TCREUR_Public/080602.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

              Monday, June 2, 2008, Vol. 9, No. 108

                            Headlines


A U S T R I A

BRUGNER BAU: Claims Registration Period Ends June 18
HAPO LLC: Claims Registration Period Ends June 9
LEBER & CO: Claims Registration Period Ends June 20
MARKETING & PROMOTION: Claims Registration Period Ends June 20
PRO MEDIA: Claims Registration Period Ends June 9


D E N M A R K

ISS HOLDING: S&P Lifts Rating to BB- on Improved Performance


F R A N C E

CIFG EUROPE: Fitch Downgrades Insurer Financial Rating to CCC


G E R M A N Y

FLOROFOL KUNSTSTOFFE: Claims Registration Ends June 25
G. TAUTENHAHN TRANSPORT: Claims Registration Ends June 24
IMMOBILIEN MITTELSTADT: Claims Registration Period Ends June 23
IKB DEUTSCHE: KfW to Commence Sale Talks with Three Bidders
INNOVA SOLAR: Claims Registration Period Ends June 23

NOVEL-BAU: Claims Registration Period Ends June 23
RASGO GMBH: Claims Registration Period Ends June 23
REALITY TV: Claims Registration Ends June 26
SOLEDER GMBH: Claims Registration Period Ends June 17
TIGER BUSINESS: Claims Registration Period Ends June 17

TWILLEMEIER VERWALTUNGS: Claims Registration Period Ends June 17
WEGER GMBH: Claims Registration Period Ends June 15


I T A L Y

VOLARE GROUP: Court Orders Administrator to Restart Tender


K A Z A K H S T A N

ALMATY ENERGO: Creditors Must File Claims by July 9
ASIA ENERGOPROM: Claims Deadline Slated for July 4
ASTANA-MEBEL-1 LLP: Claims Filing Period Ends July 9
OIL GROUP-NC: Creditors' Claims Due on July 9
REMSTROY SERVICE: Claims Registration Ends July 9

SEVERNAYA ZERNOVAYA: Creditors Must File Claims by July 4
SPECTRUM LTD: Claims Deadline Slated for July 9
STROY INDUSTRIYA: Claims Filing Period Ends July 9
UG-TRANS-FRAHT LLP: Creditors' Claims Due on July 9


K Y R G Y Z S T A N

KYRGYZ-PAK MOTORS: Creditors Must File Claims by July 9


L A T V I A

PAREX BANKA: Fitch Keeps Long-term Default Rating at BB+


L U X E M B O U R G

EVRAZ GROUP: Plans Five-Year US$1.8-Billion Russian Investment


N E T H E R L A N D S

HOLLAND MORTGAGE: Moody's Puts Low-B Ratings on Two Note Classes


R U S S I A

AGRO-CENTRE-2: Court Starts Bankruptcy Supervision Procedure
AVTOTRAST CJSC: Creditors Must File Claims by June 26
BIO-RESOURCES LLC: Court Starts Bankruptcy Supervision Procedure
EURO-TRANS LLC: Creditors Must File Claims by July 17
EVRAZ GROUP: Plans Five-Year US$1.8-Billion Russian Investment

FEDERAL-SERVICE LLC: Creditors Must File Claims by July 17
GAS-COMPLECT LLC: Creditors Must File Claims by July 17
KOLPASHEVSKAYA SHIPYARD: Asset Sale Slated for June 20
LSR GROUP: Fitch Assigns Long-term Foreign Currency IDR at B+
LUGOVOE OJSC: Kemerovo Bankruptcy Hearing Slated for Sept. 9

PARTNER LLC: Ryazan Court Starts Bankruptcy Supervision Process
RED STAR: Creditors Must File Claims by July 17


U K R A I N E

ALLIANCE-INVEST: Creditors Must File Claims by June 13
BASKET-SPORT Creditors Must File Claims by June 13
ELINE LLC: Creditors Must File Claims by June 13
ENERGY BUILDING: Creditors Must File Claims by June 13
EURO-TEXTILE CJSC: Proofs of Claim Filing Deadline Set June 13

HOTINAL AGRICULTURAL: Creditors Must File Claims by June 13
RAPID-EXPRESS LLC: Proofs of Claim Filing Deadline Set June 13
SERVICE SENTER: Creditors Must File Claims by June 13
SHLIAKH HLIBOROBA: Creditors Must File Claims by June 13
UKRAINE AUTO: Moody's Assigns Low-B Ratings on Two Note Classes

UKRAINIAN PRODUCTION: Creditors Must File Claims by June 13


U N I T E D   K I N G D O M

ARVINMERITOR INC: Moody's Affirms B1 Corporate Family Rating
AUTOMATED SECURITY: Taps Liquidators from Smith & Williamson
AY BANK: Liquidators Fifth Dividend Payout for Unsec. Creditors
BEST BAKERIES: Goes Into Administration Due to Cashflow Problems
BRITISH AIRWAYS: Increase in Fuel Surcharge Takes Effect June 3

CABLE & WIRELESS May Submit Takeover Offer for Thus Group Plc
CELESTICA INC: Moody's Affirms B1 Corporate Family Rating
DDAT LTD: Calls In Administrators; In Talks With Possible Buyers
GRETNA FOOTBALL: Relegated to Scottish Third Division
J T FRITH: Brings In Administrators from Deloitte & Touche

JUST SMILE: Brings In Liquidators from Mazars
LEICESTER ENGINEERING: Finco Taps Receivers from Begbies
MAGNOLIA IV: Moody's Junks Rating on US$30 Million Notes
NORTH EAST SLEEPCENTRE:  Taps Joint Administrators from Begbies
ROUND THEATRE: Goes Into Voluntary Liquidation

SILVERJET PLC: Calls in Administrators over Funding Crunch
TITAN EUROPE: S&P Puts B Rating on Class G Notes Under WatchNeg
UNIQ EXTRUSIONS: Taps Joint Administrators from Begbies Traynor
VCW VOICE: Calls In Liquidator from Smith & Williamson
VIRGIN MEDIA: Fitch Lifts Long-term Default Rating to BB-

VISAGE CDO: S&P Junks Ratings on Three Note Classes

* UK Banking Systems Faces Negative Credit Outlook, Moody's Says


                            *********

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


BRUGNER BAU: Claims Registration Period Ends June 18
----------------------------------------------------
Creditors owed money by LLC Brugner Bau (FN 274223w) have until
June 18, 2008, to file written proofs of claim to court-
appointed estate administrator Hannes Gruber at:

          Dr. Hannes Gruber
          Ressavarstrasse 52
          8230 Hartberg
          Austria
          Tel: 03332/64245
          Fax: 03332/64245-15
          E-mail: ra-h.gruber@telering.at    

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 3:15 a.m. on July 3, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Graz
          Room 230
          Hall K
          Second Floor
          Graz
          Austria

Headquartered in Hartberg, Austria, the Debtor declared
bankruptcy on May 8, 2008 (Bankr. Case No. 40 S 27/08f).  


HAPO LLC: Claims Registration Period Ends June 9
------------------------------------------------
Creditors owed money by LLC HAPO (FN 77098f) have until
June 9, 2008, to file written proofs of claim to court-appointed
estate administrator Sanjay Doshi at:

          Mag. Sanjay Doshi
          c/o  Dr. Andreas Brandtner
          Drevesstrasse 6
          6800 Feldkirch
          Austria
          Tel: 05522/81999
          Fax: 05522/81988
          E-mail: kanzlei@brandtner-doshi.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:20 a.m. on June 19, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Feldkirch
          Meeting Room 45
          First Floor
          Feldkirch
          Austria

Headquartered in Klaus, Austria, the Debtor declared bankruptcy
on May 8, 2008 (Bankr. Case No. 13 S 18/08i).  Andreas Brandtner
represents Mag. Doshi in the bankruptcy proceedings.


LEBER & CO: Claims Registration Period Ends June 20
---------------------------------------------------
Creditors owed money by LLC Leber & Co KG (FN 68444d) have until
June 20, 2008, to file written proofs of claim to court-
appointed estate administrator Wolfgang Reinisch at:

          Dr. Wolfgang Reinisch
          Advocacy LLC Reinisch & Wisiak Rechtsanwalte
          Hauptplatz 28
          8430 Leibnitz
          Austria
          Tel: 03452/83296
          Fax: 03452/83296-20
          E-mail: leibnitz@reinisch-wisiak.at    

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:20 a.m. on June 26, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Graz
          Room 222
          Second Floor
          Graz
          Austria

Headquartered in Ehrenhausen, Austria, the Debtor declared
bankruptcy on May 8, 2008 (Bankr. Case No. 26 S 51/08g).  


MARKETING & PROMOTION: Claims Registration Period Ends June 20
--------------------------------------------------------------
Creditors owed money by LLC MARKETING & PROMOTION (FN 108792p)
have until June 20, 2008, to file written proofs of claim to
court-appointed estate administrator Wolfgang Reinisch at:

          Dr. Wolfgang Reinisch
          LLC Reinisch & Wisiak Rechtsanwalte
          Hauptplatz 28
          8430 Leibnitz
          Austria
          Tel: 03452/83296
          Fax: 03452/83296-20
          E-mail: leibnitz@reinisch-wisiak.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:15 a.m. on June 26, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Graz
          Room 222
          Second Floor
          Graz
          Austria

Headquartered in Graz, Austria, the Debtor declared bankruptcy
on May 8, 2008 (Bankr. Case No. 26 S 20/08y).  


PRO MEDIA: Claims Registration Period Ends June 9
-------------------------------------------------
Creditors owed money by LLC Pro Media Kummer (FN 238544a) have
until June 9, 2008, to file written proofs of claim to court-
appointed estate administrator Felix Stortecky at:

          Dr. Felix Stortecky
          W.A. Mozartstrasse 4
          7093 Jois
          Austria
          Tel: 02160/71207
          Fax: 02160/71207-22
          E-mail: office@stortecky.at    

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:15 a.m. on June 23, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Eisenstadt
          Hall F
          Eisenstadt
          Austria

Headquartered in Moenchhof, Austria, the Debtor declared
bankruptcy on May 8, 2008 (Bankr. Case No. 26 S 36/08h).  


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


ISS HOLDING: S&P Lifts Rating to BB- on Improved Performance
------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
corporate credit ratings on Denmark-based facilities services
provider ISS Holding A/S and related entities (ISS) to 'BB-'
from 'B+'.  The outlook is stable.  At the same time the
'B' short-term corporate credit rating on group member ISS A/S
was affirmed.

"The upgrade reflects our expectations that ISS will maintain a
strong operating performance which should support a further
strengthening of its financial risk profile and credit
measures," said Standard & Poor's credit analyst Alf Stenqvist.
     
Supported by strong organic growth and growth from acquisitions,
ISS's operating cash flows have continued to grow.  This has led
to a gradual improvement in credit measures, despite increased
debt levels from funding  acquisitions.  The group is, however,
likely to remain highly leveraged over the near to medium term.

The ratings on ISS continue to reflect its highly leveraged
financial profile and weak credit measures.  This is mitigated
by the group's strong business profile, underpinned by its solid
business position in an attractive--albeit fragmented and
competitive--industry.

On March 31, 2008, adjusted total debt was about Danish krone
33.0 billion including unfunded postretirement liabilities.
     
The stable outlook reflects the rating agency's expectation that
the group's operating performance will remain steady thanks to
its ability to generate strong cash flows.  It expects a further
gradual improvement of credit measures over the near term
supported by continued organic growth.


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


CIFG EUROPE: Fitch Downgrades Insurer Financial Rating to CCC
-------------------------------------------------------------
Fitch Ratings downgraded the following Insurer Financial
Strength ratigns of CIFG Guaranty and its affiliates to 'CCC'
from 'A-':

   -- CIFG Guaranty;
   -- CIFG Assurance North America, Inc.; and
   -- CIFG Europe.

Fitch has also placed the ratings on Rating Watch Evolving.

The downgrade is based, in part, on recent conversations with
CIFG's management, in which the company has indicated it could
be at greater risk of falling below regulatory minimum capital
requirements, if the company's loss provisions increase in
future periods which could trigger an insolvency proceeding by
regulators.

If this were to occur, CIFG's entire US$57 billion credit
default swap (CDS) portfolio, which is the primary form of
execution for the company's entire collateralized debt
obligation (CDO) exposure would be subject to termination at
current valuations.

Based on current market valuations, Fitch does not believe CIFG
would have sufficient claims-paying resources to meet these
obligations, triggering a likely default of its insurance
subsidiaries.  CIFG is actively working to remediate these risks
and if successful, the company's capital position and
policyholders' prospects could be significantly improved.

Fitch's IFS rating downgrade to 'CCC' reflects the weakness of
CIFG's current financial position and indicate two possible
conditions, consistent with Fitch's definition of a 'CCC' IFS
rating.  While obligations are still being met on a timely
basis, there is a real possibility that ceased or interrupted
payments could occur in the future as a result of the possible
termination of CIFG's CDS exposures at current valuations. Fitch
believes capacity for continued timely payments is reliant upon
the successful remediation through commutation of the company's
structured finance CDO (SF CDO) exposures.

The downgrade was also heavily influenced by Fitch's on-going
review of CIFG's exposure to subprime mortgage collateral, with
specific emphasis on residential mortgage-backed securities
(RMBS) from the 2005 vintage year.  CIFG maintains a very large
concentration of SF CDOs that are comprised of 2005 vintage
RMBS.  Unlike other financial guarantors, CIFG's exposure to SF
CDOs with underlying RMBS collateral was primarily comprised of
mezzanine SF CDOs, which have material exposure to 2005 vintage
subprime RMBS collateral, which was originally rated in the
'BBB' category and is now well below-investment grade.

Furthermore, Fitch has incorporated the increased possibility
that the company could breach regulatory minimum capital
standards as a result of increasing reserves against its SF CDO
exposures.

CIFG's claims paying resources, which include the US$1.5 billion
capital infusion in late-2007 from its shareholders Caisse
Nationale des Caisses d'Epargne et Prevoyance (CNCE) and Banque
Federale des Banques Populaires (BFBP), are currently modeled as
being consistent with Fitch's standard for a below investment
grade level of capital.

Fitch expects the status of the ratings to be addressed over the
very near-term pending resolution of its capital enhancement
plan. If a regulator initiates insolvency proceedings and CIFG's
CDS contracts terminate at current valuations, the company's IFS
ratings would be considered in default. I f CIFG successfully
remediates the SF CDO exposures without impairing its capital
base, Fitch believes there could be significant upward rating
migration of the current IFS rating.  Such action will need to
consider the on-going business plan that ownership and
management will formulate before resolution of a rating action
can be determined.

Fitch currently believes that expected losses on CIFG's insured
SF CDOs will ultimately fall within a range of US$2.6 to US$3.6
billion.  These totals reflect Fitch's current estimates of the
range of future losses that CIFG would be expected to incur over
the life of these transactions, stated on a present value basis.

The range of outcomes reflects the unknown magnitude of U.S.
residential mortgage losses on SF CDOs insured by CIFG.  From a
present value perspective, Fitch discounts the expected future
loss rates by 5% over a two-year period for CDO-squareds, five
years for mezzanine SF CDOs and seven years for high-grade SF
CDOs.

CIFG Guaranty, CIFG Assurance North America, Inc. and CIFG
Europe are subsidiaries of CIFG Holding.  CIFG Holding is
directly owned by Banque Federale des Banques Populaires and
Caisse Nationale des Caisses d'Epargne et Prevoyance, two large
French banking groups.


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


FLOROFOL KUNSTSTOFFE: Claims Registration Ends June 25
------------------------------------------------------
Creditors of Florofol Kunststoffe GmbH have until June 25, 2008
to register their claims with court-appointed insolvency manager  
Stefan Jakob.

Creditors and other interested parties are encouraged to attend
the meeting at 1:00 p.m. on Aug. 13, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Chemnitz
         Hall 28
         Fuerstenstr. 21-23
         09130 Chemnitz
         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:

         Stefan Jakob
         Plantagenstrasse 3
         08371 Glauchau
         Germany
         Tel: (03763) 77870
         Fax: (03763) 778711
         E-mail: info@inso-verwalter.de  

The District Court of Chemnitz opened bankruptcy proceedings
against Florofol Kunststoffe GmbH on May 15, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Florofol Kunststoffe GmbH
         Attn: Heiko Andreas Geffke and Sascha Rogge, Managers
         Waldenburger Strasse 40-44
         08371 Glauchau
         Germany


G. TAUTENHAHN TRANSPORT: Claims Registration Ends June 24
---------------------------------------------------------
Creditors of G. Tautenhahn Transport GmbH have until
June 24, 2008, to register their claims with court-appointed
insolvency manager Karl-Dieter Sommerfeld.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 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 Cologne
          Meeting Hall 1240
          12th Floor
          Luxemburger Strasse 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:

          Karl-Dieter Sommerfeld
          Hammerweg 3
          51766 Engelskirchen
          Germany
          Tel: 02263/9039-0
          Fax: +492263903910

The District Court of Cologne opened bankruptcy proceedings
against G. Tautenhahn Transport GmbH on April 29, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          G. Tautenhahn Transport GmbH
          Beningsfeld 9
          51427 Bergisch Gladbach
          Germany


IMMOBILIEN MITTELSTADT: Claims Registration Period Ends June 23
---------------------------------------------------------------
Creditors of Immobilien Mittelstadt GmbH have until
June 23, 2008, to register their claims with court-appointed
insolvency manager Wolf-R. von der Fecht.

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

The meeting of creditors will be held at:

          The District Court of Duesseldorf
          Meeting Hall A 388
          Third Floor
          Muehlenstrasse 34
          40213 Duesseldorf
          Germany     
        
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

          Dr. Wolf-R. von der Fecht
          Rheinort 1
          40213 Duesseldorf
          Germany

The District Court of Duesseldorf opened bankruptcy proceedings
against Immobilien Mittelstadt GmbH on May 16, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Immobilien Mittelstadt GmbH
          Gartzenweg 13
          40789 Monheim
          Germany


IKB DEUTSCHE: KfW to Commence Sale Talks with Three Bidders
-----------------------------------------------------------
Kreditanstalt fur Wiederaufbau Bankengruppe will start talks
with three possible buyers for its 45.5% stake in IKB Deutsche
Industriebank AG, Reuters reports.

KfW said it received several serious and interesting offers,
Reuters relates.  

According to Reuters' sources, bidders may include Lone Star,
Ripplewood and SEB.  Handelsblatt, citing financial sector
sources, added Texas Pacific Group in the list.

Stiftung Industrieforschung is also selling its 10.7% stake in
IKB.

                       About IKB Deutsche

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

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

                         *     *     *

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


INNOVA SOLAR: Claims Registration Period Ends June 23
-----------------------------------------------------
Creditors of Innova Solar Plus GmbH have until June 23, 2008, to
register their claims with court-appointed insolvency manager
Andreas Rohe.

Creditors and other interested parties are encouraged to attend
the meeting at 1:10 p.m. on July 21, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of 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:

          Andreas Rohe
          Kamigstrasse 2
          17373 Ueckermuende
          Germany

The District Court of Neubrandenburg opened bankruptcy
proceedings against Innova Solar Plus GmbH on May 16, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Innova Solar Plus GmbH
          Friedenstrasse 7
          17309 Pasewalk
          Germany


NOVEL-BAU: Claims Registration Period Ends June 23
--------------------------------------------------
Creditors of NOVEL-BAU GmbH have until June 23, 2008, to
register their claims with court-appointed insolvency manager
Barbara Fahlke.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on July 24, 2008, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Osnabrueck
          Hall N 301
          Kollegienwall 10
          49074 Osnabrueck
          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:

          Barbara Fahlke
          Neubrueckenstrasse 35/37
          48143 Muenster
          Germany
          Tel: 0251/4842316
          Fax: 0251/4843614

The District Court of Osnabrueck opened bankruptcy proceedings
against NOVEL-BAU GmbH on May 21, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

          NOVEL-BAU GmbH
          Molenseten 22
          49086 Osnabrueck
          Germany


RASGO GMBH: Claims Registration Period Ends June 23
---------------------------------------------------
Creditors of RASGO GmbH have until June 23, 2008, to register
their claims with court-appointed insolvency manager Alexander
Geilert.

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 Bielefeld
          Hall 4065
          Fourth Floor
          Gerichtstrasse 66
          33602 Bielefeld
          Germany
        
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

          Dr. Alexander Geilert
          Otto-Brenner-Str. 186
          33604 Bielefeld
          Germany

The District Court of Bielefeld opened bankruptcy proceedings
against RASGO GmbH on May 9, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

          RASGO GmbH
          Almestr. 4-8
          33649 Bielefeld
          Germany


REALITY TV: Claims Registration Ends June 26
--------------------------------------------
Creditors of Reality TV Fernsehproduktion GmbH have until
June 26, 2008 to register their claims with court-appointed
insolvency manager Rolf Nacke.

Creditors and other interested parties are encouraged to attend
the meeting at 11:35 a.m. on Aug. 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 Charlottenburg
         Hall 218
         Second Floor
         Amtsgerichtsplatz 1
         14057 Berlin
         Germany

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

The insolvency manager can be reached at:

         Rolf Nacke
         Gross-Berliner Damm 73 c
         12487 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Reality TV Fernsehproduktion GmbH on
May 7, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Reality TV Fernsehproduktion GmbH
         Chausseestr. 8
         10115 Berlin
         Germany


SOLEDER GMBH: Claims Registration Period Ends June 17
-----------------------------------------------------
Creditors of Soleder GmbH have until June 17, 2008, to register
their claims with court-appointed insolvency manager Harry
Kressl.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 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 Heilbronn
         Hall 4
         Ground Floor
         Rollwagstr. 10a
         74072 Heilbronn
         Germany
          
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

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

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

The Debtor can be reached at:

         Soleder GmbH
         Suelmerstrasse 39
         74072 Heilbronn
         Germany

         Attn: Edis Dzananovic, Manager
         Uhlandstrasse 69
         74074 Heilbronn
         Germany


TIGER BUSINESS: Claims Registration Period Ends June 17
-------------------------------------------------------
Creditors of Tiger Business Handelsgesellschaft mbH have until
June 17, 2008, to register their claims with court-appointed
insolvency manager Robert Fliegner.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Wuppertal
         Meeting Room A234
         Second Floor
         Isle 2
         42103 Wuppertal
         Germany

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

The insolvency manager can be reached at:

         Robert Fliegner
         Gruenewalder Str. 29-31
         42657 Solingen
         Germany
         Tel: 0212 / 24 94 200
         Fax: 0212/24 94 201

The District Court of Wuppertal opened bankruptcy proceedings
against Tiger Business Handelsgesellschaft mbH on May 8, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Tiger Business Handelsgesellschaft mbH
         Kottendorfer Strasse 21
         42697 Solingen
         Germany

         Attn: Armin Engels, Manager
         Schillerstrasse 26
         40764 Langenfeld
         Germany


TWILLEMEIER VERWALTUNGS: Claims Registration Period Ends June 17
----------------------------------------------------------------
Creditors of Twillemeier Verwaltungs GmbH have until
June 17, 2008, to register their claims with court-appointed
insolvency manager Dr. Norbert Kuepper.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on July 8, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bielefeld
         Hall 4065
         Fourth Floor
         Gerichtstrasse 66
         33602 Bielefeld
         Germany

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

The insolvency manager can be reached at:

         Dr. Norbert Kuepper
         Paderborner Str. 11
         33415 Verl
         Germany

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

The Debtor can be reached at:

         Twillemeier Verwaltungs GmbH
         Attn: Hugo Twillemeier, Manager
         Speckenstr. 10
         33397 Rietberg
         Germany


WEGER GMBH: Claims Registration Period Ends June 15
---------------------------------------------------
Creditors of Weger GmbH have until June 15, 2008, to register
their claims with court-appointed insolvency manager Dr. Marc d'
Avoine.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Cologne
         Meeting Hall 1240
         Luxemburger Strasse 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. Marc d' Avoine
         Doeppersberg 19
         42103 Wuppertal
         Germany

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

The Debtor can be reached at:

         Weger GmbH
         Attn: Heinz Weger, Manager
         Gewerbestr. 9
         42499 Hueckeswagen
         Germany


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


VOLARE GROUP: Court Orders Administrator to Restart Tender
----------------------------------------------------------
Italy's State Council, the highest administrative appeals court
in the country, has ordered the restart of the auction process
for Volare Group S.p.A., Reuters reports.

The administrative court gave Volare's special administrator
until June 10, 2008, to commence a new tender for the bankrupt
carrier, Reuters adds.

In March 2008, the court confirmed its Sept. 29, 2006, ruling
that annulled with finality Alitalia's EUR38-million takeover
of Volare.  The court ruled the 2006 tended was invalid since it
failed to follow correct procedures.

In May 2006, the State Council blocked Alitalia's takeover
bid due to certain flaws in the sale process.

Air One, which made the second highest bid for Volare, had
claimed that Alitalia was an unfair competitor and that it
lacked the conditions to buy another airline following a near-
bankruptcy miss in 2005.  

                         About Volare

Headquartered in Milan, Italy, Volare Group S.p.A. --
http://www.volare-group.it/-- is an operative holding company    
that controls Volare Airlines S.p.A. and Air Europe since 2001.  
The company declared insolvency on Nov. 22, 2004, citing huge
debt and heavy losses.  The group then filed for extraordinary
administration, which allowed it to be protected from creditors
while resuming daily operations.


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


ALMATY ENERGO: Creditors Must File Claims by July 9
---------------------------------------------------  
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Almaty Energo Himzashita insolvent on
Sept. 26, 2007.

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         Office 4
         Kassin Str. 2/1
         Mamyr
         050052, Almaty
         Kazakhstan
         Tel: 8 (7272) 63-84-42
              8 777 559 68-31
              8 777 258 50-41


ASIA ENERGOPROM: Claims Deadline Slated for July 4
--------------------------------------------------  
LLP Asia Energoprom Ltd. has declared insolvency.  Creditors
have until July 4, 2008, to submit written proofs of claims to:

         LLP Asia Energoprom Ltd.
         Seifullin ave. 100-38
         Turksibsky District
         050037, Almaty
         Kazakhstan


ASTANA-MEBEL-1 LLP: Claims Filing Period Ends July 9
----------------------------------------------------  
The Specialized Inter-Regional Economic Court of Astana has
declared LLP Astana-Mebel-1 insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Astana
         2 Nagornaya Str. 1
         Astana
         Kazakhstan
         Tel: 8 (7172) 23-06-49
              8 (7172) 21-72-84
              8 (7172) 62-63-60
              8 701 512 32-52


OIL GROUP-NC: Creditors' Claims Due on July 9
---------------------------------------------  
LLP Oil Group-NC has declared insolvency.  Creditors have until
July 9, 2008, to submit written proofs of claims to:

         LLP Oil Group-NC
         Pirogov Str. 30
         Almaty
         Kazakhstan


REMSTROY SERVICE: Claims Registration Ends July 9
-------------------------------------------------  
The Specialized Inter-Regional Economic Court of South
Kazakhstan has declared LLP Remstroy Service insolvent on
Nov. 1, 2007.

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

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


SEVERNAYA ZERNOVAYA: Creditors Must File Claims by July 4
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Northern Corn Corporation Severnaya Zernovaya
Korporatsiya insolvent.

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

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


SPECTRUM LTD: Claims Deadline Slated for July 9
-----------------------------------------------  
The Specialized Inter-Regional Economic Court of Astana has
declared LLP Spectrum Ltd. insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Astana
         2 Nagornaya Str. 1
         Astana
         Kazakhstan
         Tel: 8 (7172) 23-06-49
              8 (7172) 21-72-84
              8 (7172) 62-63-60
              8 701 512 32-52


STROY INDUSTRIYA: Claims Filing Period Ends July 9
--------------------------------------------------  
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Stroy Industriya insolvent on Dec. 14, 2007.

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         Office 4
         Kassin Str. 2/1
         Mamyr
         050052, Almaty
         Kazakhstan
         Tel: 8 (7272) 63-84-42
              8 777 559 68-31
              8 777 258 50-41


UG-TRANS-FRAHT LLP: Creditors' Claims Due on July 9
---------------------------------------------------  
The Specialized Inter-Regional Economic Court of South
Kazakhstan LLP Ug-Trans-Fraht insolvent on Dec. 7, 2007.

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

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


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


KYRGYZ-PAK MOTORS: Creditors Must File Claims by July 9
-------------------------------------------------------
LLC Kyrgyz-Pak Motors has declared insolvency.  Creditors have
until July 9, 2008 to submit written proofs of claim.

Inquiries can be addressed to (+996 312) 47-13-10.


===========
L A T V I A
===========


PAREX BANKA: Fitch Keeps Long-term Default Rating at BB+
--------------------------------------------------------
Fitch Ratings affirmed Latvia-based Parex Banka's ratings at
Long-term Issuer Default 'BB+', Short-term IDR 'B', Individual
'C/D' and Support '3'.  The Outlook for the Long-term IDR
remains Stable.  Its Support Rating Floor is affirmed at 'BB'.

The ratings reflect concerns about Parex's corporate governance
structure, risks arising from operating in a slowing Latvian
economy, operational risks stemming from its non-resident
business, and declining capitalization.  On the other hand, they
also factor in the bank's reasonable franchise, its leading
position in servicing non-resident customers and its stable
revenues.

Parex is the largest of non-resident service provider banks in
Latvia.  While this business generates significant operational
risk, this is partly mitigated by Latvia's political history and
trade patterns with Russia and the CIS and Parex's experience in
non-resident business.  Earnings from its non-resident business,
mainly in the form of fees and commissions earned from money
transfers, have been fairly stable.  Parex intends to maintain
its position in the non-resident business, but with the focus of
continued growth on the domestic market.

Parex is 86%-owned by two individuals - Valery Kargin and Viktor
Krasovitsky -- whose influence on the day-to-day running of the
bank has lessened in the last few years.  However, both remain
members of the management board, which Fitch views as a weakness
of the bank's corporate governance structure.

Profitability in 2007 was aided by an increase in the size of
the loan portfolio.  However, the cost of funding has risen due
to an increase in both international bank syndications and
subordinated debt, and higher resident deposits.

As the Latvian economy is slowing down with high inflation, it
will be challenging for Parex to grow and maintain high net
interest margin levels without increasing its risk profile.
Impaired lending, while low as of end-2007, may increase further
as loans season and the economy slows down further.

Capitalization with a Tier 1 ratio of 8.62% and total CAD ratio
of 9.62% at end-2007 is only adequate at the current rating
levels.

Parex was the third-largest bank by assets in Latvia at end-
2007.  It is a universal bank offering the full range of banking
products directly and through specialized subsidiaries.


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


EVRAZ GROUP: Plans Five-Year US$1.8-Billion Russian Investment
--------------------------------------------------------------
Evraz Group SA plans to invest around US$1.8 billion in its
Russian operations in the next five years to increase
production, Thomson Financial News reports, citing chief
financial officer Pavel Tatyanin.

According to Mr. Tatyanin, Thomson Financial News relates, Evraz
will invest around US$80 million in its Bratsk site to increase
annual production to 400,000 tons of steel sections and bars.  
The company is set to commence operations at the plant in April
2009.

