TCREUR_Public/080617.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

             Tuesday, June 17, 2008, Vol. 9, No. 119

                            Headlines


A U S T R I A

INGENIEURBAU LLC: Claims Registration Period Ends June 26
KICKEL BAU: Claims Registration Period Ends July 4
LIFECYCLE GEBAUDETECHNIK: Claims Registration Period Ends July 7
SIMONITTI & CO: Claims Registration Period Ends July 8


C Z E C H   R E P U B L I C

* Czech Bankruptcies Up in 2007; Mining Sector Hit Hardest


F I N L A N D

M-REAL CORP: Cancels Reflex Mill Sale to Arjowiggins


F R A N C E

EXIDE TECH: S&P Lifts Rating on Improved Financial Results to B
KORREDEN SA: Moody's Cuts Corporate Family Rating to Ba3


G E R M A N Y

ACH-JA GMBH: Claims Registration Ends July 4
ALLERTAL MONTAGE: Claims Registration Period Ends June 20
ANHUT & HEIDEMANN: Claims Registration Ends July 4
AUTOSERVICE KNOLL: Claims Registration Ends July 4
AVG TRANSPORT: Claims Registration Period Ends June 25

BACKEREI ZEHNTER: Claims Registration Period Ends June 27
DEKORATIVES HANDELS: Claims Registration Ends July 4
DEKOTEC GEBAUDESERVICE: Claims Registration Period Ends July 4
DEUTSCHE BANK: Moody's Cuts Ratings on Four Credit Default Swaps
ECZ GMBH: Claims Registration Period Ends June 30

EK ELEKTROTECHNIK: Claims Registration Period Ends July 4
EMC GMBH: Creditors' Meeting Slated for June 27
ENGEL & PARTNER: Claims Registration Period Ends June 30
EURO-FASHION MODE: Claims Registration Period Ends July 4
GMAC LLC: Moody's Cuts Senior Long-Term Rating to B3

HGK VERTRIEBS: Claims Registration Period Ends June 30
KAYAK WOHNACCESSOIRES: Claims Registration Period Ends June 24
LEAR CORP: Buys Majority Interest of New Trend Group
NEMESIS GMBH: Claims Registration Period Ends June 25
NEON GOEPFERT: Claims Registration Period Ends June 25

SEMLA ELEKTROINSTALLATION: Claims Registration Ends June 29
SERAL- DRUCK GMBH: Claims Registration Ends July 4
UNITYMEDIA GMBH: S&P Keeps B+ Rating; Revised Outlook to Pos.
VIPES LOGISTIK: Claims Registration Period Ends June 29
ZOLLER & KE. VAIT: Claims Registration Ends July 3


I R E L A N D

ASHCOIN LIMITED: Liquidation Looms Due to Insolvency
EIRLES FOUR: Moody's Cuts Ratings on Four Note Classes


I T A L Y

ALITALIA SPA: Intesa Sanpaolo to Present Breakup Plan on June 27
ALITALIA SPA: Italian Businessmen Eye Cargo Operations
PARMALAT SPA: Credit Suisse Pays EUR172.5 Mln to Settle Claims
PARMALAT SPA: UBS AG Pays Over EUR184 Mln to Settles Disputes
VOLARE GROUP: Government Relaunches Auction Process


K A Z A K H S T A N

ALEKSEEVSKY MOLOCHNO: Creditors Must File Claims by July 30
ASTANA-KURYLYS 1 LLP: Claims Deadline Slated for July 25
BIZDIN IS: Claims Filing Period Ends July 25
CENTRAS INSURANCE: Moody's Rates Insurance Fin'l Strength at B3
HAMER GROUP: Creditors' Claims Due on July 25

ONIM-TECHSERVICE LLP: Claims Registration Ends July 25

* Kazakhstan Senate Deliberates on Amending Bankruptcy Issues


K Y R G Y Z S T A N

GT ENERGY-DJALALABAD: Claims Filing Period Ends July 11


L U X E M B O U R G

EVRAZ GROUP: Completes Buy of IPSCO’s Plate & Pipe Business
EVRAZ GROUP: Renames North American Ops to Evraz Inc. NA


N E T H E R L A N D S

CHEYNE CREDIT: Fitch Rates EUR30 million Class V Notes at BB


R U S S I A

BURMIN CJSC: Creditors Must File Claims by June 24
KAMAZ-AVOAGREGAT: Bidding Deadline Slated for June 19
KOLSKAYA METAL: Court Names E. Klimov as Insolvency Manager
KOTLAS-MILK OJSC: Creditors Must File Claims by July 24
LUX-SERVICE LLC: Creditors Must File Claims by June 24

MONTAZHNIK LLC: Creditors Must File Claims by June 24
MOSCOW OBLAST: S&P Rates Proposed RUR10 Bln Senior Bond at BB
NADEZHDA LLC: Creditors Must File Claims by June 24
OIL-STROY-SERVICE: Creditors Must File Claims by July 24
ROSSNOR-A CJSC: Court Names A. Bagretsov as Insolvency Manager

SEVERSTAL OAO: Esmark Rejects US$17-a-Share Takeover Offer
SFK LLC: Creditors Must File Claims by June 24
SYUMSI-AGRO-KHIM: Court Names V. Nagovitsyn to Manage Assets
TATARSKOE JOINT-STOCK: Tatarstan Bankruptcy Hearing Set Oct. 23
TRANZIT-T OJCS: Creditors Must File Claims by June 24

VOSKHOD LLC: Creditors Must File Claims by June 24
ZHIGANSK OJSC: Creditors Must File Claims by July 24


S E R B I A   &   M O N T E N E G R O

* Serbia Doesn’t Face Bankruptcy Threat, Finance Minister Says


T U R K E Y

DENIZBANK AS: Signs EUR150 Million Loan Agreement with EIB
FORD OTOSAN: Fitch Affirms BB+ IDR and Retains Negative Outlook


U K R A I N E

DONCHEMICALREPAIR OJSC: Creditors Must File Claims by June 27
DYNAMICAL SYSTEMS: Creditors Must File Claims by June 27
LUGANSK SPECIAL: Creditors Must File Claims by June 27
TECHNICAL OILS: Creditors Must File Claims by June 27
TERLAND-AGRO: Proofs of Claim Deadline Set June 28

UKRAINIAN PLASTER: Creditors Must File Claims by June 27
WESTRESOURCE LLC: Proofs of Claim Deadline Set June 27
YUTOR LLC: Proofs of Claim Deadline Set June 27


U N I T E D   K I N G D O M

ALPHASTEEL: Formers Workers Receive GBP2 Million Compensation
BUTLER AND TANNER: Auctions Machinery; MBO Looks Unlikely
CLARIS LIMITED: Moody's Cuts Ratings on Two Note Series
DSG INT'L: Fitch Cuts Ratings to BB+ on Declining Credit Metrics
EDGLEY DISTRIBUTION: Shuts Down Operations; 35 Staffs Lost Jobs

EUROMANX: 500 Lot Liquidation Auction Slated for June 21
EUROPEAN BAKERIES: Brings In Liquidators from Deloitte & Touche
INVENSYS PLC: Moody's Lifts Corporate Family Rating to Ba1
KILMINSTER FINANCIAL: Seeks Liquidation at Creditors' Meeting
LBV HEREFORD: Goes Into Liquidation; Left Bank Still Open

SILVERJET PLC: Sale to Kingplace Limited Fails


* Large Companies with Insolvent Balance Sheet


                            *********


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


INGENIEURBAU LLC: Claims Registration Period Ends June 26
---------------------------------------------------------
Creditors owed money by LLC Ingenieurbau (FN 234392w) have until
June 26, 2008, to file written proofs of claim to court-
appointed estate administrator Kurt Dallamassl at:

          Dr. Kurt Dallamassl
          Marktplatz 14
          4810 Gmunden
          Austria
          Tel: 07612/63421,64888,64889
          Fax: 07612/70066
          E-mail: meingast-dallamassl@eurojuris.at    

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 2:20 a.m. on July 3, 2008, for the
examination of claims.

The meeting of creditors will be held at:

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

Headquartered in Buchkirchen, Austria, the Debtor declared
bankruptcy on May 21, 2008 (Bankr. Case No. 20 S 68/08p).  


KICKEL BAU: Claims Registration Period Ends July 4
--------------------------------------------------
Creditors owed money by LLC Kickel Bau (FN 275128a) have until
July 4, 2008, to file written proofs of claim to court-appointed
estate administrator Wilfrid Stenitzer at:

          Dr. Wilfrid Stenitzer
          Hauptplatz 32-34
          8430 Leibnitz
          Austria
          Tel: 03452/82203
          Fax: 03452/86742
          E-mail: office@stenitzer.at   

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

The meeting of creditors will be held at:

          The Land Court of Graz
          Room 222
          Second Floor
          Graz
          Austria

Headquartered in Wagna, Austria, the Debtor declared bankruptcy
on May 21, 2008 (Bankr. Case No. 26 S 59/08h).  


LIFECYCLE GEBAUDETECHNIK: Claims Registration Period Ends July 7
----------------------------------------------------------------
Creditors owed money by LLC Lifecycle Gebaudetechnik &
Bausanierung (FN 294808t) have until July 7, 2008, to file
written proofs of claim to court-appointed estate administrator
Rene Lindner at:

          Dr. Rene Lindner
          Am Winterhafen 11
          4020 Linz
          Austria
          Tel: 78 40 80-12
          Fax: 78 40 80-4
          E-mail: konkurs@ra-hlp.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:30 a.m. on July 21, 2008,  for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Linz
          Room 522
          Fifth Floor
          Linz
          Austria

Headquartered in Hoersching, Austria, the Debtor declared
bankruptcy on May 21, 2008 (Bankr. Case No. 12 S 40/08g).  


SIMONITTI & CO: Claims Registration Period Ends July 8
------------------------------------------------------
Creditors owed money by LLC Simonitti & Co (FN 55625b) have
until July 8, 2008, to file written proofs of claim to court-
appointed estate administrator Peter Schulyok at:

          Dr. Peter Schulyok
          Mariahilfer Strasse 50
          1070 Vienna
          Austria
          Tel: 523 62 00
          Fax: 526 72 74
          E-mail: schulyok-unger@csg.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 Trade Court of Vienna
          Room 1609
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on May 21, 2008 (Bankr. Case No. 6 S 80/08v).  


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


* Czech Bankruptcies Up in 2007; Mining Sector Hit Hardest
----------------------------------------------------------
Bankruptcy proceedings in the Czech Republic grew in 2007
compared to the previous years, the Prague Daily Monitor reports
citing a Dun & Bradstret statistics report.

The mining sector was hit hard with health care, social
services, veterinary care and education being the safest, the
Monitor adds.   


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


M-REAL CORP: Cancels Reflex Mill Sale to Arjowiggins
----------------------------------------------------
M-real and Arjowiggins have decided not to pursue the sale of
Reflex mill.  The parties entered into the sale and purchase
agreement on Oct. 12, 2007 and the transaction was conditionally
approved by the European Commission on June 4, 2008.

The condition was that Arjowiggins divest Reflex mill's
carbonless and digital imaging businesses to a third party.  
After thorough analysis, the parties conclude that the rationale
to complete the transaction under the condition was considerably
weakened.

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

                        *     *     *

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

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


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


EXIDE TECH: S&P Lifts Rating on Improved Financial Results to B
---------------------------------------------------------------
Standard & Poor's Ratings Services has raised its corporate
credit rating on Exide Technologies to 'B' from 'B-' as a result
of the company's improved financial results, which have led to
continued reduction in debt leverage.

At the same time, S&P raised the issue-level ratings on Exide's
senior secured term loan (to 'BB-'), secured second-lien notes
(to 'B-'), and convertible subordinated debt (to 'CCC+').  The
outlook is stable.

Alpharetta, Ga.-based Exide, a manufacturer of automotive and
industrial batteries, has total debt of about US$1 billion,
including Standard & Poor's adjustments for underfunded retiree
benefit liabilities, operating leases, and trade receivables
sold.

"The upgrade reflects Exide's improved financial risk profile
and our belief that the company should be able to sustain its
stronger credit ratios, even in the face of economic weakness in
the United States and the potential for softer sales in other
regions," said Standard & Poor's credit analyst Gregg Lemos
Stein.  The company has benefited from improved pricing in most
of its battery segments, helping it more than offset sharply
higher lead costs.

In the fiscal year ended March 31, 2008, better pricing and some
manufacturing cost savings led to a 54% year-over-year increase
in adjusted EBITDA (excluding restructuring costs, non-cash
currency measurement gains, and certain other one-time items).
The improvement came amid a difficult environment for lead
prices, which represents more than half of the company's
cost of goods sold.  The average price of lead for the year was
more than double that of the previous year, although in the past
few months, lead prices have fallen from their record highs.

All of Exide's business segments showed improved results in the
past year, except the European industrial batteries business,
which suffered from slower pass-through of lead costs resulting
from contractual arrangements.  Exide has reduced the lag in
some of these contracts as they have come up for renewal.  A
sustained period of lower lead prices would greatly benefit this
unit's results, although we expect lead prices to remain
volatile.

The stable outlook reflects our belief that Exide should be able
to sustain credit ratios that are consistent with the current
rating.  S&P expects leverage to remain between 3.5x and 4.5x
and free operating cash flow to remain positive for the full
current fiscal year.  S&P could revise the outlook to positive
or raise the rating if the company produces sufficient free
operating cash flow in the next several quarters to both improve
liquidity and permanently reduce debt.  Exide's ability to
reduce its exposure to potential future lead price spikes also
would be an important consideration in any upgrade.  S&P could
revise the outlook to negative or lower the rating if free
cash flow remains negative for the year, if recent improvements
in Exide's pricing prove unsustainable, or if lead costs spike
higher again and put pressure on Exide's liquidity.  A sharp
decrease in Exide's liquidity, which S&P does not currently
expect, would result in an immediate downgrade.


KORREDEN SA: Moody's Cuts Corporate Family Rating to Ba3
--------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating to Ba3 from Ba2 of Korreden S.A., the ultimate holding
company for the French homebuilder Akerys.

At the same time, it downgraded to B1 from Ba3 the rating of the
EUR300 million of Senior Floating-Rate Notes due 2014 issued by
Akerys Holdings S.A., a finance subsidiary of Korreden.  The
company's probability of default rating is now Ba3.  Loss given
default has changed to LGD5 (77.49%).  The ratings remain on
review for possible downgrade.  LGD assessments and point
estimates are also subject to change and the notching between
the CFR and rating of the senior notes could widen.

Moody's says the rating action follows the sharp reduction in
sales volumes Akerys has experienced as well as further pressure
on its operating margins in the three quarters of fiscal
2007/2008.  Poor trading results have been accompanied by
increasing levels of inventory and leverage.  Furthermore, the
weakening operating environment facing homebuilders in France
makes a quick recovery unlikely.

Moody's says that the ongoing rating review will focus on these
issues:

   (1) The ability of the company to reduce inventory days on
       hand going forward as a result of the slowing of sales
       and the hike in cancellation rates thus far in 2008;

   (2) The company's ability to improve profitability, given
       that direct costs are rising and house prices appear to
       be falling in France;

   (3) The company's actions to take the necessary steps to
       adjust its debt structure to the currently fragile
       business environment; and to maintain an adequate
       liquidity position, which is currently solid.

   (4) The company's ability to substantially reverse its
       current underperformance on key credit metrics.

Headquartered in Toulouse, France, Akerys is the largest player
in the buy-to-let segment of the French homebuilding market.  
The group's main shareholder is investment holding company
Qualis SCA (not rated), with a 76% interest.  At the end of the
third quarter 2007/2008, the group reported year-to-date net
income of EUR478 thousand.


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


ACH-JA GMBH: Claims Registration Ends July 4
--------------------------------------------
Creditors of ach-ja GmbH have until July 4, 2008 to register
their claims with court-appointed insolvency manager Thorsten
Wirths.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on Aug. 6, 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 Traunstein
         Meeting Hall C 001
         Herzog-Otto-Str. 1
         83278 Traunstein
         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:

         Thorsten Wirths
         Poststr. 21
         83435 Bad Reichenhall
         Germany
         Tel: 08651/9643-0
         Fax: 08651/9643-40

The District Court of Traunstein opened bankruptcy proceedings
against ach-ja GmbH on May 28, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         ach-ja GmbH
         Ahornstr. 30
         83451 Piding
         Germany


ALLERTAL MONTAGE: Claims Registration Period Ends June 20
---------------------------------------------------------
Creditors of Allertal Montage & Technik GmbH have until June 20,
2008, to register their claims with court-appointed insolvency
manager Bernd Peter.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 a.m. on June 27, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Verden (Aller)
          Hall 214
          Main Building
          Johanniswall 8
          27283 Verden (Aller)
          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. Bernd Peters
          Am Wall 146
          28195 Bremen
          Austria
          Tel: 0421/24 40 09-0
          Fax: 0421/24 40 09-29

The District Court of Verden (Aller) opened bankruptcy
proceedings against Allertal Montage & Technik GmbH on April 14,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

          Allertal Montage & Technik GmbH
          Finigen 14
          28832 Achim
          Germany


ANHUT & HEIDEMANN: Claims Registration Ends July 4
--------------------------------------------------
Creditors of Anhut & Heidemann Bauunternehmen GmbH have until
July 4, 2008 to register their claims with court-appointed
insolvency manager Dr. Karsten Foerster.

Creditors and other interested parties are encouraged to attend
the meeting at 1:00 p.m. on Aug. 4, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Karsten Foerster
         Otto von Guericke Strasse 5
         17033 Neubrandenburg
         Germany

The District Court of Neubrandenburg opened bankruptcy
proceedings against Anhut & Heidemann Bauunternehmen GmbH on
June 1, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Anhut & Heidemann Bauunternehmen GmbH
         Am Utkiek 1
         17034 Neubrandenburg
         Germany


AUTOSERVICE KNOLL: Claims Registration Ends July 4
--------------------------------------------------
Creditors of Autoservice Knoll & Schröpfer GmbH & Co. KG have
until July 4, 2008 to register their claims with court-appointed
insolvency manager Rolf Rombach.

Creditors and other interested parties are encouraged to attend
the meeting at 1:00 p.m. on Aug. 6, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Erfurt
         Hall 12
         Judicial Center
         Rudolfstr. 46
         99092 Erfurt
         Germany

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

The insolvency manager can be reached at:

         Rolf Rombach
         Magdeburger Allee 159
         99086 Erfurt
         Germany
         Tel: 0361/730650

The District Court of Erfurt opened bankruptcy proceedings
against Autoservice Knoll & Schroepfer GmbH & Co. KG on June 1,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         Autoservice Knoll & Schroepfer GmbH & Co. KG
         Attn: Gerd Knoll and Bernd Schroepfer, Managers
         Steinbruechenstr. 7
         99428 Nohra
         Germany


AVG TRANSPORT: Claims Registration Period Ends June 25
------------------------------------------------------
Creditors of AVG Transport Union GmbH have until June, 25, 2008,
to register their claims with court-appointed insolvency manager
Karsten Toetter.

Creditors and other interested parties are encouraged to attend
the meeting at 11:05 a.m. on July 10, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Luebeck
         Hall 256
         Am Burgfeld 7
         23568 Luebeck
         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:

         Karsten Toetter
         Gertrudenstr. 3
         20095 Hamburg
         Germany

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

The Debtor can be reached at:

         AVG Transport Union GmbH
         Attn: Thomas Weu, Manager
         Seelandstrasse 1a
         23569 Luebeck
         Germany


BACKEREI ZEHNTER: Claims Registration Period Ends June 27
---------------------------------------------------------
Creditors of Backerei Zehnter GmbH have until June, 27, 2008, to
register their claims with court-appointed insolvency manager
Peter Scholl.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on July 29, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Gera
         Hall 317
         Rudolf-Diener-Str. 1
         Gera
         Germany

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

The insolvency manager can be reached at:

         Peter Scholl
         Andreasstrasse 39
         99084 Erfurt
         Germany

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

The Debtor can be reached at:

         Backerei Zehnter GmbH
         Koenigshofener Strasse 14
         07607 Eisenberg
         Germany


DEKORATIVES HANDELS: Claims Registration Ends July 4
----------------------------------------------------
Creditors of "Dekoratives" Handelsgesellschaft mbH have until
July 4, 2008 to register their claims with court-appointed
insolvency manager Veit Schwierholz.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Aug. 6, 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
         Sievkingplatz 1
         20355 Hamburg
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Veit Schwierholz
         Heuberg 1
         20354 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against "Dekoratives" Handelsgesellschaft mbH on May 19, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         "Dekoratives" Handelsgesellschaft mbH
         Attn: Udo George, Manager
         Grosse Bleichen 21
         20354 Hamburg
         Germany


DEKOTEC GEBAUDESERVICE: Claims Registration Period Ends July 4
--------------------------------------------------------------
Creditors of Dekotec Gebaudeservice GmbH have until July 4,
2008, to register their claims with court-appointed insolvency
manager Dr. Joern-H. Meyn.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Aug. 6, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Joern-H. Meyn
         Herrengraben 31
         20459 Hamburg
         Germany

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

The Debtor can be reached at:

         Dekotec Gebaudeservice GmbH
         Attn: Oswald Otto Buechler, Manager
         Clara-Zetkin-Strasse 30
         16562 Bergfelde
         Germany


DEUTSCHE BANK: Moody's Cuts Ratings on Four Credit Default Swaps
----------------------------------------------------------------
Moody's Investors Service downgraded four classes of notes
issued by Eirles Four Limited and four credit default swaps
entered into by Deutsche Bank AG referencing the TSAR_08
portfolio.  The Series 77, 76, 75 & 74 credit-linked notes
issued by Eirles Four Limited are repacks of the B, C, D & E
TSAR_08 swaps respectively and essentially carry the portion of
credit risk associated with the swaps.

This CDO transaction contains subprime RMBS bonds and ABS CDOs,
particularly of the 2005 and 2006 vintages.

Moody's announced on Feb. 4, 2008 that it is revising its
expected loss assumptions which are used for surveillance of
ratings of ABS CDOs holding subprime RMBS, specifically of the
2006 vintage. Moody's stated that for purposes of monitoring its
ratings of ABS CDOs with exposure to 2006 subprime RMBS, it will
rely on certain projections of the lifetime average cumulative
losses for 2006's quarterly vintages of RMBS set forth in a
recent Moody's Special Report, "Moody's Updates Loss Projections
for 2006 Subprime Loans."  This report illustrates average loss
results for the 2006 quarterly vintages under five distinct loss
projection scenarios.  Moody's explained that it will utilize
the range of loss projections set forth in Scenarios 2 and 3
based on deal performance and quarterly vintage to modify its
prior assumptions of the expected loss inputs when monitoring
ABS CDO ratings.

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

These rating actions are:

Deutsche Bank AG, London Branch - TSAR_08:

   (1) The TSAR_08 Class B Swap with maximum exposure US$
       105,000,000

    -- Current Rating: B2, on review for downgrade
    -- Prior Rating: Aa1, on review for downgrade

   (2) The TSAR_08 Class C Swap with maximum exposure US$
       65,500,000

    -- Current Rating: Ca
    -- Prior Rating: Baa3, on review for downgrade

   (3) The TSAR_08 Class D Swap with maximum exposure US$
       31,500,000

    -- Current Rating: C
    -- Prior Rating: Ba3, on review for downgrade

   (4) The TSAR_08 Class E Swap with maximum exposure
       US$12,250,000

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

Eirles Four Limited - Series 74, 75, 76 and 77 Due 2046:

   (1) The Series 77 US$35,000,000 Floating and Variable Rate
       Secured Notes due 2046

    -- Current Rating: B2, on review for downgrade
    -- Prior Rating: Aa1, on review for downgrade

   (2) The Series 76 US$25,000,000 Floating and Variable Rate
       Secured Notes due 2046

    -- Current Rating: Ca
    -- Prior Rating: Baa3, on review for downgrade

   (3) The Series 75 US$25,000,000 Floating and Variable Rate
       Secured Notes due 2046

    -- Current Rating: C
    -- Prior Rating: Ba3, on review for downgrade

   (4) The Series 74 US$12,250,000 Floating and Variable Rate
       Secured Notes due 2046

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


ECZ GMBH: Claims Registration Period Ends June 30
-------------------------------------------------
Creditors of ECZ GmbH have until June 30, 2008, to register
their claims with court-appointed insolvency manager Eberhard
Braun.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.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 Ravensburg
          Hall 6
          Ground Floor
          Herrenstr. 42
          88212 Ravensburg
          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. Eberhard Braun
          Eisenbahnstr. 40
          78628 Rottweil
          Germany

The District Court of Ravensburg opened bankruptcy proceedings
against ECZ GmbH on May 13, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

          ECZ GmbH
          Attn: Carmen Voegtle, Manager
          Kolpingstr. 3-5
          88069 Tettnang
          Germany


EK ELEKTROTECHNIK: Claims Registration Period Ends July 4
---------------------------------------------------------
Creditors of EK Elektrotechnik GmbH have until July 4, 2008, to
register their claims with court-appointed insolvency manager
Rainer U. Mueller.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Aug. 5, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Augsburg
         Law Courts
         Meeting Room 162
         Alten Einlass 1
         86150 Augsburg
         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:

         Rainer U. Mueller
         Schiessstattenstr. 15
         86159 Augsburg
         Germany

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

The Debtor can be reached at:

         EK Elektrotechnik GmbH
         Attn: Wolfgang Lindstedt, Manager  
         Zusam Str. 5 1/2
         86165 Augsburg
         Germany


EMC GMBH: Creditors' Meeting Slated for June 27
-----------------------------------------------
The court-appointed insolvency manager for emc GmbH, Dr. Paul
Fink, will present his first report on the Company's insolvency
proceedings at a creditors' meeting at 9:00 a.m. on June 27,
2008.

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

         The District Court of Duesseldorf
         Meeting Hall A 409
         Fourth Floor
         Muehlenstrasse 34
         40213 Duesseldorf
         Germany     
         
The Court will also verify the claims set out in the insolvency
manager's report at 9:00 a.m. on July 25, 2008, at the same
venue.

Creditors have until June, 25, 2008, to register their claims
with the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Dr. Paul Fin
         Koenigsallee 33
         40212 Duesseldorf
         Germany

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

The Debtor can be reached at:

         emc GmbH
         Gladbecker Strasse 1
         40472 Duesseldorf
         Germany


ENGEL & PARTNER: Claims Registration Period Ends June 30
--------------------------------------------------------
Creditors of Engel & Partner GmbH Malereibetrieb have until
June 30, 2008, to register their claims with court-appointed
insolvency manager Joachim Voigt-Salus.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Aug. 21, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Charlottenburg
          Hall 218
          Second Floor
          Amtsgerichtsplatz 1
          14057 Berlin
          Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

          Joachim Voigt-Salus
          Rankestrasse 33
          10789 Berlin
          Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Engel & Partner GmbH Malereibetrieb on
March 27, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

          Engel & Partner GmbH Malereibetrieb
          Waldstrasse 15
          13403 Berlin
          Germany


EURO-FASHION MODE: Claims Registration Period Ends July 4
---------------------------------------------------------
Creditors of Euro-Fashion Mode GmbH have until July 4, 2008, to
register their claims with court-appointed insolvency manager
Jens Lieser.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 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 Bad Neuenahr-Ahrweiler
         Hall 4
         William Route 55-57
         53474 Bad Neuenahr-Ahrweiler
         Germany

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

The insolvency manager can be reached at:

         Jens Lieser
         Josef-Goerres-Platz 5
         56068 Koblenz
         Germany
         Tel: 0261-304790
         Fax: 0261-9114729

The District Court of Bad Neuenahr-Ahrweiler opened bankruptcy
proceedings against Euro-Fashion Mode GmbH on May 19, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Euro-Fashion Mode GmbH
         Brunnenstr. 23
         53498 Bad Breisig
         Germany

         Attn: Wolfgang Laage, Manager
         Orsbeckstr. 40
         53489 Sinzig-Loehndorf
         Germany


GMAC LLC: Moody's Cuts Senior Long-Term Rating to B3
----------------------------------------------------
Moody's Investors Service downgraded the senior long-term rating
of GMAC LLC to B3 from B2.  The outlook is negative.  The
downgrade is based on GMAC's increased exposure to Residential
Capital LLC, GMAC's residential mortgage finance subsidiary
(senior unsecured affirmed at Ca), and also reflects growing
pressure on GMAC's auto finance asset quality and profitability.

GMAC and ResCap have recently concluded a restructuring of debt
and bank facilities that, while beneficial to ResCap's
liquidity, results in GMAC's committed credit extensions to
ResCap increasing to a total of US$4.6 billion from US$750
million at the end of the first quarter of 2008.  This includes
a new US$3.5 billion secured line, of which US$750 million is a
first loss participation that is expected to be funded by GM and
Cerberus (through one of its managed funds).  Extensions also
include US$1 billion of incremental credit made necessary by a
larger than previously anticipated shortfall in ResCap's cash
funding requirements.

GMAC has also contributed to ResCap certain ResCap debt that
GMAC acquired through open-market purchases, in exchange for
ResCap preferred interests.  Moody's estimates that on a March
31, 2008 pro-forma basis, common and preferred interests in
ResCap and total credit extensions represent 84% of GMAC's net
worth, compared with 46% at the end of 2007.  Given the
continuing operating uncertainties at ResCap, the increase in
exposure weakens GMAC's stand-alone credit profile, in Moody's
view.

GMAC's credit extensions are supported by a ResCap pledge of
assets, giving it a priority position in a ResCap bankruptcy;
however, Moody's believes there is some uncertainty regarding
the extent of asset recovery.  GMAC's preferred interests in
ResCap are exchangeable after January 2009 for equivalent
interests in IB Finance Holding LLC, the parent of GMAC Bank,
which provides financing for both residential mortgages and auto
loans.  However, GMAC's control of the bank past November 2008
is also subject to uncertainty, as FIM Holdings (the investor
consortium led by Cerberus) is party to a disposition agreement
with the FDIC that could result in Cerberus disposing of its
ownership interest in the bank by that date.

The downgrade also reflects growing pressure on the
profitability of GMAC's auto finance operations, arising from
higher average borrowing costs and weakening asset quality.
Asset quality is being affected by a marked decline in used
vehicle values in recent quarters, which decreases expected
recoveries from loan defaults and reduces residual realization
on retail leases.  In the last half of 2007, GMAC tightened its
loan underwriting, which resulted in improved delinquency in the
first quarter of 2008.  Nevertheless, higher unemployment and
declining consumer credit alternatives are likely to result in
higher loan defaults in Moody's view.

The credit extensions and capital injections from GMAC to ResCap
have also increased the demands on GMAC's liquidity and capital
ratios.  GMAC has obtained a new US$11.4 billion three-year
senior secured bank facility that replaces its US$6 billion
unsecured credit facilities.  The facility steps down to US$7.9
billion after two years.  The new facility provides added
funding capacity to GMAC, but usage encumbers GMAC's assets,
resulting in structural subordination of senior unsecured
creditors.  Moody's believes that asset coverage of unsecured
creditors has weakened in recent quarters.  Moody's also said
that GMAC's leverage continues to be higher than auto captive
peers.

The negative outlook on the GMAC rating reflects the continued
operating uncertainty at ResCap, as well as the challenging
operating environment for the core consumer auto finance
operations.

GMAC LLC is a Detroit-based provider of retail and wholesale
auto financing, auto insurance, and warranty products.  GMAC
owns Residential Capital LLC, which is engaged in residential
mortgage finance.  GMAC reported a first quarter 2008
consolidated net loss of US$589 million.


HGK VERTRIEBS: Claims Registration Period Ends June 30
------------------------------------------------------
Creditors of HGK Vertriebs- und Beteiligungs GmbH have until
June 30, 2008, to register their claims with court-appointed
insolvency manager Wilfried Pohle.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 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
         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:

          Wilfried Pohle
          Bahnstrasse 1
          34431 Marsberg
          Germany

The District Court of Arnsberg opened bankruptcy proceedings
against HGK Vertriebs- und Beteiligungs GmbH on May 1, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          HGK Vertriebs- und Beteiligungs GmbH
          Attn: Franz-Josef Kemper, Manager
          Altenfilsstrasse 25
          59929 Brilon
          Germany


KAYAK WOHNACCESSOIRES: Claims Registration Period Ends June 24
--------------------------------------------------------------
Creditors of Kayak Wohnaccessoires Handelsgesellschaft mbH have
until June, 24, 2008, to register their claims with court-
appointed insolvency manager Dr. Leo Schoofs.

Creditors and other interested parties are encouraged to attend
the meeting at 10:05 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 Kleve
         Meeting Hall C 58
         Ground Floor
         Schlossberg 1
         47533 Kleve
         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. Leo Schoofs
         Salierstrasse 4
         46395 Bocholt
         Germany
         Tel: 0287121830
         Fax: 028712183410

The District Court of Kleve opened bankruptcy proceedings
against Kayak Wohnaccessoires Handelsgesellschaft mbH on June 1,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         Kayak Wohnaccessoires Handelsgesellschaft mbH
         Friedrich-Ebert-Strasse 27-29
         47546 Kalkar
         Germany


LEAR CORP: Buys Majority Interest of New Trend Group
----------------------------------------------------
Lear Corporation has entered into agreements to acquire a 75%
share of the automotive fabric business of New Trend Group Co.,
Ltd.  Financial terms of the agreement were not disclosed.

The acquisition of a majority stake in New Trend Group's
automotive fabric business is consistent with Lear's strategy to
selectively increase the level of vertical integration for its
Seating business.  New Trend's seat trim fabric operations
provide Lear an opportunity for low-cost fabric supply to its
existing cut and sew capabilities as well as offering the
potential for incremental sales growth as a fabric supplier to a
broad range of automotive manufacturers.  Other partnerships in
the area of seat trim are presently being evaluated by Lear.

Mr. Lou Salvatore, Lear Senior Vice President and President of
Global Seating Operations, said, "Following our successful
launch of the Aventino Collection of premium leather last fall,
Lear was looking for additional opportunities to further
vertically integrate seat trim into our core product portfolio.  
The production of additional trim options such as flat-woven
materials and knits provides Lear the opportunity to offer our
customers a wider range of seat trim options and improve overall
seating system value."

Mr. Salvatorre, added, "We anticipate growing New Trend's fabric
sales multifold over the next couple years. "Our consumer
research shows European and Asian suppliers are trending toward
more flat wovens, while North America has a high usage of knits.  
As a result, we see an opportunity to increase our market share
in Asia, and further down the road, successfully launch our
fabric portfolio with North American and European customers."

Although Lear's investment gives it a majority ownership stake
and management control in the New Trend automotive fabric
business, the current management and employees will remain in
place to ensure operational continuity, manufacturing expertise
and existing design/development activities.  Lear will maintain
the New Trend brand identity, and we will refer to the business
as New Trend automotive fabric by Lear.

Lear's seat system design, engineering and manufacturing
expertise and global scale strongly complements New Trend's
experience in automotive fabrics and footprint in Asia.  In the
initial phase following acquisition, New Trend will continue to
focus on its core competencies and produce fabrics in China for
internal consumption.  At the same time, Lear will evaluate
opportunities to expand New Trend's facilities and leverage this
low-cost source for export to markets outside of Asia.

New Trend is a leading supplier of trim to the China automotive
market as well as an exporter to Europe and the U.S. through its
two automotive textile manufacturing facilities in China. The
company produces fabric used for seat covers, vehicle headliners
and automotive door panels and carpet for GM, VW, Ford, China
Brilliance, Toyota, Nissan, Hyundai, Chery and Geely vehicles,
predominantly in China.

                    About Lear Corporation

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

                         *     *     *

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

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


NEMESIS GMBH: Claims Registration Period Ends June 25
-----------------------------------------------------
Creditors of Nemesis GmbH have until June, 25, 2008, to register
their claims with court-appointed insolvency manager Stephan
Jaeger.

Creditors and other interested parties are encouraged to attend
the meeting at 8:40 a.m. on July 10, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Landshut
         Meeting Hall 9/I
         Maximilianstrasse 22-24
         Landshut
         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 Jaeger
         Kleiner Platz 6
         85435 Erding
         Germany
         Tel: 08122/2275548
         Fax: 08122/2275965

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

The Debtor can be reached at:

         Nemesis GmbH
         Reisemarkt 1
         85356 Freising
         Germany


NEON GOEPFERT: Claims Registration Period Ends June 25
------------------------------------------------------
Creditors of Neon Goepfert Lichtwerbung und Lichttechnik
GmbH have until June, 25, 2008, to register their claims with
court-appointed insolvency manager Bjoern von Goesseln.

Creditors and other interested parties are encouraged to attend
the meeting at 8:25 a.m. on Aug. 6, 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 Hannover
         Hall 226
         Second Upper Floor
         Service Bldg.
         Hamburger Allee 26
         30161 Hannover
         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:

         Bjoern von Goesseln
         Hohenzollernstrasse 53
         30161 Hannover
         Germany
         Tel: 0511 6968460
         Fax: 0511 69684679

The District Court of Hannover opened bankruptcy proceedings
against Neon Goepfert Lichtwerbung und Lichttechnik GmbH on
May 29, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Neon Goepfert Lichtwerbung und Lichttechnik
         GmbH
         Mannheimer Strasse 9
         30880 Laatzen
         Germany


SEMLA ELEKTROINSTALLATION: Claims Registration Ends June 29
-----------------------------------------------------------
Creditors of Semla Elektroinstallation und Bauunternehmung GmbH
have until June 29, 2008, to register their claims with court-
appointed insolvency manager Sebastian Windelschmidt.

Creditors and other interested parties are encouraged to attend
the meeting at 10:10 a.m. on July 29, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

The insolvency manager can be reached at:

          Sebastian Windelschmidt
          Adolf-Kaschny-Strasse 19
          51373 Leverkusen
          Germany
          Tel: 0214/4040878
          Fax: 0214/4044723

The District Court of Cologne opened bankruptcy proceedings
against Semla Elektroinstallation und Bauunternehmung GmbH on
April 4, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

          Semla Elektroinstallation und Bauunternehmung GmbH
          Attn: Miroslaw Arkadiusz Semla, Manager
          Piet-Mondrian-Str. 29
          51375 Leverkusen
          Germany


SERAL- DRUCK GMBH: Claims Registration Ends July 4
--------------------------------------------------
Creditors of Seral- Druck GmbH have until July 4, 2008 to
register their claims with court-appointed insolvency manager
Jens Lieser.

Claims will be verified at 8:57 a.m. on Aug. 18, 2008 at:

         The District Court of Montabaur
         Hall 106
         First Floor
         Bahnhofstrasse 47
         56410 Montabaur
         Germany
         
Creditors may constitute a creditors' committee or opt to
appoint a new insolvency manager.

The insolvency manager can be reached at:

         Jens Lieser
         Josef-Goerres-Platz 5
         56068 Koblenz
         Germany
         Tel: 0261-304790
         Fax: 0261-9114729

The District Court of Montabaur opened bankruptcy proceedings
against  Seral- Druck GmbH on May 6, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Seral- Druck GmbH
         Attn: Guenter Bois, Manager
         Muehlenweg 2
         56235 Ransbach-Baumbach
         Germany


UNITYMEDIA GMBH: S&P Keeps B+ Rating; Revised Outlook to Pos.
-------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on German
cable TV (CATV) operator Unitymedia GmbH to positive from
stable, reflecting the group's significantly improving credit
measures and good near-term trading prospects.

The 'B+' long-term corporate credit rating and all outstanding
issue ratings were affirmed.

"The outlook revision acknowledges the strong operating
performance at the core cable segment over the past two
quarters, with a positive impact on credit measures, significant
gross debt reduction, and the turnaround at its subsidiary arena
Sport Rechte & Marketing GmbH," said Standard & Poor's credit
analyst Mattias Raab.

S&P expects Unitymedia Cable to continue to post solid EBITDA
growth based on resilient performance of its utility-like CATV
business and good growth potential from the uptake of triple-
play services, providing rating upside potential.  

Following buybacks of EUR75 million and EUR151 million par-value
senior secured floating-rate notes (FRNs) in November 2007 and
March 2008, respectively, Unitymedia's lease-adjusted total debt
was EUR2.3 billion (EUR1.8 billion unadjusted) at March 31,
2008.  This translates into an adjusted total debt to last-12-
month EBITDA ratio of 6.1x (5.0x unadjusted) excluding EBITDA
generated at arena, down from 6.8x at year-end 2007.
"The positive outlook reflects the sound performance of
Unitymedia's underlying cable business and the potential for an
upgrade in the near term," said Mr. Raab.  "This would require
Unitymedia to deleverage further, rapidly approaching a ratio of
5x adjusted total debt to EBITDA (excluding EBITDA generated at
arena), and improve its FOCF generation at Unitymedia Cable."


VIPES LOGISTIK: Claims Registration Period Ends June 29
-------------------------------------------------------
Creditors of VIPES Logistik GmbH have until June 29, 2008, to
register their claims with court-appointed insolvency manager
Ruediger Wienberg.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on July 29, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Charlottenburg
          Hall 218
          Second Floor
          Amtsgerichtsplatz 1
          14057 Berlin
          Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

          Ruediger Wienberg
          Giesebrechtstr. 1
          10629 Berlin
          Germany

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

The Debtor can be reached at:

          VIPES Logistik GmbH
          Puchanstr. 7
          12555 Berlin
          Germany


ZOLLER & KE. VAIT: Claims Registration Ends July 3
--------------------------------------------------
Creditors of Zoller & Ke. Vait. GmbH i.L. have until July 3,
2008 to register their claims with court-appointed insolvency
manager Dr. Sebastian Henneke.

Creditors and other interested parties are encouraged to attend
the meeting at 10:05 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 Muenster
         Meeting Hall 112 B
         First Floor
         Gerichtsstr. 2-6
         48149 Muenster
         Germany

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

The insolvency manager can be reached at:

         Dr. Sebastian Henneke
         Adenauerallee 36
         46399 Bocholt
         Germany
         Tel: 02871/2354877
         Fax: +4928712354879

The District Court of Muenster opened bankruptcy proceedings
against Zoller & Ke. Vait. GmbH i.L. on May 30, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Zoller & Ke. Vait. GmbH i.L.
         Hemdener Weg 93
         46399 Bocholt
         Germany


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


ASHCOIN LIMITED: Liquidation Looms Due to Insolvency
----------------------------------------------------
Ashcoin Limited has ceased operations three months after
receiving a rescue package, various reports say.

Ashcoin will go into liquidation after receiving advise from its
accountants and bankers that it is insolvent, Sunday Business
Post reports.

According to the Irish Independent, a liquidator will be
appointed for company's voluntary wind-up as well as of its
Ashcoin Fit-Out unit.

The company blamed its financial to the slowdown in the property
market and current credit crunch.

"Our biggest problem was that customers who owed us money have
not paid us," David Phelan, managing director of Ashcoin, told
the Irish Independent.  "Our biggest customers are property
developers.  With the credit crunch, developers have not been
able to raise the money they need from banks.  Developers,
therefore, won't pay the builders what they owe them, and the
builders won't pay us."

As previously reported in the TCR-Europe, a High Court in Dublin
approved a scheme of arrangement for Ashcoin.  The company
received EUR1 million from Tim Kelly Engineering, which  took a
98% stake in Fit-Out.

The company sought bankruptcy protection in January 2008, after
incurring EUR8 million of debt

Headquartered in Dublin, Ireland, Ashcoin Ltd. --
http://www.ashcoin.ie/-- is a mechanical and electrical  
engineering and fit-out company.  For the financial year 2006,
the company has turnover of EUR16 million and operating profit
of EUR706,000.


EIRLES FOUR: Moody's Cuts Ratings on Four Note Classes
------------------------------------------------------
Moody's Investors Service downgraded four classes of notes
issued by Eirles Four Limited and four credit default swaps
entered into by Deutsche Bank AG referencing the TSAR_08
portfolio.  The Series 77, 76, 75 & 74 credit-linked notes
issued by Eirles Four Limited are repacks of the B, C, D & E
TSAR_08 swaps respectively and essentially carry the portion of
credit risk associated with the swaps.

This CDO transaction contains subprime RMBS bonds and ABS CDOs,
particularly of the 2005 and 2006 vintages.

Moody's announced on Feb. 4, 2008 that it is revising its
expected loss assumptions which are used for surveillance of
ratings of ABS CDOs holding subprime RMBS, specifically of the
2006 vintage. Moody's stated that for purposes of monitoring its
ratings of ABS CDOs with exposure to 2006 subprime RMBS, it will
rely on certain projections of the lifetime average cumulative
losses for 2006's quarterly vintages of RMBS set forth in a
recent Moody's Special Report, "Moody's Updates Loss Projections
for 2006 Subprime Loans."  This report illustrates average loss
results for the 2006 quarterly vintages under five distinct loss
projection scenarios.  Moody's explained that it will utilize
the range of loss projections set forth in Scenarios 2 and 3
based on deal performance and quarterly vintage to modify its
prior assumptions of the expected loss inputs when monitoring
ABS CDO ratings.

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

These rating actions are:

Deutsche Bank AG, London Branch - TSAR_08:

   (1) The TSAR_08 Class B Swap with maximum exposure US$
       105,000,000

    -- Current Rating: B2, on review for downgrade
    -- Prior Rating: Aa1, on review for downgrade

   (2) The TSAR_08 Class C Swap with maximum exposure US$
       65,500,000

    -- Current Rating: Ca
    -- Prior Rating: Baa3, on review for downgrade

   (3) The TSAR_08 Class D Swap with maximum exposure US$
       31,500,000

    -- Current Rating: C
    -- Prior Rating: Ba3, on review for downgrade

   (4) The TSAR_08 Class E Swap with maximum exposure
       US$12,250,000

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

Eirles Four Limited - Series 74, 75, 76 and 77 Due 2046:

   (1) The Series 77 US$35,000,000 Floating and Variable Rate
       Secured Notes due 2046

    -- Current Rating: B2, on review for downgrade
    -- Prior Rating: Aa1, on review for downgrade

   (2) The Series 76 US$25,000,000 Floating and Variable Rate
       Secured Notes due 2046

    -- Current Rating: Ca
    -- Prior Rating: Baa3, on review for downgrade

   (3) The Series 75 US$25,000,000 Floating and Variable Rate
       Secured Notes due 2046

    -- Current Rating: C
    -- Prior Rating: Ba3, on review for downgrade

   (4) The Series 74 US$12,250,000 Floating and Variable Rate
       Secured Notes due 2046

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


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


ALITALIA SPA: Intesa Sanpaolo to Present Breakup Plan on June 27
----------------------------------------------------------------
Intesa Sanpaolo S.p.A., the Italian government's adviser for the
sale of its 49.9% stake in Alitalia S.p.A., will present on
June 27, 2008 a plan to dispose the carrier's assets, Marco
Bertacche writes for Bloomberg News, citing an unsourced Il
Messaggero report.

According to Il Messaggero, Intesa may propose to sell
Alitalia's unprofitable operations under an emergency
administration procedure.

Meanwhile, AirOne S.p.A. -- which consortium is bidding for
Alitalia -- has presented a new merger plan to banks including
Morgan Stanley and Nomura Securities.  

                         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: Italian Businessmen Eye Cargo Operations
------------------------------------------------------
Alitalia Sp.A.'s cargo business has attracted interested local
buyers, Thomson Financial News relates citing various reports.

According to Fabio Verna, Il Sole 24 Ore reports, a group of
businessmen from central and southern Italy has expressed
interest in acquiring the Alitalia cargo operations.  

The paper adds that Mr. Verna is working with prime ministerial
adviser Bruno Ermolli, who is tasked to form a consortium to bid
for the Italian government's 49.9% stake in Alitalia.  

Mr. Ermolli, adviser to Prime Minister Silvio Berlusconi, has
set up a special bidding vehicle to bid for Italy's stake.  The
newco is composed of several Italian financial and industrial
firms including AirOne S.p.A.  The report adds that Intesa
Sanpaolo S.p.A., Mediobanca S.p.A. and Piaggio S.p.A. chairman
and CEO Roberto Colaninno.  

La Repubblica reports that Meridiana S.p.A. may also take part
in the AirOne's planned acquisition of Alitalia -- a three-way
tie supported by some politicians and trade unions.

                         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.


PARMALAT SPA: Credit Suisse Pays EUR172.5 Mln to Settle Claims
--------------------------------------------------------------
Parmalat S.p.A. has reached an agreement with Credit Suisse to
settle all claims between the parties in Italy.  The agreement
settles all revocatory and damages claims in Italy involving the
Parmalat Group and Credit Suisse and its affiliates .

Under the agreement, Credit Suisse will pay EUR172.5 million in
full and final settlement of all claims without admission of
liability.  Credit Suisse will keep all shares it received in
the Extraordinary Administration of the Parmalat Group.

Credit Suisse said it has at all times acted properly in its
dealings with the Parmalat Group and was unaware of Parmalat's
insolvency at the time of entering into any transactions with
Parmalat prior to the commencement of the Extraordinary
Administration of the Parmalat Group.

                        About Parmalat

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

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

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

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

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

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


PARMALAT SPA: UBS AG Pays Over EUR184 Mln to Settles Disputes
-------------------------------------------------------------
Parmalat S.p.A. has settled all pending disputes with UBS AG.  

UBS will pay:

    * EUR149,140,000 to Parmalat in relation to the revocatory
      action;

    * EUR33,000,000 in settlement of damages actions for the
      "internal liability" related to UBS; and

    * EUR2,000,000 to the Extraordinary Commissioner, to the
      benefit of the companies under extraordinary
      administration.

UBS has waived the right to seek inclusion among Parmalat’s
liabilities of the amount refunded to settle the action to void
and has reimbursed defense legal fees for EUR860,000.

The agreements resolve all actions to void, actions for damages
and actions to contest claims and late filing creditors that are
pending or may be filed in the future with regard to
transactions executed with UBS prior to the Parmalat Group being
declared insolvent in December 2003.

Parmalat takes this opportunity to express its satisfaction with
this settlement which establishes the conditions for a fruitful
future relationship between the two Groups.

                        About Parmalat

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

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

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

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

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

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


VOLARE GROUP: Government Relaunches Auction Process
---------------------------------------------------
The Italian government has restarted the auction process for
Volare Group S.p.A., Marco Bertacche writes for Bloomberg News.

The industry ministry commenced the auction process on June 11,
2008, and asked interested parties to submit binding offers for
Volare by July 14, 2008.

As previously reported in the TCR-Europe earlier this month,
Italy's State Council, the highest administrative appeals court
in the country, has ordered the government to restart Volare's
auction process.

In March 2008, the court confirmed its Sept. 29, 2006, ruling
that annulled with finality Alitalia's EUR38-million takeover
of Volare.  The court ruled the 2006 tended was invalid since it
failed to follow correct procedures.  

In May 2006, the State Council blocked Alitalia's takeover bid
due to certain flaws in the sale process.

Air One, which made the second highest bid for Volare, had
claimed that Alitalia was an unfair competitor and that it
lacked the conditions to buy another airline following a near-
bankruptcy miss in 2005.  

                         About Volare

Headquartered in Milan, Italy, Volare Group S.p.A. --
http://www.volare-group.it/-- is an operative holding company     
that controls Volare Airlines S.p.A. and Air Europe since 2001.  
The company declared insolvency on Nov. 22, 2004, citing huge
debt and heavy losses.  The group then filed for extraordinary
administration, which allowed it to be protected from creditors
while resuming daily operations.


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


ALEKSEEVSKY MOLOCHNO: Creditors Must File Claims by July 30
-----------------------------------------------------------  
Representation of CJSC Aleksseev Milk-Cannery Alekseevsky
Molochno-Konservny Kombinate has declared insolvency.  Creditors
have until July 30, 2008, to submit written proofs of claims to:

         Representation of CJSC Aleksseev Milk-Cannery
         Alekseevsky Molochno-Konservny Kombinate
         Promzona
         Kostanai
         Kazakhstan
         Tel: 8 (7142) 28-88-70


ASTANA-KURYLYS 1 LLP: Claims Deadline Slated for July 25
--------------------------------------------------------  
The Specialized Inter-Regional Economic Court of Astana has
declared LLP Astana-Kurylys 1 insolvent on May 4, 2008.

Creditors have until July 25, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Astana
         Room 106
         Manas Str. 2
         010000, Astana
         Kazakhstan
         Tel: 8 (7172) 37-40-09


BIZDIN IS: Claims Filing Period Ends July 25
--------------------------------------------  
The Specialized Inter-Regional Economic Court of Almaty has
declared CJSC Bizdin Is insolvent on April 29, 2008.

Creditors have until July 25, 2008, to submit written proofs of
claims to:

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


CENTRAS INSURANCE: Moody's Rates Insurance Fin'l Strength at B3
---------------------------------------------------------------
Moody's Investors Service assigned a first-time global scale
insurance financial strength rating of B3 to the insurance
company Centras Insurance, based in Almaty, Kazakhstan.  The
rating outlook is positive.

Centras Insurance is a subsidiary of the Centras Group.  With
KZT1.7 billion gross premiums written in 2007, the company ranks
number 17 in the Kazakh insurance market.  However, unlike many
of the larger insurance companies of the country, Centras
Insurance is not a captive affiliated to any large industrial or
financial group, and has based its business plan on the
development of retail lines.

Moody's said that the B3, positive outlook rating reflects this
sustainable business model, supported by a well spread regional
network, the good business diversification, good profitability
and a conservative management as evidenced by a quality
reinsurance program and an investment policy favoring local bank
deposits.

This is offset by a lean capitalization and significant asset
risk due to an exposure to local banks rated below investment
grade.  Moody's also notes that the company only started its
current activities in 2005, and warns that the assessment of
profitability and reserve adequacy is therefore challenging.  
The rating also factors in the relatively small size and market
position of the company, though improving rapidly, and the
challenging operating environment in Kazakhstan.

"Centras Insurance ranks among the top 10 retail insurance
companies in the Kazakh insurance market, and the well spread
regional network gives the company a good position to grow fast
in retail lines," Benjamin Serra, lead analyst for Centras
Insurance at Moody's, said.  Furthermore, the growth of the
company is managed conservatively thanks to a very good
reinsurance program placed with quality Western reinsurers.
However, the rating is currently constrained by significant
asset risk, as a consequence of deposits with banks mainly rated
in the single B category, and low capitalization as evidenced by
available solvency margin currently very close to minimum
solvency requirement."  Moody's added that the positive outlook
reflects Moody's expectation that Centras Insurance will
continue to improve its market position in the short to medium-
term, as well as seek to improve its capital position through
continued profitability and retained earnings.

Commenting on what could result in upward pressure on Centras
Insurance's IFSR, Moody's mentioned an improved capital position
in order to finance the growth of the company inside and outside
Kazakhstan and remove the pressure from potential for regulatory
capital pressures; or a top tier position in the Kazakh retail
insurance market, while maintaining a conservative risk profile,
good profitability; and an improvement in the credit quality of
the investment portfolio.

Conversely, negative rating pressure could develop in the event
of a riskier business risk profile, with a significant growth in
longer-tailed lines such as inwards reinsurance or commercial
lines and a less comprehensive reinsurance program; a failure to
grow in the Kazakh insurance market; and a failure to maintain
the current level of profitability, preventing the company from
breaking-even on its fixed costs; a deterioration of the credit
quality of the investments portfolio, as evidenced by downgrades
of local banks; or a decline in solvency ratio below 105%.

The first-time rating was assigned:

   -- Centras Insurance -- insurance financial strength rating
      at B3, positive outlook.

Based in Almaty, Kazakhstan, Centras Insurance is a non-life
insurance company with a diversified business portfolio and
focuses on the growth in retail lines. In 2007, Centras
Insurance reported Gross Premiums Written of KZT1,675 million
and net income of KZT162 million, compared to KZT1,003 million
and KZT117 million in 2006.  Shareholders' equity including
minority interests was KZT850 million as at Dec. 31, 2007.


HAMER GROUP: Creditors' Claims Due on July 25
---------------------------------------------  
The Specialized Inter-Regional Economic Court of Astana has
declared LLP Hamer Group insolvent on May 4, 2008.

Creditors have until July 25, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Astana
         Room 106
         Manas Str. 2
         010000, Astana
         Kazakhstan
         Tel: 8 (7172) 37-40-09


ONIM-TECHSERVICE LLP: Claims Registration Ends July 25
------------------------------------------------------  
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Onim-Techservice insolvent on May 4, 2008.

Creditors have until July 25, 2008, to submit written proofs of
claims to:

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


* Kazakhstan Senate Deliberates on Amending Bankruptcy Issues
-------------------------------------------------------------
The Senate deputies in Kazakhstan deliberated on making
amendments and additions in some legislative acts on bankruptcy
issues at a plenary session on June 16, 2008, Kazakhstan Today
reports.

According to the report, the senate deputies considered in the
second reading and sent the proposal to mazhilis with amendments
law draft.

Under the reorganization of the state enterprise and production
cooperative into the joint stock company, the deputies
considered payment of minimal size of the foundation capital
within two years, Kazakhstan Today relates.  

"Minimal amount of the foundation capital is fixed - 50 thousand
divisible amount of the monthly payment index and a requirement
to pay it during 30 days since the moment of the state
registration of juridical entity," senators were quoted by
Kazakhstan Today.

"High capitalization for joint stock companies is explained with
their specific activity, which is realized in attraction of
investors money, consequently, with more tough requirements to
their activity.  In this regard it is not reasonable to increase
a term for formation of minimal amount of foundation capital
restructured joint stock companies up to two years," the
senators added.


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


GT ENERGY-DJALALABAD: Claims Filing Period Ends July 11
-------------------------------------------------------
LLC GT Energy-Djalalabad has declared insolvency.  Creditors
have until July 11, 2008 to submit written proofs of claim to:

         LLC GT Energy-Djalalabad
         Orozbekov Str. 43
         Osh
         Tel: (0-773) 25-63-99


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


EVRAZ GROUP: Completes Buy of IPSCO’s Plate & Pipe Business
-----------------------------------------------------------
Evraz Group S.A. has completed its acquisition of IPSCO’s
Canadian plate and pipe business from SSAB.

After a back-to-back transaction with OAO TMK that consisted of
an on-sale of the acquired IPSCO’s US businesses to TMK for
US$1.25 billion, the total cash consideration paid by Evraz for
the assets amounted approximately to US$2.9 billion.  The
original amount was adjusted to include the acquisition of a
cut-to length facility in Surrey, BC, as well as certain IPSCO
Canada working capital adjustment.

In addition, Evraz expects to sell the remaining acquired US
businesses of IPSCO Tubulars to TMK for around US$500 million in
2009.  As a result of these transactions, the net cost of the
acquisition for Evraz will make up US$2.4 billion.

Former IPSCO’s Canadian assets, including the Regina Steel mill
as well as plate and pipe production capacities in Regina,
Calgary and Red Deer, are now part of Evraz’s North American
operations.

The transaction was financed in part out of the proceeds of the
recent Eurobond issue.

                          About Evraz

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

                         *     *     *

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

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

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


EVRAZ GROUP: Renames North American Ops to Evraz Inc. NA
--------------------------------------------------------
Evraz Group S.A. disclosed that its North American subsidiary
will now operate under the name Evraz Inc. NA.

Effective immediately, the new name impacts the North American
headquarters in Portland Oregon and all eight production
facilities, including:

    * the steel production facilities in Pueblo Colorado, Regina
      Saskatchewan and Claymont Delaware;

    * the seamless pipe, rod and rail mills in Colorado;

    * the plate mills in Claymont, Regina and Portland, Oregon;

    * the coil processing facility in Surrey, British Columbia;

    * the structural tubing facility in Portland;

    * the pipe mills in Portland and Regina; and

    * the Alberta pipe mills in Red Deer, Calgary and Camrose.

"The addition of the former IPSCO Canadian facilities into the
Evraz group enhances our presence in North America to
approximately five million tons of rolled steel product and the
time has come to operate under the Evraz brand name" said
Alexander Frolov, Chairman of the Board, President and CEO of
Evraz Group S.A.  "As one unified company, focused on value-
added steel and tubular products, we believe the best way to do
business is with a consistent brand in the market place."

"For more than 50 years, the world has known us as IPSCO and
Oregon Steel and our subsidiaries as Rocky Mountain Steel Mills,
Claymont Steel, Columbia Structural Tubing, and OSM Tubular,"
Jim Declusin, President and CEO of Evraz Inc. NA added.  "While
it takes time getting used to a new name, we feel strongly that
our customers, employees, suppliers and the communities in which
we operate will soon discover it’s business as usual under the
Evraz umbrella.  Under our new name, we will continue to produce
the same great products and deliver with the same quality
service that our customers know they can expect."

                          About Evraz

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

                         *     *     *

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

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

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


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


CHEYNE CREDIT: Fitch Rates EUR30 million Class V Notes at BB
------------------------------------------------------------
Fitch Ratings has affirmed Cheyne Credit Opportunity CDO I
B.V.'s notes due 2021.  The rating actions reflect Fitch's view
on the credit risk of the rated notes following the release of
its new Corporate CDO rating criteria.

   -- EUR552 million Class IA F (ISIN: XS0246347016): affirmed
      at 'AAA'

   -- EUR138 million Class IB (ISIN: XS0243224911): affirmed at
      'AAA'

   -- EUR40 million Class II (ISIN: XS0243225215): affirmed at
      'AA'

   -- EUR40 million Class III (ISIN: XS0243225488): affirmed at
      'A'

   -- EUR60 million Class IV (ISIN: XS0243225728): affirmed at
      'BBB'

   -- EUR30 million Class V (ISIN: XS0243226296): affirmed at
      'BB'

The portfolio has been ramped-up in accordance with its
collateral investment guidelines but has less exposure to
mezzanine and second lien obligations than initially expected.  
The portfolio profile tests allow for a maximum of 20% of
mezzanine obligations and a maximum of 45% of second lien
obligations.  The current exposure to these loans is a combined
15.19% of the current portfolio while the remainder consists of
first lien loans and cash.

As of the review date, it contained loans from 48 obligors, with
the largest exposure constituting 3.48% of the outstanding
portfolio amount, and the three largest obligors making up 8.45%
of the outstanding portfolio amount.  The weighted average
portfolio quality is 'B', with no assets rated at 'CCC' or
below; 3.72% of the portfolio is on Rating Watch Negative and
10.3% is on Negative Outlook.  The single largest industry is
business services, at12.05% of the portfolio volume.  The
current credit enhancement levels of all rated tranches are
deemed sufficient to justify their ratings under Fitch's revised
corporate CDO rating methodology.

Cheyne Credit Opportunity CDO I B.V. is a securitization of
mainly European senior secured loans, with the total note
issuance of EUR1 billion.  The portfolio is actively managed by
Cheyne Capital Management (UK) LLP.  Non-euro assets are hedged
through perfect asset swaps.

Fitch released its updated criteria on April 30, 2008, for
Corporate CDOs and, at that time, noted it would be reviewing
its ratings accordingly to establish consistency for existing
and new transactions.  As part of this review, Fitch makes
standard adjustments for any names on RWN or Outlook Negative,
reducing such ratings for default analysis purposes by two
notches and one notch, respectively.


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


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

         N. Berdyugina
         Insolvency Manager
         Post User Box 8213
         454084 Chelyabinsk
         Russia

The Arbitration Court of Chelyabinsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A76-2961/2008-20-22.

The Court is located at:

         The Arbitration Court of Chelyabinsk
         Vorovskogo Str. 2
         454091 Chelyabinsk
         Russia

The Debtor can be reached at:

         CJSC Burmin
         Mashinostroiteley Str. 48
         Chelyabinsk
         Russia


KAMAZ-AVOAGREGAT: Bidding Deadline Slated for June 19
-----------------------------------------------------
The insolvency manager and bidding organizer for OJSC Kamaz-
Avoagregat, will open a public auction for the company's
properties at 10:00 a.m. on June 24, 2008, at:

         The Insolvency Manager and Bidding Organizer
         2nd Floor
         Gogolya Str. 35
         Zelenodolsk
         Tatarstan
         Russia

Interested participants have until June 19, 2008, to deposit an
amount equivalent to 10% of the starting price to:

         OJSC Kamaz-Avoagregat
         Settlement Account 40702810205000000470
         Correspondent Account 30101810400000000914
         BIK 049208914
         FB OJSC AICB Tatfondbank
         Zelenodolsk
         Russia

Bidding documents must be submitted to:

         The Insolvency Manager and Bidding Organizer
         2nd Floor
         Gogolya Str. 35
         Zelenodolsk
         Tatarstan
         Russia
         Tel: (84371) 5-89-64

The Debtor can be reached at:

         OJSC Kamaz-Avoagregat
         Zainsk
         Tatarstan
         Russia


KOLSKAYA METAL: Court Names E. Klimov as Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Murmansk appointed E. Klimov as
Insolvency Manager for CJSC Kolskaya Metal Mining Company.  He
can be reached at:

         E. Klimov
         Office 3
         O. Koshevogo Str. 14/2
         183008 Murmansk
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A42-1690/2008.

The Court is located at:

         The Arbitration Court of Murmansk
         Knipovicha Str. 20
         Murmansk
         Russia

The Debtor can be reached at:

         CJSC Kolskaya Metal Mining Company
         Office 30
         P. Zori Str. 4
         Murmansk
         Russia


KOTLAS-MILK OJSC: Creditors Must File Claims by July 24
-------------------------------------------------------
Creditors of OJSC Kotlas-Milk have until July 24, 2008, to
submit proofs of claim to:

         N. Podoplekin
         Temporary Insolvency Manager
         Smolnikova Str. 7
         165300 Kotlas
         Russia

The Arbitration Court of Arkhangelsk commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A05-9898/2007.

The Court is located at:

         The Arbitration Court of Arkhangelsk
         Loginova Str. 17
         163069 Arkhangelsk
         Russia

The Debtor can be reached at:

         OJSC Kotlas-Milk
         Smolnikova Str. 7
         165300 Kotlas
         Russia


LUX-SERVICE LLC: Creditors Must File Claims by June 24
------------------------------------------------------
Creditors of LLC Lux-Service (TIN 0277046333) have until
June 24, 2008, to submit proofs of claim to:

         F. Yunusov
         Insolvency Manager
         Br. Kadomtsevykh Str. 6
         Ufa
         450059 Bashkortostan
         Russia

The Arbitration Court of Bashkortostan commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A07-19283/07-G-MRS.

The Court is located at:

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

The Debtor can be reached at:

         F. Yunusov
         Insolvency Manager
         Br. Kadomtsevykh Str. 6
         Ufa
         450059 Bashkortostan
         Russia


MONTAZHNIK LLC: Creditors Must File Claims by June 24
-----------------------------------------------------
Creditors of LLC Montazhnik have until June 24, 2008, to submit
proofs of claim to:

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

The Arbitration Court of Tyumen commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
A70-726/3-2008.

The Court is located at:

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

The Debtor can be reached at:

         LLC Montazhnik
         Kirova Str. 1
         Isetskoe
         625000 Tyumen
         Russia


MOSCOW OBLAST: S&P Rates Proposed RUR10 Bln Senior Bond at BB
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' long-term
debt rating and 'ruAA' Russia national scale rating to the
proposed Russian RUR10 billion (US$420 million) senior unsecured
bond with an amortizing repayment schedule to be issued by the
Moscow Oblast (BB/Positive/--; Russia national scale rating
'ruAA').

"The bond will be used to refinance short-term debt and continue
financing the Moscow Oblast's extensive investment program,"
said Standard & Poor's credit analyst Felix Ejgel.

The ratings on the bond mirror those on the oblast.  The issue,
to be placed on June 17, 2008, will have 10 semi-annual coupon
payments of 9% per year each, and a five-year maturity.  In June
2009, 10% of the principal will be redeemed, another 10% in June
2010, 15% in June 2011, 40% in June 2012, and the remaining 25%
in June 2013.

The ratings on Moscow Oblast reflect high refinancing needs
under ongoing financial market turbulence.  The oblast also
suffers from low financial flexibility and predictability, with
growing salaries, sizable infrastructure projects, and limited
control over its revenues.

On a positive note, strong economic development and subsequent
fast budget revenue growth support the ratings.  Moreover, the
oblast's long-term economic prospects continue to benefit from
its geographic location, surrounding the City of Moscow
(BBB+/Positive/--).


NADEZHDA LLC: Creditors Must File Claims by June 24
---------------------------------------------------
Creditors of LLC Nadezhda have until June 24, 2008, to submit
proofs of claim to:

         Y. Mindrul
         Temporary Insolvency Manager
         Dostovalova Str. 8/95
         Aldan
         678900 Sakha–Yakutiya
         Russia

The Arbitration Court of Sakha-Yakutiya commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A58-6746/07-2-PAP.

The Court is located at:

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

The Debtor can be reached at:

         LLC Nadezhda
         Indigirskaya Str. 96
         Ust-Nera
         Oymyakonskiy Ulus
         678730 Sakha–Yakutiya
         Russia


OIL-STROY-SERVICE: Creditors Must File Claims by July 24
--------------------------------------------------------
Creditors of LLC Oil-Stroy-Service (TIN 0245011320) have until
July 24, 2008, to submit proofs of claim to:

         E. Lutfullina
         Insolvency Manager
         M. Karima Str. 6-23
         Ufa
         450077 Bashkortostan
         Russia

The Arbitration Court of Bashkortostan commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A07-25481/06-G-ShAB.

The Court is located at:

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

The Debtor can be reached at:

         LLC Oil-Stroy-Service
         Kuraskovo
         Ufa
         Bashkortostan
         Russia


ROSSNOR-A CJSC: Court Names A. Bagretsov as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Arkhangelsk appointed A. Bagretsov as
Insolvency Manager for CJSC Rossnor-A.  He can be reached at:

         A. Bagretsov
         Apt. 492
         Voskresenskaya Str. 95
         163071 Arkhangelsk
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A05-12717/2007.

The Court is located at:

         The Arbitration Court of Arkhangelsk
         Loginova Str. 17
         163069 Arkhangelsk
         Russia

The Debtor can be reached at:

         A. Bagretsov
         Apt. 492
         Voskresenskaya Str. 95
         163071 Arkhangelsk
         Russia


SEVERSTAL OAO: Esmark Rejects US$17-a-Share Takeover Offer
----------------------------------------------------------
Esmark Inc.'s Board of Directors, with assistance of financial
and legal advisors, has thoroughly reviewed OAO Severstal's
unsolicited conditional tender offer and determined that the
US$17.00 per share cash offer is inadequate in a number of
respects, uncertain with respect to its ability to close, and
contrary to the best interests of Esmark’s stockholders.

Accordingly, the Board recommends that stockholders not tender
any shares to Severstal.

The Board’s recommendation was based upon a number of factors
including the recent announcement by Essar Steel Holding Limited
that it will increase its purchase price to US$19.00 per share
upon execution of a proposed merger agreement with Esmark.  

The basis for the Board’s decision is set forth in Esmark’s
Solicitation/Recommendation Statement on Schedule 14D-9 being
filed with the U.S. Securities and Exchange Commission.  The
Board urges all Company stockholders to read the Schedule 14D-9
carefully so that they will be fully informed before making a
decision.

"We have embarked upon a process to provide maximum value to our
stockholders with the added benefit of providing what is best
for our employees, as well as the communities in which the
Esmark companies are located," James P. Bouchard, Chairman and
CEO of Esmark, said.  "We continue to invite bidders, including
Severstal, to provide a superior proposal to that of Essar."

"To date, Essar has stepped up to the plate for our stockholders
-– first in providing financing to the Company at a critical
time and now by announcing that it will increase its offer to
US$19 per share.  In addition, Essar has committed to provide
over US$500 million of capital investment in the Ohio Valley,"
Mr. Bouchard added.

                         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.


SFK LLC: Creditors Must File Claims by June 24
----------------------------------------------
Creditors of LLC North Pharmaceutical Company SFK (TIN
5190304980) have until June 24, 2008, to submit proofs of claim
to:
         
         L. Tamanskaya
         Temporary Insolvency Manager
         Post User Box 113
         183012 Murmansk
         Russia
         Tel/Fax: (8 8152) 4771 20

The Arbitration Court of Murmansk will convene on Aug. 11, 2008,
to hear the company's bankruptcy supervision procedure.  The
case is docketed under Case No. A42-739/2008.

The Court is located at:

         The Arbitration Court of Murmansk
         Knipovicha Str. 20
         Murmansk
         Russia

The Debtor can be reached at:

         LLC North Pharmaceutical Company SFK
         Domostroitelnaya Str. 13
         Murmansk
         Russia


SYUMSI-AGRO-KHIM: Court Names V. Nagovitsyn to Manage Assets
------------------------------------------------------------
The Arbitration Court of Udmurtiya appointed V. Nagovitsyn as
Insolvency Manager for OJSC Syumsi-Agro-Khim (TIN 1820000169).  
He can be reached at:

         V. Nagovitsyn
         Post User Box 972
         Izhevsk
         426069 Udmurtiya
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A71-377/2008-G29.

The Court is located at:

         The Arbitration Court of Udmurtiya
         Lomonosova Str. 5
         Izhevsk
         426004 Udmurtiya
         Russia

The Debtor can be reached at:

         OJSC Syumsi-Agro-Khim
         Mayakovskogo Str. 16a
         Syumsi
         427370 Udmurtiya
         Russia


TATARSKOE JOINT-STOCK: Tatarstan Bankruptcy Hearing Set Oct. 23
---------------------------------------------------------------
The Arbitration Court of Tatarstan will convene at 9:00 a.m. on
Oct. 23, 2008, to hear the bankruptcy supervision procedure on
CJSC Tatarskoe Joint-Stock Production Association.  The case is
docketed under Case No. A65-4263/2008_sg4_27.

The Temporary Insolvency Manager is:

         R. Murakaev
         432071 Ulyanovsk
         Sovetskaya Str. 4
         Russia

The Court is located at:

         The Arbitration Court of Tatarstan
         Room 12
         Floor 2
         Entrance 2
         Building 1
         Kremlin
         Kazan
         Tatarstan
         Russia

The Debtor can be reached at:

         CJSC Tatarskoe Joint-Stock Production Association
         Shevchenko Str. 25
         Almetyevsk
         Tatarstan
         Russia


TRANZIT-T OJCS: Creditors Must File Claims by June 24
-----------------------------------------------------
Creditors of OJSC Tranzit-T have until June 24, 2008, to submit
proofs of claim to:

         U. Akhmetov
         Temporary Insolvency Manager
         Rakhmaninova Str. 1
         440066 Penza
         Russia

The Arbitration Court of Tambov will convene on Sept. 3, 2008,
to hear the company's bankruptcy supervision procedure.  The
case is docketed under Case No. A64-1191/08-25.

The Court is located at:

         The Arbitration Court of Tambov
         Penzenskaya Str. 67/12
         392020 Tambov
         Russia

The Debtor can be reached at:

         OJSC Tranzit-T
         Sovetskaya Str. 206
         Tambov
         Russia


VOSKHOD LLC: Creditors Must File Claims by June 24
--------------------------------------------------
Creditors of LLC Kiryabsinskiy Timber Industry Complex Voskhod
(TIN 0270011116) have until June 24, 2008, to submit proofs of
claim to:

         A. Sayfitdinov
         Insolvency Manager
         Post User Box 56
         UFa
         450009 Bashkortostan
         Russia

The Arbitration Court of Bashkortostan commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A07-2216/08-G-NLV.

The Court is located at:

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

The Debtor can be reached at:

         LLC Kiryabsinskiy Timber Industry Complex Voskhod
         Kiryabinskoe
         Uchalinskiy
         453725 Bashkortostan
         Russia


ZHIGANSK OJSC: Creditors Must File Claims by July 24
----------------------------------------------------
Creditors of OJSC Airport Zhigansk have until July 24, 2008, to
submit proofs of claim to:

         L. Baisheva
         Insolvency Manager
         GVP
         Yakutsk
         677999 Sakha–Yakutiya
         Russia

The Arbitration Court of Sakha-Yakutiya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A58-5202/07.

The Court is located at:

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

The Debtor can be reached at:

         L. Baisheva
         Insolvency Manager
         GVP
         Yakutsk
         677999 Sakha–Yakutiya
         Russia


=====================================
S E R B I A   &   M O N T E N E G R O
=====================================


* Serbia Doesn’t Face Bankruptcy Threat, Finance Minister Says
--------------------------------------------------------------
Finance Minister Mirko Cvetkovic said that the state of Serbia
was in no danger of becoming bankrupt, B92 reports.  Mr.
Cvetkovic added all obligations were being met and the state's
budget was "under control," B92 relates.

The money, Mr. Cvetkovic disclosed, was not used for elections
or payment to different "political agreements" as alleged.  Mr.
Cvetkovic further said, B92 adds, that when news surfaced that
Serbia was facing possible budget problems, certain banks
offered loans.


===========
T U R K E Y
===========


DENIZBANK AS: Signs EUR150 Million Loan Agreement with EIB
----------------------------------------------------------
Denizbank A.S. disclosed on June 13, 2008, that it signed an
agreement to borrow EUR150 million from European Investment Bank
(EIB), Seeurope.net reports.

According to the report, Denizbank will pay back the loan in 12
years.

Headquartered in Turkey, Denizbank A.S. --
http://www.denizbank.com.tr/-- is 75%-owned by Zorlu Holding -   
a large Turkish conglomerate active in home textiles,
electronics and consumer durables, energy production and
distribution, as well as finance -- with 25% publicly-traded.  

The bank focuses on SME and retail clients, ranking as Turkey's
seventh-largest private bank at end-2005.  It has 244 branches
nationwide, owns banks in Austria and Russia and is engaged in
investment, brokerage, leasing and factoring.

                           *    *    *

Fitch Ratings has affirmed Denizbank A.S.'s ratings at Long-term
foreign currency Issuer Default 'BB', Long-term local currency
IDR 'BBB-', Short-term foreign currency IDR 'B', Short-term
local currency IDR 'F3', National Long-term 'AAA(tur)', Support
'3' and Individual 'C'.  The Outlooks for the Long-term IDRs and
National Long-term rating are Stable.


FORD OTOSAN: Fitch Affirms BB+ IDR and Retains Negative Outlook
---------------------------------------------------------------
Fitch Ratings has affirmed Turkey-based Ford Otosan's Long-term
local currency Issuer Default rating at 'BB+'.  The rating
Outlook remains Negative.

Throughout fiscal year 2007 and the four months to April 2008,
FO maintained its overall leadership in the domestic market.  It
reported 11% revenue growth on a Turkish lira-basis and 9%
volume growth in fiscal year 2007.  Gross margin was flat at
16.5% in fiscal year 2007.  FO reported a slight EBIT margin
drop to 9.5% in fiscal year 2007 from 10.1% in fiscal year 2006.  
It also maintained a sound capital structure and healthy
liquidity.  At fiscal year 2007, FO reported TRY416 million  
gross debt and TRY360 million cash.  The debt maturity profile
does not impose a heavy debt service burden, as most of its debt
maturities are spread out to 2014.  Overall, FO has a sound
standalone operational and financial profile.

The Negative Outlook continues to reflect the brand ownership by
Ford Motor Company (rated 'B'/Negative), as well as the
shareholder relationship between FO and FMC and the export sales
network dependence on FMC.  Deterioration in FMC's rating could
negatively affect FO's rating, given the aforementioned links.  
This will be assessed on a case-by-case basis, and any future
rating or Outlook change in FMC would prompt a review of FO's
rating.

In assessing FO's rating and Outlook, Fitch has also taken its
parent and subsidiary rating linkage criteria into
consideration.  In the case of FO - FMC rating linkage, Fitch
assesses that the parent's weaker financial profile (compared to
the subsidiary) and its weak operational or financial ties with
the subsidiary warrant the rating differential between FMC and
FO.

FMC's 'B' Long-term IDR does not have any direct immediate
impact on FO's financial profile or its ability to continue its
production and delivery operations in Turkey and Europe.  
However, FO's export sales, representing 62% of fiscal year 2007
revenues, remain dependent on FMC's international sales and
distribution network in Europe.

FMC and Koc Group of Turkey exercise joint control in FO with a
41% stake each, while the remaining 18% is quoted on the
Istanbul Stock Exchange.


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


DONCHEMICALREPAIR OJSC: Creditors Must File Claims by June 27
-------------------------------------------------------------
Creditors of OJSC Donchemicalrepair (code EDRPOU 00205883) have
until June 27, 2008, to submit proofs of claim to:

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

The Economic Court of Lugansk commenced bankruptcy proceedings
against the company after finding it insolvent on May 12, 2008.
The case is docketed as 12/543b.

The Debtor can be reached at:

         OJSC Donchemicalrepair
         Yegorov Str. 9
         Severodonetsk
         349940 Lugansk
         Ukraine


DYNAMICAL SYSTEMS: Creditors Must File Claims by June 27
--------------------------------------------------------
Creditors of LLC Dynamical Systems of Management (code EDRPOU
33818082) have until June 27, 2008, to submit proofs of claims
to:

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

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent on May 21, 2008.  
The case is docketed as B-39/10-08.

The Debtor can be reached at:

         LLC Dynamical Systems of Management
         Apartment 408
         Ac. Proskura Str. 1 b. 12
         61070 Kharkov
         Ukraine


LUGANSK SPECIAL: Creditors Must File Claims by June 27
------------------------------------------------------
The Economic Court of Lugansk has commenced bankruptcy
proceedings against the company after finding it insolvent.  
The case is docketed as 22/104b.  

Creditors of CJSC Lugansk Special Excavation (code EDRPOU
01235538) have until June 27, 2008, to submit proofs of claim
to:

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

The Debtor can be reached at:

         CJSC Lugansk Special Excavation
         Dachnaya Str. 1
         91011 Lugansk
         Ukraine


TECHNICAL OILS: Creditors Must File Claims by June 27
-----------------------------------------------------
Creditors of LLC Technical Oils (code EDRPOU 31139286) have
until June 27, 2008, to submit proofs of claim to:

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

The Economic Court of Lugansk commenced bankruptcy proceedings
against the company on April 24, 2008, after finding it
insolvent.  The case is docketed as 20/32b.

The Debtor can be reached at:

         LLC Technical Oils
         Krasnodonskaya Str. 4
         91017 Lugansk
         Ukraine


TERLAND-AGRO: Proofs of Claim Deadline Set June 28
--------------------------------------------------  
Creditors of LLC Company Terland-Agro with Foreign Investment
(code EDRPOU 32577105) have until June 28, 2008, to submit
proofs of claim to:

         The Economic Court of Ternopol
         Ostrozsky Str. 14a
         46000 Ternopol
         Ukraine

The Economic Court of Ternopol commenced bankruptcy supervision
procedure on the company on April 2, 2008.  The case is docketed
as 10/B-1041.

The Debtor can be reached at:

         LLC Company Terland-Agro with Foreign Investment
         S. Bandera Str. 60
         46000 Ternopol
         Ukraine


UKRAINIAN PLASTER: Creditors Must File Claims by June 27
--------------------------------------------------------
Creditors of LLC Ukrainian Plaster Company (code EDRPOU
32404862) have until June 27, 2008, to submit proofs of claim
to:

         The Economic Court of Odessa
         Shevchenko Avenue 4
         65032 Odessa
         Ukraine

The Economic Court of Odessa commenced bankruptcy proceedings
against the company after finding it insolvent on May 6, 2008.  
The case is docketed as 2/77-08-1475.

The Debtor can be reached at:

         LLC Ukrainian Plaster Company
         Apartment 19
         Malinovsky Str. 57
         Odessa
         Ukraine


WESTRESOURCE LLC: Proofs of Claim Deadline Set June 27
------------------------------------------------------
Creditors of LLC Westresource (code EDRPOU 33294492) have until
June 27, 2008, to submit proofs of claim to:
       
         The Economic Court of Kiev
         B. Hmelnitskij Boulevard 44-B
         01030 Kiev
         Ukraine

The Economic Court of Kiev commenced the bankruptcy supervision
procedure on the company on Feb. 29, 2008.  The case is docketed
as 43/234.

The Debtor can be reached at:

         LLC Westresource
         Ohtyrka Lane 3
         03022 Kiev
         Ukraine


YUTOR LLC: Proofs of Claim Deadline Set June 27
-----------------------------------------------
Creditors of LLC Yutor (code EDRPOU 33440209) have until
June 27, 2008, to submit proofs of claim to:
         
         The Economic Court of Kiev
         B. Hmelnitskij Boulevard 44-B
         01030 Kiev
         Ukraine

The Economic Court of Kiev commenced the bankruptcy supervision
procedure on the company on Feb. 13, 2008.  The case is docketed
as 43/178.

The Debtor can be reached at:

         LLC Yutor
         Molodogvardeyskaya Str. 11
         Kiev
         Ukraine


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


ALPHASTEEL: Formers Workers Receive GBP2 Million Compensation
-------------------------------------------------------------
The Cardiff Employment Tribunal Community Union, representing
former employees at Alphasteel in Newport, on Friday, June 13,
2008, secured compensation for its members who were thrown on
the scrapheap when the company went bust just before Christmas.

The GBP2 million award is in respect of Alphasteel's failure to
consult with the workforce and Community union before going into
receivership.  The company went into administrative receivership
in December 2007, laying off nearly 400 workers, BBC relates.

The Tribunal Judge ruled that the former workers had been
unfairly treated and should have been consulted prior to the
closure of the plant.

"This is a great victory for Community members who were so badly
treated by Alphasteel; at least now they will receive some
compensation.  The Union's hard fought campaign demonstrates the
value of being a member of a recognized trade union," Michael
Leahy, Community General Secretary said.

"Following the announcement that a bid from Libala Steel has now
been accepted for the former Alphasteel site, Community union
will be working with the official receivers, Welsh Assembly and
the new buyer to secure a sustainable future and bring jobs back
to Newport," Jenny Smith, Community Regional Director said.


BUTLER AND TANNER: Auctions Machinery; MBO Looks Unlikely
---------------------------------------------------------
Butler and Tanner Printers Ltd.'s machinery is being put for
sale through an online auction on June 24 and June 25 amid
uncertainty over a management buy-out by former directors, BBC
News reports.  

BBC says that chances of a management buy-out is looking
increasingly unlikely.

Butler administrator Peter Kubik told BBC "I have a minimum
value for the assets and the MBO team have not reached that
figure."

According to Mr. Kubik, the value of the business and its assets
is expected to rise daily due to costs of running the company in
administration, BBC relates.

Headquartered in Frome, England, Butler and Tanner Printers Ltd.
-- http://www.butlerandtanner.com/-- is a sheet-fed printing    
company specializing in book, brochures, annual reports,
catalogs and fine art.

In May 2008, Andrew Andronikou and Peter Kubik, Partners at UHY
Hacker Young's London office Turnaround and Recovery Department
have been appointed administrators of the assets of Butler and
Tanner Printers Ltd.

UHY Hacker Young was appointed by Butler and Tanner as
administrators after failed attempts to resolve a rancorous
long-running industrial dispute between the company's management
and the union Unite.

The company's proposed changes to workers contracts, which saw
the redundancy of 287 staff, were deemed unacceptable by Unite,
and its members at the company voted in favor of strike action.


CLARIS LIMITED: Moody's Cuts Ratings on Two Note Series
-------------------------------------------------------
Moody's Investors Service has downgraded two series of synthetic
CDO notes issued by Claris Limited and one CDS transaction
entered into by Societe Generale.  

All notes reference the same portfolio, Napa Valley IX.  These
rating actions are in response to continued severe credit
deterioration in the underlying portfolio, which primarily
includes US RMBS and US CMBS bonds, particularly of the 2006
vintage.

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

These actions are:

Issuer: Claris Limited

   (1) Series 81 Tranche 1 JPY1,000,000,000 Napa Valley IX
       Synthetic CDO of ABS Floating Rate Notes

    -- Current Rating: B3, on review for downgrade
    -- Prior Rating: Ba3, on review for downgrade

   (2) Series 87 Tranche 1 US$10,000,000 Napa Valley IX
       Synthetic CDO of ABS Floating Rate Notes

    -- Current Rating: B2, on review for downgrade
    -- Prior Rating: Ba2, on review for downgrade

Issuer: Societe Generale

   (3) US$54,000,000 Societe Generale Credit Default Swap (Napa
       Valley IX)

    -- Current Rating: Baa3, on review for downgrade
    -- Prior Rating: Aaa, on review for downgrade


DSG INT'L: Fitch Cuts Ratings to BB+ on Declining Credit Metrics
----------------------------------------------------------------
Fitch Ratings has downgraded UK-based electricals retailer DSG
International plc's Long-term Issuer Default rating to 'BB+'
from 'BBB-' and Short-term IDR to 'B' from 'F3'.  All ratings
have been taken off Rating Watch Negative where they were
originally placed on April 11, 2008.  The Outlook is Negative.

The downgrade reflects the deterioration in DSGi's credit
metrics over the past three years and the minimal improvement
expected over the short-term.  The ratings also consider the
positive measures taken by management in its efforts to turn
around the group over the medium-term and actions taken to
reduce its dividend payout.  The Negative Outlook reflects
DSGi's high lease-adjusted leverage for the rating, continued
price deflation and the challenging consumer environment in the
U.K., which could further dampen the company's recovery efforts.

The group's underlying operating profit margin has been
decreasing to 3.5% in fiscal year 2007 (year to April 28, 2007)
from 4.1% in fiscal year 2005.  Fiscal year 2007's lease-
adjusted leverage deteriorated to 3.6x (fiscal year 2006: 3.2x)
and the group's fixed charge coverage was 2.4x in fiscal year
2007 (2.6x).  Based on the full year trading announcement on May
15, 2008, DSGi's profitability and credit metrics are expected
to deteriorate further for fiscal year 2008 (ended May 3, 2008).
The trading environment remains challenging, particularly in the
UK, Italy and Spain, and consumers have become increasingly
promotion- and deal-driven, impacting gross margins.  Like-for-
like gross margins across the group were down 0.7% year-on-year.
As a result, full year underlying profit before tax for fiscal
year 2008 will be in the range of GBP200 million - 210 million.

On May 15, 2008, DSGi unveiled its renewal and transformation
plan for the group, which included a five-point strategic focus
on its customers, businesses and costs; a 3% - 4% return on
sales in the medium term and dividend reduction by 50%.  
Delivery on this plan may have a positive impact.  However, in
the short-term this is offset by the increase in capex as part
of DSGi's transformation plan, further contributing to its
negative free cash flow position since fiscal year 2007.  Also,
there exist execution risks in its renewal and transformation
plan especially against a tougher economic backdrop.

DSGi's ratings continue to be supported by the group's leading
and dominant positions within the U.K. (approximately 20% of
market share and three times larger than its next U.K. rival,
Kesa) and Nordic consumer electronics markets.  DSGi's liquidity
profile is good given its adequate cash balance (fiscal year
ending 2007: GBP515 million excluding restricted cash for
customer support agreements), and its access to a GBP400 million  
syndicated five-year revolving credit facility due in October
2011.  The facility is undrawn, and contains leverage and fixed
charge cover covenants.  DSGi has only one bond outstanding,
which totals GBP300 million and is due in 2012.


EDGLEY DISTRIBUTION: Shuts Down Operations; 35 Staffs Lost Jobs
---------------------------------------------------------------
Edgley Distribution Express Ltd. has been shut down after going
into receivership, Roadtransport.com reports.  The decision made
35 employees redundant on May 30, 2008.

As previously reported in the TCR-Europe, Christopher Michael
White and Gareth David Rusling of The P&A Partnership were
appointed joint administrators.

The company owed Wakefield Consultants GBP800,000 and GBP200,000
in management charges, the report said.  Its fixed assets worth
GBP754,000 is in the process of being sold, the report adds.

Based in Norfolk, England, Edgley Distribution Express Ltd., is
a road haulage services business.


EUROMANX: 500 Lot Liquidation Auction Slated for June 21
--------------------------------------------------------
Isle of Man Auctions is conducting a liquidation auction at
Euromanx at Ronaldsway at the request of the airline's
liquidator PricewaterhouseCoopers, iomtoday.co.im reports.  

The report adds, 500 lots of items are up for sale including
cabin crew uniforms, an air hostess trolley and a tow bar for a
Dash 8 aircraft.

The auction, iomtoday relates, will commence at 2:00 p.m. on
June 21, 2008.  Viewing will be on June 20, 2008 from noon to
7:00 p.m.

                         Receivership

EuroManx said in its website that as of May 9, 2008, it was
ceasing operations and as a result, no further flights will be
operated.

The company said that despite attempts to "develop and grow the
business," it had faced "insurmountable obstacles" over the last
six months that included increasing costs of fuel prices and a
reduction in the number of passengers.

According to a report by the BBC News, the airline is now
undergoing receivership and has resulted in the loss of around
70 jobs.

EuroManx -- http://www.euromanx.com/-- provides flights from
Isle of Man to locations that includes Belfast, Liverpool,
London and Manchester.


EUROPEAN BAKERIES: Brings In Liquidators from Deloitte & Touche
---------------------------------------------------------------
Lee Anthony Manning and Nicholas Guy Edwards of Deloitte &
Touche LLP were appointed joint liquidators of European Bakeries
Ltd. on June 9 for the creditors' voluntary winding-up
proceeding.

The joint liquidators can be reached at:

         Deloitte & Touche LLP
         Athene Place
         66 Shoe Lane
         London
         EC4A 3WA
         England


INVENSYS PLC: Moody's Lifts Corporate Family Rating to Ba1
----------------------------------------------------------
Moody's Investors Service upgraded the Corporate Family Rating
of Invensys plc to Ba1 from Ba3 on review for possible upgrade
and upgraded a legacy unsecured debt issue rating to Ba2 from B2
acknowledging the company's improved financial and business risk
profile following further deleveraging and the anticipated
refinancing of its bank facilities on an unsecured basis with
less restrictive terms and conditions resulting in a more
simplified debt capital structure combined with the refocusing
and strengthening of its overall business risk profile around 3
principal segments: Industrial Automation, Rail and Controls.
This concludes Moody's review of Invensys ratings announced on
Feb. 8, 2008.  The outlook is stable.

The ratings affected by this rating action are:

   -- A Corporate Family Rating for Invensys plc upgraded to Ba1
      from Ba3 on review for upgrade

   -- A Probability of Default Rating for Invensys plc upgraded
      to Ba1 from Ba3 on review of upgrade

   -- The B2 Rating on the US$bonds due 2010 upgraded to Ba2
      (LGD6) from B2.

The upgrades of the CFR and PDR to Ba1 reflect:

   (i) Invensys' improved financial risk profile following the
       application of proceeds from disposals completed at the
       end of 2007 to the redemption of its high yield bonds
       completed in late March resulting in credit metrics
       having strengthened such that the Debt to EBITDA ratio
       has improved to below 2x from over 3x at FYE 2007 and the
       FCF to Debt ratio has also strengthened materially;

  (ii) The anticipated refinancing in the near future of its
       bank facilities on an unsecured basis with less
       restrictive terms and conditions resulting in a more
       simplified debt capital structure eliminating the
       presence of material secured debt within its capital
       structure; and

(iii) The overall improvement in the outlook and business risk
       profile looking out over the medium term now that
       Invensys has substantially completed its business re-
       engineering and refocused around its 3 principal
       segments: Industrial Automation, Rail and Controls.

The upgrade of the residual US$12.25 million outstanding on a
legacy unsecured bond to Ba2 from B2 -- one notch below that of
the CFR -- reflects the expectation that the credit facility
will have some features usual and customary for banking
facilities such as upstream guarantees resulting in some degree
of structural subordination impacting the unsecured debt issue
rating.

The stable outlook reflects the fact that Invensys is solidly
positioned within the rating category with room to absorb a
degree of volatility in operating performance and cash flow
should that occur over the near to medium term in any of its
business lines.  The ratings and/or outlook could nevertheless
improve over time as a result of (i) demonstrating a sustainable
track record of stable operating performance and (ii)
maintaining the more conservative financial metrics currently
being targeted by the company such that RCF to Debt was to
remain comfortably above 20%, Debt to EBITDA at or below the
2.5x range and Free Cash Flow to Debt sustainably above 10%.  
The ratings and/or outlook could be pressured by substantial
debt financed acquisitions and/or a decline in free cash flow
generation. Additionally, if Debt/EBITDA was to increase
meaningfully over 3.0 times, ratings pressure would develop.

Headquartered in London, England, Invensys plc is the holding
company for a global automation, controls and process system
group that sells a wide range of products and services to
businesses in a number of sectors, including chemical, oil and
gas, power and utilities, telecommunications and rail
transportation.  For the fiscal year ended March 31, 2008,
Invensys reported total revenues from continuing operations of
approximately GBP2.1 billion.


KILMINSTER FINANCIAL: Seeks Liquidation at Creditors' Meeting
-------------------------------------------------------------
B N Jackson Norton will convene creditors of Kilminster
Financial Management Limited at 11:30 a.m. on July 16, 2008, to  
nominate a liquidator and appoint a liquidation committee, Paul
Mcmillan writes for Money Marketing.

The creditors will meet at:

         B N Jackson Norton
         14 Orchard Street
         Bristol BS1 5EH
         United Kingdom

According to Money Marketing, a call for liquidation may prove
controversial among the company's creditors and shareholders --
many of whom claims large sums of trail commission.

A spokesman for Malcolm Kilminster, chairman of the Kilminster
Group of which KFM is a member, told Money Marketing that the
company would continue to trade and benefit from the trail
commission due to it.

The spokesman added that there was ongoing case between the
company and its minority shareholders.

Headquartered in Bristol, United Kingdom, Kilminster Financial
Management Limited -- http://www.kilminster.com/-- provides IFA  
impartial advice on all financial services savings, investments,
pensions and life assurance.


LBV HEREFORD: Goes Into Liquidation; Left Bank Still Open
---------------------------------------------------------
LBV (Hereford) Ltd., which ran the Left Bank Village complex in
Hereford, has gone into liquidation, Hereford Times reports.  
According to Croft plc director Peter Mycock, Mazars, Hereford
Times adds, was called in to liquidate the company.

Hereford Times relates Croft, which owns the venue, confirmed
that LBV ceased trading on Thursday, June 12, although the Left
Bank continues to operate.

"I am confident that Left Bank, which comprises of the bar,
restaurant and conferencing and banqueting facilities only, can
move forward on a stable and successful footing," Mr. Mycock was
quoted by the Hereford Times as saying.

Hereford Times discloses Croft withdrew and reissued the lease
for the venue after LBV's director Trevor Walker and general
manager Terence Payen left the company in November.

Stuart Wright, the venue's new general manager, however, told
the Hereford Times any outstanding booking would be honored.


SILVERJET PLC: Sale to Kingplace Limited Fails
----------------------------------------------
Joint administrators Nigel Atkinson and Mark Fry of Begbies
Traynor has failed to complete a deal to sell Silverjet Plc to
Kingplace Ltd. and has declared the carrier's entire 420
employees redundant, The Financial Times reports.

According to Mr. Fry, FT reports, Kingplace -- which represents
third-party investors interested in Silverjet -- failed to
convince the U.K. Civil Aviation Authority that it has enough
cash in reserve to guarantee operations.

"As a result of the unusually complex negotiations with third
parties, Kingplace is no longer in a position to acquire
Silverjet as a going concern," Mr. Fry was quoted by FT saying.

TCR-Europe had reported that Kingplace, an Irish firm managed by
Heritage Cie S.A., have to immediately inject between GBP20
million to GBP30 million in fresh financing to win regulatory
approval from the CAA.

Mr. Fry had said Silverjet needs over GBP50 million to resume
operations.

                          About Silverjet

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

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


* Large Companies with Insolvent Balance Sheet
----------------------------------------------
                                Shareholders    Total   Working
                                    Equity      Assets   Capital
                          Ticker    (US$MM)    (US$MM)   (US$MM)
                          ------ -----------  -------   --------

AUSTRIA
-------
Libro AG                            (111)         174     (182)


BELGIUM
-------
Sabena S.A.                          (86)       2,215     (297)


CZECH REPUBLIC
--------------
Ceskomoravska Kolben &
   Danek Praha Holding               (89)         192   (2,186)
Setuza A.S.                          (55)         145   (1,120)


DENMARK
-------
Elite Shipping                       (28)         101       19

FRANCE    
------
Arbel                     ARB       (150)         138      (96)
Banque Nationale
   de Paris Guyane        BNPG       (41)         352      N.A.
BSN Glasspack                       (101)       1,151      179
Charbo De France                  (3,872)       4,738   (2,868)
Euro Computer System                (110)         682      377
Grande Paroisse S.A.                (927)         629      330
Immob Hoteliere                      (67)         301      (13)
Matussiere et Forest S.A. MTF        (78)         294      (28)
Outremer Telecom          OMT        (33)         229      (88)
Pagesjaunes GRP           PAJ     (3,023)       1,377     (311)
Pneumatiques Kleber S.A.             (34)         480      139
SDR Picardie                        (135)         413      N.A.
Soderag                               (3)         404      N.A.
Sofal S.A.                          (305)       6,619      N.A.
Spie-Batignolles                     (16)       5,281       75
Selcodis S.A.             SPVX        (9)         134      (26)
Trouvay Cauvin                        (0)         134       10
Usines Chausson                      (23)         249       35


GERMANY
-------
Alno AG                   ANO        (21)         340      (61)
Babcock Borsig            BBX      (1608)         137   (1,309)
CBB Holding AG            COB        (43)         905      N.A.
Cinemaxx AG               MXC        (27)         177      (30)
Dortmunder
   Actien-Brauerei        DABG       (13)         118      (29)
EM.TV AG                  EV4G.BE    (22)         849       15
F.A. Guenther & Son AG    GUSG       (10)         111      N.A.
Kabel Deutschland                 (1,199)       2,280     (306)
Kaufring AG               KAUG       (19)         151      (51)
Maternus Kliniken AG      MAK.F       (4)         201      (20)
Nordsee AG                            (8)         195      (31)
Primacom AG               PRC         (5)         662      (47)
Schaltbau Hold            SLT         (3)         240       14
SinnLeffers AG            WHGG        (4)         454     (145)
Spar Handels- AG          SPAG      (442)       1,433     (234)
TA Triumph-Adler          TWN        (72)         462      (53)

GREECE
------
Petzetakis-PFC            PETZP       (8)         263      (98)
Radio A.Korassidis        KORA      (101)         181     (139)
   Commercial

HUNGARY
-------
Exbus PLC                 EXBUS     (30)         118    (5,162)

ICELAND
-------
Decode Genetics Inc.      DCGN     (146)         156       48

IRELAND
-------
Elan Corp PLC             ELN      (388)       1,599       484
Waterford Wed Ut          WTFU     (145)         897       208


ITALY
-----
A.S. Roma S.p.A.          ASR        (12)         188      (49)
Binda S.p.A.              BND        (11)         129      (20)
Cirio Finanziaria S.p.A.            (422)       1,583     (396)
Gruppo Coin S.p.A.        GC        (154)         801      (50)
Compagnia Italia          ICT       (138)         527     (235)
Credito Fondiario
   e Industriale S.p.A.             (200)       4,218      N.A.
Finpart S.p.A.                      (152)         732     (322)
I Viaggi del
   Ventaglio S.p.A.       VVE        (64)         529      (88)
Lazio S.p.A.              SSL        (32)         254      (33)
Olcese S.p.A.             OLCI.MI    (13)         180      (64)
Parmalat Finanziaria
   S.p.A.                        (18,419)       4,121  (12,481)
Snia S.p.A.               SN         (39)         275       36
Technodiffusione
   Italia S.p.A.          TDIFF.PK   (90)         152      (24)


NETHERLANDS
-----------
Baan Company N.V.         BAAN        (8)         610       46
United Pan-Euro Air       UPC     (5,266)       5,180   (8,730)


NORWAY
------
Interoil Exploration      IOX         (9)         205      (11)
Petroleum-Geo Services    PGO        (32)       2,963   (5,250)


ROMANIA
-------
Oltchim RM Valce          OLT       (430)         673     (417)
Rafo Onesti               RAF       (354)         475   (1,421)


RUSSIA
------
East Siberia Brd          VSNK       (79)         107     (278)
Omskij Kauchu             OMKA        (4)         125   (1,794)
OAO Samaraneftegas                  (332)         892  (16,942)
Vimpel Ship               SOVP       (93)         281     (420)
Zil Auto                  ZILLP     (178)         425  (10,597)


SPAIN
-----
Altos Hornos de
   Vizcaya S.A.           AHV       (116)       1,283     (278)
Santana Motor S.A.       LRSA        (46)         223       41


TURKEY
------
Nergis Holding                       (24)         125       26
Yasarbank                           (948)         623      N.A.


UKRAINE
-------
Dniprooblenergo           DNON       (51)         433   (1,010)
Donetskoblenergo          DOON      (341)         573   (2,365)


UNITED KINGDOM
--------------
Abbott Mead Vickers                   (2)         168      (16)
Alldays Plc                         (120)         252     (202)
Amey Plc                  AMY        (49)         932      (47)
Atkins (WS) Plc           ATK       (150)       1,390       62
Bagleys Investment                  (247)       1,094     (126)
BCH Group Plc             BCH         (6)         188      (44)
Blenheim Group            BEH       (153)         198      (34)
Booker Plc                BKRUY      (60)       1,298       (8)
Bradstock Group           BDK         (2)         269        5
Brent Walker Group        BWL     (1,774)         867   (1,157)
British Energy Ltd                (5,823)       4,921      290
British Energy Plc        BGY     (5,823)       4,921      434
British Nuclear
   Fuels Plc                      (4,248)      40,326      977
Carlisle Group                       (12)         204       15
Compass Group             CPG       (668)       2,972     (298)
Dowson Holding            DWN        (18)         226       31
Dignity Plc               DTY         (9)         648       35
Easybroker PLC                        (1)         287       (1)
Easynet Group             ESY.L      (45)         323       38
Electrical and Music              
   Industries Group       EMI     (2,266)       2,950     (296)
Evans Healthcare                     (86)         239     (144)
Global Green Tech Group             (156)         408      (18)
Heath Lambert
   Fenchurch Group Plc               (10)       4,109      (10)
HMV Group Plc             HMV        (26)       1,273     (277)
Imperial Chemical
   Industries Plc         ICI       (370)       8,393        2
Jarvis Plc                JRVS.L     (28)         370      (22)
Ladbrokes Plc             LAD       (894)       2,139     (356)
Lambert Fenchurch Group               (1)       1,827        3
Legal & Gen. Fin.                     (7)       3,576     (522)
M 2003 Plc                        (2,204)       7,205     (756)
Misys Plc                 MSY         (7)       1,123     (131)
Mytravel Group            MT.L      (380)       1,818     (488)
New Star Asset                      (418)         368       10
Next Plc                            (156)       3,224      (63)
Norbain Finance                      (10)         280      (10)
Orange Plc                ORNGF     (594)       2,902        7
Rank Group Plc                       (26)       1,209      (88)
Regus Plc                            (46)         367      (60)
Saatchi & Saatchi         SSI       (119)         705      (41)
SFI Group                 SUF       (108)         178     (162)
Skyepharma PLC            SKP       (117)         212       11
Spirit Group                         (75)         365      (56)
Telewest
   Communications Plc     TLWT    (3,702)       7,581   (5,631)
Trio Finance              TRIO       (14)         592      N.A.
Webley Stadium                       (55)       1,561      (45)
Wincanton Plc             WIN        (27)       1,451      (78)


                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


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