TCREUR_Public/080530.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

              Friday, May 30, 2008, Vol. 9, No. 107

                            Headlines


A U S T R I A

HAIDER/OELLINGER RED: Claims Registration Period Ends June 10
ITC-S NETZWERKSYSTEME: Claims Registration Period Ends June 18
LEICHTFRIED FRISUREN: Claims Registration Period Ends June 23
RENOME REINIGUNGSSERVICE: Claims Registration Ends June 23
RESULT MARKETING: Claims Registration Period Ends June 20


B U L G A R I A

* Fitch Holds BB+ Ratings for  Municipality of Blagoevgrad


D E N M A R K

TDC A/S: Inks Agreement with Topnordic


F I N L A N D

M-REAL CORP: Sells 6.7% Pohjolan Voima Stake to Kymppivoima


F R A N C E

RHODIA SA: Shareholders Approve Board Resolutions
WARNER MUSIC: S&P Keeps BB- Corporate Credit Rating


G E R M A N Y

3-S-MARKT: Claims Registration Period Ends June 16
ANTONI GMBH: Claims Registration Ends June 26
ASELMANN & RICHERS: Claims Registration Period Ends June 16
AUTOHAUS BAUM: Claims Registration Period Ends June 16
BET - TIME GMBH: Claims Registration Ends June 25

COGNIS GMBH: High Financial Debt Cues S&P to Hold B Rating
HRW-GASTSTATTENBETRIEBS: Claims Registration Period Ends June 13
KF-TRANSPORTE GMBH: Claims Registration Period Ends June 13
KNODEL GMBH: Claims Registration Period Ends June 13
KUEPPERS GMBH: Claims Registration Period Ends June 17

LAMPRECHT REISEN: Claims Registration Period Ends June 17
LEUCHTTURM KINDER: Claims Registration Period Ends June 13
MALCOM WINGS: Claims Registration Period Ends June 13
PARLUP GMBH: Claims Registration Ends June 24
SCHOENDORF BAU: Claims Registration Period Ends June 17

WESTLB AG: WestImmo Names Peter Knopp as Chairman


I R E L A N D

AER LINGUS: Oil Price Hike May Prompt Bankruptcy, Ryanair Says


I T A L Y

ALITALIA SPA: Posts EUR495MM Net Loss for Year Ended Dec. 31
ALITALIA SPA: Board Calls for Urgent Capital Injection
PARMALAT SPA: Completes Newlat Unit Sale to TMT Finance


K A Z A K H S T A N

HAIDER/OELLINGER RED: Claims Registration Period Ends June 10
ITC-S NETZWERKSYSTEME: Claims Registration Period Ends June 18
LEICHTFRIED FRISUREN: Claims Registration Period Ends June 23
RENOME REINIGUNGSSERVICE: Claims Registration Ends June 23
RESULT MARKETING: Claims Registration Period Ends June 20


K Y R G Y Z S T A N

DELACTE LTD: Creditors Must File Claims by July 9


L U X E M B O U R G

AMERICAN AXLE: S&P Cuts Corporate Credit Rating to BB-


R U S S I A

ARIES CJSC: Creditors Must File Claims by July 6
CIVIL AVIATION 411: Court Names O. Shoshina to Manage Assets
EUROCHEM MINERAL: S&P Lifts Rating to BB on Improved Operation
EXPEDITIONARY COMPANY: Creditors Must File Claims by July 6
LYASKELYA LLC: Creditors Must File Claims by June 6

MIASSKIY FISH: Court Names A. Belugin as Insolvency Manager
MOTORIST CJSC: Creditors Must File Claims by July 6
MSV-SDP OJSC: Creditors Must File Claims by June 26
NOVATEK OAO: Shareholders Approve 2007 Dividend Payment
NOVATEK OAO: Shareholders Elect Board of Directors

OFFICE-COMPLEX OJSC: Rostov Bankruptcy Hearing Slated for July 1
SOYUZ-KHIM-CONTRACT: Creditors Must File Claims by June 26
URAL-TRADE LLC: Creditors Must File Claims by July 6


S W I T Z E R L A N D

ARMA FIX: Aargau Court Commences Bankruptcy Proceedings
ELEVISOR JSC: Creditors Must File Proofs of Claim by June 5
GREIF COMMERCE: Proofs of Claim Filing Deadline Set for June 5
HANS GYSIN: Creditors Have Until June 4 to File Proofs of Claim
HOLIGAY JSC: Deadline to File Proofs of Claim is June 4

MB ACTIVE: St. Gallen Court Commences Bankruptcy Proceedings
OLSTON HOLDING: Creditors' Liquidation Claims Due by June 5
STAVAG VERTRIEB: Proofs of Claim Must Be Filed by June 6


U K R A I N E

AST ARSENAL: Creditors Must File Claims by June 12
BASA LLC: Creditors Must File Claims by June 12
GIURZA LLC: Creditors Must File Claims by June 12
HEALTH OF PEOPLE: Proofs of Claim Filing Deadline Set June 12
KRINYCHKIAL LLC: Creditors Must File Claims by June 11

KORVIT-MET LLC: Creditors Must File Claims by June 11
MIR LLC: Creditors Must File Claims by June 12
NIKA LLC: Creditors Must File Claims by June 12
NIVA LLC: Proofs of Claim Filing Deadline Set June 12
SOUTH LLC: Creditors Must File Claims by June 12

SPARTA LLC: Creditors Must File Claims by June 11


U N I T E D   K I N G D O M

ABBEY ELECTRICAL: Taps Liquidators from Baker Tilly
APPLEYARDS PLASTICS: Appoints Tenon Recovery as Administrators
BELLISIMO JOINERY: Calls In Liquidators from Tenon Recovery
BAA LTD: Reports GBP51 Mln Operating Loss for First Quarter 2008
BRITISH AIRWAYS: Extends Terminal 5 Move Completion to October

CLEAR CHANNEL: Amended Merger Agreement Now Fully Funded
CLEAR CHANNEL: S&P's B+ Credit Rating Remains on Watch Negative
DVO LTD: Brings In Liquidators from Vantis
FRAMEWORK CONSTRUCTION: Creditors' Meeting Slated for June 9
FURNITURE CRAFT: Taps Joint Administrators from Begbies Traynor

GENERAL MOTORS: 19,000 Employees Accept Attrition Program
HARVEST CLO V: Fitch Affirms Classes E1 & E2 Notes Ratings at BB
HEXCEL CORP: Moody's Affirms Ba3 Corporate Family Rating
LONDON & SILVER: Appoints KPMG as Joint Administrators
NORTHERN ROCK: Treasury Seeks Independent Compensation Valuer

YORKSHIRE MACHINE: Brings In Administrators from Begbies Traynor

* BOOK REVIEW: Corporate Players


                            *********


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


HAIDER/OELLINGER RED: Claims Registration Period Ends June 10
-------------------------------------------------------------
Creditors owed money by KEG Haider/Oellinger Red Red (FN
266962t) have until June 10, 2008, to file written proofs of
claim to court-appointed estate administrator Helmar Feigl at:

          Dr. Helmar Feigl
          Preinsbacher Strasse 5
          3300 Amstetten
          Austria
          Tel: 07472/68 6 30
          Fax: 07472/63 3 48
          E-mail: rafeigl@aon.at    

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:40 a.m. on July 1, 2008, for the
examination of claims.

The meeting of creditors will be held at:

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

Headquartered in Amstetten, Austria, the Debtor declared
bankruptcy on May 7, 2008 (Bankr. Case No. 14 S 70/08x).  


ITC-S NETZWERKSYSTEME: Claims Registration Period Ends June 18
--------------------------------------------------------------
Creditors owed money by LLC ITC-S Netzwerksysteme (FN 269049k)
have until June 18, 2008, to file written proofs of claim to
court-appointed estate administrator Stefan Langer at:

          Dr. Stefan Langer
          c/o Dr. Annemarie Kosesnik-wehrle   
          Oelzeltgasse 4
          1030 Vienna
          Austria
          Tel: 712 63 02, 713 61 92
          E-mail: kanzlei@kosesnik-langer.at    

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 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 56/08k).  Annemarie
Kosesnik-Wehrle represents Dr. Langer in the bankruptcy
proceedings.


LEICHTFRIED FRISUREN: Claims Registration Period Ends June 23
-------------------------------------------------------------
Creditors owed money by LLC Leichtfried Frisuren (FN 122256p)
have until June 23, 2008, to file written proofs of claim to
court-appointed estate administrator Peter Shamiyeh at:

          Dr. Peter Shamiyeh
          c/o  Mag. Huber Elisabeth
          Hopfengasse 23
          4020 Linz
          Austria
          Tel: 0732/66 73 26
          Fax: 0732/66 73 20 - 942
          E-mail: p.shamiyeh@wildmoser-koch.com  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on July 4, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Linz
          Room 522
          Fifth Floor
          Linz
          Austria

Headquartered in Gallneukirchen, Austria, the Debtor declared
bankruptcy on May 7, 2008 (Bankr. Case No. 12 S 34/08z).  Huber
Elisabeth represents Dr. Shamiyeh in the bankruptcy proceedings.


RENOME REINIGUNGSSERVICE: Claims Registration Ends June 23
----------------------------------------------------------
Creditors owed money by KEG RENOME Reinigungsservice IGNJATOVIC
(FN 283009s) have until June 23, 2008, to file written proofs of
claim to court-appointed estate administrator Michael
Jagerndorfer at:

          Dr. Michael Jagerndorfer
          Hernsteinerstr. 17
          2560 Berndorf
          Austria
          Tel: 02672/84228
          Fax: 02672/84228-33
          E-mail: office@jaegerndorfer.at    

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on July 3, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Wiener Neustadt
          Room 15
          Wiener Neustadt
          Austria

Headquartered in  Sooss, Austria, the Debtor declared bankruptcy
on May 8, 2008 (Bankr. Case No. 10 S 49/08x).  


RESULT MARKETING: Claims Registration Period Ends June 20
---------------------------------------------------------
Creditors owed money by LLC RESULT MARKETING (FN 259471a) have
until June 20, 2008, to file written proofs of claim to court-
appointed estate administrator Matthias Schmidt at:

          Dr. Matthias Schmidt
          Dr. Karl Lueger-Ring 12
          1010 Vienna
          Austria
          Tel: 533 16 95
          Fax: 535 56 86
          E-mail: schmidt@preslmayr.at    

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:15 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 8, 2008 (Bankr. Case No. 28 S 64/08b).  


===============
B U L G A R I A
===============


* Fitch Holds BB+ Ratings for  Municipality of Blagoevgrad
----------------------------------------------------------
Fitch Ratings has affirmed the Municipality of Blagoevgrad's
Long-term foreign and local currency ratings at 'BB+' and Short-
term foreign currency rating at 'B'.  The Outlooks for the Long-
term ratings are Stable.

The ratings reflect Blagoevgrad's limited budgetary flexibility
and substantial infrastructure investment needs for which long-
term funding is not fully secured.  However, they also take into
account the municipality's debt-free position and low contingent
liabilities, prudent budgetary management and strengthening
socio-economic profile (though weak by international standards).  
A positive rating action may be triggered by higher budgetary
flexibility stemming from further improvements of financial
transparency and reliability, economic development resulting in
higher wealth levels, and continued limited debt.  A negative
rating action could be prompted by deterioration in the
operating performance and insufficient coverage of capital
funding plans resulting in a significant increase of debt.

