TCREUR_Public/080605.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Thursday, June 5, 2008, Vol. 9, No. 111

                            Headlines


A U S T R I A

BAUER LLC: Claims Registration Period Ends July 1
FREYLER MARKETINGAGENTUR: Claims Registration Ends June 9
KALT. WARM: Claims Registration Period Ends June 23
P & H BAU: Claims Registration Period Ends June 25
SERMIX BAUMASCHINEN: Claims Registration Period Ends June 26


G E R M A N Y

BABEN SERVICE: Claims Registration Period Ends June 20
BEHRENS ROHRLEITUNGSBAU: Claims Registration Period Ends June 20
BUECOTEC KOMMUNIKATIONSTECHNIK: Claims Registration Ends June 17
BUEROTECHNIK EGGERT: Creditors' Meeting Slated for June 26
BDB-PROTECTION: Claims Registration Period Ends June 17

CARDIOLOGIX GMBH: Claims Registration Period Ends June 20
D-S-W NACHRICHTENTECHNIK: Claims Registration Ends June 17
DSL DATA SERVICE: Claims Registration Period Ends June 20
FUNPARK-FREIBURG: Claims Registration Period Ends June 21
HET ELITE: Claims Registration Period Ends June 18

INTEC INNOVATIVE: Claims Registration Period Ends June 18
JACOBS-HAUS BAU: Claims Registration Ends June 20
JENOPTIK AG: S&P Withdraws BB- Rating at Company's Request
KAASE TISCHLERTEAM: Claims Registration Ends June 20
KUERTENER REISEDIENST: Claims Registration Ends June 20

LADYLINE DEUTSCHLAND: Claims Registration Ends June 20
LINA KROKANT: Claims Registration Ends June 20
LUCIA SHOP: Claims Registration Period Ends June 18
MA PROJEKTENTWICKLUNGS: Claims Registration Ends June 20
MCB-ANLAGENSYSTEME: Claims Registration Period Ends June 18

MICROTEC WERKZEUGMASCHINEN: Claims Registration Ends June 20
MODATEC GMBH: Claims Registration Period Ends June 20
MOTION-WORLD PRODUKTIONS: Claims Registration Ends June 20
MOTO-IN HUMMELMUEHLE: Claims Registration Period Ends June 18
MPO KELLERBAU: Claims Registration Period Ends June 19

PLAMBECK VERWALTUNGS: Claims Registration Period Ends June 20
SAUNA SUED: Claims Registration Period Ends June 20
SINOMEX INT'L: Claims Registration Period Ends June 16
SPARIVARI GMBH: Claims Registration Period Ends June 20
UNITED BUSINESS: Claims Registration Period Ends June 16

WWM UMWELTTECHNIK: Claims Registration Period Ends June 18


I T A L Y

ALITALIA SPA: Air France-KLM May Restart Takeover Talks


K A Z A K H S T A N

ALMA MOTORS: Creditors Must File Claims by July 16
AVTOBUSNY PARK #1: Claims Deadline Slated for July 15
NESTLE JSC: Claims Filing Period Ends July 11
PLANETA FITNESS: Creditors' Claims Due on July 15
STEEL TRADE: Claims Registration Ends July 16

VOSTOCHNAYA ENERGETICHESKAYA: Claims Filing Period Ends July 16


K Y R G Y Z S T A N

VOLGO MOTO: Creditors Must File Claims by July 2


N E T H E R L A N D S

E-MAC NL 2005-I: Fitch Keeps Class E Notes Rating at BB+
E-MAC NL 2005-III: Fitch Affirms Class E Notes Rating at BB+
E-MAC NL 2006-II: Fitch Affirms Class E Notes Rating at BB
E-MAC NL 2006-III: Fitch Affirms Class E Notes Rating at BB
E-MAC NL 2007-I: Fitch Keeps Class E Notes Rating at BB

E-MAC NL 2007-III: Fitch Keeps Class E Notes Rating at BB


R U S S I A

AVIA-LINE LLC: Creditors Must File Claims by July 17
CENTRAL ROADS: Creditors Must File Claims by June 17
ERSHICHI-AGRO-PROM-SNAB: Creditors Must File Claims by July 17
GEVIT-FORM CJSC: Creditors Must File Claims by July 17
INZH-SEL-STROY-SERVICE: Names L. Pavlunina as Insolvency Manager

IRGINA CJSC: Creditors Must File Claims by July 17
KORABLINSKAYA SEL-KHOZ-TEKHNIKA: Claims Filing Ends July 17
PROM-MET-SERVICE: Creditors Must File Claims by July 17
SITRONICS JSC: Announces New WiBAS Deployments in Europe and CIS


U K R A I N E

BUILDING SERVICE: Creditors Must File Claims by June 18
EKSIM-PETROLEUM PRODUCTION: Creditors' Claims Due June 15
ELITAL LLC: Creditors Must File Claims by June 18
GEFEST LTD: Proofs of Claim Deadline Set June 18
LISICHANSK CHEMICAL: Proofs of Claim Deadline Set June 18

LUGANSK CRANKSHAFT: Proofs of Claim Deadline Set June 18
NAFTOGAZ UKRAINY: Repays Gas Debt Arrears to OAO Gazprom
OUTIL-SERVICE LLC: Proofs of Claim Deadline Set June 18
PRAVDA LLC: Creditors Must File Claims by June 18
UKRAINIAN POLYMETALS: Industry of Ministry Orders Liquidation

UKRSAN-M: Proofs of Claim Deadline Set June 15
VECTOR LLC: Creditors Must File Claims by June 18


U N I T E D   K I N G D O M

ASPECTS SOFTWARE: Brings In Liquidator from KPMG
AVEBURY INTERNATIONAL: Taps Joint Administrators from Mazars
BAA LTD: Starts Consultations Over New Financing Structure
C2U LIMITED: Taps Joint Administrators from Menzies
CONFERACCOM LTD: Appoints Mazar as Joint Administrators

DIOMED HOLDINGS: U.S. Court Okays Asset Sale to AngioDynamics
ELIOT'S LTD: Calls In Liquidators from Moore Stephens
EUROSAIL-UK: Moody's Cuts Ratings to Low-B on Two Note Classes
INVENSYS PLC: S&P Lifts Rating to BB+ on Improved Business Risk
JHARDYS LTD: Taps Liquidators from Tenon Recovery

LIFELINE CARE: Hires Liquidators from Tenon Recovery
R.J.P. SURVEYS: Brings In Joint Administrators from Begbies
RANK GROUP: Moody's Holds B1 Rating on Revenue Stabilization
SEQUA CORP: S&P Holds B- Ratings on Sr. Unsec. & Sr. PIK Notes
VESTA MONEY: Taps Menzies as Joint Administrators

TRADE SOFAS: Appoints Liquidators from Moore Stephens


* Upcoming Meetings, Conferences and Seminars


                            *********

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


BAUER LLC: Claims Registration Period Ends July 1
-------------------------------------------------
Creditors owed money by LLC Bauer (FN 157204h) have until
July 1, 2008, to file written proofs of claim to court-appointed
estate administrator Mario Noe-Nordberg at:

          Dr. Mario Noe-Nordberg
          Hamernikgasse 10
          3830 Waidhofen/Thaya
          Austria
          Tel: 02842/52570
          Fax: 02842/525704
          E-mail: ra-noe-nordberg@aon.at    

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 8:30 a.m. on July 16, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Krems an der Donau
          Hall A
          Second Floor
          Krems an der Donau
          Austria

Headquartered in Schrems, Austria, the Debtor declared
bankruptcy on May 13, 2008 (Bankr. Case No. 9 S 32/08s).  


FREYLER MARKETINGAGENTUR: Claims Registration Ends June 9
---------------------------------------------------------
Creditors owed money by LLC Freyler Marketingagentur (FN
282252b) have until June 9, 2008, to file written proofs of
claim to court-appointed estate administrator Mirko Matkovits
at:

          Mag. Mirko Matkovits
          Franz Liszt-Gasse 1
          7000 Eisenstadt
          Austria
          Tel: 02682/62468
          Fax: 02682/66214
          E-mail: office@wirhabenrecht.at   

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on June 23, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Eisenstadt
          Hall F
          Eisenstadt
          Austria

Headquartered in Eisenstadt, Austria, the Debtor declared
bankruptcy on May 13, 2008 (Bankr. Case No. 41 S 20/08s).  


KALT. WARM: Claims Registration Period Ends June 23
---------------------------------------------------
Creditors owed money by LLC Kalt. Warm (FN 254011x) have until
June 23, 2008, to file written proofs of claim to court-
appointed estate administrator Eva Riess at:

          Dr. Eva Riess
          c/o Mag. Nikolaus Vogt
          Zeltgasse 3/13
          1080 Vienna
          Austria
          Tel: 01/402 57 01
          Fax: 01/402 57 01 21
          E-mail: law@riess.co.at      

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 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 49/08p).  Nikolaus Vogt
represents Dr. Riess in the bankruptcy proceedings.


P & H BAU: Claims Registration Period Ends June 25
--------------------------------------------------  
Creditors owed money by LLC P & H Bau u. Elektroinstallation (FN
178485d) have until June 25, 2008, to file written proofs of
claim to court-appointed estate administrator Eva Riess at:

          Dr. Eva Riess
          c/o  Mag. Nikolaus Vogt
          Zeltgasse 3/13
          1080 Vienna
          Austria
          Tel: 01/402 57 01
          Fax: 01/402 57 01 21
          E-mail: law@riess.co.at     

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 1:45 p.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 Leopoldsdorf bei Wien, Austria, the Debtor
declared bankruptcy on May 13, 2008 (Bankr. Case No. 36 S
57/08m).  Nikolaus Vogt represents Dr. Riess in the bankruptcy
proceedings.


SERMIX BAUMASCHINEN: Claims Registration Period Ends June 26
------------------------------------------------------------
Creditors owed money by LLC Sermix Baumaschinen (FN 288289f)
have until June 26, 2008, to file written proofs of claim to
court-appointed estate administrator Gerhard Haslbauer at:

          Dr. Gerhard Haslbauer
          Hauptplatz 7
          4663 Laakirchen
          Austria
          Tel: 07613/5588
          Fax: 07613/5588-15
          E-mail: rechtsanwalt@haslbauer.at     

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on July 3, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Wels
          Hall 101
          First Floor
          Maria Theresia Str. 12
          Wels
          Austria

Headquartered in Laakirchen, Austria, the Debtor declared
bankruptcy on May 14, 2008 (Bankr. Case No. 20 S 61/08h).  


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


BABEN SERVICE: Claims Registration Period Ends June 20
------------------------------------------------------
Creditors of BABEN Service GmbH have until June 20, 2008, to
register their claims with court-appointed insolvency manager
Jochen Schnake.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on July 3, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

The insolvency manager can be reached at:

          Jochen Schnake
          Ravensberger Str. 11 u. 12
          33824 Werther
          Germany

The District Court of Bielefeld opened bankruptcy proceedings
against BABEN Service GmbH on April 11, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

          BABEN Service GmbH
          Attn: Dirk Engfer, Manager
          Kreienbrede 26
          32051 Herford
          Germany


BEHRENS ROHRLEITUNGSBAU: Claims Registration Period Ends June 20
----------------------------------------------------------------
Creditors of Behrens Rohrleitungsbau + Service GmbH have until
June 20, 2008, to register their claims with court-appointed
insolvency manager Jens Wilhelm V.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on July 21, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Celle
          Hall 014
          First Floor
          Muehlenstrasse 4
          29221 Celle
          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:

          Jens Wilhelm V
          Grosser Plan 8
          29221 Celle
          Germany
          Tel: 05141-9744624
          Fax: 05141-9744629
          E-mail: Kanzlei@Wilhelm-Kollegen.de  
          Web site: http://www.Wilhelm-Kollegen.de/  

The District Court of Celle opened bankruptcy proceedings
against Behrens Rohrleitungsbau + Service GmbH on
April 30, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

          Behrens Rohrleitungsbau + Service GmbH
          Oselohfeld 12
          29323 Wietze
          Germany


BUECOTEC KOMMUNIKATIONSTECHNIK: Claims Registration Ends June 17
----------------------------------------------------------------
Creditors of BueCoTec Kommunikationstechnik GmbH have until
June 17, 2008, to register their claims with court-appointed
insolvency manager Bert Buske.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on July 30, 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 Potsdam
         Hall 301
         Third Floor
         Nebenstelle Lindenstrasse 6
         14467 Potsdam
         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:

         Bert Buske
         Alt Nowawes 67
         14482 Potsdam
         Germany

The District Court of Potsdam opened bankruptcy proceedings
against BueCoTec Kommunikationstechnik GmbH on May 6, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         BueCoTec Kommunikationstechnik GmbH
         Treuenbrietzener Tor 22
         14943 Luckenwalde
         Germany


BUEROTECHNIK EGGERT: Creditors' Meeting Slated for June 26
----------------------------------------------------------
The court-appointed insolvency manager for Buerotechnik Eggert
GmbH & Co. KG, Uwe Kuhmann, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at 9:00
a.m. on June 26, 2008.

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

         The District Court of Bremen
         Hall 115
         Ostertorstr. 25-31
         28195 Bremen
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 9:00 a.m. on Sept. 25, 2008, at the same
venue.

Creditors have until June 17, 2008, to register their claims
with the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Uwe Kuhmann
         Schuesselkorb 3
         28195 Bremen
         Germany
         Tel: 0421-33061-0
         Fax: 0421-33061-10
         E-mail: info@kuhmann.eu
         Web site: http://www.kuhmann.eu   

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

The Debtor can be reached at:

         Buerotechnik Eggert GmbH & Co. KG
         Fritz-Thiele-Str. 24
         28279 Bremen
         Germany


BDB-PROTECTION: Claims Registration Period Ends June 17
-------------------------------------------------------
Creditors of BDB-Protection GmbH i.L. have until June 17, 2008,
to register their claims with court-appointed insolvency manager
Axel Gerbers.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on July 15, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Aurich
         Hall 018
         Schlossplatz 2
         26603 Aurich
         Germany

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

The insolvency manager can be reached at:

          Axel Gerbers
          Soegestrasse 70
          28195 Bremen
          Germany
          Tel: 0421/178 99 80
          Fax: 0421/178 99 811

The District Court of Aurich opened bankruptcy proceedings
against BDB-Protection GmbH i.L. on April 23, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         BDB-Protection GmbH i.L.
         Hauptstrasse 153-155
         26639 Wiesmoor
         Germany


CARDIOLOGIX GMBH: Claims Registration Period Ends June 20
---------------------------------------------------------
Creditors of Cardiologix GmbH have until June 20, 2008, to
register their claims with court-appointed insolvency manager
Torben Ottmar Herbold.

Creditors and other interested parties are encouraged to attend
the meeting at 1:00 p.m. on July 23, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Potsdam
         Hall 301
         Third Floor
         Nebenstelle Lindenstrasse 6
         14467 Potsdam
         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:

          Torben Ottmar Herbold
          Haeckelstrasse 10
          39104 Magdeburg
          Germany

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

The Debtor can be reached at:

          Cardiologix GmbH
          Attn: Rainer Groebler, Manager
          Kurfuerstenstrasse 2
          14467 Potsdam
          Germany


D-S-W NACHRICHTENTECHNIK: Claims Registration Ends June 17
----------------------------------------------------------
Creditors of D-S-W Nachrichtentechnik GmbH have until June 17,
2008, to register their claims with court-appointed insolvency
manager Volker Reinhardt.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 a.m. on July 8, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Erfurt
         Hall 15
         Judicial Center
         Rudolfstr. 46
         99092 Erfurt
         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:

         Volker Reinhardt
         Windthorststr 17
         99096 Erfurt
         Germany

The District Court of Erfurt opened bankruptcy proceedings
against D-S-W Nachrichtentechnik GmbH on May 7, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         D-S-W Nachrichtentechnik GmbH
         Attn: Manfred Weissbrodt, Manager
         Riethgasse 8
         99195 Stotternheim
         Germany


DSL DATA SERVICE: Claims Registration Period Ends June 20
---------------------------------------------------------
Creditors of DSL Data Service Leistungssysteme GmbH i.L. have
until June 20, 2008, to register their claims with court-
appointed insolvency manager Eberhard Stock.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on June 27, 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 Krefeld
          Meeting Hall H 131
          First Floor         
          Nordwall 131
          47798 Krefeld
          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:

          Eberhard Stock
          Wilhelmshofallee 75
          47800 Krefeld
          Germany
          Tel: (02151) 5813-0
          Fax: +4921515813134

The District Court of Krefeld opened bankruptcy proceedings
against DSL Data Service Leistungssysteme GmbH i.L. on
April 15, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

          DSL Data Service Leistungssysteme GmbH i.L.
          Hans-Boeckler-Str. 20
          46535 Dinslaken
          Germany


FUNPARK-FREIBURG: Claims Registration Period Ends June 21
---------------------------------------------------------
Creditors of Funpark-Freiburg GmbH have until June 21, 2008, to
register their claims with court-appointed insolvency manager
Oliver Leers.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 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 Freiburg
          Hall I
          Holzmarkt 2
          79098 Freiburg i.Br.
          Germany

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

The insolvency manager can be reached at:

          Oliver Leers
          AG-Fach 27
          Guenterstalstr. 23
          79102 Freiburg i. Br.
          Germany
          Tel: 0761/77066
          Fax: 0761/77026

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

The Debtor can be reached at:

          Funpark-Freiburg GmbH
          Attn: Helmut Retsch, Manager
          Hans-Bunte-Strasse 16 c
          79108 Freiburg
          Germany


HET ELITE: Claims Registration Period Ends June 18
--------------------------------------------------
Creditors of Het Elite Nahverkehrsgesellschaft mbH have until
June 18, 2008, to register their claims with court-appointed
insolvency manager Herbert Duerkop.

Creditors and other interested parties are encouraged to attend
the meeting at 10:20 a.m. on July 16, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Herbert Duerkop
         Neuer Wall 86
         20354 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against Het Elite Nahverkehrsgesellschaft mbH on May 1, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Het Elite Nahverkehrsgesellschaft mbH
         Schumacherwerder 14/Ueberseezentrum
         20457 Hamburg
         Germany


INTEC INNOVATIVE: Claims Registration Period Ends June 18
---------------------------------------------------------
Creditors of Intec Innovative Gebaudetechnik GmbH have until
June 18, 2008, to register their claims with court-appointed
insolvency manager Dr. Dieter Kuehne.

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

The meeting of creditors will be held at:

         The District Court of Halle (Saale)
         Hall 1.043
         Justizzentrum
         Thueringer Strasse 16
         06112 Halle (Saale)
         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. Dieter Kuehne
         Walter-Koehn-Strasse 1b, D
         04356 Leipzig
         Germany
         Tel: 0341/339890
         Fax: 0341/3398929
         Web site: http://www.kuebler-gbr.de  

The District Court of Halle (Saale) opened bankruptcy
proceedings against Intec Innovative Gebaudetechnik GmbH on
April 29, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         Intec Innovative Gebaudetechnik GmbH
         Leipziger Str. 39
         06712 Zeitz
         Germany


JACOBS-HAUS BAU: Claims Registration Ends June 20
-------------------------------------------------
Creditors of Jacobs-Haus Bau Beteiligungs-GmbH i.L. have until
June 20, 2008 to register their claims with court-appointed
insolvency manager Christian Jensen.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on July 4, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Niebuell
         Hall 1
         Sylter Bogen 1 A
         25899 Niebuell
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Christian Jensen
         Flensburger Strasse 5-7
         25917 Leck
         Germany

The District Court of Niebuell opened bankruptcy proceedings
against Jacobs-Haus Bau Beteiligungs-GmbH i.L. on April 28,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         Jacobs-Haus Bau Beteiligungs-GmbH i.L.
         Schulstr. 11 a
         25926 Ladelund
         Germany


JENOPTIK AG: S&P Withdraws BB- Rating at Company's Request
----------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'BB-' long-term
corporate credit rating on Germany-based engineering group
Jenoptik AG at the company's request.

At the same time, the 'BB-' debt rating and recovery rating of
'4' on the group's EUR62.1 million convertible bond due 2009
were also withdrawn.


KAASE TISCHLERTEAM: Claims Registration Ends June 20
----------------------------------------------------
Creditors of Kaase Tischlerteam GmbH have until June 20, 2008,
to register their claims with court-appointed insolvency manager
Manuel J. Calvo Fernandez.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on July 17, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Manuel J. Calvo Fernandez
         Sutthauser Str. 285
         49080 Osnabrueck
         Germany
         Tel: 0541/76007570
         Fax: 0541/76007599
         E-mail: info@bpl-recht.de  

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

The Debtor can be reached at:

         Kaase Tischlerteam GmbH
         Attn: Andreas Frense and Kerstin Heinen, Managers             
         Plettenberger Str. 11
         49324 Melle
         Germany


KUERTENER REISEDIENST: Claims Registration Ends June 20
-------------------------------------------------------
Creditors of Kuertener Reisedienst + Reisebuero GmbH have until
June 20, 2008, to register their claims with court-appointed
insolvency manager Karl-Dieter Sommerfeld.

Creditors and other interested parties are encouraged to attend
the meeting at 9:47 a.m. on July 10, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Cologne
         Meeting Hall 14
         Ground Floor
         Luxemburger Str. 101
         50939 Cologne
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Karl-Dieter Sommerfeld
         Hammerweg 3
         51766 Engelskirchen
         Germany

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

The Debtor can be reached at:

         Kuertener Reisedienst + Reisebuero GmbH
         Attn: Helmut Kurz, Manager
         Wipperfuerther Str. 398
         51515 Kuerten
         Germany


LADYLINE DEUTSCHLAND: Claims Registration Ends June 20
------------------------------------------------------
Creditors of Ladyline Deutschland GmbH have until June 20, 2008,
to register their claims with court-appointed insolvency manager
Volker Quinkert.

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 Moenchengladbach
         Meeting Hall A 14
         Ground Floor
         Hohenzollernstr. 157
         41061 Moenchengladbach
         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:

         Volker Quinkert
         Brucknerallee 6
         41236 Moenchengladbach
         Germany
         Tel: 02166/6189898
         Fax: +4921666189888

The District Court of Moenchengladbach opened bankruptcy
proceedings against Ladyline Deutschland GmbH on April 28, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Ladyline Deutschland GmbH
         Waisenhausstr. 41
         41236 Moenchengladbach
         Germany

         Attn: Robin Alphons Cornelis Stevens, Manager
         Wilhelminalaan 20
         NLD-6721 ES Bennekom
         Netherlands

         
LINA KROKANT: Claims Registration Ends June 20
----------------------------------------------
Creditors of Lina Krokant GmbH have until June 20, 2008, to
register their claims with court-appointed insolvency manager
Ruediger Wienberg.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on July 21, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Charlottenburg
         Hall 218
         Second Floor
         Amtsgerichtsplatz 1
         14057 Berlin
         Germany

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

The insolvency manager can be reached at:

         Ruediger Wienberg
         Giesebrechtstr. 1
         10629 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Lina Krokant GmbH on April 23, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Lina Krokant GmbH
         Schlesische Str. 29
         10997 Berlin
         Germany


LUCIA SHOP: Claims Registration Period Ends June 18
---------------------------------------------------
Creditors of Lucia Shop GmbH have until June 18, 2008, to
register their claims with court-appointed insolvency manager
Peter-Alexander Borchardt.

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 Lueneburg
         Hall 302
         Ochsenmarket 3
         21335 Lueneburg
         Germany

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

The insolvency manager can be reached at:

         Peter-Alexander Borchardt
         Deichstr. 1
         20459 Hamburg
         Germany
         Tel: 040/37 60100
         Fax: 040/37 601199
         E-mail: hamburg@htg-wp.de  

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

The Debtor can be reached at:

        Lucia Shop GmbH
        Pulverweg 6
        21337 Lueneburg
        Germany


MA PROJEKTENTWICKLUNGS: Claims Registration Ends June 20
--------------------------------------------------------
Creditors of MA Projektentwicklungsgesellschaft mbH have until
June 20, 2008, to register their claims with court-appointed
insolvency manager Dr. Christoph Niering.

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 Cologne
         Meeting Hall 14
         Ground Floor
         Luxemburger Str. 101
         50939 Cologne
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. Christoph Niering
         Brabanter Str. 2
         50674 Cologne
         Germany

The District Court of Cologne opened bankruptcy proceedings
against MA Projektentwicklungsgesellschaft mbH on April 11,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         MA Projektentwicklungsgesellschaft mbH
         Attn: Roland Agne, Manager
         Salierring 32
         50670 Cologne
         Germany


MCB-ANLAGENSYSTEME: Claims Registration Period Ends June 18
-----------------------------------------------------------
Creditors of MCB-Anlagensysteme GmbH have until June 18, 2008,
to register their claims with court-appointed insolvency manager
Dr. Gerrit Hoelzle.

Creditors and other interested parties are encouraged to attend
the meeting at 10:20 a.m. on July 22, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Duisburg
         Hall C205
         Second Floor
         Kardinal-Galen-Strasse 124-132
         47058 Duisburg
         Germany

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

The insolvency manager can be reached at:

         Dr. Gerrit Hoelzle
         Rheinstrasse 75
         47623 Kevelaer
         Germany

The District Court of Duisburg opened bankruptcy proceedings
against MCB-Anlagensysteme GmbH on April 14, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         MCB-Anlagensysteme GmbH
         Am Schornacker 11c
         46485 Wesel
         Germany

         
MICROTEC WERKZEUGMASCHINEN: Claims Registration Ends June 20
------------------------------------------------------------
Creditors of MICROTEC Werkzeugmaschinen - Verkaufsgesellschaft
mbH have until June 20, 2008, to register their claims with
court-appointed insolvency manager Steffen Beck.

Creditors and other interested parties are encouraged to attend
the meeting at 1:30 p.m. on July 25, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Ludwigsburg
         Hall 2008
         Palace Schuetz
         Schorndorfer Str. 28
         Ludwigsburg
         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:

         Steffen Beck
         Breitscheidstr. 10
         70174 Stuttgart
         Germany
         Tel: 0711/252566-0

The District Court of Ludwigsburg opened bankruptcy proceedings
against MICROTEC Werkzeugmaschinen - Verkaufsgesellschaft mbH on
May 29, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         MICROTEC Werkzeugmaschinen  
         Verkaufsgesellschaft mbH
         Attn: Siegfried Bohn, Manager
         Benzstr. 45
         71272 Renningen
         Germany


MODATEC GMBH: Claims Registration Period Ends June 20
-----------------------------------------------------
Creditors of MODATEC GmbH have until June 20, 2008, to register
their claims with court-appointed insolvency manager Dr. Jan
Janssen.

Creditors and other interested parties are encouraged to attend
the meeting at 1:30 p.m. on July 23, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Siegen
         Hall 009
         Ground Floor
         Main Building
         Berliner Str. 21-22
         57072 Siegen
         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. Jan Janssen
         Koelner Str. 58
         57072 Siegen
         Germany
         Tel: 0271/2319010
         Fax: 0271/2319014

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

The Debtor can be reached at:

         MODATEC GmbH
         Kirchstr. 4
         57290 Neunkirchen
         Germany

         Attn: Nicole Grosse-Meininghaus, Manager
         Altenseelbacher Weg 17
         57290 Neunkirchen
         Germany


MOTION-WORLD PRODUKTIONS: Claims Registration Ends June 20
----------------------------------------------------------
Creditors of Motion-World Produktions-und Handels GmbH have
until June 20, 2008, to register their claims with court-
appointed insolvency manager Michael Wirth.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on July 29, 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 Nuernberg
         Meeting Hall 152/I
         Flaschenhofstr. 35
         Nuernberg
         Germany

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

The insolvency manager can be reached at:

         Michael Wirth
         Martin-Luther-Str. 20
         91207 Lauf
         Germany

The District Court of Nuernberg opened bankruptcy proceedings
against Motion-World Produktions-und Handels GmbH on
May 13, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Motion-World Produktions-und
         Handels GmbH
         Suedwestpark 37-41
         90449 Nuernberg
         Germany

         Attn: Hubert Mayer, Manager
         Glockenstr. 7 a
         91166 Georgensgmuend
         Germany


MOTO-IN HUMMELMUEHLE: Claims Registration Period Ends June 18
-------------------------------------------------------------
Creditors of Moto-in Hummelmuehle Gartentechnik GmbH have until
June 18, 2008, to register their claims with court-appointed
insolvency manager Dr. Martin Dietrich.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 D131
         Olbrichtplatz 1
         01099 Dresden
         Germany

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

The insolvency manager can be reached at:

         Dr. Martin Dietrich
         Am Brauhaus 5
         01099 Dresden
         Germany
         Web site: http://www.henningsmeier.de  

The District Court of Dresden opened bankruptcy proceedings
against Moto-in Hummelmuehle Gartentechnik GmbH on May 15, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Moto-in Hummelmuehle Gartentechnik GmbH
         Lockwitzgrund 25
         01731 Kreischa
         Germany


MPO KELLERBAU: Claims Registration Period Ends June 19
------------------------------------------------------
Creditors of MPO Kellerbau GmbH have until June 19, 2008, to
register their claims with court-appointed insolvency manager
Volker Dick.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on July 11, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bonn
         Hall W 1.26
         First Floor
         William-Strasse 23
         53111 Bonn
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

          Volker Dick
          Koelnstrasse 135
          53757 Sankt Augustin
          Germany
          Tel: 02241/90600
          Fax: 02241906090

The District Court of Bonn opened bankruptcy proceedings against
MPO Kellerbau GmbH on May 23, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

          MPO Kellerbau GmbH
          Attn: Bernd Pawlowski, Manager
          Strasse Nr. 13
          51588 Nuembrecht
          Germany


PLAMBECK VERWALTUNGS: Claims Registration Period Ends June 20
-------------------------------------------------------------
Creditors of Plambeck Verwaltungs GmbH have until June 20, 2008,
to register their claims with court-appointed insolvency manager
Dr. Achim Ahrendt.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on July 4, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Norderstedt
         Hall B
         Rathausallee 80
         22846 Norderstedt
         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. Achim Ahrendt
         Albert-Einstein-Ring 11
         22761 Hamburg
         Germany

The District Court of Norderstedt opened bankruptcy proceedings
against Plambeck Verwaltungs GmbH on May 8, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Plambeck Verwaltungs GmbH
         Attn: Juergen Plambeck, Manager
         Ochsenzoller Strasse 147
         22848 Norderstedt
         Germany


SAUNA SUED: Claims Registration Period Ends June 20
---------------------------------------------------
Creditors of Sauna Sued GmbH have until June 20, 2008, to
register their claims with court-appointed insolvency manager
Bernd Depping.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on July 31, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bochum
         Hall A29
         Ground Floor
         Main Building
         Viktoriastrasse 14
         44787 Bochum
         Germany

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

The insolvency manager can be reached at:

         Bernd Depping
         Kunibertistrasse 9
         45657 Recklinghausen
         Germany

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

The Debtor can be reached at:

         Sauna Sued GmbH
         Blitzkuhlenstr. 109
         45659 Recklinghausen
         Germany

         Attn: Horst Dieter Medenbach
         Kampstr. 6 a
         57489 Drolshagen
         Germany


SINOMEX INT'L: Claims Registration Period Ends June 16
------------------------------------------------------
Creditors of Sinomex International GMBH have until
June 16, 2008, to register their claims with court-appointed
insolvency manager Veit Schwierholz.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on July 14, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Veit Schwierholz
         Heuberg 1
         20354 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against Sinomex International GMBH on April 17, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Sinomex International GMBH
         Schopenstehl 23
         20095 Hamburg
         Germany


SPARIVARI GMBH: Claims Registration Period Ends June 20
-------------------------------------------------------
Creditors of SPARIVARI GmbH & Co. KG have until June 20, 2008,
to register their claims with court-appointed insolvency manager
Birgitt Breiter.

