TCREUR_Public/080603.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

              Tuesday, June 3, 2008, Vol. 9, No. 109

                            Headlines


A U S T R I A

KAVGAM HANDEL: Claims Registration Period Ends June 23
NAGLER & EBERLE: Claims Registration Period Ends June 23
SKG HANDEL: Claims Registration Period Ends June 25
TACI LLC: Claims Registration Period Ends June 24
TMD LLC: Claims Registration Period Ends June 20


F R A N C E

FCC SPARC: S&P Rates EUR39.2 Mln Class D Notes at BB
WARNER MUSIC: S&P Keeps BB- Corp. Credit Rating and Off Watch


G E R M A N Y

3B-DIESEL GMBH: Claims Registration Ends June 19
ARS DENTI: Claims Registration Period Ends June 18
AUTO-PAPST GMBH: Claims Registration Ends June 19
BURKART METALLVERARBEITUNG: Claims Registration Ends June 19
COGNIS GMBH: High Financial Debt Cues S&P to Hold B Rating

FESTSPIELHAUS HELLERAU: Claims Registration Period Ends June 18
FLEX BAU: Claims Registration Ends June 19
G.I.M. GESTALTEN: Claims Registration Period Ends June 18
GLAS + BAUELEMENTE: Claims Registration Period Ends June 18
JAMALI TREND: Claims Registration Ends June 19

LAP-MONTAGE: Claims Registration Period Ends June 12


I T A L Y

ALITALIA SPA: EUR300-Mln Loan Enough for 12-Month Operation
ALITALIA SPA: Italian Consortium Eyes 4,500 Job Cuts
ALITALIA SPA: OAO Aeroflot May Not Pursue Stake Bid
PARMALAT SPA: Allocated Shares Hikes Stock Capital
SEAT PAGINE: Expects Weak Second Quarter on Slow Economy


K A Z A K H S T A N

AKTOBE JER: Creditors Must File Claims by July 4
BAIKO SERVICE: Claims Deadline Slated for July 8
IRONMARK LLP: Claims Filing Period Ends July 9
KASPIY NEFT-K: Creditors' Claims Due on July 8
KAZAKH INVEST: Claims Registration Ends July 4

MUNAI-COMPLECT LLP: Creditors Must File Claims by July 9
SPETS NEFTE: Claims Deadline Slated for July 8
TENGIZCARGO KAZAKHSTAN: Claims Filing Period Ends July 8
UG-MERKUR-AVTO LLP: Creditors' Claims Due on July 8


K Y R G Y Z S T A N

KTU-SHYDYR-TRANS LLC: Creditors Must File Claims by July 9


L U X E M B O U R G

AK BARS: Moody's Rates Loan Participation Notes at Ba2
AK BARS: Fitch Assigns BB Ratings to Senior Bond Issue
AMERICAN AXLE: S&P Cuts Corporate Credit Rating to BB-


N E T H E R L A N D S

E-MAC DE: Moody's Reviews Ratings on Notes and May Downgrade
QUEBECOR WORLD: Sells European Operations to HHBV for EUR133 Mln
SCIENTIFIC GAMES: S&P Rates Proposed US$200 Mln Notes at BB-
SCIENTIFIC GAMES: Moody's Rates Proposed US$200 Mln Notes at Ba3


R U S S I A

COMSTAR UNITED: Acquires Interlink Group for RUR200 Million
EUROCHEM MINERAL: S&P Lifts Rating to BB on Improved Operation
GOLDEN TELECOM: Moody's Withdraws Ba3 Rating on Business Reasons
MOBILE TELESYSTEMS: Names Mikhail Shamolin as Chief Executive
SISTEMA JSFC: Appoints Leonid Melamed as President and CEO

TRANS-STROY-INVEST: Kemerovo Bankruptcy Hearing Set July 23
TYAZHEKS OJSC: Court Names A. Khomenkov as Insolvency Manager
ULYANOVSK-MOSTO-STROY: Court Names A. Ivanov to Manage Assets
URAL-OIL-TEKHNO-SERVICE: Creditors Must File Claims by July 17
ZARYA CJSC: Court Starts Bankruptcy Supervision Procedure


U K R A I N E

UKRAINE AUTO: Fitch Rates US$18.7 Mln Class B Notes at B


U N I T E D   K I N G D O M

ADVANCED MANUFACTURING: Claims Filing Period Ends June 24
ANDREW GEER: Brings In Administrators from BDO Stoy
AYURVEDA HOLDINGS: Brings In Liquidators from Ernst & Young
BRITISH ENERGY: Opens GBP3.5 Mln Nuclear Power Academy
CLEAR CHANNEL: S&P's B+ Credit Rating Remains on Watch Negative

ERS REALISATIONS: Creditors' Meeting Slated for June 10
FIORENTE FUNDING: Moody's Junks Ratings on Two Note Classes
FORUM COMPUTERS: Claims Filing Period Ends July 20
HEXCEL CORP: Moody's Affirms Ba3 Corporate Family Rating
IRON MOUNTAIN: S&P Rates US$300 Mln Subordinated Notes at B+

NORTHWORLD LTD: Appoints Joint Administrators from Deloitte
PERSIL SERVICES: Timpson Buys Business Out of Administration
PROFESSIONAL RECRUITMENT: Court Appoints Provisional Liquidator
TAG4 LTD: Calls In Liquidators from Tenon Recovery
TRADE BINDERS: Appoints BDO Stoy as Joint Administrators


* Large Companies with Insolvent Balance Sheet


                            *********

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


KAVGAM HANDEL: Claims Registration Period Ends June 23
------------------------------------------------------
Creditors owed money by LLC Kavgam Handel (FN 270542g) have
until June 23, 2008, to file written proofs of claim to court-
appointed estate administrator Hannelore Pitzal at:

          Dr. Hannelore Pitzal
          c/o  Mag. Katharina Pitzal
          Paulanergasse 9
          1040 Vienna
          Austria
          Tel: 587 31 11, 587 31 12, 587 87 50
          Fax: 587 87 50-50
          E-mail: office@pitzal-partner.at    

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:15 a.m. on July 7, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1705
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on May 9, 2008 (Bankr. Case No. 3 S 48/08s).  Katharina Pitzal
represents Dr. Pitzal in the bankruptcy proceedings.


NAGLER & EBERLE: Claims Registration Period Ends June 23
--------------------------------------------------------
Creditors owed money by LLC Nagler & Eberle (FN 77554a) have
until June 23, 2008, to file written proofs of claim to court-
appointed estate administrator Johannes Jaksch at:

          Dr. Johannes Jaksch
          Landstrasser Hauptstrasse 1/2
          1030 Vienna
          Austria
          Tel: 713 44 33, 713 34 05
          Fax: 713 10 33
          E-mail: kanzlei@jsr.at    

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

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 2101
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on May 9, 2008 (Bankr. Case No. 38 S 27/08k).  


SKG HANDEL: Claims Registration Period Ends June 25
---------------------------------------------------
Creditors owed money by LLC SKG Handel (FN 251338s) have until
June 25, 2008, to file written proofs of claim to court-
appointed estate administrator Michael Ludwig Lang at:

          Mag. Michael Ludwig Lang
          c/o Mag. Wolfgang Herzer
          Schuettelstrasse 55
          Carre Rotunde
          1020 Wien
          Austria
          Tel: 01/72 577
          Fax: 01/725 77 577
          E-mail: michael.lang@blw-legal.com  

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

The meeting of creditors will be held at:

          The Land Court of Korneuburg
          Room 204
          Second Floor
          Korneuburg
          Austria

Headquartered in  Strasshof an der Nordbahn, Austria, the Debtor
declared bankruptcy on May 9, 2008 (Bankr. Case No. 36 S
55/08t).  Wolfgang Herzer represents Mag. Lang in the bankruptcy
proceedings.


TACI LLC: Claims Registration Period Ends June 24
-------------------------------------------------
Creditors owed money by LLC Taci (FN 31514w ) have until
June 24, 2008, to file written proofs of claim to court-
appointed estate administrator Beate Holper at:

          Mag. Beate Holper   
          Gonzagagasse 15
          1010 Vienna
          Austria
          Tel: 533 28 55
          Fax: 533 28 55 28
          E-mail: office@anwaltwien.at    

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on July 8, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1607
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on May 9, 2008 (Bankr. Case No. 28 S 66/08x).  


TMD LLC: Claims Registration Period Ends June 20
------------------------------------------------
Creditors owed money by LLC TMD (FN 210063t) have until
June 20, 2008, to file written proofs of claim to court-
appointed estate administrator Katharina Widhalm-Budak at:

          Dr. Katharina Widhalm-Budak
          Schulerstrasse 18
          1010 Vienna
          Austria
          Tel: 513 10 37
          Fax: 513 10 37 22
          E-mail: widhalm-budak@anwaltsteam.at    

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on July 4, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1607
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on May 9, 2008 (Bankr. Case No. 28 S 65/08z).  


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


FCC SPARC: S&P Rates EUR39.2 Mln Class D Notes at BB
----------------------------------------------------
Standard & Poor's Ratings Services has affirmed its ratings on
all notes issued by FCC SPARC, FCC SPARC Europe (Senior), and
FCC SPARC Europe (Junior) following the annual reset of the loss
ratio trigger levels.
  
The loss ratio trigger level is reset for each cover period,
based on the required level of protection needed for the
different classes of rated notes.
  
The loss ratio trigger levels in the FCC SPARC transaction were
confirmed with the same spread above the reset AXA-provided
budget for 2008.  This reflects our analysis of market
conditions in France as being in line with our expectations for
motor insurance providers, along with our view of the French
portfolio regarding its additional seasoning and satisfactory
levels of volatility.
  
Despite updates to the default table used to rate insurance-
linked securitizations, which were announced on May 8, 2008,
there was no change to the spread above budget as we view the
stress scenarios as remaining appropriate.
  
The loss ratio trigger levels in the FCC SPARC Europe
transactions were also confirmed, although with an increased
spread above the AXA-provided budget compared with the previous
year for the FCC SPARC Europe (Senior) tranches, while the
spread above budget remains the same for the FCC SPARC Europe
(Junior) tranche.  This reflects our view that the volatility in
the European transactions remains higher than the French
transaction, despite the benefits of diversification.  The
continued volatility aligned with changes to the ILS default
table led to the increase in the trigger loss ratio.
  
Additionally, S&P considers that the AXA-provided budget
proposed for 2008, which was lower year on year, will be a
relatively more challenging target given the competitive and
economic environment in the four European countries.  For the
FCC SPARC Europe (Senior) tranches, the loss ratio triggers were
89.5% for the class A notes, 79.4% for the class B notes, and
74.8% for the class C notes.  For the FCC SPARC Europe (Junior)
tranche, the loss ratio trigger was 72.0%.  Based on the
analysis, S&P believes that there is sufficient scope within
the ratings on the class D notes issued by FCC SPARC Europe
(Junior) to be increased up to an aggregate total amount of €61
million.   
  
All of the FCC SPARC transactions mentioned involve the
securitization of payments related to a quota-share reinsurance
agreement between Nexgen Re Ltd. (reinsurer) and AXA.  The FCC
SPARC transaction covers the risk on a defined motor insurance
policy book in France, while the FCC SPARC Europe (Senior) and
FCC SPARC Europe (Junior) transactions cover the risk on a
defined motor insurance policy book in Belgium, Germany, Italy,
and Spain.
  
                           Ratings List
  
Ratings Affirmed
  
                        Class        Rating
                                To
  
FCC SPARC
EUR200 Million Asset-Backed Floating-Rate Notes
   
                        A            AAA
                        B            A
                        C            BBB
  
FCC SPARC Europe (Junior)
EUR39.2 Million Asset-Backed Floating-Rate Notes
  
                        D            BB
  
FCC SPARC Europe (Senior)
EUR411.6 Million Asset-Backed Floating-Rate Notes
  
                        A            AAA
                        B            A
                        C            BBB-


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

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

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

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


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


3B-DIESEL GMBH: Claims Registration Ends June 19
------------------------------------------------
Creditors of 3B-Diesel GmbH have until June 19, 2008, to
register their claims with court-appointed insolvency manager
Herbert Feigl.

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

The meeting of creditors will be held at:

         The District Court of Halle-Saalkreis
         Hall 1.043
         Judicial Center
         Thueringer Str. 16
         06112 Halle
         Germany

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

The insolvency manager can be reached at:

         Herbert Feigl
         Hansering 1, D
         06108 Halle
         Germany
         Tel: 0345/212220
         Fax: 0345/2122222
         
The District Court of Halle-Saalkreis opened bankruptcy
proceedings against 3B-Diesel GmbH on April 16, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         3B-Diesel GmbH
         Attn: Ralf Hagele, Manager
         Dorfstrasse 39
         06268 Nemsdorf-Goehrendorf
         Germany


ARS DENTI: Claims Registration Period Ends June 18
--------------------------------------------------
Creditors of Ars Denti GmbH have until June 18, 2008, to
register their claims with court-appointed insolvency manager
Andre Mueller.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on July 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 Chemnitz
          Hall 24
          Fuerstenstrasse 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:

          Andre Mueller
          Dresdner Strasse 86
          09130 Chemnitz
          Germany
          Tel: (0371) 44 43 90
          Fax: (0371) 44 43 911
          E-mail: info-ch@mne-insolvenzbuero.de  

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

The Debtor can be reached at:

          Ars Denti GmbH
          Attn: Joerg Wildenhain, Manager
          Giesserstrasse 13
          09130 Chemnitz
          Germany


AUTO-PAPST GMBH: Claims Registration Ends June 19
-------------------------------------------------
Creditors of Auto-Papst GmbH have until June 19, 2008, to
register their claims with court-appointed insolvency manager
Stephan Hoeltershinken.

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

The meeting of creditors will be held at:

         The District Court of Hameln
         Hall 106
         Zehnthof 1
         31785 Hameln
         Germany

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

The insolvency manager can be reached at:

         Stephan Hoeltershinken
         Marienstrasse 126, D
         32425 Minden
         Germany
         Tel: 0571-64577-10
         Fax: 0571-64577-39

The District Court of Hameln opened bankruptcy proceedings
against Auto-Papst GmbH on May 19, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Auto-Papst GmbH
         Attn: Endrik Meyer, Manager
         Thaler Landstr. 16-18
         31812 Bad Pyrmont
         Germany


BURKART METALLVERARBEITUNG: Claims Registration Ends June 19
------------------------------------------------------------
Creditors of Burkart Metallverarbeitung GmbH & Co. KG. have
until June 19, 2008, to register their claims with court-
appointed insolvency manager Arndt Geiwitz.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on July 10, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Kempten
         Hall 144/I
         Residenzplatz 4-6
         87435 Kempten
         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:

         Arndt Geiwitz
         Bahnhofstrasse 39
         89231 Neu-Ulm
         Germany
         Tel: 0731/970180
         Fax: 0731/97018650

The District Court of Kempten opened bankruptcy proceedings
against Burkart Metallverarbeitung GmbH & Co. KG. on May 1,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         Burkart Metallverarbeitung GmbH & Co. KG.
         Sonthofener Strasse 53
         87509 Immenstadt
         Germany


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

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

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

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

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

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


FESTSPIELHAUS HELLERAU: Claims Registration Period Ends June 18
---------------------------------------------------------------
Creditors of Festspielhaus Hellerau GmbH have until
June 18, 2008, to register their claims with court-appointed
insolvency manager Juergen Wallner.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on July 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 Dresden
          Hall D231
          Olbrichtplatz 1
          01099 Dresden
          Germany
        
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

          Dr. Juergen Wallner
          Bautzner Strasse 102
          01099 Dresden
          Germany
          E-mail: www.wallnerweiss.info

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

The Debtor can be reached at:

          Festspielhaus Hellerau GmbH
          Karl-Liebknecht-Str. 56
          01109 Dresden
          Germany


FLEX BAU: Claims Registration Ends June 19
------------------------------------------
Creditors of FLEX - Bau - Storkow GmbH have until June 19, 2008,
to register their claims with court-appointed insolvency manager  
Dr. Petra Hilgers.

Creditors and other interested parties are encouraged to attend
the meeting at 10:10 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 Frankfurt (Oder)
         Hall 401
         Muellroser Chaussee 55
         15236 Frankfurt (Oder)
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. Petra Hilgers
         Goethestrasse 85
         10623 Berlin
         Germany

The District Court of  Frankfurt (Oder) opened bankruptcy
proceedings against FLEX - Bau - Storkow GmbH on May 14, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         FLEX - Bau - Storkow GmbH
         Elsterweg 7
         15859 Storkow
         Germany


G.I.M. GESTALTEN: Claims Registration Period Ends June 18
---------------------------------------------------------
Creditors of G.i.M. Gestalten in Metall GmbH & Co.KG have until
June 18, 2008, to register their claims with court-appointed
insolvency manager Stephan Thiemann.

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

The meeting of creditors will be held at:

          The District Court Muenster
          Meeting Hall 119 B
          First Floor
          Gerichtsstr. 2-6
          48149 Muenster
          Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

          Dr. Stephan Thiemann
          Ludgeristr. 54
          48143 Muenster
          Germany
          Tel: 0251/16283-0
          Fax: +492511628311

The District Court of Muenster opened bankruptcy proceedings
against G.i.M. Gestalten in Metall GmbH & Co.KG on April 9,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

          G.i.M. Gestalten in Metall GmbH & Co.KG
          Harkortstrasse 3
          48163 Muenster
          Germany


GLAS + BAUELEMENTE: Claims Registration Period Ends June 18
-----------------------------------------------------------
Creditors of Glas + Bauelemente Zwickau GmbH have until
June 18, 2008, to register their claims with court-appointed
insolvency manager Dirk Herzig.

Creditors and other interested parties are encouraged to attend
the meeting at 9;30 a.m. on July 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 Chemnitz
          Hall 24
          Fuerstenstrasse 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:

          Dr. Dirk Herzig
          Promenadenstrasse 3
          09111 Chemnitz
          Germany
          Tel: (0371) 382370
          Fax: (0371) 3823710
          E-mail: DHerzig@schubra.de  

The District Court of Chemnitz opened bankruptcy proceedings
against Glas + Bauelemente Zwickau GmbH on May 7, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Glas + Bauelemente Zwickau GmbH
          Attn: Angela Schwalbe and Olaf Blauhut, Managers
          Pölbitzer Strasse 12
          08058 Zwickau
          Germany


JAMALI TREND: Claims Registration Ends June 19
----------------------------------------------
Creditors of Jamali Trend Line GmbH have until June 19, 2008, to
register their claims with court-appointed insolvency manager
Markus Eibofner.

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

The meeting of creditors will be held at:

         The District Court of Stuttgart
         Hall 181
         First Floor
         Hauffstr. 5 (Am Neckartor)
         70190 Stuttgart
         Germany

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

The insolvency manager can be reached at:

         Markus Eibofner
         Wilhelmstr. 4
         70182 Stuttgart
         Germany
         Tel: 0711/4704070

The District Court of Stuttgart opened bankruptcy proceedings
against Jamali Trend Line GmbH on May 2, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Jamali Trend Line GmbH
         Backergasse 1
         70372 Stuttgart
         Germany


LAP-MONTAGE: Claims Registration Period Ends June 12
----------------------------------------------------
Creditors of LAP-Montage GmbH have until June 12, 2008, to
register their claims with court-appointed insolvency manager
Udo Mueller.

Creditors and other interested parties are encouraged to attend
the meeting at 9:50 a.m. on July 9, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Magdeburg
          Hall 14
          Insolvency Department
          Breiter Weg 203 - 206
          39104 Magdeburg
          Germany

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

The insolvency manager can be reached at:

          Udo Mueller
          Editharing 31
          39108 Magdeburg
          Germany
          Tel: 0391/5066030
          Fax: 0391/5066033
          E-mail: magdeburg@insoteam.de  

The District Court of Magdeburg opened bankruptcy proceedings
against LAP-Montage GmbH on May 20, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

          LAP-Montage GmbH
          Insel 04
          38855 Wernigerode
          Germany


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


ALITALIA SPA: EUR300-Mln Loan Enough for 12-Month Operation
-----------------------------------------------------------
The Italian government said that its EUR300-million emergency
loan is intended to keep Alitalia S.p.A. running for a year,
Agenzia Giornalistica Italia reports.

In its technical report for Alitalia, Italy said the cash grant
will temporarily help the carrier avoid liquidation or
administration, AGI relates.  

Italy noted that the loan was converted into Alitalia's capital,
a move that may allow auditors to approve its 2007 results.

Italy, AGI reports, detailed the loan as:

    * EUR205 million from the fund for competitiveness and
      development;

    * EUR85 million from the fund for enterprise financing;
      and

    * EUR10 million from the special fund of the ministry of
      economy and finances.

Despite the loan, Alitalia's Board of Directors said the carrier
needs to carry out recapitalization "as quickly as possible."

                         About Alitalia

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

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


ALITALIA SPA: Italian Consortium Eyes 4,500 Job Cuts
----------------------------------------------------
A group of Italian investors bidding to acquire the national
government's 49.9% stake in Alitalia S.p.A. might seek around
4,500 job cuts in the carrier, Marco Bertacche writes for
Bloomberg News, citing an unsourced Corriere della Sera report.

As previously reported in the TCR-Europe Bruno Ermolli, adviser
to Prime Minister Silvio Berlusconi, has set up a special
bidding vehicle to bid for Italy's stake.  The newco is composed
of several Italian financial and industrial firms including
AirOne S.p.A.  The report adds that Intesa Sanpaolo S.p.A.,
Mediobanca S.p.A. and Piaggio S.p.A. chairman and CEO Roberto
Colaninno.

Poste Italiane S.p.A. join the newco if it gains commercial
benefits from the deal.  The newco may also include Air France-
KLM SA and Deutsche Lufthansa AG after it restores Alitalia
financial coffers.

                         About Alitalia

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

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


ALITALIA SPA: OAO Aeroflot May Not Pursue Stake Bid
---------------------------------------------------
OAO Aeroflot might not offer to acquire the Italian government's
49.9% stake Alitalia S.p.A. despite a directive from Russian
President Vladimir Putin, RIA Novosti reports citing CEO Valery
Okulov.

Mr. Putin, following a meeting with Italian Prime Minister
Silvio Berlusconi in April, told Aeroflot chairman Alexander
Zurabov to to resume sale negotiations with with Alitalia.

Mr. Putin then noted that Alitalia's condition is complicated,
citing the airline's debt and profitability problems as well as
the need to convince the Italian government and the unions to
accept it possible offer.

Mr. Okulov told RIA Novosti that Aeroflot did not have the
figures required to assess Alitalia's current financial state,
adding that a final decision would depend on the terms and
conditions for the sale approved by the Italian government.

"A year ago it was still possible to regulate [it], Mr. Okulov
was quoted by RIA Novosti as saying.  "Now we are concerned that
the point of no return has passed."

                         About Alitalia

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

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


PARMALAT SPA: Allocated Shares Hikes Stock Capital
--------------------------------------------------
Parmalat S.p.A. communicates that, following the allocation of
shares to creditors of the Parmalat Group, the subscribed and
fully paid up share capital has been increased by
EUR1,596 to EUR1,667,498,324 from EUR1,667,496,728.

The share capital increase is due to the assignation of 1,596
shares.

The latest status of the share allotment is 30,005,670 shares
representing approximately 1.9% of the share capital are still
in a deposit account c/o Parmalat S.p.A., of which:

    * 13,222,215 or 0.8% of the share capital, registered in the
      name of individually identified commercial creditors, are
      still deposited in the intermediary account of Parmalat
      S.p.A. centrally managed by Monte Titoli (compared with
      13,369,205 shares as at March 28, 2008);

    * 16,783,455 or 1.0% of the share capital registered in the
      name of the Foundation, called Fondazione Creditori
      Parmalat, of which:

      -- 120,000 shares representing the initial share capital
         of Parmalat S.p.A. (unchanged);

      -- 16,663,455 or 0,99% of the share capital that pertain
         to currently undisclosed creditors (compared with
         18,974,981 shares as at March 28, 2008).

                        About Parmalat

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

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

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

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

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

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


SEAT PAGINE: Expects Weak Second Quarter on Slow Economy
--------------------------------------------------------
Seat Pagine Gialle S.p.A.'s CEO Luca Majocchi expects the second
quarter of 2008 to be the weakest of the year due to effects of
slowing economy, Elena Distaso and Chiara Remondini writes for
Bloombeg News.

According to Mr. Majocchi, Bloomberg News relates, Seat Pagine
will likely have better prospects in the third and fourth
quarters 2008 on accelerating Internet sales boosted by new
products.

Mr. Majocchi confirmed to Bloomberd its full-year targets and
expects to "return to growth in 2009 and 2010."

                    About Seat Pagine Gialle

Headquartered in Turin, Italy, Seat Pagine Gialle S.p.A.
-- http://www.seat.it/-- provides a multimedia platform for
assisting in the development of business contacts between users
and advertisers.  

                       *     *     *

Seat Pagine Gialle S.p.A. continues to carry BB– long-term
corporate credit rating from Standard & Poor's Ratings Services,
with negative outlook.  Seat's EUR1.3 billion bond also carries
BB- rating.  S&P affirmed the ratings in May 2008.

The company also carries BB- long-term Issuer Default rating
with negative outlook from Fitch Ratings, which affirmed the
rating in April 2008.


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


AKTOBE JER: Creditors Must File Claims by July 4
------------------------------------------------  
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Aktobe Jer XXI insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Aktube
         Altynsarin Str. 31
         Aktobe
         Aktube
         Kazakhstan
         Tel: 8 (3132) 21-30-32


BAIKO SERVICE: Claims Deadline Slated for July 8
------------------------------------------------  
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Baiko Service insolvent on Oct. 9, 2007 .

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

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


IRONMARK LLP: Claims Filing Period Ends July 9
----------------------------------------------  
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Joint Kazakh-Turkish Enterprise Ironmark insolvent.

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


KASPIY NEFT-K: Creditors' Claims Due on July 8
----------------------------------------------  
LLP Kaspiy Neft-K has declared insolvency.  Creditors have until
July 8, 2008, to submit written proofs of claims to:

         LLP Kaspiy Neft-K
         Azattyk ave. 46a
         Atyrau
         Kazakhstan


KAZAKH INVEST: Claims Registration Ends July 4
----------------------------------------------  
The Specialized Inter-Regional Economic Court of West Kazakhstan
has declared LLP Kazakh Invest insolvent on
April 9, 2008.

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

         The Specialized Inter-Regional
         Economic Court of West Kazakhstan
         Neusypov Str. 26/2-4
         Uralsk
         West Kazakhstan
         Kazakhstan
         Tel: 8 (7112) 50-76-43


MUNAI-COMPLECT LLP: Creditors Must File Claims by July 9
--------------------------------------------------------  
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Munai-Complect insolvent on Oct. 28, 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


SPETS NEFTE: Claims Deadline Slated for July 8
----------------------------------------------  
The Specialized Inter-Regional Economic Court of Jambyl has
declared LLP Spets Nefte Gas Montage insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Jambyl
         Suleimenov Str. 17 (11a)
         Taraz
         Jambyl
         Kazakhstan


TENGIZCARGO KAZAKHSTAN: Claims Filing Period Ends July 8
--------------------------------------------------------  
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Tengizcargo Kazakhstan insolvent on Dec. 24, 2007.

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

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


UG-MERKUR-AVTO LLP: Creditors' Claims Due on July 8
---------------------------------------------------  
The Specialized Inter-Regional Economic Court of Jambyl has
declared LLP Ug-Merkur-Avto insolvent on Feb. 19, 2008.

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

         The Specialized Inter-Regional
         Economic Court of Jambyl
         Suleimenov Str. 17 (11a)
         Taraz
         Jambyl
         Kazakhstan


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


KTU-SHYDYR-TRANS LLC: Creditors Must File Claims by July 9
----------------------------------------------------------
LLC Ktu-Shydyr-Trans has declared insolvency.  Creditors have
until July 9, 2008, to submit written proofs of claim.

Inquiries can be addressed to (0-773) 73-34-82.


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


AK BARS: Moody's Rates Loan Participation Notes at Ba2
------------------------------------------------------
Moody's Investors Service has assigned a rating of Ba2 with
stable outlook to the Loan Participation Notes to be issued on a
limited recourse basis by AK BARS Luxembourg S.A. -- a
Luxembourg-based special purpose entity -- for the sole purpose
of financing a loan to AK BARS Bank, a bank established under
the laws of the Russian Federation.  

The notes will be denominated in US dollars and the loan
represents a senior unsecured claim on the bank. The notes will
be issued under the US$1.5 billion program and will have a tenor
of up to five years.  The amount and interest rate of the issue
will be determined by market conditions.

The Ba2 rating is based on ABB's fundamental credit quality, as
well as the high probability of support from the Republic of
Tatarstan government (rated Ba1 by Moody's) in case of need,
reflecting the bank's high importance to the republic's economy,
its direct and indirect ownership by the local authorities, its
role as "banker of the Republic's Treasury" and the public's
perception of ABB as a quasi-government entity.

Moody's notes that, according to the terms of the program, ABB
will have to comply with a number of covenants such as negative
pledge, limitation on payment of dividends, limitation on
mergers and sale of assets, and maintenance of a minimum BIS
Capital Adequacy Ratio of 12%.  According to the rating agency,
the likelihood of any of the above covenants being triggered is
relatively low.  However, if any such were to occur, it could
potentially have adverse liquidity implications for the bank and
might exert severe downward pressure on its ratings.

Moody's cautions that the transaction also has an embedded
rating trigger whereby the notes will become payable if, within
60 days after a change of control of ABB, or certain mergers or
disposals, its ratings are downgraded by one or more notches or
publicly placed under review for possible downgrade.  Moody's
notes that a change of control of ABB will be viewed as a risk
factor; if the noteholders' put option were to be exercised,
this could result in the need to repay a sizeable obligation,
thus placing a burden on the bank's financial resources and
potentially destabilizing its ratings further.

Headquartered in Kazan, Republic of Tatarstan, Russian
Federation, ABB reported total assets of US$6.59 billion, total
capital of US$1.03 billion and net income of US$106.09 million
under IFRS at Dec. 31, 2007.


AK BARS: Fitch Assigns BB Ratings to Senior Bond Issue
------------------------------------------------------
Fitch Ratings has assigned AK BARS Luxembourg S.A.'s upcoming
Series 2 unsecured loan participation an expected Long-term 'BB'
rating.  

The notes are to be used solely for financing a loan to Russia's
AK BARS Bank (Long-term Issuer Default rating 'BB' with Stable
Outlook, Short-term IDR 'B', Individual 'D', Support '3' and
National Long-term 'AA-(rus)' with Stable Outlook).  The issue
is expected to be a senior bond of up to US$450 million,
maturing in three-to-five years.

The final ratings of the issue are contingent upon the receipt
of final documentation conforming materially to information
already received.

The notes are issued under a US$1.5 billion loan participation
program (rated Long-term 'BB' and Short-term 'B').  The Series 1
notes, in the amount of US$250 million, were issued in June
2007.

Ak Bars was founded by the Tatarstan government in 1993.  It is
the largest bank in the Republic of Tatarstan by assets and was
among the 20 largest banks in Russia at end-2007.  The bank is
controlled by the RT.  Ak Bars is diversifying its franchise
into the retail market and rapidly expanding its loan portfolio
outside the RT.


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

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

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

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


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


E-MAC DE: Moody's Reviews Ratings on Notes and May Downgrade
------------------------------------------------------------
Following the recent downgrade of ResCap to Ca, on review for
downgrade, Moody's has reviewed EMEA RMBS transactions whereby
entities ultimately owned by ResCap are performing servicing and
cash management functions.  The rating actions are the result of
this review.  The ratings of all notes issued out of the E-MAC
DE series were placed on review for downgrade.  No action was
taken on the ratings of the notes issued by the UK RMAC program
and no action was taken on notes issued by the Dutch E-MAC NL
program.

E-MAC DE series -- Review for downgrade

In the four outstanding transactions of the E-MAC DE series,
GMAC-RFC Investments B.V. is the appointed servicer and cash
bond administrator.  GMAC-RFC Investments B.V. is an indirect
wholly-owned subsidiaries of ResCap (Ca).  GMAC-RFC Investment
B.V. sub-delegates the day-to-day servicing of the loan
portfolio to Kreditwerk Hypotheken Management GmbH and part of
the special servicing to Rechtsanwalte Paulus Westerwelle.

No back-up cash bond administrator or back-up servicer has been
appointed as of closing for these transactions.  According to
the sub-servicing agreement, HM may continue to operate as a
day-to-day servicer should the appointment of GMAC-RFC
Investments B.V. be terminated.  However, HM has no obligation
to do so unless it agrees new terms of appointment with the
trustee and the issuer.  In addition, there are no back-up
provisions in place for the special servicing of the portfolio,
which involves making credit decisions on loan enforcements.
Given the absence of any committed back-up servicer or back-up
cash bond administrator, Moody's believes that there could be
delays in the performance of certain issuer obligations in case
the primary administrator were to be terminated.  In particular,
if the termination of the primary administrator occurs a short
time before a note interest payment date, the issuer may be
unable to perform its payment obligations in a timely manner.
This could, in turn, lead to a termination of the swap
agreements.  Any swap termination payment payable by the issuer
would rank senior to noteholders in the waterfall and could
expose the notes to additional interest rate risks not
previously accounted for in Moody's analysis.

Moody's notes that the originator has started the process to put
in place a back-up cash bond administrator for these
transactions which could mitigate some of the risks mentioned
above.  Moody's will monitor this process.  However, even if
back-up cash management arrangements are concluded, the absence
of back-up servicing arrangements exposes these notes to a
degree of linkage to the credit quality of the current servicer.
The review for downgrade will focus on assessing the impact of a
servicing disruption in terms of potential increased costs and
credit losses for these four German RMBS transactions.  Moody's
will evaluate any plans to remedy the lack of back-up cash
management and back-up servicing agreements.  However, if no
satisfactory plans were to be implemented over the period of the
review, which Moody's would expect to conclude over the next few
months, the ratings of the notes are likely to be subject to a
downgrade.

RMAC Securities Programme and RMAC series -- No rating action

In the case of the five most recent series of notes issued out
of the RMAC Securities Programme in the UK, GMAC RFC Limited is
the appointed series servicer and series cash bond
administrator.  GMAC RFC Limited is a wholly-owned subsidiary of
GMAC RFC (UK) Limited which in turn is a wholly-owned subsidiary
of ResCap (Ca).

Homeloan Management Limited (SQ2+) is the sub-delegated day-to-
day servicer as well as the back-up servicer which will assume
the role of primary servicer in case the appointment of GMAC RFC
Limited is terminated by the trustee because of insolvency or
default on its obligations.  Unlike in other UK RMBS
transactions originated by GMAC RFC Limited, no back-up cash
bond administrator has been appointed as of closing for these
series of notes.  Moody's has been informed that GMAC RFC
Limited is in the process to put in place a back-up cash bond
administrator for these transactions, which would mitigate the
risks.

Moody's also notes that for a number of other UK RMBS
transactions of the RMAC series (RMAC 2003-NS1 plc, RMAC 2003-
NS2 plc, RMAC 2003-NS3 plc, RMAC 2003-NS4 plc, RMAC 2004-NS1
plc, RMAC 2004-NSP2 plc, RMAC 2004-NS3 plc, RMAC 2004-NSP4 plc,
RMAC 2005-NS1 plc and RMAC 2005-NSP2 plc) no back-up
administration agreements were in place as of closing.  However
on the of May 9, 2008 GMAC RFC Limited and HML entered into a
standby administration deed whereby HML assumed the obligation
to continue performing servicing and cash bond administration
functions in case the appointment of GMAC RFC Limited is
terminated by the trustee.  In Moody's view, the standby
administration deed mitigates the risks of a servicing and
administration transfer.

E-MAC NL series -- No rating action

Finally, for the transactions of the E-MAC NL series and for the
series of notes issued out of the E-MAC Program, GMAC RFC
Nederland B.V. is the appointed servicer and cash bond
administrator.  GMAC RFC Nederland B.V. is a company
incorporated in the Netherlands in 2000 and it is an indirect
wholly-owned subsidiary of ResCap.  Stater Nederland B.V. and
Quion Groep B.V. (SQ2) are the delegated day-to-day servicers of
the mortgage loans according to the different origination
channels.  Stater and Quion are responsible for the daily loan
administration as well as for the special servicing and
foreclosure proceedings for the defaulted loans.  Both Stater
and Quion have committed to assume the role of primary servicer
in case the appointment of GMAC RFC Nederland B.V. is
terminated.

No back-up cash bond administrator has been appointed as of
closing for the transactions of the E-MAC NL series and E-MAC
Program.  Moody's has been informed that GMAC RFC Nederland B.V.
is in the process to put in place a back-up cash bond
administrator for all the transactions of the E-MAC NL series
and for the series of notes issued in 2006 and 2007 out of the
E-MAC Program.  In the latest two transactions issued in 2008 by
the E-MAC Program, ATC Financial Services B.V. is the appointed
third party issuer administrator performing the cash management
functions.

Moody's will continue to closely monitor all these transactions,
in particular the completion of the back-up cash bond
administrator agreements and any other implications on the
ratings of the notes due to weakening of the credit quality of
the servicer.

Rating actions:

Issuer: E-MAC DE 2005-I B.V.

* Senior Class A Mortgage-Backed Notes 2005 due 2047

     -- Current Rating: Aaa, on review for downgrade

* Mezzanine Class B Mortgage-Backed Notes 2005 due 2052

     -- Current Rating: Aa2, on review for downgrade

* Junior Class C Mortgage-Backed Notes 2005 due 2052

     -- Current Rating: A1, on review for downgrade

* Subordinated Class D Mortgage-Backed Notes 2005 due 2052

     -- Current Rating: Baa2, on review for downgrade

* Subordinated Class E Mortgage-Backed Notes 2005 due 2052

     -- Current Rating: Ba1, on review for downgrade

Issuer: E-MAC DE 2006-I B.V.

* Senior Class A Mortgage-Backed Notes 2006 due 2048

     -- Current Rating: Aaa, on review for downgrade

* Mezzanine Class B Mortgage-Backed Notes 2006 due 2057

     -- Current Rating: Aa2, on review for downgrade

* Junior Class C Mortgage-Backed Notes 2006 due 2057

     -- Current Rating: A1, on review for downgrade

* Subordinated Class D Mortgage-Backed Notes 2006 due 2057

     -- Current Rating: A3, on review for downgrade

* Subordinated Class E Mortgage-Backed Notes 2006 due 2057

     -- Current Rating: Baa2, on review for downgrade

* Subordinated Class F Mortgage-Backed Notes 2006 due 2057

     -- Current Rating: Ba3, on review for downgrade

Issuer: E-MAC DE 2006-II B.V.

* Senior Class A1 Mortgage-Backed Notes 2006 due 2048

     -- Current Rating: Aaa, on review for downgrade

* Senior Class A2 Mortgage-Backed Notes 2006 due 2058

     -- Current Rating Aaa, on review for downgrade

* Mezzanine Class B Mortgage-Backed Notes 2006 due 2058

     -- Current Rating: Aa1, on review for downgrade

* Junior Class C Mortgage-Backed Notes 2006 due 2058

     -- Current Rating: Aa3, on review for downgrade

* Subordinated Class D Mortgage-Backed Notes 2006 due 2058

   -- Current Rating: A3, on review for downgrade

* Subordinated Class E Mortgage-Backed Notes 2006 due 2058

   -- Current Rating: Baa2, on review for downgrade

* Subordinated Class F Mortgage-Backed Notes 2006 due 2058

   -- Current Rating: Ba3, on review for downgrade


Issuer: E-MAC DE 2007-I B.V.

* Senior Class A1 Mortgage-Backed Notes 2007 due 2054

     -- Current Rating: Aaa, on review for downgrade

* Senior Class A2 Mortgage-Backed Notes 2007 due 2054

     -- Current Rating: Aaa, on review for downgrade

* Mezzanine Class B Mortgage-Backed Notes 2007 due 2054

     -- Current Rating: Aa1, on review for downgrade

* Junior Class C Mortgage-Backed Notes 2007 due 2054

     -- Current Rating: Aa3, on review for downgrade

* Subordinated Class D Mortgage-Backed Notes 2007 due 2054

     -- Current Rating: A3, on review for downgrade

* Subordinated Class E Mortgage-Backed Notes 2007 due 2054

     -- Current Rating: Baa3, on review for downgrade


QUEBECOR WORLD: Sells European Operations to HHBV for EUR133 Mln
----------------------------------------------------------------
Quebecor World Inc. has signed a definitive purchase agreement
providing for the sale of Quebecor World's European operations
to Hombergh/De Pundert Group (HHBV), a Netherlands based
investment group.  The transaction is valued at approximately
EUR133 million and is expected to close by the end of June 2008.

Under the terms of the agreement, HHBV has deposited EUR46.5
million in escrow to be released to Quebecor World at closing.
This cash amount will be adjusted higher to cover all funds
disbursed by Quebecor World to support any seasonal financing
needs of the European operations between the signature date and
closing.  HHBV will assume approximately €65 million of net
debt, and a EUR21.5 million five-year note bearing interest at
7% per year which will remain payable to Quebecor World post-
closing.  The sale is being made substantially on an "as is,
where is" basis.  The only condition to closing is  court
approval.  The transaction is not subject to the approval of
either Quebecor World's or HHBV's shareholders.  Assuming
completion of the transaction, the net cash proceeds to be
received by Quebecor World will be EUR46.5 million, less certain
customary deductions and expenses permitted by its debtor-in-
possession (DIP) credit facility, which are intended to be used
by Quebecor World to partially reimburse indebtedness under such
credit facility.

"The sale of our European operations is an important step in our
restructuring activities that we believe should enable us to
exit creditor protection in North America as a stronger player
in our industry," Jacques Mallette, President and CEO of
Quebecor World, said.  "I would like to thank our European
customers and employees for their support and assure them that
we intend to assist HHBV in ensuring a smooth transition.  We
also look forward to continue servicing our European customers'
needs in North America and Latin America."

"We are very excited about this opportunity and we are looking
forward to working with local management to make this
transaction a success for our employees and our customers.  This
transaction is a first and major step in our goal of building a
Pan-European printing platform," Hendrik van den Hombergh,
founder and partner of HHBV, stated .

Quebecor World's European operations currently include 17
printing and related facilities employing approximately 3,500
people in Austria, Belgium, Finland, France, Spain and Sweden.
Quebecor World Europe produces magazines, catalogs, retail
inserts, direct mail products, book and directories for many of
the world's largest retailers, publishers and branded goods
companies.

                     About Quebecor World

Quebecor World Inc. (TSX: IQW) -- http://www.quebecorworld.com/    
-- provides high-value, complete marketing and advertising
solutions to leading retailers, catalogers, branded-goods
companies and other businesses with marketing and advertising
activities, as well as complete, full-service print solutions
for publishers.  The company is a market leader in most of its
major product categories, which include advertising inserts and
circulars, catalogs, direct mail products, magazines, books,
directories, digital premedia, logistics, mail list technologies
and other value-added services.  Quebecor World has
approximately 28,000 employees working in more than 115 printing
and related facilities in the United States, Canada, Argentina,
Austria, Belgium, Brazil, Chile, Colombia, Finland, France,
India, Mexico, Peru, Spain, Sweden, and Switzerland.

Quebecor World and 53 of its subsidiaries, including those in
Canada, filed a petition under the Companies' Creditors
Arrangement Act before the Superior Court of Quebec, Commercial
Division, in Montreal, Canada, on Jan. 20, 2008.  The Honorable
Justice Robert Mongeon oversees the CCAA case.  Francois-David
Pare, Esq., at Ogilvy Renault, LLP, represents the Company in
the CCAA case.  Ernst & Young Inc. was appointed as Monitor.

On Jan. 21, 2008, Quebecor World (USA) Inc., along with other
U.S. affiliates, filed for chapter 11 bankruptcy on Jan. 21,
2008 (Bankr. S.D.N.Y Lead Case No. 08-10152).  Anthony D.
Boccanfuso, Esq., at Arnold & Porter LLP represents the Debtors
in their restructuring efforts.   The Official Committee of
Unsecured Creditors is represented by Akin Gump Strauss Hauer &
Feld LLP.


SCIENTIFIC GAMES: S&P Rates Proposed US$200 Mln Notes at BB-
------------------------------------------------------------
Standard & Poor's Ratings Services raised its issue-level rating
on Scientific Games Corp.'s existing subordinated debt to 'BB-'
(one notch lower than the 'BB' corporate credit rating on the
company) from 'B+'.  The recovery rating on these securities was
revised to '5', indicating that lenders can expect modest (10%
to 30%) recovery in the event of a payment default, from '6'.

At the same time, Standard & Poor's assigned its 'BB-' issue-
level rating with a recovery rating of '5' to subsidiary
Scientific Games International Inc.'s proposed US$200 million
senior subordinated notes due 2016.

Standard & Poor's also affirmed its issue-level rating on
Scientific Games International's proposed US$800 million credit
facilities at 'BBB-' (two notches higher than the corporate
credit rating).  The recovery rating on these loans remains at
'1', indicating that lenders can expect very high (90% to
100%) recovery in the event of a payment default. The proposed
credit facilities consist of a US$250 million revolving credit
facility and a US$550 million term loan (US$50 million less than
previously proposed).

In addition, Standard & Poor's affirmed its 'BB' corporate
credit rating on Scientific Games Corp. The rating outlook is
stable.

"The revisions of the subordinated debt issue-level and recovery
ratings reflect a net increase in total debt and a decrease in
senior secured debt outstanding from that used in our previous
recovery analysis," explained Standard & Poor's credit analyst
Ben Bubeck.  "As a result, a less significant deterioration in
cash flow would be required to produce a payment default,
which also increases the emergence enterprise value and improves
the recovery prospects for the subordinated debt holders."

Despite the fact that Scientific Games will be placing a net of
US$150 million more debt than previously proposed, our
affirmation of the 'BB' corporate credit rating reflects
Scientific Games' solid credit metrics for the rating.  As
indicated in our May 13, 2008 research update, these metrics
allowed for moderate capacity to continue to invest in the
business and/or pursue additional acquisition opportunities.

Furthermore, S&P views the additional liquidity as a positive
rating factor given the company's recent success in winning new
contracts and the associated capital spending needs as these
contracts are ramped up.  Still, following the proposed debt
issuances, capacity for additional debt is limited at the
current rating and outlook.

Proceeds from the proposed US$550 million term loan and US$200
million senior subordinated notes will be used to refinance the
existing credit facilities and are expected to add in excess of
US$110 million of cash to the balance sheet.  The proposed
US$250 million revolving credit facility will be undrawn at
close, although availability will be about US$210 million, net
of existing letters of credit.  The proposed bank facility is
due five years from the close of the transaction, subject to
certain requirements addressing the refinancing of and a holders
"put" option for the existing subordinated debt obligations.
The proposed senior subordinated notes will be due in 2016.

The rating on Scientific Games reflects the highly competitive
market conditions in the lottery and pari-mutuel industries, the
mature nature and capital intensity of the online lottery
industry, and the company's acquisitive growth strategy.  Still,
Scientific Games maintains a leadership position in the instant
ticket lottery and pari-mutuel gaming industries, which fuels
substantial recurring revenue and a stable cash flow base given
long-term contracts.  The company also has consistently
demonstrated credit metrics appropriate for the rating.


SCIENTIFIC GAMES: Moody's Rates Proposed US$200 Mln Notes at Ba3
----------------------------------------------------------------
Moody's Investors Service assigned a Ba3 rating to Scientific
Games Corporation's proposed US$200 million senior subordinate
note offering.  Moody's also upgraded the rating of SGC's
proposed US$550 million term loan (originally US$600 million)
and US$250 million revolving credit agreement (collectively, the
Facilties) to Baa3 from Ba1.

The upgrade reflects the higher proportion of subordinated debt
relative to senior debt in SGC's capital structure as a result
of the subordinate note issuance.  Moody's also affirmed the
company's Ba2 corporate family and probability of default
rating, and Ba3 rating on the existing US$200 million senior
subordinated notes.  Moody's will withdraw the ratings of the
company's existing term loans and revolver when the proposed
transaction closes.  The rating outlook is stable.

The net proceeds of the senior subordinate note offering and
drawings under the company proposed new US$800 million bank
facilities will be used to repay existing debt and supplement
cash balances.  It is a condition to the closing of the
subordinated debt offering that the new credit facility closes
and repays the existing credit facilities.  The obligor under
the proposed senior subordinate notes and proposed Facilities
will be Scientific Games International, Inc., a wholly owned
subsidiary of SGC.

The Facilities will be secured by all assets and guaranteed by
all domestic subsidiaries, as well as by SGC.  The senior
subordinated notes will be guaranteed on a subordinated basis by
all domestic subsidiaries, as well as by SGC.

The rating affirmation reflects SGC's leading position in the
faster growing instant ticket segment of the lottery industry,
good contract retention rates, and solid growth prospects
internationally.  SGC has just finished absorbing several
acquisitions and consolidating instant ticket plant capacity.
Improvement in consolidated operating margins is expected as a
result of an improved cost structure along with the new instant
ticket contract in China, solid instant ticket growth in the
U.K. and Italy, and a growing installed base of server-based
gaming machines and sports betting terminals.

Credit concerns include above average leverage for the rating
category, a decline in consolidated operating margins over the
past few years, spending to support growth initiatives --
particularly in China, and a potential slow down in domestic
lottery demand due to weak macro-economic conditions.

Rating assigned:

Scientific Games International, Inc.

   -- US$200 million senior subordinated notes at Ba3
      (LGD5, 78%)

Ratings upgraded

   -- US$550 million term loan to Baa3 (LGD2, 22%) from Ba1
      (LGD2, 29%)

   -- US$250 million revolving credit facility to Baa3
      (LGD2, 22%) from Ba1 (LGD 2, 29%)

Scientific Games Corporation

Ratings to be withdrawn:

   -- US$300 million revolver at Ba1 (LGD2, 25%)
   -- US$100 million term loan C at Ba1 (LGD 2, 25%)
   -- US$150 million term loan D at Ba1 (LGD 2, 25%)
   -- US$200 million term loan E at Ba1 (LGD 2, 25%)

Scientific Games Corporation is a provider of services, systems,
and products to both the instant ticket lottery industry and
pari-mutuel wagering industry.  The company operates in three
business segments: P rinted Products, Lottery Systems, and
Diversified Gaming. Revenues for the year ended December 31,
2007 were approximately US$1.0 billion.


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


COMSTAR UNITED: Acquires Interlink Group for RUR200 Million
-----------------------------------------------------------
Comstar–United TeleSystems JSC completed the acquisition of 100%
of the share capital of Interlink Group for a total cash
consideration of RUR200 million or around US$8.5 million.

The Group comprises Intersvyaz Service, the alternative fixed-
line telecommunications operator, and Inter-TV Media, the cable
TV operator, which operate under the unified brand “Interlink”
in Ryazan and the Ryazan region.

The Group reported revenues of US$4 million, up by 45% year-on-
year, with OIBDA of US$1.1 million and an OIBDA margin of 27% as
at Dec. 31, 2007.

"The Interlink Group is a company with significant growth
potential," Sergey Pridantsev, President and Chief Executive
Officer of Comstar UTS, commented.  "The Group operates in the
areas of the telecommunications industry which are of high
priority for Comstar.  The Group is expected to launch wireless
broadband services based on WiMAX technology in the future. The
announced deals are in line with our strategy to expand our
operations in the Russian regions, through the acquisitions of
leading regional telecommunications operators."

"We are strengthening our position in the Central Federal
District, one of the most economically developed districts in
Russia," Mr. Pridantsev adds.  "We intend to expand our service
offerings in the Ryazan region, providing broadband Internet
access, TV services and long-distance connection."

                       About Comstar-UTS

Headquartered in Moscow, Russia, Comstar-UTS JSC --
http://www.Comstar-uts.com/en/-- provides fixed line
telecommunication services in the Moscow metropolitan area with
a population of over 10 million, and to five regions of Russia,
Ukraine and Armenia.  As at Dec. 31, 2006, Comstar had US$1.12
billion in revenues and US$428.6 million in EBITDA (excluding
US$62 million stock bonus awards).

                           *    *    *

As of March 27, 2008, Comstar-United TeleSystems carries Moody's
long-term corporate family rating of Ba3 with positive outlook.

Standard & Poor's gave the company BB- on long-term foreign
issuer credit rating and BB- on long-term local issuer credit
rating.  The outlook is positive.


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

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

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

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

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

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

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

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


GOLDEN TELECOM: Moody's Withdraws Ba3 Rating on Business Reasons
----------------------------------------------------------------
Moody's Investors Service has withdrawn the Corporate Family
Rating of Golden Telecom Inc. for business reasons and at the
request of the company.  This follows the merger of Lillian
Acquisition Inc., an indirect subsidiary of OJSC Vimpel-
Communication (VimpelCom; Ba2, positive), with and into GTI with
GTI becoming an indirect wholly-owned subsidiary of VimpelCom.
Please refer to Moody's Withdrawal Policy on moodys.com.

The rating withdrawn is the Ba3 Corporate Family Rating.

Golden Telecom Inc. is a facilities-based provider of voice,
data and Internet services to corporations, operators and
consumers in 18 major cities in Russia including Moscow and St.
Petersburg, Almaty in Kazakhstan and Tashkent in Uzbekistan.  
The company also offers mobile services in Kiev and Odessa,
Ukraine. As at 31 December 2007, GTI had US$1.3 billion in
revenue and US$309 million in reported EBITDA.  The company
derived 93% of its revenue from corporate and carrier and
operator services.


MOBILE TELESYSTEMS: Names Mikhail Shamolin as Chief Executive
-------------------------------------------------------------
Mobile TeleSystems OJSC's Board of Directors has appointed
Mikhail Shamolin as the President and CEO of MTS.  Mr. Shamolin
replaces Leonid Melamed, who will be assuming the duties of
President and CEO at Sistema JSFC.

Under Mr. Melamed’s two years of leadership, MTS has grown from
a regional operator into a globally recognized leader and
innovator.  MTS has grown its subscriber base by 24 million and
increased its footprint through acquisitions in Russia and
Armenia.

Mr. Melamed supervised the launch and roll-out of the MTS brand
to each of the Company’s markets of operation, an effort that
ultimately led to the distinction of having MTS be the first
Russian company named as a BrandZTM Top 100 Most Powerful
Brands.  Simultaneously, as a sign of commitment to total
shareholder return, Mr. Melamed presided over the substantial
increase in the Company’s dividend payment from US$1.03 per ADR
in 2005 to a recommended payout of US$3.12 in 2008.

Mr. Shamolin joined MTS in 2005 as Vice President, Sales and
Customer Service.  Later he assumed leadership of MTS Russia
following the Company’s 2006 reorganization. In this capacity,
Mr. Shamolin managed the largest MTS business unit, one which
contributes roughly 75% of value to MTS.  During his tenure,
revenues grew 67% and operating efficiency improved considerably
as Mr. Shamolin presided over sustained growth in voice usage,
adoption of value-added services, both of which led to an over
50% rise in average revenue per user (ARPU).

"One cannot argue with Leonid’s record of success in his
stewardship of MTS, as his influence is evident everywhere
within the organization," Vitaliy Savelyev, Chairman of the
Board of Directors of MTS, commented.  "We are grateful for his
role in shaping the business that we have, yet we have full
confidence in Mikhail’s ability to carry forward Leonid’s legacy
of growth and development at MTS.  His long tenure with the
Company is clear testimony to his capabilities, while his own
track record of extracting growth and creating shareholder value
as the head of its largest business unit is irrefutable. On
behalf of the Board of Directors, we are eager to begin working
more closely with Mikhail."

"The Board of Directors has afforded me an extraordinary
opportunity, and I am grateful for the chance to lead the
largest mobile operator in the region and represent MTS before
our employees, customers and shareholders.  Having been involved
in the growth and development of MTS for many years, I am
confident that MTS is on the right path towards building upon
its leadership position and remaining the communications brand
of choice in our region."

                   About Mobile TeleSystems

Headquartered in Moscow, Russia, OJSC Mobile TeleSystems
(NYSE:MBT) -- http://www.mtsgsm.com/-- provides wireless       
telecommunications services operator in Russia, Ukraine,
Uzbekistan, Turkmenistan, Armenia, and Belarus.

                         *      *      *

Mobile TeleSystems continues to carry's a Long-term Issuer
Default rating of 'BB+', National Long-term rating of 'AA(rus)'
and Short-term IDR of B from Fitch Ratings, with stable outlook.    
The ratings were assigned April 2008.

Mobile TeleSystems also carries Ba2 Corporate Family and
Probability-of-Default ratings from Moody's Investors
Service, which says the outlook is positive.


SISTEMA JSFC: Appoints Leonid Melamed as President and CEO
----------------------------------------------------------
Sistema JSFC has appointed Leonid Melamed as President and Chief
Executive Officer of Sistema with immediate effect, following a
decision made at a meeting of the Board of Directors.

Mr. Melamed is the former CEO and President of Mobile
TeleSystems, the largest mobile phone operator in Russia and the
CIS and a subsidiary of Sistema.

Leonid Melamed will replace Alexander Goncharuk, who will
continue to serve as First Deputy Chairman of Sistema's Board of
Directors.  Mr. Goncharuk has been a member of the Board of
Directors of Sistema since 1996.  From 1995 to 1998, he occupied
the post of Vice-President of the Corporation. From 1998 to
2001, he headed the telecommunication holding Sistema Telecom,
and from 2003 to 2006, was head of Sitronics. During this time,
Sitronics became the largest public technology company in
Eastern Europe.  In 2007, Sistema Hals became the first public
Russian real estate company to list on the London Stock
Exchange. The non-public assets of Sistema grew quicker than the
market in such sectors as finance, retail and paid-for
healthcare services.

After two years the market capitalization of Sistema has grown
by 40%, exceeding US$16 billion. Sistema's revenues during this
period have grown by 80% and constituted US$13.7 billion in
2007.

"Under the leadership of Alexander Goncharuk, Sistema has
realized a series of large-scale and ambitious projects, playing
an important role in the development of the Corporation,"
Chairman of the Board of Directors at Sistema, Vladimir
Evtushenkov said.  "We are grateful for the efforts of Mr.
Goncharuk, during his time at the company we have successfully
launched a unified brand for our telecommunication companies,
entered the Indian market and opened state-of-the-art facilities
for the production of micro-chips of 0.18 microns, accomplishing
a real technological break-through over a short time.
Currently, there are new challenges facing the Corporation: the
building of new business in India, the shaping of an evolved
telecommunications' strategy and achieving leadership in
respective markets of our non-public companies. I do not doubt
that through the efforts of Leonid Melamed we will achieve these
challenging goals."

"It is a great honor for me to lead Sistema, which serves
approximately 100 million clients in the most diverse markets,"
Mr. Melamed, President of Sistema noted.  "I am confident that
the experience of managing large diversified services businesses
and my values will prove useful for me in my new role."

Leonid Melamed was born in 1967 in Moscow.  He served as
President and CEO of MTS from June 14, 2006 and has been a
member of the Board of Directors at MTS from June 23, 2006.

                       About Sistema

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

                         *     *     *

Sistema JSFC continues to carry a Ba3 long-term corporate family
rating and a B2 senior unsecured debt rating from Moody's, which
said the outlook is positive.

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

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


TRANS-STROY-INVEST: Kemerovo Bankruptcy Hearing Set July 23
-----------------------------------------------------------
The Arbitration Court of Kemerovo will convene at 11:30 a.m. on
July 23, 2008, to hear the bankruptcy supervision procedure on
CJSC Trans-Stroy-Invest.  The case is docketed under Case No.
A27-2161/2008-4.

The Temporary Insolvency Manager is:

         V. Krasnoperov
         Karbysheva Pr. 8
         Novokuznetsk
         Russia

The Court is located at:

         The Arbitration Court of Kemerovo
         Krasnaya Str. 8
         Kemerovo
         Russia

The Debtor can be reached at:

         CJSC Trans-Stroy-Invest
         Novokuznetsk
         Russia


TYAZHEKS OJSC: Court Names A. Khomenkov as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Voronezh appointed A. Khomenkov as
Insolvency Manager for OJSC Tyazheks Named After A. V.
Kominterna.  He can be reached at:

         A. Khomenkov
         Moskovskiy Pr. 11
         394026 Voronezh
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A14-10157/2003/38/16b.

The Court is located at:

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

The Debtor can be reached at:

         A. Khomenkov
         Moskovskiy Pr. 11
         394026 Voronezh
         Russia


ULYANOVSK-MOSTO-STROY: Court Names A. Ivanov to Manage Assets
-------------------------------------------------------------
The Arbitration Court of Ulyanovsk appointed A. Ivanov as
Insolvency Manager for OJSC Ulyanovsk-Mosto-Stroy.  He can be
reached at:

         A. Ivanov
         Post User Box 1712
         432063 Ulyanovsk
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A72-9787/03-G 14-b.

The Court is located at:

         The Arbitration Court of Ulyanovsk
         Zheleznodorozhnaya Str. 14
         432063 Ulyanovsk
         Russia

The Debtor can be reached at:

         OJSC Ulyanovsk-Mosto-Stroy
         Karla Marksa Str. 19
         432011 Ulyanovsk
         Russia


URAL-OIL-TEKHNO-SERVICE: Creditors Must File Claims by July 17
--------------------------------------------------------------
Creditors of CJSC Ural-Oil-Tekhno-Service (TIN 0278033810) have
until July 17, 2008, to submit proofs of claim to:

         Y. Parshin
         Insolvency Manager
         Post User Box 174
         Ufa
         450098 Bashkortostan
         Russia

The Arbitration Court of Bashkortostan commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A07-25905/2006-G-GIA.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Ural-Oil-Tekhno-Service
         Zavodskaya Str. 20
         Ufa
         450001 Bashkortostan
         Russia


ZARYA CJSC: Court Starts Bankruptcy Supervision Procedure
---------------------------------------------------------
The Arbitration Court of Belgorod commenced bankruptcy
supervision procedure on CJSC Zarya.  The case is docketed under
Case No. A08-8147/07-2B.

The Temporary Insolvency Manager is:

         V. Ponomarev
         Ivanovka Bolshaya
         Novooskolskiy
         Belgorod
         Russia

The Court is located at:

         The Arbitration Court of Belgorod
         Narodnyj Avenue 135
         308600 Belgorod
         Russia

The Debtor can be reached at:

         CJSC Zarya
         Bolshaya Ivanovka
         Novooskolskiy
         Belgorod
         Russia


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


UKRAINE AUTO: Fitch Rates US$18.7 Mln Class B Notes at B
--------------------------------------------------------
Fitch Ratings assigned final ratings to Ukraine Auto Loan
Finance No. 1 Plc's notes.

   -- US$85.8 million Class A asset-backed notes: 'BBB-';
      Outlook Stable; and

   -- US$18.7 million Class B asset-backed notes: 'B'; Outlook
      Stable.

This transaction is the first auto loan securitisation from
Ukraine.  The rating action follows the receipt of final
documentation, executed legal opinions and confirmation on
conditions to the issuance of the notes being fulfilled.

The ratings address the timely and full payment of principal and
interest for the Class A notes and the ultimate payment of
principal and interest for the Class B notes.  However, the
ratings exclude any claim of the noteholders to receive interest
payments equal to the step-up margin due after May 2011.

Fitch's emerging markets criteria links the rating of a
structured finance issuance to the rating of the sovereign in
which the assets are located.  The criteria also constrains the
rating by the rating of the seller of receivables.  Since
expected ratings were assigned to the notes in May 2008, Fitch
has revised the Outlook for Ukraine's Long-term Issuer Default
ratings('BB-') to Stable from Positive.

Fitch also changed the Outlook for the seller's (CJSC
Privatbank) Long-term foreign currency IDR ('B') to Stable from
Positive.  As the Outlook for the expected ratings was Stable,
the Outlook revisions of Ukraine and CJSC Privatbank did not
impact the rating of the notes. However, future rating action on
the sovereign and the bank may have an impact on the rating of
the notes listed above.

The rating of the Class A notes pierces the Country Ceiling of
the Ukraine by three notches.  To mitigate transfer and
convertibility risk, up to 18 months of interest payments on the
Class A notes are covered via a cash reserve (initially
US$6,189,625) and political risk insurance (US$9,094,800),
granted by Steadfast.

On May 22, 2008, the National Bank of Ukraine decided to lift
the value of the hryvnia from 5.05 to 4.85 per USD.  The loan
receivables are linked to USD, while income by consumers is
typically denominated in local currency; thus, this uplift
should support the debt service on the loans.  Further, it may
have a positive impact on future delinquency and default rates.

Fitch will monitor the transaction on a regular basis and as
warranted by events.  Its structured finance performance
analytics team ensures that the assigned ratings remain, in the
agency's view, an appropriate reflection of the issued notes'
credit risk.


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


ADVANCED MANUFACTURING: Claims Filing Period Ends June 24
---------------------------------------------------------
Creditors of The Advanced Manufacturing Technology Research
Institute (formerly The Machine Tool Industry Research
Association) have until June 24, 2008, to send in their names
and addresses, with particulars of their debts or claims, to:

         Adrian Allen
         Joint Liquidator
         Baker Tilly Restructuring & Recovery LLP
         2 Whitehall Quay
         Leeds
         LD1 4HG
         England
        
Adrian David Allen and Philip Edward Pierce of Baker Tilly were
appointed joint liquidators of the company on May 16, 2008 for
the creditors' voluntary winding-up proceeding.


ANDREW GEER: Brings In Administrators from BDO Stoy
---------------------------------------------------
David Harry Gilbert and Antony David Nygate of BDO Stoy Hayward
LLP were appointed joint administrators of Andrew Geer Ltd.
(Company Number 03313082) on May 23, 2008.

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

The company can be reached at:

          Andrew Geer Ltd.
          Meadow House
          London Road
          West Kingsdown
          Sevenoaks
          Kent
          TN15 6ER
          England
          Tel: 01474 854 466
          Fax: 01474 854 469


AYURVEDA HOLDINGS: Brings In Liquidators from Ernst & Young
-----------------------------------------------------------
Patrick Joseph Brazzill and Elizabeth Anne Bingham of Ernst &
Young LLP were appointed joint liquidators of Ayurveda Holdings
Ltd. on May 21, 2008, for the creditors' voluntary winding-up  
proceeding.

The joint liquidators can be reached at:

         Ernst & Young LLP
         1 More London Place
         London
         SE1 2AF
         England


BRITISH ENERGY: Opens GBP3.5 Mln Nuclear Power Academy
------------------------------------------------------
British Energy Plc opened a Nuclear Power Academy on
May 28, 2008.

With around 2,000 people working at its nuclear operations
support center in Barnwood, British Energy is a major employer
in Gloucestershire.  Supporting the operation of the company’s
fleet of nuclear power stations, Barnwood’s people play a vital
role in helping to provide the UK with a low carbon source of
electricity.

The Barnwood site has long been regarded as a centre of
excellence in the industry and tomorrow it will build on that
reputation by formally opening its new, GBP3.5 million state of
the art Nuclear Power Academy.

British Energy's chairman Adrian Montague hosted the opening
event.

The Nuclear Power Academy team has developed a British Energy
model for accreditation of training based on the systematic
approach to training as applied by the Institute of Nuclear
Power Operations (INPO) and incorporating best practice in the
nuclear industry.  In the coming months British Energy is
looking forward to taking a proactive part in its membership of
the recently launched National Skills Academy Nuclear.  The
company believes it has a major role to play in establishing
nuclear professionalism as a key aspect of existing and future
nuclear operations in the UK.

"The Nuclear Power Academy is at the centre of British Energy’s
investment in training. It is part of the company’s commitment
to creating world leading nuclear professionals and maintaining
the technical capability of our workforce, while being an active
part of the wider focus in the UK on the nuclear skills agenda
and training for nuclear power," David Barber, Head of Training
at British Energy disclosed.

                      About British Energy

Headquartered in Livingston, Scotland, British Energy Limited
-- http://www.british-energy.com/-- is the U.K.'s largest
producer of electricity.  With a workforce of about 6,000, it
produces around one-sixth of the nation's electricity.

                          *     *     *

As of March 17, 2008, British Energy Group plc carries a Ba2
long-term corporate family rating from Moody's with a stable
outlook.

Standard & Poor's affirmed its BB long-term corporate credit
ratings on U.K.-based nuclear generator British Energy Group PLC
and its subsidiary British Energy Holdings PLC, with negative
outlook.

The company holds a BB+ long-term issuer default rating from
Fitch with a stable outlook.


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

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

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

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


ERS REALISATIONS: Creditors' Meeting Slated for June 10
-------------------------------------------------------
Creditors of ERS Realisations Ltd. (Company Number 05251871)
(fka Enigma Residential Services Ltd.) will meet at 10:00 a.m.
on June 10, 2008, at:

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

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on June 9, 2008, at:

          Colin Ian Vickers
          Joint Administrator
          Vantis Plc
          Fourth Floor
          Southfield House
          11 Liverpool Gardens
          Worthing
          West Sussex  
          BN11 1RY
          England

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


FIORENTE FUNDING: Moody's Junks Ratings on Two Note Classes
-----------------------------------------------------------
Moody's Investors Service downgraded two classes of notes issued
by Fiorente Funding Limited.

The rating actions reflect recent rating downgrades in the
underlying portfolio, as well as the occurrence on Feb. 28,
2008, as reported by the Issuer, of an event of default caused
by a failure of the Class A Par Value Ratio to be greater than
or equal to 100%.  During the occurrence and continuation of an
event of default, controlling creditors of the Issuer may be
entitled to direct the Trustee to take particular action with
respect to the underlying collateral securities and the Notes.

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

These rating actions are:

Fiorente Funding Limited:

    (1) US$63,750,000 Class A Secured Floating Rate Credit-
        Linked Notes due 2051

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

   (2) US$34,000,000 Class B Secured Deferrable Floating Rate
       Credit-Linked Notes due 2051

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


FORUM COMPUTERS: Claims Filing Period Ends July 20
--------------------------------------------------
Creditors of Forum Computers Ltd. have until July 20, 2008, to
detail their names and addresses (and solicitors if applicable)
together with particulars of their debts or claims, in writing,
or in person, to:

         Duncan R. Beat
         Liquidator
         Tenon Recovery
         75 Springfield Road
         Chelmsford
         Essex
         CM2 6JB
         England

Duncan R. Beat of Tenon Recovery was appointed liquidator of the
company on May 21, 2008, for the creditors' voluntary winding-up
procedure.


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

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

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

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

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

Ratings affirmed and up-dated loss given default assessment:

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

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

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

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

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

Hexcel Corporation, headquartered in Stamford, CT, is a leading
advanced structural materials company.  It develops,
manufactures and markets lightweight, high-performance
structural materials, including carbon fibers, reinforcements,
prepregs, honeycomb, matrix systems, adhesives and composite
structures, used in commercial aerospace, space and defense, and
certain industries.  Revenues in 2007 were approximately US$1.2
billion.


IRON MOUNTAIN: S&P Rates US$300 Mln Subordinated Notes at B+
------------------------------------------------------------
Standard & Poor's Ratings Services assigned an issue and
recovery rating to Iron Mountain Inc.'s US$300 million
subordinated notes due 2020.  The debt was assigned an issue-
level rating of 'B+' (one notch below the 'BB-' corporate credit
rating on Iron Mountain), and a recovery rating of '5',
indicating our expectation of modest (10% to 30%) recovery in
the event of a payment default.  

Proceeds of the new subordinated notes will be used to redeem
the company's 8.25% senior subordinated notes due 2011, repay
borrowing under the revolving credit facility and for general
corporate purposes.  The issue and recovery ratings on Iron
Mountain Inc.'s other secured and unsecured debt remains
unchanged.

                       Ratings List

  Iron Mountain Inc.                      BB-/Negative/--


New Rating

  Iron Mountain Inc.
  Subordinated
  US$300 mil sr sub nts due 2020         B+   
  Recovery Rating                        5          


NORTHWORLD LTD: Appoints Joint Administrators from Deloitte
-----------------------------------------------------------
Lee Antony Manning and Nicholas Guy Edwards of Deloitte & Touche
LLP were appointed joint administrators of Northworld Ltd.
(Company Number 3160029) on May 20, 2008.

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:

          Northworld Ltd.
          15-18 Victoria Industrial Estate
          London
          W3 6YN
          England
          Tel: 020 8993 6262
          Fax: 020 8993 8303


PERSIL SERVICES: Timpson Buys Business Out of Administration
------------------------------------------------------------
Timpson, a family-owned shoe repair firm, has acquired Persil
Services for an undisclosed sum, Jonathan Sibun writes for the
Daily Telegraph.  Persil, whose losses reached GBP2.68 million
in 2006, went into administration in May 2008.

Persil, the Daily Telegraph relates, called in Baker Tilly as
administrators.

The Daily Telegraph says Persil's debt have been put into a
separate vehicle called PSL Recoveries.

Unilever holds a 75% stake in the company, the paper discloses.

Persil is a dry cleaning company that operates shops in 75
Sainsbury's stores.  The company was set up by Unilever through
its Unilever Ventures arm.  It employed 395 people in 2006.


PROFESSIONAL RECRUITMENT: Court Appoints Provisional Liquidator
---------------------------------------------------------------
The Secretary of State for Business, Enterprise & Regulatory
Reform has presented a petition in the High Court to wind up
Professional Recruitment Direct Ltd. in the public interest.

The company dealt with NHS Trusts throughout the UK, private
hospitals, charities, and Government Departments.  A petition to
wind up the company was presented following an investigation
carried out by Companies Investigation Branch under section 447
of the Companies Act 1985 (as amended).

The Official Receiver has been appointed provisional liquidator
of the company.  The role of the provisional liquidator is to
protect assets in the possession or under the control of the
company pending the determination of
the petition.  The provisional liquidator also has the power to
investigate the affairs of the company insofar as it is
necessary to protect the assets including any third party
or trust monies or assets in the possession of or under the
control of the company.

The case is now subject to High Court action and no further
information will be made available until the petitions are heard
in the High Court on June 30, 2008.

Based in Leamington Spa, England, Professional Recruitment
Direct Ltd., carried on business as a publisher of a medical
recruitment journal, and generated income from the sale of
advertising space for medical recruitment advertisements.


TAG4 LTD: Calls In Liquidators from Tenon Recovery
--------------------------------------------------
A. J. Pear and I. Cadlock of Tenon Recovery were appointed joint
liquidators of Tag4 Ltd. on May 20, 2008, for the creditors'
voluntary winding-up proceeding.

The joint liquidators can be reached at:

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


TRADE BINDERS: Appoints BDO Stoy as Joint Administrators
--------------------------------------------------------
C.K. Rayment and D.H. Gilbert of BDO Stoy Hayward were appointed
joint administrators of Trade Binders Daventry Ltd. (Company
Number 05395697) on May 23, 2008.

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

The company can be reached at:

          Trade Binders Daventry Ltd.
          Unit 1-2  
          South March
          Daventry
          Northamptonshire
          NN11 4PH
          England
          Tel: 01327 704 911
          Fax: 01327 872 588
          Web site: http://www.whtradebinders.co.uk/


* Large Companies with Insolvent Balance Sheet
----------------------------------------------
                                Shareholders    Total   Working
                                    Equity      Assets   Capital
                          Ticker    (US$MM)    (US$MM)   (US$MM)
                          ------ -----------  -------   --------

AUSTRIA
-------
Libro AG                            (111)         174     (182)


BELGIUM
-------
Sabena S.A.                          (86)       2,215     (297)


CZECH REPUBLIC
--------------
Ceskomoravska Kolben &
   Danek Praha Holding               (89)         192   (2,186)
Setuza A.S.                          (55)         145   (1,120)


DENMARK
-------
Elite Shipping                       (28)         101       19

FRANCE    
------
Arbel                     ARB       (150)         138      (96)
Banque Nationale
   de Paris Guyane        BNPG       (41)         352      N.A.
BSN Glasspack                       (101)       1,151      179
Charbo De France                  (3,872)       4,738   (2,868)
Euro Computer System                (110)         682      377
Grande Paroisse S.A.                (927)         629      330
Immob Hoteliere                      (67)         301      (13)
Matussiere et Forest S.A. MTF        (78)         294      (28)
Outremer Telecom          OMT        (33)         229      (88)
Pagesjaunes GRP           PAJ     (3,023)       1,377     (311)
Pneumatiques Kleber S.A.             (34)         480      139
SDR Picardie                        (135)         413      N.A.
Soderag                               (3)         404      N.A.
Sofal S.A.                          (305)       6,619      N.A.
Spie-Batignolles                     (16)       5,281       75
Selcodis S.A.             SPVX        (9)         134      (26)
Trouvay Cauvin                        (0)         134       10
Usines Chausson                      (23)         249       35


GERMANY
-------
Alno AG                   ANO        (21)         340      (61)
Babcock Borsig            BBX      (1608)         137   (1,309)
CBB Holding AG            COB        (43)         905      N.A.
Cinemaxx AG               MXC        (27)         177      (30)
Dortmunder
   Actien-Brauerei        DABG       (13)         118      (29)
EM.TV AG                  EV4G.BE    (22)         849       15
F.A. Guenther & Son AG    GUSG       (10)         111      N.A.
Kabel Deutschland                 (1,199)       2,280     (306)
Kaufring AG               KAUG       (19)         151      (51)
Maternus Kliniken AG      MAK.F       (4)         201      (20)
Nordsee AG                            (8)         195      (31)
Primacom AG               PRC         (5)         662      (47)
Schaltbau Hold            SLT         (3)         240       14
SinnLeffers AG            WHGG        (4)         454     (145)
Spar Handels- AG          SPAG      (442)       1,433     (234)
TA Triumph-Adler          TWN        (72)         462      (53)

GREECE
------
Petzetakis-PFC            PETZP       (8)         263      (98)
Radio A.Korassidis        KORA      (101)         181     (139)
   Commercial

HUNGARY
-------
Exbus PLC                 EXBUS     (30)         118    (5,162)

ICELAND
-------
Decode Genetics Inc.      DCGN     (146)         156       48

IRELAND
-------
Elan Corp PLC             ELN      (388)       1,599       484
Waterford Wed Ut          WTFU     (145)         897       208


ITALY
-----
A.S. Roma S.p.A.          ASR        (12)         188      (49)
Binda S.p.A.              BND        (11)         129      (20)
Cirio Finanziaria S.p.A.            (422)       1,583     (396)
Gruppo Coin S.p.A.        GC        (154)         801      (50)
Compagnia Italia          ICT       (138)         527     (235)
Credito Fondiario
   e Industriale S.p.A.             (200)       4,218      N.A.
Finpart S.p.A.                      (152)         732     (322)
I Viaggi del
   Ventaglio S.p.A.       VVE        (64)         529      (88)
Lazio S.p.A.              SSL        (32)         254      (33)
Olcese S.p.A.             OLCI.MI    (13)         180      (64)
Parmalat Finanziaria
   S.p.A.                        (18,419)       4,121  (12,481)
Snia S.p.A.               SN         (39)         275       36
Technodiffusione
   Italia S.p.A.          TDIFF.PK   (90)         152      (24)


NETHERLANDS
-----------
Baan Company N.V.         BAAN        (8)         610       46
United Pan-Euro Air       UPC     (5,266)       5,180   (8,730)


NORWAY
------
Interoil Exploration      IOX         (9)         205      (11)
Petroleum-Geo Services    PGO        (32)       2,963   (5,250)


ROMANIA
-------
Oltchim RM Valce          OLT       (430)         673     (417)
Rafo Onesti               RAF       (354)         475   (1,421)


RUSSIA
------
East Siberia Brd          VSNK       (79)         107     (278)
Omskij Kauchu             OMKA        (4)         125   (1,794)
OAO Samaraneftegas                  (332)         892  (16,942)
Vimpel Ship               SOVP       (93)         281     (420)
Zil Auto                  ZILLP     (178)         425  (10,597)


SPAIN
-----
Altos Hornos de
   Vizcaya S.A.           AHV       (116)       1,283     (278)
Santana Motor S.A.       LRSA        (46)         223       41


TURKEY
------
Nergis Holding                       (24)         125       26
Yasarbank                           (948)         623      N.A.


UKRAINE
-------
Dniprooblenergo           DNON       (51)         433   (1,010)
Donetskoblenergo          DOON      (341)         573   (2,365)


UNITED KINGDOM
--------------
Abbott Mead Vickers                   (2)         168      (16)
Alldays Plc                         (120)         252     (202)
Amey Plc                  AMY        (49)         932      (47)
Atkins (WS) Plc           ATK       (150)       1,390       62
Bagleys Investment                  (247)       1,094     (126)
BCH Group Plc             BCH         (6)         188      (44)
Blenheim Group            BEH       (153)         198      (34)
Booker Plc                BKRUY      (60)       1,298       (8)
Bradstock Group           BDK         (2)         269        5
Brent Walker Group        BWL     (1,774)         867   (1,157)
British Energy Ltd                (5,823)       4,921      290
British Energy Plc        BGY     (5,823)       4,921      434
British Nuclear
   Fuels Plc                      (4,248)      40,326      977
Carlisle Group                       (12)         204       15
Compass Group             CPG       (668)       2,972     (298)
Dowson Holding            DWN        (18)         226       31
Dignity Plc               DTY         (9)         648       35
Easybroker PLC                        (1)         287       (1)
Easynet Group             ESY.L      (45)         323       38
Electrical and Music              
   Industries Group       EMI     (2,266)       2,950     (296)
Evans Healthcare                     (86)         239     (144)
Global Green Tech Group             (156)         408      (18)
Heath Lambert
   Fenchurch Group Plc               (10)       4,109      (10)
HMV Group Plc             HMV        (26)       1,273     (277)
Imperial Chemical
   Industries Plc         ICI       (370)       8,393        2
Jarvis Plc                JRVS.L     (28)         370      (22)
Ladbrokes Plc             LAD       (894)       2,139     (356)
Lambert Fenchurch Group               (1)       1,827        3
Legal & Gen. Fin.                     (7)       3,576     (522)
M 2003 Plc                        (2,204)       7,205     (756)
Misys Plc                 MSY         (7)       1,123     (131)
Mytravel Group            MT.L      (380)       1,818     (488)
New Star Asset                      (418)         368       10
Next Plc                            (156)       3,224      (63)
Norbain Finance                      (10)         280      (10)
Orange Plc                ORNGF     (594)       2,902        7
Rank Group Plc                       (26)       1,209      (88)
Regus Plc                            (46)         367      (60)
Saatchi & Saatchi         SSI       (119)         705      (41)
SFI Group                 SUF       (108)         178     (162)
Skyepharma PLC            SKP       (117)         212       11
Spirit Group                         (75)         365      (56)
Telewest
   Communications Plc     TLWT    (3,702)       7,581   (5,631)
Trio Finance              TRIO       (14)         592      N.A.
Webley Stadium                       (55)       1,561      (45)
Wincanton Plc             WIN        (27)       1,451      (78)

  
                            *********

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 * * *