The city was able to achieve positive overall balances and keep
the operating performance at an average of 2% of current revenue
during 2003-07, mainly based on proceeds from asset sales.  
However, these are not perpetual funding sources and, although
this shows the municipality's capacity to balance its aggregate
budget without raising debt, Fitch notes that it is not a
sustainable, long-term policy, particularly given the city's
high investments needs.  However, Fitch expects the city to
incur only limited financial debt due to the availability of
significant EU funding and its prudent policy of carrying out
projects only if substantial co-financing is ensured.  Fitch
expects the city to remain debt-free in 2008.

Bulgaria's EU accession will facilitate further development of
Blagoevgrad's economy and the narrowing of its infrastructural
gap via available cohesion funds.  In addition, any further
development of the city's commercial and industrial activities
alongside the booming private property market could prove
positive for the city's accounts.  This would expand local tax
bases, in turn feeding operating revenue.

The dynamism of local tax proceeds, increased charges and fees,
and the municipality's new role in directly managing them help
to mitigate the city's limited budgetary flexibility.  However,
state transfers still account for most of the city's budget and
are subject to annual appropriations.  This makes revenue
relatively unpredictable, as the municipality's ability to cope
with additional spending needs depends on decisions made by the
central government.

The municipality remains prudent in its budgeting process by
allowing additional expenditure only if sufficient revenue is
collected, by strictly monitoring municipal shareholdings and by
constantly improving financial transparency.  However, its
transparency remains modest compared to international standards.

The municipality of Blagoevgrad is located about 100 kilometers
south of Bulgaria's capital Sofia near the borders of Greece,
Serbia and Macedonia.  It had a population of about 85,540 in
2007 and is the economic and cultural centre of the region of
Blagoevgrad.  GDP per capita remains 25% below that of Bulgaria
as a whole, which is 35% of the EU-27 average based on
purchasing power standards, but the unemployment rate of 4.5% is
significantly below the national average of 7.8%, lowering the
pressure on social costs.


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


TDC A/S: Inks Agreement with Topnordic
--------------------------------------
Topnordic A/S, part of the Ementor Group, entered into agreement
with TDC A/S, to take over TDC's direct sales and delivery of
mobile terminals (mobile phones, PDAs, etc.) and accessories to
TDC's large and mid-sized business customers.

The agreement includes transfer of approx. 2,200 TDC business
customers and 22 employees from TDC Business Nordic to Topnordic
with effect from June 1, 2008 after which Topnordic will take
care of all sales and administration of mobile phone terminals
and TDC subscriptions to the transferred customers and new
customers.

Increasing convergence within IT and mobile phone markets,
increased sales focus and implementation of a mobile e-commerce
solution integrated with TDC subscription systems are expected
to generate revenue growth the coming years in the mobile
terminal market.  Today the Ementor Group sells mobile phones in
all Nordic countries and expects yearly sale of more than
210,000 mobile phones to customers within the Nordic markets in
2009.

"The agreement with TDC is an important strategic agreement for
the Ementor Group due to the increasing convergence within IT
and mobile communication markets.  With this agreement we are
establishing a leading position in the enterprise segment within
IT and mobile phone markets in Denmark," says Peter Trans,
Managing Director of Topnordic, Denmark.

Employee broadband solutions Additionally Topnordic and TDC have
entered into an agreement that Topnordic shall handle all sales
and administration of TDC employee broadband solutions in
Denmark in close co-operation with TDC Business Nordic.  The
agreement includes transfer of 10 employees from TDC Business
Nordics to Topnordic with effect from June 1, 2008 plus a
distribution agreement between the parties where Topnordic is
paid a fee for sales and administration of employee broadband
solutions to all TDC employee broadband customers.

New Director Topnordic has engaged a new director Soren Jensen
with responsibility for sale of employee oriented solutions,
such as employee home-PCs, mobile terminals and employee
broadband solutions.  Soren Jensen has extensive experience
within IT and telecommunication.  He has previously been Vice
President of Sales and Marketing in TDC Business Nordic.

Before TDC he was Sales and Marketing Director in DanaData-
Merkantildata.  Soren Jensen will start in Topnordic June 1,
2008.

The transferred business from TDC to Topnordic is expected to
generate revenue of MDKK 200.0 (MNOK 210.0) and EBITDA of MDKK
12.0 (MNOK 12.6) during the first 12 months after completion of
the transaction. The total transfer sum agreed with TDC is DKK
1.0 (NOK 1.0).

                       About Ementor

The Ementor Group -- http://www.ementor.com/-- is a Nordic and  
Baltic supplier of IT infrastructure products and services.  The
Group has more than 4000 employees and is present in 70 cities
in Norway, Sweden, Denmark, Finland, Lithuania, Latvia, Estonia
and Russia. The Group has revenue of approximately NOK 14
billion and uses the Ementor, Atea, Topnordic and Sonex brands
in its business.  The company is listed on the Oslo Stock
Exchange.

                        About TDC A/S

Headquartered in Copenhagen, Denmark, TDC A/S --
http://www.tdc.dk/-- through its subsidiaries and affiliates,
provides communication solutions in Europe.  It provides
communication services in Denmark and Switzerland, and has a
significant presence in selected Northern and Central European
telecommunication markets.  It operates through five business
lines.

                      *     *     *

As reported in the Troubled Company Reporter-Europe on May 29,
2008, 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.


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


M-REAL CORP: Sells 6.7% Pohjolan Voima Stake to Kymppivoima
-----------------------------------------------------------
M-real Corporation has signed a contract to sell its 100,000 B2
shares in Pohjolan Voima to Kymppivoima.  

The shares represent around 6.7% of the total amount of B2
shares and voting rights.  The sales price of the shares is
EUR80 million and the transaction is planned to be put into
effect by June 25, 2008.  M-real will book a non-recurring gain
of about EUR74 million from the transaction.

After the transaction M-real will own about 3% of the total
amount of PVO B2 shares and voting rights.  In addition, M-real
owns about 11% of PVO B shares that entitle to electricity from
the two current Olkiluoto nuclear power plants.  M-real's self-
sufficiency in electricity is about 60% composed of own
generation and ownerships in power plants. This transaction does
not have impact on M-real's self-sufficiency in electricity.

This sale is a part of M-real's minimum EUR200 million asset
divestment program launched in February 2008. M-real has so far
divested assets worth EUR 162 million under its asset divestment
program.  Asset items divested are the PVO shares and the New
Thames mill.  The asset divestment program is planned to be
completed by the end of the first quarter of 2009.

Headquartered in Espoo, Finland, M-real Corp. --
http://www.M-Real.com/-- produces and distributes coated and   
uncoated fine papers for printing and packaging industries.  The
company has operations in Brazil and Mexico.

                        *     *     *

M-real Oyj continues to carry a B2 long-term corporate
family rating and a B2 senior unsecured debt rating from
Moody's Investor Service, with negative outlook.

Standard & Poor's rates the company's long-term foreign and
local issuer credit at B+ and  its short-term foreign and local
issuer credit at B.  The outlook is negative.


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


RHODIA SA: Shareholders Approve Board Resolutions
-------------------------------------------------
Shareholders of Rhodia S.A. adopted all of the resolutions
approved by the company's board of directors at a combined
annual meeting on May 16, 2008.

The resolutions adopted include:

   -- the consolidated financial statements for the year and the
      payment of EUR0.25 dividend per share, paid on
      May 23, 2008; and

   -- the election of Laurence Danon as director and the
      re-election of Yves Rene Nanot, Michael de Fabiani and
      Jerome Contamine.

The shareholders present or represented at the meeting held
37.77% of Rhodia's capital.

                       About Rhodia

Headquartered in Paris, France, Rhodia S.A. (NYSE: RHA)
-- http://www.rhodia.com/-- is a global specialty chemicals
company partnering with major players in the automotive,
electronics, pharmaceuticals, agrochemicals, consumer care,
tires, and paints and coatings markets.  Rhodia offers tailor-
made solutions combining original molecules and technologies to
respond to customers' needs.  The group generated sales of
EUR4.8 billion in 2006 and employs around 16,000 people
worldwide.

Rhodia is listed on Euronext Paris and the New York Stock
Exchange.  The company has operations in Brazil.

                           *     *    *

Rhodia S.A. continues to carry 'BB' long-term corporate credit
and 'B' short-term corporate credit ratings from Standard &
Poor's Ratings Services, with stable outlook.  S&P raised
Rhodia's long-term rating to its current level in April 2008.


WARNER MUSIC: S&P Keeps BB- Corporate Credit Rating
---------------------------------------------------
Standard & Poor's Rating Services affirmed its ratings on New
York City-based Warner Music Group Corp., including its 'BB-'
corporate credit rating, based on our expectation that the
company will have sufficient resources to meet its financial
covenant step-downs over the near term.  S&P removed all ratings
from CreditWatch with negative implications, where they were
placed on Feb. 22, 2007.  

At the same time, S&P raised the rating on the company's US$1.65
billion senior secured credit facility to 'BB' from 'BB-' and
revised the recovery rating to '2' from '4'.  The '2' recovery
rating indicates our expectation that lenders can expect
substantial (70%-90%) recovery in the event of a payment
default.  The outlook is negative.

S&P also assigned recovery ratings to WMG's GBP100 million
8.125% senior subordinated notes due 2014, its US$465 million
7.375% senior subordinated notes due 2014, and senior discount
notes due 2014.  The issue-level ratings remain unchanged at 'B'
(two notches below the 'BB-' corporate credit rating on WMG).  
S&P assigned a recovery rating of '6' to the debt, indicating
our expectation of negligible (0%-10%) recovery in the event of
a payment default.

"Our continuing concerns about WMG'S profitability as it
transitions to a digital business model," said Standard & Poor's
credit analyst Michael Altberg, "are somewhat tempered by the
termination of its dividend and its focus on significantly
reducing acquisitions."  S&P believes that as a result,
there should be sufficient cash balances as a cushion against
its net leverage covenant.


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


3-S-MARKT: Claims Registration Period Ends June 16
--------------------------------------------------
Creditors of 3-S-Markt GmbH have until June 16, 2008, to
register their claims with court-appointed insolvency manager
Dr. Christoph Schulte-Kaubruegger.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on July 14, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Dortmund
         Hall 3.201
         Gerichtsplatz 22
         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. Christoph Schulte-Kaubruegger
         Koenigswall 21
         44137 Dortmund
         Germany

The District Court of Dortmund opened bankruptcy proceedings
against 3-S-Markt GmbH on April 18, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         3-S-Markt GmbH
         Attn: Elke Graf, Manager
         In der Dille 22
         59192 Bergkamen
         Germany


ANTONI GMBH: Claims Registration Ends June 26
---------------------------------------------
Creditors of Antoni GmbH & Co. KG have until June 26, 2008, to
register their claims with court-appointed insolvency manager
Uwe Kuhmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on July 14, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hagen
         Meeting Hall 252
         Second Floor
         Heinitzstrasse 42/44
         58097 Hagen
         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:

         Uwe Kuhmann
         Hochstr. 124
         58095 Hagen
         Germany

The District Court of Hagen opened bankruptcy proceedings
against Antoni GmbH & Co. KG on May 14, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Antoni GmbH & Co. KG
         Zur Helle 10
         58638 Iserlohn
         Germany

         Attn: Claus Gegenmantel, Manager
         Emmy-Beckmann-Weg 22 b
         22455 Hamburg
         Germany


ASELMANN & RICHERS: Claims Registration Period Ends June 16
-----------------------------------------------------------
Creditors of Aselmann & Richers Beton- und Natursteinbetrieb
GmbH have until June 16, 2008, to register their claims with
court-appointed insolvency manager Henning Bosse.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 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 Gifhorn
         Hall 114
         Am Schlossgarten 4
         38518 Gifhorn
         Germany

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

The insolvency manager can be reached at:

         Henning Bosse
         Am Hafen 2
         38112 Braunschweig
         Germany
         Tel: 0531/8891942
         Fax: 0531/8891944

The District Court of Gifhorn opened bankruptcy proceedings
against Aselmann & Richers Beton- und Natursteinbetrieb GmbH on
April 21, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         Aselmann & Richers Beton- und
         Natursteinbetrieb GmbH
         Attn: Heinrich Richers, Manager
         Kesselstr. 1
         31249 Hohenhameln OT Bierbergen
         Germany


AUTOHAUS BAUM: Claims Registration Period Ends June 16
------------------------------------------------------
Creditors of Autohaus Baum & Wiegand GmbH have until
June 16, 2008, to register their claims with court-appointed
insolvency manager Andre Schirrmeister.

Creditors and other interested parties are encouraged to attend
the meeting at 10:55 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 Magdeburg
         Hall 13
         Breiter Weg 203 - 206
         39104 Magdeburg
         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:

         Andre Schirrmeister
         Magdeburger Str. 23
         06112 Halle
         Germany
         Tel: 0345/ 2308811
         Fax: 0345/ 2311199

The District Court of Magdeburg opened bankruptcy proceedings
against Autohaus Baum & Wiegand GmbH on May 14, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Autohaus Baum & Wiegand GmbH
         Attn: Frank Baum, Manager
         Am Silberfeld 3
         39418 Stassfurt
         Germany


BET - TIME GMBH: Claims Registration Ends June 25
-------------------------------------------------
Creditors of BET - Time GmbH u. Co. KG have until June 25, 2008,
to register their claims with court-appointed insolvency manager
Matthias Hahn.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on July 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 Freiburg
         Hall II
         Holzmarkt 2
         79098 Freiburg
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Matthias Hahn
         Engelbergerstr. 21
         79106 Freiburg
         Germany

The District Court of Freiburg opened bankruptcy proceedings
against BET - Time GmbH u. Co. KG on May 20, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         BET - Time GmbH u. Co. KG
         Attn: Emir Cengic, Manager
         Waldkircher Str. 61-63
         79106 Freiburg
         Germany


COGNIS GMBH: High Financial Debt Cues S&P to Hold B Rating
----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' long-term
corporate credit rating on Germany-based specialty chemicals and
intermediate manufacturer Cognis GmbH.  The outlook is stable.

"The ratings reflect the group's high financial debt, following
a leveraged buyout in 2001 and subsequent debt-financed dividend
payouts to shareholders," said Standard & Poor's credit analyst
Tobias Mock.  "These factors are mitigated by a satisfactory
business risk profile."

Cognis' cash flow protection ratios remain weak, with funds from
operations to debt of about 5% at year-end 2007 and debt to
EBITDA of 8.1x. The group is highly leveraged, with a debt-to-
capital ratio of more than 100%.  Cognis successfully refinanced
its debt in May 2007 and has no contractual repayment
obligations until 2013, which will benefit its liquidity.

Cognis has a satisfactory business profile as the world's
leading manufacturer of nature-based specialty chemicals and a
midsize producer of synthetic specialty chemicals.  Positive
rating factors include the group's strong diversification by end
markets and its strong foothold in home and personal care
markets that are less volatile than the industrial markets that
the chemical industry largely serves.

In addition, Cognis uses nature-based raw materials for up to
51% of its production.  Owing to high oil prices, the group has
a competitive advantage over companies that only use
petrochemicals in their production processes.  Recent price
increases in nature-based raw materials, such as palm oil, has
reduced this benefit significantly, however.

The outlook is stable because we expect Cognis to continue to
benefit from solid demand in key end markets and manage to
largely pass on the increased costs of its raw materials.
"However, we expect the company to reduce debt only moderately
over the next few years," said Mr. Mock.


HRW-GASTSTATTENBETRIEBS: Claims Registration Period Ends June 13
----------------------------------------------------------------
Creditors of HRW-Gaststattenbetriebs GmbH have until
June 13, 2008, to register their claims with court-appointed
insolvency manager Peter Depre.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on July 11, 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 Neustadt a.d.Wstr.
          C 9 Seitengebaude
          Robert-Stolz-Str. 20
          67433 Neustadt a.d.Wstr.
          Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

          Peter Depre
          O 4, 13-16
          D 68161 Mannheim
          Germany
          Tel: 0621/12078-0
          Fax: 0621/153800

The District Court of Neustadt a.d.Wstr. opened bankruptcy
proceedings against HRW-Gaststattenbetriebs GmbH on April 30,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

          HRW-Gaststattenbetriebs GmbH
          Gutenbergstr. 2-4
          67433 Neustadt a. d. Wstr.
          Germany


KF-TRANSPORTE GMBH: Claims Registration Period Ends June 13
-----------------------------------------------------------
Creditors of KF-Transporte GmbH have until June 13, 2008, to
register their claims with court-appointed insolvency manager
Hans von Gleichenstein.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on July 24, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Ingolstadt
          Meeting Hall 28 I
          Schrannenstr. 3
          85049 Ingolstadt
          Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

          Dr. Hans von Gleichenstein
          Rottmannstrasse 11 a
          80333 Munich
          Germany
          Tel: 089/5427300
          Fax: 089/54273015

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

The Debtor can be reached at:

          KF-Transporte GmbH
          Attn: Franc Knuplez, Manager
          Spitalstrasse 3-5
          85276 Pfaffenhofen
          Germany


KNODEL GMBH: Claims Registration Period Ends June 13
----------------------------------------------------
Creditors of Knodel GmbH Malerfachbetrieb have until June 13,
2008, to register their claims with court-appointed insolvency
manager Christian Hellmich.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on July 11, 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 Pforzheim
          Hall 142
          First Floor
          Lindenstr. 8
          75175 Pforzheim
          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 Hellmich
          Koenigstr. 20
          70173 Stuttgart
          Germany

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

The Debtor can be reached at:

          Knodel GmbH Malerfachbetrieb
          Attn: Leonhard Fritsch and Peter Rauchle, Managers
          Baznerstr. 17
          75172 Pforzheim
          Germany


KUEPPERS GMBH: Claims Registration Period Ends June 17
------------------------------------------------------
Creditors of KUEPPERS GmbH have until June 17, 2008, to register
their claims with court-appointed insolvency manager Goerge
Scheid.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 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 Leipzig
         Hall 145
         Bernhard Goering Strasse 64
         04275 Leipzig
         Germany

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

The insolvency manager can be reached at:

         Goerge Scheid
         Jacobstrasse 25
         04105 Leipzig
         Germany
         Tel: 0341/702520
         Fax: 0341/7025244
         E-mail: Sozietaet@Voigt-Scheid.de

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

The Debtor can be reached at:

         KUEPPERS GmbH
         Paulaner Palais
         Klostergasse 5
         04109 Leipzig
         Germany


LAMPRECHT REISEN: Claims Registration Period Ends June 17
---------------------------------------------------------
Creditors of Lamprecht Reisen GmbH have until June 17, 2008, to
register their claims with court-appointed insolvency manager
Herbert Feigl.

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 Halle-Saalkreis
         Hall 1.043
         Judicial Center
         Thueringer Str. 16
         06112 Halle
         Germany

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

The insolvency manager can be reached at:

         Herbert Feigl
         Hansering 1
         D 06108 Halle
         Germany
         Tel: 0345/212220
         Fax: 0345/2122222

The District Court of Halle-Saalkreis opened bankruptcy
proceedings against Lamprecht Reisen GmbH on April 21, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Lamprecht Reisen GmbH
         Attn: Kornelia Lamprecht, Manager
         Thomas-Muentzer-Str. 168
         06313 Hergisdorf
         Germany


LEUCHTTURM KINDER: Claims Registration Period Ends June 13
----------------------------------------------------------
Creditors of Leuchtturm Kinder- und Jugendhilfe GmbH have until
June 13, 2008, to register their claims with court-appointed
insolvency manager Stephan Geisslreiter.

Creditors and other interested parties are encouraged to attend
the meeting at 3:50 p.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 Amberg
          Room 115
          Meeting Hall V
          First Floor
          Baustadelgasse 1
          Amberg
          Germany

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

The insolvency manager can be reached at:

          Stephan Geisslreiter
          Kaiser-Wilhelm-Ring 18
          92224 Amberg
          Germany
          Tel: 09621/91 70 40
          Fax: 09621/91 70 45

The District Court of Amberg opened bankruptcy proceedings
against Leuchtturm Kinder- und Jugendhilfe GmbH on April 2,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

          Leuchtturm Kinder- und Jugendhilfe GmbH
          Herrnstrasse 18
          92224 Amberg
          Germany


MALCOM WINGS: Claims Registration Period Ends June 13
-----------------------------------------------------
Creditors of Malcom Wings GmbH have until June 13, 2008, to
register their claims with court-appointed insolvency manager
Detlef Siwonia.

Creditors and other interested parties are encouraged to attend
the meeting at 1:00 p.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 Neubrandenburg
          Hall 1
          Fr.-Engels-Ring 15-18
          Neubrandenburg
          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:

          Detlef Siwonia
          Am Muehlenberg 8
          17192 Waren
          Germany

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

The Debtor can be reached at:

          Malcom Wings GmbH
          Lindenallee 25
          17213 Malchow
          Germany


PARLUP GMBH: Claims Registration Ends June 24
---------------------------------------------
Creditors of parlup GmbH have until June 24, 2008, to register
their claims with court-appointed insolvency manager Dr. Henning
Dohrmann.

Creditors and other interested parties are encouraged to attend
the meeting at 11:45 a.m. on July 10, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Cologne
         Meeting Hall 14
         Luxemburger Str. 101
         50939 Cologne
         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. Henning Dohrmann
         Moltkestr. 12
         51643 Gummersbach
         Germany
         Tel: 02261/9279-0
         Fax: +49226192799

The District Court of Cologne opened bankruptcy proceedings
against parlup GmbH on May 14, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         parlup GmbH
         Attn: Peter Prinz, Manager
         Kirchberg 2
         51766 Engelskirchen
         Germany


SCHOENDORF BAU: Claims Registration Period Ends June 17
-------------------------------------------------------
Creditors of Schoendorf Bau GmbH have until June 17, 2008, to
register their claims with court-appointed insolvency manager
Andrea Julia Wolf.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on July 25, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Saarbruecken
         Area Hall 13
         First Floor
         Branch Office Sulzbach
         Vopeliusstrasse 2
         66280 Sulzbach
         Germany

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

The insolvency manager can be reached at:

         Andrea Julia Wolf
         Talstrasse 12
         66119 Saarbruecken
         Germany
         Tel: 0681/859 150
         Fax: 0681/859 1515

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

The Debtor can be reached at:

         Schoendorf Bau GmbH
         Attn: Birgit Schoendorf, Manager
         Birkelweg 1
         66440 Blieskastel
         Germany


WESTLB AG: WestImmo Names Peter Knopp as Chairman
-------------------------------------------------
The Supervisory Board of Westdeutsche ImmobilienBank AG has
appointed Peter Knopp as Chairman of the Managing Board.  He
will take up his post on June 1, 2008.  

