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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Thursday, June 12, 2008, Vol. 9, No. 116

                            Headlines


A U S T R I A

GEBAUDEREINIGUNG KRISTALLKLAR: Claims Registration Ends July 8
INHOFNER ELEKTROINSTALLATIONEN: Claims Registration Ends July 9
SIEBERT KEG: Claims Registration Period Ends June 23
VINDOBONA LLC: Claims Registration Period Ends August 27


B E L G I U M

ALLEN SYSTEMS: Moody's May Cut Low-B Ratings on Covenant Default
HOLOGIC INC: Third Wave Acquisition Cues S&P to Keep Ba3 Rating
TELENET BIDCO: Fitch Affirms Telenet at 'BB-'; Outlook Stable


F R A N C E

FCC SPARC: S&P Puts Preliminary BB Rating on EUR61 Million Notes


G E R M A N Y

360 CENTER: Creditors Meeting Slated for July 9
AIR-METEC VERWALTUNGSGESELLSCHAFT: Claims Period Ends July 1
BAUER AG: S&P Revises Outlook on Solid Operating Performance
BAUUNTERNEHMUNG KNOCH: Claims Registration Ends June 30
DORUM ENTWICKLUNGSGESELLSCHAFT: Claims Registration Ends June 30

EGZ ERLEBNIS: Claims Registration Ends June 27
ERNST HESE: Claims Registration Period Ends June 28
GROHE HOLDING: Moody's Changes Outlook on Ratings to Stable
HSCH HAENISCH: Claims Registration Ends June 30
IRB MOEBELVERTRIEB: Claims Registration Ends June 27

PRODACON GMBH: Claims Registration Ends June 30
RHEIN-MAIN-IMMO GRUNDBESITZ: Claims Registration Ends June 30
SAPPI PAPIER: Moody's Downgrades Bonds' Ratings to Ba2
STEINMANN GMBH: Claims Registration Period Ends June 30
STUTZINGER & COMPANY: Claims Registration Period Ends June 30

VAC FINANZIERUNG: Moody's Holds Rating but Says Outlook is Neg.
WBEUMZUG GMBH: Claims Registration Period Ends June 28
WESTLB AG: Posts EUR1.021 billion in Pretax Profit for Q1 2008
WORLD OF TODAY: Claims Registration Period Ends June 28
WUNSCHHAUS MASSIVBAU: Claims Registration Period Ends June 27

XLNT MARKETING: Claims Registration Period Ends June 28


I R E L A N D

ARDAGH GLASS: Moody's Affirms B2 Corporate Family Rating
HOWLEY CIVIL: Requires New Equity Injection to Survive
SMURFIT KAPPA: Moody's Revises Outlook on Ba3 Rating to Positive


I T A L Y

ALITALIA SPA: Passenger Bookings Recoup After April Decline
FIAT SPA: Serbian Alliance to Start Operations in Third Quarter
HUGHES NETWORK: S&P Keeps B Rating; Outlook Revised To Positive

* Fitch Says Italy's Proposed Windfall Tax Could Undermine Plans


K A Z A K H S T A N

ALMATY STROY: Creditors Must File Claims by July 18
DESIGN STROY: Claims Deadline Slated for July 22
DESIGN-STROY SERVICE: Claims Filing Period Ends July 22
ECO AGRO: Creditors' Claims Due on July 22
ENERGO PROM: Claims Registration Ends July 22

GENERAL GROUP: Creditors Must File Claims by July 18
LIMITED LOVES: Claims Deadline Slated for July 16
PARITET LLP: Claims Filing Period Ends July 16
TRANSSERVICE LTD: Creditors' Claims Due on July 23
WIDE TRADE: Claims Registration Ends July 18


K Y R G Y Z S T A N

ABA JOLDORU: Asset Sale Slated for June 24
DOSALKO LLC: Creditors' Meeting Slated for June 20


L U X E M B O U R G

LECTA SA: Moody's Cuts Rating to B1 and Says Outlook is Stable


N E T H E R L A N D S

CORPORATE EXPRESS: Reaches Agreement with Staples
CORPORATE EXPRESS: Tells Shareholders to Accept Staples Deal
CORPORATE EXPRESS: S&P Revises Watch to Positive on Staples Deal
DUTCH MBS XI: S&P Keeps BB Rating on Class D Notes
E-MAC DE 2005-I: Fitch Cuts Rating on Class E Notes to BB-

E-MAC DE 2006-I: Fitch Cuts Rating on Class F Notes to B+
E-MAC DE 2006-II: Fitch Downgrades Rating on Class F Notes to B+
E-MAC NL 2004-II: S&P Keeps BB+ Rating on Class E Notes
STORK NV: CFO Steps Down from Management Board


P O L A N D

ZLOMREX SA: Weak Liquidity Prompts S&P to Junk Rating


R U S S I A

A AND C GROUP: Moscow Bankruptcy Hearing Slated for Sept. 16
ATRIUM WOOD: Sverdlovsk Bankruptcy Hearing Slated for Sept. 25
BANK ST. PETERSBURG: Franchise Growth Cues Fitch to Up IDR to B+
BUILDING ASSEMBLY 4: Primorye Bankruptcy Hearing Set Sept. 22
CAPITAL-STROY LLC: Volgograd Bankruptcy Hearing Set July 29

EPRON CJSC: Court Starts Bankruptcy Supervision Procedure
IGROTEKA OJSC: Assets Sale Slated for July 1
KOCHETKOV CJSC: Creditors Must File Claims by June 24
KRASNOGORODSK-AGRO-PROM-STROY: Claims Filing Period Ends July 24
MOSKOVSKIY PLANETARIUM: Court Names A. Tarasov to Manage Assets

OGK-5 JSC: Appoints Evgeny Chernyshev as First Deputy Director
PSKOVSKAYA PHARMACEUTICAL: Names A. Pykhtin to Manage Assets
RUSSIAN STRUCTURED: S&P Rates RUR320 Billion Class B Notes at BB
SIBERIAN WOOD: Creditors Must File Claims by June 24
SITRONICS JSC: Reports US$8.2 Mln. Net Loss for First Quarter

SKB-BANK: Fitch Affirms Ratings and Says Outlook is Stable
SLOBODSKOY LLC: Creditors Must File Claims by June 24
TAYGA OJSC: Creditors Must File Claims by July 24
TORUS CJSC: Creditors Must File Claims by July 17
URAL-STROY-SERVICE: Court Names I. Zaripov as Insolvency Manager


S P A I N

FTA MADRID: Fitch Lowers Class E Notes to BB- with Neg. Outlook


S W I T Z E R L A N D

ALPHA PRODUCTS: Bern Court Commences Bankruptcy Proceedings
ARBODE JSC: Proofs of Claim Filing Deadline Set for June 17
BAUMANN COMMUNICATIONS: Liquidation Claims Due by June 18
BIANCHI BAU: March Court Commences Bankruptcy Proceedings
BRILLEN-QUELLE RAPPERSWIL: Liquidation Claims Due by June 15

BUCLA JSC: Creditors Have Until June 17 to File Proofs of Claim
CANNA LLC: Creditors Have Until July 30 to File Proofs of Claim
COPANI HEIZUNG: Undergoing Liquidation on Kolliken
ENICMA LLC: Deadline to File Proofs of Claim Set for June 18
EL PATIO: Proofs of Claims Must be Submitted by July 10

ETM HANDEL: Undergoing Liquidation in Illnau-Effretikon
FRIMA MALERGESCHAFT: Undergoing Liquidation Proceedings in Bern
GENERAL MOTORS: Europe Head Says N. American Woes Spreading
GLOBAL AUTOMOTIVE: Creditors' Liquidation Claims Due by June 15
GROSSEGGER & PARTNER: Proofs of Claims Must be Filed by June 18

INPROGRESS LLC: Deadline to File Proofs of Claim is June 29
KOLB STALLBAU: Thurgau Court Commences Bankruptcy Proceedings
LOEVENICH ENG'G: Zuchwil Court Commences Bankruptcy Proceedings
MECHEL ENERGY: Undergoing Liquidation Proceedings in Zug
NAG PARTNER: Aargau Court Commences Bankruptcy Proceedings

NANOLAB JSC: Creditors Must File Proofs of Claim by September 30
OFF JET: Creditors Have Until June 25 to File Proofs of Claim
PRISI GASTRO: Undergoing Liquidation Proceedings in Allschwill
R. GONZALEZ: Luzern Court Commences Bankruptcy Proceedings
ROCKALL LTD: Undergoing Liquidation Proceedings in Zug

SBC EQUITY: Proofs of Claim Filing Deadline Set for June 25
SUNNY IMMO: Creditors Must Submit Proofs of Claim by June 18
VISACO JSC: Undergoing Liquidation Proceedings in Zurich
WERNLI LLC: Goldach Liquidation Proceedings Ongoing


U K R A I N E

COOPERATIVE TRADE: Creditors Must File Claims by June 25
DRUZHBA NARODOV: Creditors Must File Claims by June 25
ELITMETAL LLC: Proofs of Claim Deadline Set June 26
KRASILOVAL AGRICULTURAL: Proofs of Claim Deadline Set June 25
LEO LLC: Creditors Must File Claims by June 26

MAKO-SPORT LLC: Creditors Must File Claims by June 26
NOVI OBRIYI: Creditors Must File Claims by June 25
REVER-AGRO: Creditors Must File Claims by June 26
ROMNY BREWERY: Proofs of Claim Deadline Set June 26
XXI CENTURY: Creditors Must File Claims by June 25


U N I T E D   K I N G D O M

ALLTYRES LTD: Taps Liquidators from BDO Stoy Hayward
BRISTOW GROUP: S&P Rates US$100 Million Senior Notes at BB
CHARLES THURNAM: Appoints Begbies Traynor as Administrators
DECO 8-UK: S&P Cuts Rating on Class G Notes to B
EDGLEY DISTRIBUTION: Taps Joint Administrators from P&A

FORD MOTOR: Trancinda Buys 20 Mln Shares of Over 1 Bln Tendered
GENERAL MOTORS: GM Canada Takes Legal Action to End CAW Blockade
INEOS: S&P Revises Outlook to Negative; Affirms Ratings
KAI KRISTENS: Brings In Liquidators from PKF
M&R 981: Brings In Menzies to Administer Assets

MENTON II: Moody's Junks Ratings on Two Note Classes
RALLY CDO: Moody's Hacks Rating on US$6 Million Notes to Ba1
SCI ENGINEERING: Calls In Liquidators from Vantis
SCOTTISH RE: S&P Puts B- Financial Strength Rating on Watch Pos.
SILVERJET PLC: Administrators Sell Carrier to Kingplace Limited

SPARC EUROPE: Fitch Rates EUR61 Million Loan at BB-
SUPERIOR ESSEX: Inks US$900 Million Deal with LS Cable
SUPERIOR ESSEX: S&P Puts Ratings Under Developing CreditWatch

* Fitch Says Euro Banks Face Minimal Impact on Subprime Exposure

* EU Issues Recommendation to Limit Audit Firms' Liability

* Upcoming Meetings, Conferences and Seminars


                            *********


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


GEBAUDEREINIGUNG KRISTALLKLAR: Claims Registration Ends July 8
--------------------------------------------------------------
Creditors owed money by LLC Gebaudereinigung Kristallklar (FN
279651b) have until July 8, 2008, to file written proofs of
claim to court-appointed estate administrator Annemarie
Kosesnik-Wehrle
at:

          Dr. Annemarie Kosesnik-Wehrle
          Oelzeltgasse 4
          1030 Vienna
          Austria
          Tel: 713 61 92
          Fax: 713 61 92 22
          E-mail: kanzlei@kosesnik-langer.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on July 22, 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 20, 2008 (Bankr. Case No. 4 S 71/08f).  


INHOFNER ELEKTROINSTALLATIONEN: Claims Registration Ends July 9
---------------------------------------------------------------
Creditors owed money by LLC INHOFNER Elektroinstallationen (FN
105038v) have until July 9, 2008, to file written proofs of
claim to court-appointed estate administrator Eva Riess at:

          Dr. Eva Riess
          c/o Mag. Nikolaus Vogt
          Zeltgasse 3/13
          1080 Vienna
          Austria
          Tel: 402 57 01-0 Serie
          Fax: 402 57 01 DW 21
          E-mail: law@riess.co.at
  
Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on July 3, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1707
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on May 20, 2008 (Bankr. Case No. 2 S 59/08a).  Nikolaus Vogt
represents Dr. Riess in the bankruptcy proceedings.


SIEBERT KEG: Claims Registration Period Ends June 23
----------------------------------------------------
Creditors owed money by KEG SIEBERT (FN 255809s) have until
June 23, 2008, to file written proofs of claim to court-
appointed estate administrator Werner Stefan Hochfellner at:

          Dr. Werner Stefan Hochfellner
          Neuer Platz 5/III
          9020 Klagenfurt
          Austria
          Tel: 0463/54155
          Fax: 0463/54155-44
          E-mail: office@a-h-t.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on June 30, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Klagenfurt
          Meeting Room 225
          Second Floor
          Klagenfurt
          Austria

Headquartered in Puertschach am Wuerther See, Austria, the
Debtor declared bankruptcy on May 20, 2008 (Bankr. Case No. 41 S
52/08g).  


VINDOBONA LLC: Claims Registration Period Ends August 27
--------------------------------------------------------
Creditors owed money by LLC Vindobona (FN 252662m) have until
Aug. 27, 2008, to file written proofs of claim to court-
appointed estate administrator Viktor Igali-igalffy at:

          Dr. Viktor Igali-igalffy
          Landstrasser Hauptstrasse 34
          1030 Wien
          Austria
          Tel: 01/713 80 57
          Fax: 01/713 07 76
          E-mail: vii@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 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 Hainburg an der Donau, Austria, the Debtor
declared bankruptcy on May 20, 2008 (Bankr. Case No. 36 S
59/08f).  


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


ALLEN SYSTEMS: Moody's May Cut Low-B Ratings on Covenant Default
----------------------------------------------------------------
Moody's Investors Service placed under review for possible
downgrade the B1 corporate family and the B1 senior secured debt
ratings of Allen Systems Group, Inc.'s as a result of heightened
concerns regarding the company's ability to cure its existing
and potential financial and reporting requirement covenant
violations related to its bank credit agreement.  

ASG has delayed filing its financial statements for the fiscal
year 2007 and first quarter 2008 periods, which has triggered a
technical default under the company's credit agreement.  The
review also reflects the uncertainty surrounding the company's
ability to remain in compliance with the financial covenants set
forth in its credit agreement and its potential impact on the
company's liquidity.

ASG is currently seeking a waiver for covenant violations from
its lenders and requesting an extension to file its financial
statements.  Additionally, the review also reflects Moody's
belief that ASG could have difficulty meeting the financial
covenant requirements under its bank credit agreement.
Specifically, the maximum consolidated leverage ratio has
marginal cushion and the company can potentially be in violation
of the covenant given the pending step down of the covenant
level at the end of the June 2008 quarter.

Moody's review will focus on ASG's ability to secure a waiver
and/or amendment as well as its ability to file its financial
statements.  The review will also focus on ASG's near term
operating performance, cash flow generation trends, and
liquidity profile.

These ratings were placed under review for possible downgrade:

   -- B1 for Corporate Family Rating

   -- B2 for Probability of Default Rating

   -- B1 (LGD3, 30%) for US$45 million senior secured revolving
      credit facility

   -- B1 (LGD3, 30%) for US$295 million senior secured term loan

Headquartered in Naples, Florida, Allen Systems Group, Inc. is a
provider of enterprise management software solutions.  The
company's products are used by Information Technology
departments to automate tasks, manage content, and monitor
performance of infrastructure including mainframe and
distributed computing environments.  ASG is solely owned by its
founder Arthur Allen.


HOLOGIC INC: Third Wave Acquisition Cues S&P to Keep Ba3 Rating
---------------------------------------------------------------
Moody's Investors Service affirmed the ratings of Hologic, Inc.
(Ba3 Corporate Family Rating) and maintained a stable rating
outlook following the announcement that the company plans to
acquire Third Wave Technologies for about US$580 million in
debt.  The SGL-2 rating assumes that the company will be able to
obtain financing as planned.  At the time the transaction
closes, Moody's expects the senior secured ratings to remain
unchanged.  However, Moody's believes there could be a change in
the LGD assessments.

Moody's affirmation is based on our expectation that Hologic
will continue to generate relatively good cash flow, which
should enable the company to repay debt associated with this
transaction over a 2 to 3 year period.  Although Moody's
believes the transaction is fully-priced, the rating agency
recognizes its strategic fit as Third Wave's pending HPV test
will be a natural extension of Hologic's ThinPrep pap tests.

"While Moody's did not anticipate an acquisition of this size so
soon after the Cytyc transaction, Hologic's relatively rapid
repayment of debt provides some flexibility at the current
rating level," Diana Lee, a Senior Credit Officer at Moody's
said.  Although cash flow generation has been favorable, a
significant portion of this repayment was attributed to option
exercise proceeds as well as excess cash from the Cytyc
financing.

The stable outlook assumes that Hologic will:

   (1) refrain from other debt-financed acquisitions until it
       has repaid a significant portion of the debt associated
       with Third Wave; and

   (2) de-leverage such that Hologic can achieve and sustain
       free cash flow to debt greater than 10%.

Ratings affirmed:

   -- Corporate Family Rating, Ba3

   -- Senior Secured Revolving Credit Facility due 2012, Baa3
      (LGD1, 9%)

   -- Senior Secured Term Loan A due 2012, Baa3 (LGD1, 9%)

   -- Senior Secured Term Loan B due 2013, Baa3 (LGD1, 9%)

   -- Probability of Default Rating, Ba3

   -- Speculative Grade Liquidity Rating, SGL-2

Hologic is a leading developer, manufacturer and supplier of
diagnostic and medical imaging systems primarily dedicated to
serving the healthcare needs of women.  The company is focused
on mammography and breast care technologies as well as on
osteoporosis assessment.  In October 2007, Hologic completed the
acquisition of Cytyc, a medical device company that develops,
manufactures and markets diagnostic and surgical products that
address a range of women's health applications including
cervical cancer screening, treatment of excessive menstrual
bleeding and radiation treatment of early-stage breast cancer.


TELENET BIDCO: Fitch Affirms Telenet at 'BB-'; Outlook Stable
-------------------------------------------------------------
Fitch Ratings has affirmed Belgium-based Telenet BidCo NV's
Long-term Issuer Default rating at 'BB-' with Stable Outlook and
Short-term IDR at 'B'.  At the same time, the agency has
affirmed Telenet's EUR2.3 billion senior secured credit
facilities at 'BB'.

The affirmation follows a periodic review by the agency of
Telenet's financial and operational performance, management
presentations and ongoing strategy discussions.

"Performance at Telenet continues to be among the strongest
across the European cable peer group and fully supports the
company's 'BB-' rating," says Stuart Reid, a Director in Fitch's
European TMT team.  "The accuracy with which management meets
financial targets, typically at the top-end of stated guidance,
is testament to strong management execution and what Fitch views
as the attractive market characteristics in the largely Dutch
speaking region of Flanders."

While Belgium's telecom incumbent, Belgacom, is an effective
competitor, its national footprint and the more limited cable
offering in French speaking Wallonia means it is less likely to
compete aggressively on price at the national level.  Fitch
believes Telenet will continue to maintain its edge in service
quality and broadband speeds, where cable is likely to maintain
technology superiority for the foreseeable future.  Net leverage
at first quarter of 2008 was around 4.2x (on a trailing last
twelve month basis), down from 4.4x at year ending 2007.  At
these levels, the metric is being managed comfortably within the
stated policy range of 4-5x, and fully justifies Fitch's
decision to maintain the company's 'BB-' rating at the time of
the company's announced recapitalization last year.

Fitch believes Telenet continues to represent one of the best
managed, consistent and stable cable operators in Europe.
Although subject to coverage limitations (ie. it is only present
in 55% of the country for broadband, telephony and mobile and
only offers analog and digital television services to 38% of the
country), the company combines a very mature basic CATV service
(with a penetration rate of approximately 92% of the homes
passed by the Telenet network) with a well developed telephony
and broadband product.  It is the market leader in broadband in
Flanders and the national number two in telephony with around a
28% market share in Flanders.  It therefore combines a very
stable and defensible cash flow (from the basic CATV business)
with a high ARPU telephony/broadband product and has had
considerable success up-selling customers to interactive digital
TV (iDTV).  While its RGU/customer metric (at 1.63 at first
quarter of 2008, up from 1.52 a year ago) lags that reported by
Virgin Media (VM, 'BB-' (BB minus)/Stable) and cableuropa
('B+'/Stable), which both now exceed 2.0x, it nonetheless
continues to show good momentum in this important operating
metric.  Telenet has one of the lowest churn rates in the
industry and very strong levels of high ARPU broadband and
telephony penetration, which provide a stability and
diversification of revenues not seen to the same extent in many
of its peers.

The company reported an EBITDA of 442.9 million in 2007, ahead
by 21% on sales up by 15% at EUR931.9 million, with an industry
leading EBITDA margin of 47.5%.  With leverage of 4.2x at 1Q08
and with healthy free cash flow, the company compares well
financially with other 'BB-' rated cable companies (VM at 4.4x
and Kabel Deutschland at 4.8x .  Discussions with management
suggest they will not manage the metric aggressively (although
it should be expected the metric will be managed north of 4x).
Although they have no amortization under the bank facility (now
their principle form of financing) before 2012, Telenet is
currently planning for an extended period of dislocation in
credit markets.  The Interkabel transaction/acquisition now
looks likely to close within 2008, and will, in Fitch's view,
remove a barrier to the upselling of multi-play services to
around 780,000 homes and should help drive ARPU and the
RGU/customer metric.  Adding an incremental 0.1x-0.2x to
leverage, the transaction will not materially change the
financial profile while offering good business synergies.

While the business is maturing, pre-distribution FCF is strong
and set to expand over the next two to three years.  Given the
consistency of results, Fitch considers that Telenet's ratings
are as likely to be driven by corporate strategy and any change
in stated financial policy as they are by a major up or downside
risk to forecast performance.

Risks to the ratings include the potential for leverage to be
managed at or close to 5x, potential regulatory cuts in
broadband pricing given the dominance of the market leaders,
Belgacom and Telenet, and the possibility of new entrants
disrupting the relatively benign conditions in the multi-service
markets in Belgium.  However, none of these factors are thought
to present material concerns in the current environment.


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


FCC SPARC: S&P Puts Preliminary BB Rating on EUR61 Million Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit rating to the EUR61.0 million class D notes series 2008
issued by FCC SPARC Europe (Junior), a French "fonds commun de
creances".
  
This is FCC SPARC Europe (Junior)'s second issuance, after its
EUR39.2 million insurance-linked securities (ILS) issuance in
mid-2007.  In July 2008, this first series of notes will be
redeemed out of the proceeds of the EUR61 million series 2
issuance.
  
The transaction involves the securitization of the payments
related to four quota share reinsurance agreements, between
reinsurer Nexgen Re Ltd. and four subsidiaries of the AXA group,
which cover the risk on a defined individual motor insurance
policy book in four countries (Belgium, Germany, Italy, and
Spain).
  



                        Ratings List
  
                   FCC SPARC Europe (Junior)
   EUR61.0 Million Asset-Backed Floating-Rate Notes Series 2008    
    
      (Further EUR21.8 Million Net Issuance After
                 Series 2007 Redemption)
  
                          Current    Debt to be   Debt to be
Series and                amount     redeemed     issued
    Class      Rating    (EUR Mil.)  (EUR Mil.)   (EUR Mil.)
----------    ------    ----------  -----------  ----------     
Series 2007   BB*        39.2       (39.2)         N/A
  class D

Series 2008   BB         61.0        N/A           61.0
  class D      (prelim)
  
             * Ratings assigned on June 11, 2007.
                    N/A - Not applicable.


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


360 CENTER: Creditors Meeting Slated for July 9
-----------------------------------------------
The court-appointed insolvency manager for 360 Center Betriebs
GmbH, Peter Sieber, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at 9:00
a.m. on July 9, 2008.

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

         The District Court of Darmstadt
         Hall 4.308
         Fourth Floor
         Building D
         Mathildenplatz 15
         64283 Darmstadt
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 9:45 a.m. on Aug. 19, 2008 at the same
venue.

Creditors have until July 1, 2008 to register their claims with
the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Peter Sieber
         Darmstadter Landstrasse 116
         60598 Frankfurt
         Germany
         Tel: 069/7422660
         Fax: 069/745483

The District Court of Darmstadt opened bankruptcy proceedings
against 360° Center Betriebs GmbH on June 1, 2008. Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         360 Center Betriebs GmbH
         Industriestrasse 15
         64807 Dieburg
         Germany

         AttN: Thomas Holthaus, Manager
         Nussbaumweg 17
         64839 Muenster
         Germany


AIR-METEC VERWALTUNGSGESELLSCHAFT: Claims Period Ends July 1
------------------------------------------------------------
Creditors of Air-Metec Verwaltungsgesellschaft mbH have until
July 1, 2008, to register their claims with court-appointed
insolvency manager Norbert Hill.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on July 21, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court Heilbronn
         Hall 4
         Ground Floor
         Rollwagstr. 10a
         74072 Heilbronn
         Germany

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

The insolvency manager can be reached at:

         Norbert Hill
         Gebelsbergstrasse 35
         70199 Stuttgart
         Germany
         Tel: 0711/601770-0
         Fax: 0711/601770-60

The District Court of Heilbronn opened bankruptcy proceedings
against Air-Metec Verwaltungsgesellschaft mbH on June 1, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Air-Metec Verwaltungsgesellschaft mbH
         Attn: Andreas Strauss, Manager
         Michelbacher Strasse 70
         74374 Zaberfeld
         Germany


BAUER AG: S&P Revises Outlook on Solid Operating Performance
------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Germany-based engineering company Bauer AG to positive from
stable, reflecting its solid operating performance.  The 'BB+'
long-term corporate credit rating was affirmed.

"Bauer has demonstrated positive revenue and earnings growth
over the past few years and an ongoing conservative operating
strategy, which has resulted in solid financial measures," said
Standard & Poor's credit analyst Izabela Listowska.  "This has
driven a gradual improvement in the group's business risk
profile, which is now strong enough to support a low-end
investment-grade corporate credit rating, although its free
operating cash flow generation before expansionary/discretionary
capital spending still needs some improvement."

The rating continues to reflect the cyclical nature of the
construction industry, the exposure of about one-third of
Bauer's earnings to project risk, the still challenging
conditions in the fragmented and competitive domestic
construction market, and high capital intensity of operations,
which results in weak FOCF generation.  Nevertheless, Bauer has
leading global market positions in the niche segment of
foundation construction equipment, a good market presence in
foundation construction services worldwide, and positive
profitability and operating cash flow momentum.

Bauer's credit protection measures have improved, despite rising
debt levels (predominantly business-growth related) and are
strong for the rating, with adjusted funds from operations (FFO)
to debt at about 42% and debt to EBITDA at 1.8x in 2007.  Based
on our base-case scenario, S&P expects FFO in 2008 to exceed the
2007 level, provided there is no material project execution
problem.

"The ratings could be raised by one notch over the medium term
if the group continues its revenue growth and consistent
profitability, and if it starts to generate meaningful free
operating cash flows before expansionary/discretionary capital
spending on a sustainable basis," said Ms. Listowska.

An upgrade would also require greater certainty of access to
funds, which could stem from a conversion of a portion of short-
term credit facilities into longer-tenor committed financing.  
In addition, to secure an upgrade, fully adjusted FFO to total
debt should be maintained at about 30%.


BAUUNTERNEHMUNG KNOCH: Claims Registration Ends June 30
-------------------------------------------------------
Creditors of Bauunternehmung Knoch GmbH have until June 30, 2008
to register their claims with court-appointed insolvency manager
Dr. Petra Mork.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on Aug. 5, 2008, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Dortmund
         Meeting Hall 3.201
         Second Floor
         Gerichtsplatz 1
         44135 Dortmund
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

          Dr. Petra Mork
          Arndtstr. 28
          44135 Dortmund
          Germany

The District Court of Dortmund opened bankruptcy proceedings
against  Bauunternehmung Knoch GmbH on May 27, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Bauunternehmung Knoch GmbH
         Attn: Brigitte Knoch, Manager
         Bummelberg 21
         44149 Dortmund
         Germany


DORUM ENTWICKLUNGSGESELLSCHAFT: Claims Registration Ends June 30
----------------------------------------------------------------
Creditors of Dorum Entwicklungsgesellschaft mbH have until
June 30, 2008 to register their claims with court-appointed
insolvency manager Dr. Christoph Schulte-Kaubruegger.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 a.m. on Aug. 12, 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 Dortmund
         Meeting Hall 3.201
         Second Floor
         Gerichtsplatz 1
         44135 Dortmund
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. Christoph Schulte-Kaubruegger
         Koenigswall 21
         44137 Dortmund
         Germany

The District Court of Dortmund opened bankruptcy proceedings
against Dorum Entwicklungsgesellschaft mbH on June 1, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Dorum Entwicklungsgesellschaft mbH
         Lange Str. 13
         27632 Dorum
         Germany

         Attn: Hans-Juergen Pees, Manager
         Lange Str. 13
         27632 Dorum
         Germany


EGZ ERLEBNIS: Claims Registration Ends June 27
----------------------------------------------
Creditors of EGZ Erlebnis GmbH have until June 27, 2008 to
register their claims with court-appointed insolvency manager
Frau Katharina Radmann.

Creditors and other interested parties are encouraged to attend
the meeting at 8:40 a.m. on July 14, 2008, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bayreuth
         Meeting Hall 520
         Ground Floor
         Friedrichstr. 18
         Bayreuth
         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:

         Frau Katharina Radmann
         Bismarckstrasse 10
         95444 Bayreuth
         Germany
         Tel: 0921/5070898-0
         Fax: 0921/5070898-20

The District Court of Bayreuth opened bankruptcy proceedings
against EGZ Erlebnis GmbH on June 2, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         EGZ Erlebnis GmbH
         Attn: Nicole Ehrsam, Manager
         Munckerstr. 32
         95444 Bayreuth
         Germany


ERNST HESE: Claims Registration Period Ends June 28
---------------------------------------------------
Creditors of Ernst Hese GmbH have until June 28, 2008, to
register their claims with court-appointed insolvency manager
Rolf Weidmann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on July 16, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Essen
         Meeting Hall 185
         First 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:

         Rolf Weidmann
         Alfredstr. 279
         45133 Essen
         Germany
         Tel: 0201/43776290

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

The Debtor can be reached at:

         Ernst Hese GmbH
         Attn: Volkmar Dertmann, Manager
         Magdeburger Str. 16 a
         45881 Gelsenkirchen
         Germany


GROHE HOLDING: Moody's Changes Outlook on Ratings to Stable
-----------------------------------------------------------
Moody's Investors Service has changed the outlook on all ratings
of Grohe Holding GmbH, including the company's B2 corporate
family rating, to stable from negative.  The change in outlook
has mainly been prompted by the company's improved financial
metrics and liquidity position despite the expectation of
difficult trading conditions in several of the company's markets
this year.

According to Moody's, the change in rating outlook reflects:

   (1) Grohe's successful implementation of the restructuring
       plan initiated in 2004, which resulted in an improvement
       in profitability and cash flow metrics, particularly over
       the last two financial years, and the expectation that
       these initiatives will generate long-term savings going
       forward.

   (2) Evidence of the company's pricing flexibility as it
       successfully passed on to customers two consecutive price
       increases in 2006 and 2007 with limited impact on sales
       volumes.

   (3) The company's increased level of control on input costs,
       mainly as a result of the rationalization of the
       production plants and processes and an appropriate
       hedging policy in place, which will likely alleviate the
       impact of rising raw material prices on profitability.

   (4) A more effective sales and marketing strategy, as
       evidenced by the generally positive performance in
       several underperforming markets.

   (5) The company's comfortable liquidity position, although
       Moody's will monitor the impact of the likely fine from
       the EU on the funds available to the company.

"The rating outlook is now stable, reflecting Moody's
expectation that, despite difficult market conditions in several
of Grohe's markets, the company's profit margins and cash flow
generation will continue to benefit from the restructuring
initiatives implemented by the company and that Grohe will
retain sufficient pricing flexibility to withstand margin
erosion from rising raw material prices," says Stefano del
Zompo, Moody's lead analyst for Grohe.

Given the point in the economic cycle, Moody's does not expect a
rating upgrade in the short term.  In the medium term, given
that Moody's does not envisage a reduction in the nominal amount
of total debt outstanding, the current ratings or outlook could
benefit from an improvement in the company's EBITA margin after
restructuring costs to at least low double digits leading to a
debt/EBITDA ratio moving towards 4.5x.  The improvement in the
company's profitability would need to be accompanied by a
comparable improvement in FFO, with an RCF/Net debt at least
above 10%.

A number of factors continue to constrain the company's ratings,
including the cyclicality of Grohe's business in light of less
optimistic prospects for the housing markets in the US and
Europe in particular, the likely fine the EU will impose on the
company this year and its impact on the company's available
liquidity, the still highly leveraged capital structure and
limited cash flow generation ex working capital and the limited
profitability after restructuring costs, with a degree of
uncertainty related to the long-term impact of the efficiency
gains attained.

"Moody's change in outlook is predicated on the expectation that
the company will maintain its EBITA margins at least at current
levels despite adverse market conditions, thus enabling it to
maintain its Debt/EBITDA ratio below 6.0x, and that it will
generate sufficient cash flow to finance its operations.  The
change in outlook is also based on the expectation that Grohe
will maintain a comfortable liquidity position, also in light of
the likely fine that will be imposed on it from the EU" adds Mr.
del Zompo.

These ratings are affected by the rating action:

   -- B2 corporate family rating

   -- Ba2 senior secured debt rating on the EUR150 million
      revolving credit facility

   -- B2 senior secured debt rating on the EUR800 million
      floating rate notes

   -- B3 senior unsecured debt rating on the EUR335 million
      subordinated notes

Grohe Holding GmbH (Grohe, rated B2/stable) is one of the
leading single-brand manufacturers and suppliers of sanitary
fittings in the world, offering a broad range of products for
handling water in bathrooms and kitchens.  In 2007, the company
reported revenues in excess of EUR1 billion and normalized
EBITDA (before refinancing fees, restructuring charges and
exceptional items) of ca. EUR203.5 million.


HSCH HAENISCH: Claims Registration Ends June 30
-----------------------------------------------
Creditors of HSCH Haenisch Schloss + City GmbH Holding have
until June 30, 2008 to register their claims with court-
appointed insolvency manager Dr. Thomas Leicht.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on July 16, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Stuttgart
         Hall 178
         First Floor
         Hauffstr. 5 (Am Neckartor)
         70190 Stuttgart
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. Thomas Leicht
         Eugenstr. 16
         70182 Stuttgart
         Germany
         Tel: 0711/245252-53

The District Court of Stuttgart opened bankruptcy proceedings
against HSCH Haenisch Schloss + City GmbH Holding on June 30,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         HSCH Haenisch Schloss + City GmbH Holding
         Solitudestr. 2
         70499 Stuttgart
         Germany


IRB MOEBELVERTRIEB: Claims Registration Ends June 27
----------------------------------------------------
Creditors of IRB Moebelvertrieb GmbH & Co. KG have until
June 27, 2008 to register their claims with court-appointed
insolvency manager Dr. Dirk Rueffert.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on July 28, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Dirk Rueffert
         Stahlwerksweg 10 b
         49084 Osnabrueck
         Germany
         Tel: 0541/7607070
         Fax: 0541/7607071
         E-mail: info@rueffert-rechtsanwalte.de    

The District Court of Osnabrueck opened bankruptcy proceedings
against IRB Moebelvertrieb GmbH & Co. KG on June 2, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         IRB Moebelvertrieb GmbH & Co. KG
         Alter Handelsweg 11
         49328 Melle
         Germany

         Attn: Friedrich Schneider, Manager
         Unter der Tonne 17 a
         59929 Brilon
         Germany


PRODACON GMBH: Claims Registration Ends June 30
-----------------------------------------------
Creditors of Prodacon GmbH have until June 30, 2008 to register
their claims with court-appointed insolvency manager Andreas
Fischer.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 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 Pforzheim
         Room 236     
         Ground Floor    
         Lindenstr. 8
         75175 Pforzheim
         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 Fischer
         Erbprinzenstr. 27
         76133 Karlsruhe
         Germany

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

The Debtor can be reached at:

         Prodacon GmbH
         Attn: Thomas Leitner, Manager
         Kutscherweg 35
         75196 Remchingen
         Germany


RHEIN-MAIN-IMMO GRUNDBESITZ: Claims Registration Ends June 30
-------------------------------------------------------------
Creditors of Rhein-Main-Immo Grundbesitz-Projektierungs- und
Vermittlungsgesellschaft mbH have until June 30, 2008 to
register their claims with court-appointed insolvency manager
Petra Heidenfelder.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 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 Bad Homburg v.d. Hoehe
         Room E36
         Auf der Steinkaut 10-12
         61352 Bad Homburg v.d. Hoehe
         Germany

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

The insolvency manager can be reached at:

         Petra Heidenfelder
         Bleichstr. 2-4
         60313 Frankfurt am Main
         Germany
         Tel: 069/9130920

The District Court of Bad Homburg v.d. Hoehe opened bankruptcy
proceedings against Rhein-Main-Immo Grundbesitz-Projektierungs-
und Vermittlungsgesellschaft mbH on May 16, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Rhein-Main-Immo Grundbesitz-Projektierungs- und
         Vermittlungsgesellschaft mbH
         Kreuzgasse 22
         61250 Usingen
         Germany
         

SAPPI PAPIER: Moody's Downgrades Bonds' Ratings to Ba2
------------------------------------------------------
Moody's Investors Service downgraded to Ba2 from Ba1 the
corporate family rating of Sappi Ltd and to Ba2 from Ba1 two
debt instrument ratings of Sappi Papier Holding GmbH, the
US$500m global bonds 2012 and the US$250m global bonds 2032.  
The outlook is stable.

This concludes the ratings under review process that Moody's
initiated on May 7, 2008.

The decision to place the ratings under review for possible
downgrade was prompted by a slower pace of improving metrics.

For the rating to be maintained at Ba1 Moody's had expected
Sappi's metrics to be on a positive trajectory so that levels of
retained cash flow (RCF) to net debt would be notably above 20%
(FYE 2007: 12.5%), RCF minus capital expenditures to debt would
reach double digit percentage levels (-1.3%) and return on
assets (EBITDA/average assets) would be above 7% by mid 2008
(5.6%), levels that Sappi has not attained.  The review focused
on (i) the extent of positive contribution of the nearly
concluded Saiccor project, (ii) the sustainability of profit
improvements in the North American operations shown in the first
quarter of 2008 and (iii) the prospects for a major recovery in
its European operations.  Moody's also assessed the strength of
Sappi's liquidity profile against certain potential cash calls.
Refinancing of its EUR600 million revolving facility and other
major debt repayments do not occur before 2010 and 2011
respectively.  However, Moody's notes a potential cash call from
the receivable securitization program may arise, which would be
backed by Sappi's main revolver.

Moody's concluded that in spite of (i) the expected positive
contribution from the expansion of its chemical cellulose
operations at Sappi's Saiccor plant and (ii) the positive price
momentum in North America that (iii) the overall improvement is
not sufficient to mitigate the sluggish industry and operating
environment of its European operations that account for nearly
40% of its sales. Sappi's reported group operating performance
in the first fiscal half of 2008 improved against the same
period last year.  However, Sappi's core fine paper operations
in Europe and North America, accounting for more than 70% of
sales, remain weak with an operating margin of 3.5% (vs. 1.5% in
H1 2007).  A number of factors, foremost input cost inflation
and continued weak pricing because of overcapacities, add
pressure particularly in Europe.

The stable outlook reflects the view that the Ba2 rating
incorporates headroom against a further potential weakening.

These rating changes were made:

Downgrades:

Issuer: Sappi Limited

   -- Corporate Family Rating, Downgraded to Ba2 from Ba1

Issuer: Sappi Papier Holding GmbH

   -- Probability of Default Rating, Downgraded to Ba2 from Ba1

   -- Senior Unsecured Regular Bond/Debenture, Downgraded to a
      range of Ba2, LGD4, 59% from a range of Ba1, LGD4, 53%

Outlook Actions:

Issuer: Sappi Limited

   -- Outlook, Changed To Stable From Rating Under Review

Issuer: Sappi Papier Holding GmbH

   -- Outlook, Changed To Stable From Rating Under Review

Sappi Ltd. domiciled in Johannesburg, South Africa, is a leading
global producer of coated fine paper and dissolving pulp with
consolidated group sales of FYE 2007 (ending September) of USD
5.3 billion.  Sappi Papier Holding GmbH is the holding company
for Sappi's international paper operations outside of South
Africa and accounts for approximately three quarters of sales
and net operating assets of the group.


STEINMANN GMBH: Claims Registration Period Ends June 30
-------------------------------------------------------
Creditors of Steinmann GmbH have until June 30, 2008, to
register their claims with court-appointed insolvency manager
Dr. Reinhard Th. Schmid.

Creditors and other interested parties are encouraged to attend
the meeting at 8:00 a.m. on July 31, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Stuttgart
         Room 4
         Hauffstr. 5
         70190 Stuttgart
         Germany

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

The insolvency manager can be reached at:

         Dr. Reinhard Th. Schmid
         Hasenbergsteige 5
         70178 Stuttgart
         Germany
         Tel: 0711/66 90 70
         Fax: 0711/66 45 068

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

The Debtor can be reached at:

         Steinmann GmbH
         Attn: Frank Steinmann, Manager
         Arnulf-Klett-Platz 3
         70173 Stuttgart
         Germany


STUTZINGER & COMPANY: Claims Registration Period Ends June 30
-------------------------------------------------------------
Creditors of Stutzinger & Company Projektenwicklungs-
gesellschaft mbH have until June 30, 2008, to register their
claims with court-appointed insolvency manager Michael Bremen.

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

The meeting of creditors will be held at:

         The District Court of Duesseldorf
         Meeting Hall A 341
         Fourth Floor
         Muehlenstrasse 34
         40213 Duesseldorf
         Germany

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

The insolvency manager can be reached at:

         Michael Bremen
         Sternstr. 58
         40479 DuesseldorfForderungen
         Germany

The District Court of Duesseldorf opened bankruptcy proceedings
against Stutzinger & Company Projektentwicklungsgesellschaft mbH
on May 28, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         Stutzinger & Company
         Projektentwicklungsgesellschaft mbH
         Rathausufer 10
         40213 Duesseldorf
         Germany

         Attn: Heiko Maximo Stutzinger, Manager
         Schillerstrasse 2
         40237 Duesseldorf
         Germany


VAC FINANZIERUNG: Moody's Holds Rating but Says Outlook is Neg.
---------------------------------------------------------------
Moody's Investors Service affirmed the B2 corporate family
rating of VAC Finanzierung GmbH, the ultimate holding company of
Vacuumschmelze GmbH & Co. KG and the B3 rating on the senior
secured notes.  However, the outlook on the ratings was changed
from stable to negative.

"The rating affirmation recognises VAC's continued improvements
in operating performance and leverage metrics since the
leveraged buyout in 2006, as a result of organic growth, the
pass-through of rising raw material prices supporting top-line
growth, as well as the cost savings partially achieved with
improvements in the production network", says Christian Hendker,
lead analyst for VAC at Moody's Frankfurt office.  The B2
corporate family rating for VAC is based on Moody's expectation
that the company will continue to enhance its performance and
improve credit metrics to ensure a more solid positioning in the
B2 rating category in light of its highly leveraged capital
structure.

"The rating outlook change to negative reflects Moody's view
that the company has fallen slightly behind its original
business plan with regard to target leverage metrics and could
be challenged to achieve further improvements in its credit
profile in the short term," Mr. Hendker explains.  These
challenges comprise (1) the weaker top-line development in Q1
2008 (when excluding the impact of the recent acquisition of
Neorem) triggered by lower demand levels in certain market
segments and uncertainties about the general macroeconomic
outlook; (2) to manage the volatility in key raw materials
prices (e.g. Nickel, Cobalt) and working capital requirements;
and (3) to maintain sufficient headroom under the financial
covenants of its senior credit facilities, which are stepping up
in line with the original business plan.

Moody's recognizes that the company's liquidity position is
currently adequate, considering EUR26 million of on-balance-
sheet cash, an expectation of positive, or at least break-even
free cash flow and marginal near term debt maturities, though
rising raw material prices may raise working capital
requirements, then reducing the availability under the reliable
liquidity sources.  VAC's EUR40 million liquidity facility,
which was essentially unused at end of March 2008, and its
senior credit facilities (term loans and revolving credit)
contain a set of financial covenants as event of default.  
Currently, we estimate the headroom under the tightest financial
covenant at over 20%.  However, the covenant levels are stepping
up expecting a sustained improvement in profitability and debt
reduction, therefore VAC needs to further improve its operating
performance to avoid a covenant violation.

The B2 corporate family rating for VAC reflects (1) the group's
solid market positioning as an integrated manufacturer of
magnetic products; (2) good profitability levels as evidenced by
an EBITA Margin of 12.8% in 2007; (3) broad customer
diversification across various industries, with longstanding and
sole supplier relationships with key customers; (4) good
segmental diversification with solid end-user diversity.

According to Moody's, the rating is constrained by (1) its
highly leveraged capital structure, reflected in Debt to EBITDA
of 6.1x in 2007; (2) the relatively weak cash generation metrics
for the B2 rating category, as evidenced by the 2007 RCF to Net
debt of 7.5%, which is somewhat mitigated by positive free cash
flows in 2007; (3) the small absolute scale of the group,
evidenced by revenues of around EUR342 million in 2007 and a
lack of regional diversity due to VAC's revenue concentration on
Europe; (4) partial protection against price fluctuations in raw
material costs provided by a concentrated supplier base for
nickel and cobalt.

Moody's may change the negative rating outlook back to stable
within the next 12 to 18 months if (1) the company proves to be
successful in further enhancing its profitability levels,
generates positive free cash flows and improves credit metrics,
with debt to EBITDA trending towards 5.5x and EBITA to Interest
expense towards 2.0x; and (2) preserves its solid liquidity
cushion and maintains a solid headroom in line with the
financial covenants of its senior credit facility.

Moody's cautions that the ratings could be downgraded over the
next couple of quarters in case of (1) the inability to improve
credit metrics further, notably if debt to EBITDA remains above
6.0x and EBITA to Interest Expense does not materially improve
above 1.5x; (2) an erosion of operating performance resulting in
negative free cash flows driving an erosion of the company's
liquidity position; or (3) a breach of financial covenants that
is not waived within the cure period.

Outlook Actions:

Issuer: VAC Finanzierung GmbH

    -- Outlook, Changed To Negative From Stable

The LGD assessment for the senior secured notes was changed from
LGD 4, 58% to LGD 4, 65%, following the arrangement of EUR 23
million term loan C for the acquisition of Neorem.

Headquartered in Hanau, Germany, Vacuumschmelze GmbH & Co KG
specialises in high-end magnetic materials, offering engineering
solutions, parts, components, modules and assembly to nine
principal market segments.  For the year-end 2007, the company
generated revenues of EUR 342 million.


WBEUMZUG GMBH: Claims Registration Period Ends June 28
------------------------------------------------------
Creditors of wbeumzug GmbH have until June 28, 2008, to register
their claims with court-appointed insolvency manager Bjoern
Gehde.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on Aug. 27, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Bjoern Gehde
         Goethestr. 85
         10623 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against wbeumzug GmbH on March 26, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         wbeumzug GmbH
         Gartenfelder Str. 29-37
         13599 Berlin
         Germany


WESTLB AG: Posts EUR1.021 billion in Pretax Profit for Q1 2008
--------------------------------------------------------------
WestLB AG reported EUR1.021 million in profit before income tax
in the first three months of 2008.  

The ring-fencing of approximately EUR23 billion in structured
securities portfolios as part of the risk shield established by
the owners was the dominant factor shaping the income statement
for the first quarter.  The sale of these securities to a
special purpose vehicle which will operate independently of the
Bank resulted in a total gain of EUR947 million.  This gain
enabled the Bank to absorb most of the related losses reported
in the 2007 annual financial statements.

Adjusted for the gain arising from this ring-fencing, WestLB's
profit before income tax for the period totaled EUR74 million,
down EUR60 million from a year earlier.  In particular, effects
from the de-consolidation of various structured investment
vehicles, as well as continued success in substantial cost
savings, contributed to this result.  The risk shield helped
shore up the capital base.  Operating income, by contrast,
softened on an adjusted basis amid the turmoil spawned by the
financial markets' crisis.

"The market upheaval has left its mark on many a balance sheet,
and WestLB's is no exception," Heinz Hilgert, Chairman of
WestLB’s Managing Board.  "The risk shield has allowed us to
regain the necessary footing to ensure our future viability from
within.  We will act on this opportunity with firm resolve."

             Income Sags in Response to Market Woes

Net interest income, at EUR162 million, was EUR47 million below
the previous year's level predominantly because of the
challenging market conditions and resulting increase in the
costs of supplying liquidity.

The impairment charge for credit losses stood at EUR57 million
(Q1 2007: EUR34 million), with allocations of EUR120 million
offsetting the reversal of EUR63 million in charges previously
taken on commitments ring-fenced in the special purpose vehicle.

Net fee and commission income, which slid from EUR127 million to
EUR83 million, was particularly hard hit by the financial
markets' crisis.  Lower fee and commission income in the lending
and syndicated lending business as well as securities and
deposit business fueled the decrease.  Income from payment
transactions grew.

The net trading result totaled EUR811 million, following EUR123
million for the same period a year ago.  The EUR774 million of
the ring-fence gain reflected in the net trading result drove
this sharp increase.  Some EUR160 million in positive effects
from measurement mismatches in connection with the application
of IAS 39 also contributed by more than offsetting the
EUR127 million in valuation losses on structured securities
portfolios still held by the Bank.

The result from financial investments stood at EUR106 million
(Q1 2007: EUR28 million), a figure shaped by the EUR110 million
gain notched on the transfer of available-for-sale securities
positions to the independent special purpose vehicle.

                 Cost Basis Improves Considerably

Administrative expenses fell considerably, down EUR55 million to
EUR363 million.  Some EUR34 million of this amount represents
savings in personnel expenses, which decreased largely because
of lower non-linear salary components.  The number of full-time
employees dropped by 37 to 6,110.  Other administrative expenses
were down a total of EUR25 million from the year before, chiefly
because of the success in streamlining processes.  The figure
for depreciation and amortization of property, equipment and
intangible assets rose slightly, up from EUR14 million to
EUR18 million.

The net figure for other operating income and expense amounted
to EUR279 million, which corresponds to an improvement of
EUR248 million from a year ago.  This amount reflects in
particular effects from the deconsolidation of various
structured investment vehicles in connection with the risk
shield.

The market turmoil drove the results in nearly every business
line of the segments.  The profit before income tax plunged to
-EUR11 million (Q1 2007: EUR115 million) in the Corporates &
Sparkassen segment and to -EUR378 million (Q1 2007: EUR88
million) in the Capital Markets segment.  

The decrease in acquisition finance triggered by the crisis in
the financial markets, higher impairment charges for credit
losses and valuation losses resulting from the widening credit
spread factored heavily into these drops.  Favorable
developments in the interest markets, gains on the valuation of
credit derivatives and higher income on retail business in
interest rate derivatives provided a modicum of relief.

The operating results in the area of Sparkassen and private
clients held steady with their year-earlier levels.  Earnings in
the Asset Liability Management segment increased by
EUR263 million to EUR289 million compared to the same period a
year ago.  This increase is attributable to roughly
EUR160 million in measurement mismatches (resulting from the
application of IAS 39) as well as sharply higher income from the
treasury business.

           Equity up EUR1.1 billion to EUR5.5 billion

WestLB Group's total assets were below their level as of
Dec. 31, 2007, decreasing by EUR1.5 billion to EUR285 billion.  
The risk shield represents the predominant reason for the vast
majority of changes in the balance sheet structure.  

The volume of loans and advances increased by EUR21 billion to
EUR113.6 billion, while trading assets decreased by
EUR13.5 billion to EUR79.8 billion and financial investments
decreased by EUR7.4 billion to EUR14.5 billion.  

On the refinancing side, liabilities to customers and banks
inched higher, up a combined EUR3.3 billion to EUR55.2 billion.
Certificated liabilities, by contrast, dropped, down EUR6.5
billion to EUR36.5 billion, most notably because of repayments
and changes in the scope of consolidation.  Financial
liabilities designated at fair value increased by EUR3.7 billion
to EUR75.6 billion, while liabilities under repurchase
agreements decreased by EUR3.8 billion to EUR50.5 billion.
Equity rose from EUR4.4 billion to EUR5.5 billion.

March 31, 2008, marked the first time WestLB calculated its
risk-weighted assets exclusively in accordance with the
provisions of Germany's new Solvency Regulation (SolvV).

The volume of risk-weighted assets under the SolvV totaled
EUR88.5 billion, which represents a decrease of EUR15.8 billion
from the amount reported under BIS guidelines as of Dec. 31,
2007.  The overall ratio increased to 10.1% from 8.6%, and the
core capital ratio increased to 6.1% from 5.6%.  The impact of
the ring-fence gain, which increased core capital, is not yet
reflected in the latter.  Moreover, the volume of risk-weighted
assets will drop if, as planned, the senior notes receive an
external rating during the second phase of the risk shield's
implementation; this would -– ceteris paribus -- improve the
core capital ratio even further.

Substantial progress made regarding the detailed planning of the
restructuring process -– international network will be
optimized.

The European Commission approved the risk shield on
April 30, 2008, on the condition that WestLB present a
restructuring plan by Aug. 8, 2008.  The key points of the
restructuring and realignment of the business model are in
place, and WestLB is working tirelessly to cement the plan’s
details.

The goal of the restructuring is to create a business model
which will provide WestLB with a sustainable basis for its
future development.

"WestLB has a strong, successful core which we will
systematically build upon and enhance.  As we concentrate on our
core activities, we will continue to achieve dramatic reductions
in our costs.  We will also focus more than ever on positioning
WestLB as a service bank with strong ties to the partner savings
banks," explained Mr. Hilgert.

One measure the Bank has already undertaken is a series of
changes designed to make best use of its global network of
branches, subsidiaries and offices.  The Bank will close its
branch in Tokyo as well as its representative offices in
Beijing, Seoul, Buenos Aires and Prague.  It will also shut down
the Tokyo branch of WestLB Securities Pacific Limited, a
subsidiary headquartered in Hong Kong which will also be closed.

WestLB will provide its clients with a strategic solution
regarding the transportation business in Japan.  Westdeutsche
ImmobilienBank AG will maintain its presence in Tokyo as a
specialty finance bank, and WestLB will consider a number of
strategic options for its Budapest subsidiary, WestLB Hungaria
ZRt.  The remaining 23 branches, subsidiaries and offices
worldwide will stay open for business, with some undergoing
adjustments based on the new strategic direction.  The New York
and London branches will continue to play a central role in the
global network of the Bank.

WestLB will reduce the front and back-office costs of its
individual locations on a sustainable basis by consolidating
tasks within the regions.  "One of our main objectives in this
regard was to safeguard the Bank's international expertise and
to continue to serve our customers in all regions of the world,"
Mr. Hilgert added.  

The German desks will remain fully intact as central go-to
points, especially for the savings banks and mid-cap customers.

                             Outlook

"We are embarking on the necessary process of restructuring and
taking steps to further strengthen our business model in what
continues to be a very challenging market environment," observed
Mr. Hilgert.  The restructuring will have an adverse impact on
our results for this year, but, based on our current assessment,
we still expect to report a positive result for the whole of
2008."


                           About WestLB

Hearquartered in Duesseldorf, Germany, WestLB AG (DAX:WESTLB)
-- http://www.westlb.com/-- provides financial advisory,
lending, structured finance, project finance, capital markets
and private equity products, asset management, transaction
services and real estate finance to institutions.

In the United States, certain securities, trading, brokerage and
advisory services are provided by WestLB AG's wholly owned
subsidiary WestLB Securities Inc., a registered broker-dealer
and member of the NASD and SIPC.

WestLB's shareholders are the two savings banks associations in
NRW (25.15% each), two regional associations (0.52% each), the
state of NRW (17.47%) and NRW.BANK (31.18%), which is owned by
NRW (64.7%) and two regional associations (35.3%).

                          *     *     *

West LB AG continues to carry Fitch's 'F' Individual Rating.  
The rating was previously at 'D/E' and was downgraded by Fitch
to its current level in January 2008.


WORLD OF TODAY: Claims Registration Period Ends June 28
-------------------------------------------------------
Creditors of world of today volume one gmbh have until
June 28, 2008, to register their claims with court-appointed
insolvency manager Ralf Sinz.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on July 28, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

The insolvency manager can be reached at:

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

The District Court of Cologne opened bankruptcy proceedings
against world of today volume one gmbh on April 16, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         world of today volume one gmbh
         Attn: Katy Karrenbauer, Manager
         Mainzer Str. 58
         50678 Cologne
         Germany


WUNSCHHAUS MASSIVBAU: Claims Registration Period Ends June 27
-------------------------------------------------------------
Creditors of Wunschhaus Massivbau GmbH have until June 27, 2008,
to register their claims with court-appointed insolvency manager
Steffen Zerkaulen.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on July 16, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Ansbach
         Meeting Room 5
         First Floor
         Promenade 8
         91522 Ansbach
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Steffen Zerkaulen
         Willy-Brandt-Platz 1
         Erfurter Hof
         99084 Erfurt
         Germany
         Tel: 0361/3436-112
         Fax: 0361/3436-200

The District Court of Ansbach opened bankruptcy proceedings
against Wunschhaus Massivbau GmbH on April 29, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Wunschhaus Massivbau GmbH
         Wuerzburger Landstr. 32
         91522 Ansbach
         Germany


XLNT MARKETING: Claims Registration Period Ends June 28
-------------------------------------------------------
Creditors of XLNT marketing Deutschland GmbH have until
June 28, 2008, to register their claims with court-appointed
insolvency manager Norbert Weber.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on July 28, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

         Norbert Weber
         Richmodstr. 6
         50667 Cologne
         Germany

The District Court of Cologne opened bankruptcy proceedings
against XLNT marketing Deutschland GmbH on April 16, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         XLNT marketing Deutschland GmbH
         Attn: Michel Gerdin, Manager
         Domstr. 55-73
         50668 Cologne
         Germany


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


ARDAGH GLASS: Moody's Affirms B2 Corporate Family Rating
--------------------------------------------------------
Moody's Investors Service changed the outlook to positive from
stable and affirmed Ardagh Glass Group's corporate family rating
at B2.

"The positive outlook reflects Moody's expectation that Ardagh
can sustain the strong turnaround recorded in 2007 and further
improve profitability and credit metrics in 2008 and beyond"
said Rainer Neidnig, lead analyst at Moody's for Ardagh.  "This
action is in particular based on our view that Ardagh will
continue to benefit from an ongoing balanced supply and demand
situation for glass containers in Europe, the successful
integration of the Rexam activities acquired in 2007 and a
recently initiated efficiency enhancement program."

Ardagh's key credit metrics improved markedly over the course of
2007 following a period of depressed profitability in 2005 and
2006 when excess capacities, mainly in the UK market, resulted
in a difficult pricing environment that did not allow passing on
rising energy costs to customers.  Main reason for the
improvement in 2007 were substantial capacity curtailments
across Europe over the last two years that re-balanced the
supply/demand situation, solid market growth as well as Ardagh's
active mix management with a focus to restore pricing.  As
Moody's does not expect major capacity additions in Europe in
the nearer future, Moody's believes Ardagh will be able to
further improve its earnings and cash flow through optimizing
its operating footprint and an ongoing focus on cost management.

Ardagh's rating also takes into account risks from rising input
costs, mainly for energy and raw materials like soda ash which
could potentially impact profit generation, a still weak
financial profile with high leverage, high capex requirements
for growth projects and efficiency improvements, as well as a
high customer concentration.

The rating could come under further upward pressure over the
next six to twelve months should Ardagh manage to increase its
profitability on a sustainable basis to EBIT/EBITDA margins
trending towards 10%/20%, reduce leverage towards 5x Debt/EBITDA
and bring EBIT/Interest expense above 1.5x.

Ardagh Glass Group Plc, registered in Ireland, is a leading
supplier of glass containers in the food and beverage segments
in Northern Europe and is the third largest supplier of glass
containers in Europe.  In June 2007 Ardagh acquired Rexam's
remaining European glass activities for about EUR660 million.
Pro forma the acquisition, Ardagh would have recorded sales of
EUR1,356 million in fiscal year 2007.


HOWLEY CIVIL: Requires New Equity Injection to Survive
------------------------------------------------------
Howley Civil Engineering Ltd.'s interim examiner, Brian McEnery
of Horwath Bastow Charleton, stressed the need for an injection
of new equity into the business for it to survive, Nicola Cooke
writes for the Post.ie.

According to the report, Mr. McEnery believed that Howley's
examinership process would "give them some breathing space and a
chance to develop building blocks to preserve their assets."  
Mr. McEnery is hopeful that he could secure a turnaround of
Howley's finances.

Ireland's High Court ruled that the company was insolvent after
being affected by the slowdown in the construction sector and
incurring additional costs on projects, Post.ie relates.

The company owed equipment firm Caterpillar EUR5.5 million and
AIB Finance EUR3 million, Post.ie said.

At end of June 2006, Post.ie relates, Howley posted EUR37
million turnover, had retained profits of EUR7.9 million and had
net debt of EUR7.2 million.

Headquartered in Rossmore, Ireland, Howley Civil Engineering
Ltd. -- http://www.howley.ie/aboutus/-- is a subcontractor for  
plant and equipment.  The company was set up in 1993 to carry on
the business of plant hire.  Initially the company specialized
in plant hire to the civil engineering and building industry,
successfully trading while re-investing the profits in
additional items of plant where the need for particular types of
equipment was identified.


SMURFIT KAPPA: Moody's Revises Outlook on Ba3 Rating to Positive
----------------------------------------------------------------
Moody's Investors Service changed the outlook to positive from
stable on Smurfit Kappa Group's Ba3 Corporate Family Rating.

"The change in outlook was prompted by SKG's strengthened
financial profile.  This is a result of recent price increases
in excess of input cost inflation, mainly in recovered fiber and
energy, as well as synergies from the 2005 merger of Jefferson
Smurfit and Kappa, which both have helped to strengthen credit
metrics as improved free cash flows in addition to disposal
proceeds have largely been applied to a further reduction of
debt," explains Martin Kohlhase, a Moody's Assistant Vice
President and lead analyst for the paper and forest product
companies in EMEA.

The rating agency says that the weakening macroeconomic climate,
particularly in Western Europe, which is Smurfit Kappa's
stronghold, remains a potential threat to the company's
performance.  However, if, after a series of capacity additions,
the industry sensibly adjusts capacities and if Smurfit Kappa's
financial profile proves to be resilient against a potentially
softer macroeconomic environment, Moody's could upgrade the
rating to Ba2 over the course of 2009.  The change of outlook to
positive reflects this possible rating migration.  Management's
ongoing commitment to reduce leverage and its effort to realize
efficiency gains have also resulted in upward pressure on the
rating and Moody's expects this to continue to support any
uplift to Ba2.

The Ba3 CFR reflects SKG's leading market positions in Europe
and Latin America, the integrated containerboard and corrugated
operations, an experienced management team as well as lower
absolute and relative debt levels.  Even after the repayment of
debt from EUR1.4 billion net proceeds following the stock market
listing (IPO) in March 2007, SKG has repaid debt, including the
pro-forma proceeds from the recently announced sale of its
investment in Duropack, bringing pro forma Debt/EBITDA leverage
down to 4.2x at 31 March 2008 against 7.6x at 31 December 2006,
the quarter prior to the IPO.  Moody's notes the solid free cash
flow generation in 2007 and the debt maturity profile, which is
characterized by EUR 100 million short-term roll-over debt and
no major loan/bond repayments before 2012.  Both factors are
comforting SKG's liquidity profile.

At the same time, however, the rating also considers the
cyclical nature of the industry and its highly competitive
nature, leaving little room for differentiation given the
commodity character of large parts of SKG's product portfolio,
the adverse impact from potentially further rising raw material
costs on profitability and cash flow generation as well as
imports from North American impacting supply and demand balances
in Europe.

These debt instruments were affected by the rating change:

Downgrades:

Issuer: Smurfit Kappa Treasury Funding Limited

    -- Senior Unsecured Regular Bond/Debenture, Downgraded to
       LGD3, 41% from LGD3, 39%

Outlook Actions:

Issuer: Smurfit Kappa Funding plc

    -- Outlook, Changed To Positive From Stable

Issuer: Smurfit Kappa Group plc

    -- Outlook, Changed To Positive From Stable

Issuer: Smurfit Kappa Treasury Funding Limited

    -- Outlook, Changed To Positive From Stable

Smurfit Kappa Group plc is Europe's leading manufacturer of
containerboard and corrugated containers as well as specialty
packaging, which includes, for example, bag-in-box packaging of
liquids such as water or wine.  The group holds also leading
positions for its major product lines in South America. In 2007,
SKG reported EUR7.3 billion of revenues and employed about
41,500 staff globally.


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


ALITALIA SPA: Passenger Bookings Recoup After April Decline
-----------------------------------------------------------
Alitalia S.p.A.'s passenger bookings had recovered in recent
weeks following a sharp decline in April 2008, various reports
say.

Alitalia said passenger bookings decline 20% in April after Air
France-KLM SA withdrew its takeover offer for the Italian
government's 49.9% in the carrier; mainly due to fears of the
company going bankrupt, Reuters reports.

Alitalia said the recovery in bookings means that a decline in
traffic would be greater than its scheduled flight cuts,
Bloomberg News relates.

The carrier's passenger traffic declined 26% in April 2008,
Bloomberg News cites data from the Association of European
Airlines.  The company said the decline was worse than expected
from service cuts.

Intesa Sanpaolo SpA, picked by the Italian government as adviser
for a fresh attempt to sell Alitalia, has began a review of the
business and is evaluating options, the carrier said.

                         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.


FIAT SPA: Serbian Alliance to Start Operations in Third Quarter
---------------------------------------------------------------
A new company set up by Fiat SpA and the Serbian government is
set to start operating in the third quarter of this year,
Thomson Financial reports citing Corriere della Sera.  

Fiat CEO Sergio Marchionne told Thomson Financial the group just
signed an agreement with Serbian President Boris Tadic, giving  
industrial activities the go-ahead.

Fiat, Thomson Financial relates, signed a memorandum of
understanding with the Serbian government at the end of April to
establish the new company.

Under the MOU, Thomson Financial adds, Fiat will hold a 70%
stake in the new company, which will invest EUR700 million at
the Zastava plant.

Fiat, however, decided to drop plans to enter a similar
agreement at the Termini Imerese plant in Sicily, citing public
authorities and infrastructure issues.

"We have tried a similar agreement at Termini Imerese (the
Sicily plant) to lift production to 200,000 units from 80,000.  
But in a year, we have not found the basis for an agreement,"
Mr. Marchionne was quoted by Thomson Financial as saying.

Based in Turin, Italy, Fiat SpA -- http://www.fiatgroup.com/--
designs, manufactures, and sells automobiles, trucks, wheel
loaders, excavators, telehandlers, tractors and combine
harvesters.  Outside Europe, the company has subsidiaries in the
United States, Japan, India, China, Mexico, Brazil and
Argentina, among others.

                         *     *     *

The company also carries Standard & Poor's Ratings Services' BB
long-term corporate credit rating.  The company also carries B
short-term rating.  S&P said the outlook is stable.


HUGHES NETWORK: S&P Keeps B Rating; Outlook Revised To Positive
---------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Germantown, Md.-based satellite services provider Hughes Network
Systems LLC to positive from stable.  At the same time, S&P
affirmed all ratings, including the 'B' corporate credit rating,
on the company.

Hughes is the leading provider of very small aperture terminal
satellite networking services to domestic and international
enterprises, small and midsize businesses, and consumers.

"The outlook change reflects the successful public-equity
offering by parent Hughes Communications Inc. on May 28, 2008,"
said Standard & Poor's credit analyst Naveen Sarma, "which
raised proceeds of US$95 million for the parent."  

When S&P revised the outlook to stable from negative back on
April 11, 2008,  S&P stated that the ratings and outlook
incorporated the potential for additional debt issuances to
finance either the construction or acquisition of a new
satellite.  Hence, S&P had expected adjusted leverage to
temporarily spike to near the 6x level, but then moderate toward
a more appropriate mid-5x level.

"We believe the recently completed equity offering eliminates
the need for this additional debt and we therefore now expect
leverage to decline from 5.2x as of March 31, 2008, toward the
mid-4x range by the end of 2008," added Mr. Sarma.


* Fitch Says Italy's Proposed Windfall Tax Could Undermine Plans
----------------------------------------------------------------
Fitch Ratings has said that the Italian government's proposed
windfall tax on oil companies may undermine the sector's
investment plans and put pressure on free cash flow generation
prospects in an environment of spiraling cost inflation.

With the proposed tax, already dubbed the 'Robin Hood Tax', the
government pretends to restore household purchasing power by
redistributing a levy on what it considers 'profit rich' energy
companies that benefited from a high oil price environment over
the past 12 months in favor of end consumers suffering from
rising fuel prices.

While the mechanics of the fiscal redistribution are not yet
entirely clear and details of the windfall tax feature still
need to be defined, the effectiveness of these types of measures
is often curbed by energy companies' efforts to pass-through
additional tax charges to end-users.

However, "if such efforts are not successful and companies end
up having to internalize related costs, the cash flow impact of
the extra tax might limit the ability of energy companies to
fund their investment plans, which will have negative
consequences for security of supply in an environment of
increasing international oil demand and growing difficulties to
replace reserves," says Francesca Fraulo, Director, Energy,
Utilities and Regulation in Fitch's Milan office.

Fitch expects that further elaboration and possible
implementation of the current proposal will be delayed due to
fierce opposition from companies.  However, the Italian
initiative and similar developments faced by the sector in
developed and developing economies across the globe create
uncertainty and is another painful reminder of the exposure of
energy company credit profiles to political risk.  In this
context, Fitch notes the attention and consideration that the
Italian proposal attracted during last week's European Union
Ministry of Finance meeting.

The agency will continue to monitor this and other proposals and
will comment on their possible credit implications when
information is available.


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


ALMATY STROY: Creditors Must File Claims by July 18
---------------------------------------------------  
LLP Corporation Almaty Stroy Capital has declared insolvency.
Creditors have until July 18, 2008, to submit written proofs of
claims to:

         LLP Corporation Almaty Stroy Capital
         Micro District Koktem-2, 2
         Bostandyksky
         Almaty
         Kazakhstan


DESIGN STROY: Claims Deadline Slated for July 22
------------------------------------------------  
The Specialized Inter-Regional Economic Court of Karaganda has
declared LLP Design Stroy Project insolvent.

Creditors have until July 22, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Karaganda
         Jambyl Str. 9
         Karaganda
         Kazakhstan


DESIGN-STROY SERVICE: Claims Filing Period Ends July 22
-------------------------------------------------------  
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Design-Stroy Service insolvent.

Creditors have until July 22, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Akmola
         Room 208
         Auelbekov Str. 139a
         Kokshetau
         Akmola
         Kazakhstan
         Tel: 8 (7162) 40-17-08


ECO AGRO: Creditors' Claims Due on July 22
------------------------------------------  
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Eco Agro Prom Project insolvent.

Creditors have until July 22, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Akmola
         Room 208
         Auelbekov Str. 139a
         Kokshetau
         Akmola
         Kazakhstan
         Tel: 8 (7162) 40-17-08


ENERGO PROM: Claims Registration Ends July 22
---------------------------------------------  
The Specialized Inter-Regional Economic Court of Karaganda has
declared LLP Energo Prom Resourse insolvent.

Creditors have until July 22, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Karaganda
         Jambyl Str. 9
         Karaganda
         Kazakhstan


GENERAL GROUP: Creditors Must File Claims by July 18
----------------------------------------------------  
LLP General Group Service has declared insolvency.  Creditors
have until July 18, 2008, to submit written proofs of claims to:

         LLP General Group Service
         Office 3
         Titov Str. 30
         Otegen Batyr
         Ilyisky District
         Almaty
         Kazakhstan


LIMITED LOVES: Claims Deadline Slated for July 16
-------------------------------------------------  
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Limited Loves insolvent.

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

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


PARITET LLP: Claims Filing Period Ends July 16
----------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Construction Concern Paritet insolvent.

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

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


TRANSSERVICE LTD: Creditors' Claims Due on July 23
--------------------------------------------------  
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Firm Transservice Ltd. insolvent.

Creditors have until July 23, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Auezov Str. 64
         Almaty
         Kazakhstan
         Tel: 8 701 558 34-19


WIDE TRADE: Claims Registration Ends July 18
--------------------------------------------  
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Wide Trade insolvent.

Creditors have until July 18, 2008, to submit written proofs of
claims to:

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


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


ABA JOLDORU: Asset Sale Slated for June 24
------------------------------------------
The temporary insolvency manager of OJSC National Carrier Nap
Kyrgyzstan Aba Joldoru will open a public auction for the
airline's bankruptcy enterprise properties at 10:00 a.m. on
June 24, 2008 at:

         Ahunbaev Str. 184
         Bishkek
         Kyrgyzstan

The assets for sale include gliders, helicopters, air engines
and office equipment.

The starting price has been reduced by 75%.

Interested participants have until 5:00 p.m. on June 23, 2008 to
submit their bids and deposit guarantee payment equivalent to
10% of the starting price to:

         Ahunbaev Str. 184
         Bishkek
         Kyrgyzstan

Inquiries can be addressed to (+996 312) 54-80-73, 54-80-68, 54-
77-50, (0-555) 38-09-41, (0-555) 77-98-33, (0-772) 54-88-44.


DOSALKO LLC: Creditors' Meeting Slated for June 20
--------------------------------------------------
Creditors of LLC Dosalko will meet at 2:00 p.m. on June 20, 2008
at:

         LLC Dosalko
         Shop "Adilet"
         Kojomberdiev Street
         Karabalta
         Chui
         Kyrgyzstan

The Inter-District Court of Chui Region for Economic Issues
declared LLC Dosalko (Bankr. Case No. ED-747/07-?4-c5) declared
insolvent on March 11, 2008.  Subsequently, bankruptcy
proceedings were introduced at the company.

Abshakir Byimuzaev has been appointed temporary insolvency
manager.

Creditors must submit written proofs of claim and be registered
within seven days before the meeting with the temporary
insolvency manager.

Proxies must have authorization to vote.

Inquiries can be addressed to (0-555) 90-76-18.


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


LECTA SA: Moody's Cuts Rating to B1 and Says Outlook is Stable
--------------------------------------------------------------
Moody's Investors Service downgraded to B1 from Ba3 the
Corporate Family Rating for Lecta S.A. as well as the rating for
the EUR598 million Senior Secured Floating Rate Notes due 2014.  
The rating for the EUR150 million Senior Unsecured Floating Rate
Notes due 2014 was changed to B3 from B1.  Moody's changed the
outlook to stable.

This concludes the rating review process initiated on May 7,
2008.

Against a challenging industry environment and despite
management action to offset this pressure Lecta's key credit
metrics have not materially improved for the rating to be kept
at Ba3.  Moody's in February 2008 said that rating pressure
could build up were EBITDA margins trend below 10% (fiscal year
2007 end: 9.2%), Debt/EBITDA increase above 5x (6.2x) and
RCF/Debt weaken to below 10% (10.0%) if the pricing for coated
fine paper continues to be bleak, exacerbated by increasing
repatriation of exports from North America and leading to
increasing supply/demand imbalances.

Moody's concluded from its review process that the positive
effects from past and current internal actions have not been
sufficient to fully offset the pressure from the negative market
environment that includes ongoing repatriation from exports as
well as input cost inflation and the strong euro against the
U.S. dollar and the British pound.  Moody's has also observed
over recent weeks that major European coated fine paper
producers have announced temporary capacity closures in excess
of 400,000t on an annualized basis and fresh attempts to
implement much needed price increases.  Whilst this improves the
market balance these closures may not be sufficient to bring the
market into full balance and raise prices as much as targeted.
Estimates range between 600,000 and 1 million tonnes p.a. of
required permanent closures in order to align supply with
demand.

The rating outlook is stable.  Moody's believes that the B1
rating incorporates sufficient headroom to withstand any further
weakening of the operating environment assuming a constant
pricing environment.

These rating changes were made:

Downgrades:

Issuer: Lecta S.A.

    -- Probability of Default Rating, Downgraded to B1 from Ba3

    -- Corporate Family Rating, Downgraded to B1 from Ba3

    -- Senior Secured Regular Bond/Debenture, Downgraded to B1
       from Ba3

    -- Senior Unsecured Regular Bond/Debenture, Downgraded to a
       range of B3, LGD5, 80% from a range of B1, LGD5, 78%

Upgrades:

Issuer: Lecta S.A.

    -- Senior Secured Regular Bond/Debenture, Upgraded to LGD3,
       46% from LGD3, 47%

Outlook Actions:

Issuer: Lecta S.A.

    -- Outlook, Changed To Stable From Rating Under Review

Lecta S.A., with legal headquarters in Luxembourg, is among
Europe's leading coated fine paper manufacturers and has its
production facilities based in Spain, Italy and France.  The
company also has a specialty paper division and distribution
business in the Iberian market.  Lecta generated group sales of
EUR 1.5 billion in the fiscal year 2007 ending 31 December.


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


CORPORATE EXPRESS: Reaches Agreement with Staples
-------------------------------------------------
Staples, Inc. and its wholly owned subsidiary Staples
Acquisition B.V. said Wednesday that they have reached an
agreement with Corporate Express N.V. under which Corporate
Express unanimously recommends the all cash offer by Staples for
Corporate Express.  Staples' Board of Directors and Corporate
Express' Supervisory Board and Executive Board have all
unanimously approved the Offer.

Prior to the entering into this agreement, Staples Acquisition
purchased Corporate Express ordinary shares in a transaction
other than a regular on market transaction for a purchase price
of EUR9.25.  As a result of this purchase, upon settlement of
the Offer, Staples Acquisition will be liable to pay for all
Ordinary Shares that will be validly tendered under the Offer
the amount of EUR9.25 per Ordinary Share.  The enterprise value
of Corporate Express on the basis of this Offer is approximately
EUR 3.1 billion.

"We have tremendous respect for Corporate Express, and we know
they share our passion for outstanding customer service," said
Ron Sargent, Staples' chairman and CEO.  "Bringing together
these two great companies is a win for customers, employees and
shareholders, and I look forward to working with Peter Ventress
and his team."

"Staples is a terrific company with a strong track record of
consistent performance in our industry," said Peter Ventress,
Corporate Express' CEO.  "Ron Sargent and his team share our
values and our firm desire to create value for all our
stakeholders and in particular our customers and our employees.  
I look forward very much to working with Ron and his team over
the years to come, and am sure that this new combination will
bring numerous benefits to all our employees and customers."

"We believe that this offer is a good one for our shareholders
and we recommend it wholeheartedly.  I look forward now to
working in the coming period to ensure we continue delivering
value for all our stakeholders," Ventress added.

After settlement of the Offer, Peter Ventress will become
President, Staples International, a new position that will
oversee Staples' business outside of the U.S. and Canada, and
will report to Ron Sargent.  He will play a key part in managing
the integration of the two companies going forward.

          Benefits to Corporate Express Stakeholders

The Offer presents a number of benefits to Corporate Express
shareholders, as well as to its customers, employees, suppliers
and other stakeholders:

    -- The Offer provides a significant premium to Corporate
       Express' unaffected share price.

    -- Staples anticipates there will be attractive career
       opportunities for employees at the combined company.

    -- The combined company will better serve customers of both
       companies.  Customers will benefit from expanded product
       and service offerings, improved distribution
       capabilities, shared best practices and an efficient cost
       structure.

                Strategic Rationale for the Combination

The combination of Staples and Corporate Express is expected to
create significant benefits for the combined company's
shareholders, customers, employees and other stakeholders,
establishing a contract business for Staples in Europe and
Canada, while fueling Staples' North American Delivery business
in the U.S., which is currently Staples' fastest growing and
most profitable business unit.  The combination will also extend
Staples' geographic reach to Australia and New Zealand.

This acquisition establishes Staples as the world's premier
provider of office products to businesses of all sizes.  The
companies' collective businesses, as of the end of each
company's 2007 fiscal year, had annual revenues of US$27 billion
with more than 94,000 associates serving customers in 28
countries.

Convertible Bonds, Preference Shares A and Senior Subordinated
Notes 2014 and 2015

    -- The all cash offer for the two percent Subordinated
       Convertible Bonds due 2010 of EUR1,332.15 per Bond
       remains unaltered.

    -- The all cash Offer for the Preference Shares A remains
       unaltered at EUR3.15 per Preference Share A.

    -- The holders of approximately 98.67 percent of the
       aggregate principal amount of the outstanding 2014 Notes
       and approximately 99.33% of the aggregate principal
       amount of the outstanding 2015 Notes previously tendered
       their Notes to Staples Acquisition and have consented to
       the proposed amendments to the indentures governing the
       2014 Notes and the 2015 Notes.

                    Corporate Governance

From the settlement date of the Offer, the Corporate Express
Executive Board will consist of Peter Ventress and Floris
Waller.  At the first shareholders' meeting after settlement,
certain additional persons designated by Staples or Staples
Acquisition will be nominated for appointment to the Executive
Board and certain additional persons designated by Staples or
Staples Acquisition will be nominated to the Supervisory Board.

            Termination of Proposed Lyreco Merger

Corporate Express has terminated its merger agreement with
Lyreco.

               Offer Memorandum Conditions

The offer conditions set out in section 6.5 of the Offer
Memorandum of May 19, 2008, as modified by the news release by
Staples and Staples Acquisition on June 3, 2008, remain
unchanged.

Stichting Preferente Aandelen Corporate Express has, subject to
the Offer being declared unconditional (gestand wordt gedaan),
for the benefit of Staples Acquisition irrevocably renounced its
rights under the call option agreement with Corporate Express.

                         Expected Timing

As detailed in the Offer Memorandum, the acceptance period of
the Offer ends on June 27, 2008 at 17.30 CET unless extended.  
Staples and Corporate Express expect settlement of the Offer to
take place in July 2008.

                  Transaction in Ordinary Shares

Prior to entering into the agreement with Corporate Express,
Staples Acquisition purchased 2,085,403 Ordinary Shares,
representing 1.1% of Corporate Express' outstanding ordinary
share capital based on ordinary shares outstanding as of
March 31, 2008, for a price of EUR9.25 per Ordinary Share in a
transaction other than a regular on market transaction.

Therefore, in accordance with Article 19 of the Dutch Decree on
Public Takeover Bids (Besluit openbare biedingen Wft), if the
Offer is declared unconditional, Staples Acquisition will be
required to pay (i) EUR9.25 per Ordinary Share validly tendered
into the Offer (or defectively tendered, provided such defect is
waived by Staples Acquisition) and (ii) EUR9.25 per ADS validly
tendered into the Offer (or defectively tendered, provided such
defect is waived by Staples Acquisition).

           Irrevocable Undertakings by Members of the
             Executive Board and Supervisory Board

As of the date hereof, Peter Ventress holds 44,887 Ordinary
Shares, Floris Waller holds 4,359 Ordinary Shares and Rob van
der Bergh holds 2,081 Ordinary Shares.  These persons have
irrevocably undertaken to tender their Ordinary Shares under the
same terms and conditions of the Offer, as described in the
Offer Memorandum.  As of the date hereof, no shares in Corporate
Express are held by any of the other members of the Supervisory
Board.

Following the additional Ordinary Share purchases and the
entering into of the irrevocable undertakings by members of the
Executive Board and Supervisory Board, the total number of
Ordinary Shares currently owned by Staples Acquisition is
24,541,668 representing 13.4% of Corporate Express' outstanding
ordinary share capital based on ordinary shares outstanding as
of March 31, 2008, and the number of Ordinary Shares currently
subject to irrevocable undertakings is 42,701,904 representing
23.3% of Corporate Express' outstanding ordinary share capital
based on ordinary shares outstanding as of March 31, 2008.

                   Financing of the Offer

Staples confirms that the funds available under the credit
agreement described in section 6.4 of the Offer Memorandum,
together with Staples' cash reserves and the funds available
under its existing revolving credit facility, remain sufficient
to finance the acquisition of Corporate Express.

                     About Staples

Staples, Inc. -- http://www.staples.com/-- (Nasdaq: SPLS) is an   
office products company.  With 76,000 talented associates, the
company is committed to making it easy to buy a wide range of
office products, including supplies, technology, furniture, and
business services.  With 2007 sales of US$19.4 billion, Staples
serves consumers and businesses ranging from home-based
businesses to Fortune 500 companies in 22 countries throughout
North and South America, Europe and Asia.  Headquartered outside
of Boston, Staples operates more than 2,000 office superstores
and also serves its customers through mail order catalog, e-
commerce and contract businesses.

                  About Corporate Express

Corporate Express NV -- http://www.corporateexpress.com/-- is   
supplies office products to businesses and institutions.  The
company has a widespread global proprietary distribution network
spanning Corporate Express America, Europe and Australia, with
approximately 18,000 employees working from more than 350
locations in 21 countries.  In 2007 the company generated sales
of EUR5.6 billion.


CORPORATE EXPRESS: Tells Shareholders to Accept Staples Deal
------------------------------------------------------------
Both the Executive Board and the Supervisory Board of Corporate
Express unanimously recommend shareholders to accept the
increased offer for its Ordinary Shares from Staples Inc. for
reasons amongst which include:

      * The EUR9.25 cash per Ordinary Share offer adequately
        values Corporate Express and represents a significant
        improvement over the initial proposal of EUR7.25 and
        offer of EUR8.00 per Ordinary Share respectively;

      * Corporate Express and Staples have agreed on a number of
        key issues with regard to strategy, employees and
        integration process;

      * The combined group will offer attractive career
        opportunities for Corporate Express employees in the
        enlarged group; and

      * Customers will benefit from an expanded and improved
        service.

Staples and Corporate Express will create the world's premier
provider of office products to businesses of all sizes.  The
combination will have strong positions globally, serving
customers in 28 countries.  The companies' collective
businesses, as of the end of each company's 2007 fiscal year,
had annual revenues of about EUR18 billion with more than 94,000
employees.

Prior to reaching its decision, Corporate Express carefully
listened to the views expressed by shareholders.  In reaching a
recommended offer, the Boards also expect there to be an orderly
integration of Corporate Express - to the benefit of both
employees and customers.

Peter Ventress will become President of Staples International,
to oversee Staples' business outside of the United States and
Canada and will play a key part in managing the integration of
the two businesses going forward.  He will report to Ron
Sargent, Staples' Chairman and CEO.

In June 2008, the senior management teams of Corporate Express
and Staples have discussed the business strategy of a potential
combination as well as the consequences of integrating the two
businesses.  Staples' management has recognized the achievements
of Corporate Express over the years and highlighted the
importance of retaining employees.  In that regard, arrangements
have been made on a number of key issues including:

      * Maintenance of the European contract business
        headquarters in Amsterdam;

      * The creation of an Integration Committee to oversee the
        integration process; which will consist of senior
        management from Corporate Express and Staples;

      * Staples’ confirmation that they have no plans to make
        material reductions to the overall workforce; and

      * Strong opportunities for Company's employees within the
        combined group.

Corporate Express has terminated the merger agreement with
Lyreco.  This merger was announced on May 21, 2008.  While the
Boards of Corporate Express believe that there was clear
strategic and financial rationale for the merger, the Boards
decided to withdraw their recommendation for the Lyreco
transaction and to recommend the latest improved and fair offer
from Staples.

Frank Meysman, Chairman of the Supervisory Board of Corporate
Express said:

"Since Staples made its first proposal, the management of
Corporate Express has worked hard to create value for
shareholders and I believe that in line with their fiduciary
duties, they have run a very orderly process to ensure this.
Both Boards unanimously recommend the revised Staples offer,
believing that it provides good value for shareholders,
attractive career opportunities for employees and an enhanced
service to our customers."

Commenting Peter Ventress, CEO of Corporate Express said:

"Staples is a terrific company with a strong track record of
consistent performance in our industry.  Ron Sargent and his
team share our values and our firm desire to create value for
all our stakeholders and in particular our customers and our
employees.  I look forward very much to working with Ron and his
team over the years to come, and am sure that this new
combination will bring numerous benefits to all our employees
and customers.



We believe that this offer is a good one for our shareholders
and we recommend it wholeheartedly.  I look forward now to
working in the coming period to ensure we continue delivering
value for all our stakeholders.  At this point, I would like
also to note our continued respect and high opinion of the
Lyreco management and employees."

Ron Sargent, Staples Chairman and CEO said:  

"We have tremendous respect for Corporate Express, and we know
they share our passion for outstanding customer service.  
Bringing together these two great companies is a win for
customers, employees and shareholders and I look forward to
working with Peter Ventress and his team."

Prior to finalization of the agreement with Corporate Express,
Staples Acquisition BV purchased 2,085,403 Ordinary Shares,
representing approximately 1.1 percent of Corporate Express’
outstanding ordinary share capital, for a price of EUR9.25 per
Ordinary Share in a transaction other than a regular on market
transaction.  Therefore, in accordance with Article 19 of the
Dutch Decree on Public Takeover Bids (Besluit openbare biedingen
Wft), if the Offer is declared unconditional, Staples
Acquisition BV will be required to pay (i) EUR9.25 per Ordinary
Share validly tendered into the Offer (or defectively tendered,
provided such defect is waived by Staples Acquisition BV) and
(ii) EUR9.25 per ADS validly tendered into the Offer (or
defectively tendered, provided such defect is waived by Staples
Acquisition BV).

Stichting Preferente Aandelen Corporate Express has for the
benefit of Staples Acquisition BV and subject to the Offer being
declared unconditional ('gestand wordt gedaan'), irrevocably and
otherwise unconditionally renounced its call option under the
agreement with Corporate Express.  As detailed in the Offer
Memorandum, the offer expires on June 27, 2008 at 17.30 CET
unless extended.  Staples and Corporate Express expect
settlement of the Offer to take place in July 2008.

The EGM scheduled for June 18, 2008 of which shareholders have
been informed will still take place, but there will no longer be
a vote on a proposed merger with Lyreco.

                     About Staples

Staples, Inc. -- http://www.staples.com/-- (Nasdaq: SPLS) is an   
office products company.  With 76,000 talented associates, the
company is committed to making it easy to buy a wide range of
office products, including supplies, technology, furniture, and
business services.  With 2007 sales of US$19.4 billion, Staples
serves consumers and businesses ranging from home-based
businesses to Fortune 500 companies in 22 countries throughout
North and South America, Europe and Asia.  Headquartered outside
of Boston, Staples operates more than 2,000 office superstores
and also serves its customers through mail order catalog, e-
commerce and contract businesses.

                  About Corporate Express

Corporate Express NV -- http://www.corporateexpress.com/-- is   
supplies office products to businesses and institutions.  The
company has a widespread global proprietary distribution network
spanning Corporate Express America, Europe and Australia, with
approximately 18,000 employees working from more than 350
locations in 21 countries.  In 2007 the company generated sales
of EUR5.6 billion.


CORPORATE EXPRESS: S&P Revises Watch to Positive on Staples Deal
----------------------------------------------------------------
Standard & Poor's Ratings Services revised the CreditWatch
implications of its 'BB-' long-term corporate credit rating on
Netherlands-based office products distributor Corporate Express
N.V back to positive from developing.  The ratings were
originally placed on CreditWatch with positive implications on
Feb. 19, 2008, following the initial EUR2.5 billion cash offer
for its stock made by Framingham, Mass.-based Staples Inc.
(BBB+/Watch Neg/A-2), and subsequently revised to CreditWatch
with developing implications after Corporate Express' proposed
acquisition of France-based office products supplier Lyreco S.A.
for EUR1.731 billion.

The latest CreditWatch revision reflects the recent announcement
that Corporate Express will withdraw its bid for Lyreco.  "This
event removes potential downside to Corporate Express' rating
quality that emanated from the potential debt component of the
Lyreco transaction, said Standard & Poor's credit analyst
Marketa Horkova.  At the same time, Corporate Express management
has recommended that its shareholders accept Staples' most
recent offer of EUR9.25 per share (about US$2.6 billion).
Including assumed debt, the total cash consideration is
approximately EUR3.1 billion (US$4.8 billion).

"Corporate Express' CreditWatch placement reflects our
expectation to raise its ratings upon the completion of the
transaction," added Ms Horkova.  We anticipate that the
transaction will close in July 2008, shortly after June 27,
2008, when Staples' tender offer expires.


DUTCH MBS XI: S&P Keeps BB Rating on Class D Notes
--------------------------------------------------
Standard & Poor's Ratings Services has raised and removed from
CreditWatch with positive implications its credit ratings on the
class B notes issued by Dutch MBS XI B.V.  At the same time S&P
removed from CreditWatch positive and affirmed the credit
ratings on the class C and D notes.  S&P also affirmed the
ratings on the class A1 and A2 notes.
  
These rating actions follow a full credit analysis of the most
recent transaction information received by Standard & Poor's.  
The rating actions are primarily driven by the de-leveraging of
the  underlying asset pool, a significant credit enhancement
increase for all classes of notes and a reduced risk profile of
the underlying collateral.  Aspects of the reduced risk profile
include loan-to-value ratios, seasoning, geographical and
product type distribution and granularity.
  
As of the end of the latest collection period, delinquencies
greater than 60 days were around 0.48%, broadly in line with
delinquencies recorded on average in Dutch transactions with a
similar seasoning. Performance data related to the last few
collection periods has shown a decreasing delinquency trend.
  
Realized losses on the initial collateral balance have so far
been 0.12%, all covered through excess spread.
  
Prepayment rates have historically been rather volatile and
slightly higher than average.
  
The cash reserve is now at its €2.5 million target amount,
representing the floor amount.  Any further amortization of the
collateral will result in a gradual increase of the credit
enhancement available in the transaction.
  
The notes are backed by a loan pool secured by first-ranking (or
first- and consecutive-ranking) mortgages in The Netherlands.
This is the 11th transaction to be sponsored by NIB Capital Bank
N.V.
  
                        Ratings List
Dutch MBS XI B.V.
EUR767 Million And US$275 Mortgage-Backed Floating-Rate Notes
  
          Class                   Rating
                      To                         From
  
Ratings Affirmed
  
          A1           AAA                        AAA
          A2           AAA                        AAA
  
Ratings Removed From CreditWatch With Positive Implications And
Raised
  
          B            AA                         A/Watch Pos
  
Ratings Removed From CreditWatch Positive And Affirmed
  
          C            BBB                        BBB/Watch Pos
          D            BB                         BB/Watch Pos


E-MAC DE 2005-I: Fitch Cuts Rating on Class E Notes to BB-
----------------------------------------------------------
Fitch Ratings has downgraded 2 tranches of E-MAC DE 2005-I B.V.,
and maintains these ratings on Rating Watch Negative.  The
ratings are:

E-MAC DE 2005-I B.V. (E-MAC DE 2005-I):

   -- Class A (ISIN XS0221900243): affirmed at 'AAA'; Outlook
      Stable

   -- Class B (ISIN XS0221901050): affirmed at 'AA'; Outlook
      Stable

   -- Class C ((ISIN XS0221902538): affirmed at 'A'; Outlook
      Negative

   -- Class D (ISIN XS0221903429) downgraded to 'BBB-' from
      'BBB'; on RWN

   -- Class E (ISIN XS0221904237) downgraded to 'BB-' from
      'BB+'; on RWN

   -- Class F (ISIN XS0221922056): Paid in Full


The rating actions follow a full transaction review and are
based on the high current arrears levels and the losses shown to
date.  Fitch has maintained the RWN on the more junior notes
that are particularly sensitive to a more negative pool
performance, as uncertainty exists regarding future transaction
performance based on the limited data available from the issuer
as well as the uncertainty surrounding the future of GMAC RFC,
which currently handles the early arrears management (GMAC RFC
Germany) and carries out issuer administration (GMAC RFC
Investments B.V.).  For the issuer administration function (cash
bond administrator), no back up entity has been appointed.  GMAC
RFC Netherlands and GMAC RFC Germany are indirectly wholly-owned
subsidiaries of Residential Capital LLC, whose Long-term Issuer
Default rating was downgraded to 'D' from 'C', on June 5, 2008.

At the May 25 payment date, for the first time, losses were
reported for each of the three transactions. In sum, the losses
relate to 10 loans.  Based on discussions with GMAC RFC Germany
and the special servicer, Rechtsanwalte Paulus Westerwelle, the
agency would have expected to see a higher number of reported
losses given the current status of the foreclosure process for
the EMAC DE portfolios.

The recovery rates for the reported losses range between 7% and
93%, averaging around 60%.  While the agency continues to expect
recoveries to be generally lower than initially assumed (based
on concerns about the valuation process as well as market
illiquidity in certain regions and locations), the agency would
like to substantiate a revised recovery assumption by further
loss data as indicated above and will therefore maintain the RWN
on the more junior notes until more information has been
reported.

All three transactions were subject to loan substitutions that
generally benefited the transactions in terms of arrears levels.  
Given GMAC RFC's cessation of origination in Germany in early
2008, Fitch does not expect significant further substitutions.
This could have an impact on future arrears development.

Fitch expects the current sub-servicers, Kreditwerk Hypotheken
Management GmbH as primary servicer (day-to-day handling, no
early arrears management) and PW as special servicer
(foreclosure process), to continue to service the E-MAC DE
portfolios, if asked by the security trustee, in the event the
appointment of GMAC RFC Investment B.V. as assigned servicer for
these functions, is terminated.  The early arrears management
and certain later stage functions of the special servicing are
currently handled by GMAC RFC Bank in Germany.  GMAC RFC Germany
has increased servicing staff levels after cessation of new loan
originations and is in the process of improving the arrears
management IT infrastructure as part of a pan-European asset
management project.  In case GMAC RFC Bank in Germany could not
continue to fulfill these servicing functions, it is expected
that HM would take over as indicated in the Sub Servicing
Agreement.  Fitch expects HM to be able to cover the majority of
the tasks with the exception of certain credit decisions that
would need to be taken by the security trustee.

Fitch expects to resolve the RWN as soon as there is more
information regarding the pool's performance drivers,
particularly loss data, but after the next two payment dates at
the latest.  The rating actions at that time will also depend on
which back up issuer administrator solutions are found.

The full transaction review was triggered by a continued
increase in arrears greater than three months, which, in recent
periods, has accelerated concerns surrounding both the extent of
losses on property repossessions and the valuation and servicing
process at GMAC-RFC in Germany.


E-MAC DE 2006-I: Fitch Cuts Rating on Class F Notes to B+
---------------------------------------------------------
Fitch Ratings has downgraded 4 tranches of E-MAC DE 2006-I B.V.
and maintains these ratings on Rating Watch Negative.  The
ratings are:

E-MAC DE 2006-I B.V. (E-MAC DE 2006-I):

   -- Class A (ISIN XS0257589860): affirmed at 'AAA'; Outlook
      Negative

   -- Class B (ISIN XS0257590876): affirmed at 'AA-'; Outlook
      Negative

   -- Class C (ISIN XS0257591338): downgraded to 'BBB+' from
      'A-'; on RWN

   -- Class D (ISIN XS0257592062) downgraded to 'BBB-' from
      'BBB+'; on RWN

   -- Class E (ISIN XS0257592575) downgraded to 'BB-' from
      'BBB-'; on RWN

   -- Class F (ISIN XS0257704717) downgraded to 'B+' from 'BB+';
      on RWN

The rating actions follow a full transaction review and are
based on the high current arrears levels and the losses shown to
date.  Fitch has maintained the RWN on the more junior notes
that are particularly sensitive to a more negative pool
performance, as uncertainty exists regarding future transaction
performance based on the limited data available from the issuer
as well as the uncertainty surrounding the future of GMAC RFC,
which currently handles the early arrears management (GMAC RFC
Germany) and carries out issuer administration (GMAC RFC
Investments B.V.).  For the issuer administration function (cash
bond administrator), no back up entity has been appointed.  GMAC
RFC Netherlands and GMAC RFC Germany are indirectly wholly-owned
subsidiaries of Residential Capital LLC, whose Long-term Issuer
Default rating was downgraded to 'D' from 'C', on June 5, 2008.

At the May 25 payment date, for the first time, losses were
reported for each of the three transactions. In sum, the losses
relate to 10 loans.  Based on discussions with GMAC RFC Germany
and the special servicer, Rechtsanwalte Paulus Westerwelle, the
agency would have expected to see a higher number of reported
losses given the current status of the foreclosure process for
the EMAC DE portfolios.

The recovery rates for the reported losses range between 7% and
93%, averaging around 60%.  While the agency continues to expect
recoveries to be generally lower than initially assumed (based
on concerns about the valuation process as well as market
illiquidity in certain regions and locations), the agency would
like to substantiate a revised recovery assumption by further
loss data as indicated above and will therefore maintain the RWN
on the more junior notes until more information has been
reported.

All three transactions were subject to loan substitutions that
generally benefited the transactions in terms of arrears levels.  
Given GMAC RFC's cessation of origination in Germany in early
2008, Fitch does not expect significant further substitutions.
This could have an impact on future arrears development.

Reserve fund levels for E-MAC DE 2006-I have already reached
their new target levels.

Fitch expects the current sub-servicers, Kreditwerk Hypotheken
Management GmbH as primary servicer (day-to-day handling, no
early arrears management) and PW as special servicer
(foreclosure process), to continue to service the E-MAC DE
portfolios, if asked by the security trustee, in the event the
appointment of GMAC RFC Investment B.V. as assigned servicer for
these functions, is terminated.  The early arrears management
and certain later stage functions of the special servicing are
currently handled by GMAC RFC Bank in Germany.  GMAC RFC Germany
has increased servicing staff levels after cessation of new loan
originations and is in the process of improving the arrears
management IT infrastructure as part of a pan-European asset
management project.  In case GMAC RFC Bank in Germany could not
continue to fulfill these servicing functions, it is expected
that HM would take over as indicated in the Sub Servicing
Agreement.  Fitch expects HM to be able to cover the majority of
the tasks with the exception of certain credit decisions that
would need to be taken by the security trustee.

Fitch expects to resolve the RWN as soon as there is more
information regarding the pool's performance drivers,
particularly loss data, but after the next two payment dates at
the latest.  The rating actions at that time will also depend on
which back up issuer administrator solutions are found.

The full transaction review was triggered by a continued
increase in arrears greater than three months, which, in recent
periods, has accelerated concerns surrounding both the extent of
losses on property repossessions and the valuation and servicing
process at GMAC-RFC in Germany.


E-MAC DE 2006-II: Fitch Downgrades Rating on Class F Notes to B+
----------------------------------------------------------------
Fitch Ratings has downgraded 4 tranches of E-MAC DE 2006-II B.V.
and maintains these ratings on Rating Watch Negative.  The
ratings are:

E-MAC DE 2006-II B.V. (E-MAC DE 2006-II):

   -- Class A1 (ISIN XS0276932539): affirmed at 'AAA'; Outlook
      Stable

   -- Class A2 (ISIN XS0276933347): affirmed at 'AAA'; Outlook
      Negative

   -- Class B (ISIN XS0276933859): affirmed at 'AA-';
      Outlook Negative

   -- Class C (ISIN XS0276934667): downgraded to 'BBB+' from
      'A-'; on RWN

   -- Class D (ISIN XS0276935045) downgraded to 'BB+' from
      'BBB'; on RWN

   -- Class E (ISIN XS0276936019) downgraded to 'BB-' from
      'BBB-'; on RWN

   -- Class F (ISIN XS0276936951) downgraded to 'B+' from 'BB+';
      on RWN

The rating actions follow a full transaction review and are
based on the high current arrears levels and the losses shown to
date.  Fitch has maintained the RWN on the more junior notes
that are particularly sensitive to a more negative pool
performance, as uncertainty exists regarding future transaction
performance based on the limited data available from the issuer
as well as the uncertainty surrounding the future of GMAC RFC,
which currently handles the early arrears management (GMAC RFC
Germany) and carries out issuer administration (GMAC RFC
Investments B.V.).  For the issuer administration function (cash
bond administrator), no back up entity has been appointed.  GMAC
RFC Netherlands and GMAC RFC Germany are indirectly wholly-owned
subsidiaries of Residential Capital LLC, whose Long-term Issuer
Default rating was downgraded to 'D' from 'C', on June 5, 2008.

At the May 25 payment date, for the first time, losses were
reported for each of the three transactions.  In sum, the losses
relate to 10 loans.  Based on discussions with GMAC RFC Germany
and the special servicer, Rechtsanwalte Paulus Westerwelle, the
agency would have expected to see a higher number of reported
losses given the current status of the foreclosure process for
the EMAC DE portfolios.

The recovery rates for the reported losses range between 7% and
93%, averaging around 60%.  While the agency continues to expect
recoveries to be generally lower than initially assumed (based
on concerns about the valuation process as well as market
illiquidity in certain regions and locations), the agency would
like to substantiate a revised recovery assumption by further
loss data as indicated above and will therefore maintain the RWN
on the more junior notes until more information has been
reported.

All three transactions were subject to loan substitutions that
generally benefited the transactions in terms of arrears levels.  
Given GMAC RFC's cessation of origination in Germany in early
2008, Fitch does not expect significant further substitutions.
This could have an impact on future arrears development.

Fitch expects the current sub-servicers, Kreditwerk Hypotheken
Management GmbH as primary servicer (day-to-day handling, no
early arrears management) and PW as special servicer
(foreclosure process), to continue to service the E-MAC DE
portfolios, if asked by the security trustee, in the event the
appointment of GMAC RFC Investment B.V. as assigned servicer for
these functions, is terminated.  The early arrears management
and certain later stage functions of the special servicing are
currently handled by GMAC RFC Bank in Germany.  GMAC RFC Germany
has increased servicing staff levels after cessation of new loan
originations and is in the process of improving the arrears
management IT infrastructure as part of a pan-European asset
management project.  In case GMAC RFC Bank in Germany could not
continue to fulfill these servicing functions, it is expected
that HM would take over as indicated in the Sub Servicing
Agreement.  Fitch expects HM to be able to cover the majority of
the tasks with the exception of certain credit decisions that
would need to be taken by the security trustee.

Fitch expects to resolve the RWN as soon as there is more
information regarding the pool's performance drivers,
particularly loss data, but after the next two payment dates at
the latest.  The rating actions at that time will also depend on
which back up issuer administrator solutions are found.

The full transaction review was triggered by a continued
increase in arrears greater than three months, which, in recent
periods, has accelerated concerns surrounding both the extent of
losses on property repossessions and the valuation and servicing
process at GMAC-RFC in Germany.


E-MAC NL 2004-II: S&P Keeps BB+ Rating on Class E Notes
-------------------------------------------------------
Standard & Poor's Ratings Services has removed from CreditWatch
with positive implications and raised its credit ratings on the
class B and C notes issued by E-MAC NL 2004-I B.V. and E-MAC NL
2004-II B.V.  At the same time the rating agency removed from
CreditWatch positive and affirmed the class D notes issued by E-
MAC NL 2004-I and the class D and E notes issued by E-MAC NL
2004-II.  The class A notes were also affirmed.
  
These rating actions follow a full credit analysis of the most
recent transaction information received by Standard & Poor's.  
The rating actions are primarily driven by the de-leveraging of
the underlying asset pool, a significant credit enhancement
increase for all classes of notes and a reduced risk profile of
the underlying collateral.  Aspects of the reduced risk profile
include loan-to-value ratios, seasoning, geographical and
product type distribution and granularity.
  
Delinquencies greater than 60 days are currently 0.42% for E-MAC
2004-1 and 0.60% for E-MAC 2004-2.  These arrears levels are
respectively slightly lower and in line with delinquencies
recorded on Dutch transactions with a similar seasoning.
  
Realized losses on the initial collateral balance, standing at
0.08% for E-MAC 2004-1 and at 0.09% for E-MAC 2004-2, have been
covered through excess spread.
  
Prepayment rates recorded on the two transactions show similar
patterns, with a below-average realized constant payment rate  
in the first few collection periods after closing and a higher
realized CPR afterwards.  The pool factor in the transactions is
59% and 66%, respectively.  The ongoing amortization of the
collateral together with non-amortizing cash reserves has
led to a substantial increase in credit enhancement available
for all the classes of notes.
  
  
                          Ratings List
  
            Class                   Rating
                      To                       From
  
E-MAC NL 2004-I B.V
EUR800 Million Mortgage-Backed Floating-Rate Notes
  
Rating Affirmed
  
           A            AAA                      AAA
  
Ratings Removed From CreditWatch With Positive Implications and
Raised
  
           B            AA                       A/Watch Pos
           C            A                        BBB+/Watch Pos
  
Rating Removed From CreditWatch Positive and Affirmed

           D            BBB                      BBB/Watch Pos
  
E-MAC NL 2004-II B.V.
EUR613.05 Million Mortgage-Backed Floating-Rate Notes
  
Rating Affirmed
  
           A            AAA                      AAA
  
Ratings Removed From CreditWatch Positive and Raised
  
           B            AA                       A/Watch Pos
           C            A                        BBB+/Watch Pos
  
Ratings Removed From CreditWatch Positive and Affirmed

           D            BBB                      BBB/Watch Pos
           E            BB+                      BB+/Watch Pos


STORK NV: CFO Steps Down from Management Board
----------------------------------------------
Stork N.V. announced that Maarten Schoenfeld, CFO and vice
chairman of the board of management, has indicated his wish for
a change in the direction of his professional career.  He will
step down from his position as member of the board of management
effective Jan. 1, 2009.

Mr. Schoenfeld's successor, Hans Turkensteen, will join the
board of management from Aug. 1, 2008.  This means the board
will temporarily have four members.

"The transition of Stork from a listed company to a private
equity environment provides me with a natural moment for a
change in my career: I intend to become more involved in
activities of a non-executive nature, also in other fields than
just the industry," Mr. Schoenfeld disclosed.

Jacques Schraven, chairman of Stork's supervisory board said,
"Mr. Schoenfeld will reach retirement age in about three years.  
Stork is entering a new phase that will last five to six years.  
In light hereof it is the right moment to attract a new CFO who
can remain in function throughout the entire process.  We have a
great respect for the decision of Mr. Schoenfeld and are most
grateful for the significant contributions he has made to the
company, previous to and during the extremely turbulent period
which has recently ended."

Mr. Turkesteen will join the Board of Management from Aug. 1,
2008, and will succeed Mr. Schoenfeld as CFO from Oct. 1, 2008.
Mr. Schoenfeld will remain vice-chairman of the board of
management until the end of 2008.  He will remain chairman of
Pensioenfonds Stork (Stork Pension Fund) after 2008.

Mr. Turkesteen started in 1982 as accountant at Andersen, where
he set up and developed the Corporate Finance activities. He is   
currently a managing partner financial advisory services at
Deloitte.  He played an important role in the transfer from
Andersen to Deloitte, and has been responsible for Financial
Advisory Services for the last four years.  Based on this
background, Mr. Turkesteen has extensive experience in the field
of mergers, acquisitions and financing.

Headquartered in Naarden, the Netherlands, Stork N.V. --
http://www.stork.com/eCache/DEF/43.html-- operates more than 50  
companies across several divisions: Technical Services consults
and supports technical installations in industrial and utilities
markets, Food Systems produces poultry processing and fast food
product equipment, and Aerospace makes components and systems
for aviation.

Stork was acquired by a bidding group led by Candover for a
total consideration of EUR1.256 billion, of which approximately
EUR553 million has been funded with debt.

                        *    *    *

As reported in the TCR-Europe on June 9, 2008, 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.


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


ZLOMREX SA: Weak Liquidity Prompts S&P to Junk Rating
-----------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Poland-based integrated steel group
Zlomrex S.A. to 'CCC+' from 'B-'.

At the same time, the short-term rating was lowered to 'C' from
'B'.  In addition, the senior secured debt rating on the €170
million 8.5% callable bonds due 2014 issued by subsidiary
Zlomrex International Finance S.A. and guaranteed by Zlomrex was
lowered to 'CCC' from 'CCC+'.  All ratings were removed from
CreditWatch with negative implications, where they had been
placed on Jan. 8, 2008. The outlook is stable.

"The downgrade reflects Zlomrex's persistently weak liquidity,
which exposes the company to ongoing high refinancing and
default risks," said Standard & Poor's credit analyst Alex
Herbert.

Short-term debt remains substantial and available liquidity is
very limited.  At April 30, 2008, the company had short-term
debt of about Polish zloty PLN460 million, supported by only
PLN95 million in cash and PLN132 million in undrawn credit
lines.

Zlomrex has had some limited success in extending and obtaining
new loans, but progress to date has been slow and ad hoc, with
the company handling a large number of small bank facilities
individually.  The company has either been unable or unwilling
to pursue a more comprehensive refinancing exercise, which may
have been more effective in mitigating liquidity risks.

Without ongoing bank support, S&P remains concerned that Zlomrex
is unable to repay short-term debt and has very little headroom
to cover unexpected cash needs.  The company remains highly
reliant on the willingness and ability of banks to increase,
renew, or extend bank lines.

"Although we expect that Zlomrex will be successful in
addressing its weak liquidity and improving its performance,
downside risks persist as the company remains vulnerable to
decisions by banks about extending bank loans, and cash flow
generation will remain volatile," Mr. Herbert added.

S&P does not see upward rating potential in the short term, but
this could develop over time if the company's liquidity position
materially strengthens, if the start of a turnaround in acquired
companies continues, and if cash flow generation strengthens and
becomes more predictable.


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


A AND C GROUP: Moscow Bankruptcy Hearing Slated for Sept. 16
------------------------------------------------------------
The Arbitration Court of Moscow will convene at 10:30 a.m. on
Sept. 16, 2008, to hear the bankruptcy supervision procedure on
CJSC A and C Group.  The case is docketed under Case No.
A40-12414/08-101-31B.

The Temporary Insolvency Manager is:

         I. Menshikov
         Post User Box 21
         121467 Moscow
         Russia


The Court is located at:

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

The Debtor can be reached at:

         CJSC A and C Group
         Building 1
         Molodogvardeyskaya Str. 9
         121467 Moscow
         Russia


ATRIUM WOOD: Sverdlovsk Bankruptcy Hearing Slated for Sept. 25
--------------------------------------------------------------
The Arbitration Court of Sverdlovsk will convene on Sept. 25,
2008, to hear the bankruptcy supervision procedure on LLC Atrium
Wood (TIN 6647003627).  The case is docketed under Case No.
A60-6062/08-S11.

         The Temporary Insolvency Manager is:

         M. Fedotovskikh
         Post User Box 321
         620014 Ekaterinburg
         Russia

The Court is located at:

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

The Debtor can be reached at:

         LLC Atrium Wood
         Lenina Str. 52
         Lobva
         Novolyalinskiy
         624420 Sverdlovsk
         Russia


BANK ST. PETERSBURG: Franchise Growth Cues Fitch to Up IDR to B+
----------------------------------------------------------------
Fitch Ratings has upgraded Russia-based Bank Saint Petersburg's
Long-term Issuer Default rating to 'B+' from 'B'.  In addition,
Fitch has changed the Support Rating Floor to 'B-' from 'No
Floor'.  BSP's other ratings have been affirmed at Short-term
IDR 'B', Individual 'D' and Support '5'.  Following the upgrade,
the Outlook for the Long-term IDR is now Stable.

"The upgrade acknowledges BSP's increased regional franchise and
measures taken by its management to limit borrower and sector
concentration levels.  The extended track record of sound asset
quality and solid earnings performance against a background of
higher capital ratios following the November 2007 IPO also
support the ratings," says Alexei Kechko, Director in Fitch's
Financial Institutions Group.  "At the same time, loan
concentrations in respect to the 20 largest borrowers and real
estate and construction companies, although lower than two years
ago, remain high, and rapid growth continues to give rise to
significant credit risk as well as causing a gradual tightening
of capital and liquidity."

A slowdown of growth rates and seasoning of the loan book,
without a marked deterioration in asset quality, coupled with
diversification into (lower-risk) retail lending, would be
positive for BSP's credit profile.  However, deterioration of
asset quality, continued rapid expansion of the loan book and
further increases in loan concentrations, in particular, if not
adequately supported by funding growth and timely capital
injections, would be negative for the ratings.

The change in the Support Rating Floor reflects Fitch's view
that, in case of need, there would be a greater probability of
support coming from the Russian authorities in the light of the
bank's strengthened local franchise and significant share of
retail deposits in Saint Petersburg.  However, the Support
Rating Floor remains below those of banks with 'B' Support
Rating Floors - OJSC Alfa-Bank (Long-term IDR 'BB'/Stable), MDM
Bank ('BB'/Stable), Promsvyazbank ('B+'/Positive) and Bank
Uralsib ('B+'/Stable) - given the banks' nationwide franchises.

BSP is the largest independent bank in Russia's north-western
region, with market shares in St. Petersburg at end of first
quarter of 2008 of 11% in total assets and 8% in retail
deposits.  Senior management, headed by chairman, Alexander
Saveliev, has lately increased its stake in BSP to a majority
55.8% share and plans to increase this to 60.4% in 2008 through
a further exercise of options.  Of the voting shares 18% are
broadly held by portfolio investors after the IPO in November
2007.


BUILDING ASSEMBLY 4: Primorye Bankruptcy Hearing Set Sept. 22
-------------------------------------------------------------
The Arbitration Court of Primorye will convene on Sept. 22,
2008, to hear the bankruptcy supervision procedure on LLC
Building Assembly Enterprise 4.  The case is docketed under Case
No. A50-3787/2008-B4.

The Temporary Insolvency Manager is:

         L. Vlasova
         Leonova Str. 23-1
         614036 Perm
         Russia

The Court is located at:

         Arbitration Court of Primorye
         Room 313
         Svetlanovskaya Str. 54
         Vladivostok
         Russia

The Debtor can be reached at:

         L. Vlasova
         Leonova Str. 23-1
         614036 Perm
         Russia


CAPITAL-STROY LLC: Volgograd Bankruptcy Hearing Set July 29
-----------------------------------------------------------
The Arbitration Court of Volgograd will convene at July 29,
2008, to hear the bankruptcy supervision procedure on LLC
Capital-Stroy.  The case is docketed under Case No.
A12-3359/08-?55.

The Temporary Insolvency Manager is:

         O. Dubachev
         Office 215
         7th Gvardeyskaya Str. 2
         Volgograd-5
         Russia

The Debtor can be reached at:

         LLC Capital-Stroy
         Lenina Pr. 64
         404110 Volzhskiy
         Russia


EPRON CJSC: Court Starts Bankruptcy Supervision Procedure
---------------------------------------------------------
The Arbitration Court of Moscow commenced bankruptcy supervision
procedure on CJSC Epron (TIN 7701128724).  The case is docketed
under Case No. A40-29954/07-73-113B.

The Temporary Insolvency Manager is:

         S. Mokhova
         Room 61
         Potapovskiy Per. 9/11
         101000 Moscow
         Russia

The Court is located at:

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

The Debtor can be reached at:

         CJSC Epron
         Berezhkovskaya Nab. 10
         Moscow
         Russia


IGROTEKA OJSC: Assets Sale Slated for July 1
--------------------------------------------
The insolvency manager and bidding organizer for OJSC Igroteka,
will open a public auction for the company's properties at 10:00
a.m. on July 1, 2008 at:

         Building 1A
         Mira Pr. 68
         Moscow
         Russia
         
The case is docketed under Case No. A-41-?-2-18760/07.

Interested participants have until June 24, 2008, to deposit an
amount equivalent to 10% of the starting price to:

         OJSC Igroteka
         Settlement Account 40702810000000000503
         Correspondent Account 30101810000000000749
         BIK 044599749
         CJSC Novyj Promyshlennyj Bank

Bidding documents must be submitted to:

         The Insolvency Manager
         Office 802
         Avtozavodskaya Str. 14/23
         Moscow
         Tel: 89851901318

The Debtor can be reached at:

         The Insolvency Manager
         Office 802
         Avtozavodskaya Str. 14/23
         Moscow
         Tel: 89851901318


KOCHETKOV CJSC: Creditors Must File Claims by June 24
-----------------------------------------------------
Creditors of CJSC Kochetkov have until June 24, 2008, to submit
proofs of claim to:

         Y. Razinkov
         Insolvency Manager
         Demokraticheskaya Str. 26
         Staryj Oskol
         309514 Belgorod
         Russia
         Tel: (4725) 22-58-63, 8-919-285-99-03

The Arbitration Court of Belgorod commenced bankruptcy
proceedings agains the company after finding it insolvent.  The
case is docketed under Case No. A08-1026/08-24B.

The Court is located at:

         The Arbitration Court of Belgorod
         Narodnyj Avenue 135
         308600 Belgorod
         Russia

The Debtor can be reached at:


         CJSC Kochetkov
         Makarenko Str. 14
         308017 Belgorod
         Russia


KRASNOGORODSK-AGRO-PROM-STROY: Claims Filing Period Ends July 24
----------------------------------------------------------------
Creditors of OJSC Krasnogorodsk-Agro-Prom-Stroy have until July
24, 2008, to submit proofs of claim to:

         V. Ivanov
         Insolvency Manager
         Apt. 128
         Inzhenernaya Str. 62-A
         180019 Pskov
         Russia

The Arbitration Court of Pskov commenced bankruptcy proceedings
agains the company after finding it insolvent.  The case is
docketed under Case No. A52-4231/2007.

The Court is located at:

         The Arbitration Court of Pskov
         Room 123
         Nekrasova 23
         180001 Pskov
         Russia

The Debtor can be reached at:

         OJSC Krasnogorodsk-Agro-Prom-Stroy
         Pushkina Str. 13
         Krasnogorodsk
         Pskov
         Russia


MOSKOVSKIY PLANETARIUM: Court Names A. Tarasov to Manage Assets
---------------------------------------------------------------
The Arbitration Court of Moscow appointed A. Tarasov as
Insovlency Manager for OJSC Moskovskiy Planetarium (TIN
7703002340).  He can be reached at:

         A. Tarasov
         Post User Box 36
         109153 Moscow
         Russia

The Court commenced bankruptcy proceedings agains the company
after finding it insolvent.  The case is docketed under Case No.
A40-52405/07-36-124B.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Moskovskiy Planetarium
         Sadovaya-Kudrinskaya Str. 5
         Moscow
         Russia


OGK-5 JSC: Appoints Evgeny Chernyshev as First Deputy Director
--------------------------------------------------------------
JSC OGK-5, on June 9, 2008, appointed Evgeny Chernyshev as  
First Deputy Director General –- Chief Engineer.

Mr. Chernyshev used to work earlier as the chief engineer of
TEC-22 of OAO Mosenergo, the largest gas and coal fired thermal
power plant of the country's power system.

During 27 years of his work in the Moscow power system Mr.
Chernyshev made his career path from the machinist-walker for
boiler equipment, power unit machinist to the chief engineer of
the power plant.  Mr. Chernyshev is presented state and
industrial awards for his multiyear conscientious work.

Meanwhile, Victor Shchedrolyubov is appointed the Deputy Chief
Engineer of JSC OGK-5.  Mr. Shchedrolyubov used to work earlier
as the head of the operation and maintenance section of
JSC OGK-5.

                           About OGK-5

Headquartered in Ekaterinburg, Russia, OAO OGK-5 --
http://www.ogk-5.com/-- generates electricity and heat energy.
The Company owns and operates four power plants: Konakovskaya
GRES, Nevinnomysskaya GRES, Reftinskaya GRES, and
Sredneuralskaya GRES.

                            *   *   *

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the corporate families in the Gaming, Lodging
and Leisure, Manufacturing, and Energy sectors, the rating
agency confirmed its Ba3 Corporate Family Rating for JSC OGK-5.

Moody's also assigned a Ba3 Probability-of-Default rating to the
company.


PSKOVSKAYA PHARMACEUTICAL: Names A. Pykhtin to Manage Assets
------------------------------------------------------------
The Arbitration Court of Pskov appointed A. Pykhtin as
Insolvency Manager for OJSC Pskovskaya Pharmaceutical Factory.    
He can be reached at:

         A. Pykhtin
         Gospitalnaya Str. 3
         180002 Pskov
         Russia

The Court commenced bankruptcy proceedings agains the company
after finding it insolvent.  The case is docketed under Case No.
A52-172/2006.

The Court is located at:

         The Arbitration Court of Pskov
         Room 123
         Nekrasova 23
         180001 Pskov
         Russia

The Debtor can be reached at:

         OJSC Pskovskaya Pharmaceutical Factory
         Pskov
         Russia


RUSSIAN STRUCTURED: S&P Rates RUR320 Billion Class B Notes at BB
----------------------------------------------------------------
Standard & Poor's Ratings Services has assigned its preliminary
credit ratings to the floating-rate notes to be issued by
Russian Structured Factoring Receivables No. 1 S.A., a special
purpose entity based in Luxembourg.
  
The notes will be backed by factoring receivables originated by
Interregional Factoring Co. "TRUST", a factoring company based
in Russia.
  
Interest on the notes will be payable monthly in arrears. During
the revolving period, principal collections will be used
primarily to replenish the pool with newly acquired factoring
receivables from the originator.
  
This is the second factoring receivables transaction in Russia
rated publicly by Standard & Poor's.  It is the first factoring
receivables transaction originated by IFCT.  This transaction
provides adequate structural features to mitigate loss,
commingling and fraud risks.
  
Due to the revolving nature of the collateral which comprises
short-term maturing factoring contracts, the transaction
benefits from dynamic credit enhancement.  That means
overcollateralization increases if portfolio losses increase.  
The dynamic enhancement is calculated on the basis of our trade
receivables model.  Daily and monthly performance related
triggers also offer additional protection to the transaction.
    

                       Ratings List
  
Russian Structured Factoring Receivables No. 1 S.A.
RUR4.12 Billion Floating-Rate Notes
  
         Class          Prelim.        Prelim.
                        rating         amount
                                      (Bil. RUR)
  
         A              BBB             3,800
         B              BB                320


SIBERIAN WOOD: Creditors Must File Claims by June 24
----------------------------------------------------
Creditors of LLC Builder Slobodskoy have until June 24, 2008, to
submit proofs of claim to:

         A. Drozdov
         Insolvency Manager
         Mira Pr. 16-42
         Ust-Ilimsk
         666683 Irkutsk
         Russia

The Arbitration Court of Irkutsk commenced bankruptcy
proceedings agains the company after finding it insolvent.  The
case is docketed under Case No. A19-243/08-38.

The Court is located at:  

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

The Debtor can be reached at:

         LLC Builder Slobodskoy
         Kurchatova Str. 52-49
         Bratsk
         665726 Irkutsk
         Russia


SITRONICS JSC: Reports US$8.2 Mln. Net Loss for First Quarter
-------------------------------------------------------------
JSC Sitronics released unaudited consolidated US GAAP financial
results for the first quarter ended March 31, 2008.  The company
reported a net loss of US$8.2 million compared to net loss of  
US$28 million in the first quarter of 2007.

Sitronics generated US$445 million in consolidated revenues for
the first quarter of 2008, a 43.8% year on year increase
compared to US$310 million consolidated revenues in the same
period in 2007.

Mr. Sergey Aslanian, President of Sitronics said "We have over
delivered on our promises made during the full year results
announcement in April as all our segments showed positive OBIDA
in the first quarter."

Mr. Aslanian continued, "The net loss decreased substantially
both year on year and quarter on quarter, and it is expected
that this trend will continue with the OIBDA margin forecast to
be at least 5% for the whole year."

                      About JSC Sitronics

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

                          *     *     *

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


SKB-BANK: Fitch Affirms Ratings and Says Outlook is Stable
----------------------------------------------------------
Fitch Ratings affirmed SKB-Bank's ratings at Long-term Issuer
Default 'B-' with a Stable Outlook, Short-term IDR 'B',
Individual 'D/E', Support '5' and Support Rating Floor 'No
Floor'.

The ratings of SKB reflect its relatively small size, the rapid
growth of its loan portfolio and the increasing focus on retail
loans secured only by personal guarantees.  In addition, non-
performing loans (NPLs) have ticked up, and funding and loan
concentrations remain significant.

However, the ratings also take into consideration the bank's
growing franchise, good performance indicators and quite
developed corporate governance for a small Russian bank. Fitch
also notes the potential for the bank's shareholders and related
parties to provide capital and liquidity support as the need
arises.  Capitalization is currently adequate, but further
equity injections will be required if the bank is successful in
realizing its ambitious growth plans.

Rating upside will be possible if the bank builds up its
franchise and diversifies its loan portfolio and funding
structure, while maintaining satisfactory asset quality.
Significant credit losses or deterioration in the liquidity
position are the main potential sources of downward pressure on
the ratings.

SKB is a Yekaterinburg-based bank, with a fast growing franchise
in the Urals region.  At end-Q108, the bank was ranked 74th in
Russia by assets.  SKB's strategy primarily focuses on regional
expansion and development of SME and retail lending.  The bank
is majority-controlled by Dmitry Pumpyansky, beneficial owner of
the pipe company, TMK, and Sinara Group.  The European Bank for
Reconstruction and Development also holds a blocking share in
SKB.


SLOBODSKOY LLC: Creditors Must File Claims by June 24
-----------------------------------------------------
Creditors of LLC Builder Slobodskoy have until June 24, 2008, to
submit proofs of claim to:

         A. Lantsov
         Insolvency Manager
         Post User Box 58
         127562 Moscow
         Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings
agains the company after finding it insolvent.  The case is
docketed under Case No. A-41-?2-5591/08.

The Court is located at:

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

The Debtor can be reached at:

         LLC Builder Slobodskoy
         Sadovaya Str. 1
         Pavlovskaya Svoboda
         Istrinskiy
         143581 Moscow
         Russia


TAYGA OJSC: Creditors Must File Claims by July 24
-------------------------------------------------
Creditors of OJSC Tayga have until July 24, 2008, to submit
proofs of claim to:

         E. Babaev
         Insolvency Manager
         Room 10
         Y. Fabritsiusa Str. 10
         180000 Pskov
         Russia

The Arbitration Court of Altay commenced bankruptcy proceedings
agains the company after finding it insolvent.  The case is
docketed under Case No. A02-1032/2007.

The Debtor can be reached at:

         OJSC Tayga
         Biyskaya Str.
         Yogach
         Turochakskiy
         649154 Altay
         Russia


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

         S. Kalinin
         Insolvency Manager
         Post User Box 1166
         410018 Saratov
         Russia

The Arbitration Court of Saratov commenced bankruptcy
proceedings agains the company after finding it insolvent.  The
case is docketed under Case No. A-57-526B/06-23.

The Court is located at:

         The Arbitration Court of Saratov
         Babushkin Vvoz 1
         Saratov
         Russia

The Debtor can be reached at:

         CJSC Torus
         Penzenskaya Str. 37
         410015 Saratov
         Russia


URAL-STROY-SERVICE: Court Names I. Zaripov as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Bashkortostan appointed I. Zaripov as
Insolvency Manager for LLC Ural-Stroy-Service (TIN 0262011497,
OGRN 1020201813851).  He can be reached at:

         I. Zaripov
         Sovetskaya Str. 29-2
         Staryj Ilik
         453456 Blagoveshenskiy
         Russia

The Court commenced bankruptcy proceedings agains the company
after finding it insolvent.  The case is docketed under Case No.
A07-27223/05-G-KhRM.

The Court is located at:

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

The Debtor can be reached at:

         LLC Ural-Stroy-Service
         Kalinina Str. 1a
         Kumertau
         453300 Bashkortostan
         Russia


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


FTA MADRID: Fitch Lowers Class E Notes to BB- with Neg. Outlook
---------------------------------------------------------------
Fitch Ratings has downgraded six and affirmed 14 tranches of the
Madrid RMBS I, II and III transactions, following a review of
the performance.  The collateral was originated by Caja de
Ahorros y Monte de Piedad de Madrid.  The rating actions are:

   -- Class A1 (ISIN ES0359091008): affirmed at 'AAA'; Outlook
      Stable

   -- Class A2 (ISIN ES0359091016): affirmed at 'AAA'; Outlook
      Stable

   -- Class B (ISIN ES0359091024): affirmed at 'AA'; Outlook
      Stable

   -- Class C (ISIN ES0359091032): affirmed at 'A'; Outlook
      Stable

   -- Class D (ISIN ES0359091040): affirmed at 'BBB'; Outlook
      changed to Negative from Stable Class E (ISIN
      ES0359091057): downgraded to 'BB' from 'BB+'; Outlook
      changed to Negative from Stable

   -- Class A1 (ISIN ES0359092006): affirmed at 'AAA'; Outlook
      Stable

   -- Class A2 (ISIN ES0359092014): affirmed at 'AAA'; Outlook
      Stable

   -- Class A3 (ISIN ES0359092022): affirmed at 'AAA'; Outlook
      Stable

   -- Class B (ISIN ES0359092030): affirmed at 'AA'; Outlook
      Stable

   -- Class C (ISIN ES0359092048): downgraded to 'A-' from 'A';
      Outlook changed to Negative from Stable Class D (ISIN
      ES0359092055): downgraded to 'BBB-' from 'BBB'; Outlook
      remains Negative.

   -- Class E (ISIN ES0359092063) downgraded to 'BB-' form
      'BB+'; Outlook remains Negative.

   -- Class A1 (ISIN ES0359093004): affirmed at 'AAA'; Outlook
      Stable

   -- Class A2 (ISIN ES0359093012): affirmed at 'AAA'; Outlook
      Stable

   -- Class A3 (ISIN ES0359093020): affirmed at 'AAA'; Outlook
      Stable

   -- Class B (ISIN ES0359093038): affirmed at 'AA'; Outlook
      Stable

   -- Class C (ISIN ES0359093046): affirmed at 'A'; Outlook
      changed to Negative from Stable

   -- Class D (ISIN ES0359093053): downgraded to 'BBB-'from
      'BBB'; Outlook changed to Negative from Stable

   -- Class E (ISIN ES0 ES0359093061) downgraded to 'BB-' from
      'BB'; Outlook changed to Negative from Stable

The rating actions reflect significant deterioration in credit
performance relative to Fitch's initial expectations when it
assigned the ratings at end-2006 and mid-2007.  Despite limited
seasoning, all three transactions have exhibited worsening
delinquency and default trends, which have become more
pronounced in recent quarters.  Partly driving elevated defaults
in these transactions is the more conservative default
recognition and provisioning mechanism, which treats loans in
excess of six month in arrears as defaulted loans.  While this
structural feature has resulted in early default recognition, it
has also allowed for efficient utilization of excess spread
available in these transactions.  Nevertheless, reported
defaults have exceeded available excess spread and reserve funds
for all three transactions have been tapped.  The different
rating actions across the three transactions reflect their
relative performance, with Madrid RMBS II and III continuing to
exhibit weaker credit performance.

Arrears, defined as three month plus delinquencies, have
continued to climb in recent quarters.  At end-April 2008,
arrears for Madrid RMBS I and II stood at 1.94% and 2.53%,
respectively, compared to 0.58% and 1.09% at end-September 2007
(10 months since closing).  Also, Madrid RMBS III, with arrears
of 1.93% at end-April 2008 (10 months since closing), is
exhibiting higher arrears than Madrid RMBS I and II at the same
time of seasoning.  Reported defaults for Madrid RMBS I, II, and
III totaled 1.23%, 2.18% and 0.73%, respectively, in April 2008.
While defaults have increased for these transactions,
noteholders should be able to benefit from the ultimate
realization of recoveries on these loans.

The relatively higher reported defaults for Madrid RMBS II and
III have resulted in higher draws of their RFs.  This pushed
down the Class C, D and E current credit enhancement of Madrid
RMBS II and III below the levels at closing.  At end-April 2008,
the Madrid RMBS II and III RFs stood respectively at 67.55% and
89.16% of their required amount.  On the other hand, Madrid I CE
was above the closing level for each of the Classes.

Given the steady increase in arrears and defaults, Fitch
believes servicing and recoveries have grown in importance and
are a key factor in the future performance of Caja Madrid's high
loan-to-value transactions.  Historically, Caja Madrid has
demonstrated good servicing that resulted in high recoveries;
however, the softening Spanish housing market, is putting
pressure on house prices and extending the time required to
liquidate properties.

Fitch had access to the pool cut of the deals and found that
loans with no or just one guarantor, loans for second homes and
Mapfre-originated loans are having higher arrears than the
average of the portfolio.  But the main drivers of the higher
arrears are the 2005- and 2006- originated loans, and loans with
higher margins and current loan-to-value above 100%.  Loans with
higher-than-100% CLTV and without mortgage insurance vastly
increase the probability of losses when the properties are
foreclosed.

Caja Madrid is the parent of Spain's fourth-largest banking
group by assets.  Its activities are concentrated in Madrid.  
Caja Madrid's branches account for the origination of 47.2% of
the securitized portfolio; its network of real estate agents for
44.9%; and the offices of the insurer, Mapfre Mutualidad, for
3.9%.

Fitch has employed its credit-cover multiple methodology in
reviewing these transactions to assess the level of credit
support available to each class of notes and has also fully re-
modeled them, including revision assumptions, and expected
levels of delinquency, defaults, prepayments and recoveries in
line with the relevant rating scenarios, based on performance to
date.


=====================
S W I T Z E R L A N D
=====================


ALPHA PRODUCTS: Bern Court Commences Bankruptcy Proceedings
-----------------------------------------------------------
The Bankruptcy Service of Bern commenced bankruptcy proceedings
against JSC Alpha Products on April 23, 2008.

The Bankruptcy Service of Bern can be reached at:

            Bankruptcy Service of Berner Jura-Seeland
            Amtsstelle Seeland
            2501 Biel/Bienne
            Switzerland

The company can be reached at:

            JSC Alpha Products
            Schloss-Strasse 15
            2560 Nidau.
            Switzerland


ARBODE JSC: Proofs of Claim Filing Deadline Set for June 17
-----------------------------------------------------------
Creditors owed money by JSC Arbode are requested to submit their
proofs of claim by June 17, 2008 to:

            JSC Sinco Treuhand
            Idastrasse 15
            8003 Zurich
            Switzerland

The company is currently undergoing liquidation in Baar.  The
decision about liquidation was accepted at an extraordinary
general meeting held on April 17, 2008.


BAUMANN COMMUNICATIONS: Liquidation Claims Due by June 18
---------------------------------------------------------
Creditors owed money by LLC Baumann Communications are requested
to submit their proofs of claim by June 18, 2008 to:

            LLC Baumann Communications
            Hardstrasse 18
            4142 Munchenstein
            Switzerland

The company is currently undergoing liquidation in Munchenstein.

The decision about liquidation was accepted at an extraordinary
shareholder's meeting held on June 24, 2005.


BIANCHI BAU: March Court Commences Bankruptcy Proceedings
---------------------------------------------------------
The Bankruptcy Service of March commenced bankruptcy proceedings
against JSC Bianchi Bau und Verwaltung on April 29, 2008.

The Bankruptcy Service of March can be reached at:

            Bankruptcy Service of March
            8853 Lachen
            Switzerland

The company can be reached at:

            JSC Bianchi Bau und Verwaltung
            Ziegelwiese 16
            8852 Altendorf
            Switzerland


BRILLEN-QUELLE RAPPERSWIL: Liquidation Claims Due by June 15
------------------------------------------------------------
Creditors owed money by LLC Brillen-Quelle Rapperswil are
requested to submit their proofs of claim by June 15, 2008 to:

            Hoppler Hans-Rudolf
            Liquidator
            Bernhard Jaeggi-Weg 70
            8055 Zurich
            Switzerland

The company is currently undergoing liquidation in Rapperswil-
Jona.  The decision about liquidation was accepted at a
shareholder's meeting held on April 2, 2008.


BUCLA JSC: Creditors Have Until June 17 to File Proofs of Claim
---------------------------------------------------------------
Creditors owed money by JSC Bucla are requested to submit their
proofs of claim by June 17, 2008 to:

            JSC Sinco Treuhand
            Idastrasse 15
            8003 Zurich
            Switzerland

The company is currently undergoing liquidation in Baar.  The
decision about liquidation was accepted at an extraordinary
general meeting held on April 17, 2008.


CANNA LLC: Creditors Have Until July 30 to File Proofs of Claim
---------------------------------------------------------------
Creditors owed money by LLC Canna are requested to submit their
proofs of claim by July 30, 2008 to:

            De Marmels Andrea
            Liquidator
            JSC Idefid
            Piancorella
            6873 Corteglia
            Switzerland

The company is currently undergoing liquidation in Schlieren.  
The decision about liquidation was accepted at an extraordinary
shareholder's meeting held on June 20, 2006.


COPANI HEIZUNG: Undergoing Liquidation on Kolliken
--------------------------------------------------
LLC Copani Heizung-Sanitar is currently undergoing liquidation
in Kolliken AG.  The decision about liquidation was accepted at
a shareholder's meeting held on April 14, 2008.

Creditors' proofs of claim were due June 7, 2008.

The liquidator can be reached at:

            Giuseppe Copani
            Liquidator
            Scheidgasse 27e
            5742 Kolliken
            Switzerland


ENICMA LLC: Deadline to File Proofs of Claim Set for June 18
------------------------------------------------------------
Creditors owed money by LLC Enicma are requested to submit their
proofs of claim by June 18, 2008 to:

            Matthias Striebel
            Liquidator
            Sennheimerstrasse 45
            4054 Basel
            Switzerland

The company is currently undergoing liquidation in Basel.  The
decision about liquidation was accepted at an extraordinary
shareholder's meeting held on April 28, 2008.


EL PATIO: Proofs of Claims Must be Submitted by July 10
-------------------------------------------------------
Creditors owed money by LLC El Patio Rey de la Paella are
requested to submit their proofs of claim by July 10, 2008 to:

            Hohlstrasse 44
            8004 Zurich
            Switzerland

The company is currently undergoing liquidation in Zurich.  The
decision about liquidation was accepted at a shareholder's
meeting held on Jan. 23, 2008.


ETM HANDEL: Undergoing Liquidation in Illnau-Effretikon
-------------------------------------------------------
JSC ETM HANDEL is currently undergoing liquidation in Illnau-
Effretikon.  The decision about liquidation was accepted at a
general meeting held on March 5, 2008.

Creditors' proofs of claim were due June 6, 2008.

The liquidator can be reached at:

            Werner Andreas Kocher
            Liquidator
            Im Ifang 6
            8307 Effretikon
            Switzerland


FRIMA MALERGESCHAFT: Undergoing Liquidation Proceedings in Bern
---------------------------------------------------------------
LLC Frima Malergeschaft is currently undergoing liquidation in
Bern.  The decision about liquidation was accepted at an
extraordinary shareholder's meeting held on March 28, 2008.

Creditors' proofs of claim were due June 7, 2008.


GENERAL MOTORS: Europe Head Says N. American Woes Spreading
-----------------------------------------------------------
General Motors Corp.'s problems in North America is beginning to
surface in Europe, Carl-Peter Forster, GM Europe President said
in his blog.

Mr. Forster noted that rising oil prices have greatly impacted
not only the company's North American operations, but also its
whole business as well.

GM Europe's president said that although the company is
experiencing exceptional growth in Eastern Europe, Asia and
Latin America, its operations in the mature North American and
certain European markets could undergo difficulties felt during
the early 80's recession.

Mr. Forster noted that while high oil prices is causing
consumers to buy less vehicles, rising commodity prices and the
huge disparity between the Euro and most other currencies is
dragging the company's production in Europe.

To deal with these problems, Mr. Forster said GM Europe will
make necessary changes "to be as strongly positioned as possible
when things improve."

The changes will include:

    * focusing billions of Euros on advanced propulsion
      technologies to get [GM] vehicles as fuel-efficient as
      possible; and

    * sizing [GM's] business to get cost structure as
      competitive as possible to ensure strong employment base
      in all its business regions.

GM Europe is headquartered in Zurich, Switzerland.

                           About GM

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908.  GM employs
about 266,000 people around the world and manufactures cars and
trucks in 35 countries.  In 2007, nearly 9.37 million GM cars
and trucks were sold globally under the following brands: Buick,
Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel,
Pontiac, Saab, Saturn, Vauxhall and Wuling.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security
and information services.

At March 31, 2008, GM's balance sheet showed total assets of
US$145,741,000,000 and total debts of US$186,784,000,000,
resulting in a stockholders' deficit of US$41,043,000,000.  
Deficit, at Dec. 31, 2007, and March 31, 2007, was
US$37,094,000,000 and US$4,558,000,000, respectively.

                          *     *     *

As reported in the Troubled Company Reporter on April 28, 2008,
Standard & Poor's Ratings Services said that its 'B' long-term
and 'B-3' short-term corporate credit ratings on General Motors
Corp. remain on CreditWatch with negative implications, where
they were placed March 17, 2008.  The CreditWatch update follows
downgrades of 49%-owned subsidiaries GMAC LLC (B/Negative/C) and
Residential Capital LLC (CCC+/Watch Neg/C).  The rating actions
on Residential Capital LLC and GMAC were triggered by the
resignation of the only independent directors at Residential
Capital LLC.


GLOBAL AUTOMOTIVE: Creditors' Liquidation Claims Due by June 15
---------------------------------------------------------------
Creditors owed money by JSC Global Automotive Administration are
requested to submit their proofs of claim by June 15, 2008 to:

            Pierre Schaerer
            Liquidator
            Chamerstrasse 172
            6300 Zug
            Switzerland

The company is currently undergoing liquidation in Zug.  The
decision about liquidation was accepted at an extraordinary
general meeting held on April 9, 2008.


GROSSEGGER & PARTNER: Proofs of Claims Must be Filed by June 18
---------------------------------------------------------------
Creditors owed money by LLC Grossegger & Partner are requested
to submit their proofs of claim by June 18, 2008 to:

            Trust Company Beat Degrandi Treuhand
            Zugerstrasse 15
            6330 Cham
            Switzerland

The company is currently undergoing liquidation in Zug.  The
decision about liquidation was accepted at an extraordinary
shareholder's meeting held on April 18, 2008.


INPROGRESS LLC: Deadline to File Proofs of Claim is June 29
-----------------------------------------------------------
Creditors owed money by LLC Inprogress are requested to submit
their proofs of claim by June 29, 2008 to:

            Myriam Heidelberger
            Liquidator
            Falmenstr. 16
            8610 Uster
            Switzerland

The company is currently undergoing liquidation in  Zufikon AG.  
The decision about liquidation was accepted at an extraordinary
shareholder's meeting held on April 9, 2008.


KOLB STALLBAU: Thurgau Court Commences Bankruptcy Proceedings
-------------------------------------------------------------
The Bankruptcy Service of Thurgau commenced bankruptcy
proceedings against JSC Kolb Stallbau on April 14, 2008.

The Bankruptcy Service of Thurgau can be reached at:

            Bankruptcy Service of Thurgau
            8510 Frauenfeld
            Switzerland

The company can be reached at:

            JSC Kolb Stallbau
            Bahnhofstr. 8
            8594 Guttingen.
            Switzerland


LOEVENICH ENG'G: Zuchwil Court Commences Bankruptcy Proceedings
---------------------------------------------------------------
The Bankruptcy Service of Zuchwil commenced bankruptcy
proceedings against JSC Loevenich Engineering on April 22, 2008.

The Bankruptcy Service of Zuchwil can be reached at:

            Cantonal Bankruptcy Service
            4702 Oensingen
            Switzerland

The company can be reached at:

            JSC Loevenich Engineering
            Gewerbestrasse 12
            4528 Zuchwil.
            Switzerland


MECHEL ENERGY: Undergoing Liquidation Proceedings in Zug
--------------------------------------------------------
JSC Mechel Energy is currently undergoing liquidation in Zug.  
The decision about liquidation was accepted at an extraordinary
general meeting held on April 11, 2008.

Creditors' proofs of claim were due June 7, 2008.

The liquidator can be reached at:

            Werner Andreas Kocher
            Liquidator
            Im Ifang 6
            8307 Effretikon
            Switzerland


NAG PARTNER: Aargau Court Commences Bankruptcy Proceedings
----------------------------------------------------------
The Bankruptcy Service of Aargau commenced bankruptcy
proceedings against LLC NAG Partner on April 28, 2008.

The Bankruptcy Service of Aargau can be reached at:

            Bankruptcy Service of Aargau
            Amtsstelle Baden
            5402 Baden
            Switzerland

The company can be reached at:

            LLC NAG Partner
            Gersauerstrasse 85
            6440 Brunnen
            Switzerland


NANOLAB JSC: Creditors Must File Proofs of Claim by September 30
----------------------------------------------------------------
Creditors owed money by JSC Nanolab are requested to submit
their proofs of claim by Sept. 30, 2008 to:

            Todistrasse 17
            8022 Zurich
            Switzerland

The company is currently undergoing liquidation in Zurich.  The
decision about liquidation was accepted at an extraordinary
general meeting held on June 26, 1996.


OFF JET: Creditors Have Until June 25 to File Proofs of Claim
-------------------------------------------------------------
Creditors owed money by JSC Off Jet are requested to submit
their proofs of claim by June 25, 2008 to:

            JSC FHT CorporateService
            Liquidator
            Gotthardstrasse 3
            6304 Zug
            Switzerland

The company is currently undergoing liquidation in Zug.  The
decision about liquidation was accepted at an extraordinary
general meeting held on March 19, 2008.


PRISI GASTRO: Undergoing Liquidation Proceedings in Allschwill
--------------------------------------------------------------
LLC Prisi Gastro is currently undergoing liquidation in
Allschwill.  The decision about liquidation was accepted at an
extraordinary shareholder's meeting held on May 14, 2007.

Creditors' proofs of claim were due June 6, 2008.


R. GONZALEZ: Luzern Court Commences Bankruptcy Proceedings
----------------------------------------------------------
The Bankruptcy Service of Luzern commenced bankruptcy
proceedings against LLC R. Gonzalez Lausanne-Ouchy on April 29,
2008.

The Bankruptcy Service of Luzern can be reached at:

            Bankruptcy Service of Luzern-Stadt
            6000 Luzern 5
            Switzerland


ROCKALL LTD: Undergoing Liquidation Proceedings in Zug
------------------------------------------------------
Rockall Ltd. is currently undergoing liquidation in Zug.  The
decision about liquidation was accepted at an extraordinary
general meeting held on April 1, 2008.

Creditors' proofs of claim were due June 6, 2008.

The liquidators can be reached at:

            Jurg Brand
            Hermann Bechtold
            Liquidators
            Talstrasse 82
            8022 Zurich
            Switzerland


SBC EQUITY: Proofs of Claim Filing Deadline Set for June 25
-----------------------------------------------------------
Creditors owed money by JSC SBC Equity Partners are requested to
submit their proofs of claim by June 25, 2008 to:

            JSC UBS
            Werner Strahl
            W94Q-SE3
            8098 Zurich
            Switzerland

The company is currently undergoing liquidation in Opfikon.  The
decision about liquidation was accepted at an extraordinary
general meeting held on April 2, 2008.


SUNNY IMMO: Creditors Must Submit Proofs of Claim by June 18
------------------------------------------------------------
Creditors owed money by JSC Sunny Immo are requested to submit
their proofs of claim by June 18, 2008 to:

            JSC Sunny Immo
            Bruggliacker 4
            4657 Dulliken
            Switzerland

The company is currently undergoing liquidation in Dulliken.  
The decision about liquidation was accepted at an extraordinary
general meeting held on April 30, 2008.


VISACO JSC: Undergoing Liquidation Proceedings in Zurich
--------------------------------------------------------
JSC Visaco is currently undergoing liquidation in Zurich.  The
decision about liquidation was accepted at an extraordinary
general meeting held on Nopv. 20, 2006.

Creditors' proofs of claim were due June 7, 2008.


WERNLI LLC: Goldach Liquidation Proceedings Ongoing
---------------------------------------------------
LLC Wernli is currently undergoing liquidation in Goldach.  The
decision about liquidation was accepted at a shareholder's
meeting held on April 22, 2008.

Creditors' proofs of claim were due June 7, 2008.


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


COOPERATIVE TRADE: Creditors Must File Claims by June 25
--------------------------------------------------------
Creditors of LLC Cooperative Trade (code EDRPOU 32001974) have
until June 25, 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 22, 2008.  The case is docketed as 19/202/07.

The Debtor can be reached at:

         LLC Cooperative Trade
         Shevchenko Str. 25
         Guliaypole
         70200 Zaporozhje
         Ukraine


DRUZHBA NARODOV: Creditors Must File Claims by June 25
------------------------------------------------------
Creditors of Agricultural LLC Druzhba Narodov (code EDRPOU
05388865) have until June 25, 2008, to submit proofs of claim
to:

         The Economic Court of Chernigov
         Mir Avenue 20
         14000 Chernigov
         Ukraine

The Economic Court of Chernigov commenced bankruptcy proceedings
against the company after finding it insolvent on April 8, 2008.
The case is docketed as 4/111-b.

The Debtor can be reached at:

         Agricultural LLC Druzhba Narodov
         Vlasenko Str. 6
         Kukshyn
         Nizhyn District
         16631 Chernigov
         Ukraine


ELITMETAL LLC: Proofs of Claim Deadline Set June 26
---------------------------------------------------
Creditors of LLC Elitmetal (code EDRPOU 32708307) have until
June 26, 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 has commenced the bankruptcy
supervision procedure on the company.  The case is docketed as
49/188-b.

The Debtor can be reached at:

         LLC Elitmetal
         Schors Str. 29
         01133 Kiev
         Ukraine


KRASILOVAL AGRICULTURAL: Proofs of Claim Deadline Set June 25
-------------------------------------------------------------
Creditors of OJSC Krasiloval Agricultural Industrial Supply
(code EDRPOU 0090366) have until June 25, 2008, to submit proofs
of claim to:

         The Economic Court of Hmelnitskij
         Nezalezhnosti Square 1
         29000 Hmelnitskij
         Ukraine

The Economic Court of Hmelnitskiy commenced bankruptcy
supervision procedure on the company.  The case is docketed as
13/314-B.

The Debtor can be reached at:

         OJSC Krasiloval Agricultural Industrial Supply
         Privokzalnaya Str. 1
         Krasilov
         31000 Hmelnitskij
         Ukraine


LEO LLC: Creditors Must File Claims by June 26
----------------------------------------------
Creditors of LLC Leo (code EDRPOU 23106209) have until
June 26, 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 proceedings
against the company on April 16, 2008, after finding it
insolvent.  The case is docketed as 10/58-08.

The Debtor can be reached at:

         LLC Leo
         Apartment 19
         Karl Marks Str. 22
         Vinnica
         Ukraine


MAKO-SPORT LLC: Creditors Must File Claims by June 26
-----------------------------------------------------
Creditors of LLC Mako-Sport (code EDRPOU 33675409) have until
June 26, 2008, to submit proofs of claims to:

         The Economic Court of Kharkov
         Derzhprom 8th Entrance
         Svoboda Square 5
         61022 Kharkov
         Ukraine

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent on May 12, 2008.  
The case is docketed as B-24/51-08.

The Debtor can be reached at:

         LLC Mako-Sport
         Lenin Avenue 9
         61199 Kharkov
         Ukraine


NOVI OBRIYI: Creditors Must File Claims by June 25
--------------------------------------------------
Creditors of LLC Building Company Novi Obriyi (code EDRPOU
33748780) have until June 25, 2008, to submit proofs of claim
to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on May 21, 2008.  
The case is docketed as 24/63-b.

The Debtor can be reached at:

         LLC Building Company Novi Obriyi
         Politekhnicheskaya Str. 16
         03056 Kiev
         Ukraine


REVER-AGRO: Creditors Must File Claims by June 26
-------------------------------------------------
Creditors of OJSC Rever-Agro (code EDRPOU 33899748) have until
June 26, 2008, to submit proofs of claims to:

         The Economic Court of Kharkov
         Derzhprom 8th Entrance
         Svoboda Square 5
         61022 Kharkov
         Ukraine

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent on May 16, 2008.
The case is docketed as B-19/65-08.


ROMNY BREWERY: Proofs of Claim Deadline Set June 26
---------------------------------------------------
Creditors of OJSC Romny Brewery (code EDRPOU 00383066) have
until June 26, 2008, to submit proofs of claim to:

         The Economic Court of Sumy
         Shevchenko Avenue 18/1
         40030 Sumy
         Ukraine

The Economic Court of Sumy commenced bankruptcy supervision
procedure on the company on May 16, 2008.  The case is docketed
as 4/17-08.

The Debtor can be reached at:

         OJSC Romny Brewery
         Frunze Str. 6
         Romny
         42007 Sumy
         Ukraine


XXI CENTURY: Creditors Must File Claims by June 25
--------------------------------------------------
Creditors of LLC XXI Century (code EDRPOU 31100238) have until
June 25, 2008, to submit proofs of claim to:

         The Economic Court of Hmelnitskij
         Nezalezhnosti Square 1
         29000 Hmelnitskij
         Ukraine

The Economic Court of Hmelnitskij commenced bankruptcy
proceedings against the company after finding it insolvent on
April 4, 2008.  The case is docketed as 2/388-B.

The Debtor can be reached at:

         LLC XXI Century
         Kuprin Lane 54/2
         29000 Hmelnitskij
         Ukraine


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


ALLTYRES LTD: Taps Liquidators from BDO Stoy Hayward
----------------------------------------------------
Graham David Randall and Simon Edward Jex Girling of BDO Stoy
Hayward LLP were appointed joint liquidators of AllTyres Ltd. on
May 10 for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         BDO Stoy Hayward LLP
         Fourth Floor
         One Victoria Street
         Bristol
         BS1 6AA
         England


BRISTOW GROUP: S&P Rates US$100 Million Senior Notes at BB
----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' issue
rating (same as the corporate credit rating) and a recovery
rating of '4', indicating our expectation of average (30%-50%)
recovery in the event of a payment default, to the US$100
million convertible senior notes due 2038 of Bristow Group Inc.
(BB/Stable/--).  As of March 31, 2008, helicopter company
Bristow had US$805.5 million of debt, adjusted for guarantees,
operating leases, and post retirement benefit obligations.

At the same time, Bristow plans to sell 4.1 million shares of
common stock, with the underwriters having an option to purchase
an additional 615,000 shares.  The net proceeds from both the
offerings will be used to acquire aircraft and for other general
corporate purposes.

"Although the additional stock offering is beneficial to
Bristow's credit measures, it does not warrant a positive
ratings action at this point," said Standard & Poor's credit
analyst Aniki Saha-Yannopoulos.

Bristow's financial risk profile is aggressive. Because of the
company's large capital expenditure program, S&P does not expect
it to generate any free cash flow in the near term.  Bristow's
operating performance and financial leverage are stable, and S&P
expects that the addition of new fleet during robust market
conditions will allow the company to continue to reduce leverage
in the intermediate term.


CHARLES THURNAM: Appoints Begbies Traynor as Administrators
-----------------------------------------------------------
Bob Maxwell and Michael Edward George Saville of Begbies Traynor
were appointed joint administrators of Charles Thurnam & Sons
Ltd. (Company Number 00251360) on May 30, 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:

          Charles Thurnam & Sons Ltd.
          The Business Centre
          Kingstown Broadway
          Carlisle
          Cumbria
          CA3 0HA
          England
          Tel: 01228 520 222
          Fax: 01228 511 185


DECO 8-UK: S&P Cuts Rating on Class G Notes to B
------------------------------------------------
Standard & Poor's Ratings Services has lowered and removed from
CreditWatch with negative implications its rating on the class G
notes issued by DECO 8-UK Conduit 2 PLC.  At the same time, we
have put on CreditWatch negative the ratings on the class E and
F notes and affirmed the remaining notes.  

The class G notes were initially placed on CreditWatch negative
on April 9, 2008, following a deterioration in the performance
of a number of underlying commercial loans, characterized by
high vacancies.  Furthermore, some loans continue to be in
breach of their loan covenants and are either relying on cash
injections from borrowers or cash deposits.
  
With the outlook for commercial property values continuing to
deteriorate in the U.K. and the challenges for the borrowers to
refinance in the current environment, we are of the opinion that
there is an increased risk of loan and note default.
  
The Moorhen Properties loan is scheduled to refinance in January
2009.  The performance of the hotel in the K/S Focus Derby loan
coupled with the commencement of amortization payments in
October 2008 will require yet further cash injections from the
borrowers.
  
The Lea Valley loan industrial properties, in particular, have
been affected by both increased vacancy and the abolition of
rates relief on empty industrial properties this year.
  

                         Ratings List
  
DECO 8 - UK Conduit 2 PLC
GBP630.13 Million Commercial Mortgage-Backed Floating-Rate Notes
  
             Class       To                  From
  
Rating Removed From CreditWatch Negative and Lowered
  
             G           B                   BB/Watch Neg
  
Ratings Placed On CreditWatch With Negative Implications
  
             E           BBB/Watch Neg       BBB
             F           BBB-/Watch Neg      BBB-
  
Ratings Affirmed
  
             A1          AAA
             A2          AAA
             B           AAA
             C           AA
             D           A


EDGLEY DISTRIBUTION: Taps Joint Administrators from P&A
-------------------------------------------------------
Christopher Michael White and Gareth David Rusling of The P&A
Partnership were appointed joint administrators of Edgley
Distribution Express Ltd. (Company Number 01857137) on May 30,
2008.

The P&A Partnership (aka Poppleton and Appleby) --
http://www.thepandapartnership.com/-- acts for all clearing  
banks and a growing number of factors and asset lenders.  Its
clients include multinational PLCs, SMEs, financial
institutions, accountants, solicitors and business advisors.

The company can be reached at:

          Edgley Distribution Express Ltd.
          Acer Road
          Kings Lynn
          Norfolk
          PE34 3HN
          England
          Tel: 01553 761 513
          Fax: 01553 692 160


FORD MOTOR: Trancinda Buys 20 Mln Shares of Over 1 Bln Tendered
---------------------------------------------------------------
Tracinda Corporation disclosed the preliminary results of its
cash tender offer for up to 20,000,000 shares of Ford Motor
Company common stock, which expired at 5:00 p.m., New York City
time, on Monday, June 9, 2008.  Based on the preliminary count,
subject to final verification, approximately 1,016,959,620 of
2,240,000,000 shares of Ford's common stock were tendered,
including approximately 240,549,802 shares tendered by notices
of guaranteed delivery.

Tracinda will purchase 20,000,000 shares of Ford's common stock
in the tender offer at a purchase price of US$8.50 per share,
for a total purchase price of US$170,000,000, raising Tracinda's
interest in Ford to 5.5% from 4.7%.  Because the number of
shares tendered exceeded the number of shares that Tracinda
offered to purchase, the resulting estimated proration factor is
approximately 1.97% of the shares tendered.

According to Matthew Dolan of The Wall Street Journal, holders
were expected to dump off their shares since Trancinda's offer
was a 34% premium to Ford's June 9 trading price on the New York
Stock Exchange of US$6.36.

The number of shares tendered and not withdrawn and the
proration factor are preliminary and are subject to
verification.  The actual number of shares validly tendered and
not withdrawn and the final proration factor will be announced
promptly following completion of the verification process.  
Promptly after such announcement, the depositary will issue
payment for the shares validly tendered and accepted under the
tender offer and will return all other shares tendered.

Questions regarding the offer should be directed to the
information agent, D. F. King & Co., Inc., at (212) 269-5550 for
banks and brokerage firms or (800) 859-8511 for all others.

                        About Ford Motor

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

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

                         *     *     *

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


GENERAL MOTORS: GM Canada Takes Legal Action to End CAW Blockade
----------------------------------------------------------------
GM Canada, on June 9, 2008, confirmed that, following ongoing
discussions with the CAW over the past several days, it will
take action to seek collaborative or such necessary legal means
required to end the ongoing blockade of its Canadian
Headquarters allowing the company to reasonably continue
conducting its business in Canada.  GM Canada lost some vehicle
production on June 7 as a result of other CAW actions in Oshawa.

GM will continue to seek all opportunities to work together with
the CAW on productive approaches.  This includes working
together to seek additional car production in Oshawa that is
aligned with consumer demand caused by new record fuel prices
and vehicle market realities.  GM already produces the Chevrolet
Impala in Oshawa and plans to launch additional new models this
year and over the coming years.

GM also reaffirms that throughout prior agreements the recent
unprecedented accelerated bargaining with the CAW and in the
final agreement with the CAW, it was understood and agreed by
both parties that commitments with respect to Oshawa Truck were
"dependent upon market demand".  It was also understood that
these commitments could be impacted by the "increasingly
uncertain North America truck market and regulatory environment"
and that GM's overall product mix is constantly changing as a
result of factors that are beyond the scope of responsibility
and control of the parties involved.

GM acknowledges that the tough decision to cease production at
the truck plant in 2009 is difficult for all parties involved,
especially its employees.  The company has determined that it
cannot continue to build the same volumes of large trucks in
light of current structural shift to higher fuel prices.

GM will continue to seek to work together with the CAW on steps
to assist impacted employees.  GM Canada officials made it clear
that they are willing to meet with CAW leaders to continue
discussions to seek additional car production in Oshawa that is
aligned with consumer demand, record fuel prices and vehicle
market realities.  GM continues to increase its North American
car and crossover production in response to market changes and
offers customers the widest range of small fuel efficient cars
and the widest selection of hybrid vehicles.  GM has also
announced its plans to produce the extended range electric car,
the Chevrolet Volt for sale starting in 2010.

                    About General Motors

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908.  GM employs
about 266,000 people around the world and manufactures cars and
trucks in 35 countries.  In 2007, nearly 9.37 million GM cars
and trucks were sold globally under the following brands: Buick,
Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel,
Pontiac, Saab, Saturn, Vauxhall and Wuling.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security
and information services.

At March 31, 2008, GM's balance sheet showed total assets of
US$145,741,000,000 and total debts of US$186,784,000,000,
resulting in a stockholders' deficit of US$41,043,000,000.  
Deficit, at Dec. 31, 2007, and March 31, 2007, was
US$37,094,000,000 and US$4,558,000,000, respectively.

                          *     *     *

As reported in the Troubled Company Reporter on May 23, 2008,
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit rating and other ratings on General Motors Corp. and
removed them from CreditWatch with negative implications, where
they were placed March 17, 2008, as a result of the strike
at American Axle & Manufacturing Holdings Inc.  The outlook on
GM is negative.


INEOS: S&P Revises Outlook to Negative; Affirms Ratings
-------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook to
negative from stable on U.K.-based chemicals group Ineos --
which includes Ineos Group Holdings PLC, Ineos Holdings Ltd.,
Ineos Vinyls Finance PLC, and Ineos Vinyls Ltd.  At the same
time, Standard & Poor's affirmed its 'B+' ratings on all of the
entities.

"The outlook revision reflects increased risks and profit
pressures, notably in 2009, given less favorable chemical cycles
in many segments, high feedstock and energy prices, a
potentially insufficiently deleveraged balance sheet, and tight
covenant leeway and liquidity in 2009," said Standard &
Poor's credit analyst Lucas Sevenin.

Ineos is one of the world's biggest chemical companies, with
2007 sales of about EUR27 billion, derived from intermediate
chemicals, petrochemicals, and oil refining.

"The negative outlook reflects our concerns for weaker profit
and cash flow generation, notably in 2009, and resulting tight
covenant compliance," said Mr. Sevenin.

S&P still expects positive free cash flows in 2008, but trending
down strongly in 2009 as petrochemical down-cycle pressures
increase.  Under S&P's assumptions, FFO to adjusted debt may
decrease below 10% in 2009.  This possibility would be greater
if Ineos takes advantage of any new opportunities for
acquisitions.

A material weakening of profits in 2008 and particularly 2009,
in combination with insufficient deleveraging or covenant
headroom, would put additional downward pressure on the rating.

The outlook may be revised back to stable if S&P has more
confidence about Ineos' operating performance and continued
deleveraging ability.


KAI KRISTENS: Brings In Liquidators from PKF
--------------------------------------------
Jonathan Newell and Kerry Bailey of PKF (UK) LLP were appointed
joint liquidators of Kai Kristens Furnishings Ltd. on May 30 for
the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         PKF (UK) LLP
         5 Temple Square
         Temple Street
         Liverpool
         L2 5RH
         England


M&R 981: Brings In Menzies to Administer Assets
-----------------------------------------------
Andrew Gordon Stoneman and Jason James Godefroy of Menzies
Corporate Restructuring were appointed joint administrators of
M&R 981 Ltd. (Company Number 05373453) on May 22, 2008.

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

The company can be reached at:

          M&R 981 Ltd.
          Dawson Road
          Milton Keynes
          Buckinghamshire
          MK1 1JP
          England
          Tel: 01908 374 022
          Fax: 01908 641 628


MENTON II: Moody's Junks Ratings on Two Note Classes
----------------------------------------------------
Moody's Investors Service downgraded two classes of notes issued
by Menton II CDO Plc.

These rating actions are in response to continued severe credit
deterioration in the underlying portfolio.  The transaction is a
static CDO referencing a portfolio of high-grade RMBS (32%) and
CDO of ABS (32%). RMBS assets are mainly of the 2005 vintage
(76%) and 2006 vintage (19%).

Moody's will continue to monitor all deals with exposure to US
subprime RMBS, and will take further actions in respect of all
CDOs placed under review for downgrade once the extent of actual
downgrades to US RMBS vintages becomes known.

The actions are:

    (1) US$40,000,000 Class A1 Secured Floating Rate Credit
        Linked Notes due 2053

        Current Rating: Caa3, on review for downgrade
        Prior Rating: Ba3, on review for downgrade

    (2) US$10,000,000 Class A2 Secured Floating Rate Credit
        Linked Notes due 2053

        Current Rating: C
        Prior Rating: B3, on review for downgrade


RALLY CDO: Moody's Hacks Rating on US$6 Million Notes to Ba1
------------------------------------------------------------
Moody's Investors Service downgraded three classes of notes
issued by Rally CDO Limited.  This transaction is a
resecuritization of corporate CDOs and ABSs with no exposure to
downgraded subprime RMBS.  The review is in response to a
deterioration in the average credit quality of the underlying
collateral, driven primarily by negative rating migration in the
corporate portfolios underlying the CDOs.

The rating actions are:

Issuer: Rally CDO Limited Series 2005-1

  -- US$18,000,000 Class B Floating Rate Notes due 2010

     Current rating: Aa2
     Prior rating: Aaa, under review for downgrade

  -- US$12,000,000 Class C Floating Rate Notes due 2010

     Current rating: A3
     Prior rating: Aa2, under review for downgrade

  -- US$6,000,000 Class D Floating Rate Notes due 2010

     Current rating: Ba1
     Prior rating: A3, under review for downgrade


SCI ENGINEERING: Calls In Liquidators from Vantis
-------------------------------------------------
Paul Atkinson and Glyn Mummery of Vantis Business Recovery
Services were appointed joint liquidators of Sci Engineering
Ltd. on June 4 for the creditors' voluntary winding-up
proceeding.

The joint liquidators can be reached at:

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

The company can be reached at:

         Sci Engineering Ltd.
         5 Jasmine Close
         Langdon Hills
         Essex
         SS16 6QZ
         England


SCOTTISH RE: S&P Puts B- Financial Strength Rating on Watch Pos.
----------------------------------------------------------------
Standard & Poor's Ratings Services has placed its 'B-' financial
strength rating on Scottish Re Ltd. on CreditWatch with positive
implications following the announcement that Pacific LifeCorp
(A/Stable/A-1; Pacific Life) will acquire Scottish Re Ltd.
from Scottish Re Group Ltd. (CCC-/WatchNeg/--; Scottish Re).
Scottish Re Ltd. is the U.K.-domiciled subsidiary of Scottish Re
and conducts the group's international reinsurance operations.
At the same time, the ratings and CreditWatch with negative
implications on Scottish Re's remaining operations are
unaffected because the eventual proceeds from the sale alone
will not significantly benefit the organization's financial
strength and financial flexibility.

"These ratings will remain on CreditWatch negative until we can
determine the full extent to which Scottish Re's limited
financial flexibility and reduced financial strength are
weakened," said Standard & Poor's credit analyst Robert Hafner.
"This will not likely be determinable until Scottish Re is able
to file its outstanding financial reports.  We will lower the
ratings further if the deterioration is more severe than
expected."

The ratings on Pacific Life and subsidiaries are unaffected by
the proposed transaction.

"Upon closing of the transaction, expected in the third quarter
of 2008, we might raise the ratings of Scottish Re Ltd. to
investment grade," said Standard & Poor's credit analyst
Miroslav Petkov.  "The favorable rating action on Scottish Re
Ltd. anticipates an improved competitive position owing to an
affiliation with the highly rated Pacific Life, improved
operating performance through expense efficiencies, and
strengthened capitalization as a member of the Pacific Life
group of companies."


SILVERJET PLC: Administrators Sell Carrier to Kingplace Limited
---------------------------------------------------------------
Joint administrators Nigel Atkinson and Mark Fry of Begbies
Traynor agreed June 10, 2008, to sell Silverjet Plc to Kingplace
Ltd., an Irish firm managed by Heritage Cie S.A., the Telegraph
reports.

According to Kingplace's director and Heritage's chairman
Ian Ilsley, the Telegraph relates, the parties plan to complete
Silverjet's sale by June 13, 2008, while the carrier's relaunch
is subject to approval from the U.K. Civil Aviation Authority.

Aviation industry sources told the Telegraph that Kingplace have
to immediately inject between GBP20 million to GBP30 million in
fresh financing to win regulatory approval from the CAA.

Mr. Ilsley said Kingplace plans to retain Silverjet's remaining
employees and honor existing customers' tickets.  He added that
they expect the carrier to resume operations in a matter of
weeks.

Kingplace also plans to retain Lawrence Hunt as Silverjet's
chief executive, Mr. Ilsley told the Telegraph.

                          About Silverjet

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

Silverjet was placed into administration having announced on May
23, 2008 that it had yet to receive the proceeds of the US$5.0
million drawdown request made under its loan facility with
Viceroy Holdings LLC.  The company said its working capital
reserves were limited and that advances under the loan facility
were required as a matter of urgency.  


SPARC EUROPE: Fitch Rates EUR61 Million Loan at BB-
---------------------------------------------------
Fitch Ratings has assigned Sparc Europe (Junior) Compartment
2008's Series D notes totaling EUR61 million due in July 2011
expected ratings of 'BB-' with Stable Outlook.

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

Sparc Europe (Junior) is a compartmentalized Fonds Commun de
Creances set up by the custodian, Natixis ('AA-'/Outlook
Negative), and the management company, Eurotitrization, in 2007.  
Sparc Europe (Junior) Compartment 2008 will consist of the
second compartment (among a maximum of four) dedicated to the
cover period 2008.  The underlying risk stems from Belgian,
German, Italian and Spanish portfolios of motor insurance
policies made to individuals and originated by AXA's subsidiary
distribution networks in those countries.

The expected ratings reflect the timely payment of interest and
ultimate payment of principal.  They are based on the financial
structure of the transaction, credit quality of the underlying
motor insurance contract portfolios, and premium and loss
appraisal procedures of each AXA subsidiary.

Nexgen Re, as the reinsurer, and AXA's subsidiaries have entered
into four reinsurance treaties pursuant to which the latter
transfers to the reinsurer quota shares of premiums and receives
same quota shares of amounts to be paid under the claims arising
from the eligible motor insurance pools.

To secure its respective payment obligations, the reinsurer
makes a junior cash deposit of an aggregate amount of
EUR135.3 million for the benefit of the AXA subsidiaries.  The
AXA subsidiaries pledge financial instruments, in an amount of
EUR135.3 million, credited to specific accounts for the benefit
of the FCC.  The constitution of such deposit is a condition
precedent to the confirmation of the ratings of the notes issued
by a senior FCC set up in parallel.

On the closing date, the reinsurer will transfer the receivable
to the FCC.  This receivable corresponds to the financial
obligation of the AXA subsidiaries to repay the junior deposit,
as well as ancillary rights such as the benefit of the above
mentioned pledge.

The risk covered by these reinsurance treaties and transferred
to noteholders reflects the evolution of the premium and claims
of the portfolios of insurance contracts and will be measured by
the global ratio of claims to premiums (the global loss ratio).
Portfolios losses will be passed to noteholders once the global
loss ratio exceeds each note's attachment point (loss threshold
at which noteholders are affected).  Attachment point for the
Class D notes will be 3.5% above the budgeted global loss ratio.

The ratings reflect the mutualization, which stems from the
aggregation of the insurers' portfolios and is transposed to
noteholders through structural compensation mechanisms in place
at the transaction level.  Losses experienced are compensated
with the 'excess receivable' generated by the portfolios of
subsidiaries that have over-performed their budget, and from the
use of a subordinated portion of the joint junior deposit funded
by the issuance of a non-rated class of notes.


SUPERIOR ESSEX: Inks US$900 Million Deal with LS Cable
------------------------------------------------------
LS Cable Ltd. and Superior Essex Inc. disclosed Wednesday that
they have signed a definitive agreement for LS Cable to acquire
Superior Essex to create a wire and cable industry leader with a
strong product portfolio and capabilities in power cable, magnet
wire, communications cable and copper rod.  Under the terms of
the agreement, which has been approved by the boards of
directors of both companies, Superior Essex shareholders will
receive US$45.00 per share in cash, which represents a 50%
premium over the year-to-date average closing price of Superior
Essex common stock.

"This transaction will make LS Cable a strong global competitor
at the forefront of the ongoing wire and cable industry
consolidation.  Together, we will have worldwide reach through
our diverse network of manufacturing and distribution
facilities.  Given the highly complementary geographic locations
of our two companies, this combination greatly expands our
global presence.  Bringing our companies together accelerates
both companies' strategic plans and will position us to leverage
our operations to drive value and to capture synergies between
the two businesses," said John Koo, chairman of LS Cable.  

"This combination is a perfect operational and geographic fit,
said Christopher Koo, vice chairman and chief executive officer
of LS Cable.  "Both of our companies are highly respected by
customers and suppliers in the wire and cable industry.  
Together, we will significantly enhance the value we offer to
all of our customers, as well as to our employees.  I have every
confidence that this transaction is the right one."

"This transaction provides fair value to Superior Essex
shareholders and is an excellent opportunity to significantly
enhance our global expansion and product diversification
strategy," said Stephen Carter, chief executive officer of
Superior Essex.  "With LS Cable, our employees will be part of
an industry leader who is equally committed to operational
excellence and to maintaining the quality and service heritage
of Superior Essex.  LS Cable also has a strong R&D program and
gives our company increased global scale.  By combining their
manufacturing capabilities and product portfolio with our own,
we can better meet the needs of our customers and extend our
reach into new and growing end-markets.  We look forward to
working closely with the LS Cable team to realize the many
opportunities this combination creates."

LS Cable has a strong presence in power cable and communications
cable, while Superior Essex is the world's largest producer of
magnet wire and a leader in the North American communications
cable market.  LS Cable has an extensive footprint in Asia and
the Middle East, which will be complemented by the operations of
Superior Essex in North America, Europe and China.

This combination will allow for LS Cable and Superior Essex to
broaden their product offerings to new and existing customers.  
It will also allow the combined entity to accelerate product
introductions into new geographic regions.  Additionally, the
merger will provide the opportunity for the combined company to
realize savings in procurement logistics and expanded vertical
integration.

                   Transaction Summary

Under the terms of the merger agreement, a subsidiary of LS
Cable will make a cash tender offer to purchase all of the
outstanding shares of Superior Essex common stock for US$45.00
per share, implying a total equity value of approximately US$900
million.  Promptly following completion of the tender offer, the
parties will effect a second-step merger in which remaining
Superior Essex shareholders will receive the same price per
share.

LS Cable noted that it has fully committed financing that,
together with its available cash resources and lines of credit,
will provide the financing necessary to complete the
transaction.  The tender offer will not be subject to a
financing contingency.

LS Cable expects to commence the tender offer on July 1, 2008,
the day it completes its previously announced internal corporate
reorganization and changes its name to LS Corp.  The transaction
is subject to customary closing conditions and regulatory
approvals, including the tender of a majority of the outstanding
shares of Superior Essex.  The expiration date of the tender
offer will be July 31, 2008, unless extended.

Macquarie Securities Korea Limited and Macquarie Capital (USA)
Inc. acted as Korean and U.S. financial advisors to LS Cable.  
Cleary Gottlieb Steen & Hamilton LLP acted as U.S. legal counsel
to LS Cable, and Kim & Chang acted as Korean legal counsel to LS
Cable.  J.P. Morgan Securities Inc. acted as exclusive financial
advisor to Superior Essex.  Wachtell, Lipton, Rosen & Katz acted
as U.S. legal counsel to Superior Essex, and Bae, Kim & Lee LLC
acted as Korean legal counsel to Superior Essex.

                 Profile of the Combined Company

The combined company will have pro forma consolidated 2007
revenues of US$12.8 billion and will be the third largest wire
and cable manufacturing company in the world.

Following the close of the transaction, Superior Essex will
continue to operate under its current name as a wholly-owned
subsidiary of LS Cable.  Superior Essex will maintain its
headquarters in Atlanta and its manufacturing and distribution
facilities in the United States, Canada, China, France, Germany,
Italy, Mexico, Portugal and the United Kingdom.

LS Cable currently expects that there will be no changes in the
operations or workforce of Superior Essex as a result of the
transaction and intends to run the company with its existing
management and employees.  Superior Essex will continue to
execute its previously announced global magnet wire factory
restructuring activities.

                     About LS Cable

LS Cable (SEO: 006260) -- http://www.lscable.com/-- is a wire  
and cable manufacturer with headquarters located in Korea.  LS
Cable has 6,100 employees and more than 25 manufacturing sites
located in 12 countries, with operations on three continents.  
LS Cable was founded in Korea in 1962 and it became a listed
company on the Stock Market Division of Korea Exchange (formerly
known as Korea Stock Exchange) in June 1977.  LS Cable provides
a wide range of energy and telecom cable solutions as well as
electronic components and industrial machinery for the energy
infrastructure, construction, automotive, railway,
telecommunication and electronic industries.

With high, medium, and low voltage power cables, LS Cable meets
its customers' demands for cable and cable systems for power
transmission and distribution in energy infrastructure and
related industries.  LS Cable also serves the needs of customers
for optical communication which is the platform of broadband
networks.  LS Cable offers various optical cables and optical
fibers of single and multi mode for LAN, access, long distance
and metropolitan networks.  LS Cable also supplies coaxial
cables, UTP cables and FTTH (Fiber to The Home) solutions for
rapid and massive data transmission.  

                        About Superior Essex

Superior Essex Inc. -- http://www.superioressex.com/-- (NASDAQ:  
SPSX) is a wire and cable manufacturer.  The company
manufactures and supplies a broad portfolio of wire and cable
products for the communications, energy, automotive, industrial,
and commercial & residential end-markets.  It is a leading
manufacturer of magnet wire, fabricated insulation products, and
copper and fiber optic communications wire and cable.  It is
also a leading distributor of magnet wire, insulation and
related products.

Superior Essex operates 26 manufacturing facilities in the
United States, Mexico, France, Germany, the United Kingdom,
Portugal and China.  The company has more than 4,400 employees
working around the world to supply the quality products that are
essential to the operation of a wide variety of everyday
household items and critical to day-to-day business operations.


SUPERIOR ESSEX: S&P Puts Ratings Under Developing CreditWatch
-------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB' corporate
credit rating, 'BBB-' senior secured rating, and 'BB-' senior
unsecured rating on Superior Essex Inc. on CreditWatch with
developing implications.  The CreditWatch listing follows the
company's announcement that it has signed a definitive agreement
to be acquired by Korea-based LS Cable Ltd. (unrated) for
US$900 million, or US$45 per share, in a cash tender offer.  
Developing implications means that S&P could raise, lower, or
affirm the ratings following the completion of our review.

The combined entity would be the world's third-largest wire and
cable manufacturing company in the world, with pro forma
consolidated 2007 revenues of US$12.8 billion.

LS Cable indicated that it has fully committed financing to
complete the transaction.  The transaction is subject to
customary closing conditions and regulatory approvals, including
the tender of a majority of the outstanding shares of Superior
Essex.  LS Cable expects the tender offer to commence on July 1,
2008, at the same time it completes the previously announced
internal corporate reorganization and name change to LS Corp.

Standard & Poor's currently lacks sufficient information
regarding the credit quality of the combined entity or the
structure of the transaction or financing to make a preliminary
ratings assessment.

"We hope to meet with management to assess the combined
company's financial profile, the impact of the corporate
reorganization, and strategy and financial policy," said
Standard & Poor's credit analyst David Tsui.


* Fitch Says Euro Banks Face Minimal Impact on Subprime Exposure
----------------------------------------------------------------
Fitch Ratings expects minimal further rating impact on European
banks relating to US subprime exposure.  Negative rating actions
are possible should the performance of other asset classes
deteriorate beyond the expectations of a normal economic
downturn, according to analysts speaking at Fitch's Annual
Global Banking Conferences in Europe this week.

However, Fitch expects challenges ahead for European banks, as
western European economies slow and domestic banking systems
face funding challenges, slowing profitability, strained
capitalization and declining asset quality.

"Although banks have already reported a significant percentage
of their expected losses on subprime exposures, the deleveraging
process currently underway in European banks is likely to act as
a drag on profitability and asset quality," says Julia Peach,
Managing Director and head of Fitch's European Financial
Institutions.  "A number of banks are already in the process of
strengthening capital ratios." Fitch believes that banking
systems in the UK, Ireland, Germany and Iceland may face the
greatest headwinds over the next 12-18 months.

Also speaking at Fitch's Global Banking Conferences were
analysts from the US and Asia. Fitch believes US financial
institutions are facing an extremely challenging environment.  
The outlook for both US banks and securities firms remains
Negative, as financial results at many banks will exhibit
increasing stress from fundamental credit quality deterioration.  
However, with investors clearly willing to invest in banks with
solid core franchises and bankers willing to take the
appropriate steps to preserve and fortify their capital
positions, most US banks are reasonably well positioned to
manage this period of severe credit stress.  Fitch believes that
earnings prospects for US securities firms are more limited in
the near-term. Capital raising efforts through Q108 stemmed
further negative rating actions.  Access to liquidity is a key
ratings driver for these companies.

Major Japanese banks have not been as badly affected by the
subprime crisis as some US and European banks. They have taken
close to US$10 billion of losses, with some additional losses
from structured investments still expected.  The larger
Australian banks have continued to perform well throughout the
credit crisis although some concerns remain.  Wholesale funding
costs have increased significantly for the larger Australian
banks, while smaller Australian financial institutions have been
impacted to a greater extent, with a number now funding mainly
through retail deposits.


* EU Issues Recommendation to Limit Audit Firms' Liability
----------------------------------------------------------
The European Commission has issued a recommendation concerning
the limitation of auditors' civil liability.  Its main purpose
is to encourage the growth of alternative audit firms in a
competitive market.  

The recommendation responds to the increasing trend of
litigation and lack of sufficient insurance cover in this
sector.  It aims to protect European capital markets by ensuring
that audit firms remain available to carry out audits on
companies listed in the European Union.  The recommendation
leaves it to Member States to decide on the appropriate method
for limiting liability, and introduces a set of key principles
to ensure that any limitation is fair for auditors, the audited
companies, investors and other stakeholders.

This initiative arises from a mandate in the 2006 Directive on
Statutory Audit to examine the issue of limitation of financial
liability and to present recommendations to Member States where
appropriate.

Internal Market and Services Commissioner Charlie McCreevy said:
"After in-depth research and extensive consultation, we have
concluded that unlimited liability combined with insufficient
insurance cover is no longer tenable.  It is a potentially huge
problem for our capital markets and for auditors working on an
international scale.  The current conditions are not only
preventing the entry of new players in the international audit
market, but are also threatening existing firms. In a context of
high concentration and limited choice of audit firms, this
situation could lead to damaging consequences for European
capital markets."

The recommendation proposes three examples as possible methods
but any other equivalent method might be used.  The selected
method should best suit the Member State's legal environment.

The recommendation also introduces key principles to be followed
by Member States when they select a limitation method:

   -- the limitation of liability should not apply in the case
      of intentional misconduct on the part of the auditor;

   -- a limitation would be inefficient if it does not also
      cover third parties; and

   -- damaged parties have the right to be fairly compensated.

The recommendation is available at:

http://ec.europa.eu/internal_market/auditing/liability/index_en.
htm


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
June 16, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     15th Annual Fundraiser Golf Outing Benefiting the Cove
        Center for Grieving Children
           Woodbridge Country Club, Woodbridge, Connecticut
              Contact: 203-265-2048 or    
                 http://www.turnaround.org/

June 16, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Women's Golf Mixer
        Coronado Golf Course, Scottsdale, Arizona
           Contact: 623-581-3597 or http://www.turnaround.org/

June 17, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Tee Off with TMA
        Twin Lakes Golf & Swim Club, Oakland, Michigan
           Contact: 248-593-4810 or http://www.turnaround.org/  

June 18, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Utah Satellite Chapter Kick-off Luncheon
        (Scott Anderson, President, Zions National Bank)
           The Grand America, Salt Lake City, Utah
              Contact: 303-847-5026 or
                 http://www.turnaround.org/

June 19, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Keeping your Sales Force in a Turnaround
        Rock Spring Club, West Orange, New Jersey
           Contact: http://www.turnaround.org/  

June 19, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     And Now a Word from Our Sponsors....
        Huntington Hilton, Melville, New York
           Contact: http://www.turnaround.org/

June 19, 2008
  TURNAROUND MANAGEMENT ASSOCIATION / ASSOCIATION
     FOR CORPORATE GROWTH
        6th Annual Pacific Northwest Golf Tournament
           Washington National Golf Club, Auburn, Washington
              Contact: http://www.turnaround.org/  

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

June 23, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     "When the problem is a person....." by Dr. Steve Cohen
        Husch Blackwell Sanders, Kansas City, Missouri
           Contact: 816-412-2439 or http://www.turnaround.org/  

June 24, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Networking Breakfast
        Springdale Golf Club, Princeton, New Jersey
           Contact: 908-575-7333 or http://www.turnaround.org/

June 24, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Charity Golf Outing
        Harborside International Golf Center, Chicago, Illinois
           Contact: 815-469-2935 or http://www.turnaround.org/

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

June 25, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Green Nevada: Turnaround Stories in Conserving Our
        Natural Resources
           McCormick & Schmick's, Las Vegas, Nevada
              Contact: http://www.turnaround.org/

June 25-26, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     CTP Forensics Workshop
        Fluno Ctr. for Executive Education, Madison, Wisconsin
           Contact: http://www.turnaround.org/

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

June 26, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Loan Workouts in Today's Environment
        Fennemore Craig, Phoenix, Arizona
           Contact: http://www.turnaround.org/

June 26, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Views from the Federal Bankruptcy and New York State
        Supreme Court Benches
           Locust Hill Country Club, Pittsford, New York
              Contact: http://www.turnaround.org/

June 26, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Fishing Trip
        Clearwater Municipal Marina, Florida
           Contact: 561-882-1331 or http://www.turnaround.org/

June 26-28, 2008
  ALI-ABA
     Commercial Real Estate Defaults, Workouts,
        and Reorganizations
           La Fonda, Santa Fe, New Mexico
               Contact: http://www.ali-aba.org/

July 9, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Night at the Races with Business Executive Club and NJCFA
        Meadowlands Racetrack, East Rutherford, New Jersey
           Contact: 908-575-7333 or http://www.turnaround.org/

July 10, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Breakfast Networking
        Key Bank, Bellevue, Washington
           Contact: 503-768-4299 or http://www.turnaround.org/

July 10, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Monthly Meeting
        CityPlace Center, Dallas, Texas
           Contact: or http://www.turnaround.org/

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

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

July 16, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Networking Breakfast
        Molly Pitcher, Red Bank, New Jersey
           Contact: 908-575-7333 or http://www.turnaround.org/

July 16, 2008
  AMERICAN CONFERENCE INSTITUTE
     Distressed M&A - Innovative Approaches for Expeditiously
        Maximizing Value in Chapter 11,  363 Sales and
           Out-of-Court Divestitures
              The Carlton, New York, New York
                 Contact: http://www.americanconference.com/

July 21, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Golf Tournament
        The Club at Bear Dance, Larkspur, Colorado
           Contact: 303-847-5026 or http://www.turnaround.org/

July 23, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Secured Lenders Baseball Game
        Marlin Stadium, Miami, Florida
           Contact: 561-882-1331 or http://www.turnaround.org/

July 23, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     The Turnaround Game Challenge
        McCormick & Schmick's, Las Vegas, Nevada
           Contact: http://www.turnaround.org/

July 28, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     7th Annual Golf & Tennis Outing
        Raritan Valley Country Club, Bridgewater, New Jersey
           Contact: 908-575-7333 or http://www.turnaround.org/

July 29, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     BBQ & Workplace Challenge
        Jones Beach, Long Island, New York
           Contact: 631-251-6296 or http://www.turnaround.org/

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

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

Aug. 7, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Breakfast Networking
        Portland, Oregon
           Contact: 503-738-4299 or http://www.turnaround.org/

Aug. 8, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Women's Spa Event
        Hilton, Short Hills, New Jersey
           Contact: 908-575-7333 or http://www.turnaround.org/

Aug. 14, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Nassau vs. Suffolk Softball Game
        Eisenhower Park, East Meadow, New York
           Contact: 631-251-6296 or http://www.turnaround.org/

Aug. 14, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Social & Networking Meeting
        CityPlace Center, Dallas, Texas
           Contact: 972-906-9436 or http://www.turnaround.org/

Aug. 15, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Family Night Baseball
        TBD, New Jersey
           Contact: 908-575-7333 or http://www.turnaround.org/  

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

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

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

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

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

Aug. 27-28, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA 4th Annual Northeast Regional Conference
        Gideon Putnam Resort & Spa, Saratoga Springs, New York
           Contact: http://www.turnaround.org

Aug. 28, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Arizona Chapter Mixer
        TBD, Phoenix, Arizona
           Contact: 623-581-3597 or http://www.turnaround.org/

Sept. 10, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Networking Breakfast
        Marriott, Bridgewater, New Jersey
           Contact: 908-575-7333 or http://www.turnaround.org/

Sept. 10, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Dallas/Fort Worth Restructuring Workshop
        Belo Mansion Dallas, Texas
           Contact: http://www.turnaround.org/       

Sept. 11, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Lenders Forum
        TBD, Long Island, New York
           Contact: http://www.turnaround.org/

Sept. 11-12, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Mid-America Regional Conference
        Oak Brook Hills Marriott Resort, Oak Brook, Illinois
           Contact: http://www.turnaround.org/

Sept. 11-14, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Cross Border Conference
        Grand Okanagan Resort, Kelowna, British Columbia
           Contact: http://www.turnaround.org/

Sept. 12, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     ABI/GULC Views from the Bench
        Georgetown University Law Center, Washington, DC
           Contact: 1-703-739-0800; http://www.abiworld.org/

Sept. 16-18, 2008
  ASSOCIATION OF INSOLVENCY &RESTRUCTURING ADVISORS
     2nd Annual Restructuring & Investing Conference
        Shanghai, China
           Contact: http://www.airacira.org/

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

Sept. 18, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Joint Event - CFA/IWIRC/RMA/NJTMA/NYIC
     Maplewood Country Club, Maplewood, New Jersey
           Contact: 908-575-7333 or http://www.turnaround.org

Sept. 18, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Chapter Lunch Program
        Nashville City Center, Nashville, Tennessee
           Contact: 615-850-8678 or http://www.turnaround.org/

Sept. 18, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Healthcare Industry Update - Panel Discussion
        Summit Club, Birmingham, Alabama
           Contact: http://www.turnaround.org/

Sept. 18, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Effective Turnarounds: A View From US Trustees
        TBA, Syracuse, New York
           Contact: http://www.turnaround.org/

Sept. 18-19, 2008
  AMERICAN CONFERENCE INSTITUTE
     Advanced Insolvency Law and Practice Conference
        Paris, France
           Contact: www.americanconference.com/

Sept. 24, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     13 Week Cash Flow Workshop: An Overview
        McCormick & Schmick's, Las Vegas, Nevada
           Contact: http://www.turnaround.org/

Sept. 24-25, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Florida Annual Golf Tournament
        Champions Gate Golf Club, Orlando, Florida
           Contact: 561-882-1331 or http://www.turnaround.org/

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

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

Sept. 25, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Case Study with Tom Kim, TMA Small Business of the Year
        Turnaround Award - TMA Arizona Chapter Meeting
           TBD, Phoenix, Arizona
              Contact: http://www.turnaround.org/

Sept. 26, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     NCBJ/ABI Educational Program
        Marriott Desert Ridge, Scottsdale, Arizona
           Contact: 1-703-739-0800; http://www.abiworld.org/

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

Oct. 3, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     ABI/UMKC Midwestern Bankruptcy Institute
        H. Roe Bartle Hall Convention Center, Kansas City
           Contact: 1-703-739-0800; http://www.abiworld.org/

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

Oct. 13, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     Consumer Bankruptcy Conference
        Standard Club, Chicago, Illinois
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 14, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Annual Charity Golf Event
        Forest Park Golf Course, St. Louis, Missouri
           Contact: http://www.turnaround.org/

Oct. 16, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Billiards Networking Night
        Herbert's Billiards, Secaucus, New Jersey
           Contact: 908-575-7333 or http://www.turnaround.org/

Oct. 16, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     LI-TMA Member Social
        Davenport Press, Mineola, New York
           Contact: 631-251-6296 or http://www.turnaround.org/

Oct. 16, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Breakfast Meeting
        TBD, Calgary, Alberta
           Contact: 503-768-4299 or http://www.turnaround.org/

Oct. 16, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     View from the Bench - Bankruptcy Update
        Summit Club, Birmingham, Alabama
           Contact: http://www.turnaround.org/

Oct. 16, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     How to Contract with a Turnaround Manager
        University Club, Portland, Oregon
           Contact: http://www.turnaround.org/

Oct. 22, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Turnaround Nevada Award Night
        McCormick & Schmick's, Las Vegas, Nevada
           Contact: http://www.turnaround.org/

Oct. 23, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Arizona Chapter Meeting - Election Oriented
        TBD, Phoenix, Arizona
           Contact: http://www.turnaround.org/

Oct. 23, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Effective Turnarounds: A Panel of Professionals
        TBA, Rochester, New York
           Contact: http://www.turnaround.org/

Oct. 23-24, 2008
  AMERICAN CONFERENCE INSTITUTE
     Distressed Assets Boot Camp
        TBD, London, United Kingdom
           Contact: www.americanconference.com/

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

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

Oct. 29-30, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Corporate Governance Meetings
        Marriott, New Orleans, Louisiana
           Contact: http://www.turnaround.org/

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

Oct. 31, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     International Insolvency Symposium
        Hilton, Frankfurt, Germany
           Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 6, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Networking Breakfast
        Coach House Diner & Restaurant, Hackensack, New Jersey
           Contact: 908-575-7333 or http://www.turnaround.org/

Nov. 11, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     Detroit Consumer Bankruptcy Conference
        Marriott, Troy, Michigan
           Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 13, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Turnaround Case Study
        Summit Club, Birmingham, Alabama
           Contact: http://www.turnaround.org/

Nov. 13, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Effective Turnarounds:A View From Workout Consultants
        TBA, Buffalo, New York
           Contact: http://www.turnaround.org/

Nov. 13, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     LI-TMA Social
        TBD, Melville, New York
           Contact: 631-251-6296 or http://www.turnaround.org/

Nov. 13, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Dinner Meeting
        TBD, Calgary, Alberta
           Contact: 503-768-4299 or http://www.turnaround.org/

Nov. 19, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Special Program
        Tournament Players Club at Jasna Polana, New Jersey
           Contact: 908-575-7333 or http://www.turnaround.org/

Nov. 19, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Interaction Between Professionals in a
Restructuring/Bankruptcy
        Bankers Club, Miami, Florida
           Contact: 312-578-6900; http://www.turnaround.org/

Nov. 20, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Senior Housing & Long Term Care
        Washington Athletic Club,Seattle, Washington
           Contact: http://www.turnaround.org/

Nov. 27, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Arizona Chapter Meeting - Chris Kaup
        TBD, Phoenix, Arizona
           Contact: http://www.turnaround.org/

Dec. 3, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Holiday Party
        McCormick & Schmick's, Las Vegas, Nevada
           Contact: 702-952-2480 or http://www.turnaround.org/

Dec. 3, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Christmas Function
        Terminal City Club, Vancouver, British Columbia
           Contact: 503-768-4299 or http://www.turnaround.org/

Dec. 3-5, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     20th Annual Winter Leadership Conference
        Westin La Paloma Resort & Spa
           Tucson, Arizona
              Contact: http://www.abiworld.org/

Dec. 8, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Holiday Gathering
        TBD, Long Island, New York
           Contact: 631-251-6296 or http://www.turnaround.org/

Dec. 9, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Holiday MIxer
        Washington Athletic Club, Seattle, Washington
           Contact: 503-768-4299 or http://www.turnaround.org/

Dec. 11, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Holiday MIxer
        University Club, Portland, Oregon
           Contact: 503-768-4299 or http://www.turnaround.org/

Dec. 18, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Holiday MIxer
        TBD, Phoenix, Arizona
           Contact: 623-581-3597 or http://www.turnaround.org/

Dec. 31, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Sponsorships - Annual Golf Outing, Various Events
        TBA, New Jersey
           Contact: 908-575-7333 or http://www.turnaround.org/

Jan. 21-22, 2009
  TURNAROUND MANAGEMENT ASSOCIATION
     Corporate Governance Meetings
        Bellagio, Las Vegas, Nevada
           Contact: http://www.turnaround.org/

Jan. 22-23, 2009
  TURNAROUND MANAGEMENT ASSOCIATION
     Distressed Investing Conference
        Bellagio, Las Vegas, Nevada
           Contact: http://www.turnaround.org/

Jan. 22-23, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     Rocky Mountain Bankruptcy Conference
        Westin Tabor Center, Denver, Colorado
           Contact: 1-703-739-0800; http://www.abiworld.org/

Feb. 5-7, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     Caribbean Insolvency Symposium
        Westin Casurina, Grand Cayman Island, AL
           Contact: 1-703-739-0800; http://www.abiworld.org/

Feb. 25-27, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     Valcon
        Four Seasons, Las Vegas, Nevada
           Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 13, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     Bankruptcy Battleground West
        Beverly Wilshire, Beverly Hills, California
           Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 17-18, 2009
  NATIONAL ASSOCIATION OFBANKRUPTCY TRUSTEES
     NABT Spring Seminar
        The Peabody, Orlando, Florida
           Contact: http://www.nabt.com/

Apr. 20, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     Consumer Bankruptcy Conference
        John Adams Courthouse, Boston, Massachusetts
           Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 27-28, 2009
  TURNAROUND MANAGEMENT ASSOCIATION
     Corporate Governance Meetings
        Intercontinental Hotel, Chicago, Illinois
           Contact: http://www.turnaround.org/

Apr. 28-30, 2009
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        Intercontinental Hotel, Chicago, Illinois
           Contact: http://www.turnaround.org/

May 7-10, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     27th Annual Spring Meeting
        Gaylord National Resort & Convention Center
           National Harbor, Maryland
              Contact: http://www.abiworld.org/

May 14-16, 2009
  ALI-ABA
     Chapter 11 Business Reorganizations
        Langham Hotel, Boston, Massachusetts
           Contact: http://www.ali-aba.org/

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

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

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

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

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

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

Apr. 15-18, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     Annual Spring Meeting
        Gaylord National Resort & Convention Center, Maryland
           Contact: 1-703-739-0800; http://www.abiworld.org/

June 17-20, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     Central States Bankruptcy Workshop
        Grand Traverse Resort and Spa, Traverse City, Michigan
           Contact: 1-703-739-0800; http://www.abiworld.org/

July 7-10, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     Northeast Bankruptcy Conference
        Ocean Edge Resort, Brewster, Massachusetts
           Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 5-7, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     Mid-Atlantic Bankruptcy Workshop
        Hyatt Regency Chesapeake Bay, Cambridge, Maryland
           Contact: 1-703-739-0800; http://www.abiworld.org/

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

Dec. 2-4, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     Winter Leadership Conference
        Camelback Inn, Scottsdale, Arizona
           Contact: 1-703-739-0800; http://www.abiworld.org/

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

                    *      *      *

                  Featured Conferences

Renaissance American Management and Beard Conferences presents

June 19-20, 2008
  Eleventh Annual Conference on Corporate Reorganizations
     Successful Strategies for Restructuring Troubled Companies
        The Millennium Knickerbocker Hotel - Chicago
           Download the brochure at:                
           http://renaissanceamerican.com/CR/CR08%20Brochure.pdf

Oct. 30-31, 2008
  Physician Agreements & Ventures
     The Millennium Knickerbocker Hotel - Chicago
        Brochure will be available soon!

Nov. 17-18, 2008
  Distressed Investing
     The Helmsley Park Lane - New York
        Brochure will be available soon!

                    *      *      *

Beard Audio Conferences presents:

Bankruptcy and Restructuring Audio Conference CDs
  More information and list of available titles at:
     http://beardaudioconferences.com/bin/topics?category_id=BAR

                    *      *      *

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

Last Updated: June 6, 2008

  
                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


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