TCREUR_Public/080609.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

              Monday, June 9, 2008, Vol. 9, No. 113

                            Headlines


A U S T R I A

AFRICAN DREAMS: Claims Registration Period Ends July 1
BALBI LLC: Claims Registration Period Ends June 16
C. HIESS: Claims Registration Period Ends August 27
GILE-HANDEL LLC: Claims Registration Period Ends July 1
HOEFINGER & PARTNER: Claims Registration Period Ends July 1


B E L G I U M

PORTOLA PACKAGING: S&P Junks US$180 Million Sr. Unsec. Notes


B U L G A R I A

TURKCELL ILETISIM: Might Set Up Wireless Operator in Bulgaria


C Z E C H   R E P U B L I C

EVRAZ GROUP: Czech Unit Vitkovice Earns CZK2.13 Billion in 2007


G E R M A N Y

AGENTUR FUER ALTERNATIVE: Claims Registration Ends June 25
CAN GMBH: Claims Registration Period Ends June 25
FINANZ-LOGISTIK-TEAM: Claims Registration Period Ends June 24
G. TAUTENHAHN: Claims Registration Period Ends June 24
HENSEL WERBEGESELLSCHAFT: Claims Registration Ends June 24

HOEPA VERWALTUNGSGESELLSCHAFT: Claims Registration Ends June 25
IQ-ENERGIE+HAUS® GMBH: Claims Registration Ends June 24
KREHAHN BAUSERVICE: Claims Registration Ends June 24
LUDWIG HANFF: Claims Registration Period Ends June 23
LUXOR-PEN SCHREIBWAREN: Claims Registration Period Ends June 23

MAX FEHMEL: Claims Registration Period Ends June 25
MOBILAC MOEBELACCESSOIRES: Claims Registration Ends June 24
NAWARO I ENERGIE: Claims Registration Ends June 24
ORTELD LEITERPLATTENTECHNIK: Claims Registration Ends June 24
PER-TAX-SA TRANSPORT: Claims Registration Period Ends June 25

PROSIEBENSAT.1 GROUP: Acquires 100% of Feeem Media GmbH
RECHTSHAUS GESELLSCHAFT: Claims Registration Ends June 24
VIERTH HEIZUNGS: Claims Registration Period Ends June 23


I T A L Y

ALITALIA SPA: Air One to Launch Fresh Takeover Bid
MANIA TECHNOLOGIE: Italian Unit Files for Liquidation
PARMALAT SPA: Gets EUR2.2 Mln Fine for Delays in Newlat Sale
TISCALI SPA: North American Expansion Underway


K A Z A K H S T A N

ALEKSIS STROY: Creditors Must File Claims by July 16
BELTEREK LLP: Claims Deadline Slated for July 11
DOSTYK ENERGO: Claims Filing Period Ends July 16
EURASIA INSURANCE: High Credit Risk Cues S&P to Put B+ Rating
SHERKESH B: Creditors' Claims Due on July 15

SERVICE AUTO-2006: Claims Registration Ends July 16
TECHNOSERVICE-2030 LLP: Claims Deadline Slated for July 16
TV FORMAT: Claims Filing Period Ends July 11
VELM TAY-KAINAR: Creditors' Claims Due on July 15


K Y R G Y Z S T A N

ENERGO SBEREJENIYE: Creditors Must File Claims by July 4


N E T H E R L A N D S

LONDON ACQUISITION: Moody's Puts B1 Corporate Family Rating
STORK NV: Moody's Rates EUR831 Mln Sr. Sec. Facilities at Ba3


P O L A N D

GRAHAM PACKAGING: Weak Cash Flow Cues Moody's to Keep B2 Rating


R U S S I A

BALTIC STEEL: St. Petersburg Bankruptcy Hearing Set October 14
FOOD COMBINE 4: Creditors Must File Claims by July 17
HOME CREDIT: Moody's Puts Ba3 Rating on Loan Participation Notes
PRIVOLZHSKIY ABRASIVE: Creditors Must File Claims by June 17
ROS-UKR LLC: Creditors Must File Claims by June 17

SAMARA-BREAD-SNAB: Creditors Must File Claims by June 17
SAMOYLOVSKIY OJSC: Court Names V. Mikhaylenko to Manage Assets
SARMAT LLC: Creditors Must File Claims by June 17
SEMENOVSKOE CJSC: Creditors Must File Claims by June 17
SOSNOVSKOE CJSC: Creditors Must File Claims by July 17

SOUTH 1–IZOBILNENSKAYA: Stavropol Bankruptcy Hearing Set July 24
STANKOF LLC: Creditors Must File Claims by July 17
TEPLO-SERVICE OJSC: Bankruptcy Hearing Slated for September 24
TROYAN CJSC: Creditors Must File Claims by June 17
URALSKIE NIVY: Asset Sale Slated for June 18

VIMPEL-COMMUNICATIONS: Owes US$54MM in Back Taxes, Agency Says
VLAD-SPETS-STROY: Creditors Must File Claims by June 17


U K R A I N E

AGRICULTURAL TRADE: Proofs of Claim Deadline Set June 20
AGROMEL LLC: Creditors Must File Claims by June 20
BIELOVODSK AGRICULTURAL: Creditors Must File Claims by June 21
COMSTAR LLC: Creditors Must File Claims by June 21
FRUITANDVEGETABLESMACH CJSC: Creditors' Claims Due June 21

LUGMOTORCARBUILDING-T LLC: Creditors Must File Claims by June 20
MVKP VISSA-LTD: Proofs of Claim Deadline Set June 20
P-M-P LLC: Creditors Must File Claims by June 20
STK ATLANT: Creditors Must File Claims by June 20
TIHY HUTOR: Creditors Must File Claims by June 20

VKF TECHNICAL: Creditors Must File Claims by June 20


U N I T E D   K I N G D O M

AVECIA GROUP: Moody's Withdraws Junk Ratings on Business Reasons
CISSBURY LEATHERS: Taps Liquidators from BDO Stoy Hayward
ESSEX DEMOLITION: Brings In Liquidators from Moore Stephens
LUCITE INT'L: Weak Performance Cues Moody's to Cut Rating to B3
MANIA TECHNOLOGIE: U.K. Unit Ceases Operations

MIDLAND ART: Michael Young Leads Liquidation Procedure
PACSCOM LTD: Brings In Joint Administrators from Deloitte
SEABAIT LTD: Appoints Joint Administrators from Ernst & Young
SHALIMAR SHOES: Taps Joint Administrators from Begbies Traynor

* BOND PRICING: For the Week June 2 to June 6, 2008


                            *********


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


AFRICAN DREAMS: Claims Registration Period Ends July 1
------------------------------------------------------
Creditors owed money by KG AFRICAN DREAMS (FN 289661y) have
until July 1, 2008, to file written proofs of claim to court-
appointed estate administrator Susi Pariasek at:

          Dr. Susi Pariasek
          c/o Mag. Beate Holper
          Gonzagagasse 15
          1010 Vienna
          Austria
          Tel: 533 28 55
          Fax: 533 28 55 28
          E-mail: office@anwaltwien.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:45 a.m. on July 15, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1606
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on May 15, 2008 (Bankr. Case No. 4 S 69/08m).  Beate Holper
represents Dr. Pariasek in the bankruptcy proceedings.


BALBI LLC: Claims Registration Period Ends June 16
--------------------------------------------------
Creditors owed money by LLC Balbi (FN 234797s) have until
June 16, 2008, to file written proofs of claim to court-
appointed estate administrator Manfred Opetnik at:

          Dr. Manfred Opetnik
          Hauptplatz 2
          9100 Voelkermarkt
          Austria
          Tel: 04232/4170
          Fax: 04232/4170-3
          E-mail: kanzlei@ra-opetnik.at    

Creditors and other interested parties are encouraged to attend
the creditors' meeting at noon on June 23, 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 Klagenfurt, Austria, the Debtor declared
bankruptcy on May 15, 2008 (Bankr. Case No. 41 S 51/08k).  


C. HIESS: Claims Registration Period Ends August 27
---------------------------------------------------
Creditors owed money by LLC C. Hiess  (FN 277167z) have until
Aug. 27, 2008, to file written proofs of claim to court-
appointed estate administrator Elisabeth Zonsics-Kral at:

          Dr. Elisabeth Zonsics-Kral
          c/o Dr. Ferdinand Bruckner
          Schubertstrasse 10/3/5/9
          2100 Korneuburg
          Austria
          Tel: 02262/72 437
          Fax: 02262/729 39 15
          E-mail: widhalm@raedrb-drz.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on Sept. 10, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Korneuburg
          Room 204
          Second Floor
          Korneuburg
          Austria

Headquartered in Strasshof an der Nordbahn, Austria, the Debtor
declared bankruptcy on May 15, 2008 (Bankr. Case No.36 S
58/08h).  Ferdinand Bruckner represents Dr. Zonsics-Kral in the
bankruptcy proceedings.


GILE-HANDEL LLC: Claims Registration Period Ends July 1
-------------------------------------------------------
Creditors owed money by LLC GILE-HANDEL (FN 287149d) have until
July 1, 2008, to file written proofs of claim to court-appointed
estate administrator Christian Bachmann at:

          Dr. Christian Bachmann
          c/o Dr. Eva-Maria Bachmann-Lang    
          Opernring 8
          1010 Vienna
          Austria
          Tel: 512 87 01-Serie
          Fax: 513 82 50
          E-mail: bachmann.rae@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on July 15, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1606
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on May 15, 2008 (Bankr. Case No. 4 S 68/08i).  Eva-Maria
Bachmann-Lang represents Dr. Bachmann in the bankruptcy
proceedings.


HOEFINGER & PARTNER: Claims Registration Period Ends July 1
-----------------------------------------------------------
Creditors owed money by LLC Hoefinger & Partner (FN 247202h)
have until July 1, 2008, to file written proofs of claim to
court-appointed estate administrator Hans Rant at:

          Dr. Hans Rant
          c/o Dr. Kurt Freyler
          Seilerstatte 5
          1010 Vienna
          Austria
          Tel: 513 31 65
          Fax: 512 20 01
          E-mail: ra-kanzlei@rant-freyler.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on July 15, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1606
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on May 15, 2008 (Bankr. Case No. 4 S 64/08a).  Kurt Freyler
represents Dr. Rant in the bankruptcy proceedings.


=============
B E L G I U M
=============


PORTOLA PACKAGING: S&P Junks US$180 Million Sr. Unsec. Notes
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its issue-level
rating on Portola Packaging Inc.'s US$180 million 8.25%
senior unsecured notes to 'CC' (two notches lower than the 'CCC'
corporate credit rating) from 'CCC-' and revised the recovery
rating to '6' from '5', indicating the expectation for
negligible (0% to 10%) recovery in the event of a payment
default.  At the same time, we affirmed the 'CCC' corporate
credit rating on Portola.  The outlook is negative.

"The downgrade on Portola's senior unsecured notes reflects the
increase to secured debt in the capital structure resulting from
the refinancing of the revolving credit facility through the
issuance of US$15 million in second-lien term notes," said
Standard & Poor's credit analyst Henry Fukuchi.  The US$15
million in additional capital will support liquidity in the near
term and provide financial flexibility to meet working capital
needs and other cash outlays related to Portola's recently
announced restructuring initiatives.

Although the refinancing of the revolving credit facility
improves the company's liquidity and financial flexibility in
the near term, S&P remains concerned over the difficult
operating environment Portola faces in the next few quarters
driven by rising raw material costs, a slowdown in the economy,
and the timing related to the realization of restructuring
benefits.

On April 14, 2008, Portola amended its existing credit agreement
with General Electric Capital Corp.  The amendment extended the
maturity date to April 15, 2011, from Jan. 23, 2009; increased
pricing to Libor plus 400 basis points from Libor plus 300; and
increased the amount of capital expenditures to US$12 million
from US$10 million per fiscal year for the remainder of the
agreement.  Standard & Poor's does not rate this revolving
credit facility.

Portola also entered into a US$15 million credit agreement and
term note with Wayzata Investment Partners LLC.  The term note
is secured by a second lien on Portola's assets, including the
stock and assets of its subsidiaries.  The term note bears an
interest rate of 12% per year and is paid quarterly, with full
principal due in July 2011.  S&P does not rate this term note.

The ratings on Portola reflect the company's highly leveraged
financial profile, constrained liquidity, modest-size
operations, and narrow product line.  Only partially offsetting
these negative factors are defensible niche positions in end
markets and favorable geographic diversity.  With annual sales
of about US$278 million, Batavia, Ill.-based Portola produces
tamper-evident plastic closures on packaging applications for
noncarbonated beverages such as dairy drinks, fruit juices, and
water; cosmetics; and food products.


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


TURKCELL ILETISIM: Might Set Up Wireless Operator in Bulgaria
-------------------------------------------------------------
Turkcell Iletisim Hizmetleri A.S. has sent a letter of intent to
the Bulgarian Communications Regulation Commission to set a
wireless provider in the country, Firat Kayakiran writes for
Bloomberg News.

According to Turkcell deputy CEO Koray Ozturkler, Bloomberg News
relates, the move is part of the company's expansion plan in
countries near Turkey.  He added that Turkcell will decide
whether to apply for an operating license after it sees the
documentation.

Bloomberg News relates that Turkcell is one of 10 firms that
expressed interest in creating Bulgaria's fourth wireless
operator.

                        About Turkcell

Headquartered in Instanbul, Turkey, Turkcell Iletisim Hizmetleri
A.S. -- http://www.turkcell.com.tr/eng-- provides high-quality
mobile voice and data services through its own GSM network.  The
company also operates in the Ukraine through its indirect
subsidiary Astelit, in Azerbaijan, Kazakhstan, Georgia and
Moldova through its associate Fintur, and in Northern Cyprus
through its wholly owned subsidiary Kibris Telekom.

                         *     *     *

Turkcell Iletisim Hizmetleri continues to carry Ba2
foreign currency and domestic currency corporate family ratings
with positive outlook from Moody's Investors Service.  THe
agency affirmed the ratings in February 2008.

Turkcell also continues to carry BB foreign currency long-term
corporate credit rating with positive outlook from Standard &
Poor's Ratings Services.

Turkcell continues to carry Fitch Ratings' BB foreign currency
Issuer Default rating with stable outlook, and BB+ local
currency Issuer Default rating with positive outlook.


===========================
C Z E C H   R E P U B L I C
===========================


EVRAZ GROUP: Czech Unit Vitkovice Earns CZK2.13 Billion in 2007
---------------------------------------------------------------
Evraz Vitkovice Steel a.s., a unit of Evraz Group S.A., posted
CZK2.128 billion in net profit on CZK17.966 billion in sales of
own goods and services for full year 2007, compared with
CZK2.347 billion in net profit on CZK15.154 billion, Czech News
Agency reports.  Evraz Vitkovice is the third largest steel
maker in the Czech Republic, Czech News Agency adds.

The unit's total annual production increased 95,000 tons to
891,200 tons in 2007.  The unit also produced 896,112 tons of
rolled steel in 2007.

Vitkovice CEO Vladimir Bail attributed the increase in output to
the firm's inclusion in Evraz Group in 2005.

"There are considerable synergy effects in the group and it
meant a significant boost to our position on the market,"
Mr. Bail said.

                          About Evraz

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

                         *     *     *

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

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

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


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


AGENTUR FUER ALTERNATIVE: Claims Registration Ends June 25
----------------------------------------------------------
Creditors of Agentur fuer alternative Markenkommunikation Brand
Stage GmbH have until June 25, 2008, to register their claims
with court-appointed insolvency manager Dr. Gideon Boehm.

Creditors and other interested parties are encouraged to attend
the meeting at 9:55 a.m. on July 25, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Gideon Boehm
         Bachstrasse 85 a
         22083 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against Agentur fuer alternative Markenkommunikation Brand Stage
GmbH on May 13, 2008.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Agentur fuer alternative
         Markenkommunikation Brand Stage GmbH
         Attn: Markus Salzmann und
               Andreas Schneider, Managers
         Poststrasse 14-16
         20354 Hamburg
         Germany


CAN GMBH: Claims Registration Period Ends June 25
-------------------------------------------------
Creditors of CAN GmbH have until June 25, 2008, to register
their claims with court-appointed insolvency manager Werner F.
Muehlenbrock.

Creditors and other interested parties are encouraged to attend
the meeting at 1:10 p.m. on July 9, 20008, 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 Essen
         Meeting Hall 293
         Second Floor
         Zweigertstr. 52
         45130 Essen
         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:

         Werner F. Muehlenbrock
         Overwegstr. 47
         45879 Gelsenkirchen
         Germany

The District Court of Essen opened bankruptcy proceedings
against CAN GmbH on May 13.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         CAN GmbH
         Wiesmannstrasse 46
         45881 Gelsenkirchen
         Germany

         Attn: Yasin Akman, Manager
         Horster Strasse 148
         45968 Gladbeck
         Germany


FINANZ-LOGISTIK-TEAM: Claims Registration Period Ends June 24
-------------------------------------------------------------
Creditors of Finanz-Logistik-Team GmbH have until June 24, 2008,
to register their claims with court-appointed insolvency manager
Andreas Sontopski.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on July 15, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court Muenster
          Meeting Hall 101
          Gerichtsstr. 2-6
          48149 Muenster
          Germany

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

The insolvency manager can be reached at:

          Andreas Sontopski
          Gnoiener Platz 10
          48493 Wettringen
          Germany
          Tel: 02557/9384-0
          Fax: +492557938450

The District Court of Muenster opened bankruptcy proceedings
against Finanz-Logistik-Team GmbH on May 6, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

          Finanz-Logistik-Team GmbH
          Attn: Karin Meiners, Manager
          Emsstrasse 70-72
          48429 Rheine
          Germany


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

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on July 24, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Cologne
          Meeting Hall 1240
          12th Floor
          Luxemburger Strasse 101
          50939 Cologne
          Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

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

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

The Debtor can be reached at:

          G. Tautenhahn Transport GmbH
          Attn: Gabriele Badorf, Manager
          Beningsfeld 9
          51427 Bergisch Gladbach
          Germany


HENSEL WERBEGESELLSCHAFT: Claims Registration Ends June 24
----------------------------------------------------------
Creditors of Hensel Werbegesellschaft mbH have until
June 24, 2008, to register their claims with court-appointed
insolvency manager J. Blersch.

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 Wiesbaden
          Hall E 36 A
          Third Floor
          Building E
          Moritzstrasse 5
          65185 Wiesbaden
          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. J. Blersch
          c/o Blersch/Goetsch/Partner Insolvenzverwaltungen
          Taunusstrasse 7a
          65183 Wiesbaden
          Germany
          Tel: 0611/180 89-100
          Fax: 0611/180 89-189
          E-mail: mail@bgp-insol.de  

The District Court of Wiesbaden opened bankruptcy proceedings
against Hensel Werbegesellschaft mbH on April 1, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Hensel Werbegesellschaft mbH
          Attn: Hartmut Karl Paul Hensel, Manager
          Idsteiner Strasse 81
          65232 Taunusstein-Neuhof
          Germany


HOEPA VERWALTUNGSGESELLSCHAFT: Claims Registration Ends June 25
---------------------------------------------------------------
Creditors of HOEPA Verwaltungsgesellschaft mbH have until
June 25, 2008, to register their claims with court-appointed
insolvency manager Helge Wachsmuth.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on July 22, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hildesheim
         Hall 13
         Kaiserstrasse 60
         31134 Hildesheim
         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:

         Helge Wachsmuth
         Alexanderstr. 2
         30159 Hannover
         Germany
         Tel: 0511/325095
         Fax: 0511/329934

The District Court of Hildesheim opened bankruptcy proceedings
against HOEPA Verwaltungsgesellschaft mbH on May 14, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         HOEPA Verwaltungsgesellschaft mbH
         Junkersstr. 2
         31137 Hildesheim
         Germany

         Attn: Andreas Hoevel, Manager
         Schlossstr. 1
         31039 Rheden
         Germany


IQ-ENERGIE+HAUS® GMBH: Claims Registration Ends June 24
-------------------------------------------------------
Creditors of IQ-ENERGIE+HAUS® GmbH & Co. KG  have until
June 24, 2008 to register their claims with court-appointed
insolvency manager Kerstin Fleissner.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 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 Gera
         Hall 317
         Rudolf-Diener-Str. 1
         Gera
         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:

         Kerstin Fleissner
         Jonny-Schehr-Str. 1
         99085 Erfurt
         Germany

The District Court of Gera opened bankruptcy proceedings against  
IQ-ENERGIE+HAUS® GmbH & Co. KG on May 2, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         IQ-ENERGIE+HAUS® GmbH & Co. KG
         Leutragraben 1
         07743 Jena
         Germany


KREHAHN BAUSERVICE: Claims Registration Ends June 24
----------------------------------------------------
Creditors of Krehahn Bauservice GmbH have until June 24, 2008 to
register their claims with court-appointed insolvency manager
Thomas Jacobs.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on July 22, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Thomas Jacobs
         Tieckstrasse 3
         04275 Leipzig
         Germany
         Tel: 0341/303850
         Fax: 0341/3038511

The District Court of Halle-Saalkreis opened bankruptcy
proceedings against Krehahn Bauservice GmbH on April 25, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Krehahn Bauservice GmbH
         Hohen Stein 42
         06618 Naumburg
         Germany

         Attn: Gunter Krehahn, Manager
         Naumburger Strasse 6e
         06618 Mertendorf
         Germany


LUDWIG HANFF: Claims Registration Period Ends June 23
-----------------------------------------------------
Creditors of Ludwig Hanff GmbH & Co. KG have until
June 23, 2008, to register their claims with court-appointed
insolvency manager Matthias Lorenzen.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Aug. 11, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Neumuenster
          Meeting Hall B 031
          Law Courts
          Boostedter Strasse 26
          Neumuenster
          Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

          Matthias Lorenzen
          Walkerdamm 17
          24103 Kiel
          Germany

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

The Debtor can be reached at:

          Ludwig Hanff GmbH & Co. KG
          Stoverweg 38
          24536 Neumuenster
          Germany


LUXOR-PEN SCHREIBWAREN: Claims Registration Period Ends June 23
---------------------------------------------------------------
Creditors of Luxor-Pen Schreibwaren-Vertriebs GmbH have until
June 23, 2008, to register their claims with court-appointed
insolvency manager Werner F. Muehlenbrock.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 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 Essen
          Meeting Hall 293
          Second Floor
          Zweigertstr. 52
          45130 Essen
          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:

          Werner F. Muehlenbrock
          Overwegstr. 47
          45879 Gelsenkirchen
          Germany

The District Court of Essen opened bankruptcy proceedings
against Luxor-Pen Schreibwaren-Vertriebs GmbH on May 23, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Luxor-Pen Schreibwaren-Vertriebs GmbH
          Pommernstr. 17
          45889 Gelsenkirchen
          Germany


MAX FEHMEL: Claims Registration Period Ends June 25
---------------------------------------------------
Creditors of Max Fehmel Rohrleitungs- und Anlagenbau GmbH have
until June 25, 2008, to register their claims with court-
appointed insolvency manager Kaufmann Joachim Schmitz.

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 Braunschweig
         E 01
         Martinikirche 8
         38100 Braunschweig
         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:

         Kaufmann Joachim Schmitz
         Immengarten 2
         D 38104 Braunschweig
         Germany
         Tel: (0531) 23 64 60
         Fax: (05 31) 2 36 46 99

The District Court of Braunschweig opened bankruptcy proceedings
against Max Fehmel Rohrleitungs- und Anlagenbau GmbH on
May 1, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Max Fehmel Rohrleitungs- und
         Anlagenbau GmbH
         Heinrich-Buessing-Ring 41 C
         38102 Braunschweig
         Germany

         Attn: Frank Huenken, Manager
         Kollwitzstrasse 19
         38106 Braunschweig
         Germany


MOBILAC MOEBELACCESSOIRES: Claims Registration Ends June 24
-----------------------------------------------------------
Creditors of MOBILAC Moebelaccessoires GmbH & Co. KG have until
June 24, 2008 to register their claims with court-appointed
insolvency manager Norbert Kruse.

Creditors and other interested parties are encouraged to attend
the meeting at 10:45 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 Muenster
         Meeting Hall 101 B
         First Floor
         Gerichtsstr. 2-6
         48149 Muenster
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Norbert Kruse
         Bonhoefferstr. 10
         48282 Emsdetten
         Germany
         Tel: 02572/875-0
         Fax: +49257287533

The District Court of Muenster opened bankruptcy proceedings
against MOBILAC Moebelaccessoires GmbH & Co. KG on May 9, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         MOBILAC Moebelaccessoires GmbH & Co. KG
         Attn: Claus Vohl, Manager
         Koenigsweg 5
         48599 Gronau
         Germany

      
NAWARO I ENERGIE: Claims Registration Ends June 24
--------------------------------------------------
Creditors of NAWARO I Energie GmbH have until June 24, 2008 to
register their claims with court-appointed insolvency manager
Andreas Sontopski.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on July 15, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court Muenster
         Meeting Hall 101 B
         Gerichtsstr. 2-6
         48149 Muenster
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Andreas Sontopski
         Gnoiener Platz 10
         48493 Wettringen
         Germany
         Tel: 02557/9384-0
         Fax: +492557938450

The District Court of Muenster opened bankruptcy proceedings
against NAWARO I Energie GmbH on April 30, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         NAWARO I Energie GmbH
         Attn: Martin Conrad, Manager
         Wambach 2
         48485 Neuenkirchen
         Germany


ORTELD LEITERPLATTENTECHNIK: Claims Registration Ends June 24
-------------------------------------------------------------
Creditors of Orteld Leiterplattentechnik GmbH have until
June 24, 2008 to register their claims with court-appointed
insolvency manager Frank Voelger.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on Aug. 5, 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 Darmstadt
         Hall 14
         First Floor
         Building D
         Mathildenplatz 15
         64283 Darmstadt
         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:

         Frank Voelger
         Anne-Frank-Strasse 6
         64823 Gross-Umstadt
         Germany
         Tel: 06078/912313
         Fax: 06078/912314


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

The Debtor can be reached at:

         Orteld Leiterplattentechnik GmbH
         Attn: Wilhelm Binzer, Manager
         Robert-Bosch-Strasse 7
         64807 Dieburg
         Germany


PER-TAX-SA TRANSPORT: Claims Registration Period Ends June 25
-------------------------------------------------------------
Creditors of PER-TAX-SA Transport GmbH have until June 25, 2008,
to register their claims with court-appointed insolvency manager
Bernd Wetjen.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on July 15, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hildesheim
         Hall 13
         Kaiserstrasse 60
         31134 Hildesheim
         Germany

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

The insolvency manager can be reached at:

         Bernd Wetjen
         Alter Markt (Kaiserhaus) 1
         31134 Hildesheim
         Germany
         Tel: 91710
         Fax: 917171

The District Court of Hildesheim opened bankruptcy proceedings
against PER-TAX-SA Transport GmbH on April 30, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         PER-TAX-SA Transport GmbH
         Attn: Hans-Ulrich Jagelsky, Manager
         Marggrafstr. 8
         31137 Hildesheim
         Germany


PROSIEBENSAT.1 GROUP: Acquires 100% of Feeem Media GmbH
-------------------------------------------------------
The ProSiebenSat.1 Group has acquired Feeem Media GmbH.   
Through its 100-percent acquisition of the company, the
ProSiebenSat.1 Group continues to expand its presence in the
digital world and adds women as a key target group to the
ProSiebenSat.1 Networld portfolio.

According to ProSiebenSat.1, "[t]he Fem.com womens content
portal enables us to fill a critical gap in the ProSiebenSat.1
Groups Internet sites, since women are a key target group for
the internet as well as TV.  We will further enlarge our network
of online portals which already now has 2.8 billion unique
users, said Dr. Marcus Englert, Member of the Executive Board of
ProSiebenSat.1 for New Media.  Our goal is to position Fem.com
in the mid-term as one of Europes leading womens content
networks and to repeat the success of the example set by
Glam.com in the US."

Fem.com bundles about 20 medium-sized websites targeted at
women.  Additional partners will gradually follow.  The range of
topics will include beauty, fashion, lifestyle, celebrities,
music, love, and relationships.  The portal will be launched in
other European countries before the end of 2008.

The idea for Fem.com was developed by Munich based wunder media,
led by Todd Covell.  Feeem Media was founded in the beginning of
2008 by wunder media, the investor Marco Janezic (Managing
Director at Blue Ribbon Partners) and Managing Directors Manuel
Gollner and Vanessa Hensel.

With over 2.8 billion page impressions per month, ProSiebenSat.1
Networld is Germanys biggest online network.  In addition to the
TV stations Sat.1, ProSieben, kabel eins and N24 along with
their websites, ProSiebenSat.1 Networld also owns MyVideo for
user-generated content, the weather-forecasting site wetter.com,
the video-on-demand portal maxdome, and the social network
Lokalisten.de.

Based in Munich, Germany, Feem Media GmbH operates the womens
content portal www.Fem.com which has seen dramatic growth in
Germany
                     

                      About ProsiebenSat.1

Headquartered in Munich, Germany, ProsiebenSat.1 Media AG --
http://en.prosiebensat1.com/-- broadcasts and produces
TV programs through 24 commercial TV stations, 24 premium Pay TV
channels and 22 radio network.  In June 2007, the ProSiebenSat.1
Group acquired SBS Broadcasting Group.  The company employs
around 6,000 Europe-wide.

                          *     *     *

ProsiebenSat.1 Media AG continues to carry Moody's Investors
Service's Ba1 senior unsecured and corporate family ratings.

         
RECHTSHAUS GESELLSCHAFT: Claims Registration Ends June 24
---------------------------------------------------------
Creditors of Rechtshaus Gesellschaft fuer Wirtschaft- und
Unternehmensberatung mbH & Co KG have until June 24, 2008 to
register their claims with court-appointed insolvency manager
Rolf Rombach.

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

         Rolf Rombach
         Magdeburger Allee 159
         99086 Erfurt
         Germany

The District Court of Erfurt opened bankruptcy proceedings
against Rechtshaus Gesellschaft fuer Wirtschaft- und
Unternehmensberatung mbH & Co KG on May 23, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Rechtshaus Gesellschaft fuer Wirtschaft- und    
         Unternehmensberatung mbH & Co KG
         Attn: Michael Mueller, Manager
         Juri-Gagarin Ring 116
         99084 Erfurt - Schuldnerin
         Germany


VIERTH HEIZUNGS: Claims Registration Period Ends June 23
--------------------------------------------------------
Creditors of Vierth Heizungs- und Sanitartechnik GmbH have until
June 23, 2008, to register their claims with court-appointed
insolvency manager Boris Reski.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on Aug. 4, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Pinneberg
          Hall 5
          First Floor
          Bahnhofstrasse 17
          25421 Pinneberg
          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:

          Boris Reski
          Moltkestrasse 3-5
          25421 Pinneberg
          Germany

The District Court of Pinneberg opened bankruptcy proceedings
against Vierth Heizungs- und Sanitartechnik GmbH on May 1, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Vierth Heizungs- und Sanitartechnik GmbH
          Attn: Peter-Dietrich Vierth, Manager
          Tangstedter Chaussee 40 a
          25462 Rellingen
          Germany


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


ALITALIA SPA: Air One to Launch Fresh Takeover Bid
--------------------------------------------------
Air One SpA is preparing to make a fresh takeover bid for
Alitalia SpA after the current Italian administration indicated
it would prefer an all-Italian option, Bloomberg News reports
citing Il Sole 24.

Bloomberg relates Italy's previous government turned down Air
One's initial offer over Air France.

                        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.


MANIA TECHNOLOGIE: Italian Unit Files for Liquidation
-----------------------------------------------------
Mania Technologie Italia S.p.A., a subsidiary of Mania
Technologie AG, filed for liquidation on May 30, 2008.  The
company is placed under the protection of Italian insolvency
law.

This procedure allows the company to carry on business and
enables a preventive agreement with creditors .

The operative companies of the Group, apart from the few
exceptions already reported, continue to operate.  The Business
Division Outsourcing in particular continues to provide our
customers with all services and the usual service levels.

Headquartered in Germany, Mania Technologie AG --
http://www.maniagroup.com/-- engages in the development,   
manufacture, and sale of machines, systems, and services to the
printed circuit board industry in Europe, Asia, Africa, and the
Americas.  The equipment portfolio includes imaging systems,
optical inspection (AOI), electrical testers, drilling machines,
and CAM software.

The management board of Mania Technologie AG filed for
insolvency proceedings on April 28, 2008, with the competent
local court of Bad Homburg v.d.H. due to over-indebtedness.


PARMALAT SPA: Gets EUR2.2 Mln Fine for Delays in Newlat Sale
------------------------------------------------------------
Autorita Garante della Concorrenza e del Mercato, the Italian
antitrust authority, has fined Parmalat S.p.A. EUR2.2 million
for delays in selling its Newlat S.p.A. unit, Thomson Financial
reports.

AGCM had given Parmalat until Oct. 30, 2007 to dispose Newlat,
but Parmalat finalized Newlat's sale to TMT Finance S.A. on
April 18, 2008.

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

The sale allowed Parmalat to deconsolidate EUR36 million in debt
and amounts payable under leases.

                        About Parmalat

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

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

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

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

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

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


TISCALI SPA: North American Expansion Underway
----------------------------------------------
Tiscali International Network disclosed that a major expansion
of its North American network footprint, targeting new network
Points of Presence in Toronto (Canada), Seattle, Atlanta and
Dallas is underway.  The deployment into these top tier North
American cities is an integral part of TINet's plan to provide
high quality connectivity to the global Internet for all of its
wholesale clients.  These PoPs are part of a wider network
expansion plan that includes 12 more cities, by the end of 2009,
in the US, Canada, Eastern Europe and especially in the Asia
Pacific region.

The first Canadian PoP to be deployed on the TINet network is at
the Switch & Data Facilities at 151 Front Street, in Toronto,
Canada.  As of June 5, 2008, Toronto PoP is available for
network traffic.  Later this month, TINet will establish network
presence in Dallas, Texas, and then in July Seattle, Washington
and Atlanta, Georgia.  

"TINet network expansion is aimed at replicating the ever
growing footprint of Internet demand both on the geography and
on service side.  As broadband connectivity becomes widespread
across the five continents and IP-enabled applications, such as
streaming video, end-user generated content, VoIP, IPTV,
Ethernet lines, IPv6 connectivity blossom, the nature of the
Internet, i.e. its geography, the way it is used and the
applications it supports constantly change over time.  TINet
exclusively focuses on the wholesale IP and MPLS connectivity
segment to be able to better adapt and fulfill the changing
requirements on our customers," states Paolo Gambini, CMO of
Tiscali International Network.

                         About Tiscali

Headquartered in Cagliari, Italy, Tiscali S.p.A. --
http://www.tiscali.com/-- offers Internet access in the
country.  The group also operates in other European countries,
serving more than seven million subscribers, of which over 1.5
million are broadband users.

Tiscali posted consecutive net losses for the past years: EUR5.5
million in 1999, EUR101 million in 2000, EUR1.66 billion in
2001, EUR593.1 million in 2002, EUR242.4 million in 2003,
EUR131.8 million in 2004, EUR12.9 million in 2005, and EUR103.6
million in 2006.  It posted EUR3.88 million in net losses on
EUR614.33 million in net revenues for the nine months ended
Sept. 30, 2007.

                         *     *     *

Tiscali SpA carries Standard & Poor's Ratings Services' B+ long-
term corporate credit rating.  The rating was previously at 'B'
and was raised by S&P to its current level in February 2008.


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


ALEKSIS STROY: Creditors Must File Claims by July 16
----------------------------------------------------  
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Construction Company Aleksis Stroy 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


BELTEREK LLP: Claims Deadline Slated for July 11
------------------------------------------------  
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Belterek insolvent on Dec. 14, 2007.

Creditors have until July 11, 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: 8 701 766 60-15


DOSTYK ENERGO: Claims Filing Period Ends July 16
------------------------------------------------  
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Dostyk Energo 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


EURASIA INSURANCE: High Credit Risk Cues S&P to Put B+ Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' long-term
counterparty credit and insurer financial strength ratings and
its 'kzBBB+' Kazakhstan national scale rating to Kazakhstan-
based insurer Eurasia Insurance Co.  The outlook is stable.

"The ratings reflect the significant economic and industry risks
that can affect insurers and other financial institutions in the
domestic Kazakh market," said Standard & Poor's credit analyst
Victor Nikolskiy.  "The high credit risk exposure to the
currently troubled local banking sector, unproven adequacy of
reserving, and the lesser concern that Eurasia's financial
flexibility and shareholder support have yet to be tested in
adversity are also rating constraints."

These factors are mitigated by the company's good, sustainable,
and leading position in Kazakhstan's--and, increasingly, the
region's--insurance and reinsurance markets; and good operating
performance, evinced by the earnings of recent years.  The
company also implicitly benefits from the extensive business
connections of its ultimate shareholder group (comprising
wealthy and influential Kazakh businessmen) who have declared
their long-term support for Eurasia and given some substance to
this by forgoing an annual dividend in recent years.

S&P expects that Eurasia will maintain its position as the
leading Kazakh commercial insurer, with a good operating
performance, adequate capitalization, an increasingly
diversified business geographic spread, and an investment
portfolio with no increase in Eurasia's already high exposure to
Kazakhstan's troubled banking sector.

"The outlook on Eurasia's ratings could be revised to positive
or the ratings could even be raised if the insurer maintains
operating performance at a good and sustainable level, and if
the quality of investments improves," said Mr. Nikolskiy.

The outlook could be revised to negative due to significant
deterioration in asset quality or in operating performance, or
if the currently high economic and industry risks become even
more acute in the Republic of Kazakhstan (foreign currency BBB-
/Negative/A-3, local currency BBB/Negative/A-3; Kazakhstan
national scale 'kzAAA').


SHERKESH B: Creditors' Claims Due on July 15
--------------------------------------------  
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Sherkesh B insolvent.

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

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


SERVICE AUTO-2006: Claims Registration Ends July 16
---------------------------------------------------  
LLP Service Auto-2006 has declared insolvency.  Creditors have
until July 16, 2008, to submit written proofs of claims to:

         LLP Service Auto-2006
         Jambyl Str. 4
         Karaganda
         Kazakhstan


TECHNOSERVICE-2030 LLP: Claims Deadline Slated for July 16
----------------------------------------------------------  
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP GTK Technoservice-2030 insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Akmola
         Room 228
         Auelbekov Str. 139a
         Kokshetau
         Akmola
         Kazakhstan
         Tel: 8 (7162) 25-79-32


TV FORMAT: Claims Filing Period Ends July 11
--------------------------------------------  
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP TV Format Kz insolvent on Sept. 24, 2007.

Creditors have until July 11, 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: 8 701 766 60-15


VELM TAY-KAINAR: Creditors' Claims Due on July 15
-------------------------------------------------  
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Velm Tay-Kainar insolvent on April 22, 2008.

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

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


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


ENERGO SBEREJENIYE: Creditors Must File Claims by July 4
--------------------------------------------------------
LLC Energo Sberejeniye has declared insolvency.  Creditors have
until July 4, 2008 to submit written proofs of claim.

Inquiries can be addressed to (0-772) 52-68-03.


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


LONDON ACQUISITION: Moody's Puts B1 Corporate Family Rating
-----------------------------------------------------------
Moody's Investors Service has assigned a corporate family rating
of B1 to London Acquisition Holding B.V., the ultimate holding
company of Stork N.V. with outstanding debt.

At the same time, Moody's has also assigned Ba3 ratings to the
group's EUR831 million senior secured bank credit facilities as
well as a B3 rating to the EUR185 million mezzanine facility.
This is the first time Moody's has assigned ratings to the
group.  The rating outlook is stable.

Stork was acquired by a bidding group led by Candover for a
total consideration of EUR1,256 million (net of the proceeds of
asset disposals), of which approximately EUR553 million has been
funded with debt.

The B1 corporate family rating reflects:

   (i) Stork's solid business diversity given its coverage of
       the technical services market and aerospace segment,
       combined with the expectation of a more balanced profit
       distribution across these divisions going forward;

  (ii) the moderate business risk profile of the technical
       services division, based on a well-established market
       position as a provider of integrated technical services
       for a diverse business customer base in various
       industries and additional growth opportunities due to
       continued outsourcing trends;

(iii) the high operating flexibility of the technical services
       divisions thanks to its relatively low capital intensity,
       which ensures relatively stable profit and cash
       generation levels through the cycle;

  (iv) the medium-term profit generation potential of the
       group's aerospace services division, due to its
       outstanding position for Fokker maintenance services,
       which somewhat offsets the current underperformance of
       the aerospace industry division;

   (v) good revenue visibility and predictability for all
       divisions in light of the solid order books and contract
       portfolio, particularly the strong order book of
       aerospace industries which should support its turnaround;
       and

  (vi) solid financial flexibility due to an extended debt
       maturity profile and alternate liquidity sources.

The rating is constrained by:

   (i) the low earnings stability of the group's aerospace
       industry division as a result of a limited absolute
       scale, customer concentration and the subsequent
       vulnerability of its operating performance to order
       and/or production delays, while exposure to raw material
       price changes is limited due to the existence of pass-on
       clauses in the majority of contracts;

  (ii) the challenge to manage the group's inherent foreign
       exchange exposure effectively over the medium term, in
       particular as regards the aerospace industry division,
       although Moody's recognizes that a sizable proportion of
       cash flows are hedged at attractive rates for the coming
       years;

(iii) an expectation of a slightly negative free cash flow
       generation over the next few years due to the continued
       high investment requirements of the aerospace industry
       division, the outstanding penalty payouts for the NH90
       helicopter program and cash interest costs;

  (iv) the longer-term strategic challenge to expand the
       aerospace services division beyond servicing Fokker
       fleets;

   (v) the low geographic diversity of the technical services
       division with its regional concentration on the Benelux
       market; and

  (vi) high financial leverage, however Moody's reckons that the
       transaction was financed with a significant equity
       contribution of around 55%.

While Moody's views the strengths of Stork's business profile as
highly supportive for the rating outcome, the rating is
constrained by Stork's credit metrics which are expected to be
improved over the next years.  The ratio of debt to EBITDA is
estimated to be reduced below the 5.0x expected for fiscal year
end 2008 and Moody's also anticipates that EBIT to interest
coverage will substantially improve from 1.2x (pro-forma
excluding financing for food systems) as expected for fiscal
year end 2008.

The stable rating outlook incorporates Moody's expectation that
the group will record a growing operating performance and cash
generation reflected in credit metrics more in line with the B1
rating category.  By 2010, Debt to EBITDA is expected to be
reduced towards 4.5x, EBIT to Interest Coverage towards 2.0x and
RCF to Net Debt above 10%.  In addition, the stable outlook
assumes that there will be no sizable acquisitions or dividend
payouts.  The projected improvements will be particularly driven
by a sustainable recovery of the group's aerospace industry
division, continued organic growth in all other divisions and
additional cost reduction benefits.

Stork's technical services and aerospace services divisions
generated solid and relatively stable profitability and cash
generation levels in recent years, which are expected to be
sustained over the next few years.  However, the group's
operating performance was constrained by its aerospace industry
division, which is currently in a life cycle transition phase of
most of its components manufactured.

This division's operating performance in 2006 and 2007 was
burdened by:

   (i) final assembly delays affecting the A380 which were out
       of Stork's control and

  (ii) costly technical modifications of the NH90 helicopter
       program, which caused production delays and resulted in
       penalty charges that will be paid out over the next few
       years.

Given the division's strong order book and participation in a
variety of growth programs, efficient execution and a production
ramp-up are at the forefront of the group's strategy.

The ratings could enjoy upward pressure driven by:

   (1) a more balanced profit and cash generation across all
       divisions;

   (2) a sustained turnaround in the aerospace industry
       division;

   (3) positive free cash flows applied to a reduction in
       leverage, evidenced by debt to EBITDA below 4.5x, RCF to
       Net Debt towards the mid-teens and EBIT to Interest
       Expense above 2.0x; and

   (4) preservation of a sufficient liquidity cushion.

The ratings would likely experience downward pressure in the
event of developments contrary to Moody's expectations, notably:

   (1) erosion in EBIT to Interest Expense below 1.2x (pro-forma
       excluding financing costs for holding the food systems
       division until its disposal which occurred during the
       first months of 2008) and debt to EBITDA trending back to
       5.0x;

   (2) a diminishing liquidity profile and cushion under
       financial covenants; and

   (3) the absence of a sustained turnaround in the aerospace
       industry division.

The ratings benefit from the group's good financial flexibility,
reflected in an extended debt maturity profile with only limited
debt amortization requirements over the next few years,
sufficient availability under a EUR180 million revolving credit
facility and a EUR150 million capex facility of which EUR50
million are undrawn, and guarantee facilities of EUR85 million.
Moody's also recognizes that EUR100 million of drawn capex
facility have not yet been spent and are available as cash, but
also the group's flexibility to reduce some of its capital
expenditures in a downside scenario.

Moody's has assigned a Probability of Default Rating of B1, in
line with the company's B1 Corporate Family Rating and the
assumption of a group recovery rate of 50% (LGD4).

Moody's has assigned a Ba3 rating (LGD3, 40%) to the EUR831
million senior secured bank credit facility, partially issued at
the level of London Acquisition Holding B.V., a direct holding
company of London Acquisition B.V. and Stork N.V.  The senior
secured bank facility benefits from an all-asset pledge and
senior guarantees provided by all material subsidiaries and
ranks pari passu with the company's trade payables.  Within the
next months, debt issued at the level of London acquisition
holding B.V. will be pushed down into Stork B.V. (resulting from
the conversion of Stork N.V.) facilitated by a merger of London
Acquisition B.V. and Stork N.V.

A B3 rating (LGD6, 90%) was assigned to the EUR185 million
mezzanine facility (due in 2017), reflecting its contractual
subordination to the senior bank facility, secured by a second
lien on all assets and subordinated guarantees by all material
subsidiaries.  The mezzanine facility was issued at the level of
London Acquisition Holding B.V. and will be pushed down into the
newly formed entity Stork B.V.

Moody's considers the EUR341 million shareholder loan, issued at
the level of London Acquisition Holding B.V. with interest
accrued and maturing after the senior secured bank credit
facility and mezzanine facility, as equity financing, given its
equity-equivalent status in an insolvency scenario.

Assignments:

Issuer:. London Acquisition Holding B.V.

   -- Corporate Family Rating, Assigned B1

   -- Probability of Default Rating, Assigned B1

   -- Ba3 Rating Senior Secured Bank Credit Facility,
      (LGD3, 40%)

   -- B3 Rating Mezzanine Facility, (LGD6, 90%)

Issuer:. Stork N.V.

   -- Ba3 Rating Senior Secured Bank Credit Facility,
      (LGD3, 40%)

Stork generated total revenues of EUR1.6 billion in its
technical services and aerospace divisions in 2007.  In its
technical services division, the company is a professional
supplier of integrated technical services for installations and
machines in the industrial markets.  Its aerospace division
provides maintenance, spare parts and logistic services for
aircraft operators and also manufactures structures, wiring
systems and landing gear components for the leading OEMs in this
sector under long-term contracts.


STORK NV: Moody's Rates EUR831 Mln Sr. Sec. Facilities at Ba3
-------------------------------------------------------------
Moody's Investors Service has assigned a corporate family rating
of B1 to London Acquisition Holding B.V., the ultimate holding
company of Stork N.V. with outstanding debt.

At the same time, Moody's has also assigned Ba3 ratings to the
group's EUR831 million senior secured bank credit facilities as
well as a B3 rating to the EUR185 million mezzanine facility.
This is the first time Moody's has assigned ratings to the
group.  The rating outlook is stable.

Stork was acquired by a bidding group led by Candover for a
total consideration of EUR1,256 million (net of the proceeds of
asset disposals), of which approximately EUR553 million has been
funded with debt.

The B1 corporate family rating reflects:

   (i) Stork's solid business diversity given its coverage of
       the technical services market and aerospace segment,
       combined with the expectation of a more balanced profit
       distribution across these divisions going forward;

  (ii) the moderate business risk profile of the technical
       services division, based on a well-established market
       position as a provider of integrated technical services
       for a diverse business customer base in various
       industries and additional growth opportunities due to
       continued outsourcing trends;

(iii) the high operating flexibility of the technical services
       divisions thanks to its relatively low capital intensity,
       which ensures relatively stable profit and cash
       generation levels through the cycle;

  (iv) the medium-term profit generation potential of the
       group's aerospace services division, due to its
       outstanding position for Fokker maintenance services,
       which somewhat offsets the current underperformance of
       the aerospace industry division;

   (v) good revenue visibility and predictability for all
       divisions in light of the solid order books and contract
       portfolio, particularly the strong order book of
       aerospace industries which should support its turnaround;
       and

  (vi) solid financial flexibility due to an extended debt
       maturity profile and alternate liquidity sources.

The rating is constrained by:

   (i) the low earnings stability of the group's aerospace
       industry division as a result of a limited absolute
       scale, customer concentration and the subsequent
       vulnerability of its operating performance to order
       and/or production delays, while exposure to raw material
       price changes is limited due to the existence of pass-on
       clauses in the majority of contracts;

  (ii) the challenge to manage the group's inherent foreign
       exchange exposure effectively over the medium term, in
       particular as regards the aerospace industry division,
       although Moody's recognizes that a sizable proportion of
       cash flows are hedged at attractive rates for the coming
       years;

(iii) an expectation of a slightly negative free cash flow
       generation over the next few years due to the continued
       high investment requirements of the aerospace industry
       division, the outstanding penalty payouts for the NH90
       helicopter program and cash interest costs;

  (iv) the longer-term strategic challenge to expand the
       aerospace services division beyond servicing Fokker
       fleets;

   (v) the low geographic diversity of the technical services
       division with its regional concentration on the Benelux
       market; and

  (vi) high financial leverage, however Moody's reckons that the
       transaction was financed with a significant equity
       contribution of around 55%.

While Moody's views the strengths of Stork's business profile as
highly supportive for the rating outcome, the rating is
constrained by Stork's credit metrics which are expected to be
improved over the next years.  The ratio of debt to EBITDA is
estimated to be reduced below the 5.0x expected for fiscal year
end 2008 and Moody's also anticipates that EBIT to interest
coverage will substantially improve from 1.2x (pro-forma
excluding financing for food systems) as expected for fiscal
year end 2008.

The stable rating outlook incorporates Moody's expectation that
the group will record a growing operating performance and cash
generation reflected in credit metrics more in line with the B1
rating category.  By 2010, Debt to EBITDA is expected to be
reduced towards 4.5x, EBIT to Interest Coverage towards 2.0x and
RCF to Net Debt above 10%.  In addition, the stable outlook
assumes that there will be no sizable acquisitions or dividend
payouts.  The projected improvements will be particularly driven
by a sustainable recovery of the group's aerospace industry
division, continued organic growth in all other divisions and
additional cost reduction benefits.

Stork's technical services and aerospace services divisions
generated solid and relatively stable profitability and cash
generation levels in recent years, which are expected to be
sustained over the next few years.  However, the group's
operating performance was constrained by its aerospace industry
division, which is currently in a life cycle transition phase of
most of its components manufactured.

This division's operating performance in 2006 and 2007 was
burdened by:

   (i) final assembly delays affecting the A380 which were out
       of Stork's control and

  (ii) costly technical modifications of the NH90 helicopter
       program, which caused production delays and resulted in
       penalty charges that will be paid out over the next few
       years.

Given the division's strong order book and participation in a
variety of growth programs, efficient execution and a production
ramp-up are at the forefront of the group's strategy.

The ratings could enjoy upward pressure driven by:

   (1) a more balanced profit and cash generation across all
       divisions;

   (2) a sustained turnaround in the aerospace industry
       division;

   (3) positive free cash flows applied to a reduction in
       leverage, evidenced by debt to EBITDA below 4.5x, RCF to
       Net Debt towards the mid-teens and EBIT to Interest
       Expense above 2.0x; and

   (4) preservation of a sufficient liquidity cushion.

The ratings would likely experience downward pressure in the
event of developments contrary to Moody's expectations, notably:

   (1) erosion in EBIT to Interest Expense below 1.2x (pro-forma
       excluding financing costs for holding the food systems
       division until its disposal which occurred during the
       first months of 2008) and debt to EBITDA trending back to
       5.0x;

   (2) a diminishing liquidity profile and cushion under
       financial covenants; and

   (3) the absence of a sustained turnaround in the aerospace
       industry division.

The ratings benefit from the group's good financial flexibility,
reflected in an extended debt maturity profile with only limited
debt amortization requirements over the next few years,
sufficient availability under a EUR180 million revolving credit
facility and a EUR150 million capex facility of which EUR50
million are undrawn, and guarantee facilities of EUR85 million.
Moody's also recognizes that EUR100 million of drawn capex
facility have not yet been spent and are available as cash, but
also the group's flexibility to reduce some of its capital
expenditures in a downside scenario.

Moody's has assigned a Probability of Default Rating of B1, in
line with the company's B1 Corporate Family Rating and the
assumption of a group recovery rate of 50% (LGD4).

Moody's has assigned a Ba3 rating (LGD3, 40%) to the EUR831
million senior secured bank credit facility, partially issued at
the level of London Acquisition Holding B.V., a direct holding
company of London Acquisition B.V. and Stork N.V.  The senior
secured bank facility benefits from an all-asset pledge and
senior guarantees provided by all material subsidiaries and
ranks pari passu with the company's trade payables.  Within the
next months, debt issued at the level of London acquisition
holding B.V. will be pushed down into Stork B.V. (resulting from
the conversion of Stork N.V.) facilitated by a merger of London
Acquisition B.V. and Stork N.V.

A B3 rating (LGD6, 90%) was assigned to the EUR185 million
mezzanine facility (due in 2017), reflecting its contractual
subordination to the senior bank facility, secured by a second
lien on all assets and subordinated guarantees by all material
subsidiaries.  The mezzanine facility was issued at the level of
London Acquisition Holding B.V. and will be pushed down into the
newly formed entity Stork B.V.

Moody's considers the EUR341 million shareholder loan, issued at
the level of London Acquisition Holding B.V. with interest
accrued and maturing after the senior secured bank credit
facility and mezzanine facility, as equity financing, given its
equity-equivalent status in an insolvency scenario.

Assignments:

Issuer:. London Acquisition Holding B.V.

   -- Corporate Family Rating, Assigned B1

   -- Probability of Default Rating, Assigned B1

   -- Ba3 Rating Senior Secured Bank Credit Facility,
      (LGD3, 40%)

   -- B3 Rating Mezzanine Facility, (LGD6, 90%)

Issuer:. Stork N.V.

   -- Ba3 Rating Senior Secured Bank Credit Facility,
      (LGD3, 40%)

Stork generated total revenues of EUR1.6 billion in its
technical services and aerospace divisions in 2007.  In its
technical services division, the company is a professional
supplier of integrated technical services for installations and
machines in the industrial markets.  Its aerospace division
provides maintenance, spare parts and logistic services for
aircraft operators and also manufactures structures, wiring
systems and landing gear components for the leading OEMs in this
sector under long-term contracts.


===========
P O L A N D
===========


GRAHAM PACKAGING: Weak Cash Flow Cues Moody's to Keep B2 Rating
---------------------------------------------------------------
Moody's Investors Service affirmed the B2 Corporate Family
Rating of Graham Packaging, L.P. and changed the outlook to
stable from negative.

Moody's took these ratings:

   -- Affirmed US$1,870 million senior secured first lien term
      loan due 10/07/2011, B1 (to LGD 3, 38% from LGD 3, 37%)

   -- Affirmed US$250 million senior secured first lien revolver
      due 10/07/2010, B1 (to LGD 3, 38% from LGD 3, 37%)

   -- Withdraw US$250 million second lien term loan C due
      04/07/2012, B3 (LGD 5, 74%)

   -- Affirmed US$250 million 8.5% senior unsecured notes due
      10/15/2012, Caa1 (to LGD 5, 84% from LGD 5, 83%)

   -- Affirmed US$375 million senior subordinated notes due
      10/15/2014, Caa1 (LGD 6, 93%)

   -- Affirmed Corporate family rating, B2

   -- Affirmed Probability of Default Rating, B2

   -- Upgraded the Speculative Grade Liquidity Rating to SGL-2
      from SGL-3

The ratings outlook is changed to stable.

In changing the ratings outlook to stable, Moody's gave
significant consideration to Graham's success to date in its
performance improvement initiative and the improvement in credit
metrics.  The new management team has demonstrated an ability to
improve productivity, contain costs and effectively renegotiate
customer contracts to include cost pass through for all input
costs.  Graham is expected to achieve further improvements in
credit metrics as the company continues to execute on its
initiative as well as renegotiate customer contracts as they
expire.

The ratings are constrained by Graham's high customer
concentration, low growth and lack of free cash flow.  Graham's
free cash flow to debt is weak for the rating category and
dependent upon further improvements in margins and working
capital management to increase given the low growth in sales.
The company has also been cited for a material weakness in
accounting practices in each of the last two years.

Based in York, Pennsylvania, Graham Packaging Company, L.P. is a
leading global designer and manufacturer of customized blow-
molded plastic containers for branded food and beverages,
household and personal care products, and automotive lubricants.
Blackstone Capital Partners of New York is the majority owner.
Revenue for the last twelve months ended March 31, 2008 was
approximately US$2.5 billion.


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


BALTIC STEEL: St. Petersburg Bankruptcy Hearing Set October 14
--------------------------------------------------------------
The Arbitration Court of St. Petersburg and Leningrad will
convene at 10:15 a.m. on Oct. 14, 2008, to hear the bankruptcy
supervision procedure on CJSC Baltic Steel.  The case is
docketed under Case No. A56-7154/2008.

The Temporary Insolvency Manage is:

         E. Zomba
         Post User Box 142
         192007 St. Petersburg
         Russia
         Tel: 8-(812) 764-39-27


The Court is located at:

         The Arbitration Court of St. Petersburg and the                     
               
         Leningrad
         Hall 113
         Suvorovskiy Pr. 50/52
         St. Petersburg
         Russia

The Debtor can be reached at:

         E. Zomba
         Post User Box 142
         192007 St. Petersburg
         Russia
         Tel: 8-(812) 764-39-27


FOOD COMBINE 4: Creditors Must File Claims by July 17
-----------------------------------------------------
Creditors of CJSC Food Combine 4 have until July 17, 2008, to
submit proofs of claim to:

         I. Babenko
         Insolvency Manager
         Post Use Box 6
         194214 St. Petersburg
         Russia

The Arbitration Court of St. Petersburg and Leningrad commenced
bankruptcy proceedings against the company after finding it
insolvent.  The case is docketed under Case No. A56-19105/07.

The Court is located at:

         The Arbitration Court of St. Petersburg and the                     
               
         Leningrad
         Hall 113
         Suvorovskiy Pr. 50/52
         St. Petersburg
         Russia

The Debtor can be reached at:

         CJSC Food Combine 4
         Bely Kuna Str. 34
         St. Petersburg
         Russia


HOME CREDIT: Moody's Puts Ba3 Rating on Loan Participation Notes
----------------------------------------------------------------
Moody's Investors Service has assigned a Ba3 long-term foreign
currency rating to the senior unsecured Loan Participation Notes
expected to be issued on a limited-recourse basis by Eurasia
Capital S.A., a Luxembourg-based special purpose vehicle, for
the sole purpose of funding loans to Home Credit and Finance
Bank Limited Liability Company.

The amount of the issue and its maturity will be determined at a
later stage.  The outlook on the rating is stable, in line with
the stable outlook on HCFB's existing global scale ratings of
Ba3/D-.  HCFB's short-term global local and foreign currency
ratings are Not Prime (no specific outlook).

The Ba3 rating is based primarily on the fundamental ability of
HCFB, the ultimate obligor in respect of payments under the
notes, to make timely payments of interest and ultimate payment
of principal on the loan.  The latter obligations include those
associated with the put option that the noteholders will,
according to the terms of the issue, be able to exercise in
order to sell the notes back to the bank 18 months after
issuance.  Moody's notes that, if the noteholders were to
exercise the put option, this could result in HCFB needing to
repay a sizeable obligation, thus placing a burden on the bank's
financial resources.

As the ultimate borrower under the transaction, HCFB must comply
with a number of covenants such as negative pledge, limitations
on mergers, disposals and certain transactions with affiliates.
A financial covenant stipulates that the bank must maintain a
minimum 13% BIS Capital Adequacy Ratio ('CAR') at the current
rating level.  HCFB's BIS CAR stood at 19.8% as per 31 December
2007, providing a substantial buffer in respect of CAR
deterioration before the notes become due and payable.

Moody's notes that the rating is constrained by these factors
that weigh on HCFB's intrinsic financial strength:

The bank has a historically poor asset quality and a developing
standard of credit underwriting.  These are reflected in a high
rate of problem loans in relation to the gross loan book as well
as a relatively high level of write-offs and problem loan sales
in line with its very rapid pace of growth in 2007, which
entails high credit risks that may translate into an even higher
level of problem loans as fresh loans season.  The bank's low-
income consumer borrowers are at risk of inflationary pressures
in Russia, which also may translate into a higher rate of
problem loans.  HCFB's refinancing risk will remain a key
constraint on the bank's current rating levels and will limit
their upward potential.  The proceeds of the notes will be used
to refinance maturing debt.

Moody's will continue to closely monitor the bank's stand-alone
financial position and its ability to refinance its market
funding.

The rating agency said that if it were to identify a further
significant deterioration in HCFB's asset quality and/or an
increase in refinancing risks that weighed on the bank's other
financial metrics, a negative rating action would be likely.

Headquartered in Moscow, Russian Federation, HCFB reported under
IFRS total consolidated assets of US$3.317 billion and equity of
US$609 million as of Dec. 31, 2007.


PRIVOLZHSKIY ABRASIVE: Creditors Must File Claims by June 17
------------------------------------------------------------
Creditors of LLC Privolzhskiy Abrasive Factory (TIN 6362011100)
have until June 17, 2008, to submit proofs of claim to:

         I. Teleshinin
         Insolvency Manager:
         Post User Box 41
         Syzran
         446001 Samara
         Russia

The Arbitration Court of Samara commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A55-3763/2008.

The Court is located at:

         The Arbitration Court of Samara
         Avrory Str. 148
         443045 Samara
         Russia

The Debtor can be reached at:

         LLC Privolzhskiy Abrasive Factory
         Shorsa Str. 1
         Bezenchuk
         Samara
         Russia


ROS-UKR LLC: Creditors Must File Claims by June 17
--------------------------------------------------
Creditors of LLC Ros-UKR have until June 17, 2008, to submit
proofs of claim to:

         E. Romanova
         Temporary Insolvency Manager
         Office 208
         Sotsialisticheskaya Str. 74
         344002 Rostov-na-Donu
         Russia

The Arbitration Court of Rostov will convene at 11:00 a.m. on
Aug. 21, 2008, to hear the company's bankruptcy supervision.  
The case is docketed under Case No. A53-5098/2008-S1-21.

The Court is located at:

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

The Debtor can be reached at:

         LLC Ros-UKR
         Mirovaya Kommuna Str. 1A
         Shakhty
         Rostov
         Russia


SAMARA-BREAD-SNAB: Creditors Must File Claims by June 17
--------------------------------------------------------
Creditors of OJSC Samara-Bread-Snab (TIN 6317010746) have until
June 17, 2008, to submit proofs of claim to:

         I. Teleshinin
         Insolvency Manager
         Post User Box 41
         Syzran
         446001 Samara
         Russia

The Arbitration Court of Samara commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A55-3767/2008.

The Court is located at:

         The Arbitration Court of Samara
         Avrory Str. 148
         443045 Samara
         Russia

The Debtor can be reached at:

         OJSC Samara-Bread-Snab
         Oktyabrskaya Str. 1
         Khvostyanka
         Samara
         Russia


SAMOYLOVSKIY OJSC: Court Names V. Mikhaylenko to Manage Assets
--------------------------------------------------------------
The Arbitration Court of Saratov appointed V. Mikhaylenko as
Insolvency Manager for OJSC Cheese Making Plant Samoylovskiy
(TIN 6431000119).  He can be reached at:

         V. Mikhaylenko
         Office 2
         Moskovskaya 85
         410012 Saratov
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A-57-503B/02-23.

The Court is located at:

         The Arbitration Court of Saratov
         Babushkin Vvoz 1
         Saratov
         Russia

The Debtor can be reached at:

         OJSC Cheese Making Plant Samoylovskiy
         Novaya Str.
         Samoylovka
         412370 Saratov
         Russia


SARMAT LLC: Creditors Must File Claims by June 17
-------------------------------------------------
Creditors of LLC Sarmat have until June 17, 2008, to submit
proofs of claim to:

         Y. Sergienko
         Temporary Insolvency Manager
         Krasnoflotskaya Str. 46
         Stavropol
         Russia

The Arbitration Court of Stavropol will convene on Aug. 7, 2008,
to hear the company's bankruptcy supervision procedure on LLC
Sarmat.  The case is docketed under Case No. A63-2490/2008-S5-7.

The Court is located at:

         The Arbitration Court of Stavropol
         Mira Str. 4586
         Stavropol
         Russia

The Debtor can be reached at:

         LLC Sarmat
         45 Parallel 5/4
         Stavropol
         Russia


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

         N. Egorova
         Temporary Insolvency Manager
         Post User Box 58
         127349 Moscow
         Russia
         Tel: (495) 500-70-57

The Arbitration Court of Moscow will convene at 10:00 a.m. on
Aug. 26, 2008, to hear the company's bankruptcy supervision
procedure.  The case is docketed under Case No. A-41-5778/08.

The Court is located at:

         The Arbitration Court of Moscow
         Novaya Basmannaya Str. 10
         Moscow
         Russia

The Debtor can be reached at:

         CJSC Semenovskoe
         Sovkhoznaya Str. 9
         Semenovskoe
         Stupinskiy
         142833 Moscow
         Russia


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

         M. Kolesnikov
         Insolvency Manager
         Komsomolskiy Pr. 35-24
         656056 Barnaul
         Russia

The Arbitration Court of Altay will convene at 9:20 a.m. on May
13, 2009, to hear the bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
AO3-10603/07-B.

The Debtor can be reached at:

         CJSC Sosnovskoe
         Maralikha
         Charyshskiy
         Altay
         Russia


SOUTH 1–IZOBILNENSKAYA: Stavropol Bankruptcy Hearing Set July 24
----------------------------------------------------------------
The Arbitration Court of Stavropol will convene on July 24,
2008, to hear the bankruptcy supervision procedure on LLC South
1–Izobilnenskaya Petroleum Storage Depot.  The case is docketed
under Case No. A63-1975/08-S5-7.

The Temporary Insolvency Manager is:

         A. Bervinov
         Post User Box 2923
         355029 Stavropol
         Russia
         Tel: 77-36-97

The Court is located at:

         The Arbitration Court of Stavropol
         Mira Str. 4586
         Stavropol
         Russia

The Debtor can be reached at:

         LLC South 1–Izobilnenskaya Petroleum Storage Depot
         Promyshlennaya Str. 112
         Izobilnyj
         Izobilnenskiy
         Stavropol
         Russia


STANKOF LLC: Creditors Must File Claims by July 17
--------------------------------------------------
Creditors of LLC Stankof (TIN 3329038469) have until July 17,
2008, to submit proofs of claim to:

         A. Neschastnov
         Insolvency Manager
         Post User Box 18
         Central Post Office
         153000 Ivanovo
         Russia

The Arbitration Court of Vladimir commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A11-860/2008-?1-56B.

The Court is located at:

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

The Debtor can be reached at:

         LLC Stankof
         Suzdalskiy Pr. 11a
         600031 Vladimir
         Russia


TEPLO-SERVICE OJSC: Bankruptcy Hearing Slated for September 24
--------------------------------------------------------------
The Arbitration Court of Bashkortostan will convene at 10:00
a.m. on Sept. 24, 2008, to hear the bankruptcy supervision
procedure on OJSC Teplo-Service.  The case is docketed under
Case No. A07-2462/08-G-NLV.

The Temporary Insolvency Manager is:

         A. Abakarov
         Groznenskaya Str. 69/2-41
         Ufa
         450014 Bashkortostan
         Russia

The Court is located at:

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

The Debtor can be reached at:

         OJSC Teplo-Service
         Zavodskaya Str. 9
         Tuymazy
         Bashkortostan
         Russia


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

         D. Kharybin
         Insolvency Manager
         D. Donskogo Str. 7-209
         Kaliningrad
         Russia

The Arbitration Court of Kaliningrad commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A21-1593/02-S2.

The Court is located at:  

         The Arbitration Court of Kaliningrad
         Rokossovskogo Str. 2
         Kaliningrad
         Russia

The Debtor can be reached at:

         CJSC Troyan
         D. Donskogo Str. 25, 1a
         236000 Kaliningrad
         Russia


URALSKIE NIVY: Asset Sale Slated for June 18
--------------------------------------------
The insolvency manager and bidding organizer for CJSC Uralskie
Nivy, will open a public auction for the company's properties at
3:00 p.m. on June 18, 2008, at:

         Insolvency Manager
         Room 21
         Lenina Str. 35
         Sysert
         Sverdlovsk
         Russia

The company has set a RUR3,225,197 starting price for the assets
on auction.

Interested participants have until June 16, 2008 to deposit an
amount equivalent to 5% of the starting price to:

         CJSC Uralskie Nivy
         Settlement Account 40702810600000015020
         Correspondent Account 30101810200000000851
         BIK 046577851
         LLC Plato-bank
         Ekaterinburg
         Russia

Bidding documents must be submitted to:

         Insolvency Manager
         Room 21
         Lenina Str. 35
         Sysert
         Sverdlovsk
         Russia
         Tel: 8 902 4444 596

The Debtor can be reached at:

         CJSC Uralskie Nivy
         Lenina Str. 35
         Sysert
         Sverdlovsk
         Russia


VIMPEL-COMMUNICATIONS: Owes US$54MM in Back Taxes, Agency Says
--------------------------------------------------------------
OJSC Vimpel-Communications received on May 27, 2008, the
preliminary conclusion of the Russian Tax Inspectorate's review
of its tax filings for the 2005 and 2006 financial years.

According to the document, VimpelCom owes around US$54 million
in additional taxes, excluding fines and penalties, for the
years in review.

Most of the claims are similar to the claims VimpelCom received
for previous financial years, and in the past the company has
been able to successfully reverse most of these claims in the
Russian courts.

On June 3, 2008, VimpelCom submitted its preliminary objections
to the Tax Inspectorate.  The company expects to receive a final
tax claim in the near future and to appeal the final tax claim
in the Russian courts to the extent that it is not reduced by
our objections.

The company have not made any reserves for these tax claims,
because it believes that the claims will ultimately be resolved
in its favor.

                         About VimpelCom

Headquartered in Moscow, Russia, OJSC Vimpel-Communications
(NYSE: VIP) -- http://www.vimpelcom.com/-- provides mobile
telecommunications services in Russia and Kazakhstan with newly
acquired operations in Ukraine, Tajikistan and Uzbekistan.  The
Company operates under the 'Beeline' brand in Russia and
Kazakhstan.  In addition, VimpelCom is continuing to use 'K-
mobile' and 'EXCESS' brands in Kazakhstan.  The group wholly
owns Mobitel in Georgia.

                          *     *     *

OJSC Vimpel-Communications continues to carry Ba2 Corporate
Family, Probability-of-Default and Senior Unsecured Debt Ratings
with stable outlook from Moody's Investors Service.  The agency
affirmed the ratings in April 2008.

The company also continues to carry BB+ long-term corporate
credit and unsecured senior debt ratings with stable outlook
from Standard & Poor's Ratings Services.


VLAD-SPETS-STROY: Creditors Must File Claims by June 17
-------------------------------------------------------
Creditors of CJSC Design-Building Enterprise Vlad-Spets-Stroy
have until June 17, 2008, to submit proofs of claim to:

         A. Neschastnov
         Insolvency Manager
         Post User Box 18
         Central Post Office
         153000 Ivanovo
         Russia

The Arbitration Court of Vladimir commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A11-556/2008-?1-51B.

The Court is located at:

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

The Debtor can be reached at:
         
         CJSC Design-Building Enterprise Vlad-Spets-Stroy
         Soletovykh Str. 9
         600000 Vladimir
         Russia


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


AGRICULTURAL TRADE: Proofs of Claim Deadline Set June 20
--------------------------------------------------------
Creditors of LLC Agricultural Trade Ukraine (code EDRPOU
32393615) 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 has commenced the bankruptcy
supervision procedure on the company.  The case is docketed as
B11/097-08.

The Debtor can be reached at:

         LLC Agricultural Trade Ukraine
         Gorky Str. 15
         Yerkovtsy
         Pereyaslav-Hmelnitsky
         08430 Kiev Ukraine


AGROMEL LLC: Creditors Must File Claims by June 20
--------------------------------------------------
Creditors of LLC Agromel (code EDRPOU 31110508) have until
June 20, 2008, to submit proofs of claim to:

         The Economic Court of Odessa
         Shevchenko Avenue 4
         65032 Odessa
         Ukraine

The Economic Court of Odessa commenced bankruptcy proceedings
against the company after finding it insolvent on May 6, 2008.  
The case is docketed as 2/89-08-1603.

The Debtor can be reached at:

         LLC Agromel
         Apartment 2
         Chaykovsky Str. 16
         Odessa
         Ukraine


BIELOVODSK AGRICULTURAL: Creditors Must File Claims by June 21
--------------------------------------------------------------
Creditors of Joint Enterprise Regional Building Enterprise
Bielovodsk Agricultural Building (code EDRPOU 01351641) have
until June 21, 2008, to submit proofs of claim to:

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

The Economic Court of Lugansk commenced bankruptcy proceedings
against the company on April 24, 2008, after finding it
insolvent.  The case is docketed as 20/29b.

The Debtor can be reached at:

         Joint Enterprise Regional Building Enterprise
         Bielovodsk Agricultural Building
         Komsomolskaya Str. 30
         Bielovodsk
         92800 Lugansk
         Ukraine


COMSTAR LLC: Creditors Must File Claims by June 21
--------------------------------------------------
Creditors of LLC Comstar (code EDRPOU 25483943) have until
June 21, 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
May 5, 2008.  The case is docketed as 19/78/08.

The Debtor can be reached at:

         LLC Comstar
         Krugov Str. 165
         Zaporozhje
         Ukraine


FRUITANDVEGETABLESMACH CJSC: Creditors' Claims Due June 21
----------------------------------------------------------
Creditors of CJSC FruitandVegetablesmach have until
June 21, 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 15, 2008.
The case is docketed as 5/525/06.

The Debtor can be reached at:

         CJSC FruitandVegetablesmach
         Mir Str. 36
         Nikolaev
         Ukraine


LUGMOTORCARBUILDING-T LLC: Creditors Must File Claims by June 20
----------------------------------------------------------------
Creditors of LLC Production-Commerce Firm Lugmotorcarbuilding-T
(code EDRPOU 34791879) 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 April 15, 2008, after finding it
insolvent.  The case is docketed as 21/121b.

The Debtor can be reached at:

         LLC Production-Commerce Firm Lugmotorcarbuilding-T
         2nd Sadovoproyezdnoy Lane 2-a
         91021 Lugansk
         Ukraine


MVKP VISSA-LTD: Proofs of Claim Deadline Set June 20
----------------------------------------------------
Creditors of LLC MVKP Vissa-Ltd. (code EDRPOU 13340269) have
until June 20, 2008, to submit proofs of claim to:

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

The Economic Court of Vinnica commenced bankruptcy supervision
procedure on the company on May 12, 2008.  The case is docketed
as 10/87-08.

The Debtor can be reached at:

         LLC MVKP Vissa-Ltd.
         Krasnoarmeyskaya Str. 32
         Vinnica
         Ukraine


P-M-P LLC: Creditors Must File Claims by June 20
------------------------------------------------
Creditors of LLC P-M-P (code EDRPOU 30216301) have until
June 20, 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 17, 2008, after finding it
insolvent.  The case is docketed as 43/272-b.

The Debtor can be reached at:

         LLC P-M-P
         Apartment 60
         Dramirov Str. 10/10
         01103 Kiev
         Ukraine


STK ATLANT: Creditors Must File Claims by June 20
-------------------------------------------------
Creditors of LLC STK Atlant (code EDRPOU 30546132) have until
June 20, 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 19/89/08.

The Debtor can be reached at:

         LLC STK Atlant
         Lenin Avenue 159
         69035 Zaporozhje
         Ukraine


TIHY HUTOR: Creditors Must File Claims by June 20
-------------------------------------------------
Creditors of Agricultural LLC Tihy Hutor (code EDRPOU 03792622)
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 May 6, 2008.
The case is docketed as 10/1331.

The Debtor can be reached at:

         Agricultural LLC Tihy Hutor
         Zhashkov District
         Cherkassy
         Ukraine


VKF TECHNICAL: Creditors Must File Claims by June 20
----------------------------------------------------
Creditors of LLC VKF Technical Oils Association (code EDRPOU
24802520) have until June 20, 2008, to submit proofs of claim
to:

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

The Economic Court of Donetsk commenced bankruptcy proceedings
against the company after finding it insolvent on May 13, 2008.
The case is docketed as 45/127B.

The Debtor can be reached at:

         LLC VKF Technical Oils Association
         Universitetskaya Str. 96
         83114 Donetsk
         Ukraine


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


AVECIA GROUP: Moody's Withdraws Junk Ratings on Business Reasons
----------------------------------------------------------------
Moody's Investors Service has withdrawn the Caa1 corporate
family rating and Caa3 redeemable preference shares rating of
Avecia Group Plc at the request of the issuer.

Moody's has withdrawn this rating for business reasons following
the redemption of all outstanding preference shares of Avecia
Group Plc.

Avecia, headquartered in Manchester, UK, is a bio-chemical
company with two lines of business - Biologics and DNA
Medicines.  The Company reported revenues of GBP65.8 million for
the fiscal year ended Dec. 31, 2007.


CISSBURY LEATHERS: Taps Liquidators from BDO Stoy Hayward
---------------------------------------------------------
Matthew Tait and David Gilbert of BDO Stoy Hayward LLP were
appointed joint liquidators of Cissbury Leathers Ltd. on May 21
for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         BDO Stoy Hayward LLP
         2 City Place
         Beehive Ring Road
         Gatwick
         West Sussex
         RH6 0PA
         England


ESSEX DEMOLITION: Brings In Liquidators from Moore Stephens
-----------------------------------------------------------
Ian Yerrill and Nigel Price of Moore Stephens LLP were appointed
joint liquidators of Essex Demolition & Plant Hire Ltd. on
May 28 for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Gerald Edelman Business Recovery       
         Gateway House
         Highpoint Business Village
         Henwood
         Ashford
         Kent
         TN24 8DH
         England


LUCITE INT'L: Weak Performance Cues Moody's to Cut Rating to B3
---------------------------------------------------------------
Moody's Investors Service has downgraded the Corporate Family
Rating of Lucite International Group Holdings to B3 and the
Senior Secured Ratings of Lucite International US Finco Limited
and Lucite International Finco Limited to B2.  The outlook for
the ratings of Lucite and its financial subsidiaries is stable.

Moody's downgrade of the Corporate Family Rating of Lucite to B3
is driven by the group's very weak operating performance in the
first quarter of fiscal year 2008, which was below the
expectations factored in the rating, and the rating agency's
belief that the operating environment will remain volatile and
challenging during the course of fiscal year 2008.  In first
quarter, 2008 Lucite reported a drop in EBITDA of 33% (year-on-
year) to GBP20 million and a decrease in EBITDA margin of 400bp
(year-on-year) to 9.5%, the weakest level since 2002 both in
absolute and margin terms. Lucite also consumed cash at the
operating level (GBP35 million net cash outflow from operations)
at a time when the issuer has limited flexibility to reduce its
capex, because of the ongoing construction of its Alpha plant in
Singapore, which is expected to be commissioned during the
course of fiscal year 2008.

The downgrade to B3 also reflects the agency's concern that cash
consumption at Lucite may continue at a high rate making the
company reliant on continued availability of the US$100 million
revolving credit facility.  Lucite's headroom under the leverage
covenant is reducing due to weak EBITDA generation and a gradual
decline in the covenant level (headroom is estimated at
approximately 10% for the LTM period to first quarter, 2008).
The terms of the facility include a cure mechanism, whereby the
borrower can increase its covenant-EBITDA by US$10 million for a
period of twelve months for covenant calculation purposes
through a cash equity injection in the same amount.  At end of
March 2008, Lucite had GBP80 million cash on its balance sheet.

The stable outlook reflects Moody's view that Lucite is well
positioned to stabilize its profitability and contain cash
consumption via a gradual pass-on of elevated raw material
prices to its customers, even though constrained by weak demand
from the US construction industry.  The start-up of the Alpha
plant based on proprietary Lucite technology later this year is
also expected to contribute to cash generation.  Through the
period of cash consumption, the company is expected to benefit
from the continued support of its shareholder and banking group,
keeping the liquidity facility available to Lucite.

Downgrades:

    * Issuer: Lucite International Finco Ltd.

   -- Senior Secured Bank Credit Facility, Downgraded to a range
      of B2, LGD3, 33% from a range of Ba3, LGD3, 32%

    * Issuer: Lucite International Group Holdings Limited

   -- Probability of Default Rating, Downgraded to B3 from B1

   -- Corporate Family Rating, Downgraded to B3 from B1

    * Issuer: Lucite International US Finco Ltd.

   -- Senior Secured Bank Credit Facility, Downgraded to a range
      of B2, LGD3, 33% from a range of Ba3, LGD3, 32%

Outlook Actions:

    * Issuer: Lucite International Finco Ltd.

   -- Outlook, Changed To Stable From Negative

    * Issuer: Lucite International Group Holdings Limited

   -- Outlook, Changed To Stable From Negative

    * Issuer: Lucite International US Finco Ltd.

   -- Outlook, Changed To Stable From Negative

Lucite is a world leading producer of methyl methacrylate with a
total annual production capacity of 700,000 tons and a market
share of 25%. Lucite reported revenues of GBP849 million and an
EBITDA of GBP114 million for the fiscal year ended Dec. 31,
2007.


MANIA TECHNOLOGIE: U.K. Unit Ceases Operations
----------------------------------------------
Mania Technologie UK Limited, a subsidiary of Mania Technologie
AG, has ceased to operate.  Mania Technologie UK Limited is of
secondary importance to the Mania Group's global activities.

The operative companies of the Group, apart from the few
exceptions already reported, continue to operate.  The Business
Division Outsourcing in particular continues to provide our
customers with all services and the usual service levels.

Headquartered in Germany, Mania Technologie AG --
http://www.maniagroup.com/-- engages in the development,   
manufacture, and sale of machines, systems, and services to the
printed circuit board industry in Europe, Asia, Africa, and the
Americas.  The equipment portfolio includes imaging systems,
optical inspection (AOI), electrical testers, drilling machines,
and CAM software.

The management board of Mania Technologie AG filed for
insolvency proceedings on April 28, 2008, with the competent
local court of Bad Homburg v.d.H. due to over-indebtedness.


MIDLAND ART: Michael Young Leads Liquidation Procedure
------------------------------------------------------
Michael Young of Vantis was appointed liquidator of Midland Art
Bronze Ltd. on May 30 for the creditors' voluntary winding-up
procedure.

The liquidator can be reached at:

         Vantis
         Torrington House
         47 Holywell Hill
         St. Albans
         Hertfordshire
         AL1 1HD
         England


PACSCOM LTD: Brings In Joint Administrators from Deloitte
---------------------------------------------------------
Lee Antony Manning and Nicholas Guy Edwards of Deloitte & Touche
LLP were appointed joint administrators of Pacscom Ltd. (Company
Number 01655859) on May 23, 2008.

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

The company can be reached at:

          Pacscom Ltd.
          Unit 6
          Nursling Industrial Estate
          Southampton
          Hampshire
          SO16 0YT
          England
          Tel: 023 8073 7557
          Fax: 023 8073 1600
          Web site: http://www.pacscom.com/


SEABAIT LTD: Appoints Joint Administrators from Ernst & Young
-------------------------------------------------------------
C.G.J. King and R.H. Kelly of Ernst & Young LLP were appointed
joint administrators of Seabait Ltd. (Company Number 01953741)
on May 29, 2008.

Ernst & Young -- http://www.ey.com/-- provides broad array of  
services relating to audit and risk-related services, tax, and
transactions across all industries—from emerging growth
companies to global powerhouses—deal with a broad range of
business issues.  

Headquartered in Ashington, England, Seabait Ltd. --
http://www.seabait.com/-- breeds and grows premium quality  
marine worms for use in aquaculture feeds, sea angling and
scientific research.


SHALIMAR SHOES: Taps Joint Administrators from Begbies Traynor
--------------------------------------------------------------
David Paul Hudson and Timothy John Edward Dolder of Begbies
Traynor (South) LLP were appointed joint administrators of
Shalimar Shoes Ltd. (Company Number 03026051) on May 29, 2008.

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

The company can be reached at:

          Shalimar Shoes Ltd.
          246 Green Street
          Forest Gate
          London
          E7 8LE
          England
          Tel: 02085917111


* BOND PRICING: For the Week June 2 to June 6, 2008
---------------------------------------------------
Issuer                    Coupon   Maturity   Currency   Price
------                    ------   --------   --------   -----

AUSTRIA
-------
Kommunal Kredit
  Austria AG              0.500    03/15/19     CAD      65.02
                          0.250    10/14/26     CAD      40.37
HTM Sport Freize          8.500    02/01/14     EUR      64.58
Republic of Austria       0.000    10/10/25     EUR      63.25
                          4.000    06/22/22     EUR      68.37
                          
FINLAND
-------
Muni Finance Ltd          1.000    03/19/13     AUD      72.83
Muni Finance PLC          0.500    04/26/13     AUD      70.22
                          1.000    10/30/17     AUD      56.12
                          1.000    02/27/18     AUD      55.43
                          1.000    11/21/16     NZD      61.20
                          0.250    06/28/40     CAD      20.78
                          0.500    09/24/20     CAD      60.86

FRANCE
------
Alcatel S.A.              4.750    01/01/11     EUR      14.88
Altran Technologies S.A.  3.750    01/01/09     EUR      12.50
BNP Paribas               0.250    12/20/14     US$      74.51
Calyon                    6.000    06/18/47     EUR      42.76
CAP Gemini S.A.           2.500    01/01/10     EUR      54.58
                          1.000    01/01/12     EUR      49.83
Club Mediterranee S.A.    3.000    11/01/08     EUR      66.82
                          4.375    11/01/10     EUR      48.40
FCC Rome Alliance
Funding                   2.26     01/08/21     EUR      72.86
Groupe Vial               2.5      01/01/14     EUR      34.61
Havas S.A.                4.000    01/01/09     EUR      10.77
Infogrames
   Entertainment S.A.     1.500    04/01/09     EUR       0.54
Ingenico                  2.750    01/01/12     EUR      21.46
Maurel & Prom             3.500    01/01/10     EUR      21.38
Publicis Group            0.750    07/17/08     EUR      28.99
                          1.000    01/18/18     EUR      42.05
Rhodia S.A.               0.500    01/01/14     EUR      36.60
Scor S.A.                 4.125    01/01/10     EUR       1.99
Soc Air France            2.750    04/01/20     EUR      22.68
Soitec                    4.625    12/20/09     EUR       5.84
Theolia S.A.              2.000    01/01/14     EUR      24.02
Valeo                     2.38     01/01/11     EUR      42.84
Vivendi Univers           1.75     10/30/08     EUR      30.36
Wavecom S.A.              1.750    01/01/14     EUR      20.06
Wendel Invest S.A.        2.000    06/19/09     EUR      48.00
                          4.380    08/09/17     EUR      73.80

GERMANY
-------
Colonia Real EST          1.880    12/07/11     EUR      69.17
Deutsche Schifbk          4.200    01/23/09     EUR      99.33
KfW Bankengruppe          0.500    10/30/13     AUD      67.90
                          0.500    12/19/17     EUR      66.93
                          5.000    05/23/20     EUR      73.12
                          1.250    07/07/20     EUR      73.93
                          1.250    07/29/20     EUR      74.05
                          5.000    07/21/25     EUR      67.87
                          5.000    09/01/25     EUR      68.69
                          5.000    08/10/30     EUR      68.08
Landeskreditbank Baden-
   Wuerttemberg Foerderbk 0.500    05/10/27     CDN      44.04
Landwirtschaftliche
   Rentenbank AG          1.000    03/29/17     NZD      59.78

GREECE
------
Fage Dairy Industries     7.500    01/15/15     EUR      64.27
Hellenic Republic         0.990    07/07/24     EUR      63.25
                          0.630    07/13/20     EUR      67.23

ICELAND
-------
Kaupthing Bank            6.500    02/03/45     EUR      50.17

IRELAND
-------
Banesto Finance Plc       6.120    11/07/37     EUR       6.12
Depfa ACS Bank            0.500    03/03/25     CDN      48.39
                          0.250    07/08/33     CDN      28.36
Irish Nationwide
  Building Society        5.500    01/10/18     GBP      68.40
Irish Perm Plc            2.500    02/15/35     EUR      54.57
Ono Finance II            8.000    05/16/14     EUR      73.39
UT2 Funding Plc           5.320    06/30/16     EUR      74.51

ITALY
-----
Risanamento               1.000    04/17/69     EUR      40.16
Telecom Italia            5.250    03/17/55     EUR      70.05


LUXEMBOURG
----------
Global Yatirim Holding    9.250    07/31/12     US$      74.35
Globus Capital Finance SA 8.500    03/05/12     US$      77.66
IT Holding Fin            9.880    11/15/12     EUR      71.78
Nell AF S.A.              8.380    08/15/15     EUR      72.53
                          8.380    08/15/15     US$      70.28
                          8.380    08/15/15     EUR      70.20
NETHERLANDS
-----------
Air Berlin Finance B.V.   1.500    04/11/27     EUR      59.07
BK Ned Gemeenten          0.500    06/27/18     CDN      67.28
                          0.500    02/24/25     CDN      48.43
BLT Finance BV            7.500    04/17/74     US$      73.05
DGS Int'l Finance Co BV  10.000    06/01/07     US$       1.00
EM.TV Finance B.V.        5.250    05/08/13     EUR       4.24
Hypo Real ES Finance      5.500    08/20/08     EUR      46.44
Indah Kiat Intl          11.880    06/15/02     US$      40.00
IVG Finance B.V.          1.750    03/29/17     EUR      64.77
Kazkommertsbank           8.500    06/13/17     US$      76.92
Lehman Bros TSY B.V.      2.890    06/13/17     EUR      69.36
                          2.000    03/18/15     EUR      71.29
                          4.169    02/16/17     EUR      69.89               
           
                          6.000    02/15/35     EUR      53.80
                          2.000    03/16/35     EUR      46.29
                          7.000    05/17/35     EUR      52.75
                          7.250    10/05/35     EUR      43.50
                          6.000    11/02/35     EUR      51.75
                          3.050    09/22/14     EUR      82.00
Montell Finance B.V.      8.100    03/15/27     US$      65.17
Natl Invester Bank       25.982    05/07/29     EUR      31.37
Ned Waterschapbk          6.000    06/01/35     EUR      65.29
                          6.500    08/15/35     EUR      60.13
                          6.000    06/30/45     EUR      59.30
Portugal Tel Fin          4.500    06/16/25     EUR      73.98
Rabobank Groep N.V.       2.500    02/22/35     EUR      62.84
                          5.000    02/28/35     EUR      68.59
                          2.000    03/23/35     EUR      58.67
                          6.000    05/09/35     EUR      66.56
                          0.440    04/08/20     EUR      71.52
Tjiwi Kimia Finance BV    13.25    08/01/01     US$       0.44

NORWAY
------
Kommunalbanken A.S.       0.500    02/07/13     AUD      71.29
Norske Skogindustrier ASA 7.000    06/26/17     EUR      64.23

SWEDEN
------
AB Svensk Export          0.500    03/27/13     AUD      70.82
Swedish Exp Cred          1.000    03/27/13     NZD      74.23
                          1.000    01/29/13     NZD      74.93
                         10.500    09/30/15     TRY      72.05

UNITED KINGDOM
--------------
Allianc&Leic Bld          5.880    08/14/31     GBP      73.14
                          
Anglian Water
   Finance Plc            2.400     04/20/35    GBP      49.85
Aspire Defence            4.670     03/31/40    GBP      73.91
                          4.670     03/31/40    GBP      74.04
Bradford&Bin BLD          5.750     12/12/22    GBP      75.33
                          6.630     06/16/23    GBP      73.04
Britannia Building
   Society                5.875     03/28/33    GBP      69.20
F&C Asset Management plc  6.750     12/20/26    GBP      71.64
Grainer Plc               3.630     05/17/14    GBP      66.13
HBOS Plc                  4.500     03/18/30    EUR      74.46
HSBC Bank Plc             3.650     05/18/15    EUR      73.20
Ineos Group Holdings Plc  7.880     02/15/16    EUR      69.92  
                          7.880     02/15/16    EUR      70.19
Jaztel Plc                5.000     04/29/10    EUR      68.77
National Grid Gas Plc     1.754     10/17/36    GBP      40.89
                          1.771     03/30/37    GBP      40.89
Taylor Woodrow            6.380     05/24/19    GBP      74.23
Wessex Water Fin          1.369     07/31/57    GBP      21.95

  
                            *********

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
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table is compiled on the Friday prior to publication.  Prices
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                            *********


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
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Tovilla, Editors.

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

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