TCREUR_Public/080529.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

             Thursday, May 29, 2008, Vol. 9, No. 106

                            Headlines


A U S T R I A

AKTIVBAU LLC: Claims Registration Period Ends June 16
CONCIERGE ROHR: Claims Registration Period Ends June 18
RPH WARENVERTRIEB: Claims Registration Period Ends June 11
V.I.S. VERMOEGENSANLAGEN: Claims Registration Ends June 20
X-STENT TRADE: Creditors' Meeting Slated for June 18


D E N M A R K

KALMAR STRUCTURED: Moody's Puts B2 Rating on EUR8.25 Mil. Notes
TDC A/S: S&P Revises Unsecured Notes' Rating to 'BB-' from 'B'


E S T O N I A

KOMMEST AUTO: Filgate Credit Cancels Bankruptcy Petition

* Estonian Bankruptcies Down 43% in 2007


F R A N C E

ALCATEL-LUCENT SA: Plans to Tie CEO's Pay to Performance


G E R M A N Y

BODYWELL VERTRIEBS: Claims Registration Period Ends June 16
CHRISTIAN HASSLER: Claims Registration Period Ends June 6
DENTALLABOR NORD: Claims Registration Period Ends June 16
G.M.R. GELATI-ZUBEHOER: Claims Registration Period Ends June 16
HOLOGIC INC: S&P Lifts Conv. Subordinated Debt's Rating to B+

HSV BEI NOBIS: Claims Registration Period Ends June 16
IKB DEUTSCHE: Posts EUR1BB Net Loss for 9 Months Ended Dec. 31
INTERNATIONAL SECURITY: Claims Registration Period Ends June 14
MALERFACHBETRIEB M MUELLER: Claims Period Ends June 16
MULTI FOOD: Claims Registration Period Ends June 13

NO CONCEPT: Claims Registration Period Ends June 16
ODS BUSINESS: Claims Registration Period Ends June 16
OTI ALSTER: Claims Registration Period Ends June 16
OTTO WOLF: Claims Registration Period Ends June 13
PERIMEX GMBH: Claims Registration Period Ends June 16

REINERY SUEDWEST-KAMIN: Claims Registration Period Ends June 13
SCHNITZEL'S GASTSTATTENBETRIEBE: Claims Filing Ends June 13
SEREN FEIGEN: Claims Registration Period Ends June 13
SEVEN-X GMBH: Claims Registration Period Ends June 16
TEAM FOR AUTOMATION: Claims Registration Period Ends June 14

THIELERT AIRCRAFT: Resumes Spare Parts and Engine Delivery
WESTLB AG: Fitch Upgrades Individual Rating to 'E' from 'F'
ZWEIRAD + SPORT: Claims Registration Period Ends June 13


H U N G A R Y

GARDENIA CSIPKEFUGGONYGYAR: Shareholders Okay Liquidation


I R E L A N D

ELAN CORP: Plans to Setup Drug-technology As Separate Entity


I T A L Y

FIAT SPA: Alfa Romeo NorthAm Status To Be Decided in Six Months
FIAT SPA: Moody's Ups All Ratings to Investment Grade Level
PARMALAT SPA: NJ Court Denies Mistrial Request vs Citigroup


K A Z A K H S T A N

AITURA CJSC: Creditors Must File Claims by July 9
JANA KURYLYS-2004: Claims Deadline Slated for July 4
KAZBAT CJSC: Claims Filing Period Ends July 9
KAZTURK LLP: Creditors' Claims Due on July 4
MUNAI-SAUDA CJSC: Claims Registration Ends July 4

PISHESNAB CJSC: Creditors Must File Claims by July 8
UJKAZSELSTROY JSC: Claims Deadline Slated for July 9


K Y R G Y Z S T A N

CENTRAL ASIAN: Creditors Must File Claims by July 18


L U X E M B O U R G

AMERICAN AXLE: Declares Second Quarter 2008 Dividend


R U S S I A

ASTRAKHAN-OIL-KHIM-PROM: Creditors Must File Claims by July 6
BANK SOLIDARNOST: Moody's Revises Outlook to Negative
DRUZHBY LLC: Chuvashiya Bankruptcy Hearing Slated for June 10
MIKHAYLOVSKOE CAR: Creditors Must File Claims by June 17
NEKRASOVSK-AGRO-PROM-TEKH-SNAB: Bankruptcy Hearing Set July 22

NOVOROSSIYSK COMMERCIAL: S&P Holds 'BB+' Long-Term Credit Rating
PARTY LLC: Court Names V. Togmitov as Insolvency Manager
ROAD SERVICE: Creditors Must File Claims by July 6
SEVERSTAL OAO: Aims 15% Profit Margin at North American Units
TAKKU-WOOD LLC: Court Names E. Zomba as Insolvency Manager

TRUBCHEVSKIY FLAX: Creditors Must File Claims by June 6
VERSATEL CJSC: Asset Sale Slated for June 11
VISO CJSC: Creditors Must File Claims by July 6

* Leningrad Region's Long-Term Currency Rating Upgraded by Fitch
* S&P Puts B+ Rating on Sakha's RUR2.5 Billion Bond
* Sakha's RUB2.5 Billion Domestic Bond Rated 'A+(rus)' by Fitch


S P A I N

APIRSA: Swedish Court Forbids Claims Payment Until Case Ends
CA INC: S&P Upgrade Corporate Credit Rating to 'BB+' from 'BB'

* ECB Driving Spanish Securitization Changes, Fitch Says


S W E D E N

APIRSA: Swedish Court Forbids Claims Payment Until Case Ends


S W I T Z E R L A N D

A.P. 3 I: Creditors Have Until June 1 to File Proofs of Claim
BALANDINA CONSULTING: Creditors’ Proofs of Claim Due by June 1
BAU-ATELIER FURRER: Creditors' Liquidation Claims Due by June 1
BELENOS LLC: Creditors Must File Proofs of Claim by June 2
DIABOLO LLC: Deadline to File Proofs of Claim Set May 31

GCG IMMOBILIEN: Proofs of Claim Filing Deadline is June 1
GLOBAL PET: Aargau Court Commences Bankruptcy Proceedings
KIRAAS LLC: Creditors Must File Proofs of Claim by May 31
LONI TRANSPORT: Luzern Court Commences Bankruptcy Proceeding
MAX SCHUPFER: Proofs of Claim Filing Deadline is May 31

MHM LLC: Aargau Court Commences Bankruptcy Proceedings
NOMO LLC: Creditors Have Until June 1 to File Proofs of Claim
PRO FINANZ: June 1 Deadline Set for Proofs of Claim Filing
R. KONIG: May 30 Set as Deadline to File Proofs of Claim
SIMOBAU LLC: Aargau Court Commences Bankruptcy Proceedings

STICKEREI WEHRLI: Creditors' Liquidation Claim Due by June 1


U K R A I N E

BUILDING TRANSPORT: Creditors Must File Claims by June 11
COMPAN UKRAINE: Proofs of Claim Filing Deadline Set June 11
DNIEPROPRIMATRADE LLC: Creditors Must File Claims by June 11
FENIX-IKS LLC: Proofs of Claim Filing Deadline Set June 11
FIRM LLC: Creditors Must File Claims by June 11

INDUSTRIAL BUILDING: Creditors Must File Claims by June 11
KYIVSTAR GSM: Lack of Information Prompts S&P to Withdraw Rating
SP RUMO-UKRAINE Creditors Must File Claims by June 11
SVITANOK LLC: Creditors Must File Claims by June 11


U N I T E D   K I N G D O M

ALLEN-VANGUARD: S&P Puts LT Corporate Credit Rating at 'BB-'
ARGON CAPITAL: S&P Removes CreditWatch on Notes' 'B' Rating
BEST BUS: US Sub-Prime Mortage Crisis Prompts Liquidation
BNP PARIBAS: Moody's Reviews Ratings on 3 Credit Default Swaps
CABLE & WIRELESS: Close to Offloading GBP12 Bln. Pension Risk

CITY SURFACING: Brings In Liquidators from Tenon Recovery
CLEAR CHANNEL: Mays Family Could Lose US$104 Million on Deal
CLEAR CHANNEL: Highfields Capital Owns 7.7% Equity
DAKOTA SHERWOOD: Goes Into Receivership Amid Co-Owner Dispute
DSG INTERNATIONAL: Moody's Puts Corporate Family Rating at Ba1

EDGEN MURRAY: S&P Concludes Review; Ratings Remain Unchanged
EUROHOME UK: Fitch Affirms Ratings on 16 Tranches
GROUP 1 AUTOMOTIVE: S&P Cuts Corporate Credit Rating to 'BB-'
HALIFAX TOWN: Faces Liquidation and Demotion, Trust Says
HEXCEL CORP: S&P Affirms BB Long-Term Corporate Credit Rating

MK ONE: Administrator Sells 100 Stores to Jet Star Retail
PJB ELECTRICAL: Brings In Administrators from Deloitte & Touche
PRIMUS TELECOMMS: Moody's Revises Probability of Default Rating
VERSAMOUNT DISPLAY: Taps Joint Administrators from Begbies
WHITWORTH SALES: Calls In Liquidators from Tenon Recovery

* Deloitte Names Kevin Patience as Financial Services Director
* Fitch Says Emerging Market Sovereigns at Risk from Inflation
* Upcoming Meetings, Conferences and Seminars


                            *********


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


AKTIVBAU LLC: Claims Registration Period Ends June 16
-----------------------------------------------------
Creditors owed money by LLC AKTIVBAU (FN 215386w) have until
June 16, 2008, to file written proofs of claim to court-
appointed estate administrator Oliver Lorber at:

          Mag. Oliver Lorber
          St.Veiter Ring 51
          Second Floor
          9020 Klagenfurt
          Austria
          Tel: 0463/57 9 50
          Fax: 0463/5790-9
          E-mail: rechtsanwalt@lorber.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10;00 a.m. on June 23, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Klagenfurt
          Room 225
          Second Floor
          Klagenfurt
          Austria

Headquartered in Feldkirchen, Austria, the Debtor declared
bankruptcy on May 7, 2008 (Bankr. Case No. 41 S 47/08x).


CONCIERGE ROHR: Claims Registration Period Ends June 18
-------------------------------------------------------
Creditors owed money by LLC Concierge Rohr Montage (FN 254520w)
have until June 18, 2008, to file written proofs of claim to
court-appointed estate administrator Stefan Jahns at:

          Mag. Stefan Jahns
          c/o Dr. Susi Pariasek
          Gonzagagasse 15
          1010 Vienna
          Austria
          Tel: 532 17 11
          E-mail: kanzlei@jahns.co.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:50 a.m. on July 2, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1707
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on May 7, 2008 (Bankr. Case No. 2 S 55/08p).  Susi Pariasek
represents Mag. Jahns in the bankruptcy proceedings.


RPH WARENVERTRIEB: Claims Registration Period Ends June 11
----------------------------------------------------------
Creditors owed money by LLC RPH Warenvertrieb (FN 30576s) have
until June 11, 2008, to file written proofs of claim to court-
appointed estate administrator Horst Winkelmayr at:

          Mag. Horst Winkelmayr
          c/o  Dr. Carl Knittl
          Hauptplatz 15
          2100 Korneuburg
          Austria
          Tel: 02262/724 35
          Fax: 02262/724 35 50
          E-mail: rae@kniwi.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:00 a.m. on June 25, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Korneuburg
          Room 204
          Second Floor
          Korneuburg
          Austria

Headquartered in Schwechat – Rannersdorf, Austria, the Debtor
declared bankruptcy on May 6, 2008 (Bankr. Case No. 36 S
51/08d).  Carl Knittl represents Mag. Winkelmayr in the
bankruptcy proceedings.


V.I.S. VERMOEGENSANLAGEN: Claims Registration Ends June 20
----------------------------------------------------------
Creditors owed money by LLC V.I.S. Vermoegensanlagen-Immobilien-
Service (FN 48080g) have until June 20, 2008, to file written
proofs of claim to court-appointed estate administrator Philipp
Dobner at:

          Dr. Philipp Dobner
          Mariahilfer Strasse 50
          1070 Vienna
          Austria
          Tel: 523 62 00
          Fax: 526 72 74
          E-mail: dobner@sup.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on July 4, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1607
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on May 6, 2008 (Bankr. Case No. 28 S 62/08h).


X-STENT TRADE: Creditors' Meeting Slated for June 18
----------------------------------------------------
Creditors owed money by LLC X-Stent Trade (FN 223629t) are
encouraged to attend the first creditors' meeting at 10:30 a.m.
on June 18, 2008.

The creditors' meeting will be held at:

          The Land Court of Leoben
          Hall IV
          First Floor
          Leoben
          Austria

The Court will also examine the claims at 10:00 a.m. on July 9,
2008, at the same venue.

Creditors have until June 25, 2008, to file written proofs of
claim to court-appointed estate administrator Mario Kapp at:

          Mag. Mario Kapp
          Karntnerstrasse 525-527
          8054 Graz - Seiersberg
          Austria
          Tel: 0316-225955
          Fax: 0316-282013
          E-mail: office@kapp.at

Headquartered in Trofaiach, Austria, the Debtor declared
bankruptcy on May 6, 2008 (17 S 19/08z).


=============
D E N M A R K
=============


KALMAR STRUCTURED: Moody's Puts B2 Rating on EUR8.25 Mil. Notes
---------------------------------------------------------------
Moody's Investors Service today placed under review for
downgrade one class of notes issued by Kalmar Structured Finance
A/S.

The rating action is:

Kalmar Structured Finance A/S:

   -- EUR 8,255,000 Class C Secured Notes III due 2011

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

The transaction will continue to be monitored and any further
rating action will be publicly disseminated.


TDC A/S: S&P Revises Unsecured Notes' Rating to 'BB-' from 'B'
--------------------------------------------------------------
Standard & Poor's Ratings Services revised its issue ratings on
leading Danish integrated telecommunications provider TDC A/S'
(BB-/Stable/B) unsecured notes maturing up to 2012 to 'BB-' from
'B', in line with the corporate credit rating.  S&P revised the
recovery rating to '4' from '6', indicating its expectation of
average (30%-50%) recovery in the event of a payment default.

S&P also revised the issue rating on the subordinated notes
issued by TDC's indirect parent Nordic Telephone Co. Holding ApS
(NTCH; BB-/Stable/--) maturing in 2016 to 'B+' from 'B', one
notch below the corporate credit rating on the group.  At the
same time, S&P revised the recovery rating on this debt to
'5' from '6', indicating its expectation of modest (10%-30%)
recovery in the event of a payment default.

The loan rating on TDC's EUR7.5 billion senior secured
facilities remains unchanged at 'BB+', two notches higher than
the corporate credit rating.  The recovery rating is also
unchanged at '1', indicating S&P's expectation of very high
recovery (90%-100%) for senior secured lenders in the event of a
payment default.

"We have valued the business as a going concern because, given
TDC's satisfactory business risk profile and leading market
position, we believe that a default would most likely result
from excessive leverage," said Standard & Poor's recovery
analyst Carlo Castelli.  At the point of default S&P valued the
company at about Danish krona 42 billion.

"The improved recovery rating for the subordinated and unsecured
debt issues reflect the significant redemption of the senior
facilities over the past 12 months to March 31, 2008," said Mr.
Castelli.


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


KOMMEST AUTO: Filgate Credit Cancels Bankruptcy Petition
--------------------------------------------------------
Filgate Credit Enterprises Ltd. Has agreed to cancel its
bankruptcy petition against AS Kommest Auto, Sandra Taimre
writes for Aripaev.ee.

Filgate Credit, the report relates, filed bankruptcy petition
against the company on May 13, 2008.

Kommest Auto owner Toomas Ruutman told Aripaev that addressing
the company's financial woes is the first and important step and
that hopefully, agreements will be reached with other creditors,
the report said.

Mr. Ruutman disclosed that the agreement with Filgate Credit
should increase Peugeot clients' security.

Aeripaeev reported that French carmaker PSA Peugeot Citroen
stopped shipments to Kommest Auto because of growing debts.

AS Kommest Auto is a Peugeot car dealer in Estonia and Latvia.
It is owned by TR Majad, a property investment company based in
Estonia.


* Estonian Bankruptcies Down 43% in 2007
----------------------------------------
The number of bankruptcies in Estonia decreased by 43% in 2007
on a year-on-year basis, Baltic Business News reports citing an
AS Krediidiinfo research.  Companies that filed for bankruptcy
was 0.18%, the report adds.

The research revealed one out of 565 companies were declared
bankrupt in 2007.

Compared to other European countries, the bankruptcy rate in
Estonia is lower than the European average, the report said.


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


ALCATEL-LUCENT SA: Plans to Tie CEO's Pay to Performance
--------------------------------------------------------
Alcatel-Lucent S.A. has proposed to tie CEO Patricia Russo's
EUR6-million golden parachute to performance targets, Reuters
relates citing the Times.

According to the Times, shareholders will convene tomorrow,
May 30, 2008, to vote whether to award Ms. Russo her two years'
pay.  The resolution was proposed amid rumors that Ms. Russo
would be fired from her post.

The resolution states that, to avail of the maximum salary,
Ms. Russo has to meet at least 90% of the performance target for
sales, or 75% of the performance target for operating profit.

An Alcatel-Lucent spokeswoman confirmed the EUR6-million figure
to Reuters, detailing that the amount corresponds to two full
years of salary plus variable income.

The spokeswoman added to Reuters that given Ms. Russo's
performance in 2007, her salary for the year was EUR1.8 million
out of EUR3 million maximum possible amount.

                       About Alcatel-Lucent

Headquartered in Paris, France, Alcatel-Lucent S.A. --
http://www.alcatel-lucent.com/-- provides solutions that enable
service providers, enterprises and governments worldwide to
deliver voice, data and video communication services to end
users.

Alcatel-Lucent maintains operations in 130 countries, including,
Austria, Germany, Hungary, Italy, Netherlands, Ireland, Canada,
United States, Costa Rica, Dominican Republic, El Salvador,
Guatemala, Peru, Venezuela, Indonesia, Australia, Brunei and
Cambodia.

                          *     *     *

As reported in the TCR-Europe on April 4, 2008, Moody's
Investors Service affirmed the ratings for Alcatel-Lucent, which
include a Ba3 corporate family rating for Alcatel-Lucent and a
Not-Prime for its short term debt, as well as Ba3 ratings for
senior and B2 ratings for subordinated debt that was issued
originally by the predecessor companies Alcatel S.A. and Lucent
Technologies, Inc.  Moody's said the outlook for the ratings is
Negative.

Alcatel-Lucent's Long-Term Corporate Credit rating and Senior
Unsecured Debt carry Standard & Poor's Ratings Services' BB
rating.  Its Short-Term Corporate Credit rating stands at B.


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


BODYWELL VERTRIEBS: Claims Registration Period Ends June 16
-----------------------------------------------------------
Creditors of Bodywell Vertriebs-GmbH have until June 16, 2008,
to register their claims with court-appointed insolvency manager
Reimer Witt.

Creditors and other interested parties are encouraged to attend
the meeting at 10:10 a.m. on July 28, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Neumuenster
         Meeting Hall B.126
         Law Courts
         Boostedter Strasse 26
         Neumuenster
         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:

         Reimer Witt
         Kuhberg 43-45
         24534 Neumuenster
         Germany

The District Court of Neumuenster opened bankruptcy proceedings
against Bodywell Vertriebs-GmbH on May 8, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Bodywell Vertriebs-GmbH
         Attn: Armin von Wuelfing, Manager
         Kieler Strasse 55
         24649 Wiemresdorf
         Germany


CHRISTIAN HASSLER: Claims Registration Period Ends June 6
---------------------------------------------------------
Creditors of Christian Hassler GmbH have until June 6, 2008, to
register their claims with court-appointed insolvency manager
Ulrich Nehrig.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on June 16, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

        Ulrich Nehrig
        LG-Fach 107
        Schillerstr. 2
        79102 Freiburg i. Br.
        Germany
        Tel: 0761/703900
        Fax: 0761/7039052

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

The Debtor can be reached at:

        Christian Hassler GmbH
        Leopoldstr. 18
        79359 Riegel
        Germany


DENTALLABOR NORD: Claims Registration Period Ends June 16
---------------------------------------------------------
Creditors of Dentallabor Nord GmbH have until June 16, 2008, to
register their claims with court-appointed insolvency manager
Reiner Linck.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Aug. 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 Rostock
         Hall 330
         Zochstrasse 13
         18057 Rostock
         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:

         Reiner Linck
         Paulstrasse 44
         18055 Rostock
         Germany

The District Court of Rostock opened bankruptcy proceedings
against Dentallabor Nord GmbH on May 5, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Dentallabor Nord GmbH
         Attn: Heinz-Juergen Carstensen, Manager
         Egon Engels und Helge Herm
         Alexandrinenstrasse 52
         18119 Rostock
         Germany


G.M.R. GELATI-ZUBEHOER: Claims Registration Period Ends June 16
---------------------------------------------------------------
Creditors of G.M.R. Gelati-Zubehoer GmbH have until June 16,
2008, to register their claims with court-appointed insolvency
manager Hans-Joerg Derra.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on June 30, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Goeppingen
         Hall 0.24
         Ground Floor
         Pfarrstrasse 25
         73033 Goeppingen
         Germany

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

The insolvency manager can be reached at:

         Hans-Joerg Derra
         c/o Derra, Meyer & Partner
         Frauenstr. 14
         89073 Ulm
         Germany
         Tel: (0731) 922880
         Fax: (0731) 9228888

The District Court of Goeppingen opened bankruptcy proceedings
against G.M.R. Gelati-Zubehoer GmbH on April 29, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         G.M.R. Gelati-Zubehoer GmbH
         Attn: Luigi Raffa
         Heilbronner Str. 12
         73037 Goeppingen
         Germany


HOLOGIC INC: S&P Lifts Conv. Subordinated Debt's Rating to B+
-------------------------------------------------------------
Standard & Poor's Ratings Services raised its rating on Hologic
Inc.'s convertible subordinated debt to 'B+' from 'B'.  S&P
revised the recovery rating on this unsecured instrument to '5',
indicating the expectation for modest (10% to 30%) recovery in
the unlikely event of a bankruptcy, from '6'.  At the same
time, S&P affirmed the 'BB-' corporate credit and 'BB+' senior
secured ratings.  The outlook is positive.

"The upgrade reflects the rapid repayment of senior secured
acquisition debt," said Standard & Poor's credit analyst David
Lugg.  In October 2007, Hologic purchased unrated Cytyc Corp. in
a $6 billion transaction.  Hologic funded a portion of this
purchase with a secured credit facility, which was significantly
reduced with the proceeds of a US$1.7 billion convertible issue
in December.  Since then, the company has repaid another US$570
million of term loans, reducing the facility balance to US$89.6
million as of March 31, 2008.  In aggregate, Hologic has reduced
its debt by 24% from the October peak, far exceeding Standard &
Poor's more modest expectations.  The rapid reduction in
secured bank loans disproportionally benefits the unsecured
convertible issue, providing improved recovery prospects in the
unlikely event of default.

The 'BB-' rating reflects Hologic's initially high leverage,
short track record of success, challenge to integrate the
acquisition of Cytyc, and strong positions in attractive
specialty medical markets.  This transforming transaction almost
doubled the size of Hologic, adding product and geographic
breadth.  The combined company's specialty surgical and
diagnostic products focus on the medical needs of women--a
market characterized by limited competition from a few, but very
large, firms and some exposure to reimbursement challenges.
Technological innovation that produces more accurate, easier-to-
use products is a key to success in this market.

The outlook is positive.  Continued successful integration of
the Cytyc business, combined with additional debt repayment
could create the conditions needed for a higher rating within
two years.  Although moderating somewhat, the continued strong
double-digit growth of Hologic products should provide the
cash flow needed for rapid debt repayment.  S&P expects the
company to continue to make smaller acquisitions that bolster
its market presence.  If the company were to encounter an
unusually difficult integration or make additional large
debt-financed acquisitions, there would be little rationale for
an upgrade.


HSV BEI NOBIS: Claims Registration Period Ends June 16
------------------------------------------------------
Creditors of HSV bei NOBIS Heizung-Sanitar-Versorgungstechnik
GmbH have until June 16, 2008, to register their claims with
court-appointed insolvency manager Yvo Dengs.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on July 28, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Neumuenster
         Meeting Hall B.126
         Law Courts
         Boostedter Strasse 26
         Neumuenster
         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:

         Yvo Dengs
         Am Sandtorkai 62
         20457 Hamburg
         Germany

The District Court of Neumuenster opened bankruptcy proceedings
against HSV bei Nobis Heizung-Sanitar-Versorgungstechnik GmbH on
May 1, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         HSV bei NOBIS Heizung-Sanitar-Versorgungstechnik GmbH
         Kieler Strasse 53
         24768 Rendsburg
         Germany


IKB DEUTSCHE: Posts EUR1BB Net Loss for 9 Months Ended Dec. 31
--------------------------------------------------------------
IKB Deutsche Industriebank AG posted a consolidated net loss for
the first nine months of the financial year 2007/08 covering
April 1, 2007, to Dec. 31, 2007, of EUR1.0 billion, compared
with EUR142 million net profit for same period ended Dec. 31,
2006.

Losses on portfolio investments led to a negative net income
from financial instruments at fair value of nearly EUR2.0
billion and negative net income from investment securities of
more than EUR1.0 billion.  In contrast, the positive result from
the assumption of risks by the banking pool amounted to
EUR2.2 billion.

Additional key financial data:

    * Net interest income of EUR410 million;

    * Provisions for possible loan losses totalling
      EUR207 million;

    * Net fee and commission income of EUR44 million; and

    * Administrative expenses of EUR271 million.

IKB closed out the third quarter of financial year 2007/08
covering Oct. 1, 2007, to Dec. 31, 2007, in a balanced position,
with net income for the period of EUR10 million.

A positive result of EUR32 million from operating business and
EUR109 million in fair-value gains on liabilities were offset by
a further EUR70 million of losses on portfolios and financial
instruments as well as tax expense of EUR61 million.

                        Outlook Confirmed

For the full financial year 2007/08, IKB still forecasts a loss
of EUR0.2 billion.  The positive contributions to results – in
the wake of a loss of EUR1.0 billion for the 9-month-result of
financial year 2007/08 -– are attributable particularly to the
following effects, which will not have an impact until the
fourth quarter of financial year 2007/08:

    * Accounting a further risk shield for Havenrock;

    * Further revenues resulting from the valuation of
      liabilities, especially of hybrid capital instruments;

    * Positive effect of roughly EUR350 million resulting from
      the valuation of debtor warrants from the KfW
      capital injection

Overall, these positive effects outweigh the necessary value
adjustments on portfolio investments carried out as at
Dec. 31, 2008.

                    Core Business Holds Ground

In its core business, IKB succeeded in firmly holding its ground
with its customers.  All three segments reported a positive
operating result in the third quarter of financial year 2007/08,
after extraordinary effects (adjusting events for risk
provisioning and valuation losses) stressed the operating
results in the first half of financial year 2007/08.

In the Corporate Clients segment, new business volume increased
to EUR3.9 billion.  This segment realized operating results of
EUR11 million (EUR22 million) in the third quarter and
EUR7 million (EUR64 million) during first nine months of
financial year 2007/08.  The result was determined by negative
valuation effects in the private equity business in the first
half of the year, in addition to increased risk provisioning.

The Real Estate Clients segment was able to record a significant
boost in new business volume to EUR1.2 billion in the reporting
period thanks to European business activities.  The operating
result reached just a marginal positive figure of EUR0.2 million
(EUR8 million) in the third quarter and amounted to EUR3 million
in the first nine months of financial year 2007/08.

The Structured Finance segment posted operating results of
EUR6 million in the third quarter and EUR4 million in the first
nine months of financial year 2007/08.  The result was
attributable to value adjustments for first-loss pieces from the
securitization of IKB’s own loans already accounted for in the
balance sheet in the first half of financial year 2007/08, in
addition to increased provisions for possible loan losses.  New
business volume of EUR3.4 billion reflected a decline versus the
previous record year’s level of EUR4.8 billion.

In the entire financial year 2007/08 (April 1, 2007, to
March 31, 2008), new disbursements amounted to EUR4.7 billion in
the Corporate Clients segment, EUR1.4 billion in the Real Estate
Clients segment and EUR3.8 billion in the Structured Finance
segment.

                          Sale Process

The sale of stakes of KfW Banking Group (45.5%) and Stiftung
Industrieforschung (10.7%) in IKB is proceeding according to
plan.

In May, IKB held discussions with nine bidders, especially with
their management and groups of experts.  Meanwhile, KfW has
received a series of interesting, substantiated offers and
intends to short list the number of bidders and thereafter start
decisive negotiating with due-diligence.

                       About IKB Deutsche

Headquartered in Dusseldorf, Germany, IKB Deutsche Industriebank
AG -- http://www.ikb.de/-- provides medium-sized companies with
long-term financing.  The bank operates in several German
locations, as well as branches in the United Kingdom,
Luxembourg, Spain and France.

IKB had previously invested in securitized loans on the US
market for subprime mortgages, which are now almost worthless.
This resulted in a deep-seated crisis within the bank, pushing
it on the brink of bankruptcy.

                         *     *     *

Moody's Investors Service cuurently rates IKB Deutsche
Industriebank AG's bank financial strength at E; subordinated
debt at Ba2; junior subordinated securities at Ca and hybrid
capital instruments eligible for Tier 1 capital and the
preferred securities of IKB Funding Trust I & II at Caa3.  The
ratings, which were downgraded to their current level in
April 2008, have stable outlook.


INTERNATIONAL SECURITY: Claims Registration Period Ends June 14
---------------------------------------------------------------
Creditors of International Security Service GmbH have until
June 14, 2008, to register their claims with court-appointed
insolvency manager Richard Sommer.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on July 22, 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 Rottweil
         Room 0.05
         Branch Office
         Koernerstr. 29
         Rottweil
         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:

         Richard Sommer
         Banweg 17/1
         72131 Ofterdingen
         Germany
         Tel: 07473-920074
         Fax: 07473-25578

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

The Debtor can be reached at:

         International Security Service GmbH
         Attn: Mario Valletta, Manager
         Am Roemerhof 15
         78727 Oberndorf
         Germany


MALERFACHBETRIEB M MUELLER: Claims Period Ends June 16
------------------------------------------------------
Creditors of Malerfachbetrieb M. Mueller GmbH have until
June 16, 2008, to register their claims with court-appointed
insolvency manager Tanja Bueckmann.

Creditors and other interested parties are encouraged to attend
the meeting at 1:40 p.m. on July 3, 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 Essen
         Meeting Hall 293
         Second Floor
         Zweigertstr. 52
         45130 Essen
         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:

         Tanja Bueckmann
         Lindnerstr. 165
         46149 Oberhausen
         Germany

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

The Debtor can be reached at:

         Malerfachbetrieb M. Mueller GmbH
         Attn: Martina Mueller, Manager
         Im Stadtsfeld 28a
         46282 Dorsten
         Germany


MULTI FOOD: Claims Registration Period Ends June 13
---------------------------------------------------
Creditors of Multi Food-Handelsgesellschaft mbH have until
June 13, 2008, to register their claims with court-appointed
insolvency manager Ingmar Jarchow.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on July 15, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Hall B 405
         Fourth Floor Annex
         Civil Justice Bldg.
         Sievkingplatz 1
         20355 Hamburg
         Germany

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

The insolvency manager can be reached at:

         Ingmar Jarchow
         Heuberg 1
         20354 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against Multi Food-Handelsgesellschaft mbH on April 18, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Multi Food-Handelsgesellschaft mbH
         Rubbertstrasse 48
         21109 Hamburg
         Germany


NO CONCEPT: Claims Registration Period Ends June 16
---------------------------------------------------
Creditors of No Concept ? Verwaltungs GmbH have until
June 16, 2008, to register their claims with court-appointed
insolvency manager Dr. Joerg Nerlich.

Creditors and other interested parties are encouraged to attend
the meeting at 1:20 p.m. on July 3, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Essen
         Meeting Hall 293
         Second Floor
         Zweigertstr. 52
         45130 Essen
         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. Joerg Nerlich
         Alfredstr. 279
         45133 Essen
         Germany

The District Court of Essen opened bankruptcy proceedings
against No Concept ? Verwaltungs GmbH on April 17, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         No Concept ? Verwaltungs GmbH
         Hufergasse 37
         45239 Essen
         Germany

         Attn: Cornelia Koch, Manager
         Moltkestr. 118
         40479 Duesseldorf
         Germany


ODS BUSINESS: Claims Registration Period Ends June 16
-----------------------------------------------------
Creditors of ODS Business Services Group GmbH have until
June 16, 2008, to register their claims with court-appointed
insolvency manager Jan H. Wilhelm.

Creditors and other interested parties are encouraged to attend
the meeting at 11:05 a.m. on July 16, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Hall B 405
         Fourth Floor Annex
         Civil Justice Bldg.
         Sievkingplatz 1
         20355 Hamburg
         Germany

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

The insolvency manager can be reached at:

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

The District Court of Hamburg opened bankruptcy proceedings
against ODS Business Services Group GmbH on May 6, 20008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         ODS Business Services Group GmbH
         Attn: Wilhelm Friedrich Mittrich, Manager
         Christoph-Probst-Weg 3-5
         20251 Hamburg
         Germany


OTI ALSTER: Claims Registration Period Ends June 16
---------------------------------------------------
Creditors of OTI Alster Trading GmbH have until June 16, 2008,
to register their claims with court-appointed insolvency manager
Joern Weitzmann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:05 a.m. on July 16, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Hall B 405
         Fourth Floor Annex
         Civil Justice Bldg.
         Sievkingplatz 1
         20355 Hamburg
         Germany

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

The insolvency manager can be reached at:

         Joern Weitzmann
         Arnold-Heise-Strasse 9
         20249 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against OTI Alster Trading GmbH on April 28, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         OTI Alster Trading GmbH
         Attn: Abdul Wadood Syed, Manager
         Am Sandtorkai 26
         20457 Hamburg
         Germany


OTTO WOLF: Claims Registration Period Ends June 13
--------------------------------------------------
Creditors of Otto Wolf Vermoegens-Verwaltungsgesellschaft mbH
have until June 13, 2008, to register their claims with court-
appointed insolvency manager Dr. Petra Mork.

Creditors and other interested parties are encouraged to attend
the meeting at 11:10 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 Dortmund
         Hall 3.201
         Second Floor
         Gerichtsplatz 1
         44135 Dortmund
         Germany

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

The insolvency manager can be reached at:

         Dr. Petra Mork
         Arndtstr. 28
         44135 Dortmund
         Germany

The District Court of Dortmund opened bankruptcy proceedings
against Otto Wolf Vermoegens-Verwaltungsgesellschaft mbH on May
7, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Otto Wolf Vermoegens-Verwaltungsgesellschaft mbH
         Auf der Hoehe 8
         44536 Luenen
         Germany


PERIMEX GMBH: Claims Registration Period Ends June 16
-----------------------------------------------------
Creditors of Perimex GmbH have until June 16, 2008, to register
their claims with court-appointed insolvency manager Thomas
Illy.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 a.m. on July 7, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Offenbach am Main
         Hall 162N
         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 Illy
         Taunusanlage 17
         D 60325 Frankfurt am Main
         Germany
         Tel: 069 / 979953-0
         Fax: 069/979953-99

The District Court of Offenbach am Main opened bankruptcy
proceedings against Perimex GmbH on May 16, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Perimex GmbH
         Innsbrucker Strasse 4
         63073 Offenbach am Main
         Germany

         Attn: Aleksandar Radulovic, Manager
         Alzeyerstrasse 1
         65934 Frankfurt am Main
         Germany


REINERY SUEDWEST-KAMIN: Claims Registration Period Ends June 13
---------------------------------------------------------------
Creditors of Reinery Suedwest-Kamin GmbH & Co. KG have until
June 13, 2008, to register their claims with court-appointed
insolvency manager Axel Bierbach.

Creditors and other interested parties are encouraged to attend
the meeting at 8:45 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 Meiningen
         Meeting Hall A 0105
         Lindenallee 15
         Meiningen
         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 Bierbach
        Schwanthalerstr. 32
        80336 Munich
        Germany

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

The Debtor can be reached at:

        Reinery Suedwest-Kamin GmbH & Co. KG
        Attn: Mario Reinery, Manager
        Am Raschen 1
        98634 Wasungen
        Germany


SCHNITZEL'S GASTSTATTENBETRIEBE: Claims Filing Ends June 13
-----------------------------------------------------------
Creditors of Schnitzel's Gaststattenbetriebe GmbH have until
June 13, 2008, to register their claims with court-appointed
insolvency manager Thomas Steger.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 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 Limburg
         Hall D 221
         Walderdorffstrasse 12
         65549 Limburg
         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 Steger
         Koelnstrasse 135
         53757 Sankt Augustin-Hangelar
         Germany
         Tel: 02241/9060-0
         Fax: 02241/9060-90
         E-mail: kanzlei@kalker-fahnster.de


The District Court of Limburg opened bankruptcy proceedings
against Schnitzel's Gaststattenbetriebe GmbH on May 1, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

        Schnitzel's Gaststattenbetriebe GmbH
        Elzer Str. 2
        65556 Limburg-Staffel
        Germany


SEREN FEIGEN: Claims Registration Period Ends June 13
-----------------------------------------------------
Creditors of Seren Feigen und Suedfruechte GmbH have until
June 13, 2008, to register their claims with court-appointed
insolvency manager Christian Zschocke.

Creditors and other interested parties are encouraged to attend
the meeting at 2:15 p.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 Konstanz
         Hall 102
         First Floor
         Gerichtstrasse 9
         78462 Konstanz
         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 Zschocke
         Enge Str. 2
         78224 Singen
         Germany

The District Court of Konstanz opened bankruptcy proceedings
against Seren Feigen und Suedfruechte GmbH on May 1, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Seren Feigen und Suedfruechte GmbH
         Fritz-Reichle-Ring 28
         78315 Radolfzell
         Germany


SEVEN-X GMBH: Claims Registration Period Ends June 16
-----------------------------------------------------
Creditors of Seven-X GmbH have until June 16, 2008, to register
their claims with court-appointed insolvency manager Dr. Thomas
Wazlawik.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on July 21, 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 Passau
         Room 6/EG
         Schustergasse 4
         Passau
         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 Wazlawik
         Luragogasse 5
         94032 Passau
         Germany
         Tel: 0851/490548-0
         Fax: 0851/490548-9

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

The Debtor can be reached at:

         Seven-X GmbH
         Sailerwoehr 16
         94032 Passau
         Germany


TEAM FOR AUTOMATION: Claims Registration Period Ends June 14
------------------------------------------------------------
Creditors of team for automation GmbH have until June 14, 2008,
to register their claims with court-appointed insolvency manager
Albert Hirt.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 Rottweil
         Room 0.05
         Branch Office
         Koernerstr. 29
         Rottweil
         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:

         Albert Hirt
         Berner Feld 74
         78628 Rottweil
         Germany
         Tel: 0741-1754050
         Fax: 0741-1754020

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

The Debtor can be reached at:

         team for automation GmbH
         Attn: Thomas Nagel, Manager
         Lienberg 36
         78713 Schramberg
         Germany


THIELERT AIRCRAFT: Resumes Spare Parts and Engine Delivery
----------------------------------------------------------
Thielert Aircraft Engines GmbH has resumed delivery of spare
parts and engines to its customers, Bloomberg reports citing
court-appointed administrator Bruno M. Kuebler.

In a press conference, Bloomberg quotes Dr. Kuebler as saying
that "[t]here are more than enough Thielert spare parts and
engines available."

However, according to Dr. Kuebler, in accordance with the German
insolvency law the company is forced to demand payment in
advance.  The same provision also applies to maintenance work.

Dr. Kuebler reiterated that the goal is to secure production at
Thielert Aircraft in the short term.  This will encourage
potential investors and make an important contribution towards
saving both the company and jobs in the long term.

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

As reported in the Troubled Company Reporter-Europe on
April 25, 2008, the executive board of Thielert Aircraft filed
for the opening of insolvency at the county court Chemnitz in
Germany on April 24, 2008.  Bruno Kuebler was appointed as
administrator.


WESTLB AG: Fitch Upgrades Individual Rating to 'E' from 'F'
-----------------------------------------------------------
Fitch Ratings upgraded Germany's WestLB AG's Individual rating
to 'E' from 'F'.

At the same time, the agency has affirmed the bank's Long-term
Issuer Default rating at 'A-' (A minus), Short-term IDR at 'F1',
Support rating at '1' and Support Rating Floor at 'A-' (A
minus).  The Outlook for the Long-term IDR remains Stable.  The
bank's guaranteed obligations are also affirmed at Long-term
'AAA'.

WestLB's Individual rating reflects Fitch's opinion that,
despite the shareholders' rescue measures in Q108, the bank
remains in a fragile financial position and the need for
additional support cannot be ruled out.  A net loss of EUR1.6bn
for 2007, the reduction of the revaluation reserves by EUR0.8bn
as well as further potential losses on the bank's structured
securities portfolio required a package of rescue measures by
the bank's shareholders.  This includes reducing risks from the
bank's structured investments by ring-fencing EUR23bn of
securities in a Special Purpose Vehicle; in total, up to EUR5bn
potential losses will be compensated for.

Reflecting WestLB's consistently poor underlying performance,
the bank's operating earnings provided no buffer to absorb
losses resulting from the difficult market conditions.  To date,
WestLB's results have been dependent on volatile trading income,
capital gains from the disposal of non-strategic assets and
releases of loan impairment charges.  The bank's new management
is again adjusting its business model and is planning further
restructuring to enhance revenues and reduce costs.

Fitch's eligible capital/weighted risks ratio, which adjusts
equity for deferred tax assets in respect of tax losses carried
forward, goodwill, revaluation reserves and eligible hybrid
capital, decreased to a weak 4.1% at end-2007 from 6% at end-
2006.  The Tier 1 capital ratio is expected to increase by end-
Q108 to over 7% from 5.6% at end-2007, as the bulk of the 2007
losses incurred by the bank will be compensated for by the
shareholders.

WestLB's IDRs and Support rating continue to reflect the
extremely high potential of support from its owners in case of
need, in particular from North Rhine-Westphalia (NRW; rated
'AAA'/Stable), despite discussions about a possible change in
ownership. Fitch expects implicit support to remain very strong.
The Short-term IDR is one notch higher than implied by the
Support Rating Floor, reflecting Fitch's opinion that the high
level of grandfathered capital market issuance (EUR45bn at end-
2007) increases the guarantors' propensity to support the bank
in the short-to-medium term.  The Long-term rating for WestLB's
guaranteed obligations reflects the grandfathering of the state
guarantee, as well as Fitch's 'AAA' rating for NRW.

WestLB's shareholders are the two savings bank associations in
NRW (25.15% each), two regional associations (0.52% each), NRW
(17.47%) and NRW.BANK (31.18%), which is 64.7%-owned by NRW.
The shareholder structure may change, as NRW is entitled to take
over the WestLB shares currently held by the savings banks
associations and the regional associations against payment of
the book value of the shares held by the above shareholders,
should the potential losses above EUR2bn materialise.


ZWEIRAD + SPORT: Claims Registration Period Ends June 13
--------------------------------------------------------
Creditors of Zweirad + Sport Verwaltungs GmbH have until June
13, 2008, to register their claims with court-appointed
insolvency manager Dr. Joerg Bornheimer.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on July 9, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Wuppertal
         Meeting Room A234
         Second Floor
         Isle 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:

         Dr. Joerg Bornheimer
         Laurentiusstrasse 21-23
         42103 Wuppertal
         Germany
         Tel: 0202/4086150
         Fax: 0202/4086159

The District Court of Wuppertal opened bankruptcy proceedings
against Zweirad + Sport Verwaltungs GmbH on May 6, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Zweirad + Sport Verwaltungs GmbH
         Luisenstrasse 28 - 30
         42103 Wuppertal
         Germany

         Attn: Juergen Mueller, Manager
         Gottfried-Eschmann-Weg 111
         42327 Wuppertal
         Germany


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


GARDENIA CSIPKEFUGGONYGYAR: Shareholders Okay Liquidation
---------------------------------------------------------
Shareholders of Gardenia Csipkefuggonygyar NyRt. unanimously
approved a board proposal to begin liquidation proceedings
against the company as it is insolvent, published reports say.

The proposal received a total of 1,290,801 votes in favor of the
company's liquidation, Bloomberg relates.

As reported in the TCR-Europe on May 6, 2008, Gardenia incurred
a HUF259 million loss in 2007 and HUF211 million in 2006.

According to its president, Ivan Holler, the company has around
HUF300 million debts to creditors and suppliers.

Headquartered in Gyor, Hungary, Gardenia Csipkefuggonygyar NyRt.
-- http://www.gardenia.hu/-- manufactures home textile
products.  Its products include transparent curtains, jacquards,
light voiles, organzas, and sables.


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


ELAN CORP: Plans to Setup Drug-technology As Separate Entity
-------------------------------------------------------------
Elan Corporation is pushing forward its plans to set up its
US$1.5 billion drug-technology division as a separately listed
entity, the Timesonline reports.

The company will make its final decision around July when data
on phase II of its  Alzheimer's research will be published.

Headquartered in Ireland, Elan Corporation plc (NYSE: ELN) --
http://www.elan.com/-- is a neuroscience-based biotechnology
company.  Elan shares trade on the New York, London and Dublin
Stock Exchanges.

                          *    *    *

Elan Corp. plc carries Moody's long-term corporate family rating
of B3, probability of default rating of B2 with positive
outlook.  The company meanwhile carries Standard & Poor's B
rating on long-term foreign issuer credit and B rating on long-
term local issuer credit with positive outlook.  Both ratings
hold to date.


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


FIAT SPA: Alfa Romeo NorthAm Status To Be Decided in Six Months
---------------------------------------------------------------
Fiat S.p.A. could decide in six months whether to return to the
North American market with its Alfa Romeo brand, Reuters
reports.

As reported in the Troubled Company Reporter-Europe on
May 27, 2008, Fiat CEO Sergio Marchionne has confirmed that the
company is in communication with Detroit car makers in view
of sharing production of Alfa Romeo in the United States.

Alfa Romeo CEO Luca de Meo also revealed holding talks with
Chrysler LLC over possible cooperation agreements.  He added to
Reuters that there are lots of American car makers wanting to
share-produce Alfa Romeo.

Mr. Marchionne plans to commenced producing Alfa Romeo cars in
North America between 2010 and 2011, Reuters relates.

                        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.

                          *     *     *

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.


FIAT SPA: Moody's Ups All Ratings to Investment Grade Level
-----------------------------------------------------------
Moody's Investors Service upgraded all Fiat SpA's long-term
senior unsecured ratings to Baa3 from Ba1 as well as the short
term ratings to Prime-3 from Not Prime.  Concurrently, Moody's
has assigned a Baa3 unsecured issuer rating to the entity, Fiat
SpA, to replace the Corporate Family Rating, which has been
withdrawn.  The outlook is stable.

With the return to the investment grade status, Fiat's Loss
Given Default assessment has also been withdrawn.

Falk Frey, Senior Vice President and the lead analyst at Moody's
for the European automotive sector, said: "In 2008 year to date
Fiat continued on its successful path towards a sustainable
recovery of its financial profile despite a more challenging
competitive landscape and the economic weakening in some
markets.  Fiat's ability to sustain such external pressures with
a continued strong financial performance on a Group level was
the key drivers of the upgrade and return to an investment grade
rating."

Frey went on to say, "The stable outlook reflects Moody's
expectation that the operating improvements at Fiat Group
Automobiles are sustainable and will be accompanied by higher
contributions from all other industrial businesses in particular
Iveco and CNH as well as a balanced approach between
shareholders' and bondholders' interests in particular regarding
future share buy backs ."

Upgrades:

Issuer: Fiat Finance & Trade Ltd.

    -- Commercial Paper, Upgraded to P-3 from NP

    -- Senior Unsecured Medium-Term Note Program, Upgraded to
       Baa3, P-3 from Ba1,NP

    -- Senior Unsecured Regular Bond/Debenture, Upgraded to Baa3
       from Ba1

Issuer: Fiat Finance Canada Ltd.

    -- Senior Unsecured Medium-Term Note Program, Upgraded to
       Baa3 from Ba1

Issuer: Fiat Finance North America Inc.

    -- Senior Unsecured Medium-Term Note Program, Upgraded to
       Baa3, P-3 from Ba1,NP

    -- Senior Unsecured Regular Bond/Debenture, Upgraded to Baa3
       from Ba1

Issuer: Fiat France S.A.

    -- Commercial Paper, Upgraded to P-3 from NP

Assignments:

Issuer: Fiat S.p.A.

    -- Issuer Rating, Assigned Baa3

Outlook Actions:

Issuer: Fiat Finance & Trade Ltd.

    -- Outlook, Changed To Stable From Positive

Issuer: Fiat Finance Canada Ltd.

    -- Outlook, Changed To Stable From Positive

Issuer: Fiat Finance North America Inc.

    -- Outlook, Changed To Stable From Positive

Issuer: Fiat France S.A.

    -- Outlook, Changed To Stable From Positive

Issuer: Fiat S.p.A.

    -- Outlook, Changed To Stable From Positive

Withdrawals:

Issuer: Fiat Finance & Trade Ltd.

    -- Senior Unsecured Medium-Term Note Program, Withdrawn,
       previously rated LGD4,57%

    -- Senior Unsecured Regular Bond/Debenture, Withdrawn,
       previously rated LGD4,57%

Issuer: Fiat Finance Canada Ltd.

    -- Senior Unsecured Medium-Term Note Program, Withdrawn,
       previously rated LGD4,57%

Issuer: Fiat Finance North America Inc.

    -- Senior Unsecured Medium-Term Note Program, Withdrawn,
       previously rated LGD4,57%

    -- Senior Unsecured Regular Bond/Debenture, Withdrawn,
       previously rated LGD4,57%

Issuer: Fiat S.p.A.

    -- Probability of Default Rating, Withdrawn, previously
       rated Ba1

    -- Corporate Family Rating, Withdrawn, previously rated Ba1

Over the past two years Fiat has demonstrated a sound track
record of operating performance improvements, cash generation
and debt reduction and achieved a level of financial strengths
that warrant an investment grade rating.  Over the first months
2008, Fiat verified the robustness of its well diversified
business profile and reported a group trading profit margin of
5.1% in Q1 2008 compared to 4.4% in the previous year's quarter
despite the weakness of the Italian car market, a production
shut down of one plant and industrial inefficiencies at CNH and
has surpassed reported operating profit margins of higher rated
peers Peugeot and Renault.  Although Industrial net cash as
reported at year-end 2007 (EUR0.4billion) has turned into a net
debt position of EUR1.1billion due to seasonal working capital
impact, Moody's expect Fiat to return to a reported net cash
position by year-end 2008 (all number are reported data).

Fiat's liquidity profile is also supportive of an investment
grade rating given the company's solid cash balance and ample
headroom under its committed credit facilities which are
sufficient to cover cash needs arising over the next 12 months
in form of debt maturities, capital expenditures, working
capital needs and dividend payments.

Going forward Fiat will continue to be challenged (i) to
maintain positive market share trend in Western Europe and Latin
America, Fiat's principal markets and (ii) to further solidify
the profitability and cash flows which will be necessary to fund
rising capital expenditure needs in order to keep a robust and
steady renewal rate.  This sustained development is a key factor
- in Moody's view - to sustain the regained strength in the
company's competitive position and a factor where Fiat has to
close the gap compared to its direct peers.

Moody's says that the stable outlook is based on the expectation
that Fiat is well positioned to sustain the current momentum,
benefiting from (i) the strong demand of the Fiat 500 launched
in Q3 2007, (ii) a gradual overhaul of its Alfa Romeo and Lancia
models, (iii) an ongoing improvement of Fiat Group Automobiles'
dealer network as well as (iv) ongoing efficiency gains and (iv)
the heavy restructuring engaged by the company in the past years
that should continue to mitigate headwinds from an overall
weakening economic environment.

The ratings might be further upgraded should Fiat be able to (i)
maintain positive market share trend in Western Europe and Latin
America, (ii) keep a constant product renewal rate with an
attractive and profitable range of vehicles across an increased
spread of segments and further geographies while at the same
time (iii) keep average EBITA margin above 4% (as adjusted by
Moody's) through the cycle as well as (iv) FCF/Debt (as adjusted
by Moody's) around 5% and (v) leverage ratio (Debt/EBITDA as
adjusted by Moody's) at the level of last year (2.1x) in line
with (vi) an interest coverage (as adjusted by Moody's) between
4.0-5.0x.

The Baa3 ratings would come under pressure in case of a
declining trend in profitability notable EBITA margin falling
below 3% (as adjusted by Moody's) and negative free cash flow
generation (as adjusted by Moody's) leading to a rising leverage
above and interest cover below the level of the last two years
(i.e. Debt/EBITDA not exceeding 3.0x and EBIT/Interest expense
below 3.0x).

Moody's last rating action on Fiat was an upgrade of the
Corporate Family Rating to Ba1 with a positive outlook from Ba2
on August 22, 2007.

Fiat S.p.A., headquartered in Turin, is one of the largest
industrial groups in Italy and the fourth largest European-based
automobile manufacturer, with revenues of EUR58.5 billion
generated in fiscal year 2007.  The company is also a leading
European-based manufacturer of commercial vehicles and one of
the largest producers of agricultural equipment in the world.


PARMALAT SPA: NJ Court Denies Mistrial Request vs Citigroup
-----------------------------------------------------------
The Hon. Jonathan Harris of the New Jersey Superior Court has
denied Parmalat S.p.A.'s request for a mistrial in its lawsuit
against Citigroup Inc., David Voreacos writes for Bloomberg
News.

Parmalat chief executive Enrico Bondi had sought a mistrial on
grounds that Citigroup violated the judge's order to produce
around 4,300 pages of documents in a timely manner.

"A mistrial should be a last resort," Judge Harris was quoted by
Bloomberg News as saying.  "It should only be employed if a
manifest injustice under the law would be worked upon the
plaintiffs."

Judge Harris also ordered Citigroup to pay legal fees tied to
the mistrial request to Mr. Bondi's lawyers.

                        Trial Suspension

Judge Harris, meanwhile, granted Parmalat's request to delay the
case to allow Mr. Bondi's to interview 12 witnesses about the
documents, Bloomberg News relates.  The judge suspended the
trial between June 4, 2008, and June 9, 2008.

The judge also granted request to allow Mr. Bondi's lawyers to
question some Citigroup witnesses about Italian criminal
investigations of the Parmalat bankruptcy.

The trial -- in which Citigroup faces charges of aiding and
abetting breach of fiduciary duty relating to the corrupt
insiders' larceny from Parmalat -- is expected to last through
the end of July.  Citigroup is facing a US$2.2 billion in
damages in New Jersey and has counter-sued Parmalat for
US$699 million

The case is Bondi v. Citigroup, BER-L-10902-04, New Jersey
Superior Court (Hackensack).

                        About Parmalat

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

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

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

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

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

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


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


AITURA CJSC: Creditors Must File Claims by July 9
-------------------------------------------------
Representation of CJSC Aitura has declared insolvency.
Creditors have until July 9, 2008, to submit written proofs of
claims to:

         Representation of CJSC Aitura
         Office 06212B
         Suiunbai ave. 2
         Almaty
         Kazakhstan


JANA KURYLYS-2004: Claims Deadline Slated for July 4
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Jana Kurylys-2004 insolvent.

Creditors have until July 4, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Room 303
         Al-Farabi ave. 119
         Kostanai
         Kazakhstan
         Tel: 8 (7142) 53-63-21


KAZBAT CJSC: Claims Filing Period Ends July 9
---------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan has declared CJSC Skgp Kazbat insolvent on
Oct. 1, 2007.

Creditors have until July 9, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan
         Ilyaev Str. 24
         Shymkent
         South Kazakhstan
         Kazakhstan
         Tel: 8 (7252) 53-48-34


KAZTURK LLP: Creditors' Claims Due on July 4
--------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Kazturk insolvent.

Creditors have until July 4, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Room 303
         Al-Farabi ave. 119
         Kostanai
         Kazakhstan
         Tel: 8 (7142) 53-63-21


MUNAI-SAUDA CJSC: Claims Registration Ends July 4
-------------------------------------------------
CJSC Munai-Sauda has declared insolvency.  Creditors have until
July 4, 2008, to submit written proofs of claims to:

         CJSC Munai-Sauda
         Sovhoznaya Str. 1
         Ust-Kamenogorsk
         East Kazakstan
         Kazakhstan


PISHESNAB CJSC: Creditors Must File Claims by July 8
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared CJSC Pishesnab insolvent on Nov. 10, 2007.

Creditors have until July 8, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Room 319
         Tole bi Str. 295
         Almaty
         Kazakhstan
         Tel: 8 701 111 77-02
              8 705 461 06-05


UJKAZSELSTROY JSC: Claims Deadline Slated for July 9
----------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan has declared JSC Ums Ujkazselstroy insolvent on
Dec. 9, 2007.

Creditors have until July 9, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan
         Ilyaev Str. 24
         Shymkent
         South Kazakhstan
         Kazakhstan
         Tel: 8 (7252) 53-48-34


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


CENTRAL ASIAN: Creditors Must File Claims by July 18
----------------------------------------------------
LLC Central Asian Invest has declared insolvency.  Creditors
have until July 18, 2008 to submit written proofs of claim.

Inquiries can be addressed to (+996 312) 69-18-20.


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


AMERICAN AXLE: Declares Second Quarter 2008 Dividend
----------------------------------------------------
American Axle & Manufacturing Holdings, Inc., disclosed a
cash dividend of US$0.15 per share payable on June 27, 2008 to
stockholders of record on all of the company's issued and
outstanding common stock as of June 7, 2008.

Headquartered in Detroit, Michigan, American Axle &
Manufacturing Holdings Inc. (NYSE:AXL) -- http://www.aam.com/--
and its wholly owned subsidiary, American Axle & Manufacturing,
Inc., manufactures, engineers, designs and validates driveline
and drivetrain systems and related components and modules,
chassis systems and metal-formed products for light trucks,
sport utility vehicles and passenger cars.  In addition to
locations in the United States (in Michigan, New York and Ohio),
the company also has offices or facilities in Brazil, China,
Germany, India, Japan, Luxembourg, Mexico, Poland, South Korea
and the United Kingdom.

                         *     *     *

On April 3, 2008, Moody's Investors Service placed the ratings
of American Axle & Manufacturing Holdings, Inc., Corporate
Family -- Ba3, under review for downgrade.  In a related action,
American Axle's Speculative Grade Liquidity Rating was lowered
to SGL-2 from SGL-1.


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


ASTRAKHAN-OIL-KHIM-PROM: Creditors Must File Claims by July 6
-------------------------------------------------------------
Creditors of OJSC Astrakhan-Oil-Khim-Prom have until July 6,
2008, to submit proofs of claim to:

         A. Pshenkov
         Insolvency Manager
         Lenina Pr. 79-102
         400078 Volgograd
         Russia

The Arbitration Court of Astrakhan commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A06-4700/2007-4.

The Debtor can be reached at:

         OJSC Astrakhan-Oil-Khim-Prom
         Leskhoznaya Str. 13
         Kharabali
         Astrakhan
         Russia


BANK SOLIDARNOST: Moody's Revises Outlook to Negative
-----------------------------------------------------
Moody's Investors Service changed to negative from stable the
outlook on the E+ bank financial strength rating and the B3
long-term local and foreign currency deposit ratings of Bank
Solidarnost, which is based in Russia's Samara region.  Moody's
affirmed Solidarnost's Not Prime short-term local and foreign
currency deposit ratings.  Concurrently, Moody's Interfax Rating
Agency downgraded the bank's long-term national scale rating to
Baa3.ru from Baa2.ru. The NSR carries no specific outlook.

Moscow-based Moody's Interfax is majority-owned by Moody's, a
leading global rating agency.

According to Moody's and Moody's Interfax, the B3/Not Prime/E+
global scale ratings reflect Solidarnost's global default and
loss expectation, while the Baa3.ru NSR reflects the standing of
the bank's credit quality relative to its domestic peers.

"These rating actions reflect the decline in Solidarnost's
market standing and business franchise over the past year
following its loss of a number of key large depositors,
including those related to the Samara regional administration.
Solidarnost was unable to diversify promptly into other funding
sources and had to transfer several quality corporate loans to
competitor banks to obtain financing facilities.  The lack of
sufficient resources has also led to an overall reduction in
Solidarnost's market share in the Samara region, where the bank
is domiciled and has historically had a good presence," says
Olga Ulyanova, a Moody's Assistant Vice-President/Analyst.

"Although the bank managed to settle sizeable obligations under
put options on its two bond issues, we await evidence of
stabilisation in its funding position, and are concerned that
its franchise may continue to weaken, especially taking into
account the tightening competition in the Samara regional
banking market.  In the longer term, the overall weakening in
Solidarnost's competitive position is likely to also lead to a
deterioration in its financial fundamentals," Ms. Ulyanova adds.

According to Moody's, a downgrade of Solidarnost's BFSR and
deposit ratings might occur if the bank's business volumes
demonstrate a further significant decrease, accompanied by a
tight liquidity position, weakening asset quality and a
deteriorating financial performance.

A reversal of outlook on Solidarnost's global scale ratings may
be driven by the reversal of the reduction in the bank's
business volumes, and if the bank builds a sound liquidity
profile and demonstrates sustainable performance results going
forward.  This could happen, inter alia, if the bank were
acquired by a strategic investor with a stronger financial
capacity than that of Solidarnost's current shareholders and if
Moody's were to conclude that such investor would provide
potential parental support to the bank.  Moody's does not rule
out such a scenario materialising going forward but views the
timing and/or likelihood of any such deal as uncertain at this
stage.

Domiciled in Samara, Russia, Bank Solidarnost reported -- as at
December 31, 2006 -- total IFRS assets of US$746 million (2005:
US$435 million), total capital of US$58 million (2005: US$33
million) and net income of US$21 million (2005: US$11 million).

As at Q1 2008, Solidarnost's total assets as reported by Russian
statutory accounting standards decreased significantly to US$567
million, and the bank dropped out of the list of the top 100
Russian banks.


DRUZHBY LLC: Chuvashiya Bankruptcy Hearing Slated for June 10
-------------------------------------------------------------
The Arbitration Court of Chuvashiya will convene at 9:00 a.m. on
June 10, 2008, to hear the bankruptcy supervision procedure on
LLC Agricultural Company Druzhby (TIN 2112003959, OGRN
1052136001675).  The case is docketed under Case No. A79-975/
2008.

The Temporary Insolvency Manager is:

         N. Fedorov
         Post User Box 138
         428009 Cheboksary
         Russia

The Debtor can be reached at:

         LLC Agricultural Company Druzhby
         Tsvetochnaya Str. 33
         Landyshi
         Morgaushskiy
         429555 Chuvashiya
         Russia


MIKHAYLOVSKOE CAR: Creditors Must File Claims by June 17
--------------------------------------------------------
Creditors of OJSC Mikhaylovskoe Car Transport Enterprise have
until June 17, 2008, to submit proofs of claim to:

         N. Simon
         Temporary Insolvency Manager
         Room 406
         Elektrozavodskaya Str. 63
         390023 Ryazan
         Russia

The Arbitration Court of Ryazan will convene at 11:15 a.m. on
Aug. 26, 2008, to hear the company's bankruptcy supervision
procedure.  The case is docketed under Case No. A54-1218/08-S19.

The Court is located at:

         The Arbitration Court of Ryazan
         Pochtovaya Str. 43/44
         Ryazan
         Russia

The Debtor can be reached at:

         OJSC Mikhaylovskoe Car Transport Enterprise
         Mikhaylov
         Ryazan
         Russia


NEKRASOVSK-AGRO-PROM-TEKH-SNAB: Bankruptcy Hearing Set July 22
--------------------------------------------------------------
The Arbitration Court of Yaroslavl will convene at 10:00 a.m. on
July 22, 2008, to hear the bankruptcy supervision procedure on
OJSC Nekrasovsk-Agro-Prom-Tekh-Snab.  The case is docketed under
Case No. A82-1240/08-43-B/11.

The Temporary Insolvency Manager is:

         O. Lavrentyev
         Moskovskiy Pr. 119-8
         150030 Yaroslavl
         Russia

The Debtor can be reached at:

         OJSC Nekrasovsk-Agro-Prom-Tekh-Snab
         Sovetskaya Str. 125
         Nekrasovskoe
         Yaroslavl
         Russia


NOVOROSSIYSK COMMERCIAL: S&P Holds 'BB+' Long-Term Credit Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB+' long-term
corporate credit and 'ruAA+' Russia national scale ratings on
Russian stevedore company OJSC Novorossiysk Commercial Sea Port.
The outlook is stable.

"The ratings are constrained by NCSP's ambitious expansion plans
and aggressive financial policy, lack of sophisticated corporate
governance, growing competition, and operating challenges," said
Standard & Poor's credit analyst Eugene Korovin.

Operating challenges include high staff unionization, harsh
weather conditions, and leasehold of government-owned berths.

These constraints are somewhat mitigated by NCSP's strong
competitive position, Russia's supportive regulatory environment
for ports, the moderate volatility of seaborne commodities
traffic through the economic cycle, and continued growth of
Russian external seaborne trade.

NCSP is subject to several financial covenants under outstanding
debt facilities which, if violated, may trigger debt
acceleration.  Based on 2007 figures, NCSP was in compliance
with financial covenants.

At Dec. 31, 2007, NCSP had US$584.6 million in total adjusted
debt.

"We expect that NCSP's ongoing investment program and
acquisitions outside Novorossiysk will support its cargo
turnover growth and result in further diversification of the
cargo mix, thus helping mitigate potentially stronger
competitive pressure in the future," said Mr. Korovin.

S&P expects NCSP's profitability and cash flow generation to
improve in 2008 on the back of tariff increases, traffic growth
recovery, and changes in the cargo mix, supported by the launch
of new stevedore capacity.  S&P assumes that the business risk
profile will not weaken as a result of acquisitions and
that cash flow protection will remain at the current level, with
FFO to debt of more than 20%.

The ratings could come under pressure if potential large-scale
debt-financed acquisitions increase business risk or
substantially impair NCSP's financial profile.  A continued
negative trend in NCSP's traffic, indicating higher-than-
expected volume risk and competitive pressure in the industry,
could also negatively affect the ratings.

Conversely, a substantial improvement in the business risk
profile following acquisitions, together with a strengthening
financial profile as a result of improved cash flows, could
create upside potential.


PARTY LLC: Court Names V. Togmitov as Insolvency Manager
--------------------------------------------------------
The Arbitration Court of Bashkortostan appointed V. Togmitov as
Insolvency Manager for LLC Mining Company Party (TIN
0323109005).  He can be reached at:

         V. Togmitov
         Office 7
         Solnechnaya Str. 5
         Ulan-Ude
         670031 Bashkortostan
         Russia
Tel/Fax: (8-3012) 43-93-78

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A10-1811/07.

The Court is located at:

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

The Debtor can be reached at:

         V. Togmitov
         Office 7
         Solnechnaya Str. 5
         Ulan-Ude
         670031 Bashkortostan
         Russia
         Tel/Fax: (8-3012) 43-93-78


ROAD SERVICE: Creditors Must File Claims by July 6
--------------------------------------------------
Creditors of CJSC Road Service have until July 6, 2008, to
submit proofs of claim to:

         T. Kostykovskaya
         Insolvency Manager
         Stara-Zagora Str. 25
         443090 Samara
         Russia

The Arbitration Court of Samara commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A55-12547/2007.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Road Service
         Mekhanikov Pr. 7
         Samara
         Russia


SEVERSTAL OAO: Aims 15% Profit Margin at North American Units
-------------------------------------------------------------
OAO Severstal aims to post a 15% profit margin on EBITDA at its
U.S. operations within three to four years, Polina Devitt writes
for Reuters citing a company official.

According to Reuters, Severstal posted in 2007 a company-wide
24.1% profit margin on EBITDA, which masked a sharp decline in
earnings at its North American unit due to weaker market
conditions and a blast furnace re-lining.

The company has been acquiring steel-making assets in North
America and has recently submitted a US$1.2 billion offer to
acquire Esmark Inc.

Metals analyst Valentina Bogomolova of Lehman Brothers told
Reuters that Severstal has yet to prove it can revive the
financially troubled mills into profitable assets.

                         About Severstal

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

                         *     *     *

OAO Severstal continues to carry Ba2 Corporate Family, Senior
Unsecured Debt and Probability-of-Default ratings from Moody's
Investor Service, which said the the outlook on all ratings is
stable.  Moody's raised the company's ratings to its current
level in October 2007.

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

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


TAKKU-WOOD LLC: Court Names E. Zomba as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Kareliya appointed E. Zomba as
Insolvency Manager for LLC Takku-Wood.  He can be reached at:

         E. Zomba
         Post User Box 142
         192007 St. Petersburg
         Russia
         Tel: 8 (812) 764-39-27

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A26-5949/2007.

The Debtor can be reached at:

         E. Zomba
         Post User Box 142
         192007 St. Petersburg
         Russia
         Tel: 8 (812) 764-39-27


TRUBCHEVSKIY FLAX: Creditors Must File Claims by June 6
-------------------------------------------------------
Creditors of LLC Trubchevskiy Flax have until June 6, 2008, to
submit proofs of claim to:

         V. Kuzmin
         Temporary Insolvency Manager
         Apt. 3
         Kamozina Str. 45
         Bryansk
         Russia

The Arbitration Court of Bryansk commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A09-1074/2008-26.

The Court is located at:

         The Arbitration Court of Bryansk
         Room 602
         Trudovoy Per. 5
         Bryansk
         Russia

The Debtor can be reached at:

         LLC Trubchevskiy Flax
         Yurovo
         Trubchevskiy
         Bryansk
         Russia


VERSATEL CJSC: Asset Sale Slated for June 11
--------------------------------------------
V. Ulitenkov, the insolvency manager and bidding organizer for
CJSC Versatel, will set a repeated auction for the company's
properties at 10:00 a.m. on June 11, 2008, at:

         V. Ulitenkov
         Room 888
         Mashi Poryvaevoy Str. 11
         107078 Moscow
         Russia
         Tel: (495) 604-96-81

Interested participants have until June 5, 2008, to deposit an
amount equivalent to 5% of the starting price to:

         CJSC Versatel
         Settelement Account 40702810997070000021
         Correspondent Account 30101810000000000256
         BIK 044525256
         ACB ROSBANK (OJSC)
         Moskovskiy
         Russia

Bidding documents must be submitted to:

         V. Ulitenkov
         Room 888
         Mashi Poryvaevoy Str. 11
         107078 Moscow
         Russia
         Tel: (495) 604-96-81

The Debtor can be reached at:

         V. Ulitenkov
         Room 888
         Mashi Poryvaevoy Str. 11
         107078 Moscow
         Russia
         Tel: (495) 604-96-81


VISO CJSC: Creditors Must File Claims by July 6
-----------------------------------------------
Creditors of CJSC Viso have until July 6, 2008, to submit proofs
of claim to:

         E. Kalyasin
         Insolvency Manager
         Post User Box 3873
         656049 Barnaul
         Russia

The Arbitration Court of Altay commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. AO3-8602/07-B.

The Debtor can be reached at:

         CJSC Viso
         Shigoreva Square 3
         Malougrenevo
         Biyskiy
         Altay
         Russia


* Leningrad Region's Long-Term Currency Rating Upgraded by Fitch
----------------------------------------------------------------
Fitch Ratings upgraded the Russian Leningrad region's Long-term
foreign and local currency ratings to 'BB' from 'B+'. The Short-
term foreign currency rating is affirmed at 'B'.  Fitch has also
upgraded its National Long-term rating to 'AA-(AA minus)(rus)'
from 'A(rus)'.  The Outlooks for the Long-term ratings remain
Stable.  The action affects RUB2.2bn of bonds issued.

The upgrade reflects the region's solid budgetary performance,
underpinned by sound economic development, improved self-
financing capacity of capital expenditure, lower direct debt and
greater stability of the institutional framework of Russian
regions.  Nevertheless, the ratings also take into account the
increased indirect risk stemming from the guarantees issued by
the region.  The Stable Outlook reflects Fitch's expectation
that rapid economic growth will drive revenue increase and
support the region's strong budgetary performance.  Fitch
expects the region's indebtedness will remain moderate in the
medium term.

In 2007, the Leningrad region's economy grew 8.5% yoy in real
terms.  Its industrial sector drives economic development and
attracts domestic and foreign direct investments.  The
administration of the region expects to sustain economic growth
at about 9% yoy in real terms in 2008, which will positively
influence budgetary performance in the medium-term.  The
Leningrad region was able to attain an operating balance at
18.8% of operating revenue in 2007 (2006: 15.6%).

In 2007, the increase in current revenue, coupled with
satisfactory control over the region's expenditure, resulted in
significant surplus before debt variation, which reached a
record RUB3.1bn.  The region's self-financing capacity regarding
capital expenditure increased in 2007, stimulating modernisation
of infrastructure and enhancing the region's attractiveness for
investors.  The region's direct risk dropped to 6% of current
revenue in 2007 from 7.9% in 2006 due to increased budget
revenue and reduction in debt.

However, the region's contingent liabilities have risen sharply
since 2006, reflecting the greater use of guarantees issued on
behalf of public companies.  This was to facilitate their access
to debt to finance capital investment programmes and to
stimulate infrastructure modernisation through the region's
public companies.  The Leningrad region directly controls an
extensive network of public companies and majority-owned
shareholdings.  In Fitch's view, the insufficient accountability
and transparency of the region's public sector entities
constrains the agency's assessment of the indirect risk within
these entities, which, in turn, is reflected in the ratings.

The Leningrad region is located in the north-west of the Russian
Federation.  The region accounted for both 1.2% of the Russian
Federation's GDP and population in 2007.


* S&P Puts B+ Rating on Sakha's RUR2.5 Billion Bond
---------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' long-term
debt rating and 'ruA+' Russia national scale rating to the
proposed Russian ruble (RUR) 2.5 billion (about US$106 million)
senior unsecured three-year bond to be placed by the Russian
Republic of Sakha (B+/Stable/--; Russia national scale 'ruA+')
on May 29, 2008.  The bond will have 12 quarterly coupon
payments of 8.8% each and will be amortizing, with 30% of the
principal to be repaid in 2009, another 20% in 2010, and the
remainder at the maturity date in 2011.

"The ratings on the bond are equalized with the ratings on the
Republic of Sakha," said Standard & Poor's credit analyst Felix
Ejgel.

The ratings on the Republic of Sakha are constrained by its
remote location in the Far East of the Russian Federation
(foreign currency BBB+/Positive/A-2; local currency A-
/Positive/A-2; Russia national scale rating 'ruAAA') and the
concentration of its economic and tax base.  These constraints
hinder Sakha's economic development, create contingent
liabilities, and lower the predictability and stability of its
budget.

These weaknesses are partially mitigated, however, by Sakha's
economy, which generates high per capita revenues, and by its
improving financial management.

Sakha's remote location and severe weather conditions increase
the cost of services and infrastructure.  In addition, the high
likelihood of natural disasters and heating supply failures lead
to high contingent liabilities.  Sakha also suffers from a
highly concentrated tax base and dependence on financial
assistance from the federal budget.  In 2008, almost 45% of its
budget revenues will likely come from the federal budget and
about 15% from ALROSA Co. Ltd. (BB/Stable/B), Russia's largest
diamond producer.  Huge reserves of natural resources are
attracting investment to the local economy, in the form of
several large-scale investment projects in extraction of
natural resources, transport, and power industries launched
since 2006.

Sakha's budgetary performance remains sensitive to export market
conditions for ALROSA, whose performance we expect to remain
stable in the medium term.  The international diamond market is
currently on the strong side of the cycle, but ALROSA's and
Sakha's budgets are both suffering from the weakening U.S.
dollar.  In addition, while Sakha's operating balance remains
relatively modest -- at about 5% in 2006 and 2007 -- the region
has not accumulated any liquidity reserves to meet potential
expenditure contingencies.  With the proposed bond issue,
Sakha's direct debt will remain at a moderate 23% of operating
revenues in 2008.

"Over the medium term, implementation of a planned railroad
construction project, and accelerating investments in the local
economy -- especially oil, gas, and coal extraction, as well as
transport and energy, infrastructure -- may fuel economic
development and diversification and help improve budgetary
performance," said Mr. Ejgel.


* Sakha's RUB2.5 Billion Domestic Bond Rated 'A+(rus)' by Fitch
----------------------------------------------------------------
Fitch Ratings has assigned the Republic of Sakha's (Yakutia)
forthcoming issue of a RUB2.5bn domestic bond with a maturity of
three years an expected National Long-term 'A+(rus)' rating.
The republic's other ratings are Long-term foreign and local
currency 'BB-' (BB minus), Short-term foreign currency 'B' and
National Long-term 'A+(rus)'.  The Outlooks for the Long-term
ratings are Stable.

The expected rating is contingent upon receipt of final
documents conforming to information already received.

The bond issue has a fixed-rate coupon and the principal will be
amortised by 30% of nominal in November 2009 and by 20% of
nominal in August 2010.  The remaining 50% will be repaid in May
2011.  The proceeds from the new bond issue will be used for
capital expenditure and refinancing of existing debt.  Fitch
believes that the forthcoming bond issue will improve Sakha's
overall debt structure by extending the maturity of issued
bonds, while the debt burden will remain manageable.

The ratings reflect a strong local economy with a per capita
gross regional product at 138% of the national average.  They
also reflect the republic's sustainable budget performance with
a positive operating balance during 2001-07.  They also take
into account the republic's successful efforts in improving debt
structure and the increasing efficiency of its broad public
sector management.  Sakha's ratings also take into account the
high dependence of the republic's economy and budgetary
performance on extractive industries with a single largest
taxpayer, the ALROSA diamond mining company.  The republic's
budget performance results are indirectly vulnerable to
commodity price fluctuations.

The Republic of Sakha (Yakutia) is in eastern Siberia and is one
of the largest territorial units of the Russian Federation with
exceptional endowments of natural resources.  Sakha has a
population of nearly one million and accounts for 1.05% of
national GDP.


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


APIRSA: Swedish Court Forbids Claims Payment Until Case Ends
------------------------------------------------------------
A Swedish court has turned down a Spanish court's request to
collect SEK1.3 billion (US$220 million) from Boliden AB to cover
deficit from the mining company's bankrupt Spanish unit Apirsa,
Niklas Magnusson writes for Bloomberg News, citing a Norra
Vaesterbotten report.

The Spanish court, Bloomberg says, still has to wait for a court
case against Apirsa to close before it can take any further
step, although it can appeal the decision or send in a new
request.

Apirsa went bust in April 1998 following the collapse of the Los
Frailes tailing dam in Spain, the paper relates.


CA INC: S&P Upgrade Corporate Credit Rating to 'BB+' from 'BB'
--------------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
and senior unsecured debt ratings on Islandia, N.Y.-based CA
Inc. to 'BB+' from 'BB'.  At the same time, S&P removed the
ratings from CreditWatch, where they had been placed with
positive implications on March 19, 2008.  The outlook is
positive.

"The upgrade reflects the company's prospects for sustaining
good profitability and cash flow, coupled with our expectation
that CA will maintain a moderate capital structure," said
Standard & Poor's credit analyst Molly Toll-Reed.

CA is a leading information technology management software
provider.

The rating on CA is supported by the company's stable revenue
base, favorable business prospects, and strong cash flow. These
factors are tempered by a historically aggressive financial
policy, which included large debt-financed acquisitions and
share buybacks.


* ECB Driving Spanish Securitization Changes, Fitch Says
--------------------------------------------------------
Fitch Ratings has said that the continued dislocation in the
structured finance markets is causing more European lenders,
including Spanish banks, to expand their use of short-term
funding through the ECB.  As a result, the ECB is driving
changes in Spanish securitization transactions.

"As most Spanish structured MBS/ABS transactions are being
retained by the issuer for liquidity purposes, Fitch has noticed
a change in the asset selection criteria for securitization
transactions as banks balance between different funding
alternatives and strive to maximize balance sheet liquidity,"
says Rui J. Pereira , a Managing Director in Fitch's Madrid
office.

In the RMBS sector, some recently executed transactions have
pools with higher risk attributes (i.e. higher LTV profiles).
In other sectors, some pools analyzed carried elevated levels of
concentrations to obligors and higher risk sectors (such as the
real estate and construction sector).  In these cases, Fitch
assigned a rating to the notes given higher credit enhancement
levels reflecting the higher risk of the pool.  There are some
cases, however, where the agency was not selected to proceed
with a rating, or chose not to proceed with a rating.

Given the current ECB rating requirements, most Spanish
structured finance transactions issued since the end of last
year have also been executed with a single rating.  This
compares to two, and sometimes three ratings, assigned to
transactions under normal market conditions.  Fitch believes
that this trend has weakened credit enhancement in transactions,
as originators only need to meet the credit enhancement feedback
of a single agency - generally the agency with the lowest
thresholds.  This factor, coupled with the somewhat weaker
collateral profile underlying recently executed transactions,
could hinder the liquidity of these securities in the event that
the market re-opens.  A possible mitigant to this risk is the
fact that most Spanish structured finance transactions issued in
recent months have been structured with 'call/put options' that
allow the investor (if retained, the originator) to redeem the
transaction and use the collateral for a new deal with a
different structure.

Spanish banks' use of ECB liquidity increased to EUR47.6 bn in
April 2008, compared to EUR19.1 bn a year earlier.  While Fitch
believes Spanish banks' use of ECB liquidity is not excessive as
measured in terms of their share of euro-system assets, the
growth in part reflects the difficulties in accessing wholesale
markets, including securitization, although they have mainly
been used as liquidity buffers and not to fund loan growth.
While Spanish securitizations continue to be executed - albeit
with a lower volume - most transactions issued since August 2007
through May 2008 have been retained by the issuers with the
eligible securities used as potential ECB repo collateral.

Within structured finance, RMBS and multi-issuer Cedulas had
become a significant source of mortgage financing for Spanish
banks, helping to drive mortgage credit growth over the past
several years.  Given this sizable and consistent growth in
recent years, Spain has quickly become the second-largest
securitization market in Europe, representing approximately 30%
of the market.


===========
S W E D E N
===========


APIRSA: Swedish Court Forbids Claims Payment Until Case Ends
------------------------------------------------------------
A Swedish court has turned down a Spanish court's request to
collect SEK1.3 billion (US$220 million) from Boliden AB to cover
deficit from the mining company's bankrupt Spanish unit Apirsa,
Niklas Magnusson writes for Bloomberg News, citing a Norra
Vaesterbotten report.

The Spanish court, Bloomberg says, still has to wait for a court
case against Apirsa to close before it can take any further
step, although it can appeal the decision or send in a new
request.

Apirsa went bust in April 1998 following the collapse of the Los
Frailes tailing dam in Spain, the paper relates.


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


A.P. 3 I: Creditors Have Until June 1 to File Proofs of Claim
-------------------------------------------------------------
Creditors owed money by LLC A.P. 3 I are requested to file their
proofs of claim by June 1, 2008, to:

          Terrassenweg 1a
          6300 Zug
          Switzerland

The company is currently undergoing liquidation in Zug.  The
decision about liquidation was accepted at an extraordinary
shareholder’s meeting held on April 11, 2008.


BALANDINA CONSULTING: Creditors’ Proofs of Claim Due by June 1
--------------------------------------------------------------
Creditors owed money by LLC Balandina Consulting are requested
to file their proofs of claim by June 1, 2008, to:

          Stephan Stamm
          Liquidator
          JSC STAMM & CO
          Rittergasse 12
          4001 Basel
          Switzerland

The company is currently undergoing liquidation in Biel-Benken.
The decision about liquidation was accepted at an extraordinary
shareholder's meeting held on Nov. 17, 2006.


BAU-ATELIER FURRER: Creditors' Liquidation Claims Due by June 1
---------------------------------------------------------------
Creditors owed money by JSC Bau-Atelier Furrer und Jeiziner are
requested to file their proofs of claim by June 1, 2008, to:

          JSC Bau-Atelier Furrer und Jeiziner
          Seewjinenstrasse 10
          3930 Visp
          Switzerland

The company is currently undergoing liquidation in Visp.  The
decision about liquidation was accepted at a general meeting
held on April 14, 2008.


BELENOS LLC: Creditors Must File Proofs of Claim by June 2
----------------------------------------------------------
Creditors owed money by LLC Belenos are requested to file their
proofs of claim by June 2, 2008, to:

          LLC Belenos
          Langstrasse 135
          8004 Zurich
          Switzerland

The company is currently undergoing liquidation in Zurich.  The
decision about liquidation was accepted at an extraordinary
shareholder's meeting held on Feb. 27, 2008.


DIABOLO LLC: Deadline to File Proofs of Claim Set May 31
--------------------------------------------------------
Creditors owed money by LLC DIABOLO are requested to file their
proofs of claim by May 31, 2008, to:

          Stefan Herrmann
          Liquidator
          Lettenweg 28
          4452 Itingen
          Switzerland

The company is currently undergoing liquidation in Zofingen.
The decision about liquidation was accepted at a shareholder's
meeting held on April 1, 2008.


GCG IMMOBILIEN: Proofs of Claim Filing Deadline is June 1
---------------------------------------------------------
Creditors owed money by JSC GCG Immobilien are requested to file
their proofs of claim by June 1, 2008, to:

          JSC GCG Immobilien
          Spitalstrasse 1
          7430 Thusis
          Switzerland

The company is currently undergoing liquidation in Thusis.  The
decision about liquidation was accepted at an extraordinary
general meeting held on April 11, 2008.


GLOBAL PET: Aargau Court Commences Bankruptcy Proceedings
---------------------------------------------------------
The Bankruptcy Service of Aargau commenced bankruptcy
proceedings against JSC Global Pet on April 14, 2008.

The Bankruptcy Service of Aargau can be reached at:

            Bankruptcy Service of Aargau
            Amtsstelle Oberentfelden
            5036 Oberentfelden
            Switzerland

The company can be reached at:

            JSC Global Pet
            Tellistrasse 114
            5000 Aarau.
            Switzerland


KIRAAS LLC: Creditors Must File Proofs of Claim by May 31
---------------------------------------------------------
Creditors owed money by LLC KIRAAS are requested to file their
proofs of claim by May 31, 2008, to:

          LLC KIRAAS
          Klosterplatz 5
          4500 Solothurn
          Switzerland

The company is currently undergoing liquidation in Solothurn.
The decision about liquidation was accepted at an extraordinary
general meeting held on Feb. 21, 2008.


LONI TRANSPORT: Luzern Court Commences Bankruptcy Proceeding
------------------------------------------------------------
The Bankruptcy Service of Luzern commenced bankruptcy
proceedings against LLC Loni Transport on April 3, 2008.

The Bankruptcy Service of Luzern can be reached at:

            Bankruptcy Service of Luzern
            6000 Luzern 5
            Switzerland

The company can be reached at:

            LLC Loni Transport
            Neuweg 21
            6003 Luzern.
            Switzerland


MAX SCHUPFER: Proofs of Claim Filing Deadline is May 31
-------------------------------------------------------
Creditors owed money by JSC Max Schupfer & Co. are requested to
file their proofs of claim by May 31, 2008, to:

          JSC Max Schupfer & Co.
          Ledergasse 10
          6004 Luzern
          Switzerland

The company is currently undergoing liquidation in Luzern.  The
decision about liquidation was accepted at an extraordinary
general meeting held on April 11, 2008.


MHM LLC: Aargau Court Commences Bankruptcy Proceedings
------------------------------------------------------
The Bankruptcy Service of Aargau commenced bankruptcy
proceedings against LLC MHM on April 22, 2008.

The Bankruptcy Service of Aargau can be reached at:

            Bankruptcy Service of Aargau
            Amtsstelle Brugg
            5201 Brugg
            Switzerland

The company can be reached at:

            LLC MHM
            Sternackerstrasse 22
            5200 Brugg AG
            Switzerland


NOMO LLC: Creditors Have Until June 1 to File Proofs of Claim
-------------------------------------------------------------
Creditors owed money by LLC Nomo are requested to file their
proofs of claim by June 1, 2008, to:

          Norbert Richle
          Liquidator
          Steinacker 9
          5453 Remetschwil
          Switzerland

The company is currently undergoing liquidation in Baden.  The
decision about liquidation was accepted at an extraordinary
shareholder's meeting held on April 10, 2008.


PRO FINANZ: June 1 Deadline Set for Proofs of Claim Filing
----------------------------------------------------------
Creditors owed money by JSC Pro Finanz are requested to file
their proofs of claim by June 1, 2008, to:

          Bernadette Gantner
          Althausweid 3
          6047 Kastanienbaum
          Switzerland

The company is currently undergoing liquidation in Stansstad.
The decision about liquidation was accepted at an extraordinary
general meeting held on April 10, 2008.


R. KONIG: May 30 Set as Deadline to File Proofs of Claim
--------------------------------------------------------
Creditors owed money by LLC R. Konig are requested to file their
proofs of claim by May 30, 2008, to:

          Rene Konig
          Liquidator
          Alte Landstrasse 66
          5723 Teufenthal
          Switzerland

The company is currently undergoing liquidation in Hildisrieden.
The decision about liquidation was accepted at an extraordinary
shareholder's meeting held on Feb. 15, 2008.


SIMOBAU LLC: Aargau Court Commences Bankruptcy Proceedings
----------------------------------------------------------
The Bankruptcy Service of Aargau commenced bankruptcy
proceedings against LLC SIMOBAU on April 22, 2008.

The Bankruptcy Service of Aargau can be reached at:

            Bankruptcy Service of Aargau
            Amtsstelle Baden
            5402 Baden
            Switzerland

The company can be reached at:

            LLC SIMOBAU
            Rainstrasse 36
            5415 Nussbaumen
            5415 Obersiggenthal
            Switzerland


STICKEREI WEHRLI: Creditors' Liquidation Claim Due by June 1
------------------------------------------------------------
Creditors owed money by LLC Stickerei Wehrli + Partner are
requested to file their proofs of claim by June 1, 2008, to:

          Oskar Burgis
          Vogelbuckstrasse 36
          8307 Illnau-Effretikon
          Switzerland

The company is currently undergoing liquidation in
Rudolfstetten-Friedlisberg.  The decision about liquidation was
accepted at an extraordinary shareholder's meeting held on
Feb. 27, 2008.


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


BUILDING TRANSPORT: Creditors Must File Claims by June 11
---------------------------------------------------------
Creditors of JSC Building Detail Service Subsidiary Company
Building Transport (code EDRPOU 23466675) have until
June 11, 2008 to submit proofs of claims to:

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

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent on May 5, 2008.
The case is docketed as B-19/61-08.


COMPAN UKRAINE: Proofs of Claim Filing Deadline Set June 11
-----------------------------------------------------------
Creditors of Enterprise Compan Trading Enterprise-Poland
Subsidiary Company Compan Ukraine (code EDRPOU 30583640) have
until June 11, 2008 to submit proofs of claim to:

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

The Economic Court of Lvov commenced bankruptcy supervision
procedure on the company on April 24, 2008.  The case is
docketed as 29/68.

The Debtor can be reached at:

         Enterprise Compan Trading Enterprise-Poland Subsidiary
         Company Compan Ukraine
         Shyrokaya Str. 67/81
         79052 Lvov
         Ukraine


DNIEPROPRIMATRADE LLC: Creditors Must File Claims by June 11
------------------------------------------------------------
Creditors of LLC Dnieproprimatrade (code EDRPOU 34916109) have
until June 11, 2008 to submit proofs of claim to:

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

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed as B 15/110-08.

The Debtor can be reached at:

         LLC Dnieproprimatrade
         Office 208
         Newspaper Pravda Avenue 7
         49000 Dnipropetrovsk
         Ukraine


FENIX-IKS LLC: Proofs of Claim Filing Deadline Set June 11
----------------------------------------------------------
Creditors of LLC Fenix-IKS (code EDRPOU 33332637) have until
June 11, 2008 to submit proofs of claims to:

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

The Economic Court of Kharkov has commenced bankruptcy
supervision procedure on the company.  The case is docketed as
B-48/51-08.

The Debtor can be reached at:

         LLC Fenix-IKS
         Snezhkov
         Valki District
         Kharkov
         Ukraine


FIRM LLC: Creditors Must File Claims by June 11
-----------------------------------------------
Creditors of LLC Firm Aritex (code EDRPOU 20014079) have until
June 11, 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 March 23, 2008, after finding it
insolvent.  The case is docketed as B 11/099-08.

The Debtor can be reached at:

         LLC Firm Aritex
         Industrial Str. 5
         Vishnevoye
         08132 Kiev
         Ukraine


INDUSTRIAL BUILDING: Creditors Must File Claims by June 11
----------------------------------------------------------
Creditors of LLC Industrial Building Assembly Trend (code EDRPOU
33788472) have until June 11, 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 24, 2008, after finding it
insolvent.  The case is docketed as 49/45-B.

The Debtor can be reached at:

         LLC Industrial Building Assembly trend
         Bulgakov Str. 16
         03134 Kiev
         Ukraine


KYIVSTAR GSM: Lack of Information Prompts S&P to Withdraw Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services  withdrew its long-term
corporate credit rating on Ukraine-based mobile
telecommunications operator CJSC Kyivstar GSM and related senior
unsecured debt rating on the loan participation notes issued by
Dresdner Bank AG (A/Negative/A-1).  S&P had suspended the
ratings on Kyivstar and its senior unsecured debt on May 24,
2007; before this, the long-term corporate credit and senior
unsecured debt ratings were 'BB-'.

The rating withdrawal reflects the ongoing lack of audited
financial information from Kyivstar -- a situation that is
likely to continue over the medium term.  S&P previously
expected that we would receive fully audited financial
information for 2007 by the end of April 2008.  The rating
withdrawal does not imply that Kyivstar is not servicing its
obligations or that the company's operations or financial status
have deteriorated.  Kyivstar is the market-leading provider of
mobile telecommunications services in Ukraine, with an estimated
42.6% subscriber market share at end-April 2008.  Kyivstar has
made unaudited financial information available for the years
2007 and 2006 and will furnish audited financial information by
August 2009 at the earliest.


SP RUMO-UKRAINE Creditors Must File Claims by June 11
-----------------------------------------------------
The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent on
April 15, 2008.  The case is docketed as B 15/231-07.

Creditors of LLC SP Rumo-Ukraine (code EDRPOU 32475996) have
until June 11, 2008 to submit proofs of claim to:

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

The Debtor can be reached at:

         LLC SP Rumo-Ukraine
         Teplichnaya Str. 23
         Yuvileyny
         52005 Dnipropetrovsk
         Ukraine


SVITANOK LLC: Creditors Must File Claims by June 11
---------------------------------------------------
Creditors of LLC Svitanok (code EDRPOU 30795157) have until
June 11, 2008 to submit proofs of claim to:

         The Economic Court of Chernovcy
         O. Kobylianska Str. 14
         58000 Chernovcy
         Ukraine

The Economic Court of Chernovcy commenced bankruptcy proceedings
against the company on April 24, 2008, after finding it
insolvent.  The case is docketed as 8/203/B.

The Debtor can be reached at:

         LLC Svitanok
         Vornichany
         Hotinsky District
         Chernovcy
         Ukraine


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


ALLEN-VANGUARD: S&P Puts LT Corporate Credit Rating at 'BB-'
------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' long-term
corporate credit rating to Ottawa, Ont.-based Allen-Vanguard
Corp.  The outlook is stable.

At the same time, S&P assigned issue and recovery ratings to the
company's CDN$250 million secured bank financing.  S&P rated the
secured debt, comprising a CDN$50 million secured revolver and a
CDN$200 million secured term loan, at 'BB+' (two notches above
the corporate credit rating on AV), with a recovery rating
of '1', indicating expectations of a very high (90%-100%)
recovery in the event of a payment default.

"The ratings on AV reflect its material dependence on generating
revenue in the next two years from its long-term contracts as
well as U.S. government budget allocation to procure counter-
improvised explosive devices," said Standard & Poor's credit
analyst Greg Pau.

The ratings also reflect AV's customer and geographic
concentration and the impact of a possible delay in revenue on
the company's ability to comply with its financial covenants.
These concerns are partially offset by the company's strong
product and service range in the niche counter-improvised
explosive devices (IED) market, a moderate degree of revenue
predictability provided by long-term contracts in the electronic
systems business and increasing after-sale business,
conservative gearing, and adequate liquidity.

AV is a defense company specializing in technologies, tools,
protective suits, and training to minimize the effects of IEDs.
After acquiring Med-Eng Systems in September 2007 and Hazard
Management Solutions in June 2007, the company added a strong
range of products and services in the niche counter-IED market
to its business. Notwithstanding these acquisitions, AV is still
relatively small with pro forma revenue of CDN$432 million for
the 12 months ended March 31.

The stable outlook reflects AV's strong financial risk profile
for the current rating level and good product and service
capability in a niche market.  These pluses are partially offset
by the potential uncertainty over the timing of the company's
near-term cash flow generation and the limitation on liquidity
resulting from stringent financial covenants and a heavy debt
repayment schedule in the near term.  S&P could revise the
rating upward or the outlook to positive if AV's financial risk
profile significantly improves upon meeting its fiscal 2008
financial projections, which in turn hinge upon it executing the
Symphony program ramp-up.  With AV's relatively low gearing
level and adequate liquidity, there is some buffer.  Hence,
moderately weaker-than-projected fiscal 2008 financial results
would not likely lead to a downward adjustment to the rating or
outlook.  However, Standard & Poor's could revise either if
delays in procurement orders from AV's two main product
programs materially increase the likelihood of a breach of its
financial covenants or the company's inability to meet its
scheduled debt repayment.

Allen-Vanguard Corporation supports the mission of military and
homeland security forces around the world with leading
proprietary solutions for protection and counter-measures
against hazardous devices of all kinds, whether chemical,
biological, radiological or explosive, including improvised
explosive devices and remotely controlled.  Allen-Vanguard
equipment is in service in more than 120 countries.

Products include Electronic Counter-Measures equipment for
jamming remote detonation of terrorist devices, specialty
security equipment for Explosive Ordnance Disposal, remote
intervention robots for hazardous applications, and personal
protective wear for use in dealing with explosive and bio-
chemical agents.  Allen-Vanguard is the developer and/or sole,
worldwide licensee of proprietary technologies such as the Med-
Eng bomb suit, the Defender(TM) and Vanguard(TM) Mk2 bomb
disposal robots, and the Universal Containment System and CASCAD
Foam system for blast mitigation and decontamination of bio-
chemical warfare agents.  Professional services encompass
counter-IED intelligence, training and advisory services,
including the Triton(TM) Report on terrorist incidents around
the world.  The company operates globally through its wholly-
owned subsidiaries under the names "Allen-Vanguard", "Med-Eng"
and "Hazard Management Solutions".

Head office operations are located in Ottawa, Ontario, Canada,
with manufacturing operations in Stoney Creek and Pembroke,
Ontario; Ogdensburg, New York; Tewkesbury, U.K.; and Cork,
Ireland; The company has professional services operations in
Shrivenham, UK, Canada and in the U.S. in Arlington, Virginia,
plus sales offices in Canada, the U.S., the U.K. and Asia.
Allen-Vanguard's shares are listed on The Toronto Stock Exchange
under the symbol "VRS".


ARGON CAPITAL: S&P Removes CreditWatch on Notes' 'B' Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services said that it has removed from
CreditWatch with negative implications its 'B' credit rating on
the EUR17.961 million limited-recourse secured variable-rate
notes series 40 issued by Argon Capital PLC.

Standard & Poor's placed the notes on CreditWatch negative on
March 25, 2008.  S&P removed the CreditWatch negative placement
after the rating on the underlying obligor was removed from
CreditWatch negative.  The underlying obligor provides
collateral to the transaction and its long-term rating acts as a
supporting rating to the series 40 notes.


BEST BUS: US Sub-Prime Mortage Crisis Prompts Liquidation
---------------------------------------------------------
Best Bus and Coach has gone into liquidation as a result of the
US sub-prime mortgage crisis despite attempts of its owner
Conservative Cllr John Jones to save the company,
iccheshireonline reports, citing Marc Waddington of Crewe
Chronicle.

Conservative Cllr John Jones, who tried to draw up a rescue
package to avert liquidation, disclosed an American firm halted
funding to the company, iccheshireonline relates.

"It was an American company which cut off the finance. I tried
to put a rescue package together but given the current
circumstances no-one wanted to know," Mr. Jones was quoted by
iccheshireonline as saying.

Best Bus and Coach, which earlier took over Arriva's routes,
went into receivership on Thursday, May 22, 2008, the paper
reveals.

Headquartered in Crewe, England, Best Bus and Coach covers the
44 and 45 Crewe to Nantwich routes.  It also operates "Home to
School" contracts on behalf of the county council.


BNP PARIBAS: Moody's Reviews Ratings on 3 Credit Default Swaps
--------------------------------------------------------------
Moody's Investors Service placed under review for downgrade
three Bifrost credit default swaps entered into by BNP Paribas,
London Branch.

The rating actions are:

BNP Paribas:


      (1) EUR62,500,000 Series 19 Class 7D Credit Default Swap
          terminating in 2010

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

      (2) EUR80,000,000 Series 19 Class 10C Credit Default Swap
          terminating in 2013

          Current Rating: Baa1, on review for downgrade
          Prior Rating: Baa1

      (3) EUR65,000,000 Series 19 Class 10D Credit Default Swap
          terminating in 2013

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

The transaction will continue to be monitored and any further
rating action will be publicly disseminated.


CABLE & WIRELESS: Close to Offloading GBP12 Bln. Pension Risk
-------------------------------------------------------------
Cable & Wireless is close to completing a deal that will enable
it to "offload" risks in connection with its GBP12 billion
pension fund, the Telegraph reports.

The company is currently looking for parties interested to bid
on the fund.  Legal & General and Paternoster and Rothesay Life
of Goldman Sachs are said to be in talks with the company on a
likely bid, the Telegraph adds citing industry sources.

Cable & Wireless, in its statement, said, "We are in active
discussions regarding options to further 'de-risk' the pension
scheme, although these options, including an insurance buyout,
are not a precondition for value realization."

Headquartered in London, Cable & Wireless Plc
-- http://www.cw.com/new/-- operates through two standalone
business units -- International and Europe, Asia & US.  The
International business unit operates integrated
telecommunications companies in 33 countries offering mobile,
broadband, domestic and international fixed line services to
residential and business customers, with principal operations in
the Caribbean, Panama, Macau, Monaco and the Channel Islands.
The Europe, Asia & U.S. business unit provides enterprise and
carrier solutions to the largest users of telecoms services
across the U.K., U.S., continental Europe and Asia -- and
wholesale broadband services in the U.K.  The company also has
operations in India, China, the Cayman Islands and the Middle
East.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on May 26,
2008, Standard & Poor's Ratings Services has revised its outlook
on 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.


CITY SURFACING: Brings In Liquidators from Tenon Recovery
---------------------------------------------------------
A. J. Pear and I. Cadlock of Tenon Recovery were appointed joint
liquidators of City Surfacing Co. Ltd. on May 13, 2008 for the
creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Tenon Recovery
         Third Floor
         Lyndean House
         43/46 Queens Road
         Brighton
         East Sussex
         BN1 3XB
         England

The company can be reached at:

         City Surfacing Co. Ltd.
         Gable House
         239 Regents Park Road
         London
         N3 3LF
         England


CLEAR CHANNEL: Mays Family Could Lose US$104 Million on Deal
------------------------------------------------------------
Clear Channel Communications Inc. shareholder, the Mays family,
which owns 32 million shares or 6% of the outstanding common
stock of the company, will be US$104 million poorer under a
revised US$36-per-share privatization transaction instead of a
US$39.20-per-share deal, Sarah McBride of The Wall Street
Journal reports.

However, analysts predict that the revised deal is better than
keeping their company public, WSJ relates.  Stock price is
likely to drop if Clear Channel continues as a public company.
Although, restructuring might help shareholder value, it would
take years.  If Clear Channel is taken private, the Mays
brothers will run the company without restraint and will gain
new ideas from the new owners, WSJ reports citing analysts.

The family, according to an unnamed source, intends to opt for
the stub-equity ownership instead of the cash alternative that
the company has offered to all shareholders.  The Mays family
wants to take up US$100 million of the total US$1.1 billion in
the private
company available of shareholders who has chosen the stub equity
option.

Ms. McBride writes that the action will benefit the Mays family,
including founder Lowry Mays and two sons, Clear Channel Chief
Executive Mark Mays and Chief Financial Officer Randall Mays,
once the value of company increases.

Stub equity holders may be minority shareholders but are likely
to hold power as a group, Ms. McBride concludes.

                     About Clear Channel

Based in San Antonio, Texas, Clear Channel Communications Inc.
(NYSE:CCU) -- http://www.clearchannel.com/-- is a media
and entertainment company specializing in "gone from home"
entertainment and information services for local communities and
premiere opportunities for advertisers. The company's
businesses include radio, television and outdoor displays.
Outside U.S., the company operates in 11 countries -- Norway,
Denmark, the United Kingdom, Singapore, China, the Czech
Republic, Switzerland, the Netherlands, Australia, Mexico and
New Zealand. As of Dec. 31, 2007, it owned 717 core radio
stations, 288 non-core radio stations which are being marketed
for sale and a leading national radio network operating in the
United States.

                            *     *     *

In March 2008, Standard & Poor's Ratings Services said its
ratings on Clear Channel Communications Inc., including the 'B+'
corporate credit rating, remain on CreditWatch with negative
implications.

Fitch Ratings stated that in line with previous guidance, Clear
Channel Communications' 'BB-' Issuer Default Rating and Senior
Unsecured Ratings would remain in place if the going-private
transaction is not completed.

Moody's stated that assuming the transaction is completed as
currently contemplated, Clear Channel will likely be assigned a
Corporate Family Rating of B2 and the rating on the existing
senior notes is likely to be notched down to Caa1 based on their
expected subordination to the new senior secured debt facilities
and the new senior notes.


CLEAR CHANNEL: Highfields Capital Owns 7.7% Equity
--------------------------------------------------
Highfields Capital Management LP declares ownership of
38,133,415 shares in Clear Channel Communications Inc.,
representing 7.7% interest in the company.

Based in San Antonio, Texas, Clear Channel Communications Inc.
(NYSE:CCU) -- http://www.clearchannel.com/-- is a media
and entertainment company specializing in "gone from home"
entertainment and information services for local communities and
premiere opportunities for advertisers. The company's
businesses include radio, television and outdoor displays.
Outside U.S., the company operates in 11 countries -- Norway,
Denmark, the United Kingdom, Singapore, China, the Czech
Republic, Switzerland, the Netherlands, Australia, Mexico and
New Zealand. As of Dec. 31, 2007, it owned 717 core radio
stations, 288 non-core radio stations which are being marketed
for sale and a leading national radio network operating in the
United States.

                            *     *     *

In March 2008, Standard & Poor's Ratings Services said its
ratings on Clear Channel Communications Inc., including the 'B+'
corporate credit rating, remain on CreditWatch with negative
implications.

Fitch Ratings stated that in line with previous guidance, Clear
Channel Communications' 'BB-' Issuer Default Rating and Senior
Unsecured Ratings would remain in place if the going-private
transaction is not completed.

Moody's stated that assuming the transaction is completed as
currently contemplated, Clear Channel will likely be assigned a
Corporate Family Rating of B2 and the rating on the existing
senior notes is likely to be notched down to Caa1 based on their
expected subordination to the new senior secured debt facilities
and the new senior notes.


DAKOTA SHERWOOD: Goes Into Receivership Amid Co-Owner Dispute
-------------------------------------------------------------
Nottingham-based The Dakota Sherwood Park hotel confirmed it has
gone into receivership as a long-running dispute between
co-owners David Coulthard and chief executive Ken McCulloch,
continues, CatererSearch reports.

The dispute, CatererSearch says, started last year.

Mr. Coulthard, the paper relates, ordered the sale of the
Monaco-based Columbus hotel, co-owned with American property
developer Peter Morris, after his accountants disclosed millions
of euros were "missing" from its accounts.


DSG INTERNATIONAL: Moody's Puts Corporate Family Rating at Ba1
--------------------------------------------------------------
Moody's Investors Service downgraded to Ba1 from Baa3 the issuer
and senior unsecured long-term ratings of DSG International plc.

Concurrently, Moody's has assigned a Ba1 Corporate Family Rating
to DSGi.  The outlook is stable.  The rating action concludes
the review for possible downgrade initiated on April 11, 2008
following the announcement of a continuously weak trading
performance for the 25 weeks ended April 5, 2008, leading to a
second revision of DSGi's full-year underlying profit before
tax.

"The downgrade reflects Moody's expectation that DSGi will face
negative pressure on its operations going forward in a context
of tightened discretionary spend in the UK and generally more
challenging trading conditions in Europe including a changing
competitive environment, as evidenced by management's prudent
statement for FYE April 2009," says Yasmina Serghini, a Moody's
analyst and lead analyst for DSGi.  In that respect, Moody's
notes that the business profile of DSGi has demonstrated a
higher than expected volatility over the past months, which,
together with weakening performance, is no longer commensurate
with a Baa3 rating.  In addition, whilst Moody's believes that
the new strategic orientations presented by management on
May 15, 2008 have the potential -- albeit over a relatively
medium-term horizon -- to help restore the group's performance
after years of declining margins, their implementation will
encounter high execution risks within the next 12 months, in
light of the tougher economic conditions.

Moody's recognises that the planned cut in dividends, together
with a more prudent dividend growth policy and management's
intention to forego share buybacks, should have a positive
impact on debt-protection ratios.  This is partly offset,
however, by the increase in capex investments resulting from the
announced transformation and renewal programme.  Moody's
therefore anticipates a negative free cash flow and weakening
credit metrics in the intermediate term, with a ratio of Debt to
EBITDA likely to deteriorate beyond the rating agency's target
for an investment grade rating in FYE April 2009.

The stable outlook reflects DSGi's leading position in the
consumer electricals industry both in the UK and in Continental
Europe and its degree of geographical diversity.  The outlook
also assumes that the performance will prove somewhat resilient
to the current difficult environment and that DSGi will take all
necessary steps going forward to turnaround or exit
underperforming assets across the group as the management is
still in the process of reviewing the portfolio of businesses.
Moody's cautions however that should the company record a
further decline in profitability in FYE April 2009 with no
prospect of recovery in the subsequent year then there could be
negative pressure on the rating and/or outlook.

DSGi's liquidity profile is currently solid, underpinned by
satisfactory cash balances and a GBP400 million syndicated
facility maturing in 2011, which -- in Moody's view -- has
financial covenants under which there is some leeway.  The
company also has very little debt maturing in the next 12
months.

Moody's last rating action on DSGi was on 11 April 2008, when it
placed its Baa3 long term issuer and senior unsecured ratings
under review for possible downgrade.  For a full rating
rationale, please refer to the latest Credit Opinion on DSGi
posted on the rating agency's website http://www.moodys.com/

Headquartered in Hemel Hempstead, England, DSG International plc
is one of Europe's leading specialist consumer electrical
retailers.  It posted revenues of GBP7.9 billion for the fiscal
year ended April 2007.


EDGEN MURRAY: S&P Concludes Review; Ratings Remain Unchanged
------------------------------------------------------------
Standard & Poor's Ratings Services said that it concluded a
review of the bank loan and recovery ratings on Baton Rouge,
La.-based Edgen Murray LP (B/Stable/--) and its subsidiaries and
those ratings are unchanged.  The US$425 million first-lien term
loan is rated 'B', the same as the corporate credit rating, with
a recovery rating of '3', indicating our expectation of
meaningful (50%-70%) recovery in the event of a payment default.

The US$75 million second-lien term loan is rated 'CCC+', two
notches below the corporate credit rating, with a recovery
rating of '6', indicating S&P's expectation for negligible (0-
10%) recovery in the event of a payment default.

Ratings on specialty metals distributor Edgen Murray LP reflect
its niche position in the highly cyclical, competitive, and
volatile specialty steel pipe industry; the modest size and
limited scope of its operations; thin margins; inventory risk;
and very aggressive debt leverage.  Still, current end markets
remain solid, and the company benefits from nominal capital
expenditures and countercyclical cash flow.

Ratings List

Edgen Murray LP

Corporate credit rating       B/Stable/--

Ratings Maintained

US$425 million first-lien term loan   B
Recovery rating                       3

US$75 million second-lien term loan.  CCC+
Recovery rating                       6

Edgen Murray LP -- http://www.edgenmurray.com/-- is global
distributor of high performance steel and alloy products for use
primarily in specialized applications throughout the hydrocarbon
chain, energy infrastructure, and individual industrial niches.
The company offers extensive inventories of specialized carbon
and alloy products, technical expertise for your applications
and a source-to-delivery global logistics management platform.
The company's global operations are managed through four
geographical segments; Western Hemisphere, Europe, Middle East,
Asia Pacific.


EUROHOME UK: Fitch Affirms Ratings on 16 Tranches
-------------------------------------------------
Fitch Ratings affirmed 16 tranches of Eurohome UK Mortgages
2007-1 plc and Eurohome UK Mortgages 2007-2 plc, UK non-
conforming transactions originated by DB UK Bank Limited.

Eurohome UK Mortgages 2007-1 plc:

    -- Class A (ISIN XS0290416527): affirmed at 'AAA'; Outlook
       Stable

    -- Class M1 (ISIN XS0290417418): affirmed at 'AA'; Outlook
       Stable

    -- Class M2 (ISIN XS0290419380): affirmed at 'A'; Outlook
       Stable

    -- Class B1 (ISIN XS0290420396): affirmed at 'BBB'; Outlook
       revised to Negative from Stable

    -- Class B2 (ISIN XS0290420982): affirmed at 'BB'; Outlook
       revised to Negative from Stable

    -- Class C (ISIN XS0290421956): affirmed at 'BB'; Outlook
       revised to Negative from Stable

    -- MERCS (ISIN XS0290550929) affirmed at 'AAA'; Outlook
       Stable

Eurohome UK Mortgages 2007-2 plc:

    -- Class A1(A) (ISIN XS0311688054): affirmed at 'AAA';
       Outlook Stable

    -- Class A1(B) (ISIN XS0311689532): affirmed at 'AAA';
       Outlook Stable

    -- Class A2 (ISIN XS0311691272): affirmed at 'AAA'; Outlook
       Stable

    -- Class A3 (ISIN XS0311693484): affirmed at 'AAA'; Outlook
       Stable

    -- Class M1 (ISIN XS0311694029): affirmed at 'AA-'
       (AA minus); Outlook Stable

    -- Class M2 (ISIN XS0311695182): affirmed at 'A-' (A minus);
       Outlook revised to Negative from Stable

    -- Class B1 (ISIN XS0311695778): affirmed at 'BBB-'
       (BBB minus); Outlook revised to Negative from Stable

    -- Class B2 (ISIN XS0311697394): affirmed at 'BB'; Outlook
       revised to Negative from Stable

    -- Class C (ISIN XS0311699507): affirmed at 'BB'; Outlook
       revised to Negative from Stable

The Negative Outlooks assigned to the respective tranches follow
a full loan-by-loan analysis of an updated pool for each
transaction. The analysis identified that, following a reserve
fund draw in Eurohome 2007-1, further reserve fund draws are
likely for both transactions.  The low margins generated by the
loans during their initial teaser rate periods, combined with
rising arrears levels, are limiting the available excess revenue
required to pay interest on the notes, in particular the
uncollateralised class C notes, which pay interest before the
reserve fund is replenished.

Despite the seasoning of the two Eurohome UK Mortgages, the
latest investor reports, as of February 2008, showed reserve
fund balances at 85.05% (for Eurohome 2007-1) and 92.08% (for
Eurohome 2007-2) of their target amounts.  In fact, a draw of
GBP45,954, (i.e. 0.73% of the target amount) was reported in the
Eurohome UK Mortgages 2007-1 plc, which was mainly caused by the
low margins received on loans.  According to the loan-by-loan
breakdown received by Fitch as per May 2008, currently 99.51% of
Eurohome 2007-1 pool and 99.93% of Eurohome 2007-2 pool are
either on fixed or discounted rates.  Fitch expects to see
further reserve fund draws in Eurohome UK Mortgages 2007-1 plc
in the next 12 months, during which 92% of the pool is due to
roll off its teaser rates.  A similar scenario is expected in
the Eurohome UK Mortgages 2007-2 plc transaction, where 76% of
the pool will switch to standard variable rates by mid-2009.

Arrears greater than three months in both transactions are high
compared to other UK non-conforming transactions at the same
level of seasoning.  According to the loan-by-loan breakdown
received by Fitch in May 2008, 7.14% (Eurohome UK Mortgages
2007-1 plc) and 10.43% (Eurohome UK Mortgages 2007-2 plc) of the
pool were in arrears more than three months, including
repossessions.  To date no losses have been reported on either
of the two transactions; however, 0.68% of loans were reported
to be in repossessions in Eurohome UK Mortgages 2007-2 plc.

Given the volume of arrears seen to date and no reported losses,
future rating actions will be highly dependent on the volume of
possessions and realised losses in the forthcoming periods.

The primary servicing of the two Eurohome UK Mortgages plc
transactions has been outsourced to Vertex Mortgages Services
Limited (servicer rating: 'RPS3+').  More details on the
performance of the two transactions is covered in Fitch's
special report, "Eurohome UK Mortgages plc, Performance Update",
which will be published shortly and available on
http://www.fitchratings.com/


GROUP 1 AUTOMOTIVE: S&P Cuts Corporate Credit Rating to 'BB-'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on Group 1 Automotive Inc. to 'BB-' from 'BB'.  The
outlook has been revised to stable from negative.

"The downgrade reflects our expectation that in light of a very
difficult sales environment for the North American auto
retailers, the company's high leverage will not decline to
levels consistent with the previous rating," said Standard &
Poor's credit analyst Nancy Messer.  S&P does not expect Group 1
to generate sufficient free cash flow during the year ahead
to reduce debt significantly.  S&P's opinion is based on its
expectation that revenue and profitability will be soft in 2008,
while the company's infrastructure investments and acquisitions
to support business expansion will continue.

The ratings on Group 1 reflect the company's high leverage
resulting from an aggressive acquisition strategy combined with
the competitive and cyclical challenges of the automotive retail
industry.  The majority of Group 1's 105 automotive dealerships
are in the Eastern and Central regions of the U.S., with the
remainder in California.  Group 1 also has a small international
exposure, with three dealerships in the U.K.

The stable outlook reflects our opinion that Group 1's diverse
revenue sources, brand strength, and focus on operating
efficiencies should support the company's continued
profitability.  In the year ahead, S&P expects Group 1's
high leverage to continue as a result of large projected capital
expenditures and acquisitions.  S&P expects the company to be
conservative with regard to cash usage for dividend payouts and
share repurchase activity in 2008, given the potential for
downside market surprises.  Group 1's good returns on its used
vehicle business, aided by growth in its P&S and F&I businesses,
should support the company's credit measures in 2008, although
the business' new vehicle segments will remain under pressure.

S&P could revise the outlook to negative or lower the rating if
industry conditions weaken further or if greater use of cash
flow weakens the company's ability to manage its leverage
position during the next year.  S&P does not expect to revise
the outlook to positive in the next year, given market
conditions.


HALIFAX TOWN: Faces Liquidation and Demotion, Trust Says
--------------------------------------------------------
The Halifax Town Supporters' Trust, on May 24, 2008, said in its
Web site that Halifax Town Association Football Club Ltd. faces
almost certain liquidation and demotion of at least two steps
down the pyramid and probably more.  The consortium that has for
18 months been attempting to take control of the club have yet
to offer supporters any certainties about whether they will be
here or not come August.

The Trust noted that it has an obligation to investigate a 'plan
B' -- whereby the supporters take ownership of the club and
ensure the continuation of football in Calderdale.  However, at
a time when all members of the Society Board should be working
together to that end, it has instead been faced with the
resignation of the four longest-serving members, among them the
chair and vice chair.  These four were on the Trust board when
the HTST had a representative on the board of the football club.
That representative voiced concern about the club's downward
spiral into debt, yet the Society Board failed to back their own
representative in his request to take this news to the members.

The Trust stressed that it is and always has been its intention
to seek guidance from its members.  It never intended to force
'plan B' on supporters, only to demonstrate that it was a viable
option should supporters choose to embrace it -- or indeed be
left with no other option.

Because of the resignations the number on the Trust board
slipped below the minimum number required in order to legally
operate.  The remaining board members were left with two
options, both of which are permitted by the constitution: The
first was to bring other supporters onto the Society Board until
the AGM scheduled for June, at which time members would be able
to confirm their support or otherwise of these appointments.
The only other option was to call an Emergency General Meeting.
The Trust is required to give members 14 days notice of an EGM,
during which time we would have been unable to act had it been
necessary.

By a vote of 7 to 1 the Trust went with option one.  It would be
unforgivable for the Trust to be in limbo at such a crucial
time, and that is why it took the short-term decision to bring
respected vice-president Jack Haymer and club historian Johnny
Meynell onto the board.  In addition, it confirmed the
appointment of Alan Alderson and Roger Taylor, both of whom were
set to take office at the AGM in any case.

The Trust concluded it understands that not everyone will
support its chosen course of action.  It reiterated that it has
every intention of allowing its members to take the final
decision of whether or not to progress with 'plan B'.

Halifax Town Association Football Club is an English football
team currently playing in the Conference National.  The club's
current ground is The Shay in Halifax, West Yorkshire.

On March 14, 2008, Rob Sadler and Peter Sargent of Begbies
Traynor were appointed joint administrators of the club.


HEXCEL CORP: S&P Affirms BB Long-Term Corporate Credit Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings,
including the 'BB' long-term corporate credit rating, on
aerospace supplier Hexcel Corp.  S&P also affirmed the 'BB+'
issue-level rating (one notch above the corporate credit rating)
on the company's recently amended and increased (by an
incremental $80 million term loan) secured credit facilities.
The recovery rating remains unchanged at '2', indicating an
expectation for substantial (70%- 90%) recovery of principal and
prepetition interest in the event of a payment default.  The
outlook is positive.  About US$370 million of debt is
outstanding.

"The ratings on Hexcel reflect participation in the cyclical and
competitive commercial aerospace industry and significant
investment in carbon fiber capacity needed to support increasing
jetliner production rates," said Standard & Poor's credit
analyst Roman Szuper.  "Those factors are partly offset by the
company's position as the world's largest manufacturer of
advanced composite materials, generally favorable market
conditions, and a financial profile that is somewhat better than
average for the rating."

Hexcel has used cash from operations, proceeds from asset sales,
and a preferred equity offering to reduce debt significantly in
recent years.  This, coupled with increasing earnings, resulted
in debt to EBITDA of about 2.0x, a relatively low level for the
rating.  Standard & Poor's Ratings Services expects this ratio
to remain at about this level in 2008.  The company's book
equity has also improved considerably because of the conversion
of the preferred stock to common and a reversal of a US$118
million deferred tax valuation allowance.  As a consequence,
debt to capital is now much lower, at about 45%.  Other credit
protection measures, such as funds from operations (FFO) to debt
and EBITDA interest coverage, are somewhat better than average
for the rating, at about 30% and 7x, respectively.

S&P expects most credit protection measures to remain
satisfactory in 2008, mainly because of likely better earnings.
However, high capital expenditures (about $150 million annually)
over the next two to three years to fund carbon capacity
expansion in response to an expected increase in commercial
airplane deliveries will limit free cash flow, which has been
about breakeven in recent years and is likely to be moderately
negative in 2008.

Stamford, Conn.-based Hexcel is a leader in the composites
industry, producing lightweight, high-performance carbon fibers,
industrial fabrics, specialty reinforcements, carbon prepregs,
structural adhesives, honeycomb, and composite structures for
the commercial aerospace, defense and space, and industrial
sectors.  The company concentrates on serving growing markets in
which it has a competitive advantage.

Continued favorable conditions in core markets, ongoing gains in
operating efficiency, and further strengthening in credit
protection measures could lead to a ratings upgrade over the
next 12 to 18 months.  S&P could revise the outlook to stable if
the slowing global economy has a greater-than-expected effect on
the company's sales and profits.  The recent failure of OSS
Capital, an activist hedge fund that owns about 5% of Hexcel's
common stock, to have any of its nominees elected to the board
of directors lessens our concerns about changes in Hexcel's
moderate financial policy.

Headquartered in Stamford, Connecticut, Hexcel Corporation
(NYSE: HXL) -- http://www.hexcel.com/-- is an advanced
composites company.  The company develops, manufactures and
markets lightweight, high-performance structural materials,
including carbon fibers, reinforcements, prepregs, honeycomb,
matrix systems, adhesives and composite structures, used in
commercial aerospace, space and defense and industrial
applications such as wind turbine blades.  The company has
subsidiaries in Austria, the United Kingdom, Spain, Hong Kong,
Japan and Brazil.


MK ONE: Administrator Sells 100 Stores to Jet Star Retail
---------------------------------------------------------
Administrator Lee Manning sold 100 of MK One Ltd.'s stores to
Jet Star Retail Ltd. for an undisclosed amount, published
reports say.

According to the Press Association, the sale is expected to
safeguard hundreds of the company's 2,500 jobs, although
Deloitte declined to comment.

As reported in the TCR-Europe on May 26, 2008, Hilco U.K.
Limited placed MK One into administration and appointed Lee
Manning of Deloitte & Touche as administrator.

The administrator has announced 39 redundancies at MK One's head
office in London.

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.

"We will continue to trade the remaining stores under the MK One
banner whilst exploring the available options," Mr. Manning was
quoted by reporters as saying.

                          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.  The company employs around 2,500
people in 172 outlets.  MK One has more than GBP100 million in
annual turnover.


PJB ELECTRICAL: Brings In Administrators from Deloitte & Touche
---------------------------------------------------------------
Richard Michael Hawes and Stephen Anthony John Ramsbottom of
Deloitte & Touche LLP were appointed joint administrators of PJB
Electrical (Somerset) Ltd. (Company Number 05231565) on May 20,
2008.

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

The company can be reached at:

          PJB Electrical (Somerset) Ltd.
          4-5 King Square
          Bridgwater
          Somerset
          TA6 3YF
          England


PRIMUS TELECOMMS: Moody's Revises Probability of Default Rating
---------------------------------------------------------------
Moody's Investors Service revised Primus Telecommunications
Group, Incorporated's probability of default rating to Caa3/LD
from Caa3 in response to the company's May 22, 2008 announcement
of a distressed debt exchange in which Primus issued
US$67.1 million of new debt instruments and paid US$4.7 million
in cash to retire $130.3 million of existing outstanding debt.

The PDR will be revised back to Caa3 after three business days.

The rating action results from Moody's practice of interpreting
circumstances in which a debt holder accepts a compromise
offering of less than 100% of face value as constituting a
default; hence the "/LD" component of the PDR to signal the
"limited default" that has been deemed to have occurred on the
exchanged securities.  The transaction does not materially
change the company's cash position, its future prospects, or any
of the parameters with which Moody's assesses Primus' ratings.
Accordingly, Primus' corporate family rating (CFR) remains
unchanged at Ca, its speculative grade liquidity rating remains
unchanged at SGL-3, and the rating outlook remains negative.  As
noted below, the revisions to the company's debt structure alter
relative proportions of structural/contractural subordination
that, in turn, with the application of Moody's LGD methodology,
result in changes to applicable instrument ratings and loss
given default assessments for individual instruments at Primus'
subsidiary, Primus Telecommunications Holdings, Inc.

Downgrades:

Issuer: Primus Telecommunications Holding, Inc.

     -- Senior Secured Bank Credit Facility, Downgraded to
        Ca (LGD4, 61) from Caa3 (LGD4, 57)

     -- Senior Unsecured Regular Bond/Debenture, Downgraded to
        C (LGD6, 99) from Ca (LGD6, 97)

Primus is a competitive telecom provider headquartered in
McLean, VA.  The company offers telecommunications services to
small and medium-sized enterprises, residential customers and
other telecommunications carriers and resellers located in the
United States, Australia, Canada, the United Kingdom and Western
Europe.


VERSAMOUNT DISPLAY: Taps Joint Administrators from Begbies
----------------------------------------------------------
John A. Lowe and W. John Kelly of Begbies Traynor were appointed
joint administrators of Versamount Display Systems Ltd. (Company
Number 04366619) on May 19, 2008.

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

The company can be reached at:

          Versamount Display Systems Ltd.
          Highlands Farm Business Park
          London Road
          Haywards Heath
          West Sussex
          RH17 5PX
          England
          Tel: 01444 882 230
          Fax: 01444 882 220
          Web site: http://www.versamount.co.uk/


WHITWORTH SALES: Calls In Liquidators from Tenon Recovery
---------------------------------------------------------
Ian William Kings and Steven Philip Ross of Tenon Recovery were
appointed joint liquidators of Whitworth Sales and Marketing
Ltd. on May 15 for the creditors' voluntary winding-up
proceeding.

The joint liquidators can be reached at:

         Tenon Recovery
         Tenon House
         Ferryboat Lane
         Sunderland
         SR5 3JN
         England


* Deloitte Names Kevin Patience as Financial Services Director
--------------------------------------------------------------
Deloitte & Touche LLP has appointed Kevin Patience as a director
in its financial services practice.  Mr. Patience joins Deloitte
from Aviva Plc where he was most recently the Director of
Internal Audit for Norwich Union Insurance, the UK’s largest
insurer.

Mr. Patience new role will be to lead the provision of internal
audit services to the UK insurance sector.

"We are delighted that Kevin has joined us.  His arrival adds
further strength to our already well established financial
services internal audit team.  Our recognized experts in each
industry sector, combined with a great geographic spread of
resource, allow us to work with the full range of financial
services organizations in the UK," Kari Hale, partner at
Deloitte commented.

"These are challenging times for all financial services
companies with no let up in the demand for high quality
assurance.  Internal audit functions will continue to be
pressured to show that they can deliver real value and insight
and help drive forward the risk management and governance
agenda.  It’s great to join a firm that is a recognized market
leader in helping internal audit teams respond to these
challenges.  Having access to such a huge breadth and depth of
skills across the firm also gives me tremendous confidence that
we can really make a difference no matter how complex the
challenge," Mr. Patience added.

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


* Fitch Says Emerging Market Sovereigns at Risk from Inflation
--------------------------------------------------------------
Fitch Ratings, in a special report published on May 27, 2008,
warns of the risks to emerging market sovereign creditworthiness
from rising inflation and has developed a ranking of Fitch-rated
EMs according to their vulnerability to inflation shocks.

"Rising inflation rather than slowing economies is the principle
challenge facing policymakers in emerging economies.  Low and
stable inflation has underpinned macroeconomic stability and
allowed governments to borrow locally rather than incur foreign
currency debt in international capital markets.  Failure to
contain inflationary pressures risks undermining macroeconomic
stability and medium-term growth prospects.  In the worst case
scenario, investors will lose confidence in local currency
assets leading to volatile financial and currency markets," says
David Riley, Head of Sovereign Ratings at Fitch. "

Fitch has constructed an index of relative EM vulnerability to
inflation shocks based on inflation dynamics, the degree of
domestic overheating, monetary conditions and the importance of
the domestic government debt market to the sovereign.

The top ten most vulnerable EMs according to this index are
currently: Jamaica (1), Ukraine (2), Kazakhstan (3), Bulgaria
(4), Suriname (5), Latvia (6), Lithuania (7), Ghana (8), Vietnam
(9) and Sri Lanka (10).

Out of 73 Fitch-rated EMs, Jamaica, Ukraine and Kazakhstan
appear the most vulnerable.  Emerging Europe heavily populates
the upper echelons of the vulnerability rankings in light of the
significant economic imbalances in the region that have been
fuelled by rapid private credit growth.  Russia is also the most
vulnerable of the BRICs (Brazil, Russia, India and China) by a
wide margin.

A key conclusion of the report is that, though the current
inflation shock has a large international component, the
inflation challenges facing EMs are far from a "pure" supply
shock.  Significant chunks of the EM universe are facing
underlying inflationary pressures, including in emerging Europe,
parts of Asia, the Gulf Co-operation Council (GCC) countries and
other commodity exporters.  With fixed or heavily managed
exchange rates back in vogue, the reluctance to allow nominal
appreciation is ensuring that real exchange rate appreciation
warranted by fundamentals occurs through higher inflation.

Many youthful EM monetary policy regimes are facing their first
real tests.  Inflation targets are being exceeded by a wide
margin in many countries and core inflation has been rising
since August of last year.  There is an elevated risk of rising
inflation expectations and second-round effects from higher
headline inflation.  This is much more severe than in the
advanced economies, where slower growth will provide a dis-
inflationary counter-balance to high food and energy prices and
where central bank credibility is deeper.  This makes swift
policy responses crucial to prevent inflation becoming
entrenched.

The full report, entitled, "Inflation and Emerging Market
Sovereign Risk" is available on the agency's public website
http://www.fitchratings.com/


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
June 4-7, 2008
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      24th Annual Bankruptcy & Restructuring Conference
         J.W. Marriott Spa and Resort, Las Vegas, Nevada
            Contact: http://www.airacira.org/

June 12-14, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      15th Annual Central States Bankruptcy Workshop
         Grand Traverse Resort and Spa, Traverse City, Michigan
            Contact: http://www.abiworld.org/

June 19 & 20, 2008
   BEARD GROUP & RENAISSANCE AMERICAN CONFERENCES
      Corporate Reorganizations
            Contact: 800-726-2524; 903-595-3800;
               http://www.renaissanceamerican.com/

June 24, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Fraud Panel
         Citrus Club, Orlando, Florida
            Contact: http://www.turnaround.org/

June 26-29, 2008
   NORTON INSTITUTES ON BANKRUPTCY LAW
      Western Mountains Bankruptcy Law Seminar
         Jackson Hole, Wyoming
            Contact: http://www.nortoninstitutes.org/

July 10, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Cynthia Jackson of Smith Hulsey & Busey
         University Club, Jacksonville, Florida
            Contact: http://www.turnaround.org/

July 10-13, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      16th Annual Northeast Bankruptcy Conference
         Ocean Edge Resort
            Brewster, Massachussets
               Contact: http://www.abiworld.org/events

July 29, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Employment Issues Following Hurricanes & Disasters
         Centre Club, Tampa, Florida
            Contact: http://www.turnaround.org/


July 31 - Aug. 2, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      4th Annual Mid-Atlantic Bankruptcy Workshop
         Hyatt Regency Chesapeake Bay
            Cambridge, Maryland
               Contact: http://www.abiworld.org/

Aug. 16-19, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      13th Annual Southeast Bankruptcy Workshop
         Ritz-Carlton, Amelia Island, Florida
            Contact: http://www.abiworld.org/

Aug. 20-24, 2008
   NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES
      NABT Convention
         Captain Cook, Anchorage, Alaska
            Contact: http://www.nabt.com/


Aug. 26, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Do's and Don'ts of Investing in a Turnaround
         Citrus Club, Orlando, Florida
            Contact: http://www.turnaround.org//

Sept. 4-5, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      Complex Financial Restructuring Program
         Four Seasons, Las Vegas, Nevada
            Contact: http://www.abiworld.org/

Sept. 4-6, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      Southwest Bankruptcy Conference
         Four Seasons, Las Vegas, Nevada
            Contact: http://www.abiworld.org/

Sept. 17, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Real Estate / Condo Restructuring Panel
         Marriott North, Fort Lauderdale, Florida
            Contact: http://www.turnaround.org//

Sept. 24-26, 2008
   INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING
CONFEDERATION
      IWIRC 15th Annual Fall Conference
         Scottsdale, Arizona
            Contact: http://www.ncbj.org/

Sept. 24-27, 2008
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Desert Ridge Marriott, Scottsdale, Arizona
            Contact: http://www.iwirc.org/

Sept. 30, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Private Equity Panel
         Centre Club, Tampa, Florida
            Contact: http://www.turnaround.org//

Oct. 9, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Luncheon - Chapter 11
         University Club, Jacksonville, Florida
            Contact: http://www.turnaround.org/

Oct. 28, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      State of the Capital Markets
         Citrus Club, Orlando, Florida
            Contact: http://www.turnaround.org//

Oct. 28-31, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott New Orleans, Louisiana
            Contact: 312-578-6900; http://www.turnaround.org/

Oct. 30 & 31, 2008
   BEARD GROUP & RENAISSANCE AMERICAN CONFERENCES
      Physicians Agreements and Ventures
            Contact: 800-726-2524; 903-595-3800;
               http://www.renaissanceamerican.com/

Nov. 19, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Interaction Between Professionals in a
         Restructuring/Bankruptcy
            Bankers Club, Miami, Florida
               Contact: 312-578-6900; http://www.turnaround.org/

Dec. 3-5, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      20th Annual Winter Leadership Conference
         Westin La Paloma Resort & Spa
            Tucson, Arizona
               Contact: http://www.abiworld.org/

May 7-10, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      27th Annual Spring Meeting
         Gaylord National Resort & Convention Center
            National Harbor, Maryland
               Contact: http://www.abiworld.org/

June 11-13, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      Central States Bankruptcy Workshop
         Grand Traverse Resort and Spa
            Traverse City, Michigan
               Contact: http://www.abiworld.org/

June 21-24, 2009
   INTERNATIONAL ASSOCIATION OF RESTRUCTURING, INSOLVENCY &
      BANKRUPTCY PROFESSIONALS
         8th International World Congress
            TBA
               Contact: http://www.insol.org/

July 16-19, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      Northeast Bankruptcy Conference
         Mt. Washington Inn
            Bretton Woods, New Hampshire
               Contact: http://www.abiworld.org/

Sept. 10-12, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      17th Annual Southwest Bankruptcy Conference
         Hyatt Regency Lake Tahoe, Incline Village, Nevada
            Contact: http://www.abiworld.org/

Oct. 5-9, 2009
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Desert Ridge, Phoenix, Arizona
            Contact: 312-578-6900; http://www.turnaround.org/

Dec. 3-5, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      21st Annual Winter Leadership Conference
         La Quinta Resort & Spa, La Quinta, California
            Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 4-8, 2010
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         JW Marriott Grande Lakes, Orlando, Florida
            Contact: http://www.turnaround.org/

BEARD AUDIO CONFERENCES
   2006 BACPA Library
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com

BEARD AUDIO CONFERENCES
   BAPCPA One Year On: Lessons Learned and Outlook
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Calpine's Chapter 11 Filing
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Carve-Out Agreements for Unsecured Creditors
      Contact: 240-629-3300;
http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Changes to Cross-Border Insolvencies
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Changing Roles & Responsibilities of Creditors' Committees
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Chinas New Enterprise Bankruptcy Law
      Contact: 240-629-3300;
         http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Clash of the Titans -- Bankruptcy vs. IP Rights
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Coming Changes in Small Business Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Corporate Bankruptcy Bootcamp: A Nuts & Bolts Primer
      for Navigating the Restructuring Process
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com

BEARD AUDIO CONFERENCES
   Dana's Chapter 11 Filing
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Deepening Insolvency  Widening Controversy: Current Risks,
      Latest Decisions
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Diagnosing Problems in Troubled Companies
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Distressed Claims Trading
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Distressed Market Opportunities
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Distressed Real Estate under BAPCPA
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Employee Benefits and Executive Compensation under the New
      Code
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Equitable Subordination and Recharacterization
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Examining the Examiners: Pros and Cons of Using
      Examiners in Chapter 11 Proceedings
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com

BEARD AUDIO CONFERENCES
   Fundamentals of Corporate Bankruptcy and Restructuring
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Handling Complex Chapter 11
      Restructuring Issues
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Healthcare Bankruptcy Reforms
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   High-Yield Opportunities in Distressed Investing
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Homestead Exemptions under BAPCPA
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Hospitals in Crisis: The Insolvency Crisis Plaguing
      Hospitals Across the U.S.
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   IP Rights In Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   KERPs and Bonuses under BAPCPA
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   New 'Red Flag' Identity Theft Rules
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com

BEARD AUDIO CONFERENCES
   Non-Traditional Lenders and the Impact of Loan-to-Own
      Strategies on the Restructuring Process
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Partnerships in Bankruptcy: Unwinding The Deal
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Privacy Rights, Protections & Pitfalls in Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Real Estate Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Reverse Mergersthe New IPO?
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Second Lien Financings and Intercreditor Agreements
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Surviving the Digital Deluge: Best Practices in E-Discovery
      and Records Management for Bankruptcy Practitioners
         and Litigators
            Audio Conference Recording
               Contact: 240-629-3300;
                  http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Technology as a Competitive Advantage For Todays Legal
      Processes
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   The Battle of Green & Red: Effect of Bankruptcy
      on Obligations to Clean Up Contaminated Property
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   The Subprime Sector Meltdown:
      Legal Developments and Latest Opportunities
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Twenty-Day Claims
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Using Virtual Data Rooms to Expedite Corporate Restructuring
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com

BEARD AUDIO CONFERENCES
   Using Virtual Data Rooms to Expedite M&A and Insolvency
      Proceedings
      Audio Conference Recording
          Contact: 240-629-3300;
             http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Validating Distressed Security Portfolios: Year-End Price
      Validation and Risk Assessment
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   When Tenants File -- A Landlord's BAPCPA Survival Guide
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

                     *      *      *

The Meetings, Conferences and Seminars column appears in the
Troubled Company Reporter each Wednesday. Submissions via e-mail
to conferences@bankrupt.com are encouraged.

                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices
are obtained by TCR editors from a variety of outside sources
during the prior week we think are reliable.  Those sources may
not, however, be complete or accurate.  The Monday Bond Pricing
table is compiled on the Friday prior to publication.  Prices
reported are not intended to reflect actual trades.  Prices for
actual trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies
with insolvent balance sheets whose shares trade higher than
US$3 per share in public markets.  At first glance, this list
may look like the definitive compilation of stocks that are
ideal to sell short.  Don't be fooled.  Assets, for example,
reported at historical cost net of depreciation may understate
the true value of a firm's assets.  A company may establish
reserves on its balance sheet for liabilities that may never
materialize.  The prices at which equity securities trade in
public market are determined by more than a balance sheet
solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/booksto order any title today.

                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Jason Nieva, Julybien Atadero, Carmel Zamesa
Paderog, Joy Agravante, Zora Jayda Zerrudo Sala and Pius Xerxes
Tovilla, Editors.

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

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

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

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


                 * * * End of Transmission * * *