Mr. Tatyanin added that Evraz will commission in December 2010
the first stage of production at a sheet mill at its West
Siberian Iron & Steel Plant, which would produce 800,000 to
850,000 tons annually.  The site is expected to produce 1.2
million tons a year after the second stage of production is
started.

                          About Evraz

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

                         *     *     *

Evraz Group S.A. continues to carry Ba2 corporate family rating,
Ba2 rating for Senior Notes due 2009 and Ba3 rating for Senior
Notes due 2015 from Moody's Investors Service, which placed  
them on review in March 2008 for possible downgrade.

The company also carries BB- long-term corporate credit and
senior unsecured debt ratings from Standard & Poor's Ratings
Services, with positive outlook.  The ratings were affirmed in
March 2008.

Evraz carries BB long-term Issuer Default and senior unsecured
ratings and B Short-term Issuer Default rating from Fitch
Ratings, with stable outlook.  The ratings were affirmed in
March 2008.


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


HOLLAND MORTGAGE: Moody's Puts Low-B Ratings on Two Note Classes
----------------------------------------------------------------
Moody's Investors Service has assigned definitive long term
credit ratings to five classes of Notes to be issued by Holland
Mortgage Backed Series (Hermes) XV B.V.

Ratings assigned:

   -- Aaa to the EUR2,752,100,000 Senior Class A Mortgage-
      Backed Floating Rate Notes 2008 due 2045;

   -- Aa3 to the EUR23,200,000 Mezzanine Class B Mortgage-
      Backed Floating Rate Notes 2008 due 2045;

   -- A3 to the EUR78,300,000 Mezzanine Class C Mortgage-
      Backed Floating Rate Notes 2008 due 2045;

   -- Ba1 to the EUR20,300,000 Junior Class D Mortgage-Backed
      Floating Rate Notes 2008 due 2045;

   -- Ba3 to the EUR26,100,000 Subordinated Class E Mortgage-
      Backed Floating Rate Notes 2008 due 2045.

This transaction represents the fifteenth securitization of
Dutch residential mortgage loans originated by SNS Bank N.V.
under the Hermes program, and has been arranged by SNS Bank.

The pool has been originated by SNS Bank, BLG Hypotheekbank and
SNS Regio Bank.  BLG Hypotheekbank and SNS Regio Bank are wholly
owned subsidiaries of SNS Bank.  Hermes XV is using a structure
very similar to the previous Hermes transactions.  Savings
mortgages are included in the reference pool and a savings sub-
participation is used in the structure comparable to previous
Hermes transactions.  Unlike Hermes XIV, the structure has a 5
year revolving period.

There is no reserve fund in this transaction.  An Excess Margin
of 35 bps is guaranteed over the life of the transaction through
the interest rate swap provided by SNS Bank (A1/Prime-1/C+).  
The cash advance facility and the GIC are also provided by SNS
Bank.

The definitive ratings address the expected loss posed to
investors by the legal final maturity.  In Moody's opinion, the
structure allows for timely payment of interest and ultimate
payment of principal by the legal final maturity.  Moody's
ratings address only the credit risks associated with the
transaction.  Other non-credit risks have not been addressed,
but may have a significant effect on yield to investors.


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


AGRO-CENTRE-2: Court Starts Bankruptcy Supervision Procedure
------------------------------------------------------------
The Arbitration Court of Volgograd commenced bankruptcy
supervision procedure on LLC Agro-Centre-2.  The case is
docketed under Case No. A12-12509/07-S57.

The Temporary Insolvency Manager is:

        E. Slutskin
        Post User Box 1034
        400105 Volgograd
        Russia

The Debtor can be reached at:

        LLC Agro-Centre-2
        Promyslovaya Str. 17
        Volgograd
        Russia


AVTOTRAST CJSC: Creditors Must File Claims by June 26
-----------------------------------------------------
Creditors of CJSC Avtotrast have until June 26, 2008, to submit
proofs of claim to:

        A. Kovylev
        Insolvency Manager
        Vidanskaya Str. 15V
        Petrozavodsk
        Russia

The Arbitration Court of Murmansk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A42-1459/2008.

The Court is located at:

         The Arbitration Court of Murmansk
         Knipovicha Str. 20
         Murmansk
         Russia

The Debtor can be reached at:

        CJSC Avtotrast
        S. Perovskoy Str. 26
        Murmansk
        Russia


BIO-RESOURCES LLC: Court Starts Bankruptcy Supervision Procedure
----------------------------------------------------------------
The Arbitration Court of Khabarovsk commenced bankruptcy
supervision procedure on LLC Bio-Resources.  The case is
docketed under Case No. A73-2343/2008-9.

The Temporary Insolvency Manager is:

        O. Zaytsev
        Post User Box 11/9
        680000 Khabarovsk
        Russia

The Debtor can be reached at:

        LLC Bio-Resources
        Pobedy Square 12-2
        Sovetskaya Gavan
        Khabarovsk
        Russia


EURO-TRANS LLC: Creditors Must File Claims by July 17
-----------------------------------------------------
Creditors of LLC Euro-Trans (TIN 4346051655) have until
July 17, 2008, to submit proofs of claim to:

        S. Sizikov
        Insolvency Manager
        Bolshevikov Str. 66
        610002 Kirov
        Russia

The Arbitration Court of Kirov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A28-344/07-208/3.

The Court is located at:

         The Arbitration Court of Kirov
         K-Libknekhta Str. 102
         610017 Kirov
         Russia

The Debtor can be reached at:

        LLC Euro-Trans
        Esinina Str. 1
        610000 Kirov
        Russia


EVRAZ GROUP: Plans Five-Year US$1.8-Billion Russian Investment
--------------------------------------------------------------
Evraz Group SA plans to invest around US$1.8 billion in its
Russian operations in the next five years to increase
production, Thomson Financial News reports, citing chief
financial officer Pavel Tatyanin.

According to Mr. Tatyanin, Thomson Financial News relates, Evraz
will invest around US$80 million in its Bratsk site to increase
annual production to 400,000 tons of steel sections and bars.  
The company is set to commence operations at the plant in April
2009.

Mr. Tatyanin added that Evraz will commission in December 2010
the first stage of production at a sheet mill at its West
Siberian Iron & Steel Plant, which would produce 800,000 to
850,000 tons annually.  The site is expected to produce 1.2
million tons a year after the second stage of production is
started.

                          About Evraz

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

                         *     *     *

Evraz Group S.A. continues to carry Ba2 corporate family rating,
Ba2 rating for Senior Notes due 2009 and Ba3 rating for Senior
Notes due 2015 from Moody's Investors Service, which placed  
them on review in March 2008 for possible downgrade.

The company also carries BB- long-term corporate credit and
senior unsecured debt ratings from Standard & Poor's Ratings
Services, with positive outlook.  The ratings were affirmed in
March 2008.

Evraz carries BB long-term Issuer Default and senior unsecured
ratings and B Short-term Issuer Default rating from Fitch
Ratings, with stable outlook.  The ratings were affirmed in
March 2008.


FEDERAL-SERVICE LLC: Creditors Must File Claims by July 17
----------------------------------------------------------
Creditors of LLC Federal-Service have until July 17, 2008, to
submit proofs of claim to:

        O. Kiselev
        Insolvency Manager
        Office 605
        Dezhavinskaya Str. 16-a
        392000 Tambov
        Russia

The Arbitration Court of Tambov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A64-7288/07-25.

The Court is located at:

         The Arbitration Court of Tambov
         Penzenskaya Str. 67/12
         392020 Tambov
         Russia

The Debtor can be reached at:

        LLC Federal-Service
        L. Tolstogo Square 4, 210-a
        Tambov
        Russia


GAS-COMPLECT LLC: Creditors Must File Claims by July 17
-------------------------------------------------------
Creditors of LLC Gas-Complect have until July 17, 2008, to
submit proofs of claim to:

        V. Bobkov
        Insolvency Manager
        Isaeva Str. 9-58
        Korolev
        141075 Moscow
        Russia

The Arbitration Court of Kaluga commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A23-783/08B-8-42.

The Court is located at:

         The Arbitration Court of Kaluga
         Staryj Torg Square 4
         Kaluga
         Russia

The Debtor can be reached at:

        LLC Gas-Complect
        Moskovskaya Str. 288a
        Kaluga
        Russia


KOLPASHEVSKAYA SHIPYARD: Asset Sale Slated for June 20
------------------------------------------------------
F. Voitsik, the insolvency manager and bidding organizer for  
OJSC Kolpashevskaya Shipyard, will open a public auction for the
company's properties at 10:00 a.m. on June 20, 2008, at:

        F. Voitsik
        Office 207
        Nakhimova Str. 13/1
        Tomsk
        Russia

Interested participants have until June 16, 2008, to deposit an
amount equivalent to 10% of the starting price to:

        Settlement Account 40702810606100000284
        OJSC Tomsk-prom-stroy-bank
        Tomsk
        Russia

Bidding documents must be submitted to:

        F. Voitsik
        Office 207
        Nakhimova Str. 13/1
        Tomsk
        Russia
        Tel: (3822) 42-59-53


LSR GROUP: Fitch Assigns Long-term Foreign Currency IDR at B+
-------------------------------------------------------------
Fitch Ratings assigned St. Petersburg-based building materials
and real estate development company OJSC LSR Group a Long-term
foreign currency Issuer Default rating and senior unsecured
rating of 'B+' with RR4 assigned to its senior unsecured
obligations.  The Outlook for the Long-term IDR is Stable.

The ratings are positively supported by good operational
diversification across real estate development and building
materials businesses, and the presence of a large well
diversified 'land bank', providing up to 20 years of development
activity and flexibility to preserve operational cash flow by
reducing land purchases in case of need.

The ratings also reflect the leading market positions across
both building materials and real estate development businesses,
vertical integration in the real estate development division and
a real estate development strategy focused on 'build & sell',
which more rapidly cycles cash back into the business.

Finally, the building materials' EBITDAR margins are broadly in-
line with western European peers and there is an expectation of
solid margins going forward, driven by continuing structural
under-supply of building materials in north western Russia and
planned capital expenditure in LSR's building materials
division.

However, the ratings are currently constrained by the fact that
LSR is reliant on as yet unsigned financing from domestic banks
and international capital markets to refinance a considerable
amount of short-term debt and fund extensive investment
expenditure over the next three years.  Fitch notes this
situation is likely to improve on a sustainable basis after new
long-term debt facilities are put in place over FY08 and capital
expenditure reduces from FY10.

In addition, LSR does have flexibility to delay certain items of
expenditure should financing not be available.  Furthermore,
significant increases in FY08 gross debt and subsequent
increases in interest cost put pressure on LSR to deliver
improved operational cash flows over that period; Fitch feels
this represents heightened operational execution risk from FY08.
Geographic concentration risk for both the development and
building materials divisions present constraints, as does
general developer risk; while the Russian residential and
commercial property markets remain strong, should there be any
form of downturn, LSR could be left with a significant partially
built development portfolio.

Lastly, with around US$1.3 billion to be spent on building
materials capital expenditure over the next three years, there
is execution risk stemming from potential project delays.
However, Fitch believes that this execution risk is partially
mitigated by LSR's experienced management team.

The Stable Outlook reflects the agency's expectation that,
whilst LSR faces challenges associated with accelerated capital
expenditure and a need to refinance a sizable amount of short-
term debt, buoyant market conditions and an experienced
management team should support the issuer's growth plans in the
next 24 months.

LSR is a vertically integrated building materials and real
estate development company, geographically focused on St.
Petersburg, with a small but growing Moscow presence.  FY07
sales were US$1.4 billion and EBITDA was US$309 million.  LSR
undertook an initial public offering in November 2007 in Moscow
and London.


LUGOVOE OJSC: Kemerovo Bankruptcy Hearing Slated for Sept. 9
------------------------------------------------------------
The Arbitration Court of Kemerovo will convene at 1:00 p.m. on
Sept. 9, 2008, to hear the bankruptcy supervision procedure on
OJSC Lugovoe.  The case is docketed under Case No. A27-528/
2008-4.

The Temporary Insolvency Manager is:

        S. Besschetnova
        Temporary Insolvency Manager
        50 Let Oktyabrya Str. 13
        650000 Kemerovo
        Russia

The Court is located at:

         The Arbitration Court of Kemerovo
         Krasnaya Str. 8
         Kemerovo
         Russia

The Debtor can be reached at:

        OJSC Lugovoe
        652708 Russia
        Estakadnaya Str. 41
        Kiselevsk
        Kemerovo
        Russia


PARTNER LLC: Ryazan Court Starts Bankruptcy Supervision Process
---------------------------------------------------------------
The Arbitration Court of Ryazan commenced bankruptcy supervision
procedure on LLC Partner.  The case is docketed under Case No.
A54-1054/2008.

The Temporary Insolvency Manager is:

        S. Vorobey
        Office 605
        Dzerzhavinskaya Str. 16-a
        392000 Ryazan
        Russia

The Court is located at:

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

The Debtor can be reached at:

        LLC Partner
        Post User Box 113
        Promyshlennaya Str.
        Novomichurinsk
        Ryazan
        Russia


RED STAR: Creditors Must File Claims by July 17
-----------------------------------------------
Creditors of CJSC Red Star have until July 17, 2008, to submit
proofs of claim to:

        S. Suvorov
        Insolvency Manager
        Isaeva Str. 9-58
        Korolev
        141075 Moscow
        Russia

The Arbitration Court of Vladimir commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A11-1066/2008-K1-69B.

The Court is located at:

         The Arbitration Court of Vladimir
         Oktyabrskiy Pr. 14
         600025 Vladimir
         Russia

The Debtor can be reached at:

        CJSC Red Star
        Tatarovo
        Muromskiy
        Vladimir
        Russia


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


ALLIANCE-INVEST: Creditors Must File Claims by June 13
------------------------------------------------------
Creditors of Enterprise with 100% Investment Alliance-Invest
(code EDRPOU 32080155) have until June 13, 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 24, 2008.  The case is docketed as 19/68/08.

The Debtor can be reached at:

         Enterprise with 100% Investment Alliance-Invest
         Mazin Str. 17
         Berdiansk
         71112 Zaporozhje
         Ukraine


BASKET-SPORT Creditors Must File Claims by June 13
--------------------------------------------------
Creditors of LLC Production-Commerce Firm Basket-Sport (code
EDRPOU 20484767) have until June 13, 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 23, 2008.  The case is docketed as 21/72/08.

The Debtor can be reached at:

         LLC Production-Commerce Firm Basket-Sport
         Apartment 48
         Gavrilov Str. 5
         69118 Zaporozhje
         Ukraine


ELINE LLC: Creditors Must File Claims by June 13
------------------------------------------------
Creditors of LLC Eline (code EDRPOU 33152864) have until
June 13, 2008, to submit proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on April 23, 2008, after finding it
insolvent.  The case is docketed as 24/43-B.

The Debtor can be reached at:

         LLC Eline
         Kikvidze Str. 13
         01103 Kiev
         Ukraine


ENERGY BUILDING: Creditors Must File Claims by June 13
------------------------------------------------------
Creditors of LLC Agriculture Energy Building (code EDRPOU
35258566) have until June 13, 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 24, 2008.  The case is docketed as 21/79/08.

The Debtor can be reached at:

         LLC Agriculture Energy Building
         Ruban Str. 5/27
         69124 Zaporozhje
         Ukraine


EURO-TEXTILE CJSC: Proofs of Claim Filing Deadline Set June 13
--------------------------------------------------------------
Creditors of CJSC Euro-Textile (code EDRPOU 30596052) have until
June 13, 2008, to submit proofs of claim to:

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

The Economic Court of Chernovcy commenced bankruptcy supervision
procedure on the company on March 31, 2008.  The case is
docketed as 5/91/B.

The Debtor can be reached at:

         CJSC Euro-Textile
         Sevastopol Str. 40
         58000 Chernovcy
         Ukraine


HOTINAL AGRICULTURAL: Creditors Must File Claims by June 13
-----------------------------------------------------------
Creditors of OJSC Hotinal Agricultural Chemistry (code EDRPOU
05491712) have until June 13, 2008, to submit proofs of claim
to:

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

The Economic Court of Chernovcy commenced bankruptcy proceedings
against the company on April 17, 2008, after finding it
insolvent.  The case is docketed as 1/49/B.

The Debtor can be reached at:

         OJSC Hotinal Agricultural Chemistry
         Niedoboyevtsy
         Hotinsky District
         60005 Chernovcy
         Ukraine


RAPID-EXPRESS LLC: Proofs of Claim Filing Deadline Set June 13
--------------------------------------------------------------
Creditors of LLC Rapid-Express (code EDRPOU 32334722) have until
June 13, 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 supervision
procedure on the company on April 25, 2008.  The case is
docketed as B-19/43-08.

The Debtor can be reached at:

         LLC Rapid-Express
         Krasnooktiabrsky Lane 6
         61002 Kharkov
         Ukraine


SERVICE SENTER: Creditors Must File Claims by June 13
-----------------------------------------------------
Creditors of LLC Service Senter (code EDRPOU 31151539) have
until June 13, 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
proceedings against the company after finding it insolvent.  The
case is docketed as B-24/221-07.

The Debtor can be reached at:  

         LLC Service Senter
         Moscow Avenue 183
         Kharkov
         Ukraine


SHLIAKH HLIBOROBA: Creditors Must File Claims by June 13
--------------------------------------------------------
Creditors of LLC Shliakh Hliboroba (code EDRPOU 31948384) have
until June 13, 2008, to submit proofs of claim to:

         The Economic Court of Chernigov
         Mir Avenue 20
         14000 Chernigov
         Ukraine

The Economic Court of Chernigov commenced bankruptcy proceedings
against the company on April 18, 2008, after finding it
insolvent.  The case is docketed as 9/54b.

The Debtor can be reached at:

         LLC Shliakh Hliboroba
         Proletarsky Lane 8
         Ushnia
         Mensky District
         Chernigov
         Ukraine


UKRAINE AUTO: Moody's Assigns Low-B Ratings on Two Note Classes
---------------------------------------------------------------
Moody's has assigned ratings to two classes of notes issued by
Ukraine Auto Loan Finance No. 1 PLC.

Ratings assigned:

   -- Baa3 to the US$85,800,000 Class A Floating Rate Notes
      due 2018; and

   -- Ba3 to the US$18,700,000 Class B Floating Rate Notes due
      2018.

The Class C notes are not rated.

This transaction is the first public ABS transaction in Ukraine
and is the second publicly rated securitization transaction out
of Ukraine.  Consumer and mortgage lending are growing rapidly
in Ukraine and Moody's believes that more transactions are
likely to come in the intermediate term.

Ukraine Auto Loan Finance No. 1 PLC, a SPV incorporated under
the laws of England and Wales, will issue three classes of US
dollar-denominated notes to fund the purchase of receivables
arising from Ukrainian auto loans originated by PrivatBank.  The
sale agreement and the asset management agreement (servicing
agreement) are governed by Ukrainian law, while the remaining
transaction documents are governed by English law.

The ratings of the notes are inter alia based on:

   (i) the collateral consisting of a portfolio of approximately
       12,700 loans to individuals secured by first ranking
       pledges over motor vehicles located throughout most
       regions of Ukraine,

  (ii) the sound legal structure,

(iii) high credit quality of the transaction parties, in
       particular PrivatBank's (Local Currency long term deposit
       rating Baa3), which make adverse scenarios less likely,

  (iv) credit enhancement provided by excess spread, reserve
       funds, subordination and the PRI Policy; and

   (v) the stand-by asset management arrangements.

The Class A Notes are supported by a PRI reserve fund and a PRI
Policy provided by Steadfast Insurance Company (NR).  In order
to provide coverage during the first 180 days of a PRI Event,
the Issuer has established a political risk insurance reserve
fund to be applied towards payments of the senior expenses and
interest payments due under the Class A Notes for the first 180
days.  After this period, the Issuer will have the benefit for
of an insurance policy for expropriation and currency
inconvertibility issued by Steadfast Insurance Company.  

The PRI policy will insure against the Issuer's inability to
make:

   (i) payments due with respect to the senior expenses; and

  (ii) interest payments due under the Class A Notes as a result
       of an expropriation or currency inconvertibility.  

Steadfast is not rated by Moody's; however, Moody's believes
that the ability and willingness of the insurance company to pay
any claim in this transaction in addition to the PRI reserve,
mitigates the convertibility and expropriation risk to a level
consistent with the Baa3 rating assigned to the notes.

The pool consists of fixed rate loans, denominated in US dollars
and secured by first ranking pledges over motor vehicles in most
of the regions of the Ukraine.  The servicing will be performed
by PrivatBank, while Ukeximbank is the contracted back-up
servicer for this transaction.  The SPV will enter into an
interest rate cap agreement with UBS AG in order to hedge its
exposure due to the mismatch of the fixed rate interest received
under the mortgage pool and the floating rate interest payments
due under the Notes.  The interest rate cap agreement is not
consistent with Moody's criteria.  Therefore the hedging
arrangements for this transaction may introduce some incremental
risk to the ratings of the Notes in the event the ratings of the
swap counterparty declines.

Besides a reserve fund of US$4,18 million (4.0% of the initial
senior note balance), the notes are supported by the PRI reserve
fund (see above), a contingency reserve in the amount of
US$250,000 (0.14% of the initial note balance) and a set off
reserve in the amount of US$880,000 (0.80 % of the initial note
balance).

The Notes will amortize sequentially.

The ratings on the Class A address the expected loss posed to
investors by the legal final maturity.  In Moody's opinion, the
structure allows for timely payment of interest and ultimate
payment of principal with respect to the Class A Notes and for
ultimate payment of interest and ultimate payment of principal
with respect to the Class B Notes.  These ratings do not address
the probability that the step-up amounts will be paid on the
floating rate Notes.  Moody's ratings address only the credit
risks associated with the transaction.  Other non-credit risks
have not been addressed, but may have a significant effect on
yield to investors.


UKRAINIAN PRODUCTION: Creditors Must File Claims by June 13
-----------------------------------------------------------
Creditors of LLC Ukrainian Production Supply (code EDRPOU
23682290) have until June 13, 2008, to submit proofs of claim
to:
         
         The Economic Court of Kirovograd
         Lunacharski Str. 29
         25006 Kirovograd
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on April 22, 2008, after finding it
insolvent.  

The Debtor can be reached at:

         LLC Ukrainian Production Supply
         Komarov Str. 7
         25050 Kirovograd
         Ukraine


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


ARVINMERITOR INC: Moody's Affirms B1 Corporate Family Rating
------------------------------------------------------------
Moody's affirmed the ratings of ArvinMeritor, Inc., Corporate
Family Rating, B1; Probability of Default Rating, B1; senior
secured bank credit facilities, Ba1; senior unsecured notes, B2;
and Speculative Grade Liquidity Rating, SGL-2.  The outlook is
stable.

On May 28, 2008 ArvinMeritor provided additional detail on its
plan to spin off its Light Vehicle Systems business to
ArvinMeritor shareholders with the Commercial Vehicle Systems
business remaining with ArvinMeritor.  The Company originally
announced on May 6 that its board of directors had approved this
plan.  The name of the spun off LVS business will be Arvin
Innovation, Inc.  The announcement on May 28, 2008 outlined
liabilities which will be transferred to Arvin Innovation,
including certain pension and retiree medical liabilities, net
asbestos liabilities, environmental, and other employee
liabilities.  Arvin Innovation is expected to have approximately
US$100 million of cash on hand at the closing of the
transaction, and US$200-250 million in borrowing arrangements
with approximately US$125 million drawn under these facilities.
According to the Form-10, Arvin Innovation is expected to be in
a position to make a cash payment to ArvinMeritor, as part of
the transaction.  Pro forma for March 31, 2008 this amount would
have been approximately US$100 million.  This amount is expected
to be used for debt repayment by ArvinMeritor.  All of
ArvinMeritor's existing senior unsecured debt is expected to
remain with ArvinMeritor after the transaction, along with its
existing senior secured bank credit facility.

The B1 affirmation of ArvinMeritor's Corporate Family Rating
reflects that while a certain amount of the company's diversity
profile will be lost, a significant portion of revenues will
continue to come from outside of North America and the company
will continue to have good diversity in its end customer and
product markets.  ArvinMeritor's improving operating performance
in the recent quarters, resulting from the benefits of the
company's restructuring actions and a somewhat stable commercial
vehicle market, is expected to support the current B1 corporate
family rating.  Subsequent to the spin off, ArvinMeritor should
demonstrate improved operating performance as a result of
restructuring and cost reduction initiatives in its CVS
operations.  These initiatives, combined with the company's
already competitive market position in the commercial vehicle
supplier sector, should enable it to better navigate industry
cyclicality, regulatory requirements, and increasing raw
material costs.

At March 31, 2008, ArvinMeritor's LTM EBIT/Interest coverage was
1.4x and debt/EBITDA was 7.1x, both including Moody's standard
adjustments.  The company's recent quarterly performance has
demonstrated the benefits of restructuring actions taken.
ArvinMeritor has affirmed its previous fiscal 2008 guidance.
However, Moody's expects that the opportunity for North American
commercial vehicle production levels in 2008 to significantly
outpace prior year levels is becoming increasingly uncertain
given current general economic indicators and high fuel costs.
Although this slowdown in end market demand could moderate the
pace of improvement in the company's credit metrics during 2008,
these measures should nevertheless become increasingly
supportive of the B1 rating.  Moreover, Moody's anticipates some
level of industry pick up in 2009 due to the combination of pre-
buy activity and fleet replacement.

Ratings affirmed:

ArvinMeritor, Inc.

   -- Corporate Family Rating at B1
   -- Probability of Default at B1
   -- Senior Secured bank debt at Ba1 (LGD1, 7%)
   -- Senior Unsecured notes at B2 (LGD4 61%)
   -- Shelf unsecured notes at (P)B2 (LGD4 61%)
   -- Speculative Grade Liquidity rating, SGL-2

Arvin International PLC

   -- Unsecured notes guaranteed by ArvinMeritor, Inc. at B2
     (LGD4 61%)

The last rating action was in October 2007 at which time Moody's
lowered ArvinMeritor's ratings.

ArvinMeritor, Inc., headquartered in Troy, MI, is a global
supplier of a broad range of integrated systems, modules and
components serving light vehicles, commercial trucks, trailers,
and specialty original equipment manufacturers as well as
certain aftermarkets.  Revenues in fiscal 2007 were
approximately US$6.4 billion.


AUTOMATED SECURITY: Taps Liquidators from Smith & Williamson
------------------------------------------------------------
Peter William Engel of Smith & Williamson Restructuring and
Recovery Services were appointed joint liquidators of Automated
Security Technologies Ltd. on May 20 for the creditors'
voluntary winding-up procedure.

The liquidator can be reached at:

         Smith & Williamson Restructuring and Recovery Services       
         Portwall Place
         Portwall Lane
         Bristol
         BS1 6NA
         England


AY BANK: Liquidators Fifth Dividend Payout for Unsec. Creditors
---------------------------------------------------------------
The liquidators of AY Bank Ltd., Jeremy Willmont and David Rolph
of Moore Stephens, have declared a fifth dividend which brings
unsecured creditors' payout up to 100 pence in the GBP.

"I am absolutely delighted that depositors have been paid back
all of their money.  It's take a lot of hard work over almost
nine years.  At a time when bank liquidity is very much in the
news, this case demonstrates how much can eventually be
recovered from assets, provided you adopt the right approach,"
Mr. Willmont disclosed.

"AY Bank had a particularly difficult loan book to collect.  
Much of its business was inter-bank lending and most borrowers
were in the former Yugoslavian republics, whose economies had
been ravaged by the effects of war.  Their banking sectors were
facing much tougher conditions than we have yet seen in the
credit crunch today," Mr. Willmont added.

In 1999, Moore Stephens was appointed by the court as AY Bank's
administrators after its assets were frozen by international
sanctions against the Milosovic regime.  The administrators
continued trading the bank for four years as part of their
strategy to protect the loan book while sanctions remained in
force.  

By the time the sanctions were lifted, rehabilitations of the
bank was no longer possible, and it was placed into liquidation
in 2003.  However, Moore Stephens' negotiations to reschedule
the loan book during the administration period provided the
financial platform which ultimately resulted in a 100% payout
for creditors.

During the trading period, the bank retained its FSA
authorization.  It was also overseen by the Sanctions Emergency
Unit of the Bank of England.

Mr. Willmont commented, "The officials at the FSA and the Bank
of England were extremely professional, providing all the
assistance they could.  Due to the regulators' requirements, the
bank's capital levels were high and it had an effective
management team at the time we were appointed.  These were
important factors in the final outcome for depositors.  For AY
Bank, supervision worked."

Moore Stephens -- http://www.moorestephens.co.uk-- offers  
audit, business support, corporate finance, corporate recovery,
dispute analysis, financial services, insurance broking, IT
consultancy, pensions audit, risk advisory services, tax and
trusts & estates services.  Its U.K. network comprises over
1,400 partners and staff.

AY Bank Limited is an English company that was authorized by the
FSA to carry on regulated activities.  Its shareholders include
banks in Serbia and the other former Yugoslavian republics.
Financial sanctions against Serbia were imposed by the US and EU
in June 1999.  AY Bank's assets were frozen by these sanctions
because it was considered to be controlled by the Milosovic
regime in Serbia.

AY Bank was placed into administration on June 25, 1999.  The
administration ended and the bank went into liquidation on Sept.
23, 2003, when creditors voted unanimously for Jeremy Willmont
and David Rolph of Moore Stephens LLP to continue in office.


BEST BAKERIES: Goes Into Administration Due to Cashflow Problems
----------------------------------------------------------------
Best Bakeries Ltd. has gone into administration resulting from
cashflow problems, BBC News reports.

According to the report, the company's management had decided to
reduce workforce to 55 employees.  

The report says the firm will continue supplying Ferrari’s Fresh
Bakery Limited and its 60 shops.  Business will continue and
will not affect the continuing trading operation of these shops.

The report adds, 40 employees remained at the site.

Best Bakeries Limited is based in Hirwaun, South Wales.


BRITISH AIRWAYS: Increase in Fuel Surcharge Takes Effect June 3
---------------------------------------------------------------
British Airways will increase its fuel surcharge on all tickets
issued starting Tuesday, June 3, 2008.

The surcharge for short haul flights will increase by GBP3 per
flight, from GBP13 to GBP16 per flight.

The surcharge for long haul flights of less than nine hours will
increase by GBP15 per flight, from GBP63 to GBP78 per flight.

The surcharge for long haul flights of more than nine hours will
increase by GBP30 per flight, from GBP79 to GBP109 per flight.

The company's decision reflects continuing high oil prices.

British Airways will also increase its fuel surcharges by
similar levels in markets outside the UK.

                    About British Airways

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

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

                        *     *     *

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


CABLE & WIRELESS May Submit Takeover Offer for Thus Group Plc
--------------------------------------------------------------
Cable & Wireless Plc notes the recent movement in the share
price of Thus Group plc ("Thus") and confirms that it has made a
preliminary approach to the Board of Thus in relation to a
possible offer for the company.

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

                        *     *     *

As reported in the Troubled Company Reporter-Europe on
May 26, 2008, Standard & Poor's Ratings Services has revised its
outlook on Cable & Wireless PLC to developing from stable.  The
developing outlook means ratings can be raised, lowered, or
affirmed.  The 'BB-' long-term and 'B' short-term corporate
credit ratings remain unchanged.


CELESTICA INC: Moody's Affirms B1 Corporate Family Rating
---------------------------------------------------------
Moody's Investors Service affirmed Celestica Inc.'s corporate
family (B1), senior subordinated notes (B3), and speculative-
grade liquidity (SGL-2) ratings and revised the outlook to
stable from negative.

The outlook change to stable reflects Celestica's improved
operating and financial performance over recent quarters with
tangible improvements in profitability, cost reductions via its
ongoing restructuring program, and continued free cash flow
generation against the backdrop of challenging market conditions
in the EMS space.  Despite nearly US$150 million in customer
disengagements, Celestica maintained flat to slightly negative
topline revenue and has been able to demonstrate operating
margin expansion through greater operating efficiency, by
focusing on more profitable programs, while consciously walking
away from unprofitable customer relationships.  In addition,
cost rationalization and improved execution at the company's
historically poor performing Mexican and European business units
have started to show signs of stabilization and are expected to
be breakeven to slightly accretive by year end 2008.  The stable
outlook also reflects Moody's expectations that Celestica will
continue to demonstrate a stable credit profile as a result of
better financial discipline, operating leverage enhancement
resulting from a higher variable cost structure, improved
customer service and meaningful program wins as evidenced by
revenue growth, and continued generation of modest free cash
flow.

The B1 CFR reflects:

   (i) the continued excess capacity in the EMS sector;

  (ii) Celestica's sub-par asset utilization and ongoing
       business restructurings, which have totaled roughly  
       US$435 million since January 2005 (with an additional
       US$50-US$75 million remaining in fiscal 2008);

(iii) expectations of continued pressure in the telecom and IT
       networking spaces as OEM consolidation combined with     
       heightened competition from Asian outsourcers have
       negatively impacted volumes;

  (iv) the potential for prolonged restructurings, which
       inevitably would serve as a major distraction for
       management in an industry where management focus and
       execution are key competitive differentiations;
   
   (v) very thin operating margins (2.5% for LTM ended March
       2008), albeit improved from historical levels, leaving
       little cushion for operational setbacks.

The rating is also supported by the company's status as a Tier 1
EMS provider, solid liquidity position with approximately US$1.1
billion of cash balances as of March 2008, improving financial
leverage as measured by debt to EBITDA (Moody's adjusted) of
3.6x as of March 2008 compared to 3.8x at FYE 2006, and better
working capital management leading to a reduction in the cash
conversion cycle (47.5 days as of March 2008 compared to 50.6
for FYE 2006) as well as enhanced cash flow generation helping
to mitigate lower revenue growth.

Ratings affirmed:

   -- Corporate Family Rating at B1

   -- Probability of Default Rating at B1

   -- US$500 million 7.875% Senior Subordinated Notes due 2011
      at B3 (LGD-5, 85%)

   -- US$250 million 7.625% Senior Subordinated Notes due 2013
      at B3 (LGD-5, 85%)

   -- Speculative Grade Liquidity Rating at SGL-2

Headquartered in Toronto, Canada, Celestica Inc. is a global
provider of electronic manufacturing services to original
equipment manufacturers in the information technology and
communications industry.  For the last twelve months ended
March 31, 2008 (LTM), the company generated revenues and EBITDA
(Moody's adjusted to exclude restructuring charges) of US$8.1
billion and US$362 million, respectively.


DDAT LTD: Calls In Administrators; In Talks With Possible Buyers
----------------------------------------------------------------
Joanne Wright, Fraser Gray and Jamie Gleave, all of Kroll, were
appointed joint administrators of DDAT (UK) Ltd. and Camden
Holdings Ltd. on May 28, 2008.  Joanne Wright is licensed by the
Insolvency Practitioners Association, Fraser Gray by the
Institute of Chartered Accountants in Scotland and Jamie Gleave
by the Institute of Chartered Accountants in England and Wales.

The joint administrators will be contacting all known creditors
within the next seven days to formally advise of their
appointment.

The joint administrators are in discussions with potential
purchasers of the business with the aim of securing a sale which
provides continuity of treatment for customers.

The affairs, business and property of the companies are being
managed by the joint administrators.  The joint administrators
act as agents of the companies and without personal liability.

The joint administrators can be reached at:

         Kroll
         The Observatory
         Chapel Walks
         Manchester
         M2 1HL
         England

According to a spokesman for Dore, whose 13 centers in the UK
were shut down with immediate effect, "every treatment was being
sold at a loss."

The spokesman added a statement was being prepared on a way to
restructure the company.

                       About Dore

The Dore Programme, also known as the Dyslexia, Dyspraxia and
Attention Deficit Treatment Center (DDAT), was founded by
Wynford Dore, whose daughter Susie was diagnosed as severely
dyslexic at the age of nine.

The first Dore center was established in the UK in 2000.


GRETNA FOOTBALL: Relegated to Scottish Third Division
-----------------------------------------------------
The Scottish Premier League resolved to relegate Gretna Football
Club Ltd. to the Scottish Third Division, saying "there was no
commitment from the administrator that it could fulfill the
fixtures next season," Times Online reports, citing SFL chief
executive David Longmuir.

Gretna, Times Online relates, is also facing expulsion from the
league unless it could find a buyer within a week.

The paper says the SFL will invite applicants to replace the
club if takeover talks with a consortium led by Paul Davies
fail.

A TCR-Europe on May 23, 2008 disclosed Gretna laid off its
remaining 40 staff members, including players, with immediate
effect after administrators failed to meet a May 17, 2008
deadline to find a buyer.

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

Gretna went into administration on March 10, 2008 with debts of
about GBP4 million.


J T FRITH: Brings In Administrators from Deloitte & Touche
----------------------------------------------------------
William Kenneth Dawson and Nicholas Guy Edwards of Deloitte &
Touche LLP were appointed May 23, 2008, joint administrators of:

   -- J.T. Frith Holdings Ltd. (Company Number 5113830);
   -- J.T. Frith Ltd. (Company Number 1431531); and
   -- J.T. Frith Group Ltd. (Company Number 5113946).

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

The company can be reached at:

          J.T. Frith Ltd.
          Ollerton Road
          Newark
          Nottinghamshire
          NG22 0PQ
          England
          Tel: 01623 648 149
          Fax: 01623 626 179


JUST SMILE: Brings In Liquidators from Mazars
---------------------------------------------
Robert David Adamson and Paul Charlton of Mazars LLP were
appointed joint liquidators of Just Smile Ltd. on May 19 for the
creditors' voluntary winding-up proceeding.

The liquidator can be reached at:

         Mazars LLP
         Mazars House
         Gelderd Road
         Gildersome
         Leeds
         LS27 7JN
         England


LEICESTER ENGINEERING: Finco Taps Receivers from Begbies
--------------------------------------------------------
Finco Holdings Ltd. appointed Paul F. Finnity and Robert Michael
Young of Begbies Traynor joint administrative receivers of
Leicester Engineering Services Ltd. (Company Number 02815367) 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:

          Leicester Engineering Services Ltd.
          86 90 Scudamore Road
          Leicester
          Leicestershire
          LE3 1UQ
          England
          Tel: 0116 233 5533
          Fax: 0116 233 5550
          Web site: http://www.leicesterengineering.co.uk/


MAGNOLIA IV: Moody's Junks Rating on US$30 Million Notes
--------------------------------------------------------
Moody's Investors Service downgraded and kept on review for
possible downgrade the notes issued by Magnolia Finance IV plc.

Rating action:

Tranche Description: Series 2005-2 US$30,000,000 Portfolio
Credit Linked Notes due 2045

   -- Current Rating: Caa1, on review for possible downgrade

   -- Prior Rating: Ba2, on review for possible downgrade

According to Moody's, this rating action is the result of
adverse rating migration in the transaction's reference
portfolio, which consists primarily of structured finance
securities.  These securities are senior and mezzanine tranches
of CDO transactions where the underlying exposures are US RMBS
and ABS.

Moody's has also considered in its rating review the current and
potential accretion (as per the transaction documents) of the
collateral, Kreditanstalt fuer Wiederaufban Callable Zero Coupon
Notes due Dec. 20, 2045.  The accretion creates
overcollateralization which can partially offset the potential
losses of the reference portfolio.


NORTH EAST SLEEPCENTRE:  Taps Joint Administrators from Begbies
---------------------------------------------------------------
Simon Lundy and Andrew D. Haslam of Begbies Traynor were
appointed joint administrators of North East Sleepcentre Ltd.
(Company Number 03381899) on May 19, 2008.

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

The company can be reached at:

          North East Sleepcentre Ltd.
          Unit 4 Dutton Court
          Chainbridge Road
          Blaydon-on-Tyne
          Tyne and Wear
          NE21 5ST
          England
          Tel: 0191 414 7293
          Fax: 0191 414 1233


ROUND THEATRE: Goes Into Voluntary Liquidation
----------------------------------------------
Newcastle upon Tyne-based The Round Theatre Ltd., known as the
home of Bruvvers Theatre, has experienced financial difficulties
and the directors have taken the decision to enter into
voluntary liquidation.

The Round was the company that operated the theater, under a
lease from Bruvvers.

The theater is unable to continue to pay its lease, due to the
voluntary liquidation, and so the lease reverts to Bruvvers.

The theater was a separate company and that its voluntary
liquidation will have no effect on Bruvvers operations
whatsoever.


SILVERJET PLC: Calls in Administrators over Funding Crunch
----------------------------------------------------------
Silvejet Plc appointed May 30, 2008, administrators from Begbies
Traynor LLC after failing to avail of a US$5 million drawdown
request made under its loan facility with Viceroy Holdings LLC,
various reports say.

The company had disclosed that due to limited working capital
reserves, it needed urgent advances under the loan facility.

The company suspended its flight operations May 30, 2008, after
announcing its administration status.

Silverjet blamed its collapse to its inability to raise fares
fast enough to compensate with the rapid increase in fuel
prices.

                              Sale

Mark Fry partner, Begbies Traynor told BBC News that a number of
parties have expressed interest in acquiring Silverjet, adding
that a sale is likely to be concluded.

Silverjet's administrators will undertake a review of its
assets, but the carrier said it did not believe there was likely
to be any value realized for shareholders, Reuters relates.

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

Headquartered in London, United Kingdom, Silverjet plc --
http://www.flysilverjet.com/-- operates flights between London  
and New York and Dubai.


TITAN EUROPE: S&P Puts B Rating on Class G Notes Under WatchNeg
---------------------------------------------------------------
Standard & Poor's Rating Services has placed on CreditWatch with
negative implications its 'B' rating on the class G notes issued
by Titan Europe 2007-3 Ltd.  The ratings on the other classes in
the transaction remain unaffected.
  
The CreditWatch placement is a consequence of S&P's concerns
regarding one of the underlying U.K.-based commercial loans, the
Auric loan.  The rating agency has increasing uncertainty
concerning the ability of the borrower to repay the whole loan
principal balance in a timely manner at loan maturity in January
2009.
  
S&P will now carry out a full and detailed analysis of all loans
within the transaction, with particular focus on this loan, the
Lovat Lane Loan, and A&A Express loan, which have potential
refinance risk.  The rating agency will also focus on the
Bacchus and Metro loans, which demonstrate potential term risk.  
It will resolve the CreditWatch placement on the class G notes
once it has carried out the review.


UNIQ EXTRUSIONS: Taps Joint Administrators from Begbies Traynor
---------------------------------------------------------------
W. John Kelly and John A. Lowe of Begbies Traynor were appointed
joint administrators of Uniq Extrusions Ltd. (Company Number
04573708) on May 22, 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:

          Uniq Extrusions Ltd.
          Rassau Industrial Estate
          Ebbw Vale
          Gwent
          NP23 5SD
          England
          Fax: 01495 352 198  
          Web site: http://www.uniq-extrusions.com/


VCW VOICE: Calls In Liquidator from Smith & Williamson
------------------------------------------------------
Neil Francis Hickling of Smith & Williamson Ltd. was appointed
liquidator of VCW Voice Ltd. on May 22 for the creditors'
voluntary winding-up procedure.

The liquidator can be reached at:

         Smith & Williamson Ltd.
         No. 1 St. Swithin Street
         Worcester
         WR1 2PY
         England


VIRGIN MEDIA: Fitch Lifts Long-term Default Rating to BB-
---------------------------------------------------------
Fitch Ratings upgraded Virgin Media Inc.'s Long-term Issuer
Default Rating to 'BB-' from 'B+' and affirmed the Short-term
IDR at 'B'.  Following the upgrade, the Outlook is now Stable.

At the same time Virgin Media Investment Holdings Ltd.'s (VMIHL)
GBP5.3 billion senior secured bank facility is affirmed at
'BB+'.

Virgin Media Finance Plc's senior unsecured notes are affirmed
at 'BB'.  In accordance with Fitch's published methodology for
issuers rated 'BB-' or above, the Recovery Ratings will no
longer be published on these instruments.

Virgin Media Finance PLC bonds:

   -- GBP375 million 9.75% senior notes due 2014: 'BB';
   -- US$425 million 8.75% senior notes due 2014: 'BB';
   -- EUR225 million 8.75% senior notes due 2014: 'BB'; and
   -- US$550 million 9.125% senior notes due 2016: 'BB'.

"The upgrade of Virgin Media's IDR reflects the stabilized
performance in a very competitive market, as well as the
achievement and maintenance of financial metrics more consistent
with a 'BB minus' rating," says Michelle De Angelis, Senior
Director in Fitch's European Leveraged Finance team.

"In H207 the company succeeded in turning around the decline in
customers it had experienced for several quarters before then
and continues to exhibit extremely strong triple-play metrics
which, we believe, will remain a key competitive advantage and
defence against churn."

Covering approximately 50% of UK households, Virgin Media offers
the only extensive fixed-line alternative to the incumbent
network, and is well-positioned to take advantage of the higher
broadband speeds that are available to its customers than will
be achievable for the majority of the population on DSL, an
increasingly important factor for a speed-focused customer base.

Although Virgin Media admits that there is limited value in
competing with Sky on the basis of its dominant premium TV
offering, Fitch believes the bundled packages Virgin Media
offers to its customers, together with its broadband speeds,
will prove a key differentiating factor in the UK market.

Despite aggressive competition from Sky, which now offers
broadband and telephony as well as satellite TV, Virgin Media
has regained positive momentum in all areas of its residential
cable segment and merits "second incumbent" status, in the
agency's view.  With 51.3% of customers taking all three of its
cable services at Q108, Virgin Media's revenue generating units
per subscriber metric is a market-leading 2.32.  This enabled
the company to record only a small decline in ARPUs during 2007
and Q108, reaching GBP41.91 at end-Q108, despite intensified
broadband competition in the UK market.

Overall, cable revenues were down 3% in 2007, but pro forma
cable operating cashflow grew 1.5% in the year to GBP1,162
million as a direct result of operating cost improvements,
equivalent to an improvement in OCF margin to 37.2% from 35.5%.
Content revenues were down 4% in 2007 compared to 2006 and
content OCF was down 51% to GBP13 million as a result of a new
Sky carriage agreement.

The mobile business performance has been patchy, but the cross-
selling of contract mobile into the cable customer base has
enabled relatively consistent growth in postpaid subscribers
despite volatile churn in the prepaid base, resulting in a small
net decline in total mobile customers to 4.4 million at Q108,
but relatively stable ARPU year-on-year for Q108.  Overall, the
momentum was positive, with total net revenues growing 5% to
GBP4.074 billion and OCF growing 6.9% to GBP1.284 billion in
2007, assisted by synergy and efficiency benefits.  Q108 results
were stronger still, with trailing 12 months OCF reaching
GBP1.302 billion.

Net leverage was 4.4x at Q108 and at YE07, reduced from 4.8x at
YE06, and funds from operations (FFO)-to-net interest was 2.7x
in 2007, up from 2.5x in 2006.

This compares well to similarly rated peers such as Telenet and
Kabel Deutschland.  Having completed the recent US$1 billion
convertible notes issue and applied the proceeds in partial
prepayment of the senior secured facilities, the company's next
substantial scheduled debt amortization comes in 2010, when a
total of GBP1.1 billion will fall due.

Despite the substantial amount, Fitch does not anticipate that
Virgin Media will encounter difficulties in making this
repayment.  Not only does the company generate comfortable
levels of annual free cashflow, but the recent convertible issue
is evidence that there are a number of other external financing
solutions available to the company which it could utilize for a
partial refinancing of those installments if necessary.  Hence,
the upcoming debt maturity schedule is not a constraint on the
company's ratings.


VISAGE CDO: S&P Junks Ratings on Three Note Classes
---------------------------------------------------
Standard & Poor's Ratings Services has lowered to 'D' from 'CC'
its ratings on the class A, B, and C secured and deferrable
floating-rate notes issued by Visage CDO I PLC.
  
These ratings defaults follow the execution of an enforcement
priority of payments.  On May 12, 2008, the trustee issued a
notice stating that the collateral had been enforced, and that
all available proceeds had been  distributed, with no further
payments on the notes anticipated.  The available funds were
insufficient to redeem the class A, B, C, D, E, or F notes in
this transaction.
  
On March 6, 2008, S&P received a notice of enforcement from the
trustee.  This stated that the total return swap counterparty,
as the controlling class, had directed the trustee to declare
Visage CDO I's notes due immediately.  In turn, this triggered a
termination of the total return swap agreement.
  
The notice of enforcement followed a previous notice declaring
an event of default as of March 3, 2008.  The event of default
occurred under condition 11 of the notes' indenture after the
class A par value ratio fell below 100%.  
  
All the notes were originally placed on CreditWatch with
negative implications on Nov. 28, 2007 as a result of the
deteriorating collateral credit quality.  The ratings on the
class A, B, and C notes were lowered on Feb. 5, 2008 while
remaining on CreditWatch negative, and the notes were downgraded
further and removed from CreditWatch negative on March 11, 2008
as a result of the notice of enforcement issued by the trustee.
  
Visage CDO I is a hybrid collateralized debt obligation (CDO)
transaction backed by asset-backed securities (ABS),
predominantly U.S. CDOs.  TCW Asset Management Co. is the
investment manager.


* UK Banking Systems Faces Negative Credit Outlook, Moody's Says
----------------------------------------------------------------
The fundamental credit outlook for the UK banking system is
negative, as the domestic economy has entered a downturn that is
likely to result in an increase in bad debts for lenders as well
as lower lending volumes and lower profitability, says Moody's
Investors Service in its new Banking System Outlook for the
United Kingdom.

Moody's negative outlook for the UK banking system expresses the
rating agency's view on the likely future direction of
fundamental credit conditions in the industry over the next 12
to 18 months.  It does not represent a projection of rating
upgrades versus downgrades.

The rating agency's central risk scenario for the UK economy
assumes a marked slowdown in private consumption in 2008, driven
by more restrictive borrowing conditions, and a downward
correction in house prices -- all of which poses challenges for
the UK banking system.

"In addition, the global credit crisis continues to lead to
significant writedowns of structured exposures for some of the
larger UK banks and funding stresses for smaller institutions.
Relatively lower capital levels at some of the UK banks have
left them less well prepared to enter a more challenging
operating environment," say the authors of the report.  Moody's
continues to examine the ability of banks to absorb the stresses
through their capital and earnings.

Despite the challenges, Moody's still considers the overall
financial strength of the UK banking sector to be strong.  The
large banks have solid franchises supported by considerable
diversification of earnings by product and geography, and strong
liquidity underpinned by diversified funding sources and stable
deposit bases.

"The liquidity crisis at Northern Rock -- and the subsequent
time it took regulators and governments to finalize their
response to such a crisis -- has led to a sharp re-focus on the
liquidity planning of UK institutions and stability of their
funding sources.  Notwithstanding this incident, our analysis
suggests that the liquidity position of the major UK banks
remains stable and well diversified," Moody's analysts explain.

The rating agency's key concerns for mortgage lenders are asset
quality and funding.  However, on the basis of its stress tests,
Moody's does not expect the underlying asset quality of the
mortgage lenders' portfolios to deteriorate to such an extent
that it eats into their core capital base.  In addition, whilst
some mortgage lenders have very strong retail deposit bases,
those that do not have put in place additional funding measures
that should enable them to weather the difficulties in the
capital markets.

Moody's has taken rating actions on nine entities within the UK
banking sector since the start of the credit crisis, primarily
as a result of these challenges.  Although it believes most
entities can manage the downturn at current rating levels, some
further adjustments of ratings are possible in 2008.

  
                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *