TCREUR_Public/080613.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Friday, June 13, 2008, Vol. 9, No. 117

                            Headlines


A U S T R I A

B2 LLC: Claims Registration Period Ends June 23
D & E DISCO: Claims Registration Period Ends July 8
EL-DEMIRY KEG: Claims Registration Period Ends July 9
INSTITUT FUER FINANZPLANUNG: Claims Registration Ends June 30


G E R M A N Y

ALTEN-PFLEGEHEIM HAUS: Claims Registration Period Ends June 23
AUGENOPTIK GALLUS: Claims Registration Ends July 1
AUTOHAUS BORMANN: Creditors Must File Claims by July 2
BAUEN UND WOHNEN: Claims Registration Ends July 1
DAMENMODEN R. HENKEL: Creditors' Meeting Slated for June 26

DOLLINGER KONZEPT: Claims Registration Ends July 1
DS METALLTREPPEN: Claims Registration Ends July 1
EUROGRAPHIC GMBH: Claims Registration Period Ends June 23
GOTEXX GMBH: Claims Registration Period Ends June 20
HD ENERGIE: Claims Registration Period Ends June 24

HELMUT SCHMID: Creditors Must File Claims by July 2
HOERRLEIN BIOFEINKOS: Creditors Must File Claims by July 2
IKB DEUTSCHE: KfW to Decide Stake Buyer Next Month
LANGE PRINT: Creditors Must File Claims by July 2
LUCON-BAU GMBH: Claims Registration Period Ends June 30

PLASTWOOD.DE GMBH: Creditors Must File Claims by July 2
POKORNY YACHTHAFENAUSRUESTUNG: Creditors' Claims Due July 2
REIMERS-BAUWERK-SANIERUNG: Creditors Must File Claims by July 2
SCHWALMSTADT BAUMARKT: Claims Registration Ends July 1
SCHWEISSTECHNIK BELZ: Creditors Must File Claims by July 2

SEWA MOTORRADHANDELSGESELLSCHAFT: Creditors' Claims Due July 2
SPEZIALBROTE GMBH: Creditors Must File Claims by July 2
ZIMMEREI HUBERTUS: Claims Registration Ends June 30


I R E L A N D

DA VINCI: S&P Rates Class C Notes at BB+ with Watch Negative
MARYBOROUGH: Court Orders Director to Repay EUR24.2Mln Bank Debt


I T A L Y

ALITALIA SPA: European Commission Launches Probe vs Funding
ALITALIA SPA: Italy Preparing Reply to Commission Loan Probe


K A Z A K H S T A N

MEHTRANS LLP: Creditors Must File Claims by July 18
NOVA POWERS: Claims Deadline Slated for July 22
PAVLODAR-PARUS LLP: Claims Filing Period Ends July 23
PAVLODAR STROY: Creditors' Claims Due on July 23
REMGORSERVICE 2003: Claims Registration Ends July 18

RIAN-STROY-SERVICE LLP: Creditors Must File Claims by July 18
SAYBOLT-KAZAKHSTAN LLP: Claims Deadline Slated for July 23


K Y R G Y Z S T A N

NICOLE TRADE: Creditors Must File Claims by July 11


N E T H E R L A N D S

CORPORATE EXPRESS: Moody's Puts Ratings Under Review for Upgrade
X5 RETAIL: Commences Mercado Supercenter Operation in Lipetsk


R U S S I A

AGRO-SERVICE OJSC: Proofs of Claim Filing Deadline Set June 24
AVIATRADE LLC: Proofs of Claim Filing Deadline Set June 24
BELLE FEMME: Creditors Must File Claims by June 24
EAST LLC: Proofs of Claim Filing Deadline Set July 24
ELITA CJSC: Proofs of Claim Filing Deadline Set July 24

LAKOKRASKA OJSC: Creditors Must File Claims by July 24
NATSI-KHABAROVSK LLC: Proofs of Claim Deadline Set June 24
PALLADA CJSC: Proofs of Claim Filing Deadline Set July 24
SARGATSKAYA SEL-KHOZ-TEKHNIKA: Creditors' Claims Due June 24
SEVERSTAL OAO: Waives Essar Agreement Termination Condition

SIBERIAN LOGISTIC: Proofs of Claim Filing Deadline Set July 24
SOURCE-4 LLC: Proofs of Claim Filing Deadline Set July 24
SUZUNSK-AGRO-TRANS: Proofs of Claim Filing Deadline Set July 24
VIMPEL-COMMUNICATIONS: Board Names Alexey Reznikovich as Chair
VORONEZHSKAYA GLASS: Creditors Must File Claims by June 24

X5 RETAIL: Commences Mercado Supercenter Operation in Lipetsk
ZHDANOVSKIY WOOD-PROM-KHOZ: Creditors' Claims Due June 24


S P A I N

NEWARK GROUP: S&P Cuts Corporate Credit Rating to B


U K R A I N E

AGRO LLC: Creditors Must File Claims by June 26
BATKIVSCHINA LLC: Creditors Must File Claims by June 26
DUG-INVEST LLC: Creditors Must File Claims by June 26
IMEKS CMBH: Creditors Must File Claims by June 26
KOPACHEVKA AGRICULTURAL: Proofs of Claim Deadline Set June 26

LVOVBUILDING: Proofs of Claim Deadline Set June 26
SALERI LLC: Creditors Must File Claims by June 26
VIDRODZHENNIA LLC: Proofs of Claim Deadline Set June 26
VINNICA SOUTH: Proofs of Claim Deadline Set June 26
ZELENKOVKA LLC: Creditors Must File Claims by June 26

* S&P Lowers Kyiv's Rating to B+ on Limited Fiscal Flexibility

* S&P Cuts Ukraine's Foreign Currency Sovereign Rating to B+


U N I T E D   K I N G D O M

A & E WHITE: Brings In Liquidators from Tenon Recovery
ACCIDENT BENEFIT: Steven Draine Leads Liquidation Procedure
APB COLOUR: Goes Into Administration; 22 Jobs Affected
BAA LIMITED: May 2008 Passenger Traffic Drops to 12.7 Million
EDMUND ROBSON: Calls In Liquidators from Tenon Recovery

J. MCINTYRE: Appoints M. C. Bowker as Liquidator
RV CAPITAL: Taps Liquidators from Grant Thornton
THIYAN INVESTMENT: Goes Into Receivership; Council Seeks CPO

* BOOK REVIEW: Crafting Solutions for Troubled Businesses


                            *********


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


B2 LLC: Claims Registration Period Ends June 23
-----------------------------------------------
Creditors owed money by LLC B2 (FN 256562y) have until
June 23, 2008, to file written proofs of claim to court-
appointed estate administrator Michael Krautzer at:

          Dr. Michael Krautzer
          Hans-Gasser-Platz 3/II
          9500 Villach
          Austria
          Tel: 04242/21223
          Fax: 04242/21223-33
          E-mail: mitzner.krautzer@utanet.at    

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 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 Villach, Austria, the Debtor declared
bankruptcy on May 20, 2008 (Bankr. Case No. 41 S 55/08y).  


D & E DISCO: Claims Registration Period Ends July 8
---------------------------------------------------
Creditors owed money by LLC D & E Disco Event (FN 270438d) have
until July 8, 2008, to file written proofs of claim to court-
appointed estate administrator Georg Schober at:

          Dr. Georg Schober
          Hauptplatz 11
          2700 Wiener Neustadt
          Austria
          Tel: 02622/23228 Serie
          Fax: 02622/23228-26
          E-mail: g.schober@schober.at     

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on July 22, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Wiener Neustadt
          Room 15
          Wiener Neustadt
          Austria

Headquartered in Wiener Neustadt, Austria, the Debtor declared
bankruptcy on May 20, 2008 (Bankr. Case No. 11 S 49/08d ).  


EL-DEMIRY KEG: Claims Registration Period Ends July 9
-----------------------------------------------------
Creditors owed money by KEG EL-DEMIRY (FN 152183z) have until
July 9, 2008, to file written proofs of claim to court-appointed
estate administrator Annemarie Kosesnik-Wehrle at:

          Dr. Annemarie Kosesnik-Wehrle
          c/o Dr. Stefan Langer  
          Oelzeltgasse 4/6
          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 9:50 a.m. on July 23, 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 61/08w).  Stefan Langer  
represents Dr. Kosesnik-Wehrle in the bankruptcy proceedings.


INSTITUT FUER FINANZPLANUNG: Claims Registration Ends June 30
-------------------------------------------------------------
Creditors owed money by LLC Institut fuer Finanzplanung (FN
222883w) have until June 30, 2008, to file written proofs of
claim to court-appointed estate administrator Barbara Senninger
at:

          Mag. Barbara Senninger
          Kastellstrasse 4
          7551 Stegersbach
          Austria
          Tel: 03326/52423
          Fax: 03326/54156
          E-mail: office@anwalt-bgld.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on July 14, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Eisenstadt
          Hall F
          Eisenstadt
          Austria

Headquartered in Guettenbach, Austria, the Debtor declared
bankruptcy on May 16, 2008 (Bankr. Case No. 26 S 40/08x).  


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


ALTEN-PFLEGEHEIM HAUS: Claims Registration Period Ends June 23
--------------------------------------------------------------
Creditors of Alten-Pflegeheim Haus Bartholomaus GmbH have until
June 23, 2008, to register their claims with court-appointed
insolvency manager Stephanie Pidun.

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 of Cuxhaven
          Hall 112
          Old Building
          Deichstr. 12 A
          27472 Cuxhaven
          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:

          Stephanie Pidun
          Jungfernstieg (Prien-Haus) 51
          20354 Hamburg
          Germany
          Tel: 040 808136-400
          Fax: 040 808136-411

The District Court of Cuxhaven opened bankruptcy proceedings
against Alten-Pflegeheim Haus Bartholomaus GmbH on June 1, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Alten-Pflegeheim Haus Bartholomaus GmbH
          Attn: Markus Selzer, Manager
          Speckhof 10
          21769 Lamstedt
          Germany


AUGENOPTIK GALLUS: Claims Registration Ends July 1
--------------------------------------------------
Creditors of Augenoptik Gallus GmbH i.L. have until July 1, 2008
to register their claims with court-appointed insolvency manager
Carsten Lange.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on July 30, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Cologne
         Meeting Hall 142
         First Floor
         Luxemburger Str. 101
         50939 Cologne
         Germany

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

The insolvency manager can be reached at:

         Carsten Lange
         Bismarckstrasse 27-29
         50672 Cologne
         Germany
         Tel: 0221 95 27 51-10
         Fax: 0221 95 27 51-26

The District Court of Cologne opened bankruptcy proceedings
against Augenoptik Gallus GmbH i.L. on May 14, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Augenoptik Gallus GmbH i.L.
         Hermuelheimer Str. 279
         50354 Huerth
         Germany


AUTOHAUS BORMANN: Creditors Must File Claims by July 2
------------------------------------------------------
Creditors of Autohaus Bormann GmbH have until July 2, 2008, to
register their claims with court-appointed insolvency manager  
Wilhelm Perk.

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

The meeting of creditors will be held at:

         The District Court of Braunschweig
         Hall E 01
         Martinikirche 8
         38100 Braunschweig
         Germany   
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Wilhelm Perk
         Neue Strasse 32
         38300 Wolfenbuettel
         Germany
         Tel: (05331) 988040
         Fax: (05331) 988060

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

The Debtor can be reached at:

         Autohaus Bormann GmbH
         Attn: Gerhard Bormann, Manager
         Im Sommerfeld 1
         38304 Wolfenbuettel
         Germany


BAUEN UND WOHNEN: Claims Registration Ends July 1
-------------------------------------------------
Creditors of Bauen und Wohnen mbH have until July 1, 2008 to
register their claims with court-appointed insolvency manager
Olaf Suehrer.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 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 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 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:

         Olaf Suehrer
         Steubenplatz 12
         64293 Darmstadt
         Germany
         Tel: 06151/136270
         Fax: 06151/1362729

The District Court of Darmstadt opened bankruptcy proceedings
against Bauen und Wohnen mbH on May 28, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Bauen und Wohnen mbH
         Georgenhauserstrasse 7a
         64409 Messel
         Germany

         Attn: Ingo Popiolek, Manager
         Hauptstrasse 40A
         64331 Weiterstadt
         Germany


DAMENMODEN R. HENKEL: Creditors' Meeting Slated for June 26
-----------------------------------------------------------
The court-appointed insolvency manager for Damenmoden R. Henkel
GmbH, Christine Frosch will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
10:10 a.m. on June 26, 2008.

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

          The District Court of Wittlich
          Hall 3
          Kurfuerstenstrasse 63
          54516 Wittlich
          Germany

The Court will also verify the claims set out in the insolvency
manager's report at 9:30 a.m. on July 24, 2008, at the same
venue.

Creditors have until June 23, 2008, to register their claims
with the court-appointed insolvency manager.

The insolvency manager can be reached at:

          Christine Frosch
          Simeonstr. 5
          54290 Trier
          Germany
          Tel: 0651-9941060
          Fax: 0651-9941061

The District Court of Wittlich opened bankruptcy proceedings
against Damenmoden R. Henkel GmbH on June 1, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Damenmoden R. Henkel GmbH
          Attn: Rosemarie Henkel, Manager
          Himmeroder Str. 8
          54516 Wittlich
          Germany


DOLLINGER KONZEPT: Claims Registration Ends July 1
--------------------------------------------------
Creditors of Dollinger Konzept Bau GmbH have until July 1, 2008
to register their claims with court-appointed insolvency manager
Harry Kressl.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on Aug. 5, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Mosbach
         Meeting Hall 12
         Lohrtalweg 2
         74821 Mosbach
         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:

         Harry Kressl
         Uhlandstr. 57-61
         74072 Heilbronn
         Germany
         Tel: 07131/965415

The District Court of Mosbach opened bankruptcy proceedings
against Dollinger Konzept Bau GmbH on May 9, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Dollinger Konzept Bau GmbH
         Attn: Uwe F. Dollinger and Juergen Pahl, Managers
         Lindenstr. 2
         74869 Schwarzach
         Germany


DS METALLTREPPEN: Claims Registration Ends July 1
-------------------------------------------------
Creditors of DS Metalltreppen GmbH have until July 1, 2008 to
register their claims with court-appointed insolvency manager
Dr. Biner Bahr.

Creditors and other interested parties are encouraged to attend
the meeting at 8:45 a.m. on July 15, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Duesseldorf
         Meeting Hall A 341
         Third 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:

         Dr. Biner Bahr
         Graf-Adolf-Platz 15
         40213 Duesseldorf
         Germany

The District Court of Duesseldorf opened bankruptcy proceedings
against DS Metalltreppen GmbH on June 1, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         DS Metalltreppen GmbH
         Hitdorfer Strasse 37-39
         40764 Langenfeld
         Germany

         Attn: Bernd Grabenkamp, Manager
         Zum Brauhaus 19
         40764 Langenfeld
         Germany


EUROGRAPHIC GMBH: Claims Registration Period Ends June 23
---------------------------------------------------------
Creditors of Eurographic GmbH have until June 23, 2008, to
register their claims with court-appointed insolvency manager
Kay Hassler.

Creditors and other interested parties are encouraged to attend
the meeting at 10:55 a.m. on July 2, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Flensburg
          Hall A 220
          Suedergraben 22
          Flensburg
          Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

          Dr. Kay Hassler
          c/o Ehler, Ermer und Partner
          Wrangelstrasse 17-19
          24937 Flensburg
          Germany

The District Court of Flensburg opened bankruptcy proceedings
against Eurographic GmbH on June 1, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

          Eurographic GmbH
          Heideland 1-7
          24941 Handewitt
          Germany


GOTEXX GMBH: Claims Registration Period Ends June 20
----------------------------------------------------
Creditors of GOtexx GmbH have until June 20, 2008, to register
their claims with court-appointed insolvency manager Thomas
Kehe.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on July 18, 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 Goslar
          II/F
          Third Floor
          Haus II
          Kaiserbleek 8
          38640 Goslar
          Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

          Thomas Kehe
          Braunschweiger Str. 15a
          D 38723 Seesen
          Germany
          Tel: 05381/93 56-0
          Fax: 05381/93 56 44

The District Court of Goslar opened bankruptcy proceedings
against GOtexx GmbH on June 1, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

          GOtexx GmbH
          Attn: Adem Aydemir, Manager
          Briete Str. 92
          38640 Goslar
          Germany


HD ENERGIE: Claims Registration Period Ends June 24
---------------------------------------------------
Creditors of hd Energie GmbH have until June 24, 2008, to
register their claims with court-appointed insolvency manager
Holger Kas.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on July 24, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Giessen
          Hall 326
          Third Floor
          Building B
          Gutfleischstrasse 1
          35390 Giessen
          Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

          Holger Kas
          Marktlaubenstrasse 9
          35390 Giessen
          Germany
          Tel: 0641/93243-0
          Fax: 0641/932-4350

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

The Debtor can be reached at:

          hd Energie GmbH
          Fischbach 15
          35418 Buseck
          Germany


HELMUT SCHMID: Creditors Must File Claims by July 2
---------------------------------------------------
Creditors of Helmut Schmid GmbH & Co. KG have until
July 2, 2008, to register their claims with court-appointed
insolvency manager Albert Hirt.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on Aug. 14, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Stuttgart
         Hall 13
         Ground 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:

         Albert Hirt
         Berner Feld 74
         78628 Rottweil
         Tel: 0741/17540-50
         Fax: 0741/17540-20

The District Court of Stuttgart opened bankruptcy proceedings
against Helmut Schmid GmbH & Co. KG on May 30, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Helmut Schmid GmbH & Co. KG
         Ernst-Heinkel Str. 8
         70734 Fellbach
         Germany

         Attn: Richard Sommer, Manager
         Banweg 17/1
         72131 Ofterdingen
         Germany


HOERRLEIN BIOFEINKOS: Creditors Must File Claims by July 2
----------------------------------------------------------
Creditors of Hoerrlein BioFeinkost GmbH have until July 2, 2008,
to register their claims with court-appointed insolvency manager
Ulrich Luppe.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on July 30, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Halle-Saalkreis
         Hall 1.043
         Judicial Center
         Thueringer Str. 16
         06112 Halle
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Ulrich Luppe
         Hansering 9/10
         06108 Halle
         Germany
         Tel: 0345/614070
         Fax: 0345/6140710

The District Court of Halle (Saale) opened bankruptcy
proceedings against Hoerrlein BioFeinkost GmbH on May 1, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Hoerrlein BioFeinkost GmbH
         Ringstr. 3
         06188 Landsberg OT Queis
         Germany


IKB DEUTSCHE: KfW to Decide Stake Buyer Next Month
--------------------------------------------------
The German Federal government and Kreditanstalt fur Wiederaufbau
Bankengruppe will choose a buyer for its 45.5% stake in IKB
Deutsche Industriebank AG in July 2008, Thomson Financial News
relates citing an unsourced Handelsblatt report.

As previously reported in the TCR-Europe, KfW said it received
several serious and interesting offers, including from
Skandinaviska Enskilda Banken AB, Lone Star and Ripplewood.

"We are confident that we will reach a deal on the basis of the
offers," Deputy Finance Minister Thomas Mirow was quoted by
Handelsblatt as saying.

                       About IKB Deutsche

Headquartered in Dusseldorf, Germany, IKB Deutsche Industriebank
AG -- http://www.ikb.de/-- provides medium-sized companies with
long-term financing.  The bank operates in several German
locations, as well as branches in the United Kingdom,
Luxembourg, Spain and France.

IKB had previously invested in securitized loans on the US
market for subprime mortgages, which are now almost worthless.
This resulted in a deep-seated crisis within the bank, pushing
it on the brink of bankruptcy.

                         *     *     *

Moody's Investors Service currently rates IKB Deutsche
Industriebank AG's bank financial strength at E; subordinated
debt at Ba2; junior subordinated securities at Ca and hybrid
capital instruments eligible for Tier 1 capital and the
preferred securities of IKB Funding Trust I & II at Caa3.  The
ratings, which were downgraded to their current level in
April 2008, have stable outlook.


LANGE PRINT: Creditors Must File Claims by July 2
-------------------------------------------------
Creditors of Lange Print Production GmbH & Co. KG have until
July 2, 2008, to register their claims with court-appointed
insolvency manager Klaus Wrede.

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

The meeting of creditors will be held at:

         The District Court of Magdeburg
         Hall D
         Insolvency Department
         Liebknechtstrasse 65-91
         39110 Magdeburg
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Klaus Wrede
         Lennestrasse 10
         39112 Magdeburg
         Germany
         Tel: 0391/5973315
         Fax: 0391/5973333

The District Court of Magdeburg opened bankruptcy proceedings
against  Lange Print Production GmbH & Co. KG on May 30, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Lange Print Production GmbH & Co. KG
         Suelzborn 9
         39128 Magdeburg
         Germany


LUCON-BAU GMBH: Claims Registration Period Ends June 30
-------------------------------------------------------
Creditors of Lucon-Bau GmbH Bauunternehmung have until
June 30, 2008, to register their claims with court-appointed
insolvency manager Hendrik Hefermehl.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on July 17, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Stuttgart
         Hall 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. Hendrik Hefermehl
          Olgastr. 54
          70182 Stuttgart
          Germany
          Tel: 0711/16 55 30
          Fax: 0711/16 55 399

The District Court of Stuttgart opened bankruptcy proceedings
against Lucon-Bau GmbH Bauunternehmung on May 30, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Lucon-Bau GmbH Bauunternehmung
          Attn: Luise Hoyer, Manager
          Boeblinger Str. 176
          70199 Stuttgart
          Germany


PLASTWOOD.DE GMBH: Creditors Must File Claims by July 2
-------------------------------------------------------
Creditors of PLASTWOOD.de GmbH have until July 2, 2008, to
register their claims with court-appointed insolvency manager
Stephan Laubereau.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on July 23, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Wiesbaden
         Hall E 36 A
         Third Floor
         Building E
         Moritzstrasse 5
         65185 Wiesbaden
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Stephan Laubereau
         c/o Pluta Rechtsanwalts GmbH Buero Frankfurt/Main
         Trakehner Strasse 7-9
         Eingang A
         60487 Frankfurt am Main
         Germany
         Tel: 069/850 9693 0
         Fax: 069/850 9693 29

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

The Debtor can be reached at:

         PLASTWOOD.de GmbH
         Edoardo Pio Tusacciu
         Kreuzberger Ring 46
         65205 Wiesbaden
         Germany


POKORNY YACHTHAFENAUSRUESTUNG: Creditors' Claims Due July 2
-----------------------------------------------------------
Creditors of Pokorny Yachthafenausruestung GmbH have until
July 2, 2008, to register their claims with court-appointed
insolvency manager Thilo Streck.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on July 30, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Stade
         Hall 113
         Main Building
         Wilhadikirchhof 1
         21682 Stade
         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:

         Thilo Streck
         Neuer Wall 86
         20354 Hamburg
         Germany

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

The Debtor can be reached at:

         Pokorny Yachthafenausruestung GmbH
         Baljerdorf 41
         21730 Balje
         Germany


REIMERS-BAUWERK-SANIERUNG: Creditors Must File Claims by July 2
---------------------------------------------------------------
Creditors of REIMERS-Bauwerk-Sanierung GmbH have until
July 2, 2008, to register their claims with court-appointed
insolvency manager Jan H. Wilhelm.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 Hamburg
         Hall B 405
         Fourth Floor Annex
         Civil Justice Bldg.
         Sievkingplatz 1
         20355 Hamburg
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Jan H. Wilhelm
         Albert-Einstein-Ring 11/15
         22761 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against REIMERS-Bauwerk-Sanierung GmbH on April 28, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         REIMERS-Bauwerk-Sanierung GmbH
         Rotenhauser Str. 8
         21109 Hamburg
         Germany


SCHWALMSTADT BAUMARKT: Claims Registration Ends July 1
------------------------------------------------------
Creditors of Schwalmstadt-Baumarkt Heinrich Schmitt jun. GmbH &
Co. KG have until July 1, 2008 to register their claims with
court-appointed insolvency manager Dr. Hans-Joerg Laudenbach.

Claims will be verified at 8:15 a.m. on Aug. 6, 2008 at:

         The District Court of Marburg/Lahn
         Hall 157
         Universitatsstrasse 48
         35037 Marburg/Lahn
         Germany

Creditors may constitute a creditors' committee or opt to
appoint a new insolvency manager.

The insolvency manager can be reached at:

         Dr. Hans-Joerg Laudenbach
         Fach 62
         Carlo-Mierendorff-Strasse 15
         35398 Giessen
         Germany
         Tel: 0641/98292-15
         Fax: 0641/98292-16

The District Court of Marburg/Lahn opened bankruptcy proceedings
against Schwalmstadt-Baumarkt Heinrich Schmitt jun. GmbH & Co.
KG on May 1, 2008.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Schwalmstadt-Baumarkt Heinrich Schmitt
         jun. GmbH & Co. KG
         Attn: Heinrich Schmitt-Muecke, Manager
         Erich-Rohde-Strasse 8
         34613 Schwalmstadt
         Germany


SCHWEISSTECHNIK BELZ: Creditors Must File Claims by July 2
----------------------------------------------------------
Creditors of Schweisstechnik Belz GmbH  have until July 2, 2008,
to register their claims with court-appointed insolvency manager
Bettina Schmudde.

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

The meeting of creditors will be held at:

         The District Court of Schwerin
         Hall 7
         Demmlerplatz 14
         19053 Schwerin
         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:

         Bettina Schmudde
         Jungfernstieg 51
         20354 Hamburg
         Germany

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

The Debtor can be reached at:

         Schweisstechnik Belz GmbH
         Schweriner Strasse 5
         23970 Wismar
         Germany


SEWA MOTORRADHANDELSGESELLSCHAFT: Creditors' Claims Due July 2
--------------------------------------------------------------
Creditors of SEWA Motorradhandelsgesellschaft mbH have until
July 2, 2008, to register their claims with court-appointed
insolvency manager Hermann Wittebrock.

Creditors and other interested parties are encouraged to attend
the meeting at 8:45 am. 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 Saarbruecken
         Area Hall 13
         First Floor
         Vopeliusstrasse 2
         66280 Sulzbach
         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:

         Hermann Wittebrock
         Pestelstrasse 4
         66119 Saarbruecken
         Germany

The District Court of Saarbruecken opened bankruptcy proceedings
against SEWA Motorradhandelsgesellschaft mbH on April 30, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         SEWA Motorradhandelsgesellschaft mbH
         Hauptstrasse 142
         66557 Illingen
         Germany


SPEZIALBROTE GMBH: Creditors Must File Claims by July 2
-------------------------------------------------------
Creditors of Spezialbrote GmbH Sauda & Ratschiller have until
July 2, 2008, to register their claims with court-appointed
insolvency manager Kurt Bruder.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on July 28, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Munich
         Meeting Hall 102
         Infanteriestr. 5
         80097 Munich
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Kurt Bruder
         Herzog-Wilhelm-Str. 17
         80331 Munich
         Germany

The District Court of Munich opened bankruptcy proceedings
against Spezialbrote GmbH Sauda & Ratschiller on May 16, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Spezialbrote GmbH Sauda & Ratschiller
         Kopernikusstr. 17
         85609 Aschheim
         Germany


ZIMMEREI HUBERTUS: Claims Registration Ends June 30
---------------------------------------------------
Creditors of Zimmerei Hubertus Friedlander GmbH have until
June 30, 2008 to register their claims with court-appointed
insolvency manager Oliver Schulte.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Aug. 1, 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 Arnsberg
         Meeting Hall 328
         Ground Floor
         Eichholzstr. 4
         59821 Arnsberg
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Oliver Schulte
         Lanfertsweg 78
         59782 Meschede
         Germany

The District Court of Arnsberg opened bankruptcy proceedings
against Zimmerei Hubertus Friedlander GmbH on May 6, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Zimmerei Hubertus Friedlander GmbH
         Brabecke 42
         57392 Schmallenberg
         Germany

         Attn: Hubertus Friedlander, Manager
         Halbeswig 2
         59909 Bestwig
         Germany


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


DA VINCI: S&P Rates Class C Notes at BB+ with Watch Negative
------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on three
classes from the Da Vinci Synthetic PLC securitization on
CreditWatch with negative implications.

The CreditWatch placements primarily reflect the effects of a
slowing global economy, rapidly increasing fuel prices, a
deteriorating airline industry outlook, and market pressure on
the value of some of the aircraft in this transaction's
collateral pool.

Approximately 21% of the aircraft related to the Da Vinci
obligations (as a percentage of the reference obligation
notional amount) are, in our opinion, currently under
significant market pressure.  These planes, particularly MD80s,
50-seat regional jets, B737-300s, and B737-500s, are less fuel-
efficient than many other models, a disadvantage that the recent
rapid surge in jet fuel prices has magnified substantially.  In
addition, approximately 23% of the portfolio is exposed to the
airlines that Standard & Poor's has determined to have weakened
financial and liquidity outlooks, including several U.S.
airlines with ratings currently on CreditWatch with negative
implications.  The combination of rising fuel prices and other
economic and reference-portfolio-specific risks prompted us to
review our ratings on the outstanding securities associated with
this transaction.

Within the next 90 days, Standard & Poor's will review the
ratings S&P placed on CreditWatch negative to determine to what
extent, if any, additional rating actions are warranted.

            Ratings Placed on Creditwatch Negative

                    Da Vinci Synthetic PLC
         Class                      Rating
                            To                  From
         A                  A/Watch Neg         A
         B                  BBB/Watch Neg       BBB
         C                  BB+/Watch Neg       BB+


MARYBOROUGH: Court Orders Director to Repay EUR24.2Mln Bank Debt
----------------------------------------------------------------
The High Court has ordered Tony Browne, a director of
Maryborough Construction, to repay the company's EUR24.2 million
debt to Anglo Irish Bank, Laura Noon and Tim Healy write for
independent.ie  The amount, independent.ie adds, includes
interest charges.  

independent.ie relates Anglo Irish Bank, which granted a EUR23.5
million loan to Maryborough in September 2006, asked the High
Court to enforce Mr. Browne's personal guarantees.

Mr. Browne, however, made no defense to the claim,
independent.ie discloses, citing Justice Peter Kelly.

Based in Roscrea, Ireland, Maryborough went into receivership in
January 2008 after failing to secure EUR65 million for its
Portlaoise mixed development, independent. ie reveals.  In
November 2007, the High Court appointed an examiner to the
company, indepedent.ie adds.


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


ALITALIA SPA: European Commission Launches Probe vs Funding
-----------------------------------------------------------
The European Commission commenced June 11, 2008, an in-depth
probe into the Italian government's EUR300-million emergency
financing to Alitalia S.p.A., various reports say.

During the probe, which may last up to 18 months, the Italian
government must prove that the loan was offered to Alitalia on
commercial terms and does not constitute illegal state aid,
Peppi Kiviniemi writes for the Wall Street Journal.

Commission spokesman Mark English noted to Agenzia Giornalistica
Italia that the probe is not "an infraction procedure, but a
normal investigation into a potential state assistance."

Mr. English, AGI relates, said the probe may found out:

    * the loan does not constitute state aid;

    * the financing constitutes state aid but complies with
      European Union regulations; or

    * the funding constitutes illegal state aid.

Under EU's "one time, last time" principle, a company
beneficiary of a state aid cannot receive additional rescue or
restructuring funding within 10 years since its accepted
financial assistance.  Alitalia cannot receive further aid until
2011, since it took fiscal assistance in 2001.

If the Commission rules the funding violates state aid rule, it
may ask Italy to recover the amount from Alitalia.  The
Commission said Alitalia's weak coffers have raised doubts on
the legality of the loan.

                         About Alitalia

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

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


ALITALIA SPA: Italy Preparing Reply to Commission Loan Probe
------------------------------------------------------------
The Italian government is preparing replies to queries raised by
the European Commission over its EUR300-million funding provided
to Alitalia S.p.A., Thomson Financial News reports, citing
Infrastructure Minister Altero Matteoli.

According to Mr. Matteoli, Thomson Financial News relates, the
Commission gave one month to provide reasons for the decree
granting the loan.

Italy, in its technical report, said the cash grant will
temporarily help Alitalia avoid liquidation or administration.  
Italy converted the loan into Alitalia's capital, a move that
may allow auditors to approve its 2007 results.

Italy detailed the loan as:

    * EUR205 million from the fund for competitiveness and
      development;

    * EUR85 million from the fund for enterprise financing;
      and

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

Meanwhile, Alitalia chairman Aristide Police defended the
funding, saying it is compatible with the European Union rules
on state aid.

EU Transport Commissioner Antonio Tajani said Alitalia can
continue to use the funds.

                         About Alitalia

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

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


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


MEHTRANS LLP: Creditors Must File Claims by July 18
---------------------------------------------------  
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Mehtrans insolvent on April 18, 2008.

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

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Kojedub Str. 46
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan
         Tel: 8 (7232) 52-72-51
              8 777 257 87-33


NOVA POWERS: Claims Deadline Slated for July 22
-----------------------------------------------  
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Nova Powers Industries 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


PAVLODAR-PARUS LLP: Claims Filing Period Ends July 23
-----------------------------------------------------  
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Pavlodar-Parus insolvent on April 30, 2008.

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

         The Specialized Inter-Regional
         Economic Court of Pavlodar
         Parkovaya Str. 17
         Pavlodar
         Kazakhstan
         Tel: 8 (7182) 34-70-34


PAVLODAR STROY: Creditors' Claims Due on July 23
------------------------------------------------  
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Pavlodar Stroy Holding insolvent on April 29, 2008.

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

         The Specialized Inter-Regional
         Economic Court of Pavlodar
         Parkovaya Str. 17
         Pavlodar
         Kazakhstan
         Tel: 8 (7182) 34-70-34


REMGORSERVICE 2003: Claims Registration Ends July 18
----------------------------------------------------  
The Specialized Inter-Regional Economic Court of Karaganda has
declared LLP Remgorservice 2003 insolvent.

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

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


RIAN-STROY-SERVICE LLP: Creditors Must File Claims by July 18
-------------------------------------------------------------  
The Specialized Inter-Regional Economic Court of Karaganda has
declared LLP Rian-Stroy-Service insolvent.

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

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


SAYBOLT-KAZAKHSTAN LLP: Claims Deadline Slated for July 23
----------------------------------------------------------  
LLP SAYBOLT-KAZAKHSTAN has declared insolvency.  Creditors have
until July 23, 2008, to submit written proofs of claims to:

         LLP SAYBOLT-KAZAKHSTAN
         Micro District 3, 145-6
         Aktau
         Mangistau
         Kazakhstan
         Tel: 8 (7292) 50-06-42
              8 (7292) 50-12-10


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


NICOLE TRADE: Creditors Must File Claims by July 11
---------------------------------------------------
LLC Nicole Trade Union has declared insolvency.  Creditors have
until July 11, 2008 to submit written proofs of claim to:

         LLC Nicole Trade Union
         Tynystanov Str. 64/1-10
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 62-79-69


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


CORPORATE EXPRESS: Moody's Puts Ratings Under Review for Upgrade
----------------------------------------------------------------
Moody's Investors Service changed the direction of the ongoing
review of Corporate Express NV ratings (CFR at Ba3) to review
for possible upgrade from direction uncertain.

The rating action follows the recent announcement that the
Executive Board and Supervisory Board of Corporate Express have
unanimously recommended to Corporate Express' shareholders to
accept the revised public offer from Staples Inc. (rated Baa1
under review for possible downgrade by Moody's) of EUR9.25 per
ordinary share (increased from Euro 8.00 per ordinary share on
June 3, 2008) in cash.  Staples offer is also inclusive of an
all cash offer for Corporate Express' 2% Subordinated
convertible bonds due 2010, Preference Shares A of EUR3.15 per
share.

In addition, Staples has also made a cash tender offer to
purchase all of Corporate Express U.S. Finance Inc.'s
outstanding 8.25% and 7.875% Senior Subordinated Notes due in
2014 and 2015 respectively.  In the light of these developments,
the Boards of Corporate Express have terminated the merger
agreement with Lyreco, which was announced on May 21, 2008.

While in Moody's opinion upwards rating pressure would ensue on
Corporate Express existing debt ratings if the the deal closes
as planned and the company is acquired by Staples given Staples'
scale and stronger financial profile as reflected in its Baa1
rating, Moody's notes that on June 6, 2007 Staples Acquisition
BV (a wholly owned subsidiary of Staples Inc.) announced prices
for the cash tender offer for the senior subordinated notes of
Corporate Express (presently rated B2 by Moody's) and has
reportedly received consents from holders of approximately ~99%
each of the aggregate principal amount of the outstanding 8.25%
2014 and 7.875% 2015 notes.

The revised offer expires on June 27, 2008 unless extended
thereafter.  Staples and Corporate Express expect the offer
settlement to take place in July 2008.

Ratings under review for possible upgrade are:

Corporate Express NV:

   -- Corporate Family Rating: Ba3

   -- Sr Sec Bank Credit Facility -Dom Curr: Ba2

   -- Bkd Subordinate -Dom Curr: B2

Buhrmann US Inc (now Corporate Express US Finance Inc.):

   -- Bkd Senior Subordinate: B2

Corporate Express NV headquartered in Amsterdam, The
Netherlands, is an international business-to-business services
and distribution group, supplying office products and graphics
systems and related services to the business market.  The
company reported net sales revenue of EUR5,631 million in the
year to Dec. 31, 2007.


X5 RETAIL: Commences Mercado Supercenter Operation in Lipetsk
-------------------------------------------------------------
X5 Retail Group N.V. has launched its first hypermarket under
Mercado Supercenter brand.

The first Mercado Supercenter opened its doors to customers in
Lipetsk, Russia, on June 10, 2008, as a result of restyling and
rebranding of "My" hypermarket that was purchased by X5 within
Korzinka acquisition in December 2007.  

The store has a net selling space of 6,000 sq. m. and offers
approximately 40,000 SKUs, of which above 30% are non-food
items.  Goods from local producers account for above 20% of the
store's assortment.  

"We are happy to announce the launch of our first Mercado
Supercenter store," Antonio Melo, X5 Retail Group's Chief
Operating Office, said.  "X5's team has invested significant
efforts in developing and implementing this new hypermarket
concept, and we hope our customers will enjoy their shopping
experience with us.  Low prices, wide assortment of products,
including goods from local producers, attractive loyalty
program, modern design, convenient layout, sufficient parking
and many other things were brought together for the launch of
this store.  Clearly we do not plan to stop where we are - this
is just the first step in execution of our strategy of rolling-
out Mercado Supercenters across European Russia and Urals."

                        About X5 Retail

Headquartered in Amsterdam, Netherlands, X5 Retail Group N.V.
(LSE: FIVE) -- http://www.x5.ru/en/-- acts as a holding firm
for the group of companies that operate retail grocery stores.
The main activity of the company is the development and
operation of grocery retail stores.  The company operated
Pyaterochka and Perekrestok retail chains in Russia, including
Moscow, St. Petersburg, Nizhniy Novgorod, Krasnodar, Kazan,
Samara, Ekaterinburg and Kiev, Ukraine.

                          *     *     *

X5 Retail Group N.V. continues to carry a B1 Corporate Family
Rating from Moody's Investors Service with positive outlook.

X5 Retail and its subsidiaries also carries a 'BB-' long-term
corporate credit rating from Standard & Poor's Ratings Services.
S&P said the outlook is stable.


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


AGRO-SERVICE OJSC: Proofs of Claim Filing Deadline Set June 24
--------------------------------------------------------------
Creditors of OJSC Agro-Service (TIN 4626000043) have until
June 24, 2008, to submit proofs of claim to:

         E. Butov
         Insolvency Manager
         Post User Box 106
         305016 Kursk
         Russia

The Arbitration Court of Kursk has commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed as ?35 9035/05g.

The Court is located at:

         The Arbitration Court of Kursk
         K. Marksa Str. 25
         305004 Kursk
         Russia


AVIATRADE LLC: Proofs of Claim Filing Deadline Set June 24
----------------------------------------------------------
Creditors of LLC Aviatrade (TIN 0814134412) have until
June 24, 2008, to submit proofs of claim to:

         L. Darzhinov
         Insolvency Manager
         Gertsena Str. 1a.
         Elista
         358003 Kalmykiya Republic
         Russia

The Arbitration Court of Kalmykiya republic has commenced
bankruptcy proceedings against the company after finding it
insolvent.  The case is docketed as 22-268/08/14-32.


BELLE FEMME: Creditors Must File Claims by June 24
--------------------------------------------------
Creditors of LLC Belle Femme have until June 24, 2008, to submit
proofs of claim to:

         A. Kolyadinskiy
         Temporary Insolvency Manager
         Kalinina Str. 116/3A
         Blagoveshensk
         Russia

The Arbitration Court of Khabarovsk has commenced bankruptcy
supervision procedure on the company. The case is docketed as
?73-2009/2008-36.

The Debtor can be reached at:

         LLC Belle Femme
         Remeslennaya Str. 15-5
         Khabarovsk
         Russia


EAST LLC: Proofs of Claim Filing Deadline Set July 24
-----------------------------------------------------
Creditors of LLC East (TIN 2221113912, OGRN 1052201959930) have
until July 24, 2008, to submit proofs of claim to:

         V. Zabelin
         Insolvency Manager
         1st Aviagorodok 11
         672005 Chita
         Russia

The Arbitration Court of Chita has commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed as ?78-548/2008 B-6.

The Court is located at:

         The Arbitration Court of Novosibirsk
         Kirova Str. 3
         630007 Novosibirsk
         Russia

The Debtor can be reached at:

         LLC East
         Kochetkova 18
         672012 Chita
         Russia


ELITA CJSC: Proofs of Claim Filing Deadline Set July 24
-------------------------------------------------------
Creditors of CJSC Elita have until July 24, 2008, to submit
proofs of claim to:

         V. Prokofyev
         Insolvency Manager
         Post User Box 80
         420094 Kazan
         Russia

The Arbitration Court of Samara has commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed as ?55-3062/2008.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Elita
         Yablonevyj Ovrag
         Zhigulevsk
         Stavropolskiy
         Samara
         Russia


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

         E. Feoktistov
         Temporary Insolvency Manager
         Post User Box 813
         308001 Belgorod-1
         Russia

The Arbitration Court of Yaroslavl has commenced bankruptcy
supervision procedure on the company.  The case is docketed as
?82-935/2007-30-B/8.

The Debtor can be reached at:

         OJSC Lakokraska
         Rosha Str. 16.
         Polushkina
         Yaroslavl
         Russia


NATSI-KHABAROVSK LLC: Proofs of Claim Deadline Set June 24
----------------------------------------------------------
Creditors of LLC Natsi-Khabarovsk have until June 24, 2008, to
submit proofs of claim to:

         G. Chmutina
         Insolvency Manager
         680028 Khabarovsk Russia
         Frunze Str. 119
         Office 5

The Arbitration Court of Khabarovsk has commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed as ?73-3139/2008-38.

The Debtor can be reached at:

         LLC Natsi-Khabarovsk
         Office 5
         Pushkina Str. 23 A
         Khabarovsk
         Russia


PALLADA CJSC: Proofs of Claim Filing Deadline Set July 24
---------------------------------------------------------
Creditors of CJSC Pallada (TIN 7743083754) have until
July 24, 2008, to submit proofs of claim to:

         S. Zhumaev
         Insolvency Manager
         Post User Box 276
         107078 Moscow
         Russia

The Arbitration Court of Saratov has commenced bankruptcy
proceedings against the company after finding it insolvent.  
The case is docketed as ?57-22027/07-8.

The Court is located at:

         The Arbitration Court of Saratov
         Babushkin Vvoz 1
         Saratov
         Russia

The Debtor can be reached at:

         CJSC Pallada
         5th Dinamovskiy Per. 16
         410036 Saratov
         Russia


SARGATSKAYA SEL-KHOZ-TEKHNIKA: Creditors' Claims Due June 24
------------------------------------------------------------
Creditors of OJSC Sargatskaya Sel-Khoz-Tekhnika (TIN 5532002960)
have until June 24, 2008, to submit proofs of claim to::

         V. Kozlov
         Temporary Insolvency Manager
         Kommunalnaya Str. 7-10
         Omsk-83
         Russia

The Arbitration Court of Omsk has commenced bankruptcy
supervision procedure on the company.  The case was docketed as
? 46-2791/2008.

The Court will convene on Aug. 19, 2008, to hear the case.

The Debtor can be reached at:

         OJSC Sargatskaya Sel-Khoz-Tekhnika
         Kalinina Str. 2a.
         Sargatka
         Omsk
         Russia


SEVERSTAL OAO: Waives Essar Agreement Termination Condition
-----------------------------------------------------------
OAO Severstal is waiving the Essar agreement termination
condition to its previously announced tender offer to acquire
all of the outstanding shares of common stock of Esmark
Incorporated .  

It had been a condition to the tender offer that Esmark validly
terminate the Memorandum of Agreement, dated April 30, 2008,
between Esmark and Essar Steel Holdings Limited and, if entered
into prior to the expiration of the tender offer, the Agreement
and Plan of Merger between Esmark and Essar Steel contemplated
by the Memorandum of Agreement.

On May 30, 2008, Severstal commenced the all cash US$17.00 per
share tender offer to acquire Esmark shares.

All other terms and conditions of the tender offer remain the
same, as set forth in the Offer to Purchase filed with the U.S.
Securities and Exchange Commission on May 30, 2008.

Severstal's tender offer is scheduled to expire at 12:00
midnight, Eastern Daylight Time, on June 26, 2008, unless
extended.

Following completion of the tender offer, subject to the terms
and conditions set forth in the Offer to Purchase, as amended,
Severstal intends to consummate a second-step merger where all
remaining Esmark stockholders will receive the same cash price
paid in the tender offer, subject to any available appraisal
rights under Delaware law.  The tender offer is not conditioned
on financing.

Merrill Lynch is the Dealer Manager and Citibank, N.A. is the
Depositary for the tender offer.  

                         About Severstal

Headquartered in Cherepovets, Russia, OAO Severstal --
http://www.severstal.com/-- is the country's largest steel
producer, with steel production of 17.1 million tons in 2005.
The Company owns Severstal North America, the fifth largest
integrated steel maker in the U.S. with 2005 production of 2.7
million tons, and Lucchini, Italy's second largest steel group
with 2005 production of 3.5 million tons.  Severstal is one of
the world's lowest cost and most profitable steel producers,
with 2005 EBITDA per ton of around EUR150 per ton.

                         *     *     *

OAO Severstal continues to carry Ba2 Corporate Family, Senior
Unsecured Debt and Probability-of-Default ratings from Moody's
Investor Service, which said the the outlook on all ratings is
stable.  Moody's raised the company's ratings to its current
level in October 2007.

The company also carries BB long-term Foreign and Local Issuer
Credit ratings from Standard & Poor's, which said the outlook is
stable.

Severstal carries BB- Issuer Default and Senior Unsecured
ratings from Fitch, which said the outlook is positive.


SIBERIAN LOGISTIC: Proofs of Claim Filing Deadline Set July 24
--------------------------------------------------------------
Creditors of OJSC Siberian Logistic Company have until
July 24, 2008, to submit proofs of claim to:

         I. Pisarenko
         Insolvency Manager
         Garanina Str. 15.
         Novosibirsk
         Russia
  
The Arbitration Court of Novosibirsk has commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed as ?45-7363/07-4/30.

The Court is located at:

         The Arbitration Court of Novosibirsk
         Kirova Str. 3
         630007 Novosibirsk
         Russia

The Debtor can be reached at:

         OJSC Siberian Logistic Company
         Dimitrova Str. 1
         630099 Novosibirsk
         Russia


SOURCE-4 LLC: Proofs of Claim Filing Deadline Set July 24
---------------------------------------------------------
Creditors of LLC Source-4 have until July 24, 2008, to submit
proofs of claim to:

         E. Figurova
         Insolvency Manager
         Post User Box 5
         690105 Vladivostok
         Russia

The Arbitration Court of Primorye has commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed as ?51-10763/2007 11-163.

The Court is located at:

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

The Debtor can be reached at:

         LLC Source-4
         Nagornaya Str. 1.
         Partizansk
         Primorye
         Russia


SUZUNSK-AGRO-TRANS: Proofs of Claim Filing Deadline Set July 24
---------------------------------------------------------------
Creditors of OJSC Suzunsk-Agro-Trans have until July 24, 2008,
to submit proofs of claim to:

         S. Lebedev
         Insolvency Manager
         Office 310
         Kamenskaya Str. 64a
         Novosibirsk
         Russia

The Arbitration Court of Novosibirsk has commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed as ?45-12908/07-29/49.

The Debtor can be reached at:

         OJSC Suzunsk-Agro-Trans
         Zapadnaya Str. 32.
         Suzun
         Novosibirsk
         Russia


VIMPEL-COMMUNICATIONS: Board Names Alexey Reznikovich as Chair
--------------------------------------------------------------
Alexey Reznikovich was elected Chairman of the Board of
Directors of OJSC Vimpel-Communications.  It was the first
meeting of the new Board of Directors elected at the annual
general meeting of VimpelCom's shareholders held in Moscow on
June 9, 2008.

"I am grateful to my colleagues for their trust and I look
forward to working with my fellow Board members and VimpelCom's
management to continue VimpelCom's long tradition of excellent
performance, strong corporate governance and creating value for
VimpelCom shareholders," Mr. Reznikovich said.

Mr. Reznikovich has served as a Director of VimpelCom since May
2002.  He was Chairman of the Board of Directors of Golden
Telecom from May 2007 to February 2008.

Since June 2005, Mr. Reznikovich has served as Chief Executive
Officer of Altimo, which was created in 2005 to manage the
telecoms investments of Alfa Group.  He has also served as a
Director of Alfa Group since 2002.

Before joining Alfa, Mr. Reznikovich founded "EMAX," a business
venture to develop internet centers in Russia, and was a member
of the Boards of Directors of "EMAX" and "CAFEMAX," an Internet
cafe chain, since February 2001.  From 1998 through 2001, Mr.
Reznikovich was a partner at McKinsey & Co., and prior to that
he worked at Procter & Gamble in Italy and Transworld in the
U.S.  Mr. Reznikovich graduated from the Economics Faculty of
Moscow State University and received an MBA from Georgetown
University in USA and INSEAD in France in 1993.

                         About VimpelCom

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

                          *     *     *

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

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


VORONEZHSKAYA GLASS: Creditors Must File Claims by June 24
----------------------------------------------------------
Creditors of CJSC Voronezhskaya Glass Company (TIN 3628008127)
have until June 24, 2008, to submit proofs of claim to:

         S. Mikhaylova
         Temporary Insolvency Manager
         Apartment 36
         Domostroiteley Str. 8
         394051 Voronezh
         Russia

The Arbitration Court of Voronezh has commenced bankruptcy
supervision procedure on the company.  The case was docketed as
?14-2137/2008 9/16b.

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

The Debtor can be reached at:

         CJSC Voronezhskaya Glass Company
         Tsentralnaya Str. 1.
         Strelitsa
         Semilukskiy
         Voronezh
         Russia


X5 RETAIL: Commences Mercado Supercenter Operation in Lipetsk
-------------------------------------------------------------
X5 Retail Group N.V. has launched its first hypermarket under
Mercado Supercenter brand.

The first Mercado Supercenter opened its doors to customers in
Lipetsk, Russia, on June 10, 2008, as a result of restyling and
rebranding of "My" hypermarket that was purchased by X5 within
Korzinka acquisition in December 2007.  

The store has a net selling space of 6,000 sq. m. and offers
approximately 40,000 SKUs, of which above 30% are non-food
items.  Goods from local producers account for above 20% of the
store's assortment.  

"We are happy to announce the launch of our first Mercado
Supercenter store," Antonio Melo, X5 Retail Group's Chief
Operating Office, said.  "X5's team has invested significant
efforts in developing and implementing this new hypermarket
concept, and we hope our customers will enjoy their shopping
experience with us.  Low prices, wide assortment of products,
including goods from local producers, attractive loyalty
program, modern design, convenient layout, sufficient parking
and many other things were brought together for the launch of
this store.  Clearly we do not plan to stop where we are - this
is just the first step in execution of our strategy of rolling-
out Mercado Supercenters across European Russia and Urals."

                        About X5 Retail

Headquartered in Amsterdam, Netherlands, X5 Retail Group N.V.
(LSE: FIVE) -- http://www.x5.ru/en/-- acts as a holding firm
for the group of companies that operate retail grocery stores.
The main activity of the company is the development and
operation of grocery retail stores.  The company operated
Pyaterochka and Perekrestok retail chains in Russia, including
Moscow, St. Petersburg, Nizhniy Novgorod, Krasnodar, Kazan,
Samara, Ekaterinburg and Kiev, Ukraine.

                          *     *     *

X5 Retail Group N.V. continues to carry a B1 Corporate Family
Rating from Moody's Investors Service with positive outlook.

X5 Retail and its subsidiaries also carries a 'BB-' long-term
corporate credit rating from Standard & Poor's Ratings Services.
S&P said the outlook is stable.


ZHDANOVSKIY WOOD-PROM-KHOZ: Creditors' Claims Due June 24
---------------------------------------------------------
Creditors of LLC Zhdanovskiy Wood-Prom-Khoz have until
June 24, 2008, to submit proofs of claim to:

         I. Zhurenkov
         Temporary Insolvency Manager
         Post User Box 131
         664025 Irkutsk
         Russia
         Tel. (3952) 34-21-09

The Arbitration Court of Irkutsk has commenced bankruptcy
supervision procedure on the company.  The case is docketed as
?19-2736/08-60.

The Court will convene on Sept. 17, 2008 at 10:15 a.m. at:

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

The Debtor can be reached at:

         LLC Zhdanovskiy Wood-Prom-Khoz
         Lesnaya Str. 2-2.
         Rudnogorsk
         Irkutsk
         Russia


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


NEWARK GROUP: S&P Cuts Corporate Credit Rating to B
---------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on
Cranford, N.J.-based The Newark Group Inc.  S&P lowered the
corporate credit rating to 'B' from 'B+'.  The ratings remain on
CreditWatch with negative implications, where they were
placed on April 2, 2008.

"The downgrade and continued CreditWatch listing reflect our
assessment that Newark Group's operating performance will
continue to suffer for at least the next several quarters
because of difficult industry conditions," said Standard &
Poor's credit analyst Andy Sookram.  These include higher input
costs and challenging prospects for price increases due to the
downturn in the U.S. economy.

As a result, S&P expects earnings to decline further, causing a
material weakening of credit metrics and a heightened risk that
the company may violate its senior leverage covenant in its bank
credit facility in the near term.  The company's senior leverage
ratio at Jan. 31, 2008, was approximately 2.3x, compared with
the maximum permitted under the covenant of 3.0x. This cushion
is likely to materially contract in the near term given the
difficult operating conditions.

In resolving our CreditWatch listing, S&P will review the
company's operating trends, price initiatives, financial
projections, liquidity, and ability to maintain compliance with
its financial covenants.


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


AGRO LLC: Creditors Must File Claims by June 26
-----------------------------------------------
Creditors of LLC Agricultural Firm Agro (code EDRPOU 31622863)
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 proceedings
against the company after finding it insolvent on May 19, 2008.
The case is docketed as 6/104-08.

The Debtor can be reached at:

         LLC Agricultural Firm Agro
         Molodezhnaya Str.
         Berestovka
         Lipovodolinsky District
         42513 Sumy
         Ukraine


BATKIVSCHINA LLC: Creditors Must File Claims by June 26
-------------------------------------------------------
Creditors of LLC Batkivschina (code EDRPOU 30819303) have until
June 26, 2008, to submit proofs of claim to:

         The Economic Court of Odessa
         Shevchenko Avenue 4
         65032 Odessa
         Ukraine

The Economic Court of Odessa commenced bankruptcy proceedings
against the company after finding it insolvent on May 17, 2008.
The case is docketed as 32/102-07-3450.

The Debtor can be reached at:

         LLC Batkivschina
         Kotovsky Str. 88
         Buzinovo
         Ivanovsky District
         Odessa
         Ukraine


DUG-INVEST LLC: Creditors Must File Claims by June 26
-----------------------------------------------------
Creditors of LLC Dug-Invest (code EDRPOU 32952915) have until
June 26, 2008, to submit proofs of claim to:

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

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent on
April 8, 2008.  The case is docketed as B 24/155-08.

The Debtor can be reached at:

         LLC Dug-Invest
         Karl Marks Avenue 2
         49005 Dnipropetrovsk
         Ukraine


IMEKS CMBH: Creditors Must File Claims by June 26
-------------------------------------------------
Creditors of LLC Imeks CMBH (code EDRPOU 20496380) have until
June 26, 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 21, 2008.  The case is docketed as 25/06/08-16/77-08.

The Debtor can be reached at:

         LLC Imeks CMBH
         Lenin Str. 14/47
         Dnieprorudnoye
         71630 Zaporozhje
         Ukraine


KOPACHEVKA AGRICULTURAL: Proofs of Claim Deadline Set June 26
-------------------------------------------------------------
Creditors of Kopachevka Agricultural LLC (code EDRPOU 03788081)
have until June 26, 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 on April 8, 2008.  The case
is docketed as 13/85-B.

The Debtor can be reached at:

         Kopachevka Agricultural LLC
         Kopachevka
         Derazhnia District
         Hmelnitskij
         Ukraine


LVOVBUILDING: Proofs of Claim Deadline Set June 26
--------------------------------------------------
Creditors of State Enterprise Housing and Communal Office
Lvovbuilding (code EDRPOU 01275727) have until June 26, 2008, to
submit proofs of claim to:

         The Economic Court of Lvov
         Lichakivska Str. 81
         79010 Lvov
         Ukraine

The Economic Court of Lvov commenced bankruptcy supervision
procedure on the company on Feb. 25, 2008.  The case is docketed
as 29/32.

The Debtor can be reached at:

         State Enterprise Housing and Communal Office
         Lvovbuilding
         Zelenaya Str. 107
         79035 Lvov
         Ukraine


SALERI LLC: Creditors Must File Claims by June 26
-------------------------------------------------
Creditors of LLC Saleri (code EDRPOU 34751354) 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 commenced bankruptcy proceedings
against the company after finding it insolvent on May 13, 2008.
The case is docketed as 23/142-b.

The Debtor can be reached at:

         LLC Saleri
         Bratislavskaya Str. 14-B
         02156 Kiev
         Ukraine


VIDRODZHENNIA LLC: Proofs of Claim Deadline Set June 26
-------------------------------------------------------
Creditors of LLC Agricultural Industrial Complex Vidrodzhennia
(code EDRPOU 03734122) 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 supervision
procedure on May 19, 2008.  The case is docketed as 10/94-08.

The Debtor can be reached at:

         Agricultural Industrial Complex Vidrodzhennia
         Zherdenevka
         Gaysin District
         Vinnica
         Ukraine


VINNICA SOUTH: Proofs of Claim Deadline Set June 26
---------------------------------------------------
Creditors of LLC Trading Complex Vinnica South Trade (code
EDRPOU 23062436) 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 supervision
procedure on the company on April 21, 2008.  The case is
docketed as 10/88-08.

The Debtor can be reached at:

         LLC Trading Complex Vinnica South Trade
         Apartment 117
         Stahursky Str. 6
         21100 Vinnica
         Ukraine


ZELENKOVKA LLC: Creditors Must File Claims by June 26
-----------------------------------------------------
Creditors of Zelenkovka LLC (code EDRPOU 30864466) 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 proceedings
against the company after finding it insolvent on May 15, 2008.  
The case is docketed as 8/24-08.

The Debtor can be reached at:

         Zelenkovka LLC
         Zelenkovka
         Nedrigaylovsky District
         42125 Sumy
         Ukraine


* S&P Lowers Kyiv's Rating to B+ on Limited Fiscal Flexibility
--------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its long-term
issuer credit rating on the Ukrainian capital, the City of Kyiv,
to 'B+' from 'BB-' following the same action on the long-term
foreign currency sovereign credit rating on Ukraine (foreign
currency B+/Stable/B; local currency BB-/Stable/B; Ukraine
national scale 'uaAA').

The downgrade of the sovereign reflects the failure of
authorities to implement adequate policy measures to counter
rising inflation in Ukraine's overheating economy.

"The rating on Kyiv reflects both the city's limited fiscal
flexibility due to central-government control of major revenues,
and evolving interbudgetary relations," said Standard & Poor's
credit analyst Felix Ejgel.  "Further constraints are Kyiv's
significant expenditure pressures, relatively high foreign
exchange risk, and need for further improvements in management
sophistication and transparency."

The rating is supported by the city's position as Ukraine's
economic, financial, and cultural center--which results in
growing budget revenues--and sound liquidity levels.

Kyiv's high debt in the Ukrainian context exposes the city to
elevated foreign exchange risk.  S&P expects tax-supported debt
to stabilize at 40%-50% of operating revenues in the next three
years, but more than 80% of debt will be represented by dollar-
denominated bonds with bullet repayments.  The enhanced risk of
hryvnia volatility amid the current political crisis at the
central-government-level reinforces Kyiv's foreign exchange
risk.  The city benefits, however, from sound liquidity, with
cash in its accounts as of May 15, 2008, exceeding 2008 debt
service.

The stable outlook reflects that on the sovereign, as Kyiv's
economic and budget performances are closely linked to the
situation in the country.

"If the city's budgetary performance remains solid and debt
service as a percent of operating revenues remains at single-
digit levels, the rating on the city will likely follow the
trajectory of the sovereign ratings in medium term," said Mr.
Ejgel.

Nevertheless, independent of the developments at the sovereign
level, Standard & Poor's expects Kyiv to continue implementing
prudent financial policies and keep financing requirements under
control.  If the city's debt grows faster than S&P expects,
however, or is severely affected by currency fluctuations, S&P
could revise the outlook to negative or lower the rating.


* S&P Cuts Ukraine's Foreign Currency Sovereign Rating to B+
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term foreign
currency sovereign credit rating on Ukraine to 'B+' from 'BB-'
and long-term local currency rating to 'BB-' from 'BB'.  The
outlook is stable.

At the same time, the transfer and convertibility assessment was
lowered to 'BB-' from 'BB'. The 'B' short-term local and foreign
currency sovereign credit ratings and the 'uaAA' Ukraine
national scale rating were affirmed.  The '4' recovery rating on
Ukraine's foreign debt remains unchanged.

"The downgrade reflects the failure of authorities to put into
place adequate policy measures to counter rising inflation in
Ukraine's overheating economy," said Standard & Poor's credit
analyst Frank Gill.  "Fiscal policy remains highly pro-cyclical
with nominal expenditure growth expected to exceed 40% during
2008.  Alongside monetary stimulus, expansive spending has
contributed to the rapid rise in inflation, which is undermining
real income growth and could increase volatility of output."  

Partly as a result of this policy mix, contingent risks to the
government have risen.  The sizable inflation differential with
Ukraine's major trading partners is likely to widen the current
account deficit from 8.4% of current account receipts in 2007
toward 20% in 2009.  Standard & Poor's expects these current
account deficits to be financed through Ukraine's rapidly
growing banking system and through foreign direct investment,
although balance of payment measurement difficulties may result
in FDI being overstated.

Consequently, gross external financing needs as a percentage of
current account receipts will rise to 145% from 117% during this
period.  Financial account vulnerabilities will increase the
nation's exposure to any sudden interruption of foreign currency
funding inflows.  Any dislocation in external financing
conditions would have spill over effects on the real economy,
affecting banks' asset quality, the stability of the exchange
rate, and also banks' large open foreign exchange positions.

Apart from contingent liabilities in the banking system, other
contingent risks to the government reside in mounting losses at
state-owned oil-and-gas distributor Naftogaz of Ukraine,
currently equal to an estimated 6% of GDP, which will rise until
the government equalizes residential gas tariffs with
the ever-rising cost of gas imports.  The government is also
facing the final settlement of depositor claims from losses
incurred from hyperinflation in the early 1990s.  These
settlements could approach 24% of GDP.

"The stable outlook balances the sovereign's relatively
underleveraged balance sheet and potential for greater economic
diversification against rising inflationary and external
pressures," said Mr. Gill.

If authorities adopt more credible anti-inflation measures
including cuts to nominal current expenditure growth alongside
measures to deter dollarization of banking assets, S&P could
raise the ratings.
   
Alternatively, if the political cycle remains volatile, and
budgetary policy remains inflationary, the ratings could come
under downward pressure.


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


A & E WHITE: Brings In Liquidators from Tenon Recovery
------------------------------------------------------
Matthew Colin Bowker and David Antony Willis of Tenon Recovery
were appointed joint liquidators of A & E White (Bakers) Ltd. on
May 27 for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

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


ACCIDENT BENEFIT: Steven Draine Leads Liquidation Procedure
-----------------------------------------------------------
Steven Draine of Moore Stephens LLP was appointed liquidator of
Accident Benefit Center Ltd. on June 3 for the creditors'
voluntary winding-up procedure.

The liquidator can be reached at:

         Moore Stephens LLP
         3-5 Rickmansworth Road
         Watford
         Hertfordshire
         WD18 0GX
         England


APB COLOUR: Goes Into Administration; 22 Jobs Affected
------------------------------------------------------
Bristol-based APB Colour Print Ltd. has collapsed into
administration, affecting 22 jobs, printweek.com reports.

printweek.com relates David Matthews and Nigel Morrisson of
Grant Thornton UK were appointed joint administrators of APB
on June 2.

According to Mr. Matthews, APB's current turnover level is not
enough to support the company despite an excellent customer
base, printweek.com reveals.

The company, however, will continue to trade as a going concern,
printweek.com adds.


BAA LIMITED: May 2008 Passenger Traffic Drops to 12.7 Million
-------------------------------------------------------------
BAA Limited's U.K. airports handled a total 12.7 million
passengers in May 2008, a drop of 0.5% on the same period in
2007.

This marginal decrease was due to a 5.3% fall in U.K. Domestic
passengers and a 2.5% decrease in  European Charter market
passengers -- where a surprising jump in load factors of 4.8
points helped to offset a 7.9% drop in seat capacity.

Other key markets all recorded modest increases, with Europe
Scheduled up 0.9%, North Atlantic by 0.5% and other Long Haul by
1.2%.

Among individual airports Heathrow (+0.6%) and Gatwick (+1.1%)
were both busier than in 2007, but Stansted's passenger total
was down by 3.3%.

Southampton increased 6.9% but Glasgow suffered from capacity
cuts in Charter, Domestic and North Atlantic services to record
a drop in passengers of 9.1%.  It had also benefited in May 2007
from the presence of the UEFA Cup Final in Glasgow involving two
Spanish teams.

Edinburgh's traffic was up by 0.7% and Aberdeen's was 1.3% lower
than a year ago.

In total, BAA's airports handled 1.1% fewer air transport
movements in May but a 3.3% increase in cargo tonnage, with
Heathrow up by 11.0%, in line with growth seen since the
beginning of the year.

                      About BAA Ltd.

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

                          *     *     *

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


EDMUND ROBSON: Calls In Liquidators from Tenon Recovery
-------------------------------------------------------
Ian William Kings and Steven Philip Ross of Tenon Recovery were
appointed joint liquidators of Edmund Robson & Co. Ltd. on
May 30 for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Tenon Recovery
         Tenon House
         Ferryboat Lane
         Sunderland
         SR5 3JN  
         England


J. MCINTYRE: Appoints M. C. Bowker as Liquidator
------------------------------------------------
M. C. Bowker of Tenon Recovery was appointed liquidator of J.
McIntyre & Son Ltd. (formerly J. McIntyre & Son (Decorators)
Ltd.) on June 5 for the creditors' voluntary winding-up
procedure.

The liquidator can be reached at:

         Tenon Recovery
         Clive House
         Clive Street
         Bolton
         BL1 1ET
         England


RV CAPITAL: Taps Liquidators from Grant Thornton
------------------------------------------------
Nicholas Stewart Wood and James Earp of Grant Thornton UK LLP
were appointed joint liquidators of RV Capital LLP on May 23 for
the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Grant Thornton UK LLP
         30 Finsbury Square
         London
         EC2P 2YU
         England


THIYAN INVESTMENT: Goes Into Receivership; Council Seeks CPO
------------------------------------------------------------
Thiyan Investment Ltd., which owns the former Tesco site in
Trowbridge, has gone into receivership, Craig Evry writes for
Wiltshire Times, citing the West Wiltshire District Council.

Meanwhile, the West Wiltshire District Council decided to
proceed with a compulsory purchase order on the site, which is
known to locals as Mt. Crushmore, Wiltshire Times relates.

According to Council leader Cllr Graham Payne, Thiyan failed to
come up with concrete plans for the regeneration of the site,
although planning permission has been granted for bars, a gym
and shops, Wiltshire Times discloses.

The council, Wiltshire Times adds, is seeking for another
developer that will push through developments on the site.

Thiyan acting chief executive Ian Gallin, on the other hand,
confirmed the council met with the agent acting on the
receivership, Wilshire Times reveals.

"Council officers will impress upon the agents the need to
quickly remove the pile of rubble known locally as Mount
Crushmore.  We will also be looking at the possibility of
retaining the car park for some use during the regeneration
process," Mr. Gallin was quoted by Wiltshire Times as saying.


* BOOK REVIEW: Crafting Solutions for Troubled Businesses
---------------------------------------------------------
Full Title: Crafting Solutions for Troubled Businesses: A
            Disciplined Approach to Diagnosing and
            Confronting Management Challenges
Author:     Stephen J. Hopkins and S. Douglas Hopkins
Publisher:  Beard Books
Hardcover:  316 pages
List Price: US$74.95

Order your personal copy at
http://www.amazon.com/exec/obidos/ASIN/1587982870/internetbankru
pt  

So the first thing to do when dealing with a troubled business
is to find the guilty and lop someone's head off!  Don't be so
quick to react, advise co-authors Stephen J. Hopkins and S.
Douglas Hopkins in their thoughtful, well-researched book,
Crafting Solutions for Troubled Businesses.

The father-son team of Steve and Doug Hopkins are principals of
Kestrel Consulting LLC, a firm they founded in March 2004.

Each has more than 25 years of experience working with troubled
businesses and providing turnaround advisory and interim
management services.

Steve got his first taste of a troubled business when, as chief
financial officer of an 80-year-old chemical company, Bill
Nightingale of Nightingale & Associates assisted him in taking
the company through a Chapter 11 filing.  The company
subsequently emerged from bankruptcy with payment in full to all
creditors.

Steve then joined Nightingale, staying for 23 years and serving
initially as a principal and eventually as president from 1994
to 2000.  Doug began working at Nightingale in 1978 as a part-
time resource for special projects.  After working in this
capacity for 10 years, Steve joined Nightingale full time in the
1980s and became a principal in 1994.  Both Steve and Doug have
served in various C-level roles in troubled companies, including
CEO, CFO, COO, and CRO.

To write this book, the Hopkinses drew upon their vast
experience in dealing with troubled companies.  They took 100 of
the largest projects they have been involved in and applied a
"disciplined analysis" to diagnose problem situations and
produce successful outcomes.

The projects -- helpfully set apart by shaded boxes --
demonstrate the authors' theories and methods in dealing with
troubled businesses.

The authors also analyze some well-known cases like Enron,
WorldCom, and Sunbeam to help the reader connect the dots in a
very real sense and use the book for actionable advice.

The book is divided into five parts:

   1) Conceptual Approach and Key Issues,
   2) Managing the Crisis,
   3) The Diagnosis Process,
   4) Alternatives and Action Plans, and
   5) Lessons Learned in 100 Completed Assignments.

Each part has multiple chapters expanding on these themes, and
each chapter concludes with a recap of what was discussed.  For
speed readers and the time crunched, these recaps are an
excellent way of extracting from the book the essence of what
the authors are advocating.

So what about lopping off that head?  The authors contend that
management's role is much less pivotal than is commonly
believed.

The real issue when working with a troubled business is
determining the viability of the business.  To do that, the
underlying causes must be identified at different stages of the
corporate lifecycle.

The authors categorize troubled businesses as Undisciplined
Racehorses, Overburdened Workhorses, and Aging Mules.  Only
through a step-by-step diagnosis can the core problems be dealt
with.  Pursuing a turnaround may not always be a viable and, in
fact, in only one-third of the 100 cases the authors worked on
did the company achieve a true operational turnaround.

Crafting Solutions to Troubled Businesses should be on the must-
read list of anyone involved in dealing with, consulting for, or
operating a troubled business.


                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *