TCREUR_Public/080606.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Friday, June 6, 2008, Vol. 9, No. 112

                            Headlines


A U S T R I A

KARNER & EISINGER: Claims Registration Period Ends July 1
LIMBAO-TEC LLC: Claims Registration Period Ends June 17
MULTIMEDIA JAUNTAL: Claims Registration Period Ends June 16
NITSCHE & WENDL: Claims Registration Period Ends June 26
STEYER HOLZBAU: Claims Registration Period Ends July 15


B U L G A R I A

KREMIKOVTZI AD: ArcelorMittal Expects Bankruptcy Ruling Soon


F I N L A N D

M-REAL CORP: E.U. Approves Reflex Mill Sale to Arjowiggins
M-REAL CORP: To Reduce Coated Fine Paper Production to 20%


F R A N C E

AKERYS HOLDINGS: S&P Places B+ Rating on CreditWatch Negative
LEAR CORP: Revises 2008 Sales Outlook to US$15.3 Billion
PONCIN YACHTS: Commercial Court Grants Creditor Protection


G E R M A N Y

ALPE BAU: Claims Registration Period Ends June 21
ANHALTINER FENSTERWERK: Claims Registration Period Ends June 21
B & G GEBAUDEREINIGUNG: Claims Registration Ends June 23
BATTELLE ZENTRUM: Claims Registration Ends June 23
BESTATTUNGSHAUS ALBERS: Claims Registration Ends June 23

GEISE BAU: Claims Registration Period Ends June 20
GLOBAL FINANCE: Claims Registration Ends June 23
GPS GMBH: Claims Registration Ends June 23
HEINZ LORZ: Claims Registration Period Ends June 23
HELM-GASTRO GMBH: Claims Registration Period Ends June 23

HOEFFER GMBH: Claims Registration Period Ends June 20
HSG METALL: Claims Registration Period Ends June 20
ISM GMBH: Claims Registration Period Ends June 20
INFORM PLASTIK: Claims Registration Period Ends June 20
ISOPACK GMBH: Claims Registration Period Ends June 23

LUDWIG AUTOMATEN: Claims Registration Period Ends June 23
VORIX GMBH: Claims Registration Period Ends June 20
WIPPENBEKK BETRIEBS: Claims Registration Period Ends June 20
ZAREEN PERSONAL: Claims Registration Period Ends June 20


I R E L A N D

KEVERVILLE LTD: Debts Prompt ACC Bank to Call In Receiver


I T A L Y

ALITALIA SPA: Italian Government Restarts Stake Sale
ALITALIA SPA: European Commission May Launch Probe vs Loan
ALITALIA SPA: British Airways Asks EU to Reject Emergency Loan


K A Z A K H S T A N

KAZAKHSTAN TELEKOM: Creditors Must File Claims by July 11
N-OIL LLP: Claims Deadline Slated for July 16
OIL SNAB: Claims Filing Period Ends July 16
TRANS-MOST LLP: Creditors' Claims Due on July 15
TRANS OIL: Claims Registration Ends July 15

VEGA OJSC: Claims Filing Period Ends July 16


K Y R G Y Z S T A N

BIPROM COMPANY: Creditors Must File Claims by July 2


R U S S I A

AQUA CJSC: Creditors Must File Claims by July 17
CONTRACT CJSC: Creditors Must File Claims by June 17
ENGELSSKIY FISH: Creditors Must File Claims by July 17
EURO-SIB-STROY: Creditors Must File Claims by June 17
GPMK-4 OJSC: Creditors Must File Claims by July 17

KASSIYA CJSC: Creditors Must File Claims by June 17
KENGA CJSC: Creditors Must File Claims by July 17
KHARGANA LLC: Court Names A. Mironov as Insolvency Manager
KORTUZSKOE CJSC: Creditors Must File Claims by July 17
MP MO ZATO: Asset Sale Slated for June 20

NOVOLIPETSK STEEL: Earns US$617.7 Million for First Quarter 2008
SEV-KAV-ELECTRON-PRIBOR: Creditors Must File Claims by June 17
OMZ OAO: S&P Rates Proposed RUR1.6 Billion Sr. Bond at ruBB
SODRUZHESTVO LLC: Court Names G. Kovalenko as Insolvency Manager
SOROKINA AND PARTNERS: Creditors Must File Claims by June 17

STAR-LINE LLC: Tyumen Bankruptcy Hearing Slated for Sept. 11
TRANSTELECOM JSC: Fitch Places IDR at B+ on Segment Challenges
UNIASTRUM: Weak Performance Cues Moody's B2 Ratings on Watch Neg
YUZHSKAYA POULTRY: Ivanovo Bankruptcy Hearing Slated for Oct. 15


S P A I N

EDITIS HOLDING: Moody's Puts Ba3 Rating Under Review


U K R A I N E

AGRICULTURAL INDUSTRIAL: Creditors Must File Claims by June 20
AMULET 21: Creditors Must File Claims by June 20
ATLANT PLUS: Proofs of Claim Deadline Set June 20
BOGRUS LLC: Creditors Must File Claims by June 20
DOVIRA LLC: Creditors Must File Claims by June 19

ENGINEER SYSTEMS: Creditors Must File Claims by June 19
KRIVBASRUDBUILDING CJSC: Proofs of Claim Deadline Set June 19
LAN LLC: Creditors Must File Claims by June 19
ORBITA OJSC: Proofs of Claim Deadline Set June 19
PRESTIGE-COM: Creditors Must File Claims by June 19

RUBEZHNOYE MOTORCAR 10917: Creditors' Claims Due June 20
SLAVA LLC: Creditors Must File Claims by June 20
SOUTH ELEVATOR: Creditors Must File Claims by June 19
TALNEGASBUILDING: Creditors Must File Claims by June 19
TECHNOEXPODEVICE LLC: Creditors Must File Claims by June 19

YUSAN-GROUP LLC: Creditors Must File Claims by June 19
ZARIA LLC: Creditors Must File Claims by June 20


U N I T E D   K I N G D O M

AUTO-TECHNOLOGY LTD: Brings In Liquidators from Mazars
BODY TEMPLE: Calls In Liquidators from Vantis
BRITISH AIRWAYS: Asks EU to Reject Alitalia Emergency Loan
CORBY BOTTLERS: Administrators Sell Business to Champagne Indage
CRAIG DACE: Andrew Appleyard Leads Liquidation Procedure

DARLINGTON WINES: Sells Business to Champagne Indage
FLYING COLOURS: Hires Liquidators from Tenon Recovery
FORD MOTOR: To Cut White-Collar Salary Costs by 15%
LAKELAND TIMBER: Credit Crunch Hits Business; Halts Operations
BOOK REVIEW: Trump: America's Most Powerful Real Estate Baron


                            *********


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


KARNER & EISINGER: Claims Registration Period Ends July 1
---------------------------------------------------------
Creditors owed money by OEG Karner & Eisinger (FN 193646z) have
until July 1, 2008, to file written proofs of claim to court-
appointed estate administrator Erich Allinger at:

          Mag. Erich Allinger
          Hauptplatz 11
          2700 Wiener Neustadt
          Austria
          Tel: 02622/23228
          Fax: 02622/23228 26
          E-mail: e.allinger@schober.at   

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on July 15, 200 for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Wiener Neustadt
          Room 15
          Wiener Neustadt
          Austria

Headquartered in Wiener Neustadt, Austria, the Debtor declared
bankruptcy on May 14, 2008 (Bankr. Case No. 11 S 45/08s).  


LIMBAO-TEC LLC: Claims Registration Period Ends June 17
-------------------------------------------------------
Creditors owed money by LLC Limbao-Tec (FN 132396a) have until
June 17, 2008, to file written proofs of claim to court-
appointed estate administrator Friedrich Nusterer at:

          Dr. Friedrich Nusterer  
          Riemerplatz 1
          3100 St. Poelten
          Austria
          Tel: 02742/47087
          Fax: 02742/47089
          E-mail: ra-nusterer@aon.at   

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on July 8, 2008, for the
examination of claims.

The meeting of creditors will be held at:

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

Headquartered in Pottenbrunn, Austria, the Debtor declared
bankruptcy on May 15, 2008, (Bankr. Case No. 14 S 77/08a).  


MULTIMEDIA JAUNTAL: Claims Registration Period Ends June 16
-----------------------------------------------------------
Creditors owed money by LLC Multimedia Jauntal (FN 237799f) have
until June 16, 2008, to file written proofs of claim to court-
appointed estate administrator Gerhard Brandl at:

          Dr. Gerhard Brandl   
          Kardinalschuett 7
          9020 Klagenfurt
          Austria
          Tel: 0463/55577
          Fax: 0463/502191
          E-mail: rechtsanwalt@kanzlei-brandl.at     

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on June 24, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Klagenfurt
          Room 225
          Second Floor
          Klagenfurt
          Austria

Headquartered in Bleiburg, Austria, the Debtor declared
bankruptcy on May 14, 2008 (Bankr. Case No. 40 S 29/08t).  


NITSCHE & WENDL: Claims Registration Period Ends June 26
--------------------------------------------------------
Creditors owed money by LLC Nitsche & Wendl (FN 101238f) have
until June 26, 2008, to file written proofs of claim to court-
appointed estate administrator Thomas Humer at:

          Dr. Thomas Humer
          Ringstrasse 4
          4600 Wels
          Austria
          Tel: 07242/47240
          Fax: 07242/68650
          E-mail: office@hofer-humer.at    

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:00 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 Marchtrenk, Austria, the Debtor declared
bankruptcy on May 15, 2008 (Bankr. Case No. 20 S 62/08f).  


STEYER HOLZBAU: Claims Registration Period Ends July 15
-------------------------------------------------------
Creditors owed money by LLC Steyer Holzbau (FN 64329b) have
until July 15, 2008, to file written proofs of claim to court-
appointed estate administrator Philipp Casper at:

          Mag. Philipp Casper
          Kalchberggasse 1
          8010 Graz
          Austria
          Tel: 0316/830550
          Fax: 0316/813717
          E-mail: philipp.casper@aaa-law.at     

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 2:20 p.m. on July 31, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Graz
          Room 230
          Hall L
          Graz
          Austria

Headquartered in Ilz, Austria, the Debtor declared bankruptcy on
May 15, 2008 (Bankr. Case No. 25 S 35/08x).  


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


KREMIKOVTZI AD: ArcelorMittal Expects Bankruptcy Ruling Soon
------------------------------------------------------------
ArcelorMittal expects the Sofia City Court to commence
bankruptcy proceedings against Kremikovtzi AD, Elena Koinova
writes for Sofia Echo.

The court, Reuters relates, will convene on June 17, 2008, to
hear the bankruptcy petition filed against Kremikovtzi by its
creditors, who are seeking around US$1.34 billion in claims from
the company.

Volker Schwich, Vice President Projects for Central and Eastern
Europe at ArcelorMittal, told Sofia Echo that he expects the
bankruptcy proceedings to last around four months.

Mr. Schwich told Reuters that if Kremikovtzi is declared
bankrupt, ArcelorMittal would present a proposal to the
Bulgarian government on how to stabilize the steelmaker's
situation until its assets are up for sale.  

ArcelorMittal extended May 21, 2008, a EUR30 million bridging  
loan to Kremikovtzi, and said it would invest EUR500 million
into the company if the government agrees to its US$1.2 million
takeover offer.

According to Mr. Schwich, Reuters relates, ArcelorMittal would
immediately infuse over US$100 million into Kremikovtzi to
buffer its coffers and another US$30 million to meet minimum
environmental requirements.  

Mr. Schwich added to Sofia Echo that his group is currently
negotiating  with Kremikovtzi's creditors.

Meanwhile, Kostyantin Zhevago, a Ukrainian billionaire also
planning to acquire Kremikovtzi, has proposed to inject
US$90 million in working capital in exchange for joint
management for at least a year, Reuters relates.  

Mr. Zhevago said he would invest up to US$650 million to upgrade
the Kremikovtzi's production facilities and up to US$120 million
to meet environmental standards.

                      About Kremikovtzi AD

Headquartered in Sofia, Bulgaria, Kremikovtzi AD --
http://www.kremikovtzi.com/-- manufactures iron and steel.  Its  
product range includes coke and chemical products, ferro-alloys
and metallurgical lime.  The Company operates through a number
of subsidiaries including Kremikovtzi Trade, Independent
Laboratory for Analysis 2000 Ltd., Kremikovtzi - Ore Mining
Ltd., Heavy Machinery Ltd., Kremikovtzi Auto -Transport Ltd.,
Kremikovtzi CAR Ltd. and Company for food and food products

                         *      *      *

Kremikovtzi AD currently carries Moody's Investors Service
corporate family rating of Caa3 with a developing outlook.

The Sofia City Court appointed two temporary receivers to
Kremikovtzi AD on April 30, 2008, after a group of creditors led
by Peshtoremont AD filed bankruptcy petition against the
company.


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


M-REAL CORP: E.U. Approves Reflex Mill Sale to Arjowiggins
----------------------------------------------------------
The European Commission has approved the sale of M-real's Reflex
mill to Arjowiggins with the condition that Arjowiggins divests
the Reflex carbonless and digital imaging businesses to a third
party within 180 days time.

Mr. Mikko Helander, CEO of M-real, said "M-real and Arjowiggins
are now jointly analysing the decision and considering the
possibilities how to move forward.  M-real will give further
information as soon as possible.  Reflex mill operations
continue normally and with full support of M-real."

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

                        *     *     *

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

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


M-REAL CORP: To Reduce Coated Fine Paper Production to 20%
----------------------------------------------------------
M-real will reduce production of coated fine papers between
June 2008 and August 2008 to align production with expected
market demand in Europe during the summer months, limit export
volumes and control capital tied to inventories.  Weak US dollar
does not allow big volume increases in overseas market to
compensate seasonally decreasing demand in Europe.

The output will be reduced by between 10 and 20 per cent
depending on product and market mix.  Details will be discussed
with key customers and the required service levels will be
maintained throughout this period.

Announced reductions are expected to have no personnel effect.  
M-real's total coated fine paper capacity is about 1.5 million
tons per annum.

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

                        *     *     *

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

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


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


AKERYS HOLDINGS: S&P Places B+ Rating on CreditWatch Negative
-------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B+' corporate
credit rating on France-based homebuilder Akerys Holdings S.A.
on CreditWatch with negative implications.

Accordingly, Standard & Poor's also placed the 'B' rating on
Akerys' EUR300 million floating-rate notes due 2014 on
CreditWatch negative.

"The CreditWatch placement reflects Akerys' weaker-than-expected
results in the third quarter of its fiscal year 2008, and an
ongoing lack of visibility with regards to the company's future
performance in an increasingly challenging property development
market," said Standard & Poor's credit analyst Pierre Georges.

The ratings continue to reflect the company's aggressive
financial profile and lack of geographic diversity, as well as
the property development industry's inherent characteristics of
cyclicality, working capital intensity, low barriers to entry,
and high fragmentation.  These negative factors are only
partly mitigated by Akerys' relatively prudent risk policies;
ongoing focus on cash flows and liquidity; and the added
benefits derived from ancillary financial services.  S&P expects
to resolve the CreditWatch placement in the coming weeks.

"In resolving the CreditWatch, we will have further discussions
with management regarding Akerys' future operating performance
and potential actions that it could implement to improve
operations," said Mr. Georges.
S&P could lower the ratings if credit metrics, including debt
leverage and coverage of interests by operating cash flows after
changes in working capital, appear unlikely to recover soon.


LEAR CORP: Revises 2008 Sales Outlook to US$15.3 Billion
--------------------------------------------------------
Lear Corporation disclosed revisions to its 2008 financial
outlook based on lower North American vehicle production and
increased commodity costs.

Subsequent to the 2008 financial outlook the Company provided on
April 29, 2008, Lear's major customers, industry forecasting
services and others have announced downward revisions in their
estimates for 2008 North American vehicle production based on
lower sales rates for full-size pickup trucks and large sport
utility vehicles.  

In response to these recent announcements, Lear is revising its
2008 forecast for North American industry production from around
14.1 million vehicles to around 13.8 million vehicles.  In
addition, raw material costs, particularly costs related to
steel, have continued to increase.

As a result, Lear is revising its sales outlook for 2008
downward to around US$15.3 billion, from the previous outlook of
US$15.5 billion, and lowering income before interest, other
expense, income taxes, restructuring costs and other special
items (core operating earnings) to a range of US$600 to US$640
million from the previous range of US$660 to US$700 million.

In addition, Lear is increasing its estimated restructuring
investment for 2008 to about US$125 million.  The revised
outlook for full-year 2008 free cash flow is around US$200
million.

Lear is continuing to evaluate and aggressively implement cost
reductions and restructuring actions to mitigate the impact of
lower production volumes and rising commodity prices.
Furthermore, the production realignment initiatives recently
announced by certain North American manufacturers are
anticipated to require further restructuring investments in
future years.

"Industry conditions in North America have continued to be
challenging, with the lowest expected production volumes since
the early 1990s and unprecedented increases in raw material and
energy costs," commented Bob Rossiter, Lear's Chairman,
President and CEO. "Like our customers, we are continuing to
aggressively realign our capacity and implement structural cost
reductions to improve our longer-term competitiveness. We are
also expanding our operations outside North America, which
represented around 55% of our net sales in 2007."


                    About Lear Corporation

Based in Southfield, Michigan, Lear Corporation (NYSE:LEA) --
http://www.lear.com/-- supplies automotive interior systems,   
electrical distribution systems and related electronic products.  
The company has around 91,000 employees at 215 facilities in 35
countries.  Outside the United States, Lear has subsidiaries in
Germany, Luxembourg, Sweden, Singapore, China, India and Mexico,
among others.

                         *     *     *

Lear Corp. still carries Standard & Poor's Ratings Services' B+
corporate credit, Long-Term Foreign and Local Issuer Credit
ratings, which the rating agency affirmed in May 2008.

Lear Corp. also carries B2 Corporate Family, Bank Loan Debt and
Probability-of-Default ratings, and B3 Senior Unsecured Debt
rating from Moody's Investors Service, which said the outlook is
stable.


PONCIN YACHTS: Commercial Court Grants Creditor Protection
----------------------------------------------------------
The Tribunal de Commerce of La Rochelle in France has placed
Poncin Yachts SA under a six-month creditor protection to allow
the company to renegotiate its EUR22 million debt, Albertina
Torsoli writes for Bloomberg News.

Poncin CEO Olivier Poncin, Bloomberg News relates, blamed the
company's financial demise to the slowdown in global economy --
particularly the recent subprime lending crisis -- and more
aggressive competition.   

Mr. Poncin added to Bloomberg News that sailboat sales have
dropped up to 50% particularly in Spain.  Exports account for
70% of Poncin's sales, Les Echos relates.

                           Asset Sale

According to Mr. Poncin, Bloomberg News relates, the company is
holding talks to sell its assets -- including its loss-making
Kelt unit -- to gain cash for debt repayment.  

The CEO, however, said it has yet to secure a deal to sell its
assets, adding that he is not willing to make disposals at any
price.

The company, which was set to repay around EUR10 million in debt
in June, is drafting a business plan due end of 2008.

                       About Poncin Yacths

Headquartered in Marans, France, Poncin Yachts SA --
http://www.poncinyachts.com/-- manufactures and sells leisure  
boats.  The company produces provides a yacht brokerage service
that sells new and second-hand boats.  


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


ALPE BAU: Claims Registration Period Ends June 21
-------------------------------------------------
Creditors of ALPE Bau GmbH have until June 21, 2008, to register
their claims with court-appointed insolvency manager Dirk
Wittkowski.

Creditors and other interested parties are encouraged to attend
the meeting at 11:45 a.m. on Aug. 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 this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

          Dr. Dirk Wittkowski
          Kirchblick 11
          14129 Berlin
          Germany

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

The Debtor can be reached at:

          ALPE Bau GmbH
          Schillerstr. 50
          13158 Berlin
          Germany


ANHALTINER FENSTERWERK: Claims Registration Period Ends June 21
---------------------------------------------------------------
Creditors of Anhaltiner Fensterwerk GmbH have until
June 21, 2008, to register their claims with court-appointed
insolvency manager Joachim M. E. Voigt-Salus.

Creditors and other interested parties are encouraged to attend
the meeting at 2:20 p.m. on July 14, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Dessau-Rosslau
          Hall 123
          Willy-Lohmann-Str. 33
          Dessau-Rosslau
          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:

          Joachim M. E. Voigt-Salus
          Rankestrasse 33
          10789 Berlin
          Germany
          Tel: 030/2128020
          Fax: 030/21280222

The District Court of Dessau-Rosslau opened bankruptcy
proceedings against Anhaltiner Fensterwerk GmbH on May 14, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Anhaltiner Fensterwerk GmbH
          Biaser Strasse 33
          39261 Zerbst
          Germany


B & G GEBAUDEREINIGUNG: Claims Registration Ends June 23
--------------------------------------------------------
Creditors of B & G Gebaudereinigung GmbH have until
June 23, 2008, to register their claims with court-appointed
insolvency manager Alexander Saponjic.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.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 Munich
         Meeting Hall 102
         Infanteriestr. 5
         80097 Munich
         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:

         Alexander Saponjic
         Herzogspitalstr. 13
         80331 Munich
         Germany
         Tel: 089/5527 5389
         Fax: 089/5527 5390

The District Court of Munich opened bankruptcy proceedings
against B & G Gebaudereinigung GmbH on May 1, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         B & G Gebaudereinigung GmbH
         Attn: Guelfiye Tastan, Manager
         Gollierstr. 70 C/5
         80339 Munich
         Germany


BATTELLE ZENTRUM: Claims Registration Ends June 23
--------------------------------------------------
Creditors of Battelle Zentrum GmbH have until June 23, 2008, to
register their claims with court-appointed insolvency manager
Tim Schneider.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Giessen
         Hall 406
         Fourth Floor
         Building B
         Gutfleischstrasse 1
         35390 Giessen
         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:

         Tim Schneider
         Marktlaubenstrasse 9
         35390 Giessen
         Germany
         Tel: 0641/93243-0
         Fax: 0641/932-4350

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

The Debtor can be reached at:

         Battelle Zentrum GmbH
         Tannenring 10
         35428 Langgoens
         Germany

         Attn: Gerhard Moerler, Manager
         Alte Brauerei 10
         35510 Butzbach
         Germany


BESTATTUNGSHAUS ALBERS: Claims Registration Ends June 23
--------------------------------------------------------
Creditors of Bestattungshaus Albers GmbH have until
June 23, 2008, to register their claims with court-appointed
insolvency manager Petra Wiche-Wendler.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on July 24, 2008, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Fuerth
         Hall 3
         Ground Floor
         Baumenstrasse 32
         Fuerth
         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:

         Petra Wiche-Wendler
         Neumarkter Str. 152
         92342 Freystatt-Rettelloh
         Germany
         Tel: 09179/963461
         Fax: 09179/9643279

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

The Debtor can be reached at:

         Bestattungshaus Albers GmbH
         Jaminstrasse 19
         91052 Erlangen
         Germany


GEISE BAU: Claims Registration Period Ends June 20
--------------------------------------------------
Creditors of Geise Bau GmbH have until June 20, 2008, to
register their claims with court-appointed insolvency manager
Michael Selker.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 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:

         Michael Selker
         Niedersachsenstr. 11a
         49074 Osnabrueck
         Germany
         Tel: 0541/357450
         Fax: 0541/3574511

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

The Debtor can be reached at:

        Geise Bau GmbH
        Dratumer Strasse 26
        49326 Melle-Gesmold
        Germany


GLOBAL FINANCE: Claims Registration Ends June 23
------------------------------------------------
Creditors of Global Finance GmbH  have until June 23, 2008, to
register their claims with court-appointed insolvency manager
Sascha Khan.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on July 2, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Flensburg
         Hall A 220
         Flensburg
         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:

         Sascha Khan
         Muehlenkamp 39
         22303 Hamburg
         Germany

The District Court of Flensburg opened bankruptcy proceedings
against Global Finance GmbH on April 21, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Global Finance GmbH
         Rote Strasse 19 a
         24937 Flensburg
         Germany


GPS GMBH: Claims Registration Ends June 23
------------------------------------------
Creditors of GPS GmbH have until June 23, 2008, to register
their claims with court-appointed insolvency manager Holger
Bluemle.

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

The meeting of creditors will be held at:

         The District Court of Ludwigsburg
         Hall 2008
         Schorndorfer Str. 28
         71638 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:

         Holger Bluemle
         Koenigstr. 10c
         70173 Stuttgart
         Germany
         Tel: 0711/782-8162

The District Court of Ludwigsburg opened bankruptcy proceedings
against GPS GmbH on May 29, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         GPS GmbH
         Attn: Frank Pohle and Niels Scholl, Managers
         Neuenbuehl 1
         71287 Weissach
         Germany


HEINZ LORZ: Claims Registration Period Ends June 23
---------------------------------------------------
Creditors of Heinz Lorz GmbH have until June 23, 2008, to
register their claims with court-appointed insolvency manager
Dirk Hammes.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.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 Duisburg
         Hall C315
         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:

         Dirk Hammes
         Wilhelmshofallee 75
         47800 Krefeld
         Germany

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

The Debtor can be reached at:

         Heinz Lorz GmbH
         Attn: Joerg Lorz, Manager
         Kaiserstrasse 5
         47229 Duisburg
         Germany


HELM-GASTRO GMBH: Claims Registration Period Ends June 23
---------------------------------------------------------
Creditors of Helm-Gastro GmbH have until June 23, 2008, to
register their claims with court-appointed insolvency manager
Gerhard Brinkmann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.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 Stralsund
         Hall AE 26
         House A
         Bielkenhagen 9
         Stralsund         
         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:

         Gerhard Brinkmann
         Freiligrathstrasse 1
         18055 Rostock
         Germany

The District Court of Stralsund opened bankruptcy proceedings
against Helm-Gastro GmbH on May 22, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Helm-Gastro GmbH
         Attn: Arne Helm, Manager
         Doerpstraat 19
         18565 Neuendorf
         Germany


HOEFFER GMBH: Claims Registration Period Ends June 20
-----------------------------------------------------
Creditors of Hoeffer GmbH have until June 20, 2008, to register
their claims with court-appointed insolvency manager Robert
Fliegner.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on July 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 Wuppertal
         Meeting Hall A234
         Second Floor
         Eiland 2
         42103 Wuppertal
         Germany

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

The insolvency manager can be reached at:

         Robert Fliegner
         Gruenewalder Str. 29-31
         42657 Solingen
         Germany
         Tel: 0212/2494 200
         Fax: 0212/2494 201

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

The Debtor can be reached at:

         Hoeffer GmbH
         Lindenallee 22a
         42349 Wuppertal
         Germany


HSG METALL: Claims Registration Period Ends June 20
---------------------------------------------------
Creditors of HSG Metall GmbH have until June 20, 2008, to
register their claims with court-appointed insolvency manager
Andreas Rohe.

Creditors and other interested parties are encouraged to attend
the meeting at 1:00 p.m. on July 21, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Neubrandenburg
         Hall 1
         Fr.-Engels-Ring 15-18
         Neubrandenburg
         Germany

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

The insolvency manager can be reached at:

        Andreas Rohe
        Kamigstrasse 2
        17373 Neubrandenburg
        Germany

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

The Debtor can be reached at:

        HSG Metall GmbH
        Gievitzer Strasse 88
        17192 Waren
        Germany


ISM GMBH: Claims Registration Period Ends June 20
-------------------------------------------------
Creditors of ISM GmbH have until June 20, 2008, to register
their claims with court-appointed insolvency manager T. Alter.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.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 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:

         T. Alter
         Schillerstrasse 2
         99096 Erfurt
         Germany

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

The Debtor can be reached at:

        ISM GmbH
        Attn: Juergen Meinel, Manager
        Johann-Sebastian-Bach-Strasse 1a
        99423 Weimar
        Germany


INFORM PLASTIK: Claims Registration Period Ends June 20
-------------------------------------------------------
Creditors of Inform Plastik GmbH have until June 20, 2008, to
register their claims with court-appointed insolvency manager
Hartmut Wiesinger.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on July 8, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Detmold
         Meeting Room 12
         Ground Floor
         Gerichtsstr. 6
         32756 Detmold
         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:

          Hartmut Wiesinger
          Gerichtsstr. 12
          32791 Lage
          Germany

The District Court of Detmold opened bankruptcy proceedings
against Inform Plastik GmbH on May 19, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Inform Plastik GmbH
         Weststr. 23
         32657 Lemgo
         Germany


ISOPACK GMBH: Claims Registration Period Ends June 23
-----------------------------------------------------
Creditors of Isopack GmbH have until June 23, 2008, to register
their claims with court-appointed insolvency manager Michael
George.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on June 26, 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:

         Michael George
         Hans-Urmiller-Ring 11
         82515 Wolfratshausen
         Germany
         Tel: 08171/38730-100
         Fax: 08171/38730-222

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

The Debtor can be reached at:

         Isopack GmbH
         Brentenstr. 9 d
         83734 Hausham
         Germany


LUDWIG AUTOMATEN: Claims Registration Period Ends June 23
---------------------------------------------------------
Creditors of Ludwig Automaten GmbH have until June 23, 2008, to
register their claims with court-appointed insolvency manager
Dr. Oliver Liersch.

Creditors and other interested parties are encouraged to attend
the meeting at 11:15 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 Celle Nebenstelle
         Hall 014
         Ground Floor
         Branch Mill Road 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:

         Dr. Oliver Liersch
         Karl-Wiechert-Allee 1 c
         30625 Hannover
         Germany
         Tel: 0511-554706-0
         Fax: 0511-554706-99
         E-mail: OLiersch@schubra.de  

The District Court of Celle Nebenstelle opened bankruptcy
proceedings against Ludwig Automaten GmbH on April 30, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Ludwig Automaten GmbH
         Attn: Uwe Ludwig, Manager
         Stechinellistr. 7
         29308 Winsen/Aller
         Germany


VORIX GMBH: Claims Registration Period Ends June 20
---------------------------------------------------
Creditors of Vorix GmbH have until June 20, 2008, to register
their claims with court-appointed insolvency manager Romy
Metzger.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 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 Erfurt
          Hall 12
          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:

          Dr. Romy Metzger
          Steigerstr.30
          99096 Erfurt
          Germany

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

The Debtor can be reached at:

          Vorix GmbH
          Konrad Zuse Strasse 12
          99099 Erfurt
          Germany


WIPPENBEKK BETRIEBS: Claims Registration Period Ends June 20
------------------------------------------------------------
Creditors of WIPPENBEKK Betriebsgesellschaft mbH have until
June 20, 2008, to register their claims with court-appointed
insolvency manager Ralf Sinz.

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 Cologne
          Meeting Hall 1240
          12th Floor
          Luxemburger Strasse 101
          50939 Cologne
          Germany

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

The insolvency manager can be reached at:

          Dr. Ralf Sinz
          Zeughausstrasse 28-38
          50667 Cologne
          Germany
          Tel: 921 22 23
          Fax: +492219212221

The District Court of Cologne opened bankruptcy proceedings
against WIPPENBEKK Betriebsgesellschaft mbH on May 7, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          WIPPENBEKK Betriebsgesellschaft mbH
          Attn: Oliver Gries, Manager
          Karlstr. 7-9
          50996 Cologne
          Germany


ZAREEN PERSONAL: Claims Registration Period Ends June 20
--------------------------------------------------------
Creditors of Zareen Personal Services GmbH have until
June 20, 2008, to register their claims with court-appointed
insolvency manager Ulrike Schlarmann.

Creditors and other interested parties are encouraged to attend
the meeting at 8:00 a.m. on July 2, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Nordhorn
          Hall 42
          Seilerbahn 15
          48529 Nordhorn
          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:

          Ulrike Schlarmann
          Schorlemerstrasse 15
          48493 Wettringen
          Germany
          Tel: 02557/927330
          Fax: 02557/927336

The District Court of Nordhorn opened bankruptcy proceedings
against Zareen Personal Services GmbH on April 22, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Zareen Personal Services GmbH
          Dorfstrasse 39
          49824 Emlichheim
          Germany


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


KEVERVILLE LTD: Debts Prompt ACC Bank to Call In Receiver
---------------------------------------------------------
ACC Bank has appointed Tom Kavanagh of Kavanagh Fennell as
receiver to Dublin-based building and development company
Keverville Ltd., Ian Kehoe writes for the Sunday Business Post.  

The Post relates ACC, which is in the process of seizing
Keverville's assets in the Howth area of Dublin, expressed
concerns about the ability of the company to repay its debts.

Keverville, the Post discloses, owes more than EUR20 million to
six financial institutions, including Bank of Ireland and Bank
of Scotland (Ireland).

The Post says, citing an unnamed source, the company, had
difficulty selling properties due to a downturn in the
construction industry.

The company's recent accounts showed tangible assets of EUR2.1
million and stocks of land valued at EUR17 million at the end of
2006, the paper discloses.


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


ALITALIA SPA: Italian Government Restarts Stake Sale
----------------------------------------------------
The Italian government headed by Prime Minister Silvio
Berlusconi has commenced its latest attempt to sell its 49.9%
stake in Alitalia S.p.A., Agenzia Giornalistica Italia reports.

The Gazzetta Ufficiale has published Alitalia's privatization
procedures, which would be the basis for selecting the buyer for
the government's stake in the carrier, AGI relates.

Qualified bidders will allowed access to Alitalia's data and
information necessary to submit an offer, AGI says citing part
the published procedures.

The Commissione Nazionale per le Societa e la Borsa, regulatory
body for the Italian Stock Exchange,  has suspended the trading
of Alitalia's shareholder until further notice after the
government relaunched the carrier's sale.

                         About Alitalia

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

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


ALITALIA SPA: European Commission May Launch Probe vs Loan
----------------------------------------------------------
The European Commission may open a probe into the EUR300 million
funding provided by the Italian government to Alitalia S.p.A.,
Reuters reports, citing a source close to the regulator.

According to the source, Reuters relates, the Commission is not
likely to take an immediate decision whether the emergency loan
to Alitalia is illegal and must be returned, contrary to a
report by La Repubblica.

The source added to Reuters that the Commission will likely open
a probe due the complexity of the transaction.  The probe,
however, may last up to 18 months.  The Italian government has
said the funding would allow Alitalia to survive for 12 months.

According to La Repubblica, the Commission has taken a negative
stance towards the loan and will announce it decision on
June 11, 2008.

EC spokesman Mark English told Thomson Financial that the EU
executive is reviewing the loan as well as the details provided
by the Italian government.  

                         About Alitalia

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

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


ALITALIA SPA: British Airways Asks EU to Reject Emergency Loan
--------------------------------------------------------------
British Airways plc CEO Willie Walsh is calling on the European
Commission to reject the Italian government's EUR300 million
(US$468 million) emergency loan to Alitalia SpA, Andrea Rothman
and Marco Bertacche write for Bloomberg News.

In an interview at an industry meeting in Istanbul, Mr. Walsh
said that the loan, which was granted to Alitalia to give new
Prime Minister Silvio Berlusconi more time to find a buyer, is a
"case of state aid," Bloomberg relates.

Mr. Walsh stressed "it's an issue of credibility for Europe,
certainly for the commission," Bloomberg discloses.

However, Italy's Finance Minister Giulio Tremonti argued the
loan shouldn't be considered state aid as it is aimed at the
sale of the airline, the paper adds.

                      About British Airways

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

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

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


KAZAKHSTAN TELEKOM: Creditors Must File Claims by July 11
---------------------------------------------------------  
LLP KTS Kazakhstan Telekom Solutions has declared insolvency.  
Creditors have until July 11, 2008, to submit written proofs of
claims to:

         LLP KTS Kazakhstan Telekom Solutions
         Seifullin Str. 67
         Astana
         Kazakhstan


N-OIL LLP: Claims Deadline Slated for July 16
---------------------------------------------  
The Specialized Inter-Regional Economic Court of South
Kazakhstan has declared LLP N-Oil insolvent on April 25, 2008.

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

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


OIL SNAB: Claims Filing Period Ends July 16
-------------------------------------------  
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Oil Snab Company 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


TRANS-MOST LLP: Creditors' Claims Due on July 15
------------------------------------------------  
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Trans-Most insolvent on Oct. 1, 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


TRANS OIL: Claims Registration Ends July 15
-------------------------------------------  
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Trans Oil insolvent on April 11, 2008.

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


VEGA OJSC: Claims Filing Period Ends July 16
--------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared OJSC Avia Company Vega 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
===================


BIPROM COMPANY: Creditors Must File Claims by July 2
----------------------------------------------------
LLC Biprom Company has declared insolvency.  Creditors have
until July 2, 2008 to submit written proofs of claim.

Inquiries can be addressed to (0-555) 75-85-23.


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


AQUA CJSC: Creditors Must File Claims by July 17
------------------------------------------------
Creditors of CJSC Aqua have until July 17, 2008, to submit
proofs of claim to:

         V. Skornyakov
         Insolvency Manager
         PostUser Box 19
         Sterlitamak-15
         453115 Bashkortostan
         Russia

The Arbitration Court of Ulyanovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A72-6654/07-29/43B.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Aqua
         Ulyanovsk
         Russia


CONTRACT CJSC: Creditors Must File Claims by June 17
----------------------------------------------------
Creditors of CJSC Contract have until June 17, 2008, to submit
proofs of claim to:

         A. Nesterov
         Temporary Insolvency Manager
         Post User Box 20647
         660017 Krasnoyarsk
         Russia

The Arbitration Court of Krasnoyarsk will convene at 10:00 a.m.
on Sept. 25, 2008, to hear the company's bankruptcy supervision
procedure.  The case is docketed under Case No. A33-3541/2008.

The Court is located at:

         The Arbitration Court of Krasnoyarsk
         Lenina Str. 143
         660021 Krasnoyarsk
         Russia

The Debtor can be reached at:

         CJSC COntract
         Yuzhnyj Promyshlenny Uzel 12/38
         Lesosibirsk
         662546 Krasnoyarsk
         Russia


ENGELSSKIY FISH: Creditors Must File Claims by July 17
------------------------------------------------------
Creditors of OJSC Engelsskiy Fish Factory have until
July 17, 2008, to submit proofs of claim to:

         Y. Adushkin
         Insolvency Manager
         Post Use Box 23
         Central Post Office
         410000 Saratov
         Russia

The Arbitration Court of Saratov commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A-57-343/08-31.

The Court is located at:

         The Arbitration Court of Saratov
         Babushkin Vvoz 1
         Saratov
         Russia

The Debtor can be reached at:

         OJSC Engelsskiy Fish Factory
         Vodnaya Str. 2
         Engels
         413107 Saratov
         Russia


EURO-SIB-STROY: Creditors Must File Claims by June 17
-----------------------------------------------------
Creditors of LLC Euro-Sib-Stroy have until June 17, 2008, to
submit proofs of claim to:

         D. Upirov
         Insolvency Manager
         Office 406
         Oktyabrskiy Pr. 4
         660077 Kemerovo
         Russia

The Arbitration Court of Irkutsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A19-591/08-38.

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 Euro-Sib-Stroy
         Gryaznova Str. 13
         664003 Irkutsk
         Russia


GPMK-4 OJSC: Creditors Must File Claims by July 17
--------------------------------------------------
Creditors of OJSC GPMK-4 have until July 17, 2008, to submit
proofs of claim to:

         A. Ismailov
         Insolvency Manager
         Apt. 59
         Mayakovskogo 77
         Groznyj
         364061 Ingushetiya
         Russia

The Arbitration Court of Ingushetiya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A18-1238/06.

The Debtor can be reached at:

         A. Ismailov
         Insolvency Manager
         Apt. 59
         Mayakovskogo 77
         Groznyj
         364061 Ingushetiya
         Russia


KASSIYA CJSC: Creditors Must File Claims by June 17
---------------------------------------------------
Creditors of RA CJSC Kassiya have until June 17, 2008, to submit
proofs of claim to:

         B. Dumanov
         Temporary Insolvency Manager
         Apt. 61
         Tarchokova Str. 54g
         Nalchik
         360000 Kabardino-Balkariya
         Russia

The Arbitration Court of Kabardino-Balkariya commenced
bankruptcy supervision procedure on RA CJSC Kassiya.  The case
is docketed under Case No. A20-552/2008.

The Debtor can be reached at:

         RA CJSC Kassiya
         NZPP
         Dubki
         Nalchik
         360000 Kabardino-Balkariya
         Russia


KENGA CJSC: Creditors Must File Claims by July 17
-------------------------------------------------
Creditors of CJSC Kenga have until July 17, 2008, to submit
proofs of claim to:

         A. Shatokhin
         Insolvency Manager
         Apt. 1
         Alisova Str. 4
         Peschanokopskoe
         347570 Rostov
         Russia

The Arbitration Court of Rostov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A53-8606/2007-S1-52.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Kenga
         Stachki Pr. 245
         Rostov-na-Donu
         Russia


KHARGANA LLC: Court Names A. Mironov as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Buryatiya appointed A. Mironov as
Insolvency Manager for LLC Khargana.  He can be reached at:

         A. Mironov
         Botanicheskaya Str. 35a
         670045 Buryatiya
         Russia
         Tel/Fax: (3012) 44-36-20

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A10-1612/07-10.

The Debtor can be reached at:

         LLC Khargana
         Lenina Str. 11
         Khargana
         Selenginskiy
         671174 Buryatiya
         Russia


KORTUZSKOE CJSC: Creditors Must File Claims by July 17
------------------------------------------------------
Creditors of CJSC Kortuzskoe have until July 17, 2008, to submit
proofs of claim to:

         A. Nesterov
         Insolvency Manager
         Post User Box 20647
         660017 Krasnoyarsk
         Russia

The Arbitration Court of Krasnoyarsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A33-12919/2007.

The Court is located at:

         The Arbitration Court of Krasnoyarsk
         Lenina Str. 143
         660021 Krasnoyarsk
         Russia

The Debtor can be reached at:

         CJSC Kortuzskoe
         Solnechnyj Per. 7
         Kortuz
         Krasnoturanskiy
         662662 Krasnoyarsk
         Russia


MP MO ZATO: Asset Sale Slated for June 20
-----------------------------------------
F. Voitsik, the insolvency manager and bidding organizer for
MP MO Zato Wood Processing Combine, will open a public auction
for the company's properties at 1:00 p.m. on June 20, 2008, at:

         MP MO Zato Wood Processing Combine
         Room 4
         4th floor
         Sverlova Str. 1
         Snezhinsk
         Chelyabinsk
         Russia

The case is docketed under Case No. A76-30992/2006-52-312.

Interested participants have until June 12, 2008, to deposit an
amount equivalent to 10% of the starting price to:

         MP MO Zato Wood Processing Combine
         Settlement Account 40602810900000001992
         Correspondent Account 30101810100000000993
         TIN/KPP 6654001613/66701001
         BIK 046577993
         LLC CB Uralfinans

Bidding documents must be submitted to:

         F.Voitsik
         Office 670
         Chebysheva Str. 6
         Ekaterinburg
         Russia
         Tel: (343)375-74-09

The Debtor can be reached at:

         MP MO Zato Wood Processing Combine
         Russia
         Chelyabinsk
         Snezhinsk
         Sverlova Str. 1


NOVOLIPETSK STEEL: Earns US$617.7 Million for First Quarter 2008
----------------------------------------------------------------
Novolipetsk Steel released its consolidated US GAAP results for
first quarter 2008.

Highlights of the quarter include:

Strong financial performance in first quarter 2008:

   -- Revenue amounted US$2,353.3 million (+34% year-on-year);

   -- Operating cash flow reached US$250.1 million;

   -- EBITDA was US$875.7 million (+17% year-on-year); EBITDA
      margin was 37%; and

   -- Cash and cash equivalents as of March 31, 2008 amounted
      US$1,181.4 million.

"Sustainable Growth Strategy" continued on track in first
quarter 2008:

   -- In January 2008, NLMK reached an agreement to acquire 100%
      of the trading companies Novexco Limited, Cyprus and Novex
      Trading S.A., Switzerland.  The EUR77.1 million
      transaction was completed in May 2008;

   -- In February 2008, NLMK reached an agreement to amend the
      terms of its contract with Duferco Group.  NLMK is granted
      a perpetual option to acquire one share in SIF (the joint
      venture with Duferco Group).  Furthermore, from December
      18, 2010, NLMK is granted a perpetual option to buy all of
      Duferco Group’s interest in the Joint Venture at a price
      based on the change in the consolidated shareholders
      equity of SIF between October 2006 and the exercise date.

Total capex for first quarter 2008 was US$355.2 million. Major
projects included:

   -- Refurbishment and commissioning of the Concasting Machine
      (CCM-6), which has a 2.5 million tpy capacity.  The   
      upgrade improved CCM-6’s technical capabilities and
      enabled an increase in production capacity of 1.2 million
      tpy;

   -- VIZ-Stal launched the production of 0.23 mm thick
      transformer steel sheets used in high power transformers.
      The first deliveries have already reached our customers;

   -- The Strategic Planning Committee has approved the key
      parameters of the Group’s Technical Upgrading Programme,
      covering the period up to 2015.  NLMK plans to increase
      crude steel production volumes at NLMK’s Russian sites to
      22 million tonnes by 2015, while flats and longs
      production volumes will increase by up to 6.9 and 5.9
      million tonnes respectively.  NLMK is developing a high
      value added product portfolio focused on the domestic
      market.  The Company expects consumption to grow in the
      construction, mechanical engineering, automotive and
      infrastructure sectors.  

In first quarter 2008 NLMK implemented a number of asset
optimization and management system improvement projects.  Major
projects included:

   -- NLMK continues the integration of acquired assets of the
      long products segment. Currently, NLMK representatives
      hold the key management positions at all of Maxi-Group’s
      production sites;

   -- In March 2008, NLMK posted a mandatory offer to Stoilensky
      GOK’s minority shareholders to purchase outstanding
      ordinary shares.  In May 2008 the Company completed the
      acquisition of 3.02% of Stoilensky GOK’s share capital,
      thus obtaining 100% control over the enterprise. Minority
      shares were acquired at a price set in accordance with
      independent appraisers’ reports.  Currently, offers to buy
      shares have been sent to minority shareholders in Stagdok,
      Dolomite and Altai-koks

   -- In March 2008, NLMK created the position of Vice President
      of Information Technology.  The new Vice President will
      lead the work to set up a common information space within
      the Group and to implement a corporate ERP system.

The Board of Directors recommended a RUR3 dividend per ordinary
share (1 GDS = 10 ordinary shares) in relation to the 2007
results. Taking into account the interim dividend per share of
RUR1.5, approved by the General Shareholders’ Meeting in
September 2007, the Board of Directors recommended an additional
payment of RUR1.5 per NLMK share at the time of the full year
results.  The resolution for the dividend payment has been
submitted for the General Shareholders’ Meeting approval on
June 6, 2008.  

                             Outlook

Prices for steel products continued to grow in first quarter and
Q2 2008 following an increase in raw material costs and
consistently high demand in the world market.  We currently
anticipate a mid-year flattening of steel prices.

In 2008, steel production volume at our main production site in
Lipetsk is expected to reach 9.4 million tonnes (+4% year-on-
year).  Total steel production volume of NLMK’s Russian
steelmaking assets is expected to reach 11.6 million tonnes
(+26% year-on-year).  As a result of the increase in production
volumes, price growth and the consolidation of Maxi-Group we
expect revenues to grow by up to 60% year-on-year.  According to
our preliminary estimates, EBITDA could exceed the 2007 level by
35-40%.

                  About Novolipetsk

Headquartered in Lipetsk, Russia, Novolipetsk Steel OJSC --
http://www.nlmksteel.com/-- manufactures pig iron, slabs, hot-
rolled steel, and a variety of value-added steel products, such
as cold-rolled sheet, electrical steel and other specialty flat
products.  The group also operates in Denmark and Japan.

The group entered the Danish steel market in the first quarter
of 2006 by acquiring a 100% stake at DanSteel A/S.

                         *     *    *

Novolipetsk Steel OJSC carries Ba1 Corporate Family and
Probability-of-Default ratings from Moody's Investors Service,
which said the Outlook is stable.

NLMK carries BB+ Issuer Credit rating from Standard &
Poor's Ratings Services with a Stable Outlook.

The company also carries BB+ Long-term Issuer Default,
B and Short-term Issuer Default ratings from Fitch Ratings,
which said the Outlook is Stable.


SEV-KAV-ELECTRON-PRIBOR: Creditors Must File Claims by June 17
--------------------------------------------------------------
Creditors of OJSC Sev-Kav-Electron-Pribor have until
June 17, 2008, to submit proofs of claim to:

         B. Dumanov
         Temporary Insolvency Manager
         Apt.61
         Tarchokova Str. 54g
         Nalchik
         360000 Kabardino-Balkariya
         Russia

The Arbitration Court of Kabardino-Balkariya commenced
bankruptcy supervision procedure on the company.  The case is
docketed under Case No. A20-565/2008.

The Debtor can be reached at:

         OJSC Sev-Kav-Electron-Pribor
         Tsiolkovskogo Str. 7
         Nalchik
         360000 Kabardino-Balkariya
         Russia


OMZ OAO: S&P Rates Proposed RUR1.6 Billion Sr. Bond at ruBB
-----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'ruBB' Russia
national scale rating to the proposed Russian RUR1.6 billion
(US$67 million) senior unsecured bond issued by Russian capital
goods company OAO OMZ (Uralmash-Izhora Group) (OMZ;
CCC+/Developing/--).

The proposed bond will have a maturity of five years with a put
option on holders' demand.  The coupon will depend on market
conditions during the placement. The rating is subject to final
documentation.

"The rating on the bond mirrors the 'ruBB' Russia national scale
rating on the company," said Standard & Poor's credit analyst
Varvara Nikanorava.  "We expect the proceeds from the bond issue
to be used to refinance OMZ's existing debt and to implement the
company's investment program."

The ratings on OMZ currently remain constrained by the company's
highly leveraged financial profile. It has a large proportion of
short-term debt, an aged asset base, and operates in the
challenging competitive environment of the Russian and
international capital goods markets.

These factors are partially offset by OMZ's strong positions in
the domestic market, its fairly diverse end products and market
segments, and some cost advantages over international
competitors.


SODRUZHESTVO LLC: Court Names G. Kovalenko as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Stavropol appointed G. Kovalenko as
Insolvency Manager for LLC Sodruzhestvo (TIN 2602005850).  He
can be reached at:

         G. Kovalenko
         Bakinskaya Str. 94a
         Ipatovo
         356630 Stavropol
         Russia
         Tel/Fax: (86542) 2-33-33

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A63-2085/08-?5-28.

The Court is located at:

         The Arbitration Court of Stavropol
         Mira Str. 4586
         Stavropol
         Russia

The Debtor can be reached at:

         LLC Sodruzhestvo
         Manychskoe
         Anapasenkovskiy
         Stavropol
         Russia


SOROKINA AND PARTNERS: Creditors Must File Claims by June 17
------------------------------------------------------------
Creditors of LLC Tyumenskaya Trade-Industrial Company Sorokina
and Partners have until June 17, 2008, to submit proofs of claim
to:

         A. Zaytsev
         Temporary Insolvency Manager
         Office 455
         Melnikayte Str. 106
         Tyumen
         Russia

The Arbitration Court of Tyumen will convene at 9:15 a.m. on
Sept. 11, 2008, to hear the company's bankruptcy supervision
procedure.  The case is docketed under Case No. A70-1931/3-08.

The Court is located at:

         The Arbitration Court of Tyumen
         Khokhryakova Str. 77
         627000 Tyumen
         Russia

The Debtor can be reached at:

         LLC Tyumenskaya Trade-Industrial Company Sorokina and
         Partners
         Shirotnaya Str. 113/1
         Tyumen
         Russia


STAR-LINE LLC: Tyumen Bankruptcy Hearing Slated for Sept. 11
------------------------------------------------------------
The Arbitration Court of Tyumen will convene on Sept. 11, 2008,
to hear the bankruptcy supervision procedure on LLC Star-Line.
The case is docketed under Case No. A70-1510/3-08.

The Temporary Insolvency Manager is:

         I. Agapov
         305a
         Stankostroiteley Str. 1
         Tyumen
         Russia

The Court is located at:

         The Arbitration Court of Tyumen
         Khokhryakova Str. 77
         627000 Tyumen
         Russia

The Debtor can be reached at:

         LLC Star-Line
         Respubliki Str. 106
         Tyumen
         Russia


TRANSTELECOM JSC: Fitch Places IDR at B+ on Segment Challenges
--------------------------------------------------------------
Fitch Ratings has today Russia-based JSC Transtelecom Company a
Long-term Issuer Default rating of 'B+', National Long-term
rating of 'A(rus)' and Short-term IDR of 'B'.  The Outlooks for
the Long-term IDR and National Long-term rating are Stable.

"The ratings reflect challenges of expanding into retail
segments of long-distance voice telephony and broadband
internet.  They also take into account TTK's well-established
competitive positions in the wholesale interoperator segment and
its low-cost access to a country-wide high-capacity backbone
network," says Nikolay Lukashevich, Senior Director in Fitch's
TMT team.

Established as a 100% subsidiary of Russian Railways (rated
'BBB+'/Stable), TTK has been charged with the development, and
then operation, of an extensive backbone network laid along most
parts of the railway network in Russia.  Although this network
continues to be a property of RZD, TTK is expected to retain its
access to this telecom infrastructure at a relatively low cost.  

TTK has built a strong market presence in a number of key
interoperator segments, including domestic and international
line leasing, backbone internet interconnection and corporate IP
VPN services.  However, pricing pressures in these segments have
been intense and are expected to continue, while competition is
likely to increase as new entrants start to offer their
services.  These factors will result in significant margin
dilution from TTK's wholesale services.

TTK's strategy foresees active expansion into new retail
segments of long-distance voice telephony and broadband
internet, which is likely to bring in strong growth
opportunities but also entail significant execution and
financial risks.  Superior growth expectations are driven by
significant pent-up demand and prospects of a wider
proliferation of these services.  TTK's expansion strategy
assumes that the company will need to incur significant roll-out
costs and undertake substantial additional investments in new
infrastructure, which will be primarily financed with new debt.  
Entry into long-distance voice telephony became feasible
following regulatory changes at the start of 2006, and,
generally, Fitch sees the regulatory environment as reasonably
benign for the company's development plans.

RZD is committed to retain its control over TTK in the long-run.
The railway monopoly depends on TTK for the provision of crucial
telecom and maintenance services.  However, RZD is as a
regulated entity, and therefore its ability to provide support
to its subsidiaries may be restricted.  TTK's ratings primarily
reflect its stand-alone profile.  A transfer of the backbone
network that is currently leased from RZD to TTK as an equity
contribution might lead to an upgrade.

TTK's net leverage was low at 0.5x net debt/EBITDA at end of
2007, mitigating liquidity risks as debt service and repayments
can be funded from operating cash flows.  Refinancing risks are
likely to significantly increase, in view of the company's
expansive strategy and considerable short-term debt maturities;
these are reflected in the current ratings.


UNIASTRUM: Weak Performance Cues Moody's B2 Ratings on Watch Neg
----------------------------------------------------------------
Moody's Investors Service changed the outlook on the B2 long-
term local and foreign currency deposit ratings of Bank
Uniastrum to negative from stable.  Uniastrum's E+ bank
financial strength rating was affirmed with stable outlook.

Moody's also affirmed the bank's Not Prime short-term local and
foreign currency deposit ratings.  Concurrently, Moody's
Interfax Rating Agency affirmed Uniastrum's long-term national
scale rating of Baa1.ru.  The NSR carries no specific outlook.
Moscow-based Moody's Interfax is majority-owned by Moody's, a
leading global rating agency.

According to Moody's and Moody's Interfax, the B2/Not Prime/E+
global scale ratings reflect Uniastrum's global default and loss
expectation, while the Baa1.ru national scale rating reflects
the standing of the bank's credit quality relative to its
domestic peers.

"The change in outlook on Uniastrum's deposit ratings reflects
its weak financial performance over the past two years.  This in
turn results, on the one hand, from the declining share of
recurring income in the bank's total earnings given its
increased reliance on volatile and one-off income sources and,
on the other hand, from the surge in operating expenses mainly
related to Uniastrum's regional expansion," says Olga Ulyanova,
a Moody's Assistant Vice-President/Analyst and lead analyst for
Uniastrum.

The losses reported by the bank under IFRS in both 2007 and 2006
(restated accounts) led to a significant decrease in Uniastrum's
capitalization, and Moody's believes the timing and volume of
further capital injections from the bank's shareholders are
uncertain.  "Going forward, the bank may find it challenging to
recover and maintain a sustainable level of profitability and
adequate cost efficiency, taking into account the still tight
liquidity markets and the resulting high cost of funding, as
well as competition from banks with greater financial and
operational flexibility.  Moody's is concerned that the need to
improve its financial metrics may prompt Uniastrum to enter
higher-risk client segments and/or to continue to rely on
volatile income sources, which, among other implications, might
weigh on the bank's asset quality," Ms. Ulyanova added.

According to Moody's, a downgrade of Uniastrum's deposit ratings
is possible if the bank fails to:

   (i) improve, in the near future, its recurring earning
       capacity and/or reduce operating costs;

  (ii) maintain adequate economic capitalization levels; and
       simultaneously

(iii) ensure good asset quality. A downgrade might also be
       prompted by a deterioration in Uniastrum's liquidity
       profile.

Moody's may consider changing the outlook on Uniastrum's long-
term deposit ratings back to stable in the event of
consistent and sustainable growth in the bank's recurring
income, diversification of the earning streams and
optimisation of the business costs, provided this is combined
with consistently good asset quality and supported
by timely capital injections from the bank's shareholders.

Domiciled in Moscow, Russia, Bank Uniastrum reported -- as at
Dec. 31, 2007 -- total IFRS assets of US$2 billion (2006: US$1.3
billion), total capital of US$188.7 million (2006: US$189.4
million) and a net loss of US$3.6 million (2006: US$7.3
million).  The bank operates an extended distribution network of
42 branches and more than 180 sales offices.


YUZHSKAYA POULTRY: Ivanovo Bankruptcy Hearing Slated for Oct. 15
----------------------------------------------------------------
The Arbitration Court of Ivanovo will convene at 1:00 p.m. on
Oct. 15, 2008, to hear the bankruptcy supervision procedure on
OJSC Yuzhskaya Poultry Farm (TIN 3726003889).  The case is
docketed under Case No. A17-1019/2008 10-B.

The Temporary Insolvency Manager is:

         D. Tatarnikov
         Temporary Insolvency Manager
         Office 414
         Suvorova Str. 39
         153029 Ivanovo
         Russia

The Court is located at:

         The Arbitration Court of Ivanovo
         B. Khmelnitskogo Str. 59B
         Ivanovo
         Russia

The Debtor can be reached at:

         OJSC Yuzhskaya Poultry Farm
         Nefedovo
         Yuzhskiy
         155630 Ivanovo
         Russia


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


EDITIS HOLDING: Moody's Puts Ba3 Rating Under Review
----------------------------------------------------
Moody's Investors Service put the ratings of Editis Holding S.A.
(CFR at Ba3) under review with direction uncertain.

The rating action follows the recent announcement that the
French investment firm Wendel Investissement, Editis' parent
company, has agreed to the sale of the publisher to Grupo
Planeta SA, a Spanish communication group, for an estimated
EUR1.026 billion.

The uncertain direction of the rating is due to limited
information on the impact of the transaction on Editis'
financial profile as well as limited information at this stage
on the new owner, Planeta, and its intended policies with regard
to Editis.

Headquartered in Paris, Editis Holding SA provides educational,
reference, children's, paperback and general literature books,
and also owns 19 publishing houses, 43 publishing brands and has
agreements with approximately  16,000 authors to sell and
distribute books that they have written or intend to write.  The
company also owns Interforum, the second largest book sales and
distribution platform in France.  The majority of Editis' sales
are in France with exports accounting for approximately 15%,
half of which to French speaking countries.

Planeta is the largest Spanish media group and the world-leader
in Spanish-language publishing with sales of EUR2.5 billion.


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


AGRICULTURAL INDUSTRIAL: Creditors Must File Claims by June 20
--------------------------------------------------------------
Creditors of LLC Agricultural Industrial Technology (code EDRPOU
31710619) have until June 20, 2008, to submit proofs of claim
to:

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

The Economic Court of Poltava has commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed as 8/194.

The Debtor can be reached at:

         LLC Agricultural Industrial Technology
         Goloborodkovskoye
         Karlovka District
         Poltava
         Ukraine


AMULET 21: Creditors Must File Claims by June 20
------------------------------------------------
Creditors of LLC Amulet 21 (code EDRPOU 19091656) have until
June 20, 2008, to submit proofs of claim to:

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

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent on
May 13, 2008.  The case is docketed as B 24/198-08.

The Debtor can be reached at:

         LLC Amulet 21
         Newspaper Pravda Avenue 32B
         49081 Dnipropetrovsk
         Ukraine


ATLANT PLUS: Proofs of Claim Deadline Set June 20
-------------------------------------------------
Creditors of LLC Atlant Plus Ltd (code EDRPOU 20608494) have
until June 20, 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 March 31, 2008.  The case is
docketed as B11/103-08.

The Debtor can be reached at:

         LLC Atlant Plus Ltd.
         50 years of Victory Str. 80
         Bielaya Tserkov
         Kiev
         Ukraine


BOGRUS LLC: Creditors Must File Claims by June 20
-------------------------------------------------
Creditors of LLC Bogrus (code EDRPOU 33968989) have until
June 20, 2008, to submit proofs of claim to:

         The Economic Court of Nikolaev
         Admiralskaya Str. 22
         54009 Nikolaev
         Ukraine

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent on May 13, 2008.  
The case is docketed as 5/213/08.

The Debtor can be reached at:

         LLC Bogrus
         Geroev Stalingrada Str. 91
         54025 Nikolaev
         Ukraine


DOVIRA LLC: Creditors Must File Claims by June 19
-------------------------------------------------
Creditors of LLC Dovira (code EDRPOU 31803781) have until
June 19, 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 after finding it insolvent on April 9, 2008.
The case is docketed as 01/1615.

The Debtor can be reached at:

         LLC Dovira
         Lenin Str. 51
         Romanovka
         Talnoye District
         20413 Cherkassy
         Ukraine


ENGINEER SYSTEMS: Creditors Must File Claims by June 19
-------------------------------------------------------
Creditors of LLC Specialized Enterprise Engineer Systems of
Signaling, Access, Surveillance (code EDRPOU 23386858) have
until June 19, 2008, to submit proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on April 24, 2008, after finding it
insolvent.  The case is docketed as 43/355.

The Debtor can be reached at:

         LLC Specialized Enterprise Engineer Systems of
         Signaling, Access, Surveillance
         Vanda Vasilevska Str. 18
         04116 Kiev
         Ukraine


KRIVBASRUDBUILDING CJSC: Proofs of Claim Deadline Set June 19
-------------------------------------------------------------
Creditors of CJSC Krivbasrudbuilding (code EDRPOU 01239051) have
until June 19, 2008, to submit proofs of claim to:

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

The Economic Court of Dnipropetrovsk commenced bankruptcy
supervision procedure on the company on March 13, 2008.  The
case is docketed as B 15/88-08.

The Debtor can be reached at:

         CJSC Krivbasrudbuilding
         Svetlogorskaya Str. 74
         Krivoy Rog
         50011 Dnipropetrovsk
         Ukraine


LAN LLC: Creditors Must File Claims by June 19
----------------------------------------------
Creditors of Agricultural LLC Lan (code EDRPOU 03794164) have
until June 19, 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 01/1111.

The Debtor can be reached at:

         Agricultural LLC Lan
         Dubkovetsky Str. 36
         Zdobutok Zhovtnia
         Talnoye District
         20409 Cherkassy
         Ukraine


ORBITA OJSC: Proofs of Claim Deadline Set June 19
-------------------------------------------------
Creditors of OJSC Orbita (code EDRPOU 14149616) have until
June 19, 2008, to submit proofs of claim to:

         The Economic Court of Hmelnitskij
         Nezalezhnosti Square 1
         29000 Hmelnitskih
         Ukraine

The Economic Court of Hmelnitskiy commenced bankruptcy
supervision procedure on the company on Jan. 5, 2008.  The case
is docketed as 4/5-B.

The Debtor can be reached at:

         OJSC Orbita
         Mir Str. 219,
         Derazhnia
         32200 Hmelnitskij
         Ukraine


PRESTIGE-COM: Creditors Must File Claims by June 19
---------------------------------------------------
Creditors of LLC Prestige-Com (code EDRPOU 35316512) have until
June 19, 2008, to submit proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on April 18, 2008, after finding it
insolvent.  The case is docketed as 43/348.

The Debtor can be reached at:

         LLC Prestige-Com
         Sosneny Family Str. 3
         03148 Kiev
         Ukraine


RUBEZHNOYE MOTORCAR 10917: Creditors' Claims Due June 20
--------------------------------------------------------
Creditors of OJSC Rubezhnoye Motorcar Transport Enterprise 10917
(code EDRPOU 03113265) have until June 20, 2008, to submit
proofs of claim to:

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

The Economic Court of Lugansk commenced bankruptcy proceedings
against the company on March 31, 2008, after finding it
insolvent.  The case is docketed as 12/534b.

The Debtor can be reached at:

         OJSC Rubezhnoye Motorcar Transport Enterprise 10917
         Pomeranchuk Str. 15a
         Rubezhnoye
         Lugansk
         Ukraine


SLAVA LLC: Creditors Must File Claims by June 20
------------------------------------------------
Creditors of Agricultural LLC Slava (code EDRPOU 03793113) have
until June 20, 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 after finding it insolvent on March 6, 2008.
The case is docketed as 14/944.

The Debtor can be reached at:

         Agricultural LLC Slava
         Kovray-1
         Zolotonosha District
         19722 Cherkassy
         Ukraine


SOUTH ELEVATOR: Creditors Must File Claims by June 19
-----------------------------------------------------
Creditors of OJSC South Elevator Building (code EDRPOU 01354970)
have until June 19, 2008, to submit proofs of claim to:

         The Economic Court of Nikolaev
         Admiralskaya Str. 22
         54009 Nikolaev
         Ukraine

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company on April 24, 2008, after finding it
insolvent.  The case is docketed as 14/724/08.

The Debtor can be reached at:

         OJSC South Elevator Building
         Nikolskaya Str. 40
         54001 Nikolaev
         Ukraine


TALNEGASBUILDING: Creditors Must File Claims by June 19
-------------------------------------------------------
Creditors of Building-Assembly Management Talnegasbuilding (code
EDRPOU 05755973) have until June 19, 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 after finding it insolvent on Jan. 10, 2008.
The case is docketed as 14/153.

The Debtor can be reached at:

         Building-Assembly Management Talnegasbuilding
         Zoya Kosmodemianskaya Str. 51
         Talnoye
         20400 Cherkassy
         Ukraine


TECHNOEXPODEVICE LLC: Creditors Must File Claims by June 19
-----------------------------------------------------------
Creditors of LLC Technoexpodevice (code EDRPOU 34804180) have
until June 19, 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 13, 2008.  
The case is docketed as 23/144-b.

The Debtor can be reached at:

         LLC Technoexpodevice
         Derevoobrabatyvayuschaya Str. 5
         01013 Kiev
         Ukraine


YUSAN-GROUP LLC: Creditors Must File Claims by June 19
------------------------------------------------------
Creditors of LLC Yusan-Group (code EDRPOU 33210795) have until
June 19, 2008, to submit proofs of claim to:

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

The Economic Court of Zaporozhje commenced bankruptcy
proceedings against the company after finding it insolvent on
April 23, 2008.  The case is docketed as 16/86/08.

The Debtor can be reached at:

         LLC Yusan-Group
         Lenskaya Str. 19
         69096 Zaporozhje
         Ukraine


ZARIA LLC: Creditors Must File Claims by June 20
------------------------------------------------
Creditors of Agricultural LLC Zaria (code EDRPOU 01528714) have
until June 20, 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 April 17, 2008, after finding it
insolvent.  The case is docketed as 10/1817.

The Debtor can be reached at:

         Agricultural LLC Zaria
         Shabelniki
         Zolotonosha District
         19753 Cherkassy
         Ukraine


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


AUTO-TECHNOLOGY LTD: Brings In Liquidators from Mazars
------------------------------------------------------
Alistair Steven Wood and Simon David Chandler of Mazars LLP were
appointed joint liquidators of Auto-Technology Ltd. on
May 27, 2008, for the creditors' voluntary winding-up
proceeding.

The joint liquidators can be reached at:

         Mazars LLP
         Lancaster House
         67 Newhall Street
         Birmingham
         B3 1NG
         England


BODY TEMPLE: Calls In Liquidators from Vantis
---------------------------------------------
D. Wilson and G. Mummery of Vantis Business Recovery Services
were appointed joint liquidators of The Body Temple Spa's Ltd.
on May 23, 2008, for the creditors' voluntary winding-up
proceeding.

The joint liquidators can be reached at:

         Vantis Business Recovery Services
         43-45 Butts Green Road
         Hornchurch
         Essex
         RM11 2JX
         England


BRITISH AIRWAYS: Asks EU to Reject Alitalia Emergency Loan
----------------------------------------------------------
British Airways plc CEO Willie Walsh is calling on the European
Commission to reject the Italian government's EUR300 million
(US$468 million) emergency loan to Alitalia SpA, Andrea Rothman
and Marco Bertacche write for Bloomberg News.

In an interview at an industry meeting in Istanbul, Mr. Walsh
said that the loan, which was granted to Alitalia to give new
Prime Minister Silvio Berlusconi more time to find a buyer, is a
"case of state aid," Bloomberg relates.

Mr. Walsh stressed "it's an issue of credibility for Europe,
certainly for the commission," Bloomberg discloses.

However, Italy's Finance Minister Giulio Tremonti argued the
loan shouldn't be considered state aid as it is aimed at the
sale of the airline, the paper adds.

                         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.

                      About British Airways

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

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

                        *     *     *

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


CORBY BOTTLERS: Administrators Sell Business to Champagne Indage
----------------------------------------------------------------
The joint administrators of Darlington Wines Ltd. and Corby
Bottlers Plc announced the sale of its business and assets to
Champagne Indage for an undisclosed sum.

As reported in the TCR-Europe, Andrew Stephen McGill and Richard
James Philpott of KPMG LLP were appointed joint administrators
of Darlington Wines Ltd. (Company Number 01278872) and  Corby
Bottlers Plc (Company Number 02120678) on March 18, 2008.

Mr. McGill said, "We are delighted that we have been able to
sell these well-established businesses.  This has ensured the
transfer of 120 jobs to the new company.  We were always
optimistic that the businesses could be sold as going concerns
and wish the new owners all the best for the future."

The businesses have been operating in Corby for over 20 years as
importers and packagers of wine for supply to retail drinks
sector, and have a combined turnover of GBP25 million.  Both are
longstanding brands within the drinks trade supplying leading
supermarkets, breweries and drinks wholesalers.

Champagne Indage is part of the Indian Indage Group, created in
1985 to produce and sell wines to the domestic wine market in
India, and who last year bought out the wine-making arm of
Australian company Tandou.

The new firm will be called Indage UK (Ltd) and operations will
continue to be run by Managing Director John Steel.


CRAIG DACE: Andrew Appleyard Leads Liquidation Procedure
--------------------------------------------------------
Andrew Appleyard of Tenon Recovery was appointed liquidator of
Craig Dace Interiors Ltd. on May 27, 2008, for the creditors'
voluntary winding-up procedure.

The liquidator can be reached at:

         Tenon Recover
         6th Floor
         The White House
         111 New Street
         Birmingham
         B2 4EU
         England


DARLINGTON WINES: Sells Business to Champagne Indage
----------------------------------------------------
The joint administrators of Darlington Wines Ltd. and Corby
Bottlers Plc announced the sale of its business and assets to
Champagne Indage for an undisclosed sum.

As reported in the TCR-Europe, Andrew Stephen McGill and Richard
James Philpott of KPMG LLP were appointed joint administrators
of Darlington Wines Ltd. (Company Number 01278872) and  Corby
Bottlers Plc (Company Number 02120678) on March 18, 2008.

Mr. McGill said, "We are delighted that we have been able to
sell these well-established businesses.  This has ensured the
transfer of 120 jobs to the new company.  We were always
optimistic that the businesses could be sold as going concerns
and wish the new owners all the best for the future."

The businesses have been operating in Corby for over 20 years as
importers and packagers of wine for supply to retail drinks
sector, and have a combined turnover of GBP25 million.  Both are
longstanding brands within the drinks trade supplying leading
supermarkets, breweries and drinks wholesalers.

Champagne Indage is part of the Indian Indage Group, created in
1985 to produce and sell wines to the domestic wine market in
India, and who last year bought out the wine-making arm of
Australian company Tandou.

The new firm will be called Indage UK (Ltd.) and operations will
continue to be run by Managing Director John Steel.


FLYING COLOURS: Hires Liquidators from Tenon Recovery
-----------------------------------------------------
Matthew Colin Bowker and Thomas Dixon of Tenon Recovery were
appointed joint liquidators of Flying Colours Communications
Ltd. on May 27, 2008, for the creditors' voluntary winding-up
proceeding.

The joint liquidators can be reached at:

         Tenon Recovery
         Clive House
         Clive Street
         Bolton
         BL1 1ET
         England


FORD MOTOR: To Cut White-Collar Salary Costs by 15%
---------------------------------------------------
Ford Motor Co. intends to cut white-collar salary costs by 15%
by Aug. 1, 2008,  through attrition and the consolidation of
open positions after a decline in U.S. automotive sales, the
Associated Press reports.

However, Ford spokeswoman Marcey Evans said the company had no
target number of employees to cut, although each department has
a salary cost-reduction goal, the AP relates.

Ms. Evans disclosed affected workers would get standard
severance packages based on their years of service, the AP
reveals.

According to Ford CEO Alan Mulally, the company resolved to
implement the cost-cutting measures so it can continue to have
the money to invest in the new products and services, the paper
adds.

                        About Ford Motor

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F)
-- http://www.ford.com/-- manufactures or distributes
automobiles in 200 markets across six continents.  With about
260,000 employees and about 100 plants worldwide, the company's
core and affiliated automotive brands include Ford, Jaguar, Land
Rover, Lincoln, Mercury, Volvo, Aston Martin, and Mazda.  The
company provides financial services through Ford Motor Credit
Company.

The company has operations in Japan in the Asia Pacific region.
In Europe, the company maintains a presence in Sweden, and the
United Kingdom.  The company also distributes its brands in
various Latin American regions, including Argentina and Brazil.

                         *     *     *

As reported in the Troubled Company Reporter-Europe on May 8,
2008, Fitch said that Ford currently has an Issuer Default
Rating of 'B' with a Negative Outlook.  Fitch added that the
rating is expected to remain on negative outlook until a clearer
path toward positive cash flow is established.  Given progress
on its restructuring program and its product profile, Ford may
achieve this during 2008, Fitch related.


LAKELAND TIMBER: Credit Crunch Hits Business; Halts Operations
--------------------------------------------------------------
Lakeland Timber Framed Homes has ceased trading after being hit
by the credit crunch, Karen Dent writes for The Journal.

Lakeland, The Journal relates, called in business recovery and
insolvency expert Geoffrey Martin & Co. to organize a creditors'
meeting, during which a liquidator is expected to be appointed.

The Journal adds tough market conditions hampered the company's
expansion plans, including buying a new factory and office
complex on the Nelson Industrial Estate in Cramlington.

Headquartered in North Tyneside, England, Lakeland Timber Framed
Homes, makes timber framed housing components.  It is a part of
Lakeland Group's GBP7 million annual turnover.


BOOK REVIEW: Trump: America's Most Powerful Real Estate Baron
------------------------------------------------------------
Full Title: Trump: The Saga of America's Most Powerful Real
                   Estate Baron

Author:     Jerome Tuccille
Publisher:  Beard Books
Hardcover:  262 pages
List Price: US$34.95

Order your personal copy at
http://amazon.com/exec/obidos/ASIN/1587982234/internetbankrupt    

This book is the remarkable unfinished saga of an extraordinary
American.  When this book was first published in 1985, Donald J.
Trump was scarcely into his fourth decade.  He had made the leap
from local New York City boy who had made good to a national and
even world-prominent figure.

It all started some 10 years earlier when Trump gambled that New
York City would rebound from its financial morass.  People
laughed and scoffed at the time, but he was right, and he has
profited mightily from his faith and vision.

This is compelling reading about the inside machinations of his
glamorous world.

  
                            *********

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 * * *