Mr. Knopp succeeds Hubert Beckmann, who becomes Vice Chairman of
the WestLB AG Managing Board and Chairman of the WestImmo
Supervisory Board on the same date.  Other members of the
WestImmo Managing Board are Claus-Juergen Cohausz and Rainer
Spielmann.

Mr. Beckmann said: "I am convinced that, with Peter Knopp at the
helm, the Managing Board will continue the positive development
of WestImmo, maintaining the trustful cooperation and excellent
communication between WestImmo and WestLB."

Mr. Knopp has been a member of the WestImmo Managing Board since
Aug. 1, 2007, with responsibility, among other things, for
developing and expanding the capital markets business.

WestImmo is the center of competence for real estate finance and
structured real estate transactions in the WestLB Group.  In
Germany it is represented in Berlin, Duesseldorf, Hamburg,
Mainz, Muenster and Munich, and internationally in London,
Madrid, New York, Paris, Prague, Tokyo and Warsaw.
   
                         About WestLB

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

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

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

                       *     *     *

As reported in the Troubled Company Reporter-Europe on May 29,
2008, Fitch Ratings upgraded WestLB AG's Individual rating to
'E' from 'F'.


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


AER LINGUS: Oil Price Hike May Prompt Bankruptcy, Ryanair Says
--------------------------------------------------------------
Ryanair Holdings plc CEO Michael O'Leary said Aer Lingus Group
plc is among airlines that may collapse into bankruptcy if oil
price reaches US$200 a barrel, Belfast Telegraph reports.

Mr. O'Leary told Belfast Telegraph "half the airlines would
certainly go out of business if oil hit US$200 a barrel," adding
"only the strong airlines would survive and that would be
British Airways, Lufthansa, Air France and Ryanair."

According to Davy analyst Stephen Furlong, Ryanair, which holds
about 29% stake in Aer Lingus, is more likely to take over the
Irish carrier if it goes bust.  Mr. O'Leary, however, dismissed
the speculation, Belfast Telegraph relates.

Belfast Telegraph reveals Ryanair made a hostile bid for Aer
Lingus in October 2006.  In June 2007, the European Commission  
blocked Ryanair's proposed merger with the carrier.  

Meanwhile, Aer Lingus corporate affairs director Enda Corneille
stated soaring fuel charges would hit pure low-cost carriers,
such as Ryanair, more, saying a US$200 a barrel oil price
increase could result to more grounding of flights as airlines
would not be buying aircraft.

Mr. Corneille noted that while Aer Lingus is grounding flights
in Dublin and London's Stansted Airport this winter, it is not
because of high oil prices but of high airport charges, Belfast
Telegraph discloses.

Headquartered in Dublin, Ireland, Aer Lingus Group plc --
http://www.aerlingus.com/-- primarily provides passenger  
transportation services.  The Company and its subsidiaries
operates as a low fares Irish airline primarily providing
passenger and cargo transportation services from Ireland to the
United Kingdom and Europe (short haul) and also to the United
states (long haul).  The Company also provides cargo
transportation services on its passenger aircraft, primarily on
its long-haul routes, as well as a range of ancillary services
to its passengers.  


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


ALITALIA SPA: Posts EUR495MM Net Loss for Year Ended Dec. 31
------------------------------------------------------------
Alitalia S.p.A. posted EUR494.64 million in consolidated net
losses on EUR4.85 billion in consolidated net operating revenues
for full year ended Dec 31, 2007, compared  EUR626.95 million in
consolidated net losses on EUR4.72 billion in consolidated net
operating revenues for full year ended Dec 31, 2006.

The year 2007 was characterized by a number of critical
situations mainly due to these factors:

    * rising fuel prices; the cost of fuel rose on average by
      +10.6% compared 2006;

    * the sharp rise in competitive pressure from low-cost
      carriers on domestic and international markets;

    * trade union unrest which, through repeated effects
      especially on regularity and commercial reliability, led
      to revenue losses for 2007 estimated at EUR150 million,
      together with damage to Alitalia's image and its customer
      relations;

    * the loss caused by reducing the value of the fleet by
      EUR97 million.

At the end of 2007, liquidity amounted to EUR362 million, down
by about EUR345 million due not only to business performance but
also to reimbursement of financial debts for EUR176 million.

Net financial indebtedness on Dec. 31, 2007, amounted to
EUR1.164 million showing an increase of EUR171 million compared
to the situation on Dec. 31, 2006.  Investments totaled
EUR153 million in 2007.

The Group's workforce on Dec. 31, 2007, was 11,172 people, down
by 258 compared to Dec. 31 2006.  The Group's average workforce
on the payroll in 2007 was 10,243 people, up by 133 (+1.3%)
compared to 2006, mainly due to the presence of the Volare
company which, for 2006, was officially included in the Group
only in April, but also due to non-implementation
of solidarity contracts for flight crews and the overtime
redundancy fund for ground staff.

The Alitalia Group's operating fleet on Dec. 31, 2007, consisted
of 186 aircraft of which:

    * 157 for short/medium-haul routes; and
    * 29 for long-haul.

As of Dec. 31, 2007, Alitalia had EUR3.59 billion in total
assets, EUR3.21 billion in total liabilities, resulting to
EUR381.37 million in total shareholders' equity.

                        About Alitalia

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

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


ALITALIA SPA: Board Calls for Urgent Capital Injection
------------------------------------------------------
The Board of Directors of Alitalia S.p.A. has confirmed the need
for recapitalization to be carried out as quickly as possible.

These factors require an asset situation able to sustain the
Alitalia's forecast operations:

    * strongly negative impact of uncertainty;

    * continual erosion of the Company’s commercial credibility
      with marked repercussions on sales;

    * resulting critical aspects of implementing actions
      required by the budget; and

    * deterioration of the market scenario, heavily affected by
      continual and ever higher increases in fuel costs.

The Board of Directors, is evaluating the possibilities of
resolving the requirements and, with this object in view, awaits
the measures that the main shareholder -- the Italian government
-- will decide to take.

Failure to achieve integration with a leading airline group has
led to renewed uncertainty within the Company.

From a strictly financial viewpoint, Legislative Decree no. 80
of April 23, 2008, together with the decree approved by the
Council of Ministers on May 21, 2008, has made available a
considerable amount of liquidity and, from the point of view of
business continuity, this shows that the Government itself is
confident about the possibility of completing the privatization
process and restructuring the Company, as coming out by
covering reports of the above mentioned decrees.

                         About Alitalia

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

Despite a EUR1.4 billion state-backed restructuring in 1997,
Alitalia posted net losses of EUR256 million and EUR907 million
in 2000 and 2001 respectively.  Alitalia posted EUR93 million in
net profits in 2002 after a EUR1.4 billion capital injection.
The carrier booked annual net losses of EUR520 million in 2003,
EUR813 million in 2004, EUR168 million in 2005, EUR625.6 million
in 2006, and EUR494.64 million in 2007.


PARMALAT SPA: Completes Newlat Unit Sale to TMT Finance
-------------------------------------------------------
Parmalat S.p.A. finalized the sale of 100% of Newlat S.p.A. to
TMT Finance S.A. following the signing of a contract on
April 18, 2008, and approval of the transaction by the Italian
antitrust authorities on May 27, 2008.

The disposal took place for a token consideration of EUR1 in
return for Parmalat transferring an EUR8 million receivable from
Newlat to the buyer, again for a token value of EUR1.

Inter-company accounts worth approximately EUR4.6 million were
repaid prior to May 27, 2008, generating cash flow for the
Parmalat group of a like amount.

With this transaction Parmalat S.p.A. will deconsolidate a total
of approximately EUR36 million in debt and amounts payable under
leases, based on the situation as at March 31, 2008.

                        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
===================


HAIDER/OELLINGER RED: Claims Registration Period Ends June 10
-------------------------------------------------------------
Creditors owed money by KEG Haider/Oellinger Red Red (FN
266962t) have until June 10, 2008, to file written proofs of
claim to court-appointed estate administrator Helmar Feigl at:

          Dr. Helmar Feigl
          Preinsbacher Strasse 5
          3300 Amstetten
          Austria
          Tel: 07472/68 6 30
          Fax: 07472/63 3 48
          E-mail: rafeigl@aon.at    

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:40 a.m. on July 1, 2008, for the
examination of claims.

The meeting of creditors will be held at:

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

Headquartered in Amstetten, Austria, the Debtor declared
bankruptcy on May 7, 2008 (Bankr. Case No. 14 S 70/08x).  


ITC-S NETZWERKSYSTEME: Claims Registration Period Ends June 18
--------------------------------------------------------------
Creditors owed money by LLC ITC-S Netzwerksysteme (FN 269049k)
have until June 18, 2008, to file written proofs of claim to
court-appointed estate administrator Stefan Langer at:

          Dr. Stefan Langer
          c/o Dr. Annemarie Kosesnik-wehrle   
          Oelzeltgasse 4
          1030 Vienna
          Austria
          Tel: 712 63 02, 713 61 92
          E-mail: kanzlei@kosesnik-langer.at    

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 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 56/08k).  Annemarie
Kosesnik-Wehrle represents Dr. Langer in the bankruptcy
proceedings.


LEICHTFRIED FRISUREN: Claims Registration Period Ends June 23
-------------------------------------------------------------
Creditors owed money by LLC Leichtfried Frisuren (FN 122256p)
have until June 23, 2008, to file written proofs of claim to
court-appointed estate administrator Peter Shamiyeh at:

          Dr. Peter Shamiyeh
          c/o  Mag. Huber Elisabeth
          Hopfengasse 23
          4020 Linz
          Austria
          Tel: 0732/66 73 26
          Fax: 0732/66 73 20 - 942
          E-mail: p.shamiyeh@wildmoser-koch.com  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on July 4, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Linz
          Room 522
          Fifth Floor
          Linz
          Austria

Headquartered in Gallneukirchen, Austria, the Debtor declared
bankruptcy on May 7, 2008 (Bankr. Case No. 12 S 34/08z).  Huber
Elisabeth represents Dr. Shamiyeh in the bankruptcy proceedings.


RENOME REINIGUNGSSERVICE: Claims Registration Ends June 23
----------------------------------------------------------
Creditors owed money by KEG RENOME Reinigungsservice IGNJATOVIC
(FN 283009s) have until June 23, 2008, to file written proofs of
claim to court-appointed estate administrator Michael
Jagerndorfer at:

          Dr. Michael Jagerndorfer
          Hernsteinerstr. 17
          2560 Berndorf
          Austria
          Tel: 02672/84228
          Fax: 02672/84228-33
          E-mail: office@jaegerndorfer.at    

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on July 3, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Wiener Neustadt
          Room 15
          Wiener Neustadt
          Austria

Headquartered in  Sooss, Austria, the Debtor declared bankruptcy
on May 8, 2008 (Bankr. Case No. 10 S 49/08x).  


RESULT MARKETING: Claims Registration Period Ends June 20
---------------------------------------------------------
Creditors owed money by LLC RESULT MARKETING (FN 259471a) have
until June 20, 2008, to file written proofs of claim to court-
appointed estate administrator Matthias Schmidt at:

          Dr. Matthias Schmidt
          Dr. Karl Lueger-Ring 12
          1010 Vienna
          Austria
          Tel: 533 16 95
          Fax: 535 56 86
          E-mail: schmidt@preslmayr.at    

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:15 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 8, 2008 (Bankr. Case No. 28 S 64/08b).  


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


DELACTE LTD: Creditors Must File Claims by July 9
-------------------------------------------------
LLC Delacte Ltd. has declared insolvency.  Creditors have until
July 9, 2008, to submit written proofs of claim.

Inquiries can be addressed to (+996 312) 56-56-32 (0-555) 24-16-
32


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


AMERICAN AXLE: S&P Cuts Corporate Credit Rating to BB-
------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on American Axle Manufacturing & Holdings Inc. to 'BB-'
from 'BB' and removed the ratings from CreditWatch with negative
implications, where they were placed on March 17, 2008, as a
result of the United Auto Workers strike.  The outlook is
negative.

At the same time, Standard & Poor's lowered its issue-level
ratings on Detroit-based Axle's unsecured debt to 'BB-' from
'BB' and assigned a recovery rating of '3' to this debt,
indicating an expectation for meaningful (50%-70%) recovery in
the event of a payment default.  The assignment of recovery
ratings reflects the extension of our recovery methodology to
all speculative-grade unsecured debt issues.

"The downgrade and negative outlook reflect our view that Axle's
credit measures will deteriorate in the face of very challenging
North American auto sector conditions in 2008 and, quite likely,
2009," said Standard & Poor's credit analyst Lawrence Orlowski.

S&P expects 2008 to be a weak year for Axle's sales and
profitability because of the impact of the strike on first- and
second-quarter results, lower light truck production volumes
from GM in the third and fourth quarters, and costs associated
with employee buyout and wage reduction programs.  EBITDA
margins may fall to single-digit levels in 2008, but S&P expects
some improvement in 2009 as the company begins to realize some
cost savings from the new contract and work force reductions.
However, if EBITDA margins do not improve to more than 10% in
2009, S&P believes free operating cash flow will remain negative
in 2009, which could prompt us to lower the rating.  Prior to
2009, a downgrade would likely be triggered by any reduction in
Axle's liquidity, such as a substantial depletion in borrowing
availability under its revolving facility or concerns about
forward covenants.  On the other hand, S&P could adjust our
outlook to stable if Axle capitalizes on cost savings and
industry conditions improve.


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


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

         A. Rybakov
         Insolvency Manager
         Post User Box 3058
         Izhevsk
         426008 Udmurtiya
         Russia

The Arbitration Court of Udmurtiya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A71-7664/2007(G15).


The Court is located at:

         The Arbitration Court of Udmurtiya
         Lomonosova Str. 5
         Izhevsk
         426004 Udmurtiya
         Russia

The Debtor can be reached at:

         CJSC Aries
         Zhivsovkhoznaya Str. 47v
         426021 Izhevsk
         Russia


CIVIL AVIATION 411: Court Names O. Shoshina to Manage Assets
------------------------------------------------------------
The Arbitration Court of Stavropol appointed O. Shoshina as
Insolvency Manager for OJSC Factory 411 of Civil Aviation
(TIN/KPP 2630000050/263001001).  She can be reached at:

         O. Shoshina
         Knyshevskogo Str. 69
         Mineralnye Vody
         Stavropol
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A63-12501/2006-C5-11.

The Court is located at:

         The Arbitration Court of Stavropol
         Mira Str. 4586
         Stavropol
         Russia

The Debtor can be reached at:

         OJSC Factory 411 of Civil Aviation
         Knyshevskogo Str. 69
         Mineralnye Vody
         Stavropol
         Russia


EUROCHEM MINERAL: S&P Lifts Rating to BB on Improved Operation
--------------------------------------------------------------
Standard & Poor's Ratings Services has raised to 'BB' from 'BB-'
its long-term corporate credit rating on Moscow-based fertilizer
group EuroChem Mineral and Chemical Co. OJSC, reflecting
sustainable operational and financial improvements.

In line with this one-notch upgrade, we raised to 'ruAA' from
'ruAA-' the Russia national scale rating on EuroChem, and to
'BB' from 'BB-' the long-term rating on EuroChem Finance PLC's
participation notes.  The outlook is stable.

"The upgrade reflects the much better than anticipated selling
prices for the group's nitrogen- and phosphate-based
fertilizers, and our expectations that these prices will stay
high in 2008 and 2009," said Standard & Poor's credit analyst
Lucas Sevenin.
This translates into much stronger EBITDA, cash flow metrics,
and free operating cash flow than forecast one year ago.

"The upgrade also takes into account the group's financial
policy, which supports cash flow metrics, free operating cash
flow, and liquidity." said Mr. Sevenin.  "We also factor in
material capital expenditure, as well as potential large
acquisitions."

The stable outlook reflects our expectations that EuroChem will
maintain a moderate financial policy and good cash flow metrics,
with notably a robust ratio of funds from operations to adjusted
debt in 2008 and 2009, despite heavy capital expenditure plans.
This reflects the anticipated good cycles, the group's financial
policy, and the shareholder strategy that supports key credit
metrics, through, for example, reducing dividends should cycles
become more challenging or growth opportunities appear that
pressure free operating cash flow.

Our rating factors in about US$1 billion of acquisitions. We
will closely monitor purchase prices, the quality of assets
acquired--especially in terms of capital expenditure needed and
efficiency--the synergies and benefits tied to costs, logistics,
and access to markets, plus any additional debt load.

The ratings could come under pressure if cycles reverse earlier
than anticipated; if the group makes acquisitions that pressure
key credit metrics for a long time; or if a change in the
shareholder distribution policy appears.

Further broadening of the portfolio, such as the potash
expansion, or material new equity for the potash project, could
be supportive of a higher rating over time.


EXPEDITIONARY COMPANY: Creditors Must File Claims by July 6
-----------------------------------------------------------
Creditors of LLC North-West Transport Expeditionary Company have
until July 6, 2008, to submit proofs of claim to:

         V. Bobkov
         Insolvency Manager
         Post User Box 216
         169000 Vologda
         Russia

The Arbitration Court of Vologda commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A13-8380/2007.

The Court is located at:

         The Arbitration Court of Vologda
         Hall 4
         Gertsena Str. 1a
         Vologda
         Russia

The Debtor can be reached at:

         LLC North-West Transport Expeditionary Company
         Staryj Aeroport
         Vologda
         Russia


LYASKELYA LLC: Creditors Must File Claims by June 6
---------------------------------------------------
Creditors of LLC North-Adozhskiy Paper Mill Lyaskelya have until
June 6, 2008, to submit proofs of claim to:

         V. Tyurlik
         Temporary Insolvency Manager
         Dzerzhinskogo Str. 4-2
         Petrozavodsk
         185035 Kareliya
         Russia

The Arbitration Court of Kareliya will convene at 10:00 a.m. on
Oct. 1, 2008, to hear the company's bankruptcy supervision
procedure.  The case is docketed under Case No. A26-1773/2008.

The Debtor can be reached at:

         LLC North-Adozhskiy Paper Mill Lyaskelya
         Leningradskaya Str. 6-6
         Petrozavodsk
         185031 Kareliya
         Russia


MIASSKIY FISH: Court Names A. Belugin as Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Chelyabinsk appointed A. Belugin as
Insolvency Manager for LLC Miasskiy Fish Processing Mill.  He
can be reached at:

         A. Belugin
         Kovshova Str. 23-29
         456200 Zlatoust
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A76-12135/2006-52-73.

The Court is located at:

         The Arbitration Court of Chelyabinsk
         Vorovskogo Str. 2
         454091 Chelyabinsk
         Russia

The Debtor can be reached at:

         LLC Miasskiy Fish Processing Mill
         Pionerskaya Str. 12
         Uyskoe
         Chelyabinsk
         Russia


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

         D. Mishenko
         Insolvency Manager
         Post User Box 16
         656015 Barnaul-15
         Russia

The Arbitration Court of Novosibirsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A45-11390/07-48/52.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Motorist
         Lomonosova Str. 24
         Suzun
         633623 Novosibirsk
         Russia


MSV-SDP OJSC: Creditors Must File Claims by June 26
---------------------------------------------------
Creditors of OJSC MSV-SDP have until June 26, 2008, to submit
proofs of claim to:

         S. Ryzhkov
         Insolvency Manager
         Office 719
         Knipovicha Str. 23
         183008 Murmansk
         Russia

The Arbitration Court of Murmansk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A42-5624/2007.

The Court is located at:

         The Arbitration Court of Murmansk
         Knipovicha Str. 20
         Murmansk
         Russia

The Debtor can be reached at:

         OJSC MSV-SDP
         Russia
         Murmansk
         Tralovaya Str. 2
         Russia


NOVATEK OAO: Shareholders Approve 2007 Dividend Payment
-------------------------------------------------------
The Annual General Meeting of Shareholders of OAO Novatek
approved its dividend payment for 2007 on May 27, 2008.

The AGM resolved to pay dividends in the amount of RUR1.52 per
one ordinary share or RUR15.2 per one Global Depositary Receipt.  

The total dividend distribution for 2007, including interim
dividends paid for first half of 2007, amounts to RUR2.35 per
one ordinary share or RUR23.5 per one GDR.

The interim dividend is payable 60 days after shareholder
approval, to shareholders of record of the list of persons
entitled to receive dividends compiled on 10 April 2008, which
also coincided with the date for making a list of those entitled
to attend the Company's AGM.

                          About Novatek

Headquartered in Tarko-Sale, Russia, OAO Novatek --
http://www.novatek.ru/ -- engages in the exploration,  
production
and processing of natural gas and liquid hydrocarbons.  The
company's upstream activities are concentrated in the prolific
Yamal-Nenets Region in Western Siberia.

                         *     *     *

OAO Novatek carries Ba2 Corporate Family rating from Moody's
Investors Service, which said the outlook is stable.  Ratings
apply to date.

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


NOVATEK OAO: Shareholders Elect Board of Directors
--------------------------------------------------
The Annual General Meeting of Shareholders of OAO Novatek has
elected a new Board of Directors, now comprised of:

    * Akimov, Andrei Igorevich: Chairman of the Management Board
      of Gazprombank;

    * Vardanian, Ruben Karlenovich: Chairman of the Board of
      Directors of Troika Dialog Group;

    * Gyetvay, Mark Anthony: Chief Financial Officer of Novatek;

    * Dmitriev, Vladimir Alexandrovich: Chairman of the Board of
      Directors of State Corporation Bank for Development and
      Foreign Economic Affairs;

    * Mikhelson, Leonid Viktorovich: Chairman of the Management
      Board of Novatek;

    * Natalenko, Alexander Yegorovich: Chairman of the Board of
      Directors of Novatek, State Prize Laureate and Honored
      Geologist of the Russian Federation;

    * Seleznev, Kirill Gennadievich: member of the Management
      Board of Gazprom, Director of Gazprom's Gas and Liquid
      Hydrocarbons Marketing and Processing Department and
      General Director of Mezhregiongaz; and

    * Yuzhanov, Ilia Arturovich: member of the Board of
      Directors of RAO UES, OAO UralKaliy, OAO Kirovsky Zavod
      and Supervisory Board of NOMOS-BANK.

The new Board is comprised of six non-executive directors.

Following the AGM, the Board elected Alexander Natalenko as
Chairman.  

The Board also elected the members of the three Board
committees.

    * Strategy and Investments Committee:

      -- Ilia Yuzhanov (chairman),
      -- Kirill Seleznev, and
      -- Alexander Natalenko

    * Audit Committee:

      -- Vladimir Dmitriev (chairman),
      -- Ruben Vardanian, and
      -- Andrei Akimov

    * Corporate Governance and Remuneration Committee:

      -- Ruben Vardanian (chairman),
      -- Mark Gyetvay, and
      -- Ilia Yuzhanov.

                          About Novatek

Headquartered in Tarko-Sale, Russia, OAO Novatek --
http://www.Novatek.ru/-- engages in the exploration, production
and processing of natural gas and liquid hydrocarbons.  The
company's upstream activities are concentrated in the prolific
Yamal-Nenets Region in Western Siberia.

                         *     *     *

OAO Novatek carries Ba2 Corporate Family rating from Moody's
Investors Service, which said the outlook is stable.  Ratings
apply to date.

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


OFFICE-COMPLEX OJSC: Rostov Bankruptcy Hearing Slated for July 1
----------------------------------------------------------------
The Arbitration Court of Rostov will convene at 10:50 a.m. on
July 1, 2008, to hear the bankruptcy supervision procedure on
OJSC Office-Complex.  The case is docketed under Case No.
A53-2224/2008-S1-51.

The Temporary Insolvency Manager is:

         A. Dordzhiev
         Lunacharskogo Str. 180
         Bataysk
         Rostov
         Russia

The Court is located at:

         The Arbitration Court of Rostov
         Stanislavskogo Str. 8a
         344008 Rostov-na-Donu
         Russia

The Debtor can be reached at:

         OJSC Office-Complex
         Lunacharskogo Str. 180
         Bataysk
         Rostov
         Russia


SOYUZ-KHIM-CONTRACT: Creditors Must File Claims by June 26
----------------------------------------------------------
Creditors of CJSC Soyuz-Khim-Contract (TIN 6454037130) have
until June 26, 2008, to submit proofs of claim to:

         A. Vasilyev
         Insolvency Manager
         Apt. 1B
         Volskaya Str. 11A
         410028 Saratov
         Russia

The Arbitration Court of Saratov commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A-57-22973/07-31.

The Court is located at:

         The Arbitration Court of Saratov
         Babushkin Vvoz 1
         Saratov
         Russia

The Debtor can be reached at:

         CJSC Soyuz-Khim-Contract
         Saratov
         Russia


URAL-TRADE LLC: Creditors Must File Claims by July 6
----------------------------------------------------
Creditors of LLC Company Ural-Trade have until July 6, 2008, to
submit proofs of claim to:

         S. Kagramanov
         Insolvency Manager
         Room 420
         Shosseynaya Str. 24a
         460028 Orenburg
         Russia
         Tel/Fax: (3532) 53-35-43


The Arbitration Court of Orenburg commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A47-6171/2007-14/1GK.

The Court is located at:

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

The Debtor can be reached at:

         LLC Company Ural-Trade
         Shosseynaya Str. 24a
         460028 Orenburg
         Russia


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


ARMA FIX: Aargau Court Commences Bankruptcy Proceedings
-------------------------------------------------------
The Bankruptcy Service of Aargau commenced bankruptcy
proceedings against LLC Arma Fix Armierungen on April 16, 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:

            LLC Arma Fix Armierungen
            Küfergasse 18
            5742 Kolliken
            Switzerland


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

          Hans Althaus
          Liquidator
          Todistrasse 15
          8712 Stafa
          Switzerland

The company is currently undergoing liquidation in Stafa.  The
decision about liquidation was accepted at an extraordinary
general meeting held on April 15, 2008.


GREIF COMMERCE: Proofs of Claim Filing Deadline Set for June 5
--------------------------------------------------------------
Creditors owed money by JSC Greif Commerce are requested to
submit their proofs of claim by June 5, 2008, to:

          JSC Treuhand Fassler & Partner Appenzell
          Weissbadstrasse 14
          9050 Appenzell
          Switzerland

The company is currently undergoing liquidation in Schwende AI.  
The decision about liquidation was accepted at an extraordinary
general meeting held on April 14, 2008.


HANS GYSIN: Creditors Have Until June 4 to File Proofs of Claim
---------------------------------------------------------------
Creditors owed money by JSC Hans Gysin are requested to submit
their proofs of claim by June 4, 2008, to:

          Gartenstrasse 59
          4052 Basel
          Switzerland

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


HOLIGAY JSC: Deadline to File Proofs of Claim is June 4
-------------------------------------------------------
Creditors owed money by JSC Holigay are requested to submit
their proofs of claim by June 4, 2008, to:

          Thomas Moser
          Liquidator
          Gesellschaftsstrasse 9
          3012 Bern
          Switzerland

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


MB ACTIVE: St. Gallen Court Commences Bankruptcy Proceedings
------------------------------------------------------------
The Bankruptcy Service of St. Gallen commenced bankruptcy
proceedings against LLC MB active on March 11, 2008.

The Bankruptcy Service of St. Gallen can be reached at:

            Bankruptcy Service of St. Gallen
            Addolorata Tazza
            9001 St. Gallen
            Switzerland

The company can be reached at:

            LLC MB active
            St. Leonhardstrasse 22
            9000 St. Gallen
            Switzerland


OLSTON HOLDING: Creditors' Liquidation Claims Due by June 5
-----------------------------------------------------------
Creditors owed money by JSC Olston Holding are requested to
submit their proofs of claim by June 5, 2008, to:

          JSC Virtue Trustees (Switzerland)
          Liquidator
          Muhlemattstrasse 56
          5001 Aarau
          Switzerland

The company is currently undergoing liquidation in Zurich.  The
decision about liquidation was accepted at a general meeting
held on March 12, 2008.


STAVAG VERTRIEB: Proofs of Claim Must Be Filed by June 6
--------------------------------------------------------
Creditors owed money by JSC STAVAG Vertrieb are requested to
submit their proofs of claim by June 6, 2008, to:

          Dr. Bruno Stierli
          Bahnhofstrasse 37
          Mail Box: 2990
          8022 Zurich
          Switzerland

The company is currently undergoing liquidation in Glarus.  The
decision about liquidation was accepted at a general meeting
held on April 8, 2008.


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


AST ARSENAL: Creditors Must File Claims by June 12
--------------------------------------------------
Creditors of LLC Ast Arsenal (code EDRPOU 31459271) have until
June 12, 2008, to submit proofs of claim to:

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

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent on
May 6, 2008.  The case is docketed as B 24/182-08.

The Debtor can be reached at:

         LLC Ast Arsenal
         Kirov Avenue 36
         49000 Dnipropetrovsk
         Ukraine


BASA LLC: Creditors Must File Claims by June 12
-----------------------------------------------
Creditors of OJSC Gluhov Bread Receiving Enterprise (code EDRPOU
14009140) have until June 12, 2008, to submit proofs of claim
to:

         The Economic Court of Sumy
         Shevchenko Avenue 18/1
         40030 Sumy
         Ukraine

The Economic Court of Sumy commenced bankruptcy proceedings
against the company on March 17, 2008, after finding it
insolvent.  The case is docketed as 8/78-08.

The Debtor can be reached at:

         OJSC Gluhov Bread Receiving Enterprise
         Skriabin Str. 11/3
         Sumy
         Ukraine


GIURZA LLC: Creditors Must File Claims by June 12
-------------------------------------------------
Creditors of LLC Giurza (code EDRPOU 33002612) have until
June 12, 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 after finding it insolvent on April 2, 2008.
The case is docketed as B 11/094-08.

The Debtor can be reached at:

         LLC Giurza
         Lenin Str. 1
         Kovalevka
         Vasilkov District
         Kiev
         Ukraine


HEALTH OF PEOPLE: Proofs of Claim Filing Deadline Set June 12
-------------------------------------------------------------
Creditors of State Joint Stock Company Ukrainian Medical
Industry Kharkov State Pharmaceutical Enterprise Health of
People (code EDRPOU 22690784) have until June 12, 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-39/07-08.

The Debtor can be reached at:

         State Joint Stock Company Ukrainian Medical Industry
         Kharkov State Pharmaceutical Enterprise
         Health of People
         Shevchenko Str. 22
         61013 Kharkov
         Ukraine


KRINYCHKIAL LLC: Creditors Must File Claims by June 11
------------------------------------------------------
Creditors of Krinychkial LLC on Agricultural and Industrial
Building Agricultural Building (code EDRPOU 03583315) 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 on
April 22, 2008.  The case is docketed as B 24/373-07 (B29/99/06)

The Debtor can be reached at:

         Krinychkial LLC on Agricultural and Industrial Building
         Agricultural Building
         Stroiteley Str. 7
         Krinychki
         52300 Dnipropetrovsk
         Ukraine


KORVIT-MET LLC: Creditors Must File Claims by June 11
-----------------------------------------------------
Creditors of LLC Korvit-Met (code EDRPOU 34279894) have until
June 11, 2008, to submit proofs of claim to:

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

The Economic Court of Lugansk commenced bankruptcy proceedings
against the company on April 24, 2008, after finding it
insolvent.  The case is docketed as 12/43b.

The Debtor can be reached at:

         LLC Korvit-Met
         Oboronnaya Str. 109
         91047 Lugansk
         Ukraine


MIR LLC: Creditors Must File Claims by June 12
----------------------------------------------
Creditors of LLC Mir (code EDRPOU 30769436) have until
June 12, 2008, to submit proofs of claim to:

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

The Economic Court of Chernovcy has commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed as 12/239/b.

The Debtor can be reached at:

         LLC Mir
         Klishkovtsy
         Hotin District
         Chernovcy
         Ukraine


NIKA LLC: Creditors Must File Claims by June 12
-----------------------------------------------
Creditors of LLC Nika (code EDRPOU 30987050) have until
June 12, 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-19/60-08.


NIVA LLC: Proofs of Claim Filing Deadline Set June 12
-----------------------------------------------------
Creditors of LLC Niva (code EDRPOU 03749419) have until June 12,
2008, to submit proofs of claim to:

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

The Economic Court of Zaporozhje commenced bankruptcy
supervision procedure on the company on Feb. 28, 2008.  The case
is docketed as 16/43/08.

The Debtor can be reached at:

         LLC Niva
         Soviet Str. 26
         Vladovka
         Chernigovsky District
         Zaporozhje
         Ukraine


SOUTH LLC: Creditors Must File Claims by June 12
------------------------------------------------
Creditors of LLC South (code EDRPOU 13624044) have until
June 12, 2008, to submit proofs of claim to:

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

The Economic Court of Zaporozhje commenced bankruptcy
proceedings against the company after finding it insolvent on
April 18, 2008.  The case is docketed as 25/7/08-16/76/08.

The Debtor can be reached at:

         LLC South
         Pushkin Str. 11
         69095 Zaporozhje
         Ukraine


SPARTA LLC: Creditors Must File Claims by June 11
-------------------------------------------------
Creditors of LLC Sparta (code EDRPOU 13910206) have until
June 11, 2008, to submit proofs of claim to:

         The Economic Court of Odessa
         Shevchenko Avenue 4
         65032 Odessa
         Ukraine

The Economic Court of Odessa commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 7/360-07-8741.

The Debtor can be reached at:

         LLC Sparta
         Pushkin Str. 7
         65000 Odessa
         Ukraine


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


ABBEY ELECTRICAL: Taps Liquidators from Baker Tilly
---------------------------------------------------
Guy Edward Brook Mander and Lynn Robert Bailey of Baker Tilly
Restructuring and Recovery LLP were appointed joint liquidators
of Abbey Electrical (Oxford) Ltd. on May 20, 2008, for the
creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Baker Tilly Restructuring and Recovery LLP
         St. Philips Point
         Temple Row
         Birmingham
         B2 5AF
         England


APPLEYARDS PLASTICS: Appoints Tenon Recovery as Administrators
--------------------------------------------------------------
Ian William Kings and Steven Philip Ross of Tenon Recovery were
appointed joint administrators of Appleyards Plastics Ltd.
(Company Number 02580024) on May 13, 2008.

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

The company can be reached at:

          Appleyards Plastics Ltd.
          Queensway House
          Queensway
          Middlesbrough
          Cleveland
          TS3 8TF
          England
          Tel: 01642 707 300
          Fax: 01642 707 314
          Web site: http://www.aplcubic.co.uk/


BELLISIMO JOINERY: Calls In Liquidators from Tenon Recovery
-----------------------------------------------------------
Nigel Ian Fox and Stanley Donald Burkett-Cotlman of Tenon
Recovery were appointed joint liquidators of Bellisimo Joinery
(U.K.) Ltd. on May 15, 2008, for the creditors' voluntary
winding-up proceeding.

The joint liquidators can be reached at:

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


BAA LTD: Reports GBP51 Mln Operating Loss for First Quarter 2008
----------------------------------------------------------------
BAA Limited reported a GBP51 million operating loss for the
first quarter of 2008 compared to a GBP107 million operating
profit in the same period in 2007.

BAA outlined these reasons for its operating loss:

   -- costs associated with the hire of 2,200 additional
      security staff since August 2006, mostly in the second
      half of 2007, to implement tighter security measures,
      reduce queues and meet CAA requirements for Q5;

   -- maintenance costs incurred to improve facilities,
      including increased servicing of airport plant and
      equipment, painting and replacement of ageing fittings to
      meet higher service levels;

   -- the higher depreciation and amortization charge reflects
      the increase in the depreciable cost of operational assets
      through our capital investment program; and

   -- higher other costs associated with the Airline relocations
      project and costs to improve the cleanliness of airports,
      police costs and baggage connection systems.

The company reports a total revenue of GBP506 million for the
first three months of 2008.  This is 8.8% higher than the GBP465
million total revenue in the same quarter of 2007.

Mr. Colin Matthews, BAA Limited CEO, said: "BAA reports good
revenue growth for the quarter, driven by increased passenger
traffic through our airports.  Our operating profit was clearly
affected by higher security and maintenance costs, reflecting
the importance we place on delivering a safe and convenient
service to passengers, through higher standards and better
facilities."

                        About BAA Ltd.

Headquartered in London, United Kingdom, BAA Ltd. (fka BAA plc)
-- http://www.baa.com/-- owns and operates seven airports in
the United Kingdom, including Heathrow, the world's busiest
international airport, and Budapest Airport, serving 700
destinations by around 300 airlines.

                          *     *     *

BAA Limited continues to carry BB- long-term corporate credit
rating from Standard & Poor's Ratings Services, which said the
Outlook is negative.


BRITISH AIRWAYS: Extends Terminal 5 Move Completion to October
--------------------------------------------------------------
British Airways Plc and BAA Limited have decided that, following
the already announced move of some long haul flights from
Terminal 4 to Terminal 5 on Thursday June 5, 2008, the remaining
long haul flights will move into Terminal 5 in two further
phases.

The first will take place on Wednesday Sept. 17, 2008, and the
second, at the end of October 2008.

On Sept. 17, 2008, a further 30 daily departures and 30 daily
arrivals will transfer across from Terminal 4 to Terminal 5.  
The cities are Accra, Dar Es Salaam, Lusaka, Entebbe, Luanda,
Mauritius, Nairobi, Abu Dhabi, Muscat, Bahrain, Doha, Kuwait,
Tel-Aviv, Mumbai, Nassau, Grand Cayman, Providenciales, Sao
Paulo, Buenos Aires, Rio de Janeiro, Baltimore, Washington,
Dallas, Newark, Houston, Chicago, Philadelphia, Toronto and
Mexico City.  Some of these services do not operate on a daily
basis.

Once the final long haul move of a further 15 daily departures
and 15 daily arrivals takes place at the end of October 2008,
Terminal 5 will be handling a total of approximately 510 flights
every day (150 long haul flights and 360 short haul flights).

Terminal 5 is working well, and this phased move has been
planned in the interests of the passengers and the smooth
operation of Heathrow over the busy summer period.

                         About BAA Ltd.

Headquartered in London, United Kingdom, BAA Ltd. (fka BAA plc)
-- http://www.baa.com/-- owns and operates seven airports in
the United Kingdom, including Heathrow, the world's busiest
international airport, and Budapest Airport, serving 700
destinations by around 300 airlines.

                      About British Airways

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

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

                        *     *     *

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


CLEAR CHANNEL: Amended Merger Agreement Now Fully Funded
--------------------------------------------------------
Clear Channel Communications, Inc. said Wednesday that the
company’s amended US$17.9 billion merger agreement with entities
formed by private equity funds sponsored by Bain Capital
Partners, LLC and Thomas H. Lee Partners, L.P. is now fully
funded in escrow with The Bank of New York.  The escrow fund was
created within a three-way settlement between the company, the
transaction’s financial sponsors and the banks announced earlier
this month.

“All of our financing is liquid and ready to deploy as soon as
shareholders approve the amended merger agreement,” said Mark
Mays, CEO of Clear Channel Communications.

On May 22nd, the company had disclosed that the banks involved
in the transaction had fully funded the debt portion of the
financing.  The newly funding parties – contributing equity to
the transaction – included private equity funds sponsored by
Thomas H. Lee Partners L.P. and Bain Capital Partners, LLC,
Highfields Capital Management LP, Abrams Capital Partners, LP
and the Mays family.

The company continues to expect the transaction to close by the
end of the third quarter.  Under the terms of the amended
agreement, Clear Channel shareholders will receive $36.00 in
cash or stock for each share they own.

                     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.


CLEAR CHANNEL: S&P's B+ Credit Rating Remains on Watch Negative
---------------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings on
Clear Channel Communications Inc., including the 'B+' corporate
credit rating, remain on CreditWatch with negative implications.  

S&P originally placed them on CreditWatch on Oct. 26, 2006,
following the San Antonio, Texas-based company's announcement
that it was exploring strategic alternatives to enhance
shareholder value.

The CreditWatch update reflects the company's announcement that
the bank syndicate providing debt financing for its proposed LBO
has placed funding into an escrow account, pending completion of
the transaction.  The total transaction value (excluding the
assumption of existing debt) is US$17.9 billion under the
renegotiated terms, or US$36 per share, an 8.2% reduction from
the previous price of US$39.20 per share.  This reduces pro
forma leverage by about seven-tenths of a turn.

"As we have previously indicated, if the deal successfully
closes, and barring any further material changes," said Standard
& Poor's credit analyst Michael Altberg, "we expect to lower
Clear Channel's long-term corporate credit rating to 'B' from
'B+'."  At the same time, S&P would expect to lower our rating
on the company's existing senior unsecured notes to 'CCC+' (two
notches below the expected corporate credit rating) from 'B-'.


DVO LTD: Brings In Liquidators from Vantis
------------------------------------------
Colin Ian Vickers and Christopher David Stevens of Vantis were
appointed joint liquidators of DVO (UK) Ltd. (formerly Chedclass
Ltd.) on May 15 for the creditors' voluntary winding-up
proceeding.

The joint liquidators can be reached at:

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


FRAMEWORK CONSTRUCTION: Creditors' Meeting Slated for June 9
------------------------------------------------------------
Creditors of Framework Construction Design & Management Ltd.
(Company Number 04124491) will meet at 11:00 a.m. on
June 9, 2008, at:

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

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on June 6, 2008, at:

          F.G. Newton
          Joint Administrator
          BDO Stoy Hayward LLP
          1 Bridgewater Place
          Water Lane
          Leeds  
          LS11 5RU
          England

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


FURNITURE CRAFT: Taps Joint Administrators from Begbies Traynor
---------------------------------------------------------------
Paul Michael Davis and Colin David Wilson of Begbies Traynor
(South) LLP were appointed joint administrators of Furniture
Craft International Ltd. (Company Number 01859698) on
May 21, 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:

          Furniture Craft International Ltd.
          Rays House
          North Circular Road
          Willesden
          London
          NW10 7XP
          England
          Tel: 0870 7702 964
          Fax: 0870 774 1335  
          Web site: http://www.furniturecraft.com/   


GENERAL MOTORS: 19,000 Employees Accept Attrition Program
---------------------------------------------------------
General Motors Corp. continued to transform its North American
operations by announcing approximately 19,000 of its U.S. hourly
employees have decided to take advantage of the company’s
attrition program.  Most of the employees participating in the
program will leave the company no later than July 1, 2008.

GM will fill job openings with current employees whenever
possible, as spelled out in the provisions of the GM/UAW
national labor agreement.  In facilities where GM needs new
employees, those individuals would be hired in at the entry-
level wage and benefit structure.  The extent of the new hiring
at each facility will be determined on a plant-by-plant basis.

“Despite significant challenges in the U.S. market, we continue
to reshape our business for long-term success,” said Troy
Clarke, Group Vice President and President, GM North America.  
“This attrition program gives us an opportunity to restructure
our U.S. workforce through the entry-level wage and benefit
structure for new hourly employees.”

Clarke recognized UAW leadership’s role in negotiating the 2008
attrition program.  “We appreciate the UAW’s support in making
business improvements that provide a more secure future for
General Motors and its employees,” he said.

He also recognized employees’ role in the continued
transformation of GM’s business.

“Participation in the attrition program was an important,
personal choice for employees and their families,” Clarke said.  
“I want to personally thank those who decided to participate for
their many contributions to General Motors.  For those who chose
to stay, we must continue to work together to build the world’s
best products for our customers.”

General Motors Corp. (NYSE: GM) --  hhtp://www.gm.com/ -- is the
world's largest automaker and has been the annual global
industry sales leader for 77 years.  Founded in 1908, GM today
employs about 266,000 people around the world.  With global
headquarters in Detroit, GM manufactures its cars and trucks in
35 countries.  In 2007, nearly 9.37 million GM cars and trucks
were sold globally under the following brands: Buick, Cadillac,
Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac, Saab,
Saturn, Vauxhall and Wuling. GM's OnStar subsidiary is the
industry leader in vehicle safety, security and information
services.

                      *     *     *

As reported in the Troubled Company Reporter on May 23, 2008,
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit rating and other ratings on General Motors Corp. and
removed them from CreditWatch with negative implications, where
they were placed March 17, 2008, as a result of the strike
at American Axle & Manufacturing Holdings Inc.  The outlook on
GM is negative.


HARVEST CLO V: Fitch Affirms Classes E1 & E2 Notes Ratings at BB
----------------------------------------------------------------
Fitch Ratings has affirmed Harvest CLO V P.L.C.'s notes due
2024.  The rating actions reflect Fitch's view on the credit
risk of the rated notes following the release of its new
Corporate CDO rating criteria.

   -- EUR250.5 million Class A-D (ISIN: XS0293379342): affirmed
      at 'AAA'

   -- EUR162.5 million Class A-R floating-rate notes: affirmed
      at 'AAA'

   -- EUR32.5 million Class A2 (ISIN: XS0293379771): affirmed at
      'AAA'

   -- EUR42.5 million Class B (ISIN: XS0293380191): affirmed at
      'AA'

   -- EUR30 million Class C1 (ISIN: XS0293380274): affirmed at
      'A'

   -- EUR10 million Class C2 (ISIN: XS0293951280): affirmed at
      'A'

   -- EUR26 million Class D (ISIN: XS0293380431): affirmed at
      'BBB'

   -- EUR26 million Class E1 (ISIN: XS0293380514): affirmed at
      'BB'

   -- EUR5 million Class E2 (ISIN: XS0293952684): affirmed at
      'BB'

   -- EUR10 million Class Q (ISIN: XS0293380944): affirmed at
      'A-'

The portfolio has been ramped-up in accordance with its
collateral investment guidelines.  As of the review date, it
contained loans from 88 obligors, with the largest exposure
constituting 2.88% of the outstanding portfolio amount, and the
three largest obligors making up 8.21% of the outstanding
portfolio amount.  The weighted average portfolio quality is
'B/B-', with 10.8% of the assets implied rating at 'CCC' or
below; 3.21% of the portfolio is on RWN and 11.8% is on Negative
Outlook.  The largest single industry is broadcasting and media,
with 12.36% of the portfolio volume.  The current credit
enhancement levels of all rated tranches are deemed sufficient
to justify their ratings under Fitch's revised corporate CDO
rating methodology.

Harvest CLO V P.L.C. is a securitization of mainly European
senior secured loans, with the total note issuance of
EUR650 million invested in a target portfolio of EUR632 million.   
A portion of the note proceeds was used to finance
organizational and issuance expenses.  The portfolio is actively
managed by Mizuho Investment Management UK Limited (rated 'CAM
2').  This deal is a multi-currency transaction. GBP and US$
assets are hedged through Classes A-R, a revolving GBP/US$ note,
and foreign exchange options.  The hedging strategy for these
assets consists of matching asset and liabilities notional for
each currency.  Other non-euro assets are hedged through perfect
asset swaps.


HEXCEL CORP: Moody's Affirms Ba3 Corporate Family Rating
--------------------------------------------------------
Moody's Investors Service affirmed Hexcel Corporation's
corporate family and probability of default ratings of Ba3.  

At the same time, the rating agency lowered the rating on the
company's senior secured bank credit facilities to Ba1 from
Baa3, reflecting a proposed increase to the term loan.

The larger amount of secured bank debt, while beneficial to the
company's liquidity profile, caused recovery expectations on the
bank debt to decline as it will represent a higher proportion of
liabilities in downside scenarios.  The B1 rating on the
company's subordinated notes was not affected.  The outlook
remains stable.

Hexcel has proposed to exercise a portion of an "accordion"
feature in its bank credit agreement.  This would increase the
term loan by US$80 million to a pro forma total of approximately
US$168 million.  The company intends to use the proceeds to
reduce outstandings under its US$125 million revolving credit
facility and for other general corporate purposes. At the end of
March 2008, roughly US$56 million had been borrowed and some
US$14 million of letters of credit were issued against the
revolving credit commitment, leaving roughly US$55 million of
unused capacity.  On a pro forma basis as of the same date,
revolving credit usage would be reduced to nil, and, net of
letter of credit utilization, unused capacity would be increased
to US$111 million.

In Moody's opinion, Hexcel's revenue growth in 2008 could
involve incremental working capital requirements, which, in
addition to planned capital expenditures, could result in
negative free cash flow for the year.  Consequently, Moody's
views the increase in the term loan as an enhancement to the
company's liquidity profile as financial flexibility will be
improved through the effective increase in untapped capacity
under the revolving credit.  Although there may be a slight
increase in total indebtedness as a result of the incremental
funding, the increase was not considered material in the context
of the company's strong earnings and growth prospects over the
intermediate term, modest leverage and solid interest coverage
metrics.  As a result, the Ba3 corporate family rating and
stable outlook are unchanged.

Ratings affirmed and up-dated loss given default assessment:

   -- Corporate Family, Ba3
   -- Probability of Default, Ba3
   -- US$225 million senior subordinated notes, B1 (LGD-5, 72%)

Ratings lowered with revised term loan amount and updated loss
given default assessments:

   -- US$125 million secured revolving credit facility, Ba1
      (LGD-2, 17%) from Baa3 (LGD-2, 14%)

   -- US$168 million secured term loan, Ba1 (LGD-2, 17%) from
      Baa3 (LGD-2, 14%)

The last rating action was on April 28, 2008 at which time the
corporate family rating was affirmed and ratings on the bank
debt were upgraded.

Hexcel Corporation, headquartered in Stamford, CT, is a leading
advanced structural materials company.  It 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
certain industries.  Revenues in 2007 were approximately US$1.2
billion.


LONDON & SILVER: Appoints KPMG as Joint Administrators
------------------------------------------------------
Jane Moriarty and Myles Antony Halley of KPMG LLP were appointed
joint administrators of London & Silver Developments LLP
(Company Number OC309778) on May 20, 2008.

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

The company can be reached at:

          London & Silver Developments LLP
          44 Upper Belgrave Road
          Bristol
          Avon
          BS8 2XN
          England


NORTHERN ROCK: Treasury Seeks Independent Compensation Valuer
-------------------------------------------------------------
The Treasury has yet to find an independent valuer to calculate
compensation for Northern Rock plc's former shareholders, Philip
Aldrick and Katherine Griffiths write for the Daily Telegraph.

The Treasury, the Daily Telegraph says, may advertise for
candidates, since big four accounting firms and some of the
city's leading investment banks are reluctant to apply for fear
of being caught up in the legal action brought against the
government by the shareholders.

An insider told the Daily Telegraph "no one really believes the
valuation" -- which will be carried out under the assumption
that Northern Rock is unable to continue as a going concern and
is in administration -- "can be a transparent process."

The Treasury will consult the Institute of Chartered Accountants
in England and Wales before making any appointment to establish
independence, the paper relates.

A TCR-Europe report disclosed SRM Global Fund, a leading
institutional shareholder in Northern Rock plc, on May 8, 2008,
joined the judicial review of the U.K. Government's compensation
scheme imposed following nationalization of Northern Rock plc in
February 2008.  The judicial review is being pursued by the U.K.
Shareholders Association, which is promoting the interests of
the approximately 150,000 small private shareholders who held as
much as 25% of the shares.

On Friday, May 23, 2008, Legal & General confirmed that it would
become an interested party in the Judicial Review proceedings
issued by SRM and the Shareholders Action Group on May 8, 2008,
and by RAB Capital on May 16, 2008.

                   About Northern Rock plc

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

                          *     *     *

Northern Rock Plc's Bank Financial Strength is currently rated
at E+ by Moody's Investors Service.  The rating was initially at
D+ and was downgraded to its current rating in December 2007.

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


YORKSHIRE MACHINE: Brings In Administrators from Begbies Traynor
----------------------------------------------------------------
D.R. Acland and M.E.G. Saville of Begbies Traynor were appointed  
May 21, 2008, joint administrators of:

   -- Yorkshire Machine Tools Ltd. (Company Number 03390129);
   -- Crawford-Swift Ltd. (Company Number 03171049); and
   -- Binns & Berry Ltd. (Company Number 05296347).

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

The companies can be reached at:

          Yorkshire Machine Tools Ltd.
          Rosemount Works
          Huddersfield Road
          Elland
          West Yorkshire
          HX5 0EE
          England
          Tel: 01422 379 222
          Fax: 01302 887 088
          Web site: http://www.ymtools.com/


* BOOK REVIEW: Corporate Players
--------------------------------
Full Title: Corporate Players: Designs for Working and Winning
            Together

Author:     Robert W. Keidel
Publisher:  Beard Books
Paperback:  276 pages
List Price: US$34.95

Order your personal copy at
http://amazon.com/exec/obidos/ASIN/1587982587/internetbankrupt     

In American business, the metaphor of the sports team is
commonly used for business groups of all sizes -- from ad hoc
teams of a few members that deal with temporary problems to
groups of executive managers who are responsible for long-term
corporate survival and the profitability of an entire
organization.

The sports team is a favored metaphor because sports bring
individuals with different talents and different
responsibilities together to perform a particular activity and
pursue a common objective.  Within its framework, sports also
allow for the outstanding performance of particular individuals
and recognition of that performance.  The sports team metaphor
has become so common in business and so routinely applied to
business teams of all sorts and sizes that little thought is
usually given to its specifics.

Corporate Players -- Designs for Working and Winning Together
takes a close look at what makes a sports team function
effectively and win.  The author then applies these observations
to develop a plan for those in the corporate world to be as
successful as those in the sports world.  While a reprint of a
1988 book, the lessons in this book are timeless.

Keidel identifies three main types of teams found in business:
autonomy, control and cooperation.  The author relates each to a
particular type of sports team: autonomy for baseball, control
for football and cooperation for basketball.  A chart compares
differences among the three with respect to organizational
strategy, organizational structure, and organizational style.  

For instance, the organizational strategy for autonomy in base
ball is "adding value through star performers"; while the
organizational strategy for cooperation in basketball is
"innovating by combining resources in novel ways."

With a sharp analytic eye and decades of experience in different
aspects of business, including academic and government
positions, Keidel delves into the specifics of business groups
as sports teams.  

A fundamental point often overlooked by businesspersons is that
teams in different sports are different in significant ways.  An
understanding of these differences is crucial for executives,
managers, and consultants who are responsible for
conceptualizing a team in relation to a particular business
matter and then bringing together a team of individuals.  

As such, executives, managers and consultants have roles similar
to a general manager and coach of a sports team.  In some case,
they may also have the role of a player on the team.

This chart and other aids, together with the author's engaging
commentary and enlightening analyses, will help business leaders
select the right personnel, assemble a team capable of
performing the task at hand, and then coordinate all of the
players to accomplish the desired objective.

Robert W. Keidel has a Ph.D. from Wharton, and has also been a
Senior Fellow at this top business school.  An author of three
other books and many articles, he teaches courses in business
strategy, technology, and organization at Drexel University's
Lebow College of Business.  Robert Keidel Associates is his
business consulting firm.


                            *********

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.


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