European Market Share in April 2008
-----------------------------------------------------
Fiat S.p.A. maintained its market share in Europe in April 2008,
Thomson Financial News reports, citing CEO Sergio Marchionne.

According to Mr. Marchionne, Thomson Financial News reports,
Fiat's sales in countries outside Italy compensated for the
company's performance in the weak Italian market.

Thomson Financial News relates that in March 2008, Fiat had 7.3%
market share in Europe and 7.4% in western Europe.  In April
2007, the company had 8.2% Europe share and 8.5% in western
Europe.

                        About Fiat S.p.A.

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

                          *     *     *

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


PARMALAT SPA: Posts EUR90.2 Group Net Profit for 1st Qtr 2008
-------------------------------------------------------------
The Parmalat Group posted EUR90.2 million in net profit on
EUR926.9 million in net revenues for the first quarter 2008,
compared with EUR110.3 million in net profit on EUR868.7 million
in net revenues for the same period in 2007.

The higher list prices implemented in response to a sharp rise
in the cost of raw milk and a further improvement in the product
mix achieved through plans that focus efforts and investments on
products with a higher value added account for this positive
performance.

The Group’s net financial position improved by EUR59.5 million,
with net financial assets increasing from EUR855.8 million at
Dec. 31, 2007 to EUR915.3 million at March 31, 2008.

The improvement in net financial position is due mainly to:

    * collection of EUR82.3 million in proceeds from settlements
      reached during the first three months of 2008 with:

      -- Banca Monte dei Paschi di Siena S.p.A.
         (EUR79.5 million); and

      -- Fortis Bank (EUR2.8 million); and

    * translation into Euros of the indebtedness of companies
      that operate outside the Euro zone (EUR36.3 million).

This improvement was offset in part by:

    * cash flow used for operating activities (EUR36.9 million);
      and

    * the payment of EUR17.1 million in legal costs incurred in
      connection with revocatory legal actions and actions for
      damages.

Parmalat S.p.A. posted EUR106.4 million in net profit on
EUR227 million in net revenues for the first quarter 2008,
compared with EUR87.3 million in net profit on EUR208.5 million
in net revenues for the same period in 2007.

This improvement was made possible by:

    * increases in net financial income (EUR15.1 million for
      first quarter 2008, compared with EUR4.5 million in for
      first quarter 2007); and

    * income from subsidiaries (EUR28.2 million, compared with
      EUR0.4 million in the first quarter of 2007), which
      consisted of dividends declared by Group companies.

Net financial assets in the first quarter 2008, improved by
EUR95.9 million from EUR1.23 million to EUR1.33 million, due
mainly to the collection of settlement payments from Monte
Paschi Siena (EUR79.5 million) and Fortis Bank (EUR2.8 million).

                        Business Outlook

In the early months of 2008, virtually all of the markets in
which the Group operates have been experiencing strong
competitive pressure, which is having an impact both on sales
volumes and prices.

In addition, the Euro is continuing to strengthen significantly
against the currencies of the main countries where the Group
operates (Canadian dollar and South African rand).

The Group has identified and is implementing actions in order to
maintain the EBITDA targets foreseen for 2008 within the low
range of approximately 7%.

The actions involve both the production costs than the continuos
improvement of the mix and the price sales policies aimed to
recover profitability.

                       About Parmalat

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

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

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

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

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

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


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


AGENTSTVO GRUZOVYH: Creditors Must File Claims by June 25
---------------------------------------------------------  
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Agency of Freight Transportations Agentstvo
Gruzovyh Perevozok insolvent on March 14, 2008.

Creditors have until June 25, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Pavlodar
         Tkachev Str. 17-185
         Pavlodar
         Kazakhstan
         Tel: 8 (7182) 52-86-96


AVALON FINANCE: Claims Deadline Slated for June 25
--------------------------------------------------  
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Avalon Finance insolvent on March 31, 2008.

Creditors have until June 25, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Prokofyev Str. 41-3
         050005, Almaty
         Kazakhstan
         Tel: 8 (7272) 95-85-86
              8 701 756 42-06


INTEX XXI: Claims Filing Period Ends June 24
--------------------------------------------  
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Intex XXI insolvent.

Creditors have until June 24, 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


OTRAR COMMERTS: Creditors' Claims Due on June 25
------------------------------------------------  
LLP Otrar Commerts Stroy has declared insolvency.  Creditors
have until June 25, 2008, to submit written proofs of claims to:

         LLP Otrar Commerts Stroy
         Erjanov Str. 18
         Karaganda
         Kazakhstan


SOLANO LLP: Claims Registration Ends June 25
--------------------------------------------  
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Solano insolvent on Feb. 27, 2008.

Creditors have until June 25, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Micro District 23
         Chasnikov Str. 55
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan
         Tel: 8 (7232) 25-47-06
              8 (7232) 51-78-64


STROY MASTER-PV: Creditors Must File Claims by June 25
------------------------------------------------------  
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Stroy Master-PV insolvent on March 4, 2008.

Creditors have until June 25, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Pavlodar
         Tkachev Str. 17-185
         Pavlodar
         Kazakhstan
         Tel: 8 (7182) 52-86-96


TENGIZ-KOL LLP: Claims Deadline Slated for June 24
--------------------------------------------------  
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Tengiz-Kol insolvent on March 18, 2008.

Creditors have until June 24, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Gogol Str. 177a
         Kostanai
         Kazakhstan


UNGAR-2 LLP: Claims Filing Period Ends June 24
----------------------------------------------  
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Ungar-2 insolvent on March 18, 2008.

Creditors have until June 24, 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
===================


EURO BUILD: Creditors Must File Claims by July 2
------------------------------------------------
LLC Euro Build Group has declared insolvency.  Creditors have
until July 2, 2008 to submit written proofs of claim.

Inquiries can be addressed to (+996 312) 54-66-61


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


KOENIGINSTRASSE I: Moody’s Rates EUR9.2MM Class E Loan at Ba3
-------------------------------------------------------------
Moody's has assigned long term ratings to six classes of
Schuldschein Loans issued on May 2, 2008 by Koeniginstrasse I
S.A.R.L, a special purpose company incorporated under the laws
of Luxembourg.

The ratings are:

  -- Aaa to the EUR168,360,000 Class A1 Schuldschein Loan due
     2014

  -- Aaa to the EUR46,000,000 Class A2 Schuldschein Loan due
     2014

  -- Aa2 to the EUR27,600,000 Class B Schuldschein Loan due 2014

  -- A2 to the EUR23,000,000 Class C Schuldschein Loan due 2014

  -- Baa3 to the EUR18,400,000 Class D Schuldschein Loan due
     2014

  -- Ba3 to the EUR9,200,000 Class E Schuldschein Loan due 2014

The ratings address the expected loss posed to Schuldschein Loan
lenders by the legal final maturity in 2024.

This transaction is a high yield collateralised loan obligation
related to a portfolio comprised of European senior loans (with
a predominance of senior secured loans). This portfolio will be
partially acquired at closing and partially during the five
month ramp-up period.  Thereafter, the portfolio of debt
obligations will be actively managed and the investment manager
will be able to buy or sell debt obligations on behalf of the
Issuer.  Any addition or removal of debt obligations will be
subject to a number of portfolio criteria.  Pimco Europe Limited
will act as investment manager for the transaction.

Subject to compliance with certain conditions and formulas, the
size and/or leverage of the deal can be increased respectively
decreased.

The transaction is arranged by Dresdner Kleinwort.


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


PQ CORPORATION: Moody’s Puts Corporate Family Rating at B2
----------------------------------------------------------
Moody's Investors Service assigned a B2 corporate family rating
to PQ Corporation and assigned a B2 rating to its first lien
revolving credit facility, a B2 rating to its first lien term
loan and a B3 rating to its second lien credit facility.  The
rated debt has financed the July 2007 acquisition of PQ by funds
associated with The Carlyle Group and will finance PQ's
acquisition of the Ineos Silicas business.  The ratings outlook
is stable.

Ratings assigned:

PQ Corporation

    -- Corporate family rating: B2

    -- Probability of default rating: B2

    -- US$200mm First lien revolving credit facility due 2013:
       B2 (LGD3, 46%)

    -- US$1,105mm First lien term loan due 2014: B2 (LGD3, 46%)

    -- US$460mm Second lien term loan due 2015: B3 (LGD4, 64%)

On July 30, 2007, PQ was purchased by Carlyle Partners IV, LP, a
private investment fund affiliated with The Carlyle Group, from
CCMP Capital Advisors, LLC.  PQ is in the process of acquiring
the Ineos Silicas business in a transaction expected to close in
the second quarter of 2008.  The rated debt provides financing
for both transactions, with the Ineos Silicas acquisition being
primarily financed with a second draw under the existing first
lien term loan.

The B2 corporate family rating reflects PQ's elevated leverage,
a revenue base that is expected to be less than initial debt
levels, integration risk associated with a new acquisition and
initially weak credit metrics.  The ratings are supported by the
company's stable inorganic chemicals, catalysts and engineered
glass materials businesses with leading market positions and a
history of steady (although moderate) revenue growth.  Earnings
stability is provided by the company's diverse end markets, a
large customer base and geographically diverse operations.  PQ
has high margins for its credit rating category and is expected
to maintain or improve same, despite a rising raw material
pricing environment.

The stable outlook reflects the expectation that PQ will
generate sufficient cash flow to meet its debt service
obligations and de-lever.  Moody's expects PQ's strong market
positions, established customer relationships and ability to
maintain its margins will support free cash flow generation.  
The rating currently has limited upside in the near-term given
the significant amount of leverage the firm has taken on.  The
rating could come under downward pressure if the company fails
to maintain its margins, generate free cash flow as expected to
support repayment of debt, and successfully integrate the Ineos
Silicas business, including realization of synergies.

PQ Corporation, headquartered in Malvern, Pennsylvania, is a
leading provider of inorganic specialty chemicals, including
sodium silicate, silicate derivatives, catalysts and engineered
glass materials.  PQ Corporation's sales revenues for the year
ended December 31, 2007, were $775 million.

The company Latin America Head Office is located in Mexico.  Its
European Head Office is domiciled in the Netherlands while the
Asia Pacific Head Office is in Australia.


X5 RETAIL: Federal Anti-Monopoly Approves Karusel Acquisition
-------------------------------------------------------------
X5 Retail Group N.V disclosed that it has received approval from
the Federal Anti-Monopoly Service to acquire the Karusel
hypermarket chain.

The acquisition, which is still subject to satisfactory
completion of due diligence, will substantially increase X5’s
market share in the food retail market of St. Petersburg.  The
FAS approval contains a number of conditions regarding the
conduct by X5 of its business in St. Petersburg intended to
promote competition and ensure fair terms for participants in
the St. Petersburg food retail market.  

These conditions include fair, transparent and non-
discriminatory dealings with suppliers to X5's stores in St.
Petersburg, the development, approval by the FAS and publication
on X5's website of rules relating to its dealings with suppliers
in St. Petersburg, and compliance with these rules.  Detailed
provisions of the approval will prohibit, among other things,
charges by X5 to suppliers of unprocessed agricultural products*
to X5 stores in St. Petersburg and the establishment of terms
relating to compensation by such suppliers of X5’s expenses.  
The conditions to the approval also regulate similar
arrangements X5 may have with suppliers of other products to its
stores in St. Petersburg.  The approval does not require X5 to
dispose of any part of its or Karusel's business.  X5 does not
expect to be materially affected by these conditions.

"We are happy to announce that the Anti-Monopoly Service
approved the acquisition of Karusel by X5, Lev Khasis, Chief
Executive Officer of X5 Retail Group N.V., said.  "We also
welcome the FAS’ efforts to establish transparent rules for the
players in the St. Petersburg food retail market and to promote
fair and non-discriminatory relations between retailers and
suppliers, which is in line with the Company’s business
approach.  We believe that the measures proposed by the FAS are
ultimately in the interest of consumers, and, in line with the
new rules, the Company intends to continue improving its
relationships with suppliers with the aim of sharing the
obtained benefits with its customers".

"X5 has fulfilled its obligations under the Call Option
Agreement:  the Company raised funding to acquire Karusel and
obtained the approval by the Anti-Monopoly Service," Andrei
Gusev, Mergers, Acquisitions and Business Development Director
of X5 Retail Group added.  "We plan to finalize the due
diligence shortly and subject to our satisfaction with the
results are determined to proceed to closing of the
acquisition".  

                        About X5 Retail

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

                          *     *     *

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

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


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


BASH-LES-KOMPLEKT: Creditors Must File Claims by May 26
-------------------------------------------------------
Creditors of OJSC Bash-Les-Komplekt have until May 26, 2008, to
submit proofs of claim to:

         R. Khayretdinov
         Insolvency Manager
         Apt. 20
         Tsentralnaya Str. 46
         Aleseevka
         Ufimskiy
         450531 Bashkortostan
         Russia

The Arbitration Court of Bashkortostan commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A07-2634/08-G-ShAB.

The Court is located at:

         The Arbitration Court of Bashkortostan
         Oktyabrskoy Revolyutsii Str. 63a
         Ufa
         Bashkortostan
         Russia

The Debtor can be reached at:

         R. Khayretdinov
         Insolvency Manager
         Apt. 20
         Tsentralnaya Str. 46
         Aleseevka
         Ufimskiy
         450531 Bashkortostan
         Russia


CHEKMAGUSHEVSKIY DIARY: Creditors Must File Claims by June 26
-------------------------------------------------------------
Creditors of OJSC Chekmagushevskiy Diary (TIN 0249001073) have
until June 26, 2008, to submit proofs of claim to:

         I. Ulyaev
         Insolvency Manager
         Post User Box 33
         Ufa
         450047 Bashkortostan
         Russia

The Arbitration Court of Bashkortostan commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A07-7255/07-G-MRS.

The Court is located at:

         The Arbitration Court of Bashkortostan
         Oktyabrskoy Revolyutsii Str. 63a
         Ufa
         Bashkortostan
         Russia

The Debtor can be reached at:

         OJSC Chekmagushevskiy Diary
         Lenina Str. 4
         Chekmagushevo
         452200 Bashkortostan
         Russia


KEMEROVSKAYA TRANSPORT: Court Names S. Vorobey to Manage Assets
---------------------------------------------------------------
The Arbitration Court of Kemerovo appointed S. Vorobey as
Insolvency Manager for LLC Kemerovskaya Transport Company.  He
can be reached at:

         S. Vorobey
         Apt. 21
         Oktyabrskiy Pr. 61B
         650021 Kemerovo
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A27-2433/2007-4.

The Court is located at:

         The Arbitration Court of Kemerovo
         Krasnaya Str. 8
         Kemerovo
         Russia

The Debtor can be reached at:

         LLC Kemerovskaya Transport Company
         Shaturskaya Str. 1
         650021 Kemerovo
         Russia


KONDURCHA CJSC: Creditors Must File Claims by May 26
----------------------------------------------------
Creditors of CJSC Kondurcha have until May 26, 2008, to submit
proofs of claim to:

         L. Kharitova
         Insolvency Manager
         Post User Box 41
         Syzran
         446001 Samara
         Russia

The Arbitration Court of Samara commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A55-8104/2007.

The Court is located at:

         The Arbitration Court of Samara
         Avrory Str. 148
         443045 Samara
         Russia

The Debtor can be reached at:

         CJSC Kondurcha
         Naberezhnaya Str. 19
         N. Kondurcha
         Elkhovskiy
         Samara
         Russia


NEW WAY: Creditors Must File Claims by June 26
----------------------------------------------
Creditors of OJSC New Way have until June 26, 2008, to submit
proofs of claim to:

         A. Kotelnikov
         Insolvency Manager
         Office 305
         Mira Str. 45a
         614095 Perm
         Russia

The Arbitration Court of Perm commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A50-16034/2007-B-3.

The Court is located at:

         The Arbitration Court of Perm
         Lunacharskogo Str. 3
         Perm
         Russia

The Debtor can be reached at:

         OJSC New Way
         Komsomolskaya Str. 31
         Elovo
         618170 Perm
         Russia


SISTEMA JSFC: Earns US$1.6 Billion for Year Ended December 31
-------------------------------------------------------------
Sistema JSFC revealed unaudited consolidated US GAAP financial
results for the fourth quarter and the 12 months ended Dec. 31,
2007.

Fourth Quarter Highlights:

   -- Consolidated revenues up by 27.0% year on year to
      US$4.1 billion;

   -- OIBDA up 48.5% year on year to US$ 1.5 billion and OIBDA
      margin of 36.1%;

   -- Operating income up 42.5% year on year to US$903.6
      million and operating margin of 22.1%;

   -- Net income up to US$466.7 million.

Full Year Highlights:

   -- Consolidated revenues up 33.5% year on year to
      US$13.7 billion;

   -- OIBDA up 27.0% year on year to US$5.1 billion and OIBDA
      margin of 36.9%;

   -- Operating income up 21.7% year on year to US$3.3 billion
      and operating margin of 23.9%;

   -- Net income nearly doubled year on year to US$1.6 billion;

   -- Total assets up 40.6% year on year to US$28.4 billion.

"The Group has demonstrated strong results and performance
against almost all of our key indicators, including revenue and
margin development, Alexander Goncharuk, President and Chief
Executive Officer, commented.  The results reflect the
consistent implementation of our strategy, which was revised in
2007.  While continuing to focus on strengthening the market
leading positions of our telecommunication assets, we also
accelerated the development of our unlisted businesses, which
operate in the booming consumer services sectors of the Russian
economy.  As a result, our non-public assets increased their
overall share of Group revenues.  We consolidated our position
as the largest private sector consumer services company in
Russia with significant growth potential and high profitability
levels.  At the same time, we continued to expand our footprint
outside Russia.  We have completed a number of strategic
international acquisitions and have successfully entered the
fast-growing Indian market, which offers immense growth
opportunities in the telecommunications and other sectors.  The
outperformance in 2007 and the forward dynamics enable us to be
optimistic about our prospects in 2008 and beyond".

                       About Sistema

Headquartered in Moscow, Russia, Sistema JSFC
-- http://www.sistema.com/-- develops and manages market-
leading businesses in selected service-based industries,
including telecommunications, technology, insurance,
banking, real estate, retail and media.

                         *     *     *

As of March 4, 2008, Sistema JSFC carries a Ba3 long-term
corporate family rating and a B2 senior unsecured debt rating
from Moody's, which said the outlook is positive.

The company also carries Standard & Poor's BB- long-term foreign
and local issuer credit ratings.  S&P said the outlook is
negative.

Sistema JSFC carries BB- Issuer Default rating from Fitch, which
said the outlook is stable.


SISTEMA JSFC: To Invest US$1 Billion in Shyam Telelink Venture
--------------------------------------------------------------
JFSC Sistema plans to invest up to US$1 billion into its Shyam
Telelink venture in India this year, RIA Novosti reports, citing
CEO Alexander Goncharuk.

According to Mr. Goncharuk, RIA Novosti relates, Sistema will
use the amount to increase its stake in Shyam Telelink from 51%
to around 70%-72%.  He added that the investment also includes
payments for frequencies and licenses.

Mr. Goncharuk told RIA Novosti that Sistema needs two-to-three
years to build and develop Shyam Telelink's network.  He added
that the company is ready to invest US$5 million to US$7 million  
to become become a considerable player on the market of wireless
communications in India.

                        About Sistema

Headquartered in Moscow, Russia, Sistema JSFC
-- http://www.sistema.com/-- develops and manages market-
leading businesses in selected service-based industries,
including telecommunications, technology, insurance,
banking, real estate, retail and media.

                         *     *     *

As of March 4, 2008, Sistema JSFC carries a Ba3 long-term
corporate family rating and a B2 senior unsecured debt rating
from Moody's, which said the outlook is positive.

The company also carries Standard & Poor's BB- long-term foreign
and local issuer credit ratings.  S&P said the outlook is
negative.

Sistema JSFC carries BB- Issuer Default rating from Fitch, which
said the outlook is stable.


SMIRNYKHOVSKIY TECHNICAL: Creditors Must File Claims by June 26
---------------------------------------------------------------
Creditors of CJSC Smirnykhovskiy Technical Centre have until
June 26, 2008, to submit proofs of claim to:

         P. Shabalin
         Insolvency Manager
         Post User Box 3-20
         680000 Khabarovsk
         Russia

The Arbitration Court of Sakhalin commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A59-2719/07-S7.

The Debtor can be reached at:

         CJSC Smirnykhovskiy Technical Centre
         Lenina Str. 40
         Smirnykh
         Sakhalin
         Russia


TATNEFT OAO: Earns RUR9.6 billion for First Quarter 2008
--------------------------------------------------------
OAO Tatneft released its financial results for the first quarter
of 2008, prepared according to Russian Accounting Standards.

Tatneft posted a 42% year-on-year increase in net profit for
the first three months of 2008 to RUR9.6 billion, RIA Novosti
reports.

The company also posted a 55.3% year-on-year rise in net
revenues to RUR58.6 billion, RIA Novosti adds.


                       About Tatneft

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

                          *     *     *

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


VORONEZH-SEL-KHOZ-KHIMIYA: Creditors Must File Claims by June 26
----------------------------------------------------------------
Creditors of OJSC Voronezh-Sel-Khoz-Khimiya (TIN 3664008394)
have until June 26, 2008, to submit proofs of claim to:

         A. Sukochev
         Insolvency Manager
         Sredne-Moskovskaya Str. 6a
         Voronezh
         Russia

The Arbitration Court of Voronezh commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A14-11759-2007/47/33b.

The Court is located at:

         The Arbitration Court of Voronezh
         Room 606
         Srednemoskovskaya Str. 77
         Voronezh
         Russia

The Debtor can be reached at:

         OJSC Voronezh-Sel-Khoz-Khimiya
         Krivosheina Str. 15
         Voronezh
         Russia


X5 RETAIL: Federal Anti-Monopoly Approves Karusel Acquisition
-------------------------------------------------------------
X5 Retail Group N.V disclosed that it has received approval from
the Federal Anti-Monopoly Service to acquire the Karusel
hypermarket chain.

The acquisition, which is still subject to satisfactory
completion of due diligence, will substantially increase X5’s
market share in the food retail market of St. Petersburg.  The
FAS approval contains a number of conditions regarding the
conduct by X5 of its business in St. Petersburg intended to
promote competition and ensure fair terms for participants in
the St. Petersburg food retail market.  

These conditions include fair, transparent and non-
discriminatory dealings with suppliers to X5's stores in St.
Petersburg, the development, approval by the FAS and publication
on X5's website of rules relating to its dealings with suppliers
in St. Petersburg, and compliance with these rules.  Detailed
provisions of the approval will prohibit, among other things,
charges by X5 to suppliers of unprocessed agricultural products*
to X5 stores in St. Petersburg and the establishment of terms
relating to compensation by such suppliers of X5’s expenses.  
The conditions to the approval also regulate similar
arrangements X5 may have with suppliers of other products to its
stores in St. Petersburg.  The approval does not require X5 to
dispose of any part of its or Karusel's business.  X5 does not
expect to be materially affected by these conditions.

"We are happy to announce that the Anti-Monopoly Service
approved the acquisition of Karusel by X5, Lev Khasis, Chief
Executive Officer of X5 Retail Group N.V., said.  "We also
welcome the FAS’ efforts to establish transparent rules for the
players in the St. Petersburg food retail market and to promote
fair and non-discriminatory relations between retailers and
suppliers, which is in line with the Company’s business
approach.  We believe that the measures proposed by the FAS are
ultimately in the interest of consumers, and, in line with the
new rules, the Company intends to continue improving its
relationships with suppliers with the aim of sharing the
obtained benefits with its customers".

"X5 has fulfilled its obligations under the Call Option
Agreement:  the Company raised funding to acquire Karusel and
obtained the approval by the Anti-Monopoly Service," Andrei
Gusev, Mergers, Acquisitions and Business Development Director
of X5 Retail Group added.  "We plan to finalize the due
diligence shortly and subject to our satisfaction with the
results are determined to proceed to closing of the
acquisition".  

                        About X5 Retail

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

                          *     *     *

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

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


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


ETAONE SWISS: Waldenburg Court Commences Bankruptcy Proceedings
---------------------------------------------------------------
The Bankruptcy Service of Waldenburg commenced bankruptcy
proceedings against JSC etaone swiss on March 13, 2008.

The Bankruptcy Service of Waldenburg can be reached at:

        Bankruptcy Service of Waldenburg
        4437 Waldenburg
        Switzerland


FUNDGRUBE HEIDI: Creditors’ Liquidation Claims Due by May 31
------------------------------------------------------------
Creditors owed money by LLC FUNDGRUBE HEIDI are requested to
submit their proofs of claim by May 31, 2008 to:

         Dr. Theobald Brun
         Brunigstr. 20
         6005 Luzern
         Switzerland

The company is currently undergoing liquidation proceedings in
Luzern.  The decision about liquidation was accepted at a
shareholder’s meeting held on Jan. 25, 2008.


GRAFTECH INT’L: Earns US$39 Million in First Quarter 2008
---------------------------------------------------------
GrafTech International Ltd. reported financial results for the
first quarter ended March 31, 2008.

Highlights for the first quarter of 2008 include:

       -- Net sales increased 27% to US$290 million, versus
          US$228 million in the first quarter of 2007.  
          Favorable year-on-year currency movement impacted
          first quarter revenue by approximately five percentage
          points.

       -- Gross profit rose 44% to US$108 million, as compared
          to US$75 million in the first quarter of 2007.  Gross
          margin expanded to 37.2%, as compared to 32.9% in the
          same period in 2007.  Approximately two percentage
          points, or US$0.03 per share, of the improvement in
          the quarter was due to a favorable sales mix.

       -- Operating income increased 66% to US$83 million,
          versus US$50 million in the first quarter of 2007.
          Operating income margin improved more than six
          percentage points to 28.7%, from 21.8% in the same
          period in 2007.

       -- Income from continuing operations was US$39 million,
          or US$0.34 per diluted share, versus US$19 million, or
          US$0.18 per diluted share, in the first quarter of
          2007.

       -- Income from continuing operations before special items
          more than doubled to US$62 million, or US$0.53 per
          diluted share, as compared to US$29 million, or
          US$0.27 per diluted share, in the first quarter of
          2007.

       -- Net cash provided by operating activities improved
          US$49 million to US$67 million, versus US$18 million
          in the first quarter of 2007.  The year-on-year
          improvement included a US$20 million increase in
          accounts receivable factoring.

       -- Net debt was reduced by US$184 million or nearly 40%
          percent year-over-year to US$313 million.

Craig Shular, Chief Executive Officer of GrafTech, commented,
"We continue to face significant raw material cost increases
which our team has offset through higher prices, delivering on
productivity initiatives and penetrating high growth markets
such as solar.  In addition, we successfully decreased selling
and administrative expense as a percent of sales by two full
percentage points year-over-year.  Our team continues to
effectively leverage top line growth into solid operating
performance."

                     Reportable Segments

The company related that it has realigned the management of its
segment structure to better serve customers in a cost effective
manner.  Consequently, the business results will be presented in
two new segments: Industrial Materials and Engineered Solutions.

Industrial Materials will consist of graphite electrodes and
refractories products and will focus on best serving our global
steel customers.  Engineered Solutions will include advanced
graphite materials and our natural graphite products. This
segment offers a host of tailored solutions to customers in the
electronics, solar, oil exploration, transportation, thermal
processing and nuclear industries.

For prior period comparisons, the company’s former carbon
electrode products are included in the Industrial Materials
segment.  Finally, the revised segment structure allows the
company to combine sales and marketing teams as well as
administrative functions with the result being better service to
customers at a lower cost.

                     Industrial Materials Segment

The Industrial Materials segment's net sales increased 28% to
US$248 million in the 2008 first quarter, as compared to US$195
million in the 2007 first quarter.  The increase was primarily
due to higher selling prices for graphite electrodes, the
positive impact of currency exchange rates, and a favorable
sales mix.

Operating income for the Industrial Materials segment was US$75
million, a 55% or US$27 million improvement over the same period
in 2007.  Operating income margin expanded more than five
percentage points to 30.1% from 24.7% in the first quarter 2007.  
Operating income in the quarter was favorably impacted by higher
graphite electrode selling prices and the benefit of lower cost
raw material purchased in 2007, and sold from inventory in the
first quarter of this year.

The company has experienced significant increases in petroleum-
based raw materials in 2008.  Therefore, it expects higher costs
in the second quarter 2008 as this inventory begins to flow
through to the results.

                  Engineered Solutions Segment

Net sales for the Engineered Solutions segment grew 24% to US$42
million in the 2008 first quarter, as compared to US$34 million
in the 2007 first quarter.  Operating income for the Engineered
Solutions segment quadrupled to US$8 million, as compared to
US$2 million in the 2007 first quarter while operating income
margin for the segment expanded over 15 percentage points to
20.2 percent from 4.9 percent.  The company continues to gain
traction in this segment as it penetrates fast growing markets
including solar and achieve higher advanced graphite material
selling prices.

                          Corporate

Selling and administrative and research and development expenses
were held flat at US$25 million in the 2008 first quarter, as
the company continues to sustain the 10% reduction in overhead
achieved in the first quarter 2007.

Other expense, net, was US$21 million in the 2008 first quarter
largely the result of US$16 million of non-cash currency losses
on inter-company loans and US$5 million related to the call
premium and fees associated with the early redemption of US$125
million of its 10.255 Senior Notes in the first quarter of 2008.

Mr. Shular commented, "Our team has continued to deliver on its
stated goal of deleveraging, resulting in interest expense of
US$6 million in the first quarter of 2008, or half the recorded
expense in the same period of the prior year."

The book tax rate in the first quarter of 2008, was 32 percent,
approximately six percentage points better than the prior year
as a result of favorable jurisdictional profitability mix.
Excluding the impact of certain non-recurring items, the
effective tax rate was 21 percent in the first quarter 2008.

For the full year 2008, we continue to expect the effective tax
rate to be in the range of 27 to 29 percent, after consideration
of anticipated future events. Relative to our anticipated full
year effective tax rate, the lower first quarter tax rate
favorably impacted profitability by approximately US$0.05 per
share.

                               Outlook

Mr. Shular commented on outlook, stating, "Per our stated
strategy, we have continued to improve the linearity of our
sales order book, resulting in more level quarters throughout
the year.  Running our production facilities at more constant
operating levels allows us to better manage costs, reduce
overhead and improve the consistency and quality of our product
and best serve our customers."

We remain encouraged by global steel industry conditions and
expect solid demand from our steel end markets and the markets
that drive our Engineered Solutions segment in 2008.  As a
result, we are raising our full year 2008 guidance.

Based on the assumption of stable global economic conditions for
2008, GrafTech expects:

     -- Total company net sales to increase approximately 16 to
        18% (previous guidance 12 to 14%);

     -- Operating income targeted growth of approximately 35% to
        the range of US$310 million to US$320 million (previous
        guidance approximately US$295 million);

     -- The effective tax rate to be between 27% and 29%;

     -- Capital expenditures to be approximately US$70 million
        to US$75 million;

     -- Depreciation expense of approximately US$32 million; and

     -- Cash flow from operations to be about US$180 million,
        assuming no accounts receivable factoring at year end
        (previous guidance US$165 million).

Headquartered in Parma, Ohio, GrafTech International Ltd. -–
http://www.graftech.com/-- (NYSE:GTI) manufactures and provides  
high quality synthetic and natural graphite and carbon based
products and technical and research and development services,
with customers in 80 countries engaged in the manufacture of
steel, automotive products and electronics.  The company
manufactures graphite electrodes, products essential to the
production of electric arc furnace steel.  The company also
manufactures thermal management, fuel cell and other specialty
graphite and carbon products for, and provide services to, the
electronics, power generation, solar, oil and gas,
transportation, petrochemical and other metals markets.  The
company operates 11 manufacturing facilities strategically
located on four continents.

As of Feb. 28, 2008, the company has a subsidiary in
Switzerland, GrafTech Switzerland S.A.  GrafTech Switzerland has
subsidiaries located in other parts of Europe as well as Mexico
and Brazil in Latin America.

                       *     *     *

As reported in the Troubled Company Reporter on May 16, 2008,
Standard & Poor's Ratings Services raised its corporate credit
rating on GrafTech International to 'BB-' from 'B+'.  The
outlook is stable.


ISOFAS LLC: Aargau Court Commences Bankruptcy Proceedings
---------------------------------------------------------
The Bankruptcy Service of Aargau commenced bankruptcy
proceedings against LLC Isofas on April 9, 2008.

The Bankruptcy Service of Aargau can be reached at:

        Bankruptcy Service of Aargau
        Amtsstelle Brugg
        5201 Brugg
        Switzerland


KLUSTER & JUNS: Deadline for Creditors to File Claims in May 22
---------------------------------------------------------------
Creditors owed money by LLC Kluster & Juns are requested to
submit their proofs of claim by May 22, 2008 to:

         Mike Bamert
         Werdstrasse 104
         8004 Zurich
         Switzerland

The company is currently undergoing liquidation proceedings in
Zurich.  The decision about liquidation was accepted at a
shareholder’s meeting held on Nov. 3, 2006.


LYS JEANS-SHOP: Creditors Must File Claims by May 23
----------------------------------------------------
Creditors owed money by LLC Lys Jeans-Shop are requested to
submit their proofs of claim by May 23, 2008 to:

         Hans R. Quero
         Mail Box: 1301
         8610 Uster
         Switzerland

The company is currently undergoing liquidation proceedings in
Uster.  The decision about liquidation was accepted at a
shareholder’s meeting held on March 7, 2008.


MT MEDICAL: Creditors Must File Proofs of Claim by May 31
---------------------------------------------------------
Creditors owed money by LLC MT Medical Technics are requested to
submit their proofs of claim by May 31, 2008 to:

         Markus Portmann
         Dorfstr. 46
         6222 Gunzwil
         Switzerland

The company is currently undergoing liquidation proceedings in
Inwil LU.  The decision about liquidation was accepted at an
extraordinary shareholder’s meeting held on Feb. 22, 2008.


NEW VISIBILITY: Creditors have Until May 24 to File Claims
----------------------------------------------------------
Creditors owed money by LLC NEW VISIBILITY are requested to
submit their proofs of claim by May 24, 2008 to:

         Sait Etirli
         Fabrikstrasse 24A
         4123 Allschwil
         Switzerland

The company is currently undergoing liquidation proceedings in
Basel.  The decision about liquidation was accepted at an
extraordinary shareholder’s meeting held on March 19, 2008.


PROMOBILIA DEVELOPMENT: Creditors Liquidation Claims due May 23
---------------------------------------------------------------
Creditors owed money by JSC Promobilia Development are requested
to submit their proofs of claim by May 23, 2008 to:

         JSC RohrerTreuhand
         Nelkenstrasse 2
         6060 Sarnen
         Switzerland

The company is currently undergoing liquidation proceedings in
Sarnen.  The decision about liquidation was accepted at a
general meeting held on March 26, 2008.


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


GAMA LLC: Proofs of Claim Deadline Set May 23
---------------------------------------------
Creditors of LLC Advertising Agency Gama (code EDRPOU 33631466)
have until May 23, 2008, to submit proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on April 11, 2008, after finding it
insolvent.  The case is docketed as 43/306.

The Debtor can be reached at:

         LLC Advertising Agency Gama
         Revutsky Str. 5
         02091 Kiev
         Ukraine


GERDA LLC: Proofs of Claim Deadline Set May 23
----------------------------------------------
Creditors of LLC Gerda (code EDRPOU 25178845) have until
May 23, 2008, to submit proofs of claim to:

         The Economic Court of Kharkov
         Derzhprom 8th Entrance
         Svoboda Square 5
         61022 Kharkov
         Ukraine

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent on April 7, 2008.  
The case is docketed as B-50/257-07.

The Debtor can be reached at:

         LLC Gerda
         Suzdalskiye riady Str. 7
         61012 Kharkov
         Ukraine


GOLOBY HYDROECONOMY: Proofs of Claim Deadline Set May 23
--------------------------------------------------------
Creditors of CJSC Production-Transport Firm Goloby Hydroeconomy
(code EDRPOU 25087522) have until May 23, 2008, to submit proofs
of claim to:

         The Economic Court of Volin
         Volia Avenue 54-a
         43010 Lutsk
         Volin
         Ukraine

The Economic Court of Volin commenced bankruptcy proceedings
against the company after finding it insolvent on April 8, 2008.  
The case is docketed as 4/86-B.

The Debtor can be reached at:

         CJSC Production-Transport Firm Goloby Hydroeconomy
         Tkach Str. 19-a
         Goloby
         Kovel District
         45070 Volin
         Ukraine


K.A.V.-2006: Proofs of Claim Deadline Set May 23
------------------------------------------------
Creditors of LLC K.A.V.-2006 (code EDRPOU 34469555) have until
May 23, 2008, to submit proofs of claim to:

         The Economic Court of Kharkov
         Derzhprom 8th Entrance
         Svoboda Square 5
         61022 Kharkov
         Ukraine

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company on April 11, 2008, after finding it
insolvent.  The case is docketed as B-19/55-08.

The Debtor can be reached at:

         LLC K.A.V.-2006
         Apartment 48
         Chernigovaya Str. 36
         61039 Kharkov
         Ukraine


LVOV TRADE-FINANCIAL: Proofs of Claim Deadline Set May 23
---------------------------------------------------------
Creditors of LLC Lvov Trade-Financial Group (code EDRPOU
32261733) have until May 23, 2008, to submit proofs of claim to:

         The Economic Court of Lvov
         Lichakivska Str. 81
         79010 Lvov
         Ukraine

The Economic Court of Lvov has commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 8/47.

The Debtor can be reached at:

         LLC Lvov Trade-Financial Group
         V. Veliky Str. 46/86
         Lvov
         Ukraine


MAKO-COMPUTER LLC: Creditors Must File Claims by May 23
-------------------------------------------------------
Creditors of LLC Mako-Computer (code EDRPOU 31285376) have until
May 23, 2008, to submit proofs of claim to:

         The Economic Court of Kharkov
         Derzhprom 8th Entrance
         Svoboda Square 5
         61022 Kharkov
         Ukraine

The Economic Court of Kharkov commenced bankruptcy supervision
procedure on the company on March 27, 2008.  The case is
docketed as B-19/47-08.

The Debtor can be reached at:

         LLC Mako-Computer
         Lenin Avenue 9
         61166 Kharkov
         Ukraine


MARKET-HALL LLC: Proofs of Claim Deadline Set May 23
----------------------------------------------------
Creditors of LLC Market-Hall (code EDRPOU 31285203) have until
May 23, 2008, to submit proofs of claim to:

         The Economic Court of Kharkov
         Derzhprom 8th Entrance
         Svoboda Square 5
         61022 Kharkov
         Ukraine

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company on April 11, 2008, after finding it
insolvent.  The case is docketed as B-19/58-08.

The Debtor can be reached at:

         LLC Market-Hall
         Apartment 7
         Kranoznamennaya Str. 5-A
         61002 Kharkov
         Ukraine


NAFTOGAZ UKRAINY: Posts UAH1.05 Billion Net Loss for Q1 2008
------------------------------------------------------------
(july)

NAK Naftogaz Ukrainy posted UAH1.05 billion in net losses for
the first three months of 2008, compared with UAH1.06 million in
net profit for the same period in 2007, Daryna Krasnolutska
writes for Bloomberg News.

The company attributed the losses for the increase in prices of
natural gas supply by Russia.  

As previously reported in the TCR-Europe, Naftogaz had agreed to
pay US$315 per 1,000 cubic meters for gas supplied in January
and February 2008.

                     About Naftogaz Ukrainy

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

                          *     *     *

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

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


PESCHANKAAL AGRICULTURAL: Proofs of Claim Deadline Set May 23
------------------------------------------------------------
Creditors of LLC Peschankaal Agricultural Commune Economy (code
EDRPOU 05436280) have until May 23, 2008, to submit proofs of
claim to:

         The Economic Court of Vinnica
         Hmelnickiy Str. 7
         21036 Vinnica
         Ukraine

The Economic Court of Vinnica commenced bankruptcy proceedings
against the company after finding it insolvent on Feb. 21, 2008.  

The Debtor can be reached at:

         LLC Peschankaal Agricultural Commune Economy
         Kotovsky Str. 36
         Peschanka
         24700 Vinnica
         Ukraine


ULIANOVKA LLC: Proofs of Claim Deadline Set May 23
--------------------------------------------------
Creditors of Ulianovka LLC (code EDRPOU 31315981) have until
May 23, 2008, to submit proofs of claim to:

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

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company on April 10, 2008, after finding it
insolvent.  The case is docketed as 14/758/07.

The Debtor can be reached at:

         Ulianovka LLC
         Ulianovka
         57116 Nikolaev
         Ukraine


VALKI LLC: Proofs of Claim Deadline Set May 23
----------------------------------------------
Creditors of LLC Agricultural Industrial Firm Valki (code EDRPOU
32630833) have until May 23, 2008, to submit proofs of claim to:


         The Economic Court of Kharkov
         Derzhprom 8th Entrance
         Svoboda Square 5
         61022 Kharkov
         Ukraine

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company on April 10, 2008, after finding it
insolvent.  The case is docketed as B-19/51-08.


ZHOVTNEVE AGRICULTURAL: Creditors Must File Claims by May 23
-------------------------------------------------------------
Creditors of Zhovtneve Agricultural LLC (code EDRPOU 03740757)
have until May 23, 2008, to submit proofs of claim to:

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

The Economic Court of Dnipropetrovsk commenced bankruptcy
supervision procedure on the company on Jan. 21, 2008.  The case
is docketed as B 40/15-08.

The Debtor can be reached at:

         Zhovtneve Agricultural LLC
         40 Years of Victory Str. 30
         Zhovtneve
         Sofiyevsky District
         53172 Dnipropetrovsk
         Ukraine


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


AU NAT: Joint Administrators Sell 46 Au Naturale Stores
-------------------------------------------------------
PricewaterhouseCoopers LLP's Graham Martin, Ian Green and Jeremy
Webb Graham Martin, joint administrators of Au Nat Limited
(formerly Internacionale Limited) have sold the business and
assets of 46 of the remaining Au Naturale stores and preserved
more than 550 jobs.

This transaction, together with those previously announced, has
resulted in 1,900 jobs in total being saved and the preservation
of the Au Naturale and Internacionale brands.

"I am delighted we have managed to secure a sale that not only
preserves a strong high street brand but also protects the
employment of 550 people," Mr. Martin said.  "We will continue
to trade the remaining 13 stores while we continue to assess the
options available."

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

Au Nat was placed into administration on May 7, 2008, following
financial distress resulting from the general retail downturn
together with major operational difficulties in the supply of
stock from its warehouses to the retail outlets.


BETA FINANCE: Moody’s Puts Ratings Under Review & May Downgrade
---------------------------------------------------------------
Moody's placed the capital note programmes of Beta Finance,
Centauri Corporation and Dorada Corporation on review for
downgrade.

Friday’s rating action reflects further deterioration in the
market values of SIV portfolios and the lack of liquidity
available for the vehicles to mitigate asset sales.

Moody's review will focus on the decline in capital net asset
values, which incorporate both crystallised losses following
asset sales and unrealised losses.  Moody's will also review the
impact on capital notes of Citibank's liquidity support and the
manager's intention to utilise repurchase agreements (repos) as
an alternative funding tool.  Judicious use of repos could
reduce losses to capital notes that would otherwise result from
outright asset sales.

The list of affected vehicles and programmes is:

Beta Finance Corporation and Beta Finance Incorporated

   -- Capital Note Programme (US$315 million of debt securities
      affected)

      Current Rating: Caa3, on review for downgrade
      Prior Rating: Caa3

Centauri Corporation and CC (USA) Incorporated

   -- Capital Note Programme (US$1.7 billion of debt securities
      affected)

      Current Rating: Caa3, on review for downgrade
      Prior Rating: Caa3

Dorada Corporation and Dorada Finance Incorporated

   -- Capital Note Programme (US$300 million of debt securities
      affected)

      Current Rating: Caa3, on review for downgrade
      Rating Action: Cheyne ABS Investments I PLC


CENTAURI CORP: Moody’s Puts Ratings Under Review & May Downgrade
----------------------------------------------------------------
Moody's placed the capital note programmes of Beta Finance,
Centauri Corporation and Dorada Corporation on review for
downgrade.

Friday’s rating action reflects further deterioration in the
market values of SIV portfolios and the lack of liquidity
available for the vehicles to mitigate asset sales.

Moody's review will focus on the decline in capital net asset
values, which incorporate both crystallised losses following
asset sales and unrealised losses.  Moody's will also review the
impact on capital notes of Citibank's liquidity support and the
manager's intention to utilise repurchase agreements (repos) as
an alternative funding tool.  Judicious use of repos could
reduce losses to capital notes that would otherwise result from
outright asset sales.

The list of affected vehicles and programmes is:

Beta Finance Corporation and Beta Finance Incorporated

   -- Capital Note Programme (US$315 million of debt securities
      affected)

      Current Rating: Caa3, on review for downgrade
      Prior Rating: Caa3

Centauri Corporation and CC (USA) Incorporated

   -- Capital Note Programme (US$1.7 billion of debt securities
      affected)

      Current Rating: Caa3, on review for downgrade
      Prior Rating: Caa3

Dorada Corporation and Dorada Finance Incorporated

   -- Capital Note Programme (US$300 million of debt securities
      affected)

      Current Rating: Caa3, on review for downgrade
      Rating Action: Cheyne ABS Investments I PLC


CENTRAL CHICKEN: Brings In Liquidators from PKF
-----------------------------------------------
Edward T. Kerr and Ian J. Gould of PKF (UK) LLP were appointed
joint liquidators of Central Chicken Ltd. on May 8 for the
creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         PKF (UK) LLP
         Pannell House
         159 Charles Street
         Leicester
         LE1 1LD
         England


COURTS PLC: Calls In Liquidators from KPMG
------------------------------------------
Christine Mary Laverty and Michael Vincent of KPMG LLP were
appointed joint liquidators of Courts Plc (formerly Courts
(Furnishers) plc) on Nov. 30, 2007 for the creditors' voluntary
winding-up proceeding.

The joint liquidators can be reached at:

         KPMG LLP
         8 Salisbury Square
         London
         EC4Y 8BB
         England


CURZON FUNDING: Moody’s Lowers Rating on Class D Notes to Ba1
-------------------------------------------------------------
Moody's Investors Service has downgraded one class of notes and
put on review for downgrade two other class of notes issued by
Curzon Funding Limited.  These rating actions are a response to
credit deterioration in the underlying portfolio.  The
transaction references US ABS and ABS CDOs, containing 35% CMBS,
21% ABS CDOs and 12% RMBS. Assets in the pool are mainly of the
vintages of 2005 (29%) and 2006 (49%).

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

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

The rating actions are:

Curzon Funding Limited - Series 2006-3 (Horizon CDO VIII)

    - US$20,000,000 Series 2006-3 Class B Floating Coupon Notes

      Current Rating: Aa2, on review for downgrade
      Prior Rating: Aa2

    - US$10,000,000 Series 2006-3 Class C Floating Coupon Notes

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

    - US$10,000,000 Series 2006-3 Class D Floating Coupon Notes

      Current Rating: Ba1, on review for downgrade
      Prior Rating: Baa2


DECO 11: S&P Puts Ratings on Class D and E Notes Under Watch
------------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch with
negative implications its ratings on the class D and E notes
issued by DECO 11 - UK Conduit 3 PLC.

The ratings on the other classes in the transaction are
unaffected.
  
On March 20, 2008, Standard & Poor's placed its 'BB' rating on
the class F notes on CreditWatch negative following the decline
in the Paladru Services Corporation loan's performance.
  
Friday's CreditWatch placements follow the deterioration of the
performance of the Wildmoor Northpoint loan, which is secured by
a shopping center in Kingston-upon-Hull.  There is increasing
uncertainty as to the income-producing potential of this asset
and its ability to support loan repayment obligations over the
loan term.  Standard & Poor's will perform further analysis on
this and also consider whether there will be sufficient inherent
value to support either a refinancing or a sale to a third party
for a sum greater than the remaining outstanding loan principal
balance before the legal maturity date of the rated notes.
  
Standard & Poor's will also perform further analysis on the
remaining loans in the pool to evaluate current performance
against initial expectations.
  
                        Ratings List
  
                    DECO 11 - UK Conduit 3 PLC

           GBP444.387 Million Commercial Mortgage-Backed
                      Floating-Rate Notes
  
               Ratings Placed On CreditWatch Negative
  
                                  Rating
                                  ------
           Class           To                From
           -----           --                ----
           D               BBB/Watch Neg     BBB
           E               BBB-/Watch Neg    BBB-


DORADA CORP: Moody’s Puts Ratings Under Review & May Downgrade
--------------------------------------------------------------
(UK)
Moody's placed the capital note programmes of Beta Finance,
Centauri Corporation and Dorada Corporation on review for
downgrade.

Friday’s rating action reflects further deterioration in the
market values of SIV portfolios and the lack of liquidity
available for the vehicles to mitigate asset sales.

Moody's review will focus on the decline in capital net asset
values, which incorporate both crystallised losses following
asset sales and unrealised losses.  Moody's will also review the
impact on capital notes of Citibank's liquidity support and the
manager's intention to utilise repurchase agreements (repos) as
an alternative funding tool.  Judicious use of repos could
reduce losses to capital notes that would otherwise result from
outright asset sales.

The list of affected vehicles and programmes is:

Beta Finance Corporation and Beta Finance Incorporated

   -- Capital Note Programme (US$315 million of debt securities
      affected)

      Current Rating: Caa3, on review for downgrade
      Prior Rating: Caa3

Centauri Corporation and CC (USA) Incorporated

   -- Capital Note Programme (US$1.7 billion of debt securities
      affected)

      Current Rating: Caa3, on review for downgrade
      Prior Rating: Caa3

Dorada Corporation and Dorada Finance Incorporated

   -- Capital Note Programme (US$300 million of debt securities
      affected)

      Current Rating: Caa3, on review for downgrade
      Rating Action: Cheyne ABS Investments I PLC


EUROSAIL 2006-3NC: S&P Puts Notes’ Ratings on Negative Watch
------------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch with
negative implications the subordinate classes of notes issued by
Eurosail 2006-3NC PLC.

The senior notes are unaffected by this rating action.
  
Friday’s CreditWatch placement follows our initial review of the
most recent performance data received for Eurosail 2006-3NC.
  
Specifically, in March 2008, the transaction drew £360,492 out
of its reserve fund, which represents 14.1% of the fund's
opening quarter reserve fund's balance.  The current reserve
fund (GBP2,189,508) now represents 0.58% of the outstanding note
balance.
  
In the transaction's fifth quarter, the step-up on the
detachable A3c coupon (DAC) note rose to 1.7% from 1.0%, placing
a strain on excess spread.  This coupon will continue to step up
in future quarters, to 2.25% in Q7, 2.50% in Q8, 2.75% in Q9 and
Q10, and then 3.00% in Q11 and Q12.  This will continue to place
cash flow pressure on this transaction.
  
As of March 2008, total delinquencies for Eurosail 2006-3NC were
high at 39.1%.  By way of comparison, at December 2007 S&P’s
total delinquency index across all U.K. nonconforming RMBS
transactions it rates was 21.0% for the fifth investor report.
  
In addition, no drawing may be made under the liquidity facility
to pay interest for the class B1a, C, D1, and E1c notes if the
balance of all loans that are 90 days or more in arrears
(including repossessions) is greater than 15% of the initial
collateral backed note balance.  This percentage currently
stands at 15.6%.

S&P will conduct new credit and cash flow runs on loan level
data for this transaction and will publish the results, together
with a resolution of the CreditWatch placement, in due course.
  
                       Ratings List
  
       Ratings Placed On CreditWatch With Negative Implications
  
                         Eurosail 2006-3NC PLC

EUR227.85 Million, GBP269.913 Million, And US$205 Million
Mortgage-Backed Floating-Rate Notes, An Overissuance Of
GBP18.360 Million Mortgage-Backed Floating-Rate Notes, And
GBP1.173 Million Mortgage-Backed Deferrable-Interest Notes
  
                               Rating
                               ------
        Class      To                            From
        -----      --                            ----  
        B1a        AA/Watch Neg                  AA
        C1a        A+/Watch Neg                  A+
        C1c        A+/Watch Neg                  A+
        D1a        BBB/Watch Neg                 BBB
        D1c        BBB/Watch Neg                 BBB
        E1c        BB/Watch Neg                  BB
        ETc        BB-/Watch Neg                 BB-
        FTc        B/Watch Neg                   B


INVENSYS PLC: S&P Puts BB Rating Under Positive CreditWatch
-----------------------------------------------------------
Standard & Poor's Ratings Services it placed its 'BB' long-term
corporate credit rating on U.K.-based engineering company
Invensys PLC on CreditWatch with positive implications,
reflecting the company's strengthening business and financial
risk profiles.

"The CreditWatch placement indicates the continued improvement
in Invensys' business and financial risk profiles, supported by
disposals of noncore or lower-margin businesses and positive
earnings and cash flow momentum during the fiscal year ended
March, 31, 2008, and a recent exceptional cash settlement from a
public-private partnership agreement," said Standard & Poor's
credit analyst Louise Newey.  "This has resulted in potential
for an upgrade of the long-term rating, likely by one notch."

S&P expects to resolve the CreditWatch placement within the next
four weeks following a review of Invensys' business and
financial risk profile.  This will include analysis of the
group's business and financial strategy; risks and opportunities
facing the group; its position and performance relative to peer
companies; and the resilience of its financial performance to
any market downturn (25% of revenues were exposed to more
cyclical industries in fiscal 2008).

Strong demand growth in most markets, particularly in the energy
and infrastructure markets for the process systems and rail
divisions, pricing and productivity improvements, and an
improved business mix have supported strong profitability and
cash generation.  Adjusted EBITDA margins continue to improve,
rising to 16.0% in fiscal 2008, from 13.4% in fiscal 2007 and
10.1% in fiscal 2006.

A significant reduction in Invensys' debt obligations during the
fiscal year has allowed for greater financial flexibility.  
After the receipt of cash proceeds from the disposal of the APV
division (process and automation equipment division) and certain
noncore businesses in the controls and rail divisions, adjusted
debt was an estimated GBP493 million at fiscal year-end 2008.

This compares positively with GBP593 million on Dec. 31, 2007,
and GBP1.1 billion at fiscal year-end 2007. Our adjustments
comprised estimated operating lease commitments of GBP152
million, legacy liabilities of GBP67 million, estimated defined
benefit pension liabilities of GBP217 million, and excess cash
of GBP105 million.

The lower adjusted debt burden has significantly improved the
company's cash flow protection measures.  Funds from operations
to debt was an estimated 40.6% in fiscal 2008 (17.8% in fiscal
2007) and free operating cash flow to debt was an estimated
23.9% (11.7% in fiscal 2007).  This compares positively with our
guideline ratio for any upward movement in the ratings of FFO to
debt at above 30% on a sustainable basis.  Discussions with
management on intentions for the group's capital structure and
financial policy targets, which would allow for modest
acquisition spend and restricted dividends, have provided better
visibility of management's ambitions for the group.


PAPERCHASE PRODUCTS: Borders Taps JPMorgan for Strategic Review
---------------------------------------------------------------
Borders has called in JPMorgan Cazenove to conduct a strategic
review of its stationery chain Paperchase Products Ltd. in a
move that could lead to a sale, Richard Fletcher writes for the
Daily Telegraph.

Paperchase, the Daily Telegraph says, is likely to be sold for
up to GBP50 million.

Paperchase's profit stood at GBP4.3 million in the year to
Feb. 3, 2007, while the company's sales reached GBP4.3 million
during the period, the paper discloses, citing accounts filed at
Companies House.  

Headquartered in London, England, Paperchase Products Ltd. --
http://www.paperchase.co.uk/-- sells stationery products,  
including greeting cards, gifts and gift packaging.  The company
has been trading for over 30 years and now has 100 outlets in
the UK and an extensive opening program in the USA.  It trades
nationwide from its own stores and also through concessions in
Borders Books and Music, selected House of Fraser and Selfridges
stores.


PROPERTY MART: Ceases Trading; Shareholders Meet Set for June 12
----------------------------------------------------------------
Property Mart Overseas plc disclosed that the company has ceased
trading and that it has convened a meeting of shareholders and
creditors to be held on June 12, 2008, to place the company into
liquidation.

Interested parties may contact the liquidator at:

         Jonathan E. Avery-Gee FCA FABRP
         Kay Johnson Gee, Chartered Accountants
         Griffin Court
         201 Chapel Street
         Manchester
         M3 5EQ
         Tel: 0161 832 6221

The appointment of a Liquidator follows the failure of the
Company to resolve the technical issues experienced with its
website and difficulty in securing additional funding for the
company.  The company is located at:

         Property Mart Overseas Plc
         Hilden Park House
         79 Tonbridge Road
         Hildenborough
         United Kingdom
         Tel: 44/ 20 7090 7800


SCOTTISH RE: S&P Puts D Rating on US$125 Million Preferred Stock
----------------------------------------------------------------
Standard & Poor's Ratings Services revised its preferred stock
rating on Scottish Re Group Ltd.'s $125 million noncumulative
perpetual preferred stock issue to 'D' from 'CCC-'.  The rating
had been on CreditWatch with negative implications.

"The rating action reflects the company's discretionary decision
to not declare or pay dividends on the April 15, 2008, dividend
date because of its financial conditions," explained Standard &
Poor's credit analyst Robert A. Hafner.  The company does not
expect to declare or pay dividends on the July 2008 dividend
date and also cautioned that under the terms of the issue, it
might be precluded from declaring or paying dividends on the
Oct. 15, 2008, dividend date.


TRAC-X EUROPE: Moody’s Cuts Rating on US$500MM Notes to Ba1
-----------------------------------------------------------
Moody's Investors Service downgraded three classes of notes
issued by TRAC-X Europe Limited.

These downgrades are the result of negative credit migration in
the underlying pools of corporate reference credits.

The rating actions are:

TRAC-X Europe Limited:

         (1) Series 1 US$200,000,000 Fixed Rate Master Tranche
             Credit Linked Notes due 2009

             Current Rating: Baa3
             Prior Rating: Baa2, on review for downgrade

         (2) Series 1 US$700,000,000 Floating Rate Master
             Tranche Credit Linked Notes due 2009

             Current Rating: Baa3
             Prior Rating: Baa2, on review for downgrade

         (3) Series 1 US$500,000,000 Floating Rate Corporate
             Sector Tranche Notes due 2009

             Current Rating: Ba1
             Prior Rating: Baa3, on review for downgrade


TREES SA: Fitch Puts Rating on Series 87 Loan on Negative Watch
---------------------------------------------------------------
Fitch Ratings placed TREES S.A. Series 87 EUR150m Loan Facility
due September 2014, rated 'BB+', on Rating Watch Negative.  The
action reflects Fitch's view on the credit risk of the rated
notes following the release of its new Corporate CDO rating
criteria.

Key drivers of this transaction's credit risk include
deterioration in the portfolio's credit quality, with 12% of the
portfolio rated sub-investment grade.  There is also an increase
in portfolio migration risk, with 5% of the portfolio on RWN and
8% of the portfolio on Outlook Negative.  In addition, Fitch
notes the industry concentration of 31% in the three largest
sectors, made up of 14% in Telecommunications, 9% in
Supermarkets and Drugstores and 8% in Food, Beverage and
Tobacco.

Given Fitch's view of concentration and the current credit
quality of the portfolio, the 3% credit enhancement level is not
sufficient to justify the current rating of the notes.

Resolution of the RWN will incorporate any changes made to the
portfolio or the transaction along with additional portfolio
migration.  If there are no significant changes prior to the
resolution of the RWN, the notes will likely be downgraded to
the 'B' rating category.

The rating addresses the probability of the loan being repaid on
or prior to September 20, 2014 in accordance with its
documentation, if drawn, and the payment of interest according
to the documentation.  The rating is based on the credit quality
of the EUR5bn portfolio of mainly investment grade corporate
bonds and loans, the availability of EUR150m credit enhancement
provided by UBS AG and a shortfall facility that covers cash
shortfalls subject to certain conditions, both provided by UBS
AG.  In addition, the rating takes into account the credit
quality of UBS AG and the sound legal and financial structure of
the transaction. Portfolio assets can be substituted subject to
the lender approval.

If the loan is drawn, the lender will be exposed to the risk
that principal and interest on the loan advances is reduced once
the aggregate portfolio losses exceed the available credit
enhancement.  On the repayment date of the loan, TREES S.A. will
sell to UBS AG all performing assets at par plus accrued
interest, and any defaulted assets will be sold in the market.  
The proceeds will then be applied in accordance with a waterfall
where the lender is repaid on a pari passu basis with repo
counterparties and senior to the shortfall facility lender.

Fitch released its updated criteria on April 30, 2008 for
Corporate CDOs and, at that time, noted it would be reviewing
its ratings accordingly to establish consistency for existing
and new transactions.  As part of this review, Fitch makes
standard adjustments for any names on RWN or Outlook Negative,
reducing such ratings for default analysis purposes by two
notches and one notch, respectively. Fitch has noted its review
will be focused first on ratings most exposed to risks it has
highlighted in its updated criteria.  Committees are also
reviewing transactions that are least impacted by the new
criteria and/or portfolio migration.  Resolution of these Rating
Watches will depend on the plans managers/arrangers may choose
to execute and communicate to address these concerns.


TRIBUNE LIMITED: Moody’s Junks Ratings on Three Notes Series
------------------------------------------------------------
Moody's Investors Service downgraded five series of notes issued
by Herald Limited and one series of notes issued by Tribune
Limited, all related to the Logan CDO transaction.  These rating
actions are a response to credit deterioration in the underlying
portfolio.  The transaction references US ABS and ABS CDOs,
containing 20% RMBS and 17% ABS CDOs of the 2003 to 2007
vintages, with transactions of the 2006 vintage accounting for
32% of the pool and those of 2005 vintage representing 42% of
the portfolio.

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

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

The rating actions are:

Issuer: Herald Limited

    -- US$121,400,000 Series 25 Floating Rate Credit Linked
       Secured Notes

       Current Rating: Baa3, on review for downgrade
       Prior Rating: Aaa, on review for downgrade

    -- US$19,200,000 Series 26 Floating Rate Credit Linked
       Secured Notes

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

    -- US$17,200,000 Series 27 Floating Rate Credit Linked
       Secured Notes

       Current Rating: Caa1, on review for downgrade
       Prior Rating: Baa3, on review for downgrade

    -- US$21,200,000 Series 28 Floating Rate Credit Linked
       Secured Notes

       Current Rating: Caa3, on review for downgrade
       Prior Rating: B3, on review for downgrade

    -- US$15,000,000 Series 29 Floating Rate Credit Linked
       Secured Notes

       Current Rating: C
       Prior Rating: Caa3, on review for downgrade

Issuer: Tribune Limited

    -- US$10,136,000 Series 24 Logan CDO Linked Secured Notes

       Current Rating: Ca
       Prior Rating: Caa2, on review for downgrade


WESTEK LTD: Appoints Liquidator from Grant Thornton
---------------------------------------------------
Kevin John Hellard of Grant Thornton UK LLP was appointed
liquidator of on for the creditors' voluntary winding-up
procedure.

The liquidator can be reached at:

         Grant Thornton UK LLP
         4 Hardman Square
         Spinningfields
         Manchester
         M3 3EB
         England


* Fitch Says UK Credit Card Index Delinquency Up in March 2008
--------------------------------------------------------------
Fitch Ratings says in the latest issue of its UK Quarterly
Credit Card Index that although yield, monthly payment rate
(MPR) and excess spread increased, so too did delinquency and
charge-off levels.

"In March 2008, yield improved for each of the trusts included
in the index, while only Turquoise registered a fall in MPR from
its February value," says Heather Dyke, Senior Director in
Fitch's Consumer ABS team.  "Charge-offs and delinquencies,
however, increased for most of the trusts during the same
period, but on a more positive note, the excess spread index
also increased."

Fitch's UK Credit Card Yield Index (Fitch YI) increased to 20.5%
in Q108, from 19.1% in Q407.  Similarly, the Fitch Monthly
Payment Rate Index (Fitch MPRI) increased 70bp to 17.3%. The
Fitch Charge-Off Index (Fitch CI), however, also increased in
Q108, to 6.6%, its highest value for six months, while the Fitch
Delinquency Index (Fitch DI) increased 20bp from its Q407 value,
to 3.6%.  The Fitch Excess Spread Index (Fitch ESI) also
improved, rising to 6% in March 2008, from 5.3% in December
2007.

The report presents a set of indices tracking performance
parameters (yield, MPR, delinquencies, charge-offs and excess
spread) of UK credit card securitisations.  The report also
includes an overview of recent market developments and relevant
industry and economic data.

The report, entitled "Credit Cards Movers & Shaker (UK) - Q108
Performance", is available on the agency's public website,
http://www.fitchratings.com/


* Fitch Says UK Non-Conforming RMBS Still Has Sufficient Support
----------------------------------------------------------------
Fitch Ratings says most UK non-conforming residential mortgage-
backed securitisations (RMBS) still maintain sufficient support
to cover any near-term loss expectations, despite the recent
spate of reserve fund draws.  In a special report published on
May 16, 2008, Fitch says the draws are caused by multiple
factors and will need to be assessed on a case-by-case basis.  
Nevertheless, it notes that with additional draws expected this
support may be further diminished.

"The number of recent reserve fund draws has been a cause for
concern; however, in themselves a reserve fund draw is rarely a
driver of negative rating action.  It is important to understand
the cause of the draw and how that may play out in the future,"
said Andy Brewer, Senior Director in Fitch's Structured Finance
Performance Analytics team.

In the report, Fitch details the recent reserve fund draws seen
across a number of UK non-conforming RMBS transactions. Fitch
outlines in the report the key drivers behind the recent reserve
fund draws and the expectations for future reserve fund draws
from these transactions.  While a number of the recent draws has
been caused by transaction structural features, such as a lack
of a fixed-floating rate swap or a basis risk swap, there have
also been draws driven by interest-stripping mechanisms such as
detachable coupons and interest-stripping notes.

The report, entitled "Enough Kept in Reserve? UK Non-Conforming
Reserve Funds", is available on the agency's public website,
http://www.fitchratings.com/


* BOND PRICING: For the Week May 12 to May 16, 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      40.34
Republic of Austria       4.000    06/22/22     EUR      70.68
                          0.000    10/10/25     EUR      65.73
                          1.740    08/04/25     EUR      63.90

FINLAND
-------
Muni Finance Ltd          0.250    06/28/40     CAD      20.70
Muni Finance PLC          1.000    03/19/13     AUD      73.79
                          0.500    04/26/13     AUD      71.14
                          1.000    10/30/17     AUD      57.62
                          1.000    02/27/18     AUD      56.94
                          0.500    09/24/20     CDN      61.61
                          1.000    11/21/16     NZD      60.30

FRANCE
------
Alcatel S.A.              4.750    01/01/11     EUR      14.73
Altran Technologies S.A.  3.750    01/01/09     EUR      12.33
BNP Paribas               0.250    12/20/14     US$      74.71
Calyon                    6.000    06/18/47     EUR      45.43
CAP Gemini S.A.           2.500    01/01/10     EUR      54.12
                          1.000    01/01/12     EUR      49.15
Club Mediterranee S.A.    3.000    11/01/08     EUR      66.58
                          4.375    11/01/10     EUR      48.02
FCC Rome Alliance
Funding                   2.26     01/08/21     EUR      73.57
Groupe Vial               2.5      01/01/14     EUR      34.77

Havas S.A.                4.000    01/01/09     EUR      10.75
Infogrames
   Entertainment S.A.     1.500    04/01/09     EUR       0.54
Ingenico                  2.750    01/01/12     EUR      22.03
Maurel & Prom             3.500    01/01/10     EUR      21.35
Publicis Group            0.750    07/17/08     EUR      29.03
                          1.000    01/18/18     EUR      42.19
Rhodia S.A.               0.500    01/01/14     EUR      37.04
Scor S.A.                 4.125    01/01/10     EUR       2.10
Soc Air France            2.750    04/01/20     EUR      24.98
Soitec                    4.625    12/20/09     EUR       6.39
Theolia S.A.              2.000    01/01/14     EUR      24.65
Valeo                     2.38     01/01/11     EUR      43.67
Vivendi Univers           1.75     10/30/08     EUR      30.47
Wavecom S.A.              1.750    01/01/14     EUR      20.51
Wendel Invest S.A.        2.000    06/19/09     EUR      46.52

GERMANY
-------
Deutsche Schifbk          4.200    01/23/09     EUR      99.54
KfW Bankengruppe          0.500    10/30/13     AUD      69.01
                          0.500    12/19/17     EUR      67.75
                          5.000    05/23/20     EUR      75.29
                          1.250    07/07/20     EUR      75.27
                          1.250    07/29/20     EUR      75.36
                          5.000    07/21/25     EUR      68.74
                          5.000    09/01/25     EUR      74.26
                          5.000    08/10/30     EUR      68.35
Landeskreditbank Baden-
   Wuerttemberg Foerderbk 0.500    05/10/27     CDN      45.02
Landwirtschaftliche
   Rentenbank AG          1.000    03/29/17     NZD      58.84

GREECE
------
Hellenic Republic         0.990    07/07/24     EUR      66.41
                          0.630    04/40/25     EUR      67.12

ICELAND
-------
Kaupthing Bank            6.130    10/04/16     US$     101.13
                          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      49.35
                          0.250    07/08/33     CDN      28.34
Irish Nationwide
  Building Society        5.500    01/10/18     GBP      69.07
Irish Perm Plc            2.500    02/15/35     EUR      54.57
Magnolia Finance IV Plc   1.050    12/20/45     US$      16.72
Ono Finance II            8.000    05/16/14     EUR      73.54

ITALY
-----
Telecom Italia            5.250    03/17/55     EUR      71.84
Risanamento               1.000    04/17/69     EUR      38.59

LUXEMBOURG
----------
Del Monte Fin SA          6.630    05/24/06     EUR      45.04
Finmek International      7.000    12/03/04     EUR       6.49
IT Holding Fin            9.880    11/15/12     EUR      71.04
Nell AF S.A.              8.375    08/15/15     EUR      72.53
                          8.375    08/15/15     US$      72.66

NETHERLANDS
-----------
ABN Amo Bank B.V.         6.000    03/16/35     EUR      74.74
                          6.250    06/29/35     EUR      64.38
Air Berlin Finance B.V.   1.500    04/11/27     EUR      59.00
ALB Finance B.V.          7.880    02/01/12     EUR      74.71
APP International Finance 11.75    10/01/05     US$      16.00
BK Ned Gemeenten          0.500    06/27/18     CDN      68.82
                          0.500    02/24/25     CDN      49.40
BLT Finance BV            7.500    04/17/74     US$      73.78
Cirio Del Monte           7.750    03/14/05     EUR      36.78
EM.TV Finance B.V.        5.250    05/08/13     EUR       4.26
Hypo Real ES Finance      5.500    08/20/08     EUR      48.45
Indah Kiat Intl          11.880    06/15/02     US$      53.00
IVG Finance B.V.          1.750    03/29/17     EUR      65.04
Kazkommertsbank           8.500    06/13/17     US$      76.48
Lehman Bros TSY B.V.      2.000    02/16/15     EUR      72.92
                          2.000    03/18/15     EUR      71.21
                          4.169    02/16/17     EUR      67.77
                          6.000    02/15/35     EUR      43.78
                          2.000    03/16/35     EUR      48.51
                          7.000    05/17/35     EUR      53.75
                          3.050    09/22/14     EUR      80.25
                          7.250    10/05/35     EUR      43.78
                          6.000    11/02/35     EUR      52.75
Montell Finance B.V.      8.100    03/15/27     US$      68.47
Natl Invester Bank       25.982    05/07/29     EUR      31.63
Ned Waterschapbk          6.000    06/01/35     EUR      69.33
                          6.500    08/15/35     EUR      63.03
                          6.000    06/30/45     EUR      62.72
Rabobank Groep N.V.       6.000    02/22/35     EUR      64.34
                          5.000    02/28/35     EUR      60.87
                          7.000    03/23/35     EUR      60.42
                          6.000    05/09/35     EUR      68.20
                          0.440    04/08/20     EUR      71.47
Tjiwi Kimia Finance BV    13.25    08/01/01     US$       0.44

NORWAY
------
Kommunalbanken A.S.       0.500    02/07/13     AUD      71.99
Norske Skogindustrier ASA 7.000    06/26/17     EUR      65.31

SWEDEN
------
AB Svensk Export          0.500    03/27/13     AUD      72.33
Swedish Exp Cred          1.000    03/27/13     NZD      74.29
                          1.000    01/29/13     NZD      75.03

UNITED KINGDOM
--------------
Anglian Water
   Finance Plc            2.400     04/20/35    GBP      50.41
BAA Plc                   5.130     02/15/23    GBP      74.74
Bank of Scotland          6.000     02/07/35    EUR      51.36
Britannia Building
   Society                5.875     03/28/33    GBP      75.89
F&C Asset Management plc  6.750     12/20/26    GBP      73.39
Grainer Plc               3.630     05/17/14    GBP      72.78
HSBC Bank Plc             3.650     05/18/15    EUR      74.67
Ineos Group Holdings Plc  7.880     02/15/16    EUR      75.17  
                          7.880     02/15/16    EUR      75.24
Jaztel Plc                5.000     04/29/10    EUR      69.78
National Grid Gas Plc     1.754     10/17/36    GBP      41.29
                          1.771     03/30/37    GBP      41.28
Royal BK Scotland         9.500     04/04/25    US$      69.69
RSL Communications Ltd   10.125     03/01/08    US$       2.25
Wessex Water Fin          1.369     07/31/57    GBP      23.61

                            *********

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-
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Tovilla, Editors.

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

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Information contained herein is obtained from sources believed
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                 * * * End of Transmission * * *