TCREUR_Public/080526.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 26, 2008, Vol. 9, No. 103

                            Headlines


A U S T R I A

A. HAIDER: Claims Registration Period Ends June 10
SELEKON HANDEL: Claims Registration Period Ends June 16
TIB TECHNISCHER: Creditors' Meeting Slated for June 11
UMA ACTIVE: Claims Registration Period Ends June 25
WHEM-GASTRONOMIE: Claims Registration Period Ends June 6


E S T O N I A

YOGA INTELLIGENCE: Board Member Files Bankruptcy Petition


G E O R G I A

BANK OF GEORGIA: Fitch Rates Long-Term Currency IDRs at B+


G E R M A N Y

A & W GMBH: Claims Registration Ends June 12
AMERICAN APPAREL: LaSalle Bank Waives Covenant Violation in Deal
AMERICAN APPAREL: Appoints William T. Gochnauer as Interim CFO
AMERICAN APPAREL: Earns US$1.1 Million in First Quarter 2008
DONAU-WERKZEUGMASCHINEN GMBH: Claims Registration Ends June 12

ETI PROCESS-TECHNIQUE: Claims Registration Period Ends June 12
EZI GMBH: Creditors' Meeting Slated for June 13
FEDDERS CORP: Indoor Air-Quality Assets Sold to Tomkins for
FEDDERS CORP: Exclusive Plan Filing Period Moved to May 31
GATA-HOLDING GMBH: Claims Registration Period Ends June 12

GERMAN KEBAB: Claims Registration Period Ends June 12
HEKA GMBH: Claims Registration Period Ends June 10
KAMA HANDELS: Claims Registration Period Ends June 10
KLF VERMOEGENSVERWALTUNGS: Claims Registration Ends June 2
KRASNIQI BAU: Claims Registration Period Ends June 10

LANGENHAGEN HAUSBAU: Claims Registration Period Ends June 10
MGH HANDEL: Claims Registration Period Ends June 12
MTG DEUTSCHLAND: Claims Registration Period Ends June 12
MUECK GMBH: Claims Registration Period Ends June 3
PERCON PERSONALDIENSTLEISTUNG: Claims Period Ends June 12

SCHNEIDER IMMOBILIEN: Claims Registration Period Ends June 10
SCHWOZER SCHORNSTEINBAU: Claims Registration Period Ends June 10
SOLARPROJEKT GMBH: Claims Registration Period Ends June 10
SUNPOINT RHEIN: Claims Registration Ends June 11
VIKTORY MARKETING: Claims Registration Ends June 11

WEBESA WEDDINGER: Claims Registration Ends June 11


I R E L A N D

EIRLES FOUR: Moody's May Further Cut Junk Rating After Review
EIRLES TWO: Moody's Junks Ratings on Series 273 & 274 Notes
OMEGA CAPITAL: Moody's Cuts Ratings on Eight Note Classes


I T A L Y

ALITALIA SPA: European Commission Yet to Receive Loan Details
FIAT SPA: To Invest US$300 Million at Argentine Site


K A Z A K H S T A N

AGROSNABSERVICE-1 LLP: Creditors Must File Claims by June 27
AK NIET: Claims Deadline Slated for June 27
BAGDAR PLUS: Claims Filing Period Ends June 27
GAS OIL: Creditors' Claims Due on June 27
OTAN-2004 LLP: Claims Registration Ends June 27

POLUS-A LLP: Creditors Must File Claims by June 27
STROY-KONSTRUKTSIYA LLP: Claims Deadline Slated for July 1
STROYTRANS LLP: Claims Filing Period Ends June 27
TABYS-KARAGANDA LLP: Creditors' Claims Due on June 27
TALDY-ELEVATORY LLP: Claims Registration Ends June 27


K Y R G Y Z S T A N

UNIVERSAL STROY: Creditors Must File Claims by July 2


N E T H E R L A N D S

ARRAN CORPORATE: Moody's Lifts Ratings on 13 Note Classes


N O R W A Y

OCEAN RIG: Extraordinary General Meeting Scheduled for Friday
OCEAN RIG: S&P's Removes B Rating on CreditWatch Negative


R O M A N I A

ROMPETROL GROUP: S&P Keeps B+ Rating; Revised Outlook to Stable


R U S S I A

BUTURLINOVKA-AUTO-TRANS: Creditors Must File Claims by June 6
ENTERPRISE-2 SAS: Creditors Must File Claims by June 6
INTER-SPORT-SERVICE: Creditors Must File Claims by June 6
KAMAZ LLC: Creditors Must File Claims by June 26
MILK POKROVSKOE: Creditors Must File Claims by July 6

OIL-GAS-SERVICE: Creditors Must File Claims by July 6
PANINSKOE LLC: Creditors Must File Claims by June 6
PROSTOR CJSC: Creditors Must File Claims by July 6
ZIANCHURINSKOE REPAIR-TECHNICAL: Claims Filing Period Set June 6


S W I T Z E R L A N D

AGIA JSC: Creditors Must File Proofs of Claim by June 10
CEDOK REISEBUO: Proofs of Claim Filing Deadline Set May 31
CHECKUP DIVE: Creditors Must File Proofs of Claim by June 1
DIGICON JSC: Proofs of Claim Filing Deadline Set May 31
DORMELLO JSC: Zug Court Commences Bankruptcy Proceedings

DREHSCHEIBE LIESTAL: Creditors' Liquidation Claims Due by May 30
FUTURA DRIVE: Zug Court Initiates Bankruptcy Proceedings
KRAYINVESTBANK: Positive Developments Cue S&P to Lift Ratings
LUMO JSC: Creditors Must File Proofs of Claim by June 5


T U R K E Y

JORDAN MOBILE: Fitch Withdraws Long-Term Foreign Currency IDR


U K R A I N E

AGRICULTURAL TRADING: Creditors Must File Claims by May 27
ARGOS LLC: Creditors Must File Claims by May 27
ASTAT LLC: Creditors Must File Claims by May 27
IMPEKS LLC: Creditors Must File Claims by May 27
LAONOMA LLC: Creditors Must File Claims by May 27

RIK TRADE: Creditors Must File Claims by May 27
STIROL OJSC: Moody's Changes Outlook on B3 Ratings to Stable
STOLICA-GIS CJSC: Creditors Must File Claims by May 27
WESTRADE LLC: Creditors Must File Claims by May 27


U N I T E D   K I N G D O M

ALLITALIA PRODUCTION: Taps Joint Administrators from BDO Stoy
ALRON MOTOR: Brings In Liquidators from Vantis
ANGLO BLACKWELLS: Calls In Liquidators from KPMG
ASPEN TECHNOLOGY: Defers Financials Filing Due to Acctg. Errors
BRITISH AIRWAYS: BALPA Drops High Court Action over Treaty

BS CONSTRUCTION: Taps Joint Administrators from KPMG
CABLE & WIRELESS: Assets Review Cue S&P to Revise Rating Outlook
DEANEDAY LTD: Appoints Liquidator from Vantis
DEENLAND LTD: Taps Liquidator from Vantis
DIXON MOTOR: Hires Liquidators from BDO Stoy Hayward

EUROMASTR 2007-1V: Fitch Affirms Class E Notes Rating at BB
EUROSAIL 2006: Moody's Cuts Ratings on 19 Note Classes
HIGH FREQUENCY: Appoints Michael Young as Liquidator
INSIDEOUT LONDON: Joint Liquidators Take Over Operations
JP ENGINEERING: Brings In Liquidators from Grant Thornton

MK ONE: New Owner Sends Retailer into Administration
MOUNTING SYSTEMS: Hires Liquidators from Vantis
PEARSON DEVELOPMENTS: Brings in Ernst & Young as Administrators
R NEWCOMB: Taps Liquidators from Tenon Recovery
RANK GROUP: Tribunal Accepts GBP36.3-Mln Bingo-Tax Refund Claim

RESLOC UK 2007-1: Fitch Affirms Class F1b Notes Rating at B
SCOTTISH RE: Weak Financial Condition Cues S&P to Junk Rating
TEMPO CDO 1: Moody's Cuts Rating on Class D Notes to Ba2
WEST COUNTRY: Forced Into Administration by Main Creditor
UROPA SECURITIES: Fitch Affirms Classes B2a and D Ratings at BB

WHISTLEJACKET CAPITAL: UK Court Allows Restructuring to Proceed
XTIAN 2000: Nigel Hamilton-Smith Leads Liquidation Procedure


* BOND PRICING: For the Week May 19 to May 23, 2008


                            *********


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


A. HAIDER: Claims Registration Period Ends June 10
--------------------------------------------------
Creditors owed money by KEG A. Haider (FN 254808v) have until
June 10, 2008, to file written proofs of claim to court-
appointed estate administrator Michael Pfleger at:

          Mag. Michael Pfleger  
          Hauptplatz 1/2
          3300 Amstetten
          Austria
          Tel: 07472/61 303
          Fax: 07472/61 303-50
          E-mail: amstetten@lhup.at     

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:20 a.m. on July 1, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of St. Poelten
          Room 216
          Second Floor
          Old Building
          St. Poelten
          Austria

Headquartered in Viehdorf, Austria, the Debtor declared
bankruptcy on May 6, 2008 (Bankr. Case No. 14 S 68/08b).  


SELEKON HANDEL: Claims Registration Period Ends June 16
-------------------------------------------------------
Creditors owed money by  LLC SELEKON Handel (FN 293558d) have
until June 16, 2008, to file written proofs of claim to court-
appointed estate administrator Erwin Senoner at:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on June 30, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1609
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on May 5, 2008 (Bankr. Case No. 6 S 71/08w).  


TIB TECHNISCHER: Creditors' Meeting Slated for June 11
------------------------------------------------------
Creditors owed money by LLC Tib Technischer Industriebedarf
Erwin Weinberger (FN 078455a) are encouraged to attend the first
creditors' meeting at 12:45 p.m. on June 11, 2008.

The creditors' meeting will be held at:

          The Land Court of Leoben
          Hall IV
          First Floor
          Leoben
          Austria

The Court will also examine the claims at 12:15 p.m. on
July 16, 2008, at the same venue.

Creditors have until July 2, 2008, to file written proofs of
claim to court-appointed estate administrator Herbert Ortner at:

          Mag. Herbert Ortner
          Hauptplatz 57
          8570 Voitsberg
          Austria
          Tel: 03142-22303
          Fax: 03142-22303-6
          E-mail: ortner-stitz@i-one.at

Headquartered in Thalheim an der Mur, Austria, the Debtor
declared bankruptcy on May 5, 2008 (18 S 15/08v).


UMA ACTIVE: Claims Registration Period Ends June 25
---------------------------------------------------
Creditors owed money by LLC UMA Active House Production (FN
235529t) have until June 25, 2008, to file written proofs of
claim to court-appointed estate administrator Andrea Eisner  at:

          Mag. Andrea Eisner
          Weyrgasse 8/7
          1030 Vienna
          Austria
          Tel: 712 04 77
          Fax: 712 04 77 12
          E-mail: office@ra-eisner.at    

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

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1703
          17th Floor
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on May 5, 2008 (Bankr. Case No. 5 S 44/08t).  


WHEM-GASTRONOMIE: Claims Registration Period Ends June 6
--------------------------------------------------------
Creditors owed money by LLC WHEM-Gastronomie have until
June 6, 2008, to file written proofs of claim to court-appointed
estate administrator Wilfried Leys at:

          Dr. Wilfried Leys
          c/o Dr. Walter Lenfeld
          Malser Strasse 49 a
          6500 Landeck
          Austria
          Tel: 05442/63 0 29
          Fax: 05442/6302914
          E-mail: RA-LL@aon.at    

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on June 20, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Innsbruck
          Meeting Room N214
          Second Floor
          New Building
          Maximilianstrasse 4
          6020 Innsbruck
          Austria

Headquartered in Imst, Austria, the Debtor declared bankruptcy
on May 5, 2008 (Bankr. Case No. 9 S 10/08g).  Walter Lenfeld
represents Dr. Leys in the bankruptcy proceedings.


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


YOGA INTELLIGENCE: Board Member Files Bankruptcy Petition
---------------------------------------------------------
Board member Raivo Restik has filed a bankruptcy petition
against Yoga Intelligence AS due to shareholder's deficit and
refusal of owners to inject more capital, Toomas Hobemagi writes
for Baltic Business News.  

Yoga Intelligence, which employs seven people, is continuing its
operations while seeking potential investors in the U.S. to
raise EEK150 million in fresh funds, BBN relates.  

The company, which has incurred more than EEK1 million in tax
liabilities, had planned to open an office in Silicon Valley,
BBN adds.

Yoga's shareholders include Mr. Restik, Antti Juergens, Madis-
Marius Vahtre, Aimar Altosaar, David Richard Honey and Risto
Eelmaa, BBN discloses.

Headquartered in Tallinn, Estonia, Yoga Intelligence AS is a
developer of innovative office solutions.


=============
G E O R G I A
=============


BANK OF GEORGIA: Fitch Rates Long-Term Currency IDRs at B+
---------------------------------------------------------
Fitch Ratings has affirmed the ratings of Bank of Georgia at
Long-term foreign and local currency Issuer Default ratings
'B+', Short-term foreign and local currency IDRs 'B', Individual
'D', Support '4' and Support Rating Floor 'B+'.  The Outlooks
for the Long-term IDRs are Stable.

BoG's Long-term IDRs, Support rating and Support Rating Floor
reflect the support it may receive in case of need from the
Georgian authorities.  In Fitch's view, in light of BoG's large
market shares, the Georgian authorities would likely have a high
propensity to support the bank.  However, in light of the
ability of the authorities to provide support, reflected in the
sovereign Long-term IDR of 'BB-' with a Stable Outlook, there is
only a limited probability that support would be forthcoming.

The Individual rating reflects the bank's exceptionally fast
recent growth and unseasoned loan portfolio in what is still a
relatively high risk emerging market.  Management's acquisition
appetite, as well as growing non-core investments in real estate
and private equity, are also significant potential sources of
risk.  However, the Individual rating is supported by sound
performance, currently moderate loan impairment, a well
diversified funding base, high capital ratios and a strong
domestic franchise.

BoG is the largest bank in Georgia, with 34% of sector assets at
end of first quarter 2008.  A large majority of the bank's
shares are broadly held by portfolio investors.  In October
2007, BoG acquired a 99% stake in Universal Bank of Development
and Partnership, and in May 2008 announced that it had reached
an agreement to acquire a 70% stake in Belarusian Narodny Bank.  
UBDP and BNB are small banks in Ukraine and Belarus,
respectively.


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


A & W GMBH: Claims Registration Ends June 12
--------------------------------------------
Creditors of A & W GmbH have until June 12, 2008, to register
their claims with court-appointed insolvency manager Torsten
Gutmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 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 Hannover
         Hall 226
         Second Upper Floor
         Service Bldg.
         Hamburger Allee 26
         30161 Hannover
         Germany

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

The insolvency manager can be reached at:

         Torsten Gutmann
         Kriegerstrasse 44
         30161 Hannover
         Germany
         Tel: 0511 2206268-0
         Fax: 0511 2206268-9

The District Court of Hannover opened bankruptcy proceedings
against A & W GmbH on April 28, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         A & W GmbH
         Stadtrande 31
         31515 Wunstorf
         Germany


AMERICAN APPAREL: LaSalle Bank Waives Covenant Violation in Deal
----------------------------------------------------------------
American Apparel Inc. received a waiver from the LaSalle Bank
for its covenant violation under a revolving credit facility.

At March 31, 2008, American Apparel failed to meet certain
covenants under its credit facility with the bank and private
investment firm.  The bank debt covenant violations specifically
relate to:

  -- the capital expenditures and fixed charges covenants;

  -- covenants relating to late reporting of monthly financial
     statements for the quarter ended March 31, 2008;

  -- cash advances to subsidiaries greater than $2,000 in total;

  -- the asset purchase of a fabric dyeing and finishing plant
     without prior notice to the bank;

  -- the incurrence of a loan by the company's Japanese
     subsidiary of US$1,000; and

  -- another restriction prohibiting the company from incurring
     capital expenditures in excess of US$5,000 during the
     quarter.  

The company indicates that as a consequence of the debt covenant
violations, the company also violates the cross-default covenant
of its financing agreement with the private investment firm.  
The bank and the private investment firm have the right to
accelerate the repayment of the outstanding indebtedness under
the credit facilities upon violation of any debt covenant.

The company expects to be in violation of these debt covenants
in future periods.  

The company's latest 10-Q filing disclosed that during July
2007, the Company replaced its revolving credit facility of
US$62.5 million with a revolving credit facility of $75.0
million from LaSalle Bank.  The secured revolving credit
facility with LaSalle Bank of US$75 million matures on the
earlier of July 2012 or 30 days prior to the maturity of the
term loan with from private investment firm SOF Investments
(unless the term loan is refinanced on terms acceptable to
LaSalle Bank).  As of March 31, 2008, the company is also in
violation of the covenant under the US$51.0 million term loan
with SOF Investments.

                   About American Apparel Inc.

Headquartered in Los Angeles, California, American Apparel Inc.
(AMEX:APP) -- http://www.americanapparel.net/-- fka Endeavor
Acquisition Corp, is a manufacturer, distributor, and retailer
of branded fashion basic apparel.  As of May 15, 2008, American
Apparel employed more than 7,000 people and operated 187 retail
stores in 15 countries, including the United States, Canada,
Mexico, United Kingdom, Belgium, France, Germany, Italy, the
Netherlands, Sweden, Switzerland, Israel, Australia, Japan and
South Korea. American Apparel also operates a wholesale business
that supplies high quality T-shirts and other casual wear to
distributors and screen printers.

In addition to its retail stores and wholesale operations,
American Apparel operates an online retail e-commerce website at
http://store.americanapparel.net/


AMERICAN APPAREL: Appoints William T. Gochnauer as Interim CFO
--------------------------------------------------------------
American Apparel Inc. appointed William T. Gochnauer as interim
chief financial officer, effective immediately.

Prior to American Apparel, Mr. Gochnauer had been interim chief
financial officer at Red Envelope Inc., a catalog and online
retailer of upscale gifts, since 2006.  From 2005 to 2006,
Mr. Gochnauer had been a financial consultant at Excelligence
Learning Corporation, a manufacturer and distributor of early
childhood and learning products.

During 2005, he was also interim chief financial officer of RF
Industries Ltd., a manufacturer and distributor of electronic
components.  Mr. Gochnauer began his career in public accounting
at KPMG, is a Certified Public Accountant, and has held CFO and
controller positions at a number of public and private companies
over the course of a career that spans more than 35 years.

Ken Cieply, the company's outgoing chief financial officer, has
stepped down to pursue other opportunities.  He has agreed to
make himself available to assist in the transition.  Mr. Cieply
has over 20 years of experience in textile and apparel related
businesses, and was a key member of the executive team that led
Gildan Activewear's initial public offering in 1998.  Mr. Cieply
joined American Apparel in June 2006.

American Apparel also has employed Berglass + Associates, an
executive search firm with more than 25 years of experience and
a focus in the consumer goods sector, to help identify a
permanent chief financial officer.  In anticipation of Mr.
Cieply's departure, American Apparel has been interviewing
candidates for the CFO position for the past several months.  
The company expects to disclose the appointment of a permanent
CFO in the next three to six months.

"We're very pleased that [Mr.] Gochnauer is joining us to assist
in our transition in being a public company," Dov Charney,
American Apparel's CEO stated.  "[Mr. Gochnauer's] extensive
experience with SEC reporting and Sarbanes-Oxley compliance will
be an enormous help.  With him onboard, we will be able to more
quickly build out our accounting staff to support the company's
increased reporting responsibilities and the future growth of
our business."

"[Mr.] Cieply played an important role in getting American
Apparel to where it is today," Mr. Charney continued.  "His
impressive pedigree in apparel was a key reason I asked him two
years ago to come down to Los Angeles to help take our business
to the next level.  With American Apparel now having become a
public company, we wish [Mr.] well in his future endeavors as he
returns to his family and home in Montreal, Canada."

                   About American Apparel Inc.

Headquartered in Los Angeles, California, American Apparel Inc.
(AMEX:APP) -- http://www.americanapparel.net/-- fka Endeavor
Acquisition Corp, is a manufacturer, distributor, and retailer
of branded fashion basic apparel.  As of May 15, 2008, American
Apparel employed over 7,000 people and operated 187 retail
stores in 15 countries, including the United States, Canada,
Mexico, United Kingdom, Belgium, France, Germany, Italy, the
Netherlands, Sweden, Switzerland, Israel, Australia, Japan and
South Korea.  American Apparel also operates a wholesale
business that supplies high quality T-shirts and other casual
wear to distributors and screen printers.

In addition to its retail stores and wholesale operations,
American Apparel operates an online retail e-commerce website at
http://store.americanapparel.net/


AMERICAN APPAREL: Earns US$1.1 Million in First Quarter 2008
------------------------------------------------------------
American Apparel, Inc., reported financial results for the first
quarter of 2008.

Net sales for the first quarter, and for the comparable period
of the previous year, were:
       
                             Three months ended March 31,
                               (Dollars in Thousands)
                                2008              2007
                             (unaudited)      (unaudited)
                             -----------      -----------
U.S. Wholesale sales      US$37,435       US$29,392
U.S. Retail sales                 33,124          21,217
Canada sales                      12,163           7,140
International sales               28,912          15,754
                               ---------       ---------
Total net sales               US$111,634       US$73,503

Total retail sales across all segments increased 65% to US$63.1
million for the first quarter of 2008 as compared to US$38.3
million for the same period in 2007, with same-store sales for
stores open at least 12 months rising 36%.  Total wholesale
sales across all segments US$48.5 million for the first quarter
of 2008, as compared to US$35.2 million for the first quarter of
2007, an increase of 38%. American Apparel ended the quarter
with 186 stores, having added 4 net new stores in the period.

Gross margin in the quarter declined 280 basis points to 55.3%.
The main driver in this decrease was a decline in the U.S.
Wholesale gross margin to 20.6% from 38.4% in the first quarter
of 2007.  Gross margin for the U.S. Wholesale segment for the
full year of 2007 was 27.8%, and the company expects its gross
margin for this segment to be more in line with that level for
the remainder of 2008.  Gross profit in the first quarter of
2008 was impacted by approximately US$0.9 million in startup
costs at the company’s garment dyeing and finishing facility
purchased in December 2007, and US$0.5 million in extra costs
related to a three day production shutdown to accommodate the
cutover to a new ERP system.  The company also incurred
additional training and startup costs relating to increased
hiring to support an expansion in production capacity starting
in the first quarter.

Operating expenses increased 170 basis points to 51.4% of sales,
partly as a result of a shift in mix due to the growth of the
company’s retail operations.  Operating expenses in the first
quarter of 2008 were impacted by US$0.4 million related to
stock-based compensation payable to directors recognized in the
period, US$0.7 million in legal expenses incurred to defend
against a wrongful termination suit, and US$0.4 million in
additional costs related to the relocation of the company’s
Canadian headquarters and warehouse.  Retail store pre-opening
expenses were US$1.7 million in the first quarter of 2008 versus
US$1.1 million in the first quarter of 2007.

Net income for the first quarter was US$1.1 million versus
US$1.7 million in the same period a year ago, or US$0.02 per
diluted share versus US$0.03 per diluted share a year ago.

The company reaffirmed its financial guidance for the year.  The
company continues to expect diluted earnings per share in the
range of US$0.32 to US$0.36, before giving effect to a one-time
non-cash stock compensation expense resulting from the company’s
previously announced employee stock grant.  The company
currently has over 35 signed leases for retail stores in its
pipeline and believes it is still in a position to open 40-45
stores in calendar 2008 as originally planned.

Dov Charney, Chairman and Chief Executive Officer, stated: "The
first quarter of 2008 was a period of significant investment at
American Apparel. During a quarter which is traditionally the
slowest one for our business, we began a new phase of retail
expansion.  While significant capital outlays were made in the
first quarter, we will begin to see this investment pay off in
future quarters. During this period, we moved our Canadian
operations to a new facility. We ramped up the new garment dye
facility purchased last December.  Earlier [] we announced
another significant acquisition of production capacity from U.S.
Dyeing & Finishing.  In the first quarter, we successfully went
live on the first phase of our new ERP system, which should
provide for production efficiencies and a more streamlined
supply chain.  We have also hired a number of experienced
accounting professionals to bolster our internal staff, and have
begun working with Moss Adams LLP to bring our internal controls
in compliance with Sarbanes-Oxley.  With the groundwork having
been laid in the first quarter, we look forward to making 2008
another record year for American Apparel.”

                   About American Apparel Inc.

Headquartered in Los Angeles, California, American Apparel Inc.
(AMEX:APP) -- http://www.americanapparel.net/-- fka Endeavor
Acquisition Corp, is a manufacturer, distributor, and retailer
of branded fashion basic apparel.  As of May 15, 2008, American
Apparel employed more than 7,000 people and operated 187 retail
stores in 15 countries, including the United States, Canada,
Mexico, United Kingdom, Belgium, France, Germany, Italy, the
Netherlands, Sweden, Switzerland, Israel, Australia, Japan and
South Korea. American Apparel also operates a wholesale business
that supplies high quality T-shirts and other casual wear to
distributors and screen printers.

In addition to its retail stores and wholesale operations,
American Apparel operates an online retail e-commerce website at
http://store.americanapparel.net/


DONAU-WERKZEUGMASCHINEN GMBH: Claims Registration Ends June 12
--------------------------------------------------------------
Creditors of DONAU-Werkzeugmaschinen GmbH & Co. KG have until
June 12, 2008, to register their claims with court-appointed
insolvency manager Michael Wahl.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on June 26, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Ulm
         Hall 103
         Olgastr. 107
         89073 Ulm
         Germany

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

The insolvency manager can be reached at:

         Michael Wahl
         c/o PLUTA Rechtsanwalts GmbH
         Karlstr. 33
         89073 Ulm
         Germany
         Tel: 0731-96880-0
         Fax: 0731-96880-50
         E-mail: ulm@pluta.net   

The District Court of Ulm opened bankruptcy proceedings against
DONAU-Werkzeugmaschinen GmbH & Co. KG on May 1, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         DONAU-Werkzeugmaschinen GmbH & Co. KG
         Schwarze Gasse 17
         89584 Ehingen
         Germany

         Attn: Helmut Mayer, Manager
         Teinacher Str. 1
         72766 Reutlingen
         Germany


ETI PROCESS-TECHNIQUE: Claims Registration Period Ends June 12
--------------------------------------------------------------
Creditors of ETI process-technique international GmbH have until
June 12, 2008, to register their claims with court-appointed
insolvency manager Dr. Steffen Koch.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 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 Gifhorn
         Hall 118
         Am Schlossgarten 4
         38518 Gifhorn
         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. Steffen Koch
         C/o RAe. hww wienberg wilhelm
         Sophienstr. 1
         30159 Hannover
         Germany
         Tel: 0511/353991-0
         Fax: 0511/353991-10

The District Court of Gifhorn opened bankruptcy proceedings
against ETI process-technique international GmbH on
April 17, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         ETI process-technique international GmbH
         Peiner Str. 23
         31319 Sehnde
         Germany

         Attn: Klaus Nuerck, Manager
         Pariser Str. 21
         12623 Berlin
         Germany


EZI GMBH: Creditors' Meeting Slated for June 13
-----------------------------------------------
The court-appointed insolvency manager for EZI GmbH, Dr. Jan
Markus Plathner will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 9:00 a.m. on
June 13, 2008.

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

         The District Court of Wetzlar
         Meeting Hall 201
         Building B
         Second Floor
         Wetherstr. 1
         35578 Wetzlar
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 9:00 a.m. on July 23, 2008, at the same
venue.

Creditors have until June 12, 2008, to register their claims
with the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Dr. Jan Markus Plathner
         Lyoner Strasse 14
         60528 Frankfurt
         Germany
         Tel: 069/9623340
         Fax: 069/96233422
         E-mail: frankfurt@brinkmann-partner.de   

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

The Debtor can be reached at:

         EZI GmbH
         Kreuzgasse 42
         35708 Haiger
         Germany

         Attn: Armin Wagener and Adrian F. Gog, Managers
         Seifenborn 2
         35708 Haiger
         Germany


FEDDERS CORP: Indoor Air-Quality Assets Sold to Tomkins for
-----------------------------------------------------------
The Hon. Brendan L. Shannon of the U.S. Bankruptcy Court for
the District of Delaware authorized Fedders Corp. and its
debtor-affiliates to sell "Indoor Air-Quality Assets" and stock
to Tomkins Industries Inc., Tomkins Finance PLC, Air System
Components Investments China Limited and Ruskin Air Management
Limited.

Tomkins et al. agreed to purchase the Debtors' assets for
US$25 million.  Judge Shannon approved proposed bidding
procedures for the sale of assets of the Debtors on May 14,
2008.

The Debtors intended to divest these assets:

  a) Indoor Air-Quality Businesses of IAQ Debtors -- Fedders
     International Inc., Herrmidifier Company Inc., Trion  Inc.,
     Envirco Corporation -- and non-debtor Trion Limited
     and

  b) stock of Trion GmbH and Fedders Indoor Air Quality (Suzhou)
     Co., Ltd.

IAQ Debtors and Trion Limited entered into an asset purchase
agreement dated April 25, 2008, with Tomkins et al.

With approval of the Court, the Debtors can now proceed in
drafting a proposed Chapter 11 plan for the benefit of their
creditors, according to person with knowledge of the matter.  

                   About Fedders Corporation

Based in Liberty Corner, New Jersey, Fedders Corporation --
http://www.fedders.com/-- manufactures and markets air
treatment products, including air conditioners, air cleaners,
dehumidifiers, and humidifiers.

The company and several affiliates filed for Chapter 11
protection on Aug. 22, 2007, (Bankr. D. Del. Lead Case No. 07-
11182).  The law firm of Cole, Schotz, Meisel, Forman & Leonard
P.A.; and Norman L. Pernick, Esq., Irving E. Walker, Esq., and
Adam H. Isenberg, Esq., at Saul Ewing LLP, represent the Debtors
in their restructuring efforts.  The Debtors have selected Logan
& Company Inc. as claims and noticing agent.  The Official
Committee of Unsecured Creditors is represented by Brown Rudnick
Berlack Israels LLP.  When the Debtors filed for protection from
its creditors, it listed total assets of US$186,300,000 and
total debts of US$322,000,000.

The Debtors' non-North American subsidiaries, which include
operations in China, India, the Philippines, Germany, and the
United Kingdom, were not included in the filing.


FEDDERS CORP: Exclusive Plan Filing Period Moved to May 31
----------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware further
extended the exclusive periods of Fedders Corporation and its
debtor-affiliates to:

  a) file a Chapter 11 plan until May 31, 2008; and

  b) solicit acceptances of that plan until July 30, 2008.

The Debtors explained to the Court that another extension of the
exclusive plan-filing period will provide the Debtors with the
opportunity to complete the asset sale process and consummate
all of the closings contemplated by that process, and then,
develop, negotiate, and ultimately confirm a consensual plan.

                   About Fedders Corporation

Based in Liberty Corner, New Jersey, Fedders Corporation --
http://www.fedders.com/-- manufactures and markets air
treatment products, including air conditioners, air cleaners,
dehumidifiers, and humidifiers.

The company and several affiliates filed for Chapter 11
protection on Aug. 22, 2007, (Bankr. D. Del. Lead Case No. 07-
11182).  The law firm of Cole, Schotz, Meisel, Forman & Leonard
P.A.; and Norman L. Pernick, Esq., Irving E. Walker, Esq., and
Adam H. Isenberg, Esq., at Saul Ewing LLP, represent the Debtors
in their restructuring efforts.  The Debtors have selected Logan
& Company Inc. as claims and noticing agent.  The Official
Committee of Unsecured Creditors is represented by Brown Rudnick
Berlack Israels LLP.  When the Debtors filed for protection from
its creditors, it listed total assets of US$186,300,000 and
total debts of US$322,000,000.

The Debtors' non-North American subsidiaries, which include
operations in China, India, the Philippines, Germany, and the
United Kingdom, were not included in the filing.


GATA-HOLDING GMBH: Claims Registration Period Ends June 12
----------------------------------------------------------
Creditors of GATA-Holding GmbH have until June 12, 2008, to
register their claims with court-appointed insolvency manager
Christoph Wagner.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on June 26, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Ulm
         Hall 103
         Olgastr. 107
         89073 Ulm
         Germany  

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

The insolvency manager can be reached at:

         Christoph Wagner
         C/o PLUTA Rechtsanwaltsgesellschaft mbH
         Karlstr. 33
         89073 Ulm
         Germany
         Tel: 0731-968800
         Fax: 0731-968850

The District Court of Ulm opened bankruptcy proceedings against
GATA-Holding GmbH on April 28, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         GATA-Holding GmbH
         Schwarze Gasse 17
         89584 Ehingen
         Germany

         Attn: Helmut K. Mayer, Manager
         Teinacher Strasse 1
         72766 Reutlingen
         Germany


GERMAN KEBAB: Claims Registration Period Ends June 12
-----------------------------------------------------
Creditors of German Kebab GmbH have until June 12, 2008, to
register their claims with court-appointed insolvency manager
Bettina Schmudde.

Creditors and other interested parties are encouraged to attend
the meeting at 11:15 a.m. on July 10, 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 Dresden
         Hall D131
         Olbrichtplatz 1
         01099 Dresden
         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:

         Bettina Schmudde
         Koenigstrasse 1
         01097 Dresden
         Germany
         Web site: http://www.whitecaseinso.de/

The District Court of Dresden opened bankruptcy proceedings
against German Kebab GmbH on May 19, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         German Kebab GmbH
         Karlsruher Strasse 142
         01189 Dresden
         Germany

         Attn: Esra Akkalin, Manager
         Wittfeldstrasse 5
         13591 Berlin
         Germany


HEKA GMBH: Claims Registration Period Ends June 10
--------------------------------------------------
Creditors of HEKA GmbH have until June 10, 2008, to register
their claims with court-appointed insolvency manager Thomas
Leicht.

Creditors and other interested parties are encouraged to attend
the meeting at 8:00 a.m. on July 3, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

          The District Court of Stuttgart
          Hall 178
          First Floor
          Hauffstr. 5 (Am Neckartor)
          70190 Stuttgart
          Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

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

The District Court of Stuttgart opened bankruptcy proceedings
against HEKA GmbH on May 13, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

          HEKA GmbH
          Haberstr. 14
          71083 Herrenberg
          Germany


KAMA HANDELS: Claims Registration Period Ends June 10
-----------------------------------------------------
Creditors of Kama Handels GmbH have until June 10, 2008, to
register their claims with court-appointed insolvency manager
Christian Baier.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 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 Munich
          Meeting Hall 102
          Infanteriestr. 5
          80097 Munich
          Germany

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

The insolvency manager can be reached at:

          Christian Baier
          Heilmannstr. 8
          81479 Munich
          Germany

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

The Debtor can be reached at:

          Kama Handels GmbH
          Bundesstr. 7
          A-6114 Kolsass
          Germany


KLF VERMOEGENSVERWALTUNGS: Claims Registration Ends June 2
----------------------------------------------------------
Creditors of KLF Vermoegensverwaltungs-GmbH have until
June 2, 2008, to register their claims with court-appointed
insolvency manager Matthias Hahn.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on July 2, 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 Freiburg
          Hall I
          Holzmarkt 2
          79098 Freiburg i.Br.
          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:

          Matthias Hahn
          Engelbergerstr. 21
          79106 Freiburg
          Germany

The District Court of Freiburg opened bankruptcy proceedings
against KLF Vermoegensverwaltungs-GmbH on May 15, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          KLF Vermoegensverwaltungs-GmbH
          Gewerbestr. 7
          77966 Kappel-Grafenhausen
          Germany


KRASNIQI BAU: Claims Registration Period Ends June 10
-----------------------------------------------------
Creditors of Krasniqi Bau GmbH have until June 10, 2008, to
register their claims with court-appointed insolvency manager
Michael C. Frege.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on July 8, 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 Leipzig
          Hall 037
          Ground Floor
          Enforcement Court
          Bernhard Goering Strasse 64
          04275 Leipzig
          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. Michael C. Frege
          Augustusplatz 9
          04109 Leipzig
          Germany
          Tel: 0341/2167225
          Fax: 0341/2167232
          E-mail: insolvenz@cms-hs.com

The District Court of Leipzig opened bankruptcy proceedings
against Krasniqi Bau GmbH on May 2, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

          Krasniqi Bau GmbH
          Attn: Vahit Krasniqi, Manager
          Koernerstrasse 68
          04107 Leipzig
          Germany


LANGENHAGEN HAUSBAU: Claims Registration Period Ends June 10
------------------------------------------------------------
Creditors of Langenhagen Hausbau GmbH have until June 10, 2008,
to register their claims with court-appointed insolvency manager
Knut Thomas Hofheinz.

Creditors and other interested parties are encouraged to attend
the meeting at 10:40 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 Hannover
          Hall 226
          Second Floor
          Service Bldg.
          Hamburger Allee 26
          30161 Hannover
          Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

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

The District Court of Hannover opened bankruptcy proceedings
against Langenhagen Hausbau GmbH on May 7, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

          Langenhagen Hausbau GmbH
          Kastanienallee 6
          30851 Langenhagen
          Germany


MGH HANDEL: Claims Registration Period Ends June 12
---------------------------------------------------
Creditors of MGH Handel & Dienstleistungen GmbH have until
June 12, 2008, to register their claims with court-appointed
insolvency manager Markus Wehler.

Creditors and other interested parties are encouraged to attend
the meeting at 9:25 a.m. on July 4, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bonn
         Hall W 1.26
         William-Strasse 23
         53111 Bonn
         Germany

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

The insolvency manager can be reached at:

         Markus Wehler
         Wilhelmstr. 40-42
         53111 Bonn
         Germany

The District Court of Bonn opened bankruptcy proceedings against
MGH Handel & Dienstleistungen GmbH on May 14, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         MGH Handel & Dienstleistungen GmbH
         Am Krummegraben 5
         53343 Wachtberg
         Germany


MTG DEUTSCHLAND: Claims Registration Period Ends June 12
--------------------------------------------------------
Creditors of MTG Deutschland GmbH have until June 12, 2008, to
register their claims with court-appointed insolvency manager
Thomas Krueger.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on July 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 Offenbach am Main
         Hall 166N
         First Floor
         Kaiserstrasse 16-18
         63065 Offenbach am Main
         Germany

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

The insolvency manager can be reached at:

         Thomas Krueger
         Ludwig-Landmann-Strasse 349
         60487 Frankfurt am Main
         Germany
         Tel: 069/71679980
         Fax: 069/716799888

The District Court of Offenbach am Main opened bankruptcy
proceedings against MTG Deutschland GmbH on April 24, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         MTG Deutschland GmbH
         Stehnweg 2
         63500 Seligenstadt
         Germany

         Attn: Hilger Gross, Manager
         Steinerstrasse 26
         63500 Seligenstadt
         Germany


MUECK GMBH: Claims Registration Period Ends June 3
--------------------------------------------------
Creditors of Mueck GmbH have until June 3, 2008, to register
their claims with court-appointed insolvency manager Stephan
Haspel.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 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 Landau in der Pfalz
          Hall 223
          Ground Floor
          Marienring 13
          76829 Landau in der Pfalz
          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:

          Stephan Haspel
          Xylanderstr. 3
          76829 Landau in der Pfalz
          Germany
          Tel: 06341-51020
          Fax: 06341-510229

The District Court of Landau in der Pfalz opened bankruptcy
proceedings against Mueck GmbH on May 20, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

          Mueck GmbH
          Max von Laue Str. 2 a
          76829 Landau
          Germany


PERCON PERSONALDIENSTLEISTUNG: Claims Period Ends June 12
---------------------------------------------------------
Creditors of PerCon Personaldienstleistung und Consulting GmbH
have until June 12, 2008, to register their claims with court-
appointed insolvency manager Axel Schwentker.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on July 14, 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 Duisburg
         Hall C407
         Kardinal-Galen-Strasse 124-132
         47058 Duisburg
         Germany

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

The insolvency manager can be reached at:

         Axel Schwentker
         Lindnerstrasse 165
         46149 Oberhausen
         Germany

The District Court of Duisburg opened bankruptcy proceedings
against PerCon Personaldienstleistung und Consulting GmbH on
April 30, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         PerCon Personaldienstleistung und
         Consulting GmbH
         Graf-Zeppelin-Str. 3
         46149 Oberhausen
         Germany

         Attn: Volker David, Manager
         Winkelstr. 30
         46117 Oberhausen
         Germany


SCHNEIDER IMMOBILIEN: Claims Registration Period Ends June 10
-------------------------------------------------------------
Creditors of Schneider Immobilien GmbH have until June 10, 2008,
to register their claims with court-appointed insolvency manager
Michael M. Bauer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Landau in der Pfalz
         Hall 223
         Marienring 13
         76829 Landau in der Pfalz
         Germany

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

The insolvency manager can be reached at:

         Michael M. Bauer
         Theodor-Heuss-Anlage 12
         68165 Mannheim
         Germany
         Tel: 0621/422900

The District Court of Landau in der Pfalz opened bankruptcy
proceedings against Schneider Immobilien GmbH on May 20, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

        Schneider Immobilien GmbH
        Fischerstr. 17
        76776 Neuburg
        Germany


SCHWOZER SCHORNSTEINBAU: Claims Registration Period Ends June 10
----------------------------------------------------------------
Creditors of Schwozer Schornsteinbau GmbH have until
June 10, 2008, to register their claims with court-appointed
insolvency manager Dr. Stephan Thiemann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 Leipzig
         Hall 056
         Ground Floor
         Enforcement Court
         Bernhard Goering Strasse 64
         04275 Leipzig
         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. Stephan Thiemann
         Schorlemmerstrasse 2
         04155 Leipzig
         Germany
         Tel: 0341/4903650
         Fax: 0341/4903699
         E-mail: leipzig@pluta.net  

The District Court of Leipzig opened bankruptcy proceedings
against Schwozer Schornsteinbau GmbH on May 7, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Schwozer Schornsteinbau GmbH
         Fuerther Strasse 11a
         04207 Leipzig
         Germany


SOLARPROJEKT GMBH: Claims Registration Period Ends June 10
----------------------------------------------------------
Creditors of Solarprojekt GmbH have until June 10, 2008, to
register their claims with court-appointed insolvency manager
Harry Kressl.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on July 7, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court Heilbronn
         Hall 4
         Ground Floor
         Rollwagstr. 10a
         74072 Heilbronn
         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:

         Harry Kressl
         Uhlandstrasse 57-61
         74072 Heilbronn
         Germany
         Tel: 07131/96540
         Fax: 07131/965432

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

The Debtor can be reached at:

         Solarprojekt GmbH
         Gelbinger Gasse 75
         74523 Schwabisch Hall
         Germany


SUNPOINT RHEIN: Claims Registration Ends June 11
------------------------------------------------
Creditors of SUNPOINT Rhein-Ruhr GmbH have until June 11, 2008,
to register their claims with court-appointed insolvency manager
Moritz Hansberg.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on July 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 Bochum
         Hall A 29
         Ground Floor
         Main Building
         Viktoriastr. 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:

         Moritz Hansberg
         Huestrasse 34
         44787 Bochum
         Germany

The District Court of Bochum opened bankruptcy proceedings
against SUNPOINT Rhein-Ruhr GmbH on May 1, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         SUNPOINT Rhein-Ruhr GmbH
         Bessemer Str. 108
         44793 Bochum
         Germany


VIKTORY MARKETING: Claims Registration Ends June 11
---------------------------------------------------
Creditors of Viktory Marketing und Neuheiten Vertriebs GmbH have
until June 11, 2008, to register their claims with court-
appointed insolvency manager Norbert Schrader.

Creditors and other interested parties are encouraged to attend
the meeting at 10:10 a.m. on July 31, 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 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 Schrader
         Viehhofstr. 117
         42117 Wuppertal
         Germany
         Tel: 0202-430980
         Fax: 0202-4309843

The District Court of Wuppertal opened bankruptcy proceedings
against Viktory Marketing und Neuheiten Vertriebs GmbH on
May 5, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Viktory Marketing und Neuheiten Vertriebs GmbH
         Attn: Heinz-Dieter Kastilan, Manager
         Ellenbeek 19
         42489 Wuelfrath
         Germany


WEBESA WEDDINGER: Claims Registration Ends June 11
--------------------------------------------------
Creditors of WeBeSa Weddinger Bausanierung GmbH have until
June 11, 2008, to register their claims with court-appointed
insolvency manager Udo Feser.

Creditors and other interested parties are encouraged to attend
the meeting at 10:20 a.m. on July 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 Charlottenburg
         Hall 218
         Second Floor
         Amtsgerichtsplatz 1
         14057 Berlin
         Germany

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

The insolvency manager can be reached at:

         Udo Feser
         Uhlandstr. 165/166
         10719 Berlin
         Germany

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

The Debtor can be reached at:

         WeBeSa Weddinger Bausanierung GmbH
         Hochstadter Str. 19
         13347 Berlin
         Germany


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


EIRLES FOUR: Moody's May Further Cut Junk Rating After Review
-------------------------------------------------------------
Moody's Investors Service downgraded and left on review for
further downgrade two series of notes issued by Eirles Four
Limited, a special purpose vehicle incorporated in Ireland.

These rating actions are a response to severe credit
deterioration in the underlying portfolio.  The transaction is a
managed synthetic CDO of ABS, containing roughly 33.77% ABS CDOs
and 13.8% sub-prime RMBS of the 2004, 2005, and 2006 vintages.
Many of the assets in the portfolio have been downgraded, placed
on review for downgrade, or both since October 2007.  One of the
portfolio (U.S. ABS CDOs) is currently rated Ca.

Moody's announced Feb. 4, 2008, that it is revising its expected
loss assumptions which are used for surveillance of ratings of
ABS CDOs holding subprime RMBS, specifically of the 2006
vintage.  Moody's stated that for purposes of monitoring its
ratings of ABS CDOs with exposure to 2006 subprime RMBS, it will
rely on certain projections of the lifetime average cumulative
losses for 2006's quarterly vintages of RMBS set forth in a
recent Moody's Special Report, "Moody's Updates Loss Projections
for 2006 Subprime Loans."  This report illustrates average loss
results for the 2006 quarterly vintages under five distinct loss
projection scenarios.  Moody's explained that it will utilize
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 U.S.
subprime RMBS, and will take further actions in respect of all
CDOs placed under review for downgrade once the extent of actual
downgrades to U.S. RMBS vintages becomes known.

These rating actions are:

   (1) Eirles Four Limited Series 61 US$9,600,000 Variable Rate
       Secured Notes due 2015

    -- Current Rating: Ba3, on review for downgrade
    -- Prior Rating: Aa1

   (2) Eirles Four Limited Series 62 US$70,400,000 Variable Rate
       Secured Notes due 2015

    -- Current Rating: Caa2, on review for downgrade
    -- Prior Rating: A2


EIRLES TWO: Moody's Junks Ratings on Series 273 & 274 Notes
-----------------------------------------------------------
Moody's Investors Service has downgraded and left on review for
downgrade two classes of notes issued by Eirles Two Limited --
Series 273 and 274.

These rating actions are a response to severe credit
deterioration in the underlying portfolio.  The transaction is a
static CDO referencing a portfolio of RMBS, mainly of the 2005
vintage (93%) and 2006 vintage (5%).  Of the entire portfolio,
9% of the assets is currently rated Ca or below.

Moody's announced Feb. 4, 2008 that it is revising its expected
loss assumptions which are used for surveillance of ratings of
ABS CDOs holding subprime RMBS, specifically of the 2006
vintage.  Moody's stated that for purposes of monitoring its
ratings of ABS CDOs with exposure to 2006 subprime RMBS, it will
rely on certain projections of the lifetime average cumulative
losses for 2006's quarterly vintages of RMBS set forth in a
recent Moody's Special Report, "Moody's Updates Loss Projections
for 2006 Subprime Loans."  

This report illustrates average loss results for the 2006
quarterly vintages under five distinct loss projection
scenarios.  Moody's explained that it will utilise the range of
loss projections set forth in Scenarios 2 and 3 based on deal
performance and quarterly vintage to modify its prior
assumptions of the expected loss inputs when monitoring ABS CDO
ratings.

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

These rating actions are:

Eirles Two Limited:

  (1) Series 273 US$55,000,000 Floating Rate Portfolio Credit   
      Linked Secured Notes due 2038

   -- Current Rating: Caa2, on review for downgrade
   -- Prior Rating: Ba2, on review for downgrade

  (2) Series 274 US$25,000,000 Floating Rate Portfolio Credit
      Linked Secured Notes due 2038

   -- Current Rating: Caa3, on review for downgrade
   -- Prior Rating: B1, on review for downgrade


OMEGA CAPITAL: Moody's Cuts Ratings on Eight Note Classes
---------------------------------------------------------
Moody's Investors Service has downgraded and left on review for
further downgrade eight classes of notes issued by Omega Capital
Europe Plc.

The reference portfolio of this CDO transaction contains a
significant proportion of US subprime RMBS bonds, particularly
of the 2006 and 2007 vintages.

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

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

These rating actions are:

Omega Capital Europe Plc Series 41 (Sycamore):

  (1) EUR44,100,000 Class A Notes due 2047

   -- Current Rating: Ba2, on review for downgrade
   -- Prior Rating: Aa3, on review for downgrade

  (2) US$20,000,000 Class A-Bis Notes due 2047

   -- Current Rating: Ba2, on review for downgrade
   -- Prior Rating: Aa3, on review for downgrade

  (3) JPY2,000,000,000 Class A-J Notes due 2047

   -- Current Rating: Ba2, on review for downgrade
   -- Prior Rating: Aa3, on review for downgrade

  (4) EUR10,500,000 Class B Notes due 2047

   -- Current Rating: Caa1, on review for downgrade
   -- Prior Rating: B2, on review for downgrade

  (5) US$5,000,000 Class B-U Notes due 2047

   -- Current Rating: Caa1, on review for downgrade
   -- Prior Rating: B2, on review for downgrade

  (6) EUR2,000,000 Class B-Fixed Notes due 2047

   -- Current Rating: Caa1, on review for downgrade
   -- Prior Rating: B2, on review for downgrade

  (7) JPY1,000,000,000 Class B-J Notes due 2047

   -- Current Rating: Caa1, on review for downgrade
   -- Prior Rating: B2, on review for downgrade

  (8) EUR20,000,000 Class C Notes due 2047

   -- Current Rating: B1, on review for downgrade
   -- Prior Rating: Baa3, on review for downgrade


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


ALITALIA SPA: European Commission Yet to Receive Loan Details
-------------------------------------------------------------
The European Commission has yet to receive details of the
EUR300-million financing provided by the Italian government to
Alitalia S.p.A., Thomson Financial News reports.

As previously reported in the Troubled Company Reporter-Europe,
the Commission has given Italy until May 30, 2008, to prove that
the loan was offered to Alitalia on commercial terms.

The European Commission is reviewing the loan for possible
violation of the European Union rule on state aid.  European
Union Transport Commissioner Jacques Barrot said Alitalia's weak
coffers have raised doubts on the legality of the loan.

As reported in the TCR-Europe on May 23, 2008, the Italian
government decided to convert its EUR300 million loan to equity
in order to gain approval from Alitalia's Board of Auditors.

Italian Economic Minister Giulio Tremonti, the decision is "a
temporary measure to prevent the Board of auditors from raising
objections.

Mr. Tremonti assured Italy will provide details of the measure
to the European Commission.

                         About Alitalia

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

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


FIAT SPA: To Invest US$300 Million at Argentine Site
----------------------------------------------------
Fiat S.p.A. will invest US$300 million to expand production at
its Ferreyra plant at Cordoba, Argentina, Bill Faries writes for
Bloomberg News, citing a El Cronista report.

According to Cordoba Secretary of Industry Cesar Martinelli, El
Cronista relates, Fiat will invest US$200 million to boost
gearbox production for export and US$100 million to expand its
vehicle assembly.

Mr. Martinelli added to El Cronista that Fiat's investment will
help create up to 600 direct and 1,800 indirect jobs.

                        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.

                          *     *     *

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.  Ratings apply to date.

The company also carries Standard & Poor's Ratings Services' BB
long-term corporate credit rating.  The company also carries B
short-term rating.  S&P said the outlook is stable.


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


AGROSNABSERVICE-1 LLP: Creditors Must File Claims by June 27
------------------------------------------------------------  
The Specialized Inter-Regional Economic Court of South
Kazakhstan has declared LLP Agrosnabservice-1 insolvent.

Creditors have until June 27, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan
         Tokaev Str. 17
         Shymkent
         South Kazakhstan
         Kazakhstan


AK NIET: Claims Deadline Slated for June 27
-------------------------------------------  
The Specialized Inter-Regional Economic Court of South
Kazakhstan has declared LLP Ak Niet insolvent.

Creditors have until June 27, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan
         Tokaev Str. 17
         Shymkent
         South Kazakhstan
         Kazakhstan


BAGDAR PLUS: Claims Filing Period Ends June 27
----------------------------------------------  
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Bagdar Plus insolvent.

Creditors have until June 27, 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


GAS OIL: Creditors' Claims Due on June 27
-----------------------------------------  
The Specialized Inter-Regional Economic Court of Astana has
declared LLP Gas Oil insolvent.

Creditors have until June 27, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Astana
         Respublika ave. 40-1
         Astana
         Kazakhstan
         Tel: 8 (7172) 21-72-84


OTAN-2004 LLP: Claims Registration Ends June 27
-----------------------------------------------  
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Otan-2004 insolvent on March 4, 2008.

Creditors have until June 27, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Pavlodar
         Parkovaya Str. 17
         Pavlodar
         Kazakhstan
         Tel: 8 (7182) 34-70-34


POLUS-A LLP: Creditors Must File Claims by June 27
--------------------------------------------------  
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Polus-A insolvent on March 4, 2008.

Creditors have until June 27, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Pavlodar
         Parkovaya Str. 17
         Pavlodar
         Kazakhstan
         Tel: 8 (7182) 34-70-34


STROY-KONSTRUKTSIYA LLP: Claims Deadline Slated for July 1
----------------------------------------------------------  
LLP Stroy-Konstruktsiya has declared insolvency.  Creditors have
until July 1, 2008, to submit written proofs of claims to:

         LLP Stroy-Konstruktsiya
         Kurmangaliev Str. 17
         Almaty
         Kazakhstan


STROYTRANS LLP: Claims Filing Period Ends June 27
-------------------------------------------------  
The Specialized Inter-Regional Economic Court of Astana has
declared LLP Stroytrans insolvent.

Creditors have until June 27, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Astana
         Respublika ave. 40-1
         Astana
         Kazakhstan
         Tel: 8 (7172) 21-72-84


TABYS-KARAGANDA LLP: Creditors' Claims Due on June 27
-----------------------------------------------------  
The Specialized Inter-Regional Economic Court of Karaganda has
declared LLP Tabys-Karaganda insolvent.

Creditors have until June 27, 2008, to submit written proofs of
claims to:

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


TALDY-ELEVATORY LLP: Claims Registration Ends June 27
-----------------------------------------------------  
The Specialized Inter-Regional Economic Court of Karaganda has
declared LLP Taldy-Elevatory insolvent.

Creditors have until June 27, 2008, to submit written proofs of
claims to:

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


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


UNIVERSAL STROY: Creditors Must File Claims by July 2
-----------------------------------------------------
LLC Construction Company Universal Stroy Company has declared  
insolvency.  Creditors have until July 2, 2008, to submit
written proofs of claim to:

         LLC Universal Stroy Company
         Lenin Str. 216
         Novopokrovka
         Chui
         Kyrgyzstan


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


ARRAN CORPORATE: Moody's Lifts Ratings on 13 Note Classes
---------------------------------------------------------
Moody's Investors Service has upgraded thirteen classes of notes
issued by Arran Corporate Loans No.1 B.V.

Arran Corporate Loans No.1 B.V. is a balance sheet CDO
referencing a pool of UK SME loans.  At closing, the portfolio
balance was GBP3,500,000,000 and has amortized to
GBP2,105,310,000 since the end of the replenishment period in
June 2007.  These ratings actions are the result of the
deleveraging of the structure arising from the amortization of
the underlying pool.

These rating actions are:

Arran Corporate Loans No.1 B.V:

  (1) GBP90,500,000 Class B1 Secured Floating Rate Notes due
      2025

   -- Current Rating: Aaa
   -- Prior Rating: Aa2, on review for upgrade

  (2) EUR110,000,000 Class B2 Secured Floating Rate Notes due
      2025

   -- Current Rating: Aaa
   -- Prior Rating: Aa2, on review for upgrade

  (3) US$73,000,000 Class B3 Secured Floating Rate Notes due
      2025

   -- Current Rating: Aaa
   -- Prior Rating: Aa2, on review for upgrade

  (4) GBP26,250,000 Class C1 Secured Floating Rate Notes due
      2025

   -- Current Rating: Aa1
   -- Prior Rating: A2, on review for upgrade

  (5) EUR38,000,000 Class C2 Secured Floating Rate Notes due
      2025

   -- Current Rating: Aa1
   -- Prior Rating: A2, on review for upgrade

  (6) GBP42,500,000 Class D1 Secured Floating Rate Notes due
      2025

   -- Current Rating: A1
   -- Prior Rating: Baa2, on review for upgrade

  (7) EUR50,000,000 Class D2 Secured Floating Rate Notes due
      2025

   -- Current Rating: A1
   -- Prior Rating: Baa2, on review for upgrade

  (8) GBP39,250,000 Class E1 Secured Floating Rate Notes due
      2025

   -- Current Rating: Baa2
   -- Prior Rating: Ba2, on review for upgrade

  (9) EUR38,000,000 Class E2 Secured Floating Rate Notes due
      2025

   -- Current Rating: Baa2
   -- Prior Rating: Ba2, on review for upgrade

(10) US$28,000,000 Class E3 Secured Floating Rate Notes due
      2025

   -- Current Rating: Baa2
   -- Prior Rating: Ba2, on review for upgrade

(11) GBP70,500,000 Class F1 Secured Floating Rate Notes due
      2025

   -- Current Rating: Ba2
   -- Prior Rating: B2, on review for upgrade

(12) EUR10,000,000 Class F2 Secured Floating Rate Notes due
      2025

   -- Current Rating: Ba2
   -- Prior Rating: B2, on review for upgrade

(13) US$5,000,000 Class F3 Secured Floating Rate Notes due 2025

   -- Current Rating: Ba2
   -- Prior Rating: B2, on review for upgrade


===========
N O R W A Y
===========


OCEAN RIG: Extraordinary General Meeting Scheduled for Friday
-------------------------------------------------------------
Ocean Rig Norway AS will hold an Extraordinary General Meeting
on Friday, May 30, 2008, at 11:00 a.m. (CET).

The meeting will be at Ocean Rig’s offices in Vestre Svanholmen
6, in Sandnes, Norway.

Ocean Rig Norway AS -- http://www.ocean-rig.com/-- owns and    
operates two drilling rigs, built for ultra deep waters and
extreme weather conditions.  The units are currently operating
in the US Gulf of Mexico and in the North Sea.


OCEAN RIG: S&P's Removes B Rating on CreditWatch Negative
---------------------------------------------------------
Standard & Poor's Ratings Services has removed its 'B' long-term
corporate credit rating on Norway-based contract driller Ocean
Rig Norway A.S. from CreditWatch, where it was placed with
positive implications on April 23, 2008.  At the same time the
rating was affirmed.  The outlook is developing.

The rating was originally placed on CreditWatch after Greece-
based Dry Ships Inc. (not rated) began to increase its stake in
the company.  The CreditWatch placement was based on our
expectation that Ocean Rig might be integrated into Dry Ships,
creating a larger and more diversified shipping operation.

"The removal from CreditWatch and the developing outlook reflect
uncertainty created by a recent announcement that Dry Ship
intends to spin off Ocean Rig as a separate company," said
Standard & Poor's credit analyst Per Karlsson.

"Dry Ships already controls 75.5% of the shares in Ocean Rig and
we understand that a further increase in ownership is sought
through a mandatory offer," Mr. Karlsson added.

Dry Ships' CEO and main shareholder George Economou recently
announced plans to spin off Ocean Rig and list it in the U.S.
Even though we expect Ocean Rig's management to remain in
position, this creates uncertainty about future ownership,
strategy, and financial policy that ultimately could lead to
a one-notch downgrade.

Conversely, Dry Ships has two drill-ships under construction.
These may be included in the new group, creating some upside
potential for the rating, providing the entity does not become
too highly leveraged.

Standard & Poor's expects Ocean Rig's EBITDA to more than double
in 2008 compared with the US$90 million achieved in 2007 on the
back of higher day rates and greater earnings efficiency.  Based
on current debt levels, S&P expects funds from operations to
debt to improve to about 10%-15% for the full year from only 5%
in 2007 and medium-term free cash flows to be strong.  Ocean
Rig's adjusted debt stood at US$755 million on March 31, 2008.


=============
R O M A N I A
=============


ROMPETROL GROUP: S&P Keeps B+ Rating; Revised Outlook to Stable
---------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Romania-based oil refiner and marketer The Rompetrol Group N.V.  
to stable from positive.  The 'B+' long-term corporate credit
ratings on the company were affirmed.

In addition, S&P revised the assessment of TRG's stand-alone
credit quality to 'CCC+' from 'B-', and now factor in three
notches for ownership support compared with two previously.  
This reflects clear evidence of direct financial support from
Kazakhstan-based JSC NC KazMunayGas (KMG, BBB-/Negative/--),
which acquired a 75% stake in TRG in 2007.

"The outlook revision reflects weak cash flow generation in
2007, and TRG's vulnerable liquidity position," said Standard &
Poor's credit analyst Per Karlsson.

"These negative factors are mitigated by evidence of direct
financial support from parents KMG and Rompetrol Holding in the
form of an unsecured US$200 million subordinated shareholder
loan extended earlier this year," Mr. Karlsson added.

In 2007, TRG generated funds from operations of US$14 million,
reflecting the burden of increasing interest payments. Increased
oil prices pressured working capital (US$275 million), while
capital spending (including spending due to environmental
upgrades) was a high US$175 million.  This resulted in major
negative free operating cash flow.  TRG's financial debt rose by
US$503 million in the course of the year to US$1.86 billion
(including a convertible bond).
At year-end 2007, TRG reported extremely high short-term debt of
US$879.9 million. Although most of this represents secured
working capital facilities, it makes the company's liquidity
position vulnerable. A key mitigating factor in this respect
will be the degree of further shareholder loans.

On a stand-alone basis we expect TRG to continue to deliver
negative free operating cash flow through 2008 as a result of
mandatory investment to meet environmental compliance standards.

The stable outlook reflects our expectation that KMG will
continue to support TRG with shareholder loans and that TRG will
be able to roll over its high short-term bank debt.


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


BUTURLINOVKA-AUTO-TRANS: Creditors Must File Claims by June 6
-------------------------------------------------------------
Creditors of OJSC Buturlinovka-Auto-Trans have until
June 6, 2008, to submit proofs of claim to:

         V. Eliseev
         Insolvency Manager
         Blinova Str. 52
         Buturlinovka
         397500 Voronezh
         Russia

The Arbitration Court of Voronezh has commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A14-2010-2008/5/16b.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Buturlinovka-Auto-Trans
         Blinova Str. 52
         Buturlinovka
         397500 Voronezh
         Russia


ENTERPRISE-2 SAS: Creditors Must File Claims by June 6
------------------------------------------------------
Creditors of CJSC Building Assembly Enterprise-2 SAS have until
June 6, 2008, to submit proofs of claim to:

         A. Tolchin
         Insolvency Manager
         Lelyukha Str. 15-21
         633010 Berdsk
         Russia

The Arbitration Court of Novosibirsk has commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A45-4?35/08-55/8.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Building Assembly Enterprise-2 SAS
         M. Dzhalilya Str. 11
         Novosibirsk
         Russia


INTER-SPORT-SERVICE: Creditors Must File Claims by June 6
---------------------------------------------------------
Creditors of CJSC Inter-Sport-Service have until June 6, 2008,
to submit proofs of claim to:

         A. Validova
         Insolvency Manager
         Mashonostroiteley Str. 4-82
         Kumertau
         453303 Bashkortostan
         Russia

The Arbitration Court of Bashkortostan has commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A07-18641/07-G-FLE (TIN
0278080030).

The Court is located at:

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

The Debtor can be reached at:

         CJSC Inter-Sport-Service
         Lesotekhnikuma Str. 53
         Ufa
         Bashkortostan
         Russia


KAMAZ LLC: Creditors Must File Claims by June 26
------------------------------------------------
Creditors of LLC Kamaz have until June 26, 2008, to submit
proofs of claim to:

         N. Chichev
         Insolvency Manager
         Mekhanizatorov Str. 1
         460027 Orenburg
         Russia

The Arbitration Court of Orenburg has commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A47-1313/08-14/1GK.

The Court is located at:

         The Arbitration Court of Orenburg
         9th January Str. 64
         460046 Orenburg
         Russia

The Debtor can be reached at:

         LLC Kamaz
         Gay
         Orenburg
         Russia


MILK POKROVSKOE: Creditors Must File Claims by July 6
-----------------------------------------------------
Creditors of LLC Milk Pokrovskoe have until July 6, 2008, to
submit proofs of claim to:

         A. Lebedev
         Insolvency Manager
         8 Marta Str. 65
         Yakutsk
         677015 Sakha-Yakutiya
         Russia

The Arbitration Court of Sakha-Yakutiya has commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A58-1335/08.

The Court is located at:

         The Arbitration Court of Sakha-Yakutiya
         Kurashova Str. 28
         677000 Sakha-Yakutiya
         Russia

The Debtor can be reached at:

         LLC Milk Pokrovskoe
         St. Efremova Str. 48
         Pokrovsk
         Khangalasskiy Ulus
         Sakha–Yakutiya
         Russia


OIL-GAS-SERVICE: Creditors Must File Claims by July 6
-----------------------------------------------------
Creditors of LLC Oil-Gas-Service and Co (TIN 3818017923) have
until July 6, 2008, to submit proofs of claim to:

         S. Galandin
         Insolvency Manager
         Post User Box 224
         664007 Irkutsk
         Russia

The Arbitration Court of Irkutsk has commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A19-16278/07-34.

The Court is located at:  

         The Arbitration Court of Irkutsk
         Room 303
         Gagarina Avenue 70
         664025 Irkutsk
         Russia

The Debtor can be reached at:

         LLC Oil-Gas-Service and Co
         Kirova Str. 85a
         Ust-Kut
         666781 Irkutsk
         Russia


PANINSKOE LLC: Creditors Must File Claims by June 6
---------------------------------------------------
Creditors of LLC Paninskoe have until June 6, 2008, to submit
proofs of claim to:                                                     

         S. Fursov
         Temporary Insolvency Manager
         Apt.120
         Stakhanova Str. 2
         398046 Lipetsk
         Russia

The Arbitration Court of Lipetsk will convene at 9:20 a.m. on
Aug. 7, 2008, to hear the company's bankruptcy supervision
procedure.  The case is docketed under Case No. A36-189/2008.

The Court is located at:

         The Arbitration Court of Lipetsk
         Skorokhodova Str. 2
         398019 Lipetsk
         Russia

The Debtor can be reached at:

         LLC Paninskoe
         Panino
         Dobrovskiy
         Lipetsk
         Russia


PROSTOR CJSC: Creditors Must File Claims by July 6
--------------------------------------------------
Creditors of CJSC Prostor (OGRN 1025902284319, TIN 5946005518)
have until July 6, 2008, to submit proofs of claim to:

         V. Tsygankov
         Insolvency Manager
         Geroev Khazana Str. 51a
         614064 Perm
         Russia

The Arbitration Court of Perm has commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A50-14575/2007-B-3.

The Court is located at:

         The Arbitration Court of Perm
         Lunacharskogo Str. 3
         Perm
         Russia

The Debtor can be reached at:

         CJSC Prostor
         Chkalova Str. 34
         Okhansk
         618100 Perm
         Russia


ZIANCHURINSKOE REPAIR-TECHNICAL: Claims Filing Period Set June 6
----------------------------------------------------------------
Creditors of OJSC Zianchurinskoe Repair-Technical Enterprise
(TIN 0222003958) have until June 6, 2008, to submit proofs of
claim to:

         Sh. Talipov
         Insolvency Manager
         Administration
         Sovetskaya Str. 3
         Tazlarovo
         Zianchurinskiy
         453382 Bashkortostan
         Russia

The Arbitration Court of Bashkortostan has commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A07-3255/08-G-MOG.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Zianchurinskoe Repair-Technical Enterprise
         Zianchurinskiy
         Bashkortostan
         Russia


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


AGIA JSC: Creditors Must File Proofs of Claim by June 10
--------------------------------------------------------
Creditors owed money by JSC AGIA are requested to submit their
proofs of claim by June 10, 2008 to:

             Brigitta Jeck-Schaller
             Liquidator
             Dr. W. Jeck & Partner
             im Rotel 26
             6300 Zug
             Switzerland

The company is currently undergoing liquidation in Zug.  The
decision about liquidation was accepted at an extraordinary
general meeting held on March 27, 2008.


CEDOK REISEBUO: Proofs of Claim Filing Deadline Set May 31
----------------------------------------------------------
Creditors owed money by JSC Cedok Reisebuo are requested to
submit their proofs of claim by May 31, 2008 to:

             Daniela Kohler
             Liquidator
             Wildenstrasse 9
             8049 Zurich
             Switzerland

The company is currently undergoing liquidation in Zug.  The
decision about liquidation was accepted at an extraordinary
general meeting held on March 7, 2008.


CHECKUP DIVE: Creditors Must File Proofs of Claim by June 1
-----------------------------------------------------------
Creditors owed money by LLC Checkup Dive Systems are requested
to submit their proofs of claim by June 1, 2008 to:

             Claude Schnell
             Liquidator
             Fluhstrasse 1
             4244 Roschenz
             Switzerland

The company is currently undergoing liquidation in Roschenz.  
The decision about liquidation was accepted at an extraordinary
shareholder’s meeting held on Nov. 30, 2008.


DIGICON JSC: Proofs of Claim Filing Deadline Set May 31
-------------------------------------------------------
Creditors owed money by JSC digiCon are requested to submit
their proofs of claim by May 31, 2008 to:

             Stephan K. Nyffenegger, Esq.
             Nyffenegger Rechtsanwalte
             Kuttelgasse 4
             8001 Zurich
             Switzerland

The company is currently undergoing liquidation in Kreuzlingen.  
The decision about liquidation was accepted at a general meeting
held on Feb. 27, 2008.


DORMELLO JSC: Zug Court Commences Bankruptcy Proceedings
--------------------------------------------------------
The Bankruptcy Service of Zug commenced bankruptcy proceedings
against JSC Dormello, formerly know as JSC Novaluna, on
April 14, 2008.

The Bankruptcy Service of Zug can be reached at:

            Bankruptcy Service of Zug
            6301 Zug
            Switzerland

The company can be reached at:

            JSC Dormello
            Zugerstrasse 74
            6340 Baar.
            Switzerland


DREHSCHEIBE LIESTAL: Creditors' Liquidation Claims Due by May 30
----------------------------------------------------------------
Creditors owed money by LLC Drehscheibe Liestal are requested to
submit their proofs of claim by May 30, 2008 to:

             Hanspeter Meyer
             Liquidator
             Goldbrunnenstrasse 43
             4410 Liestal
             Switzerland

The company is currently undergoing liquidation in Liestal.  The
decision about liquidation was accepted at an extraordinary
shareholder’s meeting held on Aug. 29, 2008.


FUTURA DRIVE: Zug Court Initiates Bankruptcy Proceedings
--------------------------------------------------------
The Bankruptcy Service of Zug commenced bankruptcy proceedings
against JSC Futura Drive on April 8, 2008.

The Bankruptcy Service of Zug can be reached at:

            Bankruptcy Service of Zug
            6300 Zug
            Switzerland

The company can be reached at:

            JSC Futura Drive
            Riedstrasse 1
            6330 Cham.
            Switzerland


KRAYINVESTBANK: Positive Developments Cue S&P to Lift Ratings
-------------------------------------------------------------
(Russia)
Standard & Poor's Ratings Services has raised its long-term
counterparty credit rating on Russian Krayinvestbank to 'B' from
'B-', and its Russia national scale rating to 'ruA-' from
'ruBBB'.  At the same time, the 'C' short-term counterparty
credit rating was affirmed.  The outlook is stable.

"The rating action reflects the large capital increase received
in April 2008 from the regional government of the bank's home
region and majority owner," said Standard & Poor's credit
analyst Elena Romanova.

It also reflects positive developments in the bank's customer
franchise and financial performance.

The ratings are constrained by high single-name concentration in
the loan portfolio; a weakly diversified funding base, which
constrains the bank's financial flexibility; and an increasingly
competitive environment in its home region.

Krasnodar Krai (BB-/Positive/--; Russia national scale rating
'ruAA-') owns more than 95% of the bank and Krayinvestbank
therefore enjoys strong ties to the home region, both of which
somewhat mitigate the negative rating factors.  Increased
capitalization, a good presence and name recognition in the
krai, and an improving business and revenue structure also boost
the bank's creditworthiness.

The bank's capitalization was recently boosted in April 2008 by
the Russian ruble (RUR) 1.5 billion (US$63 million) capital
increase, providing the bank with more flexibility to grow its
business.

"We expect Krayinvestbank to continue operating in line with its
strategic objectives, while maintaining close ties with the
krai's government," said Ms. Romanova.

Standard & Poor's expects the krai to provide adequate support
to the bank, in accordance with the bank's status as a
government-related entity, and would consider an upgrade if the
bank improves the quality and diversification of its loan
portfolio and funding base, and also demonstrates the ability to
generate higher profitability.

The ratings could be lowered, however, if the bank's asset
quality, financial performance, or capitalization deteriorates
significantly.  A downgrade might also follow if ties between
the bank and the krai significantly weaken.


LUMO JSC: Creditors Must File Proofs of Claim by June 5
-------------------------------------------------------
Creditors owed money by JSC Lumo are requested to submit their
proofs of claim by June 5, 2008 to:

             Karl Meier
             Brunnernmoosstr. 9
             8802 Kilchberg
             Switzerland

The company is currently undergoing liquidation in Zurich.  The
decision about liquidation was accepted at a general meeting
held on Dec. 18, 2007.


===========
T U R K E Y
===========


JORDAN MOBILE: Fitch Withdraws Long-Term Foreign Currency IDR
-------------------------------------------------------------
Fitch Ratings has withdrawn Jordan Mobile Telephone Services
Company's Long-term foreign currency Issuer Default rating of
'BB' and Long-term local currency IDR of 'BBB-'.  The ratings
were both on Rating Watch Negative.


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


AGRICULTURAL TRADING: Creditors Must File Claims by May 27
----------------------------------------------------------
Creditors of LLC Agricultural Trading Company (code EDRPOU
34509487) have until May 27, 2008, to submit proofs of claim to:
         
         The Economic Court of Kiev
         Komintern Str. 16
         01032 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on April 24, 2008, after finding it
insolvent.  The case is docketed as B 14/198-08.

The Debtor can be reached at:

         LLC Agricultural Trading Company
         40 Years of October Str. 36
         Boyarka
         Kiev
         Ukraine


ARGOS LLC: Creditors Must File Claims by May 27
-----------------------------------------------
Creditors of LLC Trading Group Argos (code EDRPOU 34750811)  
have until May 27, 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 23, 2008, after finding it
insolvent.  The case is docketed as 24/44-b.

The Debtor can be reached at:

         LLC Trading Group Argos
         Bratislavskaya Str. 8
         02156 Kiev
         Ukraine


ASTAT LLC: Creditors Must File Claims by May 27
-----------------------------------------------
Creditors of LLC Company Astat (code EDRPOU 34509430) have until
May 27, 2008, to submit proofs of claim to:

         The Economic Court of Kiev
         Komintern Str. 16
         01032 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on April 24, 2008, after finding it
insolvent.  The case is docketed as B 14/197-08.

The Debtor can be reached at:

         LLC Company Astat
         40 Years of October Str. 36
         Boyarka
         Kiev
         Ukraine


IMPEKS LLC: Creditors Must File Claims by May 27
------------------------------------------------
Creditors of LLC Petroleum Industry Impeks (code EDRPOU
34618980)have until May 27, 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 24, 2008, after finding it
insolvent.  The case is docketed as 24/59-b.

The Debtor can be reached at:

         LLC Petroleum Industry Impeks
         Oranzhereynaya Str. 3
         04112 Kiev
         Ukraine


LAONOMA LLC: Creditors Must File Claims by May 27
-------------------------------------------------
Creditors of LLC Trading-Industrial Company Laonoma (code EDRPOU
34751417) have until May 27, 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 23, 2008, after finding it
insolvent.  The case is docketed as 24/45-b.

The Debtor can be reached at:

         LLC Trading-Industrial Company Laonoma
         Bratislavskaya Str. 8
         02156 Kiev
         Ukraine


RIK TRADE: Creditors Must File Claims by May 27
-----------------------------------------------
Creditors of LLC Rik Trade (code EDRPOU 34778947) have until
May 27, 2008, to submit proofs of claim to:
         
         The Economic Court of Kiev
         Komintern Str. 16
         01032 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on April 24, 2008, after finding it
insolvent.  The case is docketed as B 14/199-08.

The Debtor can be reached at:

         LLC Rik Trade
         Shevchenko Str. 176
         Boyarka
         Kiev
         Ukraine


STIROL OJSC: Moody's Changes Outlook on B3 Ratings to Stable
------------------------------------------------------------
Moody's Investors Service has changed the outlook on the B3
corporate family and bond ratings of OJSC Concern Stirol to
stable from negative.

The change of the outlook on Stirol's ratings reflects a
substantial removal of liquidity and default concerns that arose
from cash flow uncertainties and a breach of covenants in 2006-
2007 (that subsequently have been waived by the lenders).

Large increases in natural gas prices in 2006 and 2007 had a
substantial negative effect on the cost position of Stirol, and
are reflected in Moody's less favorable assessment of the
business position of the company.  The changing market
conditions, however, are largely addressed by the company
through:

   (i) a prompt adjustment of the product mix;

  (ii) a greater focus on energy efficiency through building
       into own power generation capacity;

(iii) investments into production technology to minimise gas
       consumption (12% reduction in gas-use per tonne of
       ammonia has been achieved in 2007); as well as

  (iv) its renewed focus on increasing the share of higher
       value-added and non-fertilizer products in the output mix
       in order to limit the effects of the feedstock price
       volatility and improve its profitability over a longer
       period of time.

Moody's notes that global ammonia and fertilizer markets
continue to enjoy a long-term cyclical upturn, while the present
revival of the Ukrainian agricultural market is expected to
reinforce the demand for nitrogen fertilizers and support
further growth in Stirol's domestic sales.

Looking ahead, Moody's will focus on Stirol's ability to sustain
margins in view of the expected increases in natural gas prices
in 2008 and will also closely monitor the execution of the
substantial investment programplanned by the company. The
ratings do not incorporate any debt-financed acquisitions.

Stirol's liquidity position is underpinned by approximately
US$153 million -- denominated in US dollars and Ukrainian
hryvnas -- in cash balance and on term deposits with local banks
as of May 22, 2008.  The stable outlook on the ratings reflects
Moody's understanding that Stirol is committed to maintaining
the deposits to fund, in particular, the forthcoming repayment
of its US$125 million Notes on Aug. 19, 2008.  Stirol is
expected to generate a negative FCF in the next few years and
will rely on availability of funding for a timely execution of
its CAPEX program.

Domiciled in Gorlovka, Ukraine, OJSC Concern Stirol is a leading
manufacturer of ammonia and its derivatives, generating UAH2.98
billion (US$591 million) and UAH283 million (US$56 million) in
EBITDA as of Dec. 31, 2007 (as per unaudited financial
statements).


STOLICA-GIS CJSC: Creditors Must File Claims by May 27
------------------------------------------------------
Creditors of CJSC Assistance Center Stolica-GIS (code EDRPOU
31280996) have until May 27, 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 March 28, 2008, after finding it
insolvent.  The case is docketed as 43/669.

The Debtor can be reached at:

         CJSC Assistance Center Stolica-GIS
         Molodogvardeyskaya Str. 11
         Kiev
         Ukraine


WESTRADE LLC: Creditors Must File Claims by May 27
--------------------------------------------------
Creditors of LLC Westrade (code EDRPOU 33715493) have until
May 27, 2008, to submit proofs of claim to:
         
         The Economic Court of Kiev
         Komintern Str. 16
         01032 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on April 24, 2008, after finding it
insolvent.  The case is docketed as B 14/200-08.

The Debtor can be reached at:

         LLC Westrade
         Naberezhnaya Str. 25
         Yurievka
         Kiev
         Ukraine


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


ALLITALIA PRODUCTION: Taps Joint Administrators from BDO Stoy
-------------------------------------------------------------
D.H. Gilbert and A.D. Nygate of BDO Stoy Hayward LLP were
appointed joint administrators of Allitalia Production &
Distribution Ltd. (Company Number 02704062) on May 13, 2008.

BDO Stoy Hayward -- http://www.bdo.co.uk/-- focuses on business  
assurance (audit), corporate advisory, tax, and investment
management services, specializing in such industries as
charities, educational institutions, family businesses,
financial services, leisure, and hospitality.  The company is
the U.K. arm of BDO International and has offices in more than
15 cities throughout the U.K.

The company can be reached at:

          Allitalia Production & Distribution Ltd.
          30 First Avenue
          Upper Edmonton
          London
          N18 3PH
          Tel: 020 8884 0393
          Fax: 020 8884 0441
          Web site: http://www.pizza-ingredients.com/


ALRON MOTOR: Brings In Liquidators from Vantis
----------------------------------------------
Martin Weller and Glyn Mummery of Vantis Business Recovery
Services were appointed joint liquidators of Alron Motor
Engineers Ltd. on May 16, 2008, for the creditors' voluntary
winding-up proceeding.

The joint liquidators can be reached at:

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


ANGLO BLACKWELLS: Calls In Liquidators from KPMG
------------------------------------------------
David John Crawshaw and Brian Green of KPMG LLP Restructuring
were appointed joint liquidators of Anglo Blackwells Ltd. on
May 15, 2008, for the creditors' voluntary winding-up
proceeding.

The joint liquidators can be reached at:

         KPMG LLP Restructuring
         Arlington Business Park
         Theale
         Reading
         RG5 4AR
         England


ASPEN TECHNOLOGY: Defers Financials Filing Due to Acctg. Errors
---------------------------------------------------------------
Aspen Technology Inc. was delayed in the preparation of its
restated financial statements to be included in its Form 10-K
filing for the period ended June 30, 2007 and its Form 10-Q for
the period ended Sept. 30, 2007 due to errors the company
identified in its accounting for sales of installments
receivable.  After those errors were identified, the Audit
Committee of its Board of Directors and its management also
determined to engage in a detailed review of other accounts in
the company's financial statements.

In addition, the Audit Committee of its Board of Directors
appointed a new independent registered public accounting firm on
March 12, 2008 for the fiscal year ending June 30, 2008.

On April 11, 2008, the company filed its Form 10-K for the
period ended June 30, 2007 and its Form 10-Q for the period
ended Sept. 30, 2007.  However, as a result of the concentration
of resources on completing the preparation of its restated
financial statements to be included in the Form 10-K for the
period ended June 30, 2007 and its Form 10-Q for the period
ended Sept. 30, 2007, as well as delays in completing its
financial reporting for the quarter ended Dec. 31, 2007, the
company was not able to file its Form 10-Q for the period ended
Dec. 31, 2007, within the prescribed time period, and also were
not able to timely file its Form 10-Q for the period ended March
31, 2008.

                       About AspenTech

Based in Cambridge, Massachusetts, Aspen Technology Inc.
(Nasdaq: AZPN) -- http://www.aspentech.com/-- provides process   
optimization software and services.  AspenTech's integrated
aspenONE(TM) solutions enable manufacturers to reduce costs,
increase capacity, and optimize operational performance end-to-
end throughout the engineering, plant operations, and supply
chain management processes.

The company's EMEA operations is headquartered in the United
Kingdom.  AspenTech's Asia headquarters is located in China.  In
South America, the company has operations in Argentina, Brazil
and Venezuela.  The company also has operations in Mexico City
through AspenTech de Mexico S. de R.L. de C.V.

                          *     *     *

Moody's Investor Service placed the company's long-term
corporate family rating at B2 and its equity-linked rating at
Caa1 in October 2001.  These ratings still hold to date with a
stable outlook.


BRITISH AIRWAYS: BALPA Drops High Court Action over Treaty
----------------------------------------------------------
The British Airline Pilots' Association has withdrawn its High
Court petition whether British Airways Plc could use Article 43
of the Treaty of Rome to prevent strikes, BBC News reports.

According top BBC, BALPA withdrew the petition after assessing
it has not enough resources to finance a prolonged legal battle
in the High Court.

As previously reported in the TCR-Europe, BALPA's member-pilots
voted in February to commence industrial action against British
Airways' plan to outsource pilot jobs for its OpenSkies unit.

BALPA had sought the High Court's clarification on the
applicability of the treaty, which prohibits industrial action
by unions in one country against firms established in another.  
OpenSkies is set to based in mainland Europe.

British Airways has threatened to sue BALPA if it the union
commences a strike.

                    About British Airways

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

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

                        *     *     *

British Airways Plc carries a senior unsecured debt rating of
Ba1 from Moody's Investors' Service with a stable outlook.  
Ratings apply to date.


BS CONSTRUCTION: Taps Joint Administrators from KPMG
----------------------------------------------------
David James Costley-Wood and Richard Dixon Fleming of KPMG LLP
were appointed joint administrators of BS Construction Ltd.
(Company Number 4630420) on May 12, 2008.

KPMG LLP -- http://www.kpmg.co.uk/-- offers accounting, audit,  
and tax-related services to customers in such target industries
as banking, media and entertainment, consumer products, health
care providers, insurance, and pharmaceuticals.  

The company can be reached at:

          BS Construction Ltd.
          c/o KPMG LLP
          St. James' Square
          Manchester  
          M2 6DS
          England


CABLE & WIRELESS: Assets Review Cue S&P to Revise Rating Outlook
----------------------------------------------------------------
Standard & Poor's Ratings Services has revised its outlook on
U.K.-based telecommunications provider Cable & Wireless PLC to
developing from stable.

The developing outlook means ratings can be raised, lowered, or
affirmed.  The 'BB-' long-term and 'B' short-term corporate
credit ratings remain unchanged.

"The outlook revision reflects a potential change in C&W's
business mix in the near term as a result of a review of the
group's structure and assets," said Standard & Poor's credit
analyst Karim Nadji.

Management has publicly confirmed that several options for value
realization will be considered by the board--including a
demerger of some activities--in the fiscal year ending March 31,
2009, creating potential significant uncertainties for the
company's future business risk and financial risk profiles.

The developing outlook reflects significant uncertainty about
whether, and how, C&W might dispose some of its assets or
restructure the group over the next 12 months.  If the company
decides against any substantive changes, S&P could revise the
outlook back to stable.  Conversely, S&P could place the
ratings on CreditWatch if there is an expected nearer-term
change in C&W's business portfolio or corporate structure. This
might entail a legal separation of the EAUS and international
divisions.

If S&P has visibility on likely positive or negative development
for the ratings, S&P will revise the outlook, or CreditWatch
implications, accordingly.


DEANEDAY LTD: Appoints Liquidator from Vantis
---------------------------------------------
Nigel Adrian Hamilton-Smith of Vantis was appointed liquidator
of Deaneday Ltd. (t/a Tapas Bar) on May 16, 2008, for the
creditors' voluntary winding-up procedure.

The liquidator can be reached at:

         Vantis
         Torrington House
         47 Holywell Hill
         St. Albans
         Herts
         AL1 1HD
         England


DEENLAND LTD: Taps Liquidator from Vantis
-----------------------------------------
Nigel Hamilton-Smith of Vantis was appointed liquidator of
Deenland Ltd. (t/a Sultan Restaurant) on May 16, 2008, for the
creditors' voluntary winding-up procedure.

The liquidator can be reached at:

         Vantis
         Torrington House
         47 Holywell Hill
         St. Albans
         Hertfordshire
         AL1 1HD
         England


DIXON MOTOR: Hires Liquidators from BDO Stoy Hayward
----------------------------------------------------
Toby Scott Underwood and Francis Graham Newton of BDO Stoy
Hayward LLP were appointed joint liquidators of Dixon Motor
Group Ltd. (formerly Magpie One Ltd.) on May 13, 2008, for the
creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         BDO Stoy Hayward LLP
         1 Bridgewater Place
         Water Lane
         Leeds
         LS11 5RU
         England


EUROMASTR 2007-1V: Fitch Affirms Class E Notes Rating at BB
-----------------------------------------------------------
Fitch Ratings has affirmed all outstanding tranches of EuroMASTR
Series 2007-1V plc, following a satisfactory review of this UK
non-conforming RMBS transaction.  The rating actions are:

EuroMASTR Series 2007-1V plc:

   -- Class A1 (ISIN XS0305751645): affirmed at 'AAA'; Outlook
      Stable

   -- Class A2 (ISIN XS0305763061): affirmed at 'AAA'; Outlook
      Stable

   -- Class B (ISIN XS0305764036): affirmed at 'AA'; Outlook
      Stable

   -- Class C (ISIN XS0305766080): affirmed at 'A'; Outlook
      Stable

   -- Class D (ISIN XS0305766320): affirmed at 'BBB'; Outlook
      Negative

   -- Class E (ISIN XS0305766676): affirmed at 'BB'; Outlook
      Negative

   -- MERCs affirmed at 'AAA'; Outlook Stable

Issued in June 2007, EuroMASTR Series 2007-1V plc is a
securitization of loans originated by Victoria Mortgage Funding
and comprises a relatively large proportion of heavy and
unlimited adverse borrowers according to Fitch's adverse credit
labels.  As expected, the arrears levels in the transaction are
higher than other non-conforming transactions at the same stage
of seasoning, with loans more than three months in arrears
accounting for 9.95% nine months after closing; 0.69% of the
pool is currently in possession.

The Outlooks for the Class D and E notes remain Negative due to
concerns over the ability of borrowers with adverse credit
histories being able to refinance out of the pool.  Typically,
non-conforming borrowers have refinanced at the end of their
initial 'teaser' rate periods and have therefore continued to
pay a low interest rate.  With the number of products available
in the market significantly reduced due to the credit crisis,
these borrowers may now be forced to remain on the standard
variable rate at the end of their teaser period.  Whilst Fitch's
original analysis accounts for this scenario, there is a
potential knock-on effect of more loans falling into arrears,
and subsequently into possession, due to borrowers struggling to
afford the reversionary margin.

Victoria ceased trading in 2007 and while the transaction is
designed to be bankruptcy remote, Victoria was handling the
arrears management process on behalf of the named servicer and
special servicer, UBS.  Both servicing and special servicing is
now undertaken by Vertex under an agreement with UBS.  The
effective management of the portfolio in the long-term is
directly linked to the rate at which arrears increase, how
quickly defaulted loans can be resolved given the refinance risk
facing higher adverse borrowers, and the ability of both Vertex
and UBS to acquire additional staffing resources when necessary.


EUROSAIL 2006: Moody's Cuts Ratings on 19 Note Classes
------------------------------------------------------
Moody's Investors Service downgraded 19 classes of notes issued
by Eurosail 2006-1 PLC, Eurosail 2006-2BL PLC, and Eurosail
2006-3NC PLC these classes of notes:

Issuer: Eurosail 2006-1 PLC

   -- Class C1a/C1c, A2 Current Rating, downgraded to Baa2;
   -- Class D1a/D1c, Baa2 Current Rating, downgraded to Ba3;
   -- Class E, Ba1 Current Rating, downgraded to B3.

Issuer: Eurosail 2006-2BL PLC

   -- Class B1a/B1b , Aa2 Current Rating, downgraded to Aa3;
   -- Class C1a/C1c , A2 Current Rating, downgraded to A3;
   -- Class D1a/D1C, Baa2 Current Rating, downgraded to Ba1;
   -- Class E1c, Ba1 Current Rating, downgraded to B3;
   -- Class F1c, B1 Current Rating, downgraded to Caa1.

Issuer: Eurosail 2006-3NC PLC

   -- Class B1a, Aa2 Current Rating, downgraded to Aa3;
   -- Class C1a/C1c, A2 Current Rating, downgraded to Baa2;
   -- Class D1a/D1c, Baa3 Current Rating, downgraded to B1;
   -- Class E1c, Ba2 Current Rating, downgraded to B3.

The rating actions were mostly prompted by worse-than-expected
collateral performance and also by a certain amount of unhedged
basis risk which has exposed these transactions to recent
interest rate volatility above those initially modeled by
Moody's.  These rating actions take into account increased
portfolio loss expectations accounting for the relatively high
delinquency levels shown in the portfolio performance as well as
revised assumptions for excess spread reduction due to unhedged
basis risk.  These three Eurosail transactions were originated
by Preferred Mortgages Limited, Southern Pacific Mortgage
Limited and Southern Pacific Personal Loans Limited, all part of
the origination platform of Lehman Brothers International.

Eurosail 2006-1 and Eurosail 2006-2BL are performing worse than
the UK nonconforming market index.  At seven quarters since
issuance for Eurosail 2006-1 and six quarters since issuance for
Eurosail 2006-2BL, these transactions have particularly high
levels of 90+ days delinquencies excluding repossessions equal
to 15.30% and 13.43% of current portfolio balance respectively.
The outstanding unsold repossession rate stands at 2.89% and
3.96% of current portfolio balance respectively.  In the case of
Eurosail 2006-1, Moody's has increased its required credit
enhancement levels and adjusted its portfolio loss expectations
to 3.50%-3.90% of the original balance.  For Eurosail 2006-2BL,
the portfolio loss expectations were changed to 3.0%-3.40% of
the original balance.  Eurosail 2006-1 and Eurosail 2006-2BL
closed in May 2006 and October 2006. The transactions have
current pool factors of 66.98% and 72.99% respectively.

In March 2008, Eurosail 2006-3NC drew on its reserve fund which
is currently at 85.86% of its required level.  The drawing in
the reserve fund was mainly due to:

   (1) under-performance of the loans reflected in high
       delinquencies;

   (2) step-ups in the margin payable on the detachable coupons;
       and

   (3) non mortgage-backed notes receiving interest prior to the
       reserve fund.

The detachable coupon has stepped up to 1.7% in the March 2008
interest payment date and it will further increase to 3% at the
12th interest payment date.  The increased excess spread
stripping and the interest priority on the revenue backed notes
were accounted for in the initial analysis.  Moody's believe
that these structural features in combination with weak
collateral performance may put further stress on the
transaction.  Under these circumstances, Moody's expects the
reserve fund to continue to be drawn in the future.  With
respect to performance, Eurosail 2006-3NC is deviating from the
UK nonconforming market index and at 24 months since issuance,
delinquencies 90+ days excluding repossessions correspond to
18.89% of current portfolio balance.  Outstanding unsold
repossession rate is at present 2.21% of current portfolio
balance, and 0.11% cumulative losses of original portfolio
balance have been realized. Taking into account the current
amount of realized losses and completing a roll-rate and
severity analysis for the non-defaulted portion of the
portfolio, Moody's has adjusted its loss expectations for this
portfolio to 3.50% - 3.90% of original balance.  The transaction
is currently paying sequential and it will not pay pro rata
unless the reserve fund is replenished to its required amount.
Eurosail 2006-3NC closed in November 2006 and has a current pool
factor of 73.63%.

In the case of Eurosail 2006-1 and Eurosail 2006-3NC, the
collateral portfolios comprise a portion of second-ranking
mortgage loans: 5.12% and 14.49% respectively as of March 2008
payment date.  This rating action takes into account the
increasing loss severity experienced in both transactions, which
is expected to continue especially for second-ranking loans in
the current housing environment.

Additionally, the transactions are exposed to some unhedged
basis risk due to the reset date mismatch between the Note Libor
and the Libor on the mortgage loans which is approximately a 10-
15 day period.  Recent interest rate volatility in the Libor
rate has been above the levels initially modeled.  The spread
modeling for this rating review has taken this recent interest
rate volatility into account.

Moody's ratings address the expected loss posed to investors by
the legal final maturity of the notes.  Moody's ratings address
only the credit risks associated with the transaction.  Other
non-credit risks have not been addressed, but may have a
significant effect on yield to investors.


HIGH FREQUENCY: Appoints Michael Young as Liquidator
----------------------------------------------------
Michael Young of Vantis was appointed liquidator of High
Frequency Solutions (Managed Services) Ltd. on May 15, 2008, for
the creditors' voluntary winding-up procedure.

The liquidator can be reached at:

         Vantis
         Torrington House
         47 Holywell Hill
         St. Albans
         Hertfordshire
         AL1 1HD
         England


INSIDEOUT LONDON: Joint Liquidators Take Over Operations
--------------------------------------------------------
J. S. French and G. Mummery of Vantis Business Recovery Services
were appointed joint liquidators of Insideout London Ltd. on
May 16, 2008, for the creditors' voluntary winding-up
proceeding.

The joint liquidators can be reached at:

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


JP ENGINEERING: Brings In Liquidators from Grant Thornton
---------------------------------------------------------
David Matthews and Nigel Morrison of Grant Thornton U.K. LLP
were appointed joint liquidators of JP Engineering (H.W) Ltd. on
May 13, 2008, for the creditors' voluntary winding-up
proceeding.

The joint liquidators can be reached at:
         
         Grant Thornton U.K. LLP
         Kennet House
         80 Kings Road
         Reading
         RG1 3BJ
         England       


MK ONE: New Owner Sends Retailer into Administration
----------------------------------------------------
Hilco U.K. Limited has placed MK One Limited into administration
and has appointed Lee Manning of Deloitte & Touche as
administrator, James Hall writes for The Telegraph.

Mr. Manning told the Telegraph that MK One continues to operate
as a going concern while he seeks buyer for the retail group.

The administrator has announced 39 redundancies at MK One's head
office in London.  The company employs around 2,500 people in
172 outlets.  MK One has more than GBP100 million in annual
turnover.

The Times cites a source as saying that 110 of MK One's store
might still continue to operate while 62 outlets might be shut
down.

On May 2, 2008, Hilco acquired MK One from the Baugur Group,
which opted to sell the clothing group rather than sent it into
administration.

                          About MK One

Headquartered in London, MK One Ltd. -- http://www.mkone.co.uk/  
-- sells a range of reasonably priced fashion clothing for
women, girls and teens.  The company also offers extensive
accessory and footwear ranges.  


MOUNTING SYSTEMS: Hires Liquidators from Vantis
-----------------------------------------------
Glyn Mummery and Darren Wilson of Vantis Business Recovery
Services were appointed joint liquidators of Mounting Systems
Ltd. on May 16, 2008, for the creditors' voluntary winding-up  
proceeding.

The joint liquidators can be reached at:

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


PEARSON DEVELOPMENTS: Brings in Ernst & Young as Administrators
---------------------------------------------------------------
Robert Hunter Kelly and Charles Graham John King of Ernst &
Young LLP were appointed joint administrators of Pearson
Developments Ltd. (Company Number 04848520) on May 16, 2008.

Ernst & Young -- http://www.ey.com/-- provides broad array of  
services relating to audit and risk-related services, tax, and
transactions across all industries—from emerging growth
companies to global powerhouses—deal with a broad range of
business issues.

Headquartered in Leeds, England, Pearson Developments Ltd --
http://www.pearsondevelopments.co.uk/content/who/-- are engaged  
in the three pillars of real estate, land, property and
investment.


R NEWCOMB: Taps Liquidators from Tenon Recovery
-----------------------------------------------
Steven Philip Ross and Ian William Kings of Tenon Recovery were
appointed joint liquidators of R Newcomb & Sons Ltd. on May 7
for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

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


RANK GROUP: Tribunal Accepts GBP36.3-Mln Bingo-Tax Refund Claim
---------------------------------------------------------------
The Rank Group Plc has noted the ruling from the VAT and Duties
Tribunal that the application of Valued Added Tax to interval
bingo in Mecca Bingo clubs is in contravention to European Union
laws on fiscal neutrality.

This claim for repayment, which is worth GBP36.3 million, was
submitted to HM Revenue and Customs in 2006 and relates to the
fact that certain forms of interval bingo are exempt from VAT.

The European Union's law of fiscal neutrality requires that
supplies of services that are the same or similar should be not
be treated differently for VAT purposes.  This position was
confirmed in the European Court of Justice case Finanzamt v
Linneweber (2005).  The tribunal found that HMRC had not applied
fiscal neutrality correctly to interval bingo and that therefore
Rank's claim should be accepted.

HMRC has until July 10, 2008, to appeal the tribunal's decision.  
Should it decide to appeal, it is unlikely that there will be
any material benefit to Rank in the current year.

                        About Rank Group

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

                          *     *     *

The Rank Group Plc carries B1 corporate family and probability-
of-default ratings from Moody's Investors Service, which said
the outlook is negative.  Ratings apply to date.

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



RESLOC UK 2007-1: Fitch Affirms Class F1b Notes Rating at B
-----------------------------------------------------------
Fitch Ratings has affirmed all outstanding tranches of ResLoC
2007-1 plc, following a satisfactory review of this U.K. non-
conforming RMBS transaction.  The transaction is comprised of
collateral originated by Advantage Home Loans, Amber, GMAC-RFC
and Victoria Mortgage Funding.  The rating actions are:

ResLoC 2007-1 plc:

   -- Class A1a (ISIN XS0300463154): affirmed at 'AAA'; Outlook
      Stable

   -- Class A1b (ISIN XS0300463402): affirmed at 'AAA'; Outlook
      Stable

   -- Class A1c (ISIN XS0300465795): affirmed at 'AAA'; Outlook
      Stable

   -- Class A2a (ISIN XS 0300466173): affirmed at 'AAA'; Outlook
      Stable

   -- Class A2b (ISIN XS0300467148): affirmed at 'AAA'; Outlook
      Stable

   -- Class A2c (ISIN XS0300467734): affirmed at 'AAA'; Outlook
      Stable

   -- Class A3a (ISIN XS0300468385): affirmed at 'AAA'; Outlook
      Stable

   -- Class A3b (ISIN XS0300470365): affirmed at 'AAA'; Outlook
      Stable

   -- Class A3c (ISIN XS0300472817): affirmed at 'AAA'; Outlook
      Stable

   -- Class M1a (ISIN XS0300473203): affirmed at 'AAA'; Outlook
      Stable

   -- Class M1b (ISIN XS0300473542): affirmed at 'AAA'; Outlook
      Stable

   -- Class B1a (ISIN XS0300474193): affirmed at 'AA'; Outlook
      Stable

   -- Class B1b (ISIN XS0300474607): affirmed at 'AA'; Outlook
      Stable

   -- Class C1a (ISIN XS0300474789): affirmed at 'A'; Outlook
      Stable

   -- Class C1b (ISIN XS0300475083): affirmed at 'A'; Outlook
      Stable

   -- Class D1a (ISIN XS0300475323): affirmed at 'BBB'; Outlook
      Stable

   -- Class D1b (ISIN XS0300476057): affirmed at 'BBB'; Outlook
      Stable

   -- Class E1b (ISIN XS0300477022): affirmed at 'BB'; Outlook
      Stable

   -- Class E2b (ISIN XS0300477535): affirmed at 'BB-'; Outlook
      Stable

   -- Class F1b (ISIN XS0300477964): affirmed at 'B'; Outlook
      Stable

   -- MERCs affirmed at 'AAA'; Outlook Stable

The affirmation of all classes reflects the stable performance
of the transaction to date.  Despite drawing on its reserve fund
at the second interest payment date, the available credit
enhancement to all classes is greater than at closing, providing
the required support to maintain the current ratings.  As with
all UK non-conforming transactions, Fitch is closely monitoring
the development of loss levels given the current house price
depreciation; however, with losses to date constituting just
0.01% of the original balance, it is too early to be able to
assess whether house prices or the impact of the credit crisis
will adversely affect the performance of this transaction.

As of the last payment date, loans in arrears more than three
months accounted for 3.66% of the outstanding collateral
balance, and current repossessions were a further 0.66% of the
balance.  These low levels of arrears for a UK non-conforming
transaction are expected, as the pool is predominantly made up
of GMAC collateral that typically has lower arrears levels due
to the near-prime nature of the loans.

The transaction incorporates a discount reserve that provides
additional support, while a portion of the loans pay an initial
'teaser' rate.  The discount reserve will provide funds for a
further three interest payment dates, by which point the
majority of discounted loans will have reverted to standard
variable rates.  The transaction also includes both a fixed-
floating swap and basis rate swap.


SCOTTISH RE: Weak Financial Condition Cues S&P to Junk Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its counterparty
credit rating on Scottish Re Group Ltd. to 'CCC-' from 'B' and
its counterparty credit and financial strength ratings on
Scottish Re's operating companies to 'B-' from 'BB'.

Standard & Poor's also lowered its ratings on all these
companies' dependent unwrapped securitized deals by four
notches.

All of these ratings remain on CreditWatch with negative
implications.

"The downgrade reflects our materially increased estimate of
expected losses on Scottish Re's residential mortgage-backed
securities investments since initially placing the ratings on
CreditWatch on Jan. 31, 2008," explained Standard & Poor's
credit analyst Robert A. Hafner.  Because of the disclosure of a
material weakness in their accounting controls and the pending
revised application of accounting principles to its distressed
assets Standard & Poor's believes Scottish Re's financial
flexibility could be severely limited.

The rating action also reflects our opinion that an obligor
rated 'CCC' is currently vulnerable and is dependent upon
favorable business, financial, and economic conditions to meet
its financial commitments.

Since we placed the ratings on CreditWatch, Scottish Re has
significantly reduced the risk of losing material reserve
credits secured through its XXX securitizations.  The loss of
reserve credits could still occur, but the magnitude of the
potential shortfall is greatly reduced.  However, losing
reserve credits would immediately affect Scottish Re's
capitalization because the company would have to post collateral
external to the XXX structures to reestablish the reserve
credits.  Scottish Re's capacity to post the required
capital if it becomes necessary continues to be increasingly
strained, and present circumstances make it exceedingly
difficult for Scottish Re to source external capital infusions
until the market disruption dissipates and the impact on the
company is known with near certainty.

The company's weakened financial condition has also resulted in
a discretionary payment default on its US$125 million of 7.25%
noncumulative perpetual preferred shares.  On April 14, 2008,
the company also notified the holders of these shares that it
might not pay the July dividend and may be precluded by the
terms of the shares from declaring and paying dividends on
the Oct. 15, 2008, dividend payment date.

The ratings will remain on CreditWatch negative until we can
determine the full extent to which the company's limited
financial flexibility and reduced financial strength are
weakened.  This will not likely be determinable until the
company is able to file its outstanding financial reports.  "We
will lower the ratings further if the deterioration is more
severe than expected," Mr. Hafner added.


TEMPO CDO 1: Moody's Cuts Rating on Class D Notes to Ba2
--------------------------------------------------------
Moody's Investors Service downgraded and put on review for
downgrade three classes of notes issued by Tempo CDO 1 Limited.

These rating actions are a response to the credit deterioration
in the underlying portfolio. The transaction is a managed
synthetic CDO of ABS, containing roughly 33% sub-prime RMBS from
both U.S. and U.K. Many of the assets in the portfolio have been
downgraded, placed on review for downgrade, or both since
October 2007.  One of the assets in the portfolio is currently
rated C.

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

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

These rating actions are:

  (1) EUR18,000,000 Class B Senior Secured Floating Rate Notes
      due 2049

   -- Current Rating: A1, on review for downgrade
   -- Prior Rating: Aa2

  (2) EUR9,000,000 Class C Senior Secured Floating Rate Notes
      due 2049

   -- Current Rating: Baa2, on review for downgrade
   -- Prior Rating: A2

  (3) EUR13,000,000 Class D Senior Secured Floating Rate Notes
      due 2049

   -- Current Rating: Ba2, on review for downgrade
   -- Prior Rating: Baa2


WEST COUNTRY: Forced Into Administration by Main Creditor
---------------------------------------------------------
Creditor Clydesdale Bank placed West Country Hotels Ltd. into
administration on May 8, 2008, The Financial Times reports.

According to the report, Clydesdale Bank appointed joint
administrators from Vantis Plc to determine whether West
Country, which operates Holne Chase Hotel, can be saved and
whether its 20 employees can keep their jobs.

Nick O'Reilly of Vantis confirmed to FT that West Country is
insolvent due to heavy debts.

West Country's other creditors includes Royal Bank of Scotland,
HM Revenue and Customs and a number of small creditors, the
report said.

"The first step is to stabilize the business and make sure it
keeps running and operating as usual," Mr. O'Reilly was quoted
by FT as saying.  "We will then determine either a strategy for
turning it around to make it profitable or find a buyer to take
it over."

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

Headquartered in Devon, England, West Country Hotels Ltd., which
operates Holne Chase Hotel -- http://www.holne-chase.co.uk/--  
is one of South West England's favorite Country House Hotels.


UROPA SECURITIES: Fitch Affirms Classes B2a and D Ratings at BB
---------------------------------------------------------------
Fitch Ratings has affirmed all outstanding tranches of Uropa
Securities plc Series 2007-01B, following a satisfactory review
of this UK non-conforming RMBS transaction.  The transaction is
comprised of collateral originated by GMAC-RFC, Money Partners
and Kensington.  The rating actions are:

Uropa Securities plc Series 2007-01B:

   -- Class A1a (ISIN XS0311801806): affirmed at 'AAA'; Outlook
      Stable

   -- Class A1b (ISIN XS0311805203): affirmed at 'AAA'; Outlook
      Stable

   -- Class A1c (ISIN XS0311806862): affirmed at 'AAA'; Outlook
      Stable

   -- Class A2b (ISIN XS0311807167): affirmed at 'AAA'; Outlook
      Stable

   -- Class A3a (ISIN XS0311807753): affirmed at 'AAA'; Outlook
      Stable

   -- Class A3b (ISIN XS0311808561): affirmed at 'AAA'; Outlook
      Stable

   -- Class A4a (ISIN XS0311809452): affirmed at 'AAA'; Outlook
      Stable

   -- Class A4b (ISIN XS0311809882): affirmed at 'AAA'; Outlook
      Stable

   -- Class M1a (ISIN XS0311810385): affirmed at 'AA-'; Outlook
      Stable

   -- Class M1b (ISIN XS0311811193): affirmed at 'AA-'; Outlook
      Stable

   -- Class M2a (ISIN XS0311813058): affirmed at 'A-';
      Outlook Stable

   -- Class B1a (ISIN XS0311815855): affirmed at 'BBB'; Outlook
       Stable

   -- Class B1b (ISIN XS0311816150): affirmed at 'BBB'; Outlook
      Stable

   -- Class B2a (ISIN XS0311816408): affirmed at 'BB'; Outlook
      Stable

   -- Class D (ISIN XS0311819923): affirmed at 'BB'; Outlook
      Stable

   -- Class C (ISIN XS0311817398): paid in full April 2008

The affirmation of all classes reflects the stable performance
of the transaction to date.  Excess revenue in the transaction
over the first three interest payment dates was sufficient to
completely pay down the Class C notes, which paid in full in
April 2008, and also began paying down the Class D notes.  By
already repaying a significant proportion of the
uncollateralized notes, the interest needed to be paid
throughout the life of the deal will be reduced and will
positively benefit the senior collateralized notes.

As of the last payment date, loans greater than three months in
arrears accounted for 4.82% of the outstanding collateral
balance, and current repossessions were a further 0.68% of the
balance.  These low levels of arrears for a UK non-conforming
transaction are to be expected, as the pool is predominantly
made up of GMAC collateral that typically has lower arrears
levels due to the near-prime nature of the loans.

The transaction incorporates a discount reserve that provides
additional support whilst a portion of the loans pay an initial
'teaser' rate.  The discount reserve will provide funds for a
further three interest payment dates, by which point the
majority of discounted loans will have reverted to standard
variable rates.  The transaction also includes both a fixed-
floating swap and basis rate swap.


WHISTLEJACKET CAPITAL: UK Court Allows Restructuring to Proceed
---------------------------------------------------------------
An appeals court in the United Kingdom has issued an ordered
allowing the restructuring of Whistlejacket Capital Ltd.,
Standard Chartered's US$7-billion structured investment vehicle,  
Andrew Reierson writes for Bloomberg News, citing receiver
Neville Kahn of Deloitte & Touche LLP.

Deloitte & Touche was appointed receiver for Whistlejacket on
Feb. 11, 2008, after the SIV advised that it has breached its
capital note Net Asset Value trigger of 50% as a result of a
recent fall in the market value of assets.

The breach of the NAV trigger is an enforcement event, which
requires the security trustee, BNY Corporate, to appoint a
receiver to manage Whistlejacket.  

Whistlejacket Capital Ltd. invests in a portfolio of high
quality investment grade securities with a weighted average
rating of double A funded by the issuance of A-1+/P-1, AAA/Aaa
rated senior debt and investment grade subordinated debt.


XTIAN 2000: Nigel Hamilton-Smith Leads Liquidation Procedure
------------------------------------------------------------
Nigel Hamilton-Smith of Vantis was appointed liquidator of Xtian
2000 Ltd. on May 16, 2008, for the creditors' voluntary winding-
up procedure.

The liquidator can be reached at:

         Vantis
         Torrington House
         47 Holywell Hill
         St. Albans
         Hertfordshire
         AL1 1HD
         England


* BOND PRICING: For the Week May 19 to May 23, 2008
---------------------------------------------------
Issuer                    Coupon   Maturity   Currency   Price
------                    ------   --------   --------   -----

AUSTRIA
-------
Kommunal Kredit
  Austria AG              0.500    03/15/19     CAD      64.94
                          0.250    10/14/26     CAD      40.28
HTM Sport Freize          8.500    02/01/14     EUR      64.86
Republic of Austria       4.000    06/22/22     EUR      69.87
                          0.000    10/10/25     EUR      63.17
                          1.740    08/04/25     EUR      63.73

FINLAND
-------
Muni Finance Ltd.         1.000    03/19/13     AUD      73.24
Muni Finance PLC          0.500    04/26/13     AUD      70.61
                          1.000    10/30/17     AUD      57.36
                          1.000    02/27/18     AUD      56.70
                          0.500    09/24/20     CDN      61.08
                          1.000    11/21/16     NZD      59.78
                          0.250    06/28/40     CAD      20.75

FRANCE
------
Altran Technologies S.A.  3.750    01/01/09     EUR      12.42
Calyon                    6.000    06/18/47     EUR      42.40
CAP Gemini S.A.           2.500    01/01/10     EUR      53.77
                          1.000    01/01/12     EUR      47.84
Club Mediterranee S.A.    3.000    11/01/08     EUR      66.61
                          4.375    11/01/10     EUR      47.77
FCC Rome Alliance
Funding                   2.26     01/08/21     EUR      73.30
Groupe Vial               2.5      01/01/14     EUR      34.69
Havas S.A.                4.000    01/01/09     EUR      10.77
Infogrames
   Entertainment S.A.     1.500    04/01/09     EUR       0.56
Ingenico                  2.750    01/01/12     EUR      21.44
Maurel & Prom             3.500    01/01/10     EUR      21.57
Publicis Group            0.750    07/17/08     EUR      28.93
                          1.000    01/18/18     EUR      42.09
Rhodia S.A.               0.500    01/01/14     EUR      37.07
Scor S.A.                 4.125    01/01/10     EUR       2.12
Soc Air France            2.750    04/01/20     EUR      22.81
Soitec                    4.625    12/20/09     EUR       5.48
Theolia S.A.              2.000    01/01/14     EUR      23.96
Valeo                     2.38     01/01/11     EUR      43.35
Vivendi Univers           1.75     10/30/08     EUR      30.17
Wavecom S.A.              1.750    01/01/14     EUR      20.20
Wendel Invest S.A.        2.000    06/19/09     EUR      45.88

GERMANY
-------
Deutsche Schifbk          4.200    01/23/09     EUR      99.53
KfW Bankengruppe          0.500    10/30/13     AUD      68.32
                          0.500    12/19/17     EUR      67.56
                          5.000    05/23/20     EUR      75.05
                          1.250    07/07/20     EUR      75.11
                          1.250    07/29/20     EUR      75.02
                          5.000    07/21/25     EUR      68.16
                          5.000    09/01/25     EUR      70.16
                          5.000    08/10/30     EUR      67.78
Landeskreditbank Baden-
   Wuerttemberg Foerderbk 0.500    05/10/27     CDN      44.22
Landwirtschaftliche
   Rentenbank AG          1.000    03/29/17     NZD      58.31

GREECE
------
Hellenic Republic         0.990    07/07/24     EUR      65.45
                          0.630    07/13/20     EUR      67.29

ICELAND
-------
Kaupthing Bank            6.500    02/03/45     EUR      50.17

IRELAND
-------
Banesto Finance Plc       6.120    11/07/37     EUR       6.12
Depfa ACS Bank            0.500    03/03/25     CDN      48.60
                          0.250    07/08/33     CDN      28.31
Irish Nationwide
  Building Society        5.500    01/10/18     GBP      73.18
Irish Perm Plc            2.500    02/15/35     EUR      54.57
Magnolia Finance IV Plc   1.050    12/20/45     US$      16.58
Ono Finance II            8.000    05/16/14     EUR      74.39

ITALY
-----
Risanamento               1.000    04/17/69     EUR      42.74
Telecom Italia            5.250    03/17/55     EUR      71.37

LUXEMBOURG
----------
Del Monte Fin SA          6.630    05/24/06     EUR      45.01
Finmek International      7.000    12/03/04     EUR       6.49
IT Holding Fin            9.880    11/15/12     EUR      71.06
Nell AF S.A.              8.380    08/15/15     EUR      72.53
                          8.380    08/15/15     US$      74.04
                          8.380    08/15/15     EUR      73.70

NETHERLANDS
-----------
ABN Amo Bank B.V.         6.000    03/16/35     EUR      74.64
Air Berlin Finance B.V.   1.500    04/11/27     EUR      58.60
BK Ned Gemeenten          0.500    06/27/18     CDN      68.15
                          0.500    02/24/25     CDN      48.65
BLT Finance BV            7.500    04/17/74     US$      73.70
Bulgaria Steel           12.000    05/04/13     EUR      64.25
Cirio Del Monte           7.750    03/14/05     EUR      36.78
EM.TV Finance B.V.        5.250    05/08/13     EUR       4.20
Hypo Real ES Finance      5.500    08/20/08     EUR      46.85
Indah Kiat Intl          11.880    06/15/02     US$      53.00
IVG Finance B.V.          1.750    03/29/17     EUR      64.14
Kazkommertsbank           8.500    06/13/17     US$      77.02
Lehman Bros TSY B.V.      2.890    06/13/17     EUR      69.62
                          2.000    03/18/15     EUR      71.34
                          4.169    02/16/17     EUR      71.40
                          6.000    02/15/35     EUR      52.83
                          2.000    03/16/35     EUR      47.21
                          7.000    05/17/35     EUR      53.75
                          7.250    10/05/35     EUR      43.50
                          6.000    11/02/35     EUR      52.75
Natl Invester Bank       25.982    05/07/29     EUR      33.56
Ned Waterschapbk          6.000    06/01/35     EUR      68.06
                          6.500    08/15/35     EUR      62.38
                          6.000    06/30/45     EUR      60.30
Rabobank Groep N.V.       2.500    02/22/35     EUR      64.00
                          5.000    02/28/35     EUR      58.02
                          2.000    03/23/35     EUR      60.33
                          6.000    05/09/35     EUR      68.00
                          0.440    04/08/20     EUR      71.87
Tjiwi Kimia Finance BV    13.25    08/01/01     US$       0.44

NORWAY
------
Kommunalbanken A.S.       0.500    02/07/13     AUD      71.74
Norske Skogindustrier ASA 7.000    06/26/17     EUR      66.37

SWEDEN
------
AB Svensk Export          0.500    03/27/13     AUD      71.37
Swedish Export Credit     1.000    03/27/13     NZD      73.01
                          1.000    01/29/13     NZD      73.74

UNITED KINGDOM
--------------
Alliance & Leicester
   Building Society       5.880    08/14/31     GBP      74.73
Anglian Water
   Finance Plc            2.400     04/20/35    GBP      50.44
BAA Plc                   5.130     02/15/23    GBP      75.02
Bank of Scotland          6.000     02/07/35    EUR      51.49
Britannia Building
   Society                5.875     03/28/33    GBP      74.39
F&C Asset Management plc  6.750     12/20/26    GBP      75.35
Grainer Plc               3.630     05/17/14    GBP      71.87
HSBC Bank Plc             3.650     05/18/15    EUR      73.96
Jaztel Plc                5.000     04/29/10    EUR      69.57
National Grid Gas Plc     1.754     10/17/36    GBP      41.42
                          1.771     03/30/37    GBP      41.43
Royal BK Scotland         9.500     04/04/25    US$      54.71
RSL Communications Ltd.  10.125     03/01/08    US$       2.25
Taylor Woodrow            6.380     05/24/19    GBP      80.62
Wessex Water Finance      1.369     07/31/57    GBP      23.46


                            *********

Monday's edition of the TCR delivers a list of indicative prices
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                            *********


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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