Creditors and other interested parties are encouraged to attend
the meeting at 7:45 a.m. on July 10, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Wolfratshausen
         Meeting Room 3/I         
         Station Route 18
         Wolfratshausen
         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:

         Birgitt Breiter
         Marktplatz 18
         83607 Holzkirchen
         Germany
         Tel: 08024/3058-0
         Fax: 08024/305820

The District Court of Wolfratshausen opened bankruptcy
proceedings against SPARIVARI GmbH & Co. KG on May 19, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         SPARIVARI GmbH & Co. KG
         Heignkamer Str. 19
         83607 Holzkirchen
         Germany


UNITED BUSINESS: Claims Registration Period Ends June 16
--------------------------------------------------------
Creditors of United Business Teleservice GmbH have until
June 16, 2008, to register their claims with court-appointed
insolvency manager Erich Hoelzemann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on July 7, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court Muenster
         Meeting Hall 13 B
         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:

         Erich Hoelzemann
         Goethestr. 2
         59065 Hamm
         Germany
         Tel: 02381/924200
         Fax: +4923819242020

The District Court of Muenster opened bankruptcy proceedings
against United Business Teleservice GmbH on April 25, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         United Business Teleservice GmbH
         Rieksweg 37
         59320 Ennigerloh
         Germany


WWM UMWELTTECHNIK: Claims Registration Period Ends June 18
----------------------------------------------------------
Creditors of WWM Umwelttechnik GmbH have until June 18, 2008, to
register their claims with court-appointed insolvency manager
Karl-Hermann Kruse.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.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 Lingen (Ems)
         Hall Z 17
         New Building
         Burgstrasse 28
         49808 Lingen (Ems)
         Germany

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

The insolvency manager can be reached at:

         Karl-Hermann Kruse
         Emsstrasse 7, D
         48499 Salzbergen
         Germany
         Tel: 05976-1505
         Fax: 05976-9381

The District Court of Lingen (Ems) opened bankruptcy proceedings
against WWM Umwelttechnik GmbH on May 6, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         WWM Umwelttechnik GmbH
         Im Gewerbepark 5
         49832 Beesten
         Germany


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


ALITALIA SPA: Air France-KLM May Restart Takeover Talks
-------------------------------------------------------
Air France-KLM S.A. may restart talks to acquire the Italian
government's 49.9% stake in Alitalia S.p.A., Reuters reports
citing chief executive Jean-Cyril Spinetta.  

Mr. Spinetta, however, said it would be difficult to resume
talks in the current economic environment, adding that taking
over Alitalia might not create value for Air France's
shareholders.

In May 2008, Fabio Verna, financial consultant to prime
ministerial adviser Bruno Ermolli, said it is possible that the
government may resume negotiations over Alitalia.  Air France's
withdrawal from the sale talks does not mean that the French
carrier is not interested in resuming talks on different
conditions and different financial consideration.

Prime Minister Silvio Berlusconi tasked Mr. Ermolli to find a
local buyer for the government's 49.9% stake in Alitalia.

                         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.


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


ALMA MOTORS: Creditors Must File Claims by July 16
--------------------------------------------------  
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Alma Motors insolvent.

Creditors have until July 16, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Post Office 57
         050057, Almaty
         Kazakhstan
         Tel: 8 777 679 16-41


AVTOBUSNY PARK #1: Claims Deadline Slated for July 15
-----------------------------------------------------  
The Specialized Inter-Regional Economic Court of Almaty has
declared OJSC Avtobusny Park #1 insolvent on Dec. 24, 2007.

Creditors have until July 15, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Post Office box 72
         Main Post Office
         Almaty
         Kazakhstan
         Tel: 8 777 241 79-98


NESTLE JSC: Claims Filing Period Ends July 11
---------------------------------------------  
Representation of Society on Export of Production of JSC Nestle
has closed the company.

Creditors have until July 11, 2008, to submit written proofs of
claims to:

         Representation of Society on
         Export of Production of JSC Nestle
         Joldasbekov Str. 97
         Micro District Samal-2
         Almaty
         Kazakhstan
         Tel: 8 (7272) 50-82-10


PLANETA FITNESS: Creditors' Claims Due on July 15
-------------------------------------------------  
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Planeta Fitness insolvent Oct. 12, 2007.

Creditors have until July 15, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Post Office box 72
         Main Post Office
         Almaty
         Kazakhstan
         Tel: 8 777 241 79-98


STEEL TRADE: Claims Registration Ends July 16
---------------------------------------------  
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Steel Trade insolvent.

Creditors have until July 16, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Baitursynov Str. 70
         Kostanai
         Kazakhstan


VOSTOCHNAYA ENERGETICHESKAYA: Claims Filing Period Ends July 16
---------------------------------------------------------------  
The Specialized Inter-Regional Economic Court of Almaty has
declared CJSC Eastern Energy Company Vostochnaya
Energeticheskaya Kompaniya insolvent.

Creditors have until July 16, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Post Office 57
         050057, Almaty
         Kazakhstan
         Tel: 8 777 679 16-41


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


VOLGO MOTO: Creditors Must File Claims by July 2
------------------------------------------------
LLC Volgo Moto Service has declared insolvency.  Creditors have
until July 2, 2008, to submit written proofs of claim to:

         LLC Volgo Moto Service
         Masaliev Str. 98/29
         Osh
         Kyrgyzstan


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


E-MAC NL 2005-I: Fitch Keeps Class E Notes Rating at BB+
--------------------------------------------------------
Fitch Ratings has changed the Outlooks on EMAC NL residential
mortgage-backed securitizations to Stable from Positive and
affirmed all tranches after a performance review.

EMAC NL transactions continue to perform well.  The Outlook
revision is due to the uncertainty surrounding the future of
GMAC RFC Netherlands, which carries out special servicing and
issuer administration in the EMAC NL deals.  GMAC RFC
Netherlands is an indirectly wholly-owned subsidiary of
Residential Capital LLC, whose Long-term Issuer Default rating
was downgraded to 'C' from 'BB-', on May 2, 2008.  Fitch also
downgraded GMAC LLC's Long-term IDR to 'BB-' from 'BB' on
May 2, 2008.

Stater Nederland BV (rated 'RPS2+NL'/'RSS3+NL') and Quion Groep
BV (rated 'RPS2NL'/'RSS2-NL') are currently primary servicers
for all EMAC NL transactions, and are contractually committed to
take over the special servicing role in the event GMAC RFC
Netherland's appointment as servicer is terminated.  Fitch
expects that Stater and Quion will be appointed as replacement
special servicers for the EMAC NL transactions by the security
trustee.  The agency also expects that the transfer of the
mortgage assets to the replacement servicers would occur within
a reasonable time frame.

EMAC NL series transactions have been paying down their class A
notes sequentially.  However, as these transactions season, they
are reaching the point where they will follow target
amortization unless performance triggers are breached.

E-MAC NL 2005-I B.V.:

   -- Class A (ISIN XS0216513118): affirmed at 'AAA'; Outlook
      Stable

   -- Class B (ISIN XS0216513548): affirmed at 'A'; Outlook
      Stable

   -- Class C (ISIN XS0216513977): affirmed at 'BBB+'; Outlook
      Stable

   -- Class D (ISIN XS0216514199): affirmed at 'BBB'; Outlook
      Stable

   -- Class E (ISIN XS0216707314): affirmed at 'BB+'; Outlook
      Stable


E-MAC NL 2005-III: Fitch Affirms Class E Notes Rating at BB+
------------------------------------------------------------
Fitch Ratings has changed the Outlooks on EMAC NL residential
mortgage-backed securitizations to Stable from Positive and
affirmed all tranches after a performance review.

EMAC NL transactions continue to perform well.  The Outlook
revision is due to the uncertainty surrounding the future of
GMAC RFC Netherlands, which carries out special servicing and
issuer administration in the EMAC NL deals.  GMAC RFC
Netherlands is an indirectly wholly-owned subsidiary of
Residential Capital LLC, whose Long-term Issuer Default rating
was downgraded to 'C' from 'BB-', on May 2, 2008.  Fitch also
downgraded GMAC LLC's Long-term IDR to 'BB-' from 'BB' on
May 2, 2008.

Stater Nederland BV (rated 'RPS2+NL'/'RSS3+NL') and Quion Groep
BV (rated 'RPS2NL'/'RSS2-NL') are currently primary servicers
for all EMAC NL transactions, and are contractually committed to
take over the special servicing role in the event GMAC RFC
Netherland's appointment as servicer is terminated.  Fitch
expects that Stater and Quion will be appointed as replacement
special servicers for the EMAC NL transactions by the security
trustee.  The agency also expects that the transfer of the
mortgage assets to the replacement servicers would occur within
a reasonable time frame.

EMAC NL series transactions have been paying down their class A
notes sequentially.  However, as these transactions season, they
are reaching the point where they will follow target
amortization unless performance triggers are breached.

E-MAC NL 2005-III B.V.:

   -- Class A (ISIN XS0236785431): affirmed at 'AAA'; Outlook
      Stable

   -- Class B (ISIN XS0236785860): affirmed at 'AA-' (AA minus);
      Outlook Stable

   -- Class C (ISIN XS0236786082): affirmed at 'A-' (A minus);
      Outlook Stable

   -- Class D (ISIN XS0236786595): affirmed at 'BBB'; Outlook
      Stable

   -- Class E (ISIN XS0236787056): affirmed at 'BB+'; Outlook
      Stable


E-MAC NL 2006-II: Fitch Affirms Class E Notes Rating at BB
----------------------------------------------------------
Fitch Ratings has changed the Outlooks on EMAC NL residential
mortgage-backed securitizations to Stable from Positive and
affirmed all tranches after a performance review.

EMAC NL transactions continue to perform well.  The Outlook
revision is due to the uncertainty surrounding the future of
GMAC RFC Netherlands, which carries out special servicing and
issuer administration in the EMAC NL deals.  GMAC RFC
Netherlands is an indirectly wholly-owned subsidiary of
Residential Capital LLC, whose Long-term Issuer Default rating
was downgraded to 'C' from 'BB-', on May 2, 2008.  Fitch also
downgraded GMAC LLC's Long-term IDR to 'BB-' from 'BB' on
May 2, 2008.

Stater Nederland BV (rated 'RPS2+NL'/'RSS3+NL') and Quion Groep
BV (rated 'RPS2NL'/'RSS2-NL') are currently primary servicers
for all EMAC NL transactions, and are contractually committed to
take over the special servicing role in the event GMAC RFC
Netherland's appointment as servicer is terminated.  Fitch
expects that Stater and Quion will be appointed as replacement
special servicers for the EMAC NL transactions by the security
trustee.  The agency also expects that the transfer of the
mortgage assets to the replacement servicers would occur within
a reasonable time frame.

EMAC NL series transactions have been paying down their class A
notes sequentially.  However, as these transactions season, they
are reaching the point where they will follow target
amortization unless performance triggers are breached.

E-MAC NL 2006-II B.V.:

   -- Class A (ISIN XS0255992413): affirmed at 'AAA'; Outlook
      Stable

   -- Class B (ISIN XS0255993577): affirmed at 'AA-'; Outlook
      Stable

   -- Class C (ISIN XS0255995358): affirmed at 'A-';
      Outlook Stable

   -- Class D (ISIN XS0255996166): affirmed at 'BBB-'; Outlook
      Stable

   -- Class E (ISIN XS0256040162): affirmed at 'BB'; Outlook
      Stable


E-MAC NL 2006-III: Fitch Affirms Class E Notes Rating at BB
-----------------------------------------------------------
Fitch Ratings has changed the Outlooks on EMAC NL residential
mortgage-backed securitizations to Stable from Positive and
affirmed all tranches after a performance review.

EMAC NL transactions continue to perform well.  The Outlook
revision is due to the uncertainty surrounding the future of
GMAC RFC Netherlands, which carries out special servicing and
issuer administration in the EMAC NL deals.  GMAC RFC
Netherlands is an indirectly wholly-owned subsidiary of
Residential Capital LLC, whose Long-term Issuer Default rating
was downgraded to 'C' from 'BB-', on May 2, 2008.  Fitch also
downgraded GMAC LLC's Long-term IDR to 'BB-' from 'BB' on
May 2, 2008.

Stater Nederland BV (rated 'RPS2+NL'/'RSS3+NL') and Quion Groep
BV (rated 'RPS2NL'/'RSS2-NL') are currently primary servicers
for all EMAC NL transactions, and are contractually committed to
take over the special servicing role in the event GMAC RFC
Netherland's appointment as servicer is terminated.  Fitch
expects that Stater and Quion will be appointed as replacement
special servicers for the EMAC NL transactions by the security
trustee.  The agency also expects that the transfer of the
mortgage assets to the replacement servicers would occur within
a reasonable time frame.

EMAC NL series transactions have been paying down their class A
notes sequentially.  However, as these transactions season, they
are reaching the point where they will follow target
amortization unless performance triggers are breached.

E-MAC NL 2006-III B.V.:

   -- Class A1 (ISIN XS0274609170): affirmed at 'AAA'; Outlook
      Stable

   -- Class A2 (ISIN XS0274609923): affirmed at 'AAA'; Outlook
      Stable

   -- Class B (ISIN XS0274610855): affirmed at 'AA-'; Outlook
      Stable

   -- Class C (ISIN XS0274611317): affirmed at 'A-'; Outlook
      Stable

   -- Class D (ISIN XS0274611747): affirmed at 'BBB-'; Outlook
      Stable

   -- Class E (ISIN XS0275099322): affirmed at 'BB'; Outlook
      Stable


E-MAC NL 2007-I: Fitch Keeps Class E Notes Rating at BB
-------------------------------------------------------
Fitch Ratings has changed the Outlooks on EMAC NL residential
mortgage-backed securitizations to Stable from Positive and
affirmed all tranches after a performance review.

EMAC NL transactions continue to perform well.  The Outlook
revision is due to the uncertainty surrounding the future of
GMAC RFC Netherlands, which carries out special servicing and
issuer administration in the EMAC NL deals.  GMAC RFC
Netherlands is an indirectly wholly-owned subsidiary of
Residential Capital LLC, whose Long-term Issuer Default rating
was downgraded to 'C' from 'BB-', on May 2, 2008.  Fitch also
downgraded GMAC LLC's Long-term IDR to 'BB-' from 'BB' on
May 2, 2008.

Stater Nederland BV (rated 'RPS2+NL'/'RSS3+NL') and Quion Groep
BV (rated 'RPS2NL'/'RSS2-NL') are currently primary servicers
for all EMAC NL transactions, and are contractually committed to
take over the special servicing role in the event GMAC RFC
Netherland's appointment as servicer is terminated.  Fitch
expects that Stater and Quion will be appointed as replacement
special servicers for the EMAC NL transactions by the security
trustee.  The agency also expects that the transfer of the
mortgage assets to the replacement servicers would occur within
a reasonable time frame.

EMAC NL series transactions have been paying down their class A
notes sequentially.  However, as these transactions season, they
are reaching the point where they will follow target
amortization unless performance triggers are breached.

E-MAC NL 2007-I B.V.:

   -- Class A1 (ISIN XS0292255329): affirmed at 'AAA'; Outlook
      Stable

   -- Class A2 (ISIN XS0292255758): affirmed at 'AAA'; Outlook
      Stable

   -- Class B (ISIN XS0292256301): affirmed at 'AA-'; Outlook
      Stable

   -- Class C (ISIN XS0292258695): affirmed at 'A-'; Outlook
      Stable

   -- Class D (ISIN XS0292260162): affirmed at 'BBB-'; Outlook
      Stable

   -- Class E (ISIN XS0292260675): affirmed at 'BB'; Outlook
      Stable


E-MAC NL 2007-III: Fitch Keeps Class E Notes Rating at BB
---------------------------------------------------------
Fitch Ratings has changed the Outlooks on EMAC NL residential
mortgage-backed securitizations to Stable from Positive and
affirmed all tranches after a performance review.

EMAC NL transactions continue to perform well.  The Outlook
revision is due to the uncertainty surrounding the future of
GMAC RFC Netherlands, which carries out special servicing and
issuer administration in the EMAC NL deals.  GMAC RFC
Netherlands is an indirectly wholly-owned subsidiary of
Residential Capital LLC, whose Long-term Issuer Default rating
was downgraded to 'C' from 'BB-', on May 2, 2008.  Fitch also
downgraded GMAC LLC's Long-term IDR to 'BB-' from 'BB' on
May 2, 2008.

Stater Nederland BV (rated 'RPS2+NL'/'RSS3+NL') and Quion Groep
BV (rated 'RPS2NL'/'RSS2-NL') are currently primary servicers
for all EMAC NL transactions, and are contractually committed to
take over the special servicing role in the event GMAC RFC
Netherland's appointment as servicer is terminated.  Fitch
expects that Stater and Quion will be appointed as replacement
special servicers for the EMAC NL transactions by the security
trustee.  The agency also expects that the transfer of the
mortgage assets to the replacement servicers would occur within
a reasonable time frame.

EMAC NL series transactions have been paying down their class A
notes sequentially.  However, as these transactions season, they
are reaching the point where they will follow target
amortization unless performance triggers are breached.

E-MAC NL 2007-III B.V.:

   -- Class A1 (ISIN US26874HAA86): affirmed at 'AAA'; Outlook
      Stable

   -- Class A2 (ISIN XS0307677640): affirmed at 'AAA'; Outlook
      Stable

   -- Class B (ISIN XS0307682210): affirmed at 'AA'; Outlook
      Stable

   -- Class C (ISIN XS0307682723): affirmed at 'A'; Outlook
      Stable

   -- Class D (ISIN XS0307683291): affirmed at 'BBB-'; Outlook
      Stable

   -- Class E (ISIN XS0307683531): affirmed at 'BB'; Outlook
      Stable


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


AVIA-LINE LLC: Creditors Must File Claims by July 17
----------------------------------------------------
Creditors of LLC Air Agency Avia-Line (TIN 3811066985) have
until July 17, 2008, to submit proofs of claim to:

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

The Arbitration Court of Irkutsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A19-17202/07-34.

The Court is located at:  

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

The Debtor can be reached at:

         LLC Air Agency Avia-Line
         Apt.9
         Building 189
         1st Sovetskaya Str. 176
         664009 Irkutsk
         Russia


CENTRAL ROADS: Creditors Must File Claims by June 17
----------------------------------------------------
Creditors of OJSC Central Roads have until June 17, 2008, to
submit proofs of claim to:

         B. Vasilyev
         Insolvency Manager
         Room 8
         Oyunskogo Str. 10/1
         Yakutsk
         677027 Sakha–Yakutiya
         Russia

The Arbitration Court of Sakha-Yakutiya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A58-2471/07.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Central Roads
         O. Koshevogo Str. 67
         Markha
         Sakha–Yakutiya
         Russia


ERSHICHI-AGRO-PROM-SNAB: Creditors Must File Claims by July 17
--------------------------------------------------------------
Creditors of OJSC Ershichi-Agro-Prom-Snab have until
July 17, 2008, to submit proofs of claim to:

         A. Nikolaev
         Insolvency Manager
         Post User Box 11
         214018 Smolensk
         Russia

The Arbitration Court of Smolensk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A62-890/2008.

The Court is located at:

         The Arbitration Court of Smolensk
         Pr. Gagarina 46
         214001 Smolensk
         Russia

The Debtor can be reached at:

         OJSC Ershichi-Agro-Prom-Snab
         Ershichi
         Smolensk
         Russia


GEVIT-FORM CJSC: Creditors Must File Claims by July 17
------------------------------------------------------
Creditors of CJSC Gevit-Form have until July 17, 2008, to submit
proofs of claim to:

         V. Semochkin
         Insolvency Manager
         Demidovskaya Str. 73
         300002 Tula
         Russia

The Arbitration Court of Tula commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A68-7788/07-346/B.

The Court is located at:

         The Arbitration Court of Tula
         Hall 35
         Sovetskaya Str. 112
         Tula
         Russia

The Debtor can be reached at:

         CJSC Gevit-Form
         Demidovskaya Str. 73
         300002 Tula
         Russia


INZH-SEL-STROY-SERVICE: Names L. Pavlunina as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Chuvashiya appointed L. Pavlunina as
Insolvency Manager for CJSC Inzh-Sel-Stroy-Service.  He can be
reached at:

         L. Pavlunina
         Oshleyskoe Shosse 8
         Cheboksary
         428020 Chuvashiya
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A79-16764/2005.

The Debtor can be reached at:

         CJSC Inzh-Sel-Stroy-Service
         Lapsarskiy Pr. 27
         Cheboksary
         Chuvashiya
         Russia


IRGINA CJSC: Creditors Must File Claims by July 17
--------------------------------------------------
Creditors of CJSC Agricultural Company Irgina have until
July 17, 2008, to submit proofs of claim to:

         S. Gusev
         Insolvency Manager
         Room 33
         Pionerskaya Str. 7v
         454138 Chelyabinsk
         Russia

The Arbitration Court of Sverdlovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A60-20985/2007-S11.

The Court is located at:

         The Arbitration Court of Sverdlovsk
         Lenina Pr. 34
         620151 Ekaterinburg
         Russia  

The Debtor can be reached at:

         CJSC Agricultural Company Irgina
         Marta Str. 36
         Nizheirginskoe 8
         Krasnoufimskiy
         623305 Sverdlovsk
         Russia


KORABLINSKAYA SEL-KHOZ-TEKHNIKA: Claims Filing Ends July 17
-----------------------------------------------------------
Creditors of OJSC Korablinskaya Sel-Khoz-Tekhnika have until
July 17, 2008, to submit proofs of claim to:

         I. Khlystov
         Insolvency Manager
         Post User Box 155
         390035 Ryazan
         Russia

The Arbitration Court of Ryazan commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A54-4621/2007.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Korablinskaya Sel-Khoz-Tekhnika
         Pekhlets
         Korablinskiy
         391230 Ryazan
         Russia


PROM-MET-SERVICE: Creditors Must File Claims by July 17
-------------------------------------------------------
Creditors of LLC Prom-Met-Service have until July 17, 2008, to
submit proofs of claim to:

         E. Mochalov
         Insolvency Manager
         Room 11
         Zhukovskogo Proezd, 12
         Saransk
         430005 Mordoviya
         Russia

The Arbitration Court of Mordoviya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A39-4797/07-4/6.

The Court is located at:

         The Arbitration Court of Mordoviya
         Kommunisticheskaya Str. 33
         Saransk
         Mordoviya
         Russia

The Debtor can be reached at:

         LLC Prom-Met-Service
         St. Razina Str. 17A
         Saransk
         430005 Mordoviya
         Russia


SITRONICS JSC: Announces New WiBAS Deployments in Europe and CIS
----------------------------------------------------------------
Sitronics JSC's Telecom Solutions business division, Intracom
Telecom, has announced six new WiBAS Point-to-Multipoint
deployments in Europe and the CIS since the beginning of 2008.

Within the framework of the agreements, which amount to
EUR3.2 million, Intracom Telecom's WiBAS system effectively
backhauls 2G/3G traffic and provides broadband corporate
wireless access services for six large operators in Europe and
the CIS, who serve millions of subscribers.  

T-Mobile in Slovakia, Globul in Bulgaria, Smart Telecom in
Ireland, MTS in Russia, Kazakhtelecom in Kazkastan and Mediacom
in Poland, have chosen WiBAS as their preferred Wireless
Transmission solution based on its leading technical
characteristics, its performance and its future-proof
capabilities, which also enable them to achieve significant cost
reductions by employing cutting edge technologies.

Intracom Telecom has extensive international experience in
providing point-to-multipoint wireless solutions, the most
recent successful deployments being with STE in Syria, ITC in
Saudi Arabia, MTEL in Montenegro and Zain in Bahrain.

                     About Intracom Telecom

Intracom Telecom is a leading developer and producer of
telecommunication systems as well as provider of integrated
solutions and professional services to fixed and mobile
operators in the EEMEA region.  Intracom Telecom has 2,700
employees, operates subsidiaries in 14 countries and is among
the largest European companies leading in R&D investments.  

Since June 2006, Intracom Telecom is controlled by JSC Sitronics
(Russia) with 51%.  JSC SITRONICS is the technology subsidiary
of JSFC SISTEMA, a leading diversified holding company in Russia
and the CIS. Intracom Holdings Group (Greece) retains a 49%
stake.

                      About JSC Sitronics

Headquartered in Moscow, Russia, JSC Sitronics (LSE: SITR) --
http://www.sitronics.com/-- provides telecommunications
solutions, IT solutions and microelectronic solutions in the CIS
region with a rapidly growing presence in other EEMEA markets.
Sistema controls the company.

                          *     *     *

JSC Sitronics still holds Fitch Ratings' Long-term Issuer
Default Rating of 'B-' with a Stable Outlook.


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


BUILDING SERVICE: Creditors Must File Claims by June 18
-------------------------------------------------------
Creditors of CJSC Building Service (code EDRPOU 01272812) have
until June 18, 2008, to submit proofs of claim to:

         The Economic Court of Zhytomir
         Putiatinskiy Square 3/65
         10014 Zhytomir
         Ukraine

The Economic Court of Zhytomir commenced bankruptcy proceedings
against the company on April 22, 2008, after finding it
insolvent.  The case is docketed as 7/119-b.

The Debtor can be reached at:

         CJSC Building Service
         Korolev Str. 150-a
         10025 Zhytomir
         Ukraine


EKSIM-PETROLEUM PRODUCTION: Creditors' Claims Due June 15
---------------------------------------------------------
Creditors of LLC Eksim-Petroleum Production Service (code EDRPOU
34411871) have until June 15, 2008, to submit proofs of claim
to:

         The Economic Court of Poltava
         Zigin Str. 1
         36000 Poltava
         Ukraine

The Economic Court of Poltava commenced bankruptcy proceedings
against the company after finding it insolvent on
April 22, 2008.  The case is docketed as 4/49.

The Debtor can be reached at:

         LLC Eksim-Petroleum Production Service
         Veterinarnaya Str. 22
         38006 Poltava
         Ukraine


ELITAL LLC: Creditors Must File Claims by June 18
-------------------------------------------------
Creditors of LLC Elital (code EDRPOU 22027784) have until
June 18, 2008,  to submit proofs of claim to:

         The Economic Court of Donetsk
         Artema Str. 157
         83048 Donetsk
         Ukraine

The Economic Court of Donetsk commenced bankruptcy proceedings
against the company on April 24, 2008, after finding it
insolvent.  The case is docketed as 45/239b.

The Debtor can be reached at:

         LLC Elital
         Lipetskaya Str. 47-B
         83034 Donetsk
         Ukraine


GEFEST LTD: Proofs of Claim Deadline Set June 18
------------------------------------------------
Creditors of LLC Firm Gefest Ltd. (code EDRPOU 00307980) have
until June 18, 2008, to submit proofs of claim to:

         The Economic Court of Vinnica
         Hmelnickiy Str. 7
         21036 Vinnica
         Ukraine

The Economic Court of Vinnica renewed bankruptcy supervision
procedure on the company on Feb. 21, 2008.  The case is docketed
as 5/310-03.

The Debtor can be reached at:

         LLC Firm Gefest Ltd.
         Kozitsky Str. 51
         21050 Vinnica
         Ukraine


LISICHANSK CHEMICAL: Proofs of Claim Deadline Set June 18
---------------------------------------------------------
Creditors of CJSC Lisichansk Chemical Petroleum Building Trust
(code EDRPOU 01241036) have until June 18, 2008, to submit
proofs of claim to:

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

The Economic Court of Lugansk commenced bankruptcy supervision
procedure on the company on April 24, 2008.  The case is
docketed as 12/44b.

The Debtor can be reached at:

         CJSC Lisichansk Chemical Petroleum Building Trust
         Sverdlov Str. 349
         Lisichansk
         93100 Lugansk
         Ukraine


LUGANSK CRANKSHAFT: Proofs of Claim Deadline Set June 18
--------------------------------------------------------
Creditors of LLC Lugansk Crankshaft Plant (code EDRPOU 33923089)
have until June 18, 2008, to submit proofs of claim to:

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

The Economic Court of Lugansk commenced bankruptcy supervision
procedure on the company on March 19, 2008.  The case is
docketed as 20/25b.

The Debtor can be reached at:

         LLC Lugansk Crankshaft Plant
         Sverdlov Str. 71
         91055 Lugansk
         Ukraine


NAFTOGAZ UKRAINY: Repays Gas Debt Arrears to OAO Gazprom
--------------------------------------------------------
NAK Naftogaz Ukrainy has paid its debt arrears to OAO Gazprom,
Interfax News reports.

In February 2008, Naftogaz and Gazprom had reached a repayment
agreement for the company's US$1.5 billion debt.  Gazprom had
threatened to cut a quarter of its gas supplies to Naftogaz
unless a deal is reached.

                     About Naftogaz Ukrainy

Headquartered in Kiev, Ukraine, NAK Naftogaz Ukrainy --
http://www.naftogaz.com/-- processes gas, oil and condensate at   
the Company's five gas processing plants, which produce LPG,
motor fuels and other types of petroleum products.  Over 97% of
the oil and gas in Ukraine is produced by the enterprises of the
Company.

                          *     *     *

NAK Naftogaz Ukrainy continues to carry a Ba3 Corporate Family
Rating, a Ba2 Senior Unsecured Debt rating, and a Ba3
Probability-of-Default rating from Moody's with stable
outlook.

Naftogaz also carries a Rating Watch Negative on its Long-term
foreign and local currency Issuer Default Ratings of 'B+',
senior unsecured rating of 'B+' and Recovery Rating of 'RR4'


OUTIL-SERVICE LLC: Proofs of Claim Deadline Set June 18
-------------------------------------------------------
Creditors of LLC Outil-Service (code EDRPOU 25566174) have until
June 18, 2008, to submit proofs of claim to:

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

The Economic Court of Kiev commenced the bankruptcy supervision
procedure on the company on April 21, 2008.  The case is
docketed as B14/014-08/19.

The Debtor can be reached at:

         LLC Outil-Service
         Lenin str. 102
         Zdvizhevka
         Borodiansky District
         07830 Kiev
         Ukraine


PRAVDA LLC: Creditors Must File Claims by June 18
-------------------------------------------------
Creditors of Agricultural LLC Pravda (code EDRPOU 02773261) have
until June 18, 2008, to submit proofs of claim to:

         The Economic Court of Cherkassy
         Shevchenko Avenue 307
         18005 Cherkassy
         Ukraine

The Economic Court of Cherkassy commenced bankruptcy proceedings
against the company on March 13, 2008, after finding it
insolvent.  The case is docketed as 14/1052.

The Debtor can be reached at:

         Agricultural LLC Pravda
         Yampol
         Katerinopol District
         Cherkassy
         Ukraine


UKRAINIAN POLYMETALS: Industry of Ministry Orders Liquidation
-------------------------------------------------------------
Industry Minister Volodymyr Novytsky has ordered the liquidation
of Ukrainian Polymetals, Ukrainian Journal reports.

Citing the ministry website, the Ukrainian Journal adds that the
decree, issued last May 27, 2008, also ordered that a
liquidation commission be created and headed by the state
company's Director General Oleksandr Andruschenko.  

The Ukrainian Journal relates that Minister Novytsky further
ruled that if assets aren't enough to pay creditors claim, then
the company has no option but to "appeal to the economic court."


UKRSAN-M: Proofs of Claim Deadline Set June 15
-----------------------------------------------
Creditors of LLC Ukrsan-M (code EDRPOU 30440694) have until
June 15, 2008, to submit proofs of claim to:

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

The Economic Court of Kiev commenced the bankruptcy supervision
procedure on the company on Feb. 19, 2008.  The case is docketed
as 28/90-b.

The Debtor can be reached at:

         LLC Ukrsan-M
         Moscow Avenue 21-A
         04073 Kiev
         Ukraine


VECTOR LLC: Creditors Must File Claims by June 18
-------------------------------------------------
Creditors of LLC Production Firm Vector (code EDRPOU 19024428)
have until June 18, 2008, to submit proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on May 11, 2008.
The case is docketed as 23/180-B.

The Debtor can be reached at:

         LLC Production Firm Vector
         General Naumov Str. 15
         03164 Kiev
         Ukraine


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


ASPECTS SOFTWARE: Brings In Liquidator from KPMG
------------------------------------------------
Blair Carnegie Nimmo of KPMG LLP Restructuring was appointed
liquidator of Aspects Software Ltd. on May 20, 2008, for the
creditors' voluntary winding-up procedure.

The liquidator can be reached at:

         KPMG LLP Restructuring
         Saltire Court
         20 Castle Terrace
         Edinburgh
         EH1 2EG
         Scotland

The company can be reached at:

         Aspects Software Ltd.
         Arrowsmith Court
         Station Approach
         Broadstone
         Dorset
         BH18 8AT
         England


AVEBURY INTERNATIONAL: Taps Joint Administrators from Mazars
------------------------------------------------------------
Alistair Steven Wood, Martin Dominic Pickard and Roderick John
Weston of Mazars LLP were appointed joint administrators of
Avebury International Plc (Company Number 02835175) on
May 23, 2008.

Mazars -- http://www.mazars.com/-- provides in audit,  
accounting, tax and advisory services.

The company can be reached at:

          Avebury International PLC
          Midsummer House
          Midsummer Boulevard
          Milton Keynes
          Buckinghamshire
          MK9 3BN
          England
          Tel: 01908 672 698
          Fax: 01908 230 070
          Web site: http://www.avebury.com/


BAA LTD: Starts Consultations Over New Financing Structure
----------------------------------------------------------
BAA Ltd. is beginning consultations about the migration of its
non-convertible existing bonds with a Special Committee of
leading BAA bondholders convened with the assistance of the
Association of British Insurers as part of the implementation of
its permanent financing structure.

BAA has made good progress with the plans to implement its
permanent financing structure since its request to the ABI on
May 9, 2008, to conduct a holder inquiry.

However, certain aspects of the implementation of the permanent
financing structure remain to be finalized.

                    Backstop Facility

On June 2, 2008, BAA disclosed that nine banks have agreed in
principle to provide a backstop facility of GBP7.65 billion to
be used in connection with its establishment of a permanent
financing structure.

This represents a very important step in the establishment of
the new financing structure, the implementation of which is
still dependent on other conditions necessary to carry out the
re-financing of the group including the initial senior financing
used to acquire BAA.

One of these conditions is the acceptance by BAA's existing
bondholders of the structure and terms of the new bonds to be
issued by the British airports operator as part of their
migration into the new permanent financing structure.  The
process to achieve this aim has already commenced, as
communicated in the press release dated May 9, 2008.

                      About BAA Ltd.

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

                          *     *     *

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


C2U LIMITED: Taps Joint Administrators from Menzies
---------------------------------------------------
Geoffrey Wayne Bouchier and David John Whitehouse of Menzies
Corporate Restructuring were appointed joint administrators of
C2U Limited (Company Number 04399747) on May 23, 2008.

Menzies Corporate Restructuring -- http://www.menzies.co.uk/--  
provides corporate restructuring services including: services
for directors or stakeholders of troubled businesses; services
to Lenders of troubled businesses; raising rescue funding at
short notice; and forensic and fraud services.

The company can be reached at:

          C2U Limited
          Discovery Court
          Wallisdown Road
          Poole
          BH12 5AG
          England
          Tel: 08454 554 550
          Fax: 01202 244 001


CONFERACCOM LTD: Appoints Mazar as Joint Administrators
-------------------------------------------------------
Robert David Adamson and Paul Charlton of Mazars LLP were
appointed joint administrators of Conferaccom Ltd. (Company
Number 03952023) on May 28, 2008.

Mazars -- http://www.mazars.com/-- provides in audit,  
accounting, tax and advisory services.

The company can be reached at:

          Conferaccom Ltd.
          5 Lotmead Business Park
          Swindon
          Wiltshire
          SN4 0UY
          England
          Tel: 01793 790 003
          Fax: 01793 791 369

DIOMED HOLDINGS: U.S. Court Okays Asset Sale to AngioDynamics
-------------------------------------------------------------
The United States Bankruptcy Court for the District of
Massachusetts, Western Division, has granted an order approving
AngioDynamics Inc.'s purchase of certain United States assets of
Diomed Holdings Inc. and its wholly-owned subsidiary, Diomed,
Inc.  The sale conditions are set forth in a definitive asset
purchase agreement, whereby AngioDynamics has agreed to pay US$8
million in cash for the United States assets and US$3 million in
cash for certain United Kingdom Assets of Diomed Ltd.  The final
purchase price will be subject to adjustment for changes in
working capital at the closing date.  The Company expects to
simultaneously close the purchase of both the United States and
United Kingdom assets on or about June 16, 2008.

"The acquisition of Diomed's United States and United Kingdom
assets will greatly strengthen our worldwide presence in the
high-growth market to treat varicose veins," said Eamonn Hobbs,
President and CEO of AngioDynamics.  "The acquisition, combined
with the recent settlement with VNUS Medical that provides us
with a license to certain patents for use in endovenous laser
therapy, enhances our ability to provide physicians with
innovative technologies for superior patient care.  We believe
Diomed's endovenous laser products will be an excellent
complement to our venous product line and once the purchase
closes we will begin to integrate the businesses and expand our
sales organization in both the United States and overseas."

On April 10, 2008, AngioDynamics disclosed it had entered into
asset purchase agreements with Diomed Holdings Inc., Diomed
Inc., and Diomed Ltd. for the acquisition of certain assets of
Diomed's business in the United States and United Kingdom.  The
agreement with Diomed Holdings Inc. and Diomed Inc. was subject
to an auction process administered by the bankruptcy court as a
result of Diomed's Chapter 11 bankruptcy proceedings.  Diomed's
United States and United Kingdom businesses are engaged in the
sale of systems for the endovenous laser treatment of varicose
veins, and in the 12-month period ending Sept. 30, 2007, Diomed
had worldwide sales of US$25.4 million.  The agreements do not
provide for the acquisition of any interest in Diomed's legal
judgment award against Vascular Solutions.

                    About Diomed Holdings

Based in Andover, Massachussetts, Diomed Holdings Inc. (AMEX:
DIO) -- http://www.evlt.com/and  http://www.diomedinc.com/--   
develops and commercializes minimal and micro-invasive medical
procedures that use its proprietary laser technologies and
disposable products.  Diomed's EVLT(R) laser vein ablation
procedure is used in varicose vein treatments.  Diomed also
provides photodynamic therapy for use in cancer treatments, and
dental and general surgical applications.  Diomed Holdings has
no assets other than its 100% ownership in Diomed Inc., its
operating unit.  Diomed Inc. owns 100% of Diomed Ltd. in the
United Kingdom and Diolaser Mexico SA de CV in Mexico.

The company and its affiliate, Diomed Inc., filed for Chapter 11
protection on March 14, 2008 (Bankr. D. Mass. Case Nos. 08-40750
and 08-40749).  Douglas R. Gooding, Esq., at Choate Hall &
Stewart LLP, is the Debtors local counsel and McGuireWoods LLP
is its general counsel.  Goulston & Storrs P.C. is counsel to
the Official Committee of Unsecured Creditors.  The company's
schedules show total assets of US$19,936,479 and total
liabilities of US$14,743,485.

In connection with the Chapter 11 filings, Diomed Ltd. filed for
Administration under the laws of the United Kingdom in the
Cambridge County Court.  Steven Mark Law of Ensors was named as
administrator.


ELIOT'S LTD: Calls In Liquidators from Moore Stephens
-----------------------------------------------------
Nigel Price and Colin Andrew Prescott of Moore Stephens LLP were
appointed joint liquidators of Eliot's Ltd. on May 21, 2008, for
the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Moore Stephens LLP
         Beaufort House
         94-96 Newhall Street
         Birmingham
         B3 1PB
         England


EUROSAIL-UK: Moody's Cuts Ratings to Low-B on Two Note Classes
--------------------------------------------------------------
Moody's Investors Service has taken these rating action on notes
issued by Eurosail-UK 2007-1NC PLC:

Issuer: Eurosail-UK 2007-1NC PLC

   -- Class B1a/B1c GBP 44.8 Million, Current Rating Aa2, on
      review for possible downgrade;

   -- Class C1a GBP 28.4 Million, Current Rating A2, on review
      for possible downgrade;

   -- Class D1a/D1c GBP 20.7 Million, Current Rating Baa1,
      downgraded to Ba1, on review for possible downgrade;

   -- Class E1c GBP 5.6 Million, Current Rating Baa3, downgraded
      to Ba3, on review for possible downgrade.

The rating actions were mostly prompted by worse-than-expected
collateral performance.  These rating actions take into account
increased portfolio loss expectations accounting for the
relatively high delinquency levels shown in the collateral
performance and in particular, the rising loss severity of
repossessed second lien mortgage loans which, in the last
quarter, amounted to a 78.23%.  

Further, Moody's has revised its assumptions for excess spread
reduction due to unhedged basis risk.  Eurosail 2007-1 was
originated by Preferred Mortgages Limited, Southern Pacific
Mortgage Limited, Southern Pacific Personal Loans Limited,
London Mortgage Company Limited and London Personal Loans
Limited,all part of the origination platform of Lehman Brothers.

Eurosail 2007-1's collateral performance is deviating from the
UK Non-conforming market index and at 12 months since issuance,
delinquencies 90+ days excluding repossessions correspond to
17.09% of current portfolio balance.  Outstanding unsold
repossession rate is at present 1.82% of current portfolio
balance and 0.06% cumulative losses of original portfolio
balance have been realized.  Moody's has assessed updated loan-
by-loan information of the outstanding portfolio to determine
the increase in credit support needed and the volatility of
future losses.  Taking into account the current amount of
realized losses and completing a roll-rate and severity analysis
for the non-defaulted portion of the portfolio, Moody's has
adjusted its loss expectations for this portfolio to a range of
3.60% to 3.90% of original balance.  In particular in its
revised assumptions, Moody's has also taken into consideration
the rising trend of loss severity of repossessed second lien
mortgage loans which, in the last quarter, amounted to 78.23%.

In addition to the weaker than expected performance of the
portfolio, the transaction is exposed to:

   (1) some unhedged basis risk for the Libor-linked floating
       rate proportion of the collateral and loans in arrears
       not covered by the fixed floating swap.  The unhedged
       exposure is due to a reset date mismatch between the Note
       Libor and the Libor on the concerned mortgage loans which
       is approximately a 10-15 day period.  Recent interest
       rate volatility in the Libor rate has been above the
       levels initially modeled and the spread modeling for this
       rating review takes this into account.

   (2) Step-ups in the margin payable on the detachable coupons
       that have increased to 1.35% in the march 2008 interest
       payment date and will further step up to 3.24% in
       December 2009, if the Class A Notes are not redeemed in
       full before then.

   (3) The non mortgage-backed notes receiving interest prior to
       the reserve fund that causes further reductions to the
       excess spread until full redemption of these notes.
       Moody's believe that these structural features accounted
       for in the initial modeling in combination with the
       deteriorating performance data place further stress on
       the transaction.  The transaction is currently paying
       principal on the Notes sequentially and it will revert to
       pro rata payment, if the trigger ratios are satisfied.

Eurosail 2007-1NC closed in February 2007, the second lien loans
correspond to 13.81% of the current pool balance (19.61% at
closing) and the current pool factor is 81.70%.

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


INVENSYS PLC: S&P Lifts Rating to BB+ on Improved Business Risk
---------------------------------------------------------------
Standard & Poor's Ratings Services had raised its long-term
corporate credit ratings on U.K.-based engineering company
Invensys PLC to 'BB+' from 'BB', reflecting reduced business and
financial risk.  The outlook is positive.  The ratings have
been removed from CreditWatch, where they were placed with
positive implications on May 16, 2008.

"Invensys' business risk has improved in recent years as the
company has enhanced its operating efficiency in a generally
supportive market environment, and disposed of higher risk,
lower-margin businesses," said Standard & Poor's credit analyst
Andreas Zsiga.

"The company's capital structure and financial flexibility have
also improved considerably, reducing financial risk," Mr. Zsiga
added.

Significant debt reduction and positive earnings and cash flow
momentum have enabled cash flow debt protection measures that
are strong for the rating.  Against this back-drop, the ratings
allow for softening market conditions and incorporate a
resumption of acquisition and shareholder remuneration activity.

The ratings on Invensys reflect exposure to cyclical industries
with strong competition from mainly larger companies.  These
factors are balanced by access to strong niche positions, large
installed bases, improving operating efficiency, good
diversification, and good profitability.

The positive outlook reflects the significant possibility of a
better-than-expected operating and financial performance than
assumed in our base case.  This would result primarily from
stronger underlying market conditions, higher operating
efficiency, and success in sales expansion.


JHARDYS LTD: Taps Liquidators from Tenon Recovery
-------------------------------------------------
Matthew Colin Bowker and David Antony Willis of Tenon Recovery
were appointed joint liquidators of Jhardys Ltd. on
May 28, 2008, for the creditors' voluntary winding-up
proceeding.

The joint liquidators can be reached at:

         Tenon Recovery
         33 George Street
         Wakefield
         West Yorkshire
         WF1 1LX
         England


LIFELINE CARE: Hires Liquidators from Tenon Recovery
----------------------------------------------------
Stanley Donald Burkett-Coltman and Ian Cadlock of Tenon Recovery
were appointed joint liquidators of Lifeline Care & Education
Ltd. (formerly Harmony Care Ltd.) on May 22, 2008, for the
creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

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


R.J.P. SURVEYS: Brings In Joint Administrators from Begbies
-----------------------------------------------------------
David Acland and Sarah Bell of Begbies Traynor were appointed
joint administrators of R.J.P. Survesy Ltd. (Company Number
03819226) on May 22, 2008.

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

The company can be reached at:

          R.J.P. Surveys Ltd.
          36 Skemersdale
          Lancashire
          WN8 0QF
          England
          Tel: 01695625164


RANK GROUP: Moody's Holds B1 Rating on Revenue Stabilization
------------------------------------------------------------
Moody's Investors Service confirmed the B1 corporate family
rating of The Rank Group Plc and the B3 debt rating of its
subsidiary Rank Group Finance Plc.  The rating outlook is
negative.

Rank's ratings were downgraded to B1/B3 in October 2007
following a profit warning by the company and left under review
for further downgrade at the time.

The confirmation acknowledges a degree of revenue stabilization
for the Rank Group during the first 17 weeks of 2008.  Together
with steps taken by the group to protect revenues this creates a
reasonable chance that the trend can be stabilized and revenue
and profit erosion halted in the second half of the year when
comparable revenue levels become less demanding.  However, a
negative rating outlook reflects the ongoing challenges to
stabilize the company's performance against the backdrop of very
difficult operating environment, including a worsening UK
economy and to manage debt so that financial flexibility can be
maintained.

In the recent past Rank's bingo and casino operations have been
affected negatively by the introduction of a smoking ban in the
UK, starting with Scotland (March 2006) and followed by Wales
(April 2007) and England (July 2007).  The introduction in
England coincided with the government-mandated removal of so-
called Section 21 machines (gaming machines with GBP 500 maximum
prize potential) from Rank's bingo clubs and casinos from
September 2007 onwards.  These two measures resulted in
significant revenue deterioration for Rank in 2007, particularly
in the last four months.

Measures taken by Rank to protect its revenue base include the
introduction of smoking shelters for bingo halls and casinos and
the introduction of separately licensed gaming areas adjacent to
a number of its bingo halls.  This goes together with
improvements in the product offering such as new games (bingo
variants), the increased use of technology (electronic bingo)
and significant improvements in the food and drink offer for
Rank's gaming venues.

These measures appear to have helped to contain the further
erosion of sales during the first 17 weeks of 2008 at a level
marginally ahead of that of the last four months of 2007,
including a marginally positive development for Scottish bingo.
Performance at Blue Square, Rank's interactive gaming business,
has also held up well.  While this is encouraging, visibility
remains limited and a worsening macro-economic environment in
the UK will make it more challenging to continue to contain
revenue erosion in 2008, before a return to growth in 2009, as
envisaged by the company.

Rank has indicated that capital expenditures for 2008 will be
curtailed to around GBP20 million (from previously forecast
GBP50 million), deferring expenditure for some larger projects,
including new Mecca clubs and G Casinos, and plans to refurbish
a number of Grosvenor Casinos and rebrand them under the G
Casino name.  This, together with the suspension of the dividend
announced in December 2007 and proceeds from the agreed sale of
Rank's pension scheme to Rothesay Life by 30 June 2008 for at
least a GBP 20 million net cash inflow underpins Rank's 2008
cash flow as the company focus on adapting to its changed
operating environment.  However, investments will have to be
resumed to keep the company competitive, constraining ongoing
cash generation.

In our opinion, Rank's current liquidity provisions appear
sufficient for its near-term operational needs. Cash flow
generation in 2008 will be helped by the cash conservation
measures noted above and in conjunction with availabilities
under the company's revolving credit facility (GBP250 million
due in April 2012) should allow for the repayment of Rank's
GBP168m convertible bond due in January 2009.  This assumes that
the revolver, which is subject amongst other things to financial
covenant tests, remains available under its terms.  While we
believe that there is currently some headroom under the
covenants, operational forward visibility remains poor and given
Rank's pronounced operating leverage covenants could yet come
under pressure if performance deteriorates.

Ratings confirmed with a negative outlook are :

   -- Corporate family rating at The Rank Group plc at B1

   -- US$14.3 million Guaranteed notes due 2018 at Rank Group
      Finance (guaranteed by Rank) at B3/LGD5

Rank is a gaming group with interests in casinos, bingo, online
and telephone betting, mainly in the UK but also Spain and
Belgium.  The company is headquartered in Maidenhead, England.
For the last 12 months to Dec. 31, 2007 Rank reported revenues
of around GBP534 million.


SEQUA CORP: S&P Holds B- Ratings on Sr. Unsec. & Sr. PIK Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B-' issue-level
rating (one notch below the corporate credit rating) on Sequa
Corp.'s US$500 million 11.75% senior unsecured notes due
2015 and US$211.4 million 13.50% senior paid-in-kind notes due
2015.  

The recovery rating on both tranches is '5', indicating our
expectation of modest (10%-30%) recovery in the event of a
payment default.  The notes, which were initially proposed and
rated in November 2007, will be issued by Sequa to the selling
noteholders for the extinguishment of a corresponding amount of
loans under the company's bridge loan facility.

"The 'B' long-term corporate credit rating on Sequa reflects a
highly leveraged financial profile, very weak credit protection
measures, modest profitability, and risks associated with the
cyclical and competitive airline industry, the company's primary
customer base," said Standard & Poor's credit analyst Roman
Szuper.  Those factors outweigh Sequa's major positions in niche
markets.  The New York, N.Y.-based company is a diversified
manufacturer, with operations organized into several business
segments, including aerospace (the largest), automotive, metal
coating, specialty chemicals, and industrial machinery.

                         Ratings List

Sequa Corp.
  Corporate Credit Rating                           B/Stable/--
  US$500 Mil. 11.75% Sr. Unsec. Nts Due 2015        B-
    Recovery Rating                                 5
  US$211.4 Mil. 13.50% Sr. PIK Nts Due 2015         B-
    Recovery Rating                                 5


VESTA MONEY: Taps Menzies as Joint Administrators
-------------------------------------------------
Geoffrey Wayne Bouchier and David John Whitehouse of Menzies
Corporate Restructuring were appointed joint administrators of
Vesta Money Ltd. (Company Number 04359103) on May 23, 2008.

Menzies Corporate Restructuring -- http://www.menzies.co.uk/--  
provides corporate restructuring services including: services
for directors or stakeholders of troubled businesses; services
to Lenders of troubled businesses; raising rescue funding at
short notice; and forensic and fraud services.

The company can be reached at:

          Vesta Money Ltd.
          Priority Road
          Altrincham
          Cheshire
          WA14 3BT
          England
          Tel: 01202244000


TRADE SOFAS: Appoints Liquidators from Moore Stephens
-----------------------------------------------------
Nigel Price and Colin Andrew Prescott of Moore Stephens LLP were
appointed joint liquidators of Trade Sofas Ltd. on May 22 for
the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Moore Stephens LLP
         Beaufort House
         94-96 Newhall Street
         Birmingham
         B3 1PB
         England


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

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

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

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

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

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

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

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


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

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

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


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

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

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

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

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

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

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

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

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

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

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

Nov. 19, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Interaction Between Professionals in a
         Restructuring/Bankruptcy
            Bankers Club, Miami, Florida
               Contact: 312-578-6900; http://www.turnaround.org/  
  
Dec. 3-5, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      20th Annual Winter Leadership Conference
         Westin La Paloma Resort & Spa
            Tucson, Arizona
               Contact: http://www.abiworld.org/  

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

                     *      *      *

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

  
                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *