TCREUR_Public/080618.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

            Wednesday, June 18, 2008, Vol. 9, No. 120

                            Headlines


A U S T R I A

ATS - BEFESTIGUNGSTECHNIK: Creditors' Meeting Slated for July 1
HEIFERT FERTIGHAUS: Claims Registration Period Ends July 14
INGER LLC: Claims Registration Period Ends July 17
SW IMMOBILIEN: Claims Registration Period Ends July 1


F R A N C E

QUIKSILVER INC: Posts US$206MM Net Loss in Qtr. Ended April 30
QUIKSILVER INC: Moody's Reviews Ba3 Ratings and May Downgrade


G E R M A N Y

BREEZE FINANCE: Moody's Withdraws Provisional Ratings on 2 Notes
DUERR AG: Moody's Revises Outlook to Positive; Affirms Ratings
IKB DEUTSCHE: Court Dismisses Two Shareholder Lawsuits
PATROL GELD- UND WERTTRANSPORTE: Claims Registration Ends July 4
PFIFF HOLZBAU: Claims Registration Ends July 4

POS SERVICE: Claims Registration Ends July 4
PREMIUM AVIATION: Claims Registration Ends July 4
PROFILO ELECTRONICS: Claims Registration Ends July 4
PROSIEBENSAT.1 MEDIA: Sells C More Group to TV4 for SEK3 Billion
RESO BAUAUSFUEHRUNGEN: Claims Registration Period Ends July 3

S & B GMBH: Claims Registration Ends July 4
SCHAFER GMBH: Claims Registration Period Ends July 3
SELECTA GMBH: Claims Registration Period Ends July 4
STEUDA BERATUNGSGESELLSCHAFT: Claims Registration Ends July 3
STIEGLER MALERWERKSTATTE: Claims Registration Period Ends July 4

STREETPOINT CITY-POINT: Claims Registration Period Ends July 3
TAUBERLUX WEINE: Claims Registration Period Ends July 3
THP ROTE: Claims Registration Period Ends July 4
TRARBACH & SCHNITZLER: Claims Registration Period Ends July 4
TRIASS WERBEAGENTUR: Claims Registration Period Ends July 3

WEIDLICH GMBH: Claims Registration Period Ends July 4
WHS-OBJEKTTECHNIK GMBH: Claims Registration Period Ends July 4


I R E L A N D

ELAN CORP: Abraxis to Appeal Jury Ruling on Infringement Claim
HOWLEY CIVIL: Interim Examiner Cuts 80 Jobs; Plans Asset Sale
MODERN TIMBER: Mounting Debts Prompt Examinership


I T A L Y

ALITALIA SPA: Transport Commissioner Vows Fair Probe over Loan


K A Z A K H S T A N

ALMATY GOROFORMLENIYE: Creditors Must File Claims by July 25
ATB MUNAI: Claims Deadline Slated for July 25
INTER FIVE: Claims Filing Period Ends July 29
KAZ GAS: Creditors' Claims Due on July 25
KAZ SIB: Claims Registration Ends  July 29

ORG TECH: Creditors Must File Claims by July 29
TMK OAO: Acquires 100% Stake in Kaztrubprom
TUDE COMPANY: Claims Deadline Slated for July 29
ZAVOD ELECTROMONTAJNYH: Claims Filing Period Ends July 25


K Y R G Y Z S T A N

NEFTEPROM-IMPEX LLC: Claims Filing Period Ends July 11


L U X E M B O U R G

BREEZE THREE: S&P Rates EUR84 Million Class B Notes at BB-
ORCO PROPERTY: Moody's Lowers Corporate Family Rating to B3


R U S S I A

BUILDING ASSEMBLY 3: Court Starts Bankruptcy Supervision
DECOR LLC: Moscow Bankruptcy Hearing Slated for June 26
ENTERPRISE ECOLOGICAL: Creditors Must File Claims by July 13
GALLERY MEDIA: Moody's Revises Outlook to Stable from Positive
GENERAL INSURANCE: Moscow Bankruptcy Hearing Slated for July 15

GREMYACHINSKIY FISHING: Court Starts Bankruptcy Supervision
KABANSKIY OJSC: Claims Registration Period Ends July 13
KURSKAYA FOUNDRY: Court Starts Bankruptcy Supervision Procedure
MUROMTSEVSKIY LLC: Creditors Must File Claims by July 13
NORTH-WOOD LLC: St. Petersburg Bankruptcy Hearing Set June 24

ONOKHOYSKIY WOOD: Court Names Y. Shlykova as Insolvency Manager
ROSEVROBANK: Moody's Rates Loan Participation Notes at B1
RYAZANSKIY MACHINE-TOOL: Court Starts Bankruptcy Supervision
SAIL CJSC: Claims Registration Period Ends July 13
TMK OAO: Closes US$1.25-Bln Deal to Acquire IPSCO U.S. Assets

UNIVERSAL-SPETS-TORG: Creditors Must File Claims by July 13
YAKHNOBOLSKOE LLC: Creditors Must File Claims by July 13
YUG-PROM-INVEST: Court Names O. Kiselev as Insolvency Manager


S P A I N

FONCAIXA FTGENCAT: S&P Junks Rating on EUR18MM Class D Notes


S W E D E N

PROSIEBENSAT.1 MEDIA: Sells C More Group to TV4 for SEK3 Billion


S W I T Z E R L A N D

GLENCORE FINANCE: Moody's Puts Sub. Perpetual Securities at Ba1


U K R A I N E

AGRICULTURAL TECHNICS: Proofs of Claim Deadline Set June 28
BB-TELECOM LLC: Creditors Must File Claim by June 28
GRINGOTS LLC: Creditors Must File Claim by June 28
INTERMEDSERVICE LLC: Creditors Must File Claim by June 28
LILEYA AND PARTNERS: Creditors Must File Claim by June 28

NOTA-PREMIUM LLC: Creditors Must File Claim by June 28
PARITET SERVICE: Creditors Must File Claim by June 28
PRESTIGE LLC: Creditors Must File Claim by June 28
TECH-VID LLC: Creditors Must File Claim by June 28
TENAKS-2005: Creditors Must File Claim by June 28

UKRAGROINVEST LTD: Creditors Must File Claim by June 28


U N I T E D   K I N G D O M

BANTRY BAY: Moody's Junks Rating on Three Notes Classes
BRITISH ENERGY: Iberdrola Interested in Possible Bid
CELLTRAN LTD: Goes Into Administration; Six Jobs Affected
CONAI DESIGNS: Goes Into Receivership; Unable to Pay Creditors
KGB (INFONXX): Moody's Upgrades Corporate Family Rating to Ba3

* Cadwalader London Promotes Two Practitioners to Partnership


                            *********


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


ATS - BEFESTIGUNGSTECHNIK: Creditors' Meeting Slated for July 1
---------------------------------------------------------------
Creditors owed money by ATS - Befestigungstechnik Ltd. are
encouraged to attend the creditors' meeting at 12:10 p.m. on
July 1, 2008.

The creditors' meeting will be held at:

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

Headquartered in Wolfsgraben, Austria, the Debtor declared
bankruptcy on May 23, 2008 (14 S 80/08t).  Stephan Riel serves
as the court-appointed estate administrator of the bankrupt's
estate.

The estate administrator can be reached at:

          Dr. Stephan Riel  
          Landstrasser Hauptstrasse 1/2
          1030 Wien
          Austria
          Tel: 02742/74731
          Fax: 02742/74731-22
          E-mail: kanzlei@jsr.at  


HEIFERT FERTIGHAUS: Claims Registration Period Ends July 14
-----------------------------------------------------------
Creditors owed money by LLC HEIFERT Fertighaus (FN 69290y) have
until July 14, 2008, to file written proofs of claim to court-
appointed estate administrator Ute Toifl at:

          Dr. Ute Toifl  
          Tuchlauben 12/20
          1010 Wien
          Austria
          Tel: 01/535 46 11
          Fax: 01/535 46 11 11
          E-mail: office@thr.at    

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:20 a.m. on July 31, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Korneuburg
          Hall II
          Room 104
          First Floor
          Korneuburg
          Austria

Headquartered in Grossstelzendorf, Austria, the Debtor declared
bankruptcy on May 23, 2008 (Bankr. Case No. 32 S 14/08h).  


INGER LLC: Claims Registration Period Ends July 17
--------------------------------------------------
Creditors owed money by LLC INGER (FN 232686k) have until
July 17, 2008, to file written proofs of claim to court-
appointed estate administrator Michael Neuhauser at:

          Mag. Michael Neuhauser
          Esslinggasse 7
          1010 Wien
          Austria
          Tel: 01/90 333
          Fax: 01/90 333 55
          E-mail: wien@snwlaw.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on July 31, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Korneuburg
          Hall II
          Room 104
          First Floor
          Korneuburg
          Austria

Headquartered in Korneuburg, Austria, the Debtor declared
bankruptcy on May 23, 2008 (Bankr. Case No. 36 S 62/08x).  


SW IMMOBILIEN: Claims Registration Period Ends July 1
-----------------------------------------------------
Creditors owed money by LLC SW Immobilien (9 S 35/08g) have
until July 1, 2008, to file written proofs of claim to court-
appointed estate administrator Peter Wilhelm at:

          Dr. Peter Wilhelm
          Ringstrasse 9
          3500 Krems
          Austria
          Tel: 02732/82265
          Fax: 02732/822656
          E-mail: rechtsanwalt@ra-wilhelm.at     

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:15 a.m. on  July 16, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Krems an der Donau
          Hall A
          Second Floor
          Krems an der Donau
          Austria

Headquartered in Krems an der Donau, Austria, the Debtor
declared bankruptcy on May 23, 2008 (Bankr. Case No. 9 S
35/08g).  


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


QUIKSILVER INC: Posts US$206MM Net Loss in Qtr. Ended April 30
--------------------------------------------------------------
Quiksilver, Inc. reported results for the second quarter ended
April 30, 2008.

Consolidated net revenues from continuing operations for the
second quarter of fiscal 2008 increased 15% to US$596.3 million,
from US$520.4 million in the second quarter of fiscal 2007.

Consolidated income from continuing operations for the second
quarter of fiscal 2008 was US$38.7 million, or US$0.30 per
share, compared to US$32.4 million, or US$0.25 per share, for
the second quarter of fiscal 2007.  Net revenues and income from
continuing operations for all periods exclude the results of the
Rossignol wintersports equipment and apparel business as well as
the golf equipment business which are reported as discontinued
operations.  The company sold its golf equipment operations in
December 2007 and has begun a process to sell its Rossignol
wintersports equipment and apparel business.

For the three months ended April 30, 2008, the company reported
a net loss of US$206,224,000.

The company classified its Rossignol wintersports equipment and
apparel business as discontinued operations and took a non-cash
pre-tax charge in the second quarter of US$240.2 million.  The
non-cash charge is not expected to effect the company’s
operations or financial covenants.  The revision to the recorded
value of the Rossignol Group was triggered by the sale process.
The planned sale of the Rossignol Group is an objective which
the company disclosed previously.

Robert B. McKnight, Jr., Chairman of the Board, Chief Executive
Officer and President of Quiksilver, Inc., commented, “We are
pleased with the strong second quarter financial performance
delivered by the Quiksilver team.  As we separate the results of
the Rossignol Group from those of our continuing core
businesses, it becomes increasingly clear that our broadly
diversified mix of brands, products, geographies and
distribution channels positions us well in challenging economic
climates, such as the one we all face today.  As the boardsport
lifestyle continues to expand around the world, our results
demonstrate that the quality, style and authenticity of our
brands have more influence than ever on the buying decisions of
our customers.”

All segments have been adjusted to reflect the discontinued
operations classification of the Rossignol wintersports
equipment and apparel business.  The Americas, Europe and
Asia/Pacific segments include operations of the Quiksilver,
Roxy, DC and other apparel brand businesses.

Net revenues in the Americas segment increased 5% during the
second quarter of fiscal 2008 to US$247.6 million from US$236.3
million in the second quarter of fiscal 2007.  European segment
net revenues increased 23% during the second quarter of fiscal
2008 to US$284.5 million from US$231.9 million in the second
quarter of fiscal 2007.  Approximately US$36.0 million of
Europe’s increase was attributable to the positive effect of
foreign currency exchange rates.  Asia/Pacific segment net
revenues increased 23% to US$62.5 million in the second quarter
of fiscal 2008 from US$51.0 million in the second quarter of
fiscal 2007.  Approximately US$7.7 million of Asia/Pacific’s
increase was attributable to the positive effect of foreign
currency exchange rates.

Consolidated inventories increased 11% to US$304.1 million at
April 30, 2008 from US$274.6 million at April 30, 2007.

Changes in foreign currency exchange rates accounted for
approximately US$18.3 million of the increase in inventories
compared to April 30, 2007. Consolidated trade accounts
receivable increased 12% to US$473.0 million at April 30, 2008
from US$421.3 million at April 30, 2007.  Changes in foreign
currency exchange rates accounted for approximately US$23.0
million of the increase in accounts receivable compared to April
30, 2007.

The company indicated that visibility into revenues and earnings
remains limited for the remainder of the fiscal year.  For
continuing operations, the company indicated it expects to
generate annual revenue growth for the full fiscal year of
approximately 10% and expects to generate EPS that is slightly
below the result generated in fiscal year 2007 of US$0.90 per
share.

                        About Quiksilver:

Quiksilver, Inc. (NYSE:ZQK) is an outdoor sports lifestyle
company, which designs, produces and distributes a diversified
mix of branded apparel, wintersports equipment, footwear,
accessories and related products.  The company’s apparel and
footwear brands represent a casual lifestyle for young-minded
people that connect with its boardriding culture and heritage.
The reputation of Quiksilver’s brands is based on different
outdoor sports.  The Company’s Quiksilver, Roxy, DC and Hawk
brands are synonymous with the heritage and culture of surfing,
skateboarding and snowboarding, and its beach and water oriented
swimwear brands include Raisins, Radio Fiji and Leilani.  The
Company continues to make snowboarding equipment under its DC,
Roxy, Lib Technologies, Gnu and Bent Metal labels.  The
company’s products are sold in over 90 countries in a wide range
of distribution, including surf shops, skate shops, snow shops,
its proprietary Boardriders Club shops and other company-owned
retail stores, other specialty stores and select department
stores.

Quiksilver’s corporate and Americas’ headquarters are in
Huntington Beach, California, while its European headquarters
are in St. Jean de Luz, France, and its Asia/Pacific
headquarters are in Torquay, Australia.  The company has two
subsidiaries located in Mexico.


QUIKSILVER INC: Moody's Reviews Ba3 Ratings and May Downgrade
-------------------------------------------------------------
Moody's Investors Service placed Quiksilver, Inc.'s Ba3
Corporate Family Rating, Ba3 Probability of Default Rating, and
Ba3 (LGD 4, 59%) US$400m senior unsecured note rating on review
for possible downgrade. LGD assessments and point estimates are
also subject to change. The company's SGL-3 rating was affirmed.

The review for possible downgrade considers the uncertainty
associated with company's ability to successfully conclude a
sale of its Rossignol ski equipment business.  Quiksilver has
announced that the Rossignol ski business, which has incurred
significant operating losses, is for sale and has been accounted
for as a discontinued operation.

While a successful sale of Rossignol could have an immediate
positive impact on Quiksilver's consolidated operating
performance, the amount, timing and terms of any sale remains
uncertain.  Failure to sell the business in the near-term term
would likely mean that Quiksilver will not be able to achieve
the credit metrics necessary to maintain its current rating.

Quiksilver's debt-to-EBITDA ratio for the latest 12-month period
ended April 30, 2008 was in the mid 5 times range (treating
Rossignol as a continuing operation).  This is considered high
for the rating, and is largely the result of operating losses at
Rossignol which was acquired in July 2005.  The company's core
apparel and footwear businesses, which represent a majority of
consolidated revenue, continue to perform well

Moody's review will focus on the outcome of the sale process for
Rossignol, including the terms and conditions of any potential
sale.  Ratings could be lowered if the company is unable to
conclude a sale in the near term.

The affirmation of Quiksilver's SGL-3 Speculative Grade
Liquidity Rating is based on the company's adequate liquidity,
represented by its approximate US$91 million in cash and
equivalents as of April 30, 2008 and supplemental liquidity
support in the form of a committed US$300 million asset based
credit facility.  At the same time, the SGL-3 continues to
recognize the company's continued reliance internationally on
short term uncommitted funding arrangements.

Quiksilver, Inc. is a diversified designer and distributor of
branded apparel and footwear including Quiksilver, Roxy, and DC,
as well as ski and snowboard equipment under the Rossignol
brand.  The company reported fiscal-year 2007 total revenue from
continuing operations of approximately US$2.05 billion.


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G E R M A N Y
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BREEZE FINANCE: Moody's Withdraws Provisional Ratings on 2 Notes
----------------------------------------------------------------
Moody's Investors Service has withdrawn these provisional
ratings assigned to two classes of notes issued by Breeze
Finance S.A. Compartment Two:

     -- (P)Baa3 to the EUR[156,200,000] [] percent Class A
        Secured Bond due 2028 and Legal Final Maturity of 2035

     -- (P)Ba3 to the EUR[45,800,000] [] percent Class B Secured
        Bond due 2028 and Legal Final Maturity of 2035


Moody's downgrades Orco to B3/Ba1.cz; review for further
downgrade


DUERR AG: Moody's Revises Outlook to Positive; Affirms Ratings
--------------------------------------------------------------
Moody's Investors Service changed the outlook to positive from
stable on Duerr AG's B2 corporate family rating.  The B2
corporate family as well as the Caa1 rating on Duerr AG's EUR
200 million senior subordinated notes (LGD 5, 83%) have been
affirmed.

Rainer Neidnig, lead analyst at Moody's for Duerr, said: "The
outlook change to positive was prompted by Duerr's steadily
improving operating performance as well as the recent equity
capital increase of EUR 44 million which, in combination,
markedly improved Duerr's credit profile."  The positive outlook
reflects Moody's expectation that Duerr will (i) at least
maintain the recent improvements in its operating performance
and earnings, and (ii) replace or extend its existing revolving
credit facility expiring in 2009 in due course.  In such case,
Duerr's corporate family rating could be upgraded to B1 in
relative short order.

After a period of depressed profitability with the trough seen
in 2005, Duerr has reported gradual but steady improvements in
its operating results as evidenced in an EBITA margin that has
increased to 3.9% by 2007 up from 1.3% in 2005.  In Moody's view
this positive trend is attributable to both internal and
external factors.  In particular, Duerr benefits from an
enhanced operating footprint owing to its FOCUS restructuring
program concluded in 2007.  At the same time the benign economic
environment with strong investment activity in the automotive
industry has helped to increase revenues and reach a record
order book of EUR 1.2 billion per March 2008 (Dec 2006: EUR 0.8
billion).  Moody's notes positively that Duerr also managed to
translate the improving profitability and better earnings into
higher cash flow and decreasing leverage.  In 2007, Duerr
reported a positive Free Cash Flow of EUR 17 million - following
three years of negative Free Cash Flow - and the RCF/Net Debt
ratio improved to 14% after 5% in 2006.  Duerr also started well
into 2008 which resulted in a further decrease in leverage
ratios such as Debt/EBITDA of 4.2x per Q1/2008 after 5.0x in
2007 and 5.5x in 2006.  Pro forma for the anticipated debt
reduction from the EUR 44 million equity increase the ratio
would have stood at 3.7x per Q1/2008.

Despite the described positive trends and developments Moody's
points out that the assigned ratings also consider various risks
and market challenges associated with Duerr's business profile.

In particular, Moody's cautions that execution risk related to
larger projects is typical for the industry, especially as Duerr
is moving more and more into emerging markets.  Moody's also
cautions that unfavourable exchange rates could impact the
company's competitive position or earnings through currency
translation and that rising raw material prices could
potentially affect margins in the mechanical engineering
business or the execution of projects in the plant engineering
business.

Headquartered in Stuttgart, Germany, Duerr is a leading plant
and mechanical engineering group with 47 locations in 21
countries.  The group generates about 85% of revenues with
automobile manufacturers and their suppliers but increasingly
supplies sectors such as aviation, mechanical engineering,
chemical, pharmaceutical or printing.  Duerr's product offering
includes paint shops, assembly systems, balancing and diagnostic
systems, industrial cleaning systems and related services.  The
group holds strong market positions in all of its activities,
e.g. a 40% global market share in paint shops and painting lines
which account for approximately half of the group's revenues. In
2007, Duerr recorded revenues of EUR 1,477 million with almost
6,000 employees.


IKB DEUTSCHE: Court Dismisses Two Shareholder Lawsuits
------------------------------------------------------
The state court in Dusseldorf dismissed two shareholder lawsuits
against IKB Deutsche Industriebank AG relating to sub-prime
losses, the Associated Press reports.

According to Judge Michael Meurer, the shareholders, who sought
damages totaling EUR17,000 (US$26,350) from IKB, failed to prove
the bank intentionally provided them wrong information about
risks from the sub-prime lending crisis resulting to losses, the
AP notes.

The shareholders, on the other hand, argued that a July 20
statement by IKB appeared to reject speculation about possible
fallout from the sub-prime lending crisis and encourage share
buying, the AP relates.

However, IKB issued a profit warning on July 30, stating it was
hit by the the crisis in the U.S. sub-prime mortgage market.  
The bank also disclosed that its chief executive, Stefan
Ortseifen, had quit his post, the AP adds.

IKB, the paper reveals, is still facing 50 other shareholder
cases at the Dusseldorf court.

                         About IKB Deutsche

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

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

                         *     *     *

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


PATROL GELD- UND WERTTRANSPORTE: Claims Registration Ends July 4
----------------------------------------------------------------
Creditors of Patrol Geld- und Werttransporte GmbH have until
July 4, 2008 to register their claims with court-appointed
insolvency manager Goerge Scheid.

Creditors and other interested parties are encouraged to attend
the meeting at 11:10 a.m. on Aug. 12, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

         Goerge Scheid
         Rudolf-Diener-Str. 9
         07545 Gera
         Germany

The District Court of Gera opened bankruptcy proceedings against
Patrol Geld- und Werttransporte GmbH on June 2, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Patrol Geld- und Werttransporte GmbH
         Steingarten
         07554 Gera-Hermsdorf
         Germany

        
PFIFF HOLZBAU: Claims Registration Ends July 4
----------------------------------------------
Creditors of PFIFF Holzbau GmbH have until July 4, 2008 to
register their claims with court-appointed insolvency manager
Horst Helberg.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 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 Erfurt
         Hall 12
         Rudolfstr. 46
         99092 Erfurt
         Germany

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

The insolvency manager can be reached at:
         
         Horst Helberg
         Hochheimer Str. 47
         99094 Erfurt
         Germany

The District Court of Erfurt opened bankruptcy proceedings
against PFIFF Holzbau GmbH on May 28, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         PFIFF Holzbau GmbH
         Tranke 55
         99518 Auerstedt
         Germany


POS SERVICE: Claims Registration Ends July 4
--------------------------------------------
Creditors of POS Service GmbH have until July 4, 2008 to
register their claims with court-appointed insolvency manager
Steuerberater Thomas Steger.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on July 25, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bad Neuenahr-Ahrweiler
         Hall 4
         Wilhelmstrasse 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:

         Steuerberater Thomas Steger
         Koelnstr. 135
         53757 St. Augustin
         Germany         
         Tel: 02241-90600
         Fax: 02241-90 60 90
         E-mail: kanzlei@kalker-fahnster.de  

The District Court of Bad Neuenahr-Ahrweiler opened bankruptcy
proceedings against POS Service GmbH on April 21, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         POS Service GmbH
         Rheinstr. 2
         53424 Remagen
         Germany

         Attn: Erika Franken, Manager
         Breniger Str. 10
         53913 Swisttal
         Germany


PREMIUM AVIATION: Claims Registration Ends July 4
-------------------------------------------------
Creditors of Premium Aviation GmbH have until July 4, 2008 to
register their claims with court-appointed insolvency manager  
Ulrich Cramer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 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 Munich
         Meeting Hall 102
         Infanteriestr. 5
         80097 Munich
         Germany

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

The insolvency manager can be reached at:

         Ulrich Cramer
         Heiliggeiststr. 7+8
         RA Floether & Wissing
         80331 Munich
         Germany
         Tel: 089/21 02 88 58
         Fax: 089/23 24 95 03

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

The Debtor can be reached at:

         Premium Aviation GmbH
         Ostallee Btl. 171.01
         85356 Munich
         Germany

         Attn: Nicolai Bader and Werner Bader, Managers
         Mitterfeldstr. 5
         85737 Ismaning
         Germany


PROFILO ELECTRONICS: Claims Registration Ends July 4
----------------------------------------------------
Creditors of Profilo electronics GmbH have until July 4, 2008 to
register their claims with court-appointed insolvency manager  
Michael Moenig.

Creditors and other interested parties are encouraged to attend
the meeting at 8:45 a.m. on July 25, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Michael Moenig
         Von-Steuben-Strasse 18
         48143 Muenster
         Germany
         Tel: 0251/38484-333
         Fax: +4925138484300

The District Court of Muenster opened bankruptcy proceedings
against Profilo electronics GmbH on May 7, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Profilo electronics GmbH
         Attn: Celal Canoguz, Manager
         Luedinghauser Strasse 52
         59387 Ascheberg
         Germany


PROSIEBENSAT.1 MEDIA: Sells C More Group to TV4 for SEK3 Billion
----------------------------------------------------------------
ProSiebenSat.1 Group is to sell the C More Group AB to Swedish
broadcaster TV4 AB.  The respective share purchase agreement was
signed June 16, 2008.

C More Group AB is the holding company for the Pay-TV activities
of the ProSiebenSat.1 Group in Denmark, Finland, Norway and
Sweden.  The enterprise value underlying the transaction amounts
to SEK 3 billion or approximately EUR320 million.  The closing
of the transaction is subject to approval by antitrust
authorities.

"Free-TV is the core of our business," Patrick Tillieux, COO,
ProSiebenSat.1 Group, said.  "In that respect, the sale of C
More fits our strategy.  I am happy that we have found a
strategic investor, for whose portfolio C More is an ideal
complement."

"There was great interest in C More from strategic as well as
financial investors," Guillaume de Posch, CEO, ProSiebenSat.1
Group, said.  "We plan to use the proceeds from the transaction
primarily for debt reduction.

"For the first time, we are now establishing ourselves in the
premium pay market, a market that has developed with broader
distribution and strong growth for several years," Jan Scherman,
CEO, TV4 AB, said.  "This will also contribute to decrease our
dependence on advertising revenue.

"C Mores different sports and movie channels are a perfect
complement to the TV4 Group with a broad offer based on
quality," Torsten Larsson, TV4's Chairman of the Board, said.
"This will benefit both TV4 as well as C Mores viewers in all
countries, when C More now is getting a long-term industrial
owner."

TV4 operates a number of Free- and Pay-TV channels in Sweden and
is part of the Bonnier Group, a family-owned international media
group based in Sweden with operations in more than 20 countries,
including TV stations in Sweden and Finland.

ProSiebenSat.1 Group was advised in the transaction by Lehman
Brothers. TV4 and Bonnier were advised by UBS Investment Bank.

                      About ProsiebenSat.1

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

                          *     *     *

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


RESO BAUAUSFUEHRUNGEN: Claims Registration Period Ends July 3
-------------------------------------------------------------
Creditors of Reso Bauausfuehrungen GmbH have until July 3, 2008,
to register their claims with court-appointed insolvency manager
Dr. Olaf Buechler.

Creditors and other interested parties are encouraged to attend
the meeting at 10:20 a.m. on July 28, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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. Olaf Buechler
         Herrengraben 3
         20459 Hamburg
         Germany

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

The Debtor can be reached at:

         Reso Bauausfuehrungen GmbH
         Fahrenkroen 55
         22179 Hamburg
         Germany


S & B GMBH: Claims Registration Ends July 4
-------------------------------------------
Creditors of S & B GmbH have until July 4, 2008 to register
their claims with court-appointed insolvency manager Tim
Langstadtler.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Aug. 8, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Norderstedt
         Hall B
         Rathausallee 80
         22846 Norderstedt
         Germany

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

The insolvency manager can be reached at:

         Tim Langstadtler
         Langenstuecken 34
         22393 Hamburg
         Germany

The District Court of Norderstedt opened bankruptcy proceedings
against S & B GmbH on May 15, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         S & B GmbH
         Grubeleck 2
         24628 Hartenholm
         Germany

         Attn: Gerhard Boehls, Manager
         Ploener Strasse 100
         23701 Eutin
         Germany


SCHAFER GMBH: Claims Registration Period Ends July 3
----------------------------------------------------
Creditors of Schafer GmbH & Co. KG have until July 3, 2008, to
register their claims with court-appointed insolvency manager
Ulrich Bert.

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 Darmstadt
         Hall 4.312
         Fourth Floor
         Building D
         Mathildenplatz 15
         64283 Darmstadt
         Germany

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

The insolvency manager can be reached at:

         Ulrich Bert
         Birkenweg 24
         64295 Darmstadt
         Germany
         Tel: 06151/66 72 9-0
         Fax: 06151/66 72 9-20
         E-mail: darmstadt@ltb-anwaelte.de  

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

The Debtor can be reached at:

         Schafer GmbH & Co. KG
         Messeler-Park-Str. 128
         64291 Darmstadt
         Germany


SELECTA GMBH: Claims Registration Period Ends July 4
----------------------------------------------------
Creditors of Selecta GmbH have until July 4, 2008, to register
their claims with court-appointed insolvency manager Stephan
Mitlehner.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 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 Potsdam
         Hall 24
         Justice Center
         Jagerallee 10 - 12
         14469 Potsdam
         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 Mitlehner
         Walter-Benjamin-Platz 6
         10629 Berlin
         Germany

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

The Debtor can be reached at:

         Selecta GmbH
         Attn: Herrn Claus-Peter Densow, Manager
         Im Waldwinkel 20
         14612 Falkensee
         Germany


STEUDA BERATUNGSGESELLSCHAFT: Claims Registration Ends July 3
-------------------------------------------------------------
Creditors of Steuda Beratungsgesellschaft mbH & Co. KG have
until July 3, 2008, to register their claims with court-
appointed insolvency manager Stefan Hinrichs.

Creditors and other interested parties are encouraged to attend
the meeting at 1:10 p.m. on July 24, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Oldenburg
         Meeting hall
         Second Floor
         Elisabethstrasse 6
         26135 Oldenburg
         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:

         Stefan Hinrichs
         Heiligengeiststrasse 29
         26121 Oldenburg
         Germany
         Tel: 0441 218910
         Fax: 0441 2189139

The District Court of Oldenburg opened bankruptcy proceedings
against Steuda Beratungsgesellschaft mbH & Co. KG on May 15,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

        Steuda Beratungsgesellschaft mbH & Co. KG
        Gottorpstr. 17
        26122 Oldenburg
        Germany


STIEGLER MALERWERKSTATTE: Claims Registration Period Ends July 4
----------------------------------------------------------------
Creditors of Stiegler Malerwerkstatte GmbH have until July 4,
2008, to register their claims with court-appointed insolvency
manager Dr. Helmut Eisner.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on July 25, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Ansbach
         Meeting Room 1
         Promenade 8
         91522 Ansbach
         Germany

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

The insolvency manager can be reached at:

         Dr. Helmut Eisner
         Josef-Schmitt-Str. 10
         97922 Lauda-Koenigshofen
         Germany
         Tel: 09343/2065
         Fax: 09343/3833

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

The Debtor can be reached at:

         Stiegler Malerwerkstatte GmbH
         Schwabedastrasse 5
         91522 Ansbach
         Germany


STREETPOINT CITY-POINT: Claims Registration Period Ends July 3
--------------------------------------------------------------
Creditors of Streetpoint City-Point BS GmbH have until July 3,
2008, to register their claims with court-appointed insolvency
manager Ruediger Weiss.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Aug. 14, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Dresden
         Hall D131
         Olbrichtplatz 1
         01099 Dresden
         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 Weiss
          Bautzner Strasse 102
          01099 Dresden
          Germany
          E-mail: http://www.wallnerweiss.info

The District Court of Dresden opened bankruptcy proceedings
against Streetpoint City-Point BS GmbH on May 27, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Streetpoint City-Point BS GmbH
         OT Pesterwitz
         Dorfplatz 6
         01705 Freital
         Germany


TAUBERLUX WEINE: Claims Registration Period Ends July 3
-------------------------------------------------------
Creditors of Tauberlux Weine GmbH have until July 3, 2008, to
register their claims with court-appointed insolvency manager
Dr. Helmut Eisner.

Creditors and other interested parties are encouraged to attend
the meeting at 1:30 p.m. on July 8, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Helmut Eisner
         Josef-Schmitt-Str. 10
         97922 Lauda-Koenigshofen
         Germany
         Tel: 09343/627590

The District Court of Mosbach opened bankruptcy proceedings
against Tauberlux Weine GmbH on May 30, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Tauberlux Weine GmbH
         Attn: Henner Hoerning, Manager
         Rebgutstr. 80
         97922 Lauda-Koenigshofen
         Germany


THP ROTE: Claims Registration Period Ends July 4
------------------------------------------------
Creditors of THP Rote Rakete GmbH have until July 4, 2008, to
register their claims with court-appointed insolvency manager
Dr. Dirk Wittkowski.

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

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Dirk Wittkowski
         Kirchblick 11
         14129 Berlin
         Germany

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

The Debtor can be reached at:

         THP Rote Rakete GmbH
         Max-Beer-Str. 50
         10119 Berlin
         Germany


TRARBACH & SCHNITZLER: Claims Registration Period Ends July 4
-------------------------------------------------------------
Creditors of Trarbach & Schnitzler Metalltechnik GmbH have until
July 4, 2008, to register their claims with court-appointed
insolvency manager Dr. Joerg Nerlich.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on July 25, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

         Dr. Joerg Nerlich
         Aachener Str. 563-565
         50933 Koeln
         Germany
         Tel: 0221/9408030
         Fax: 0221/9408039

The District Court of Bad Neuenahr-Ahrweiler opened bankruptcy
proceedings against Trarbach & Schnitzler Metalltechnik GmbH on
May 20, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Trarbach & Schnitzler Metalltechnik GmbH
         Hemmessener Str. 3 a
         53501 Grafschaft
         Germany

         Attn: Patric Hans Juergen Schnitzler, Manager
         53474 Bad Neuenahr-Ahrweiler
         Germany


TRIASS WERBEAGENTUR: Claims Registration Period Ends July 3
-----------------------------------------------------------
Creditors of Triass Werbeagentur GmbH have until July 3, 2008,
to register their claims with court-appointed insolvency manager
Dr. Gideon Boehm.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on July 31, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Gideon Boehm
         Bachstrasse 85a
         22083 Hamburg
         Germany

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

The Debtor can be reached at:

         Triass Werbeagentur GmbH
         Albert-Schweitzer-Ring 34
         22045 Hamburg
         Germany


WEIDLICH GMBH: Claims Registration Period Ends July 4
-----------------------------------------------------
Creditors of Weidlich GmbH have until July 4, 2008, to register
their claims with court-appointed insolvency manager NAME.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on July 25, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

         Dr. Joerg Nerlich
         Aachener Str. 563-565
         50933 Koeln
         Germany
         Tel: 0221/9408030
         Fax: 0221/9408039

The District Court of Bad Neuenahr-Ahrweiler opened bankruptcy
proceedings against Weidlich GmbH on April 25, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Weidlich GmbH
         Ringener Str. 38-40
         53474 Bad Neuenahr-Ahrweiler
         Germany

         Attn: Klaus Weidlich, Manager
         Rheinstr. 37
         53501 Grafschaft
         Germany


WHS-OBJEKTTECHNIK GMBH: Claims Registration Period Ends July 4
--------------------------------------------------------------
Creditors of WHS-Objekttechnik GmbH have until July 4, 2008, to
register their claims with court-appointed insolvency manager
Andreas Kienast.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Aug. 5, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Magdeburg
         Hall 13
         Breiter Weg 203 - 206
         39104 Magdeburg
         Germany

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

The insolvency manager can be reached at:

         Andreas Kienast
         Lennestr. 10
         39112 Magdeburg
         Germany
         Tel: 0391/5973322
         Fax: 0391/5973333

The District Court of Magdeburg opened bankruptcy proceedings
against WHS-Objekttechnik GmbH on May 15, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         WHS-Objekttechnik GmbH
         Helmholtzstr. 6a - 8
         39112 Magdeburg
         Germany

         Attn: Gildo Rene Spanneberg, Manager
         Auf der Grauwacke 35
         39130 Magdeburg
         Germany


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


ELAN CORP: Abraxis to Appeal Jury Ruling on Infringement Claim
--------------------------------------------------------------
Abraxis BioScience, Inc., disclosed that it intends to appeal
the jury ruling in the U.S. District Court for the District of
Delaware that Abraxis has infringed upon a patent owned by Elan
Corp.

In the suit, Elan claimed that Abraxis infringed upon two of
Elan's patents, 5,834,025 and 5,399,363, asserting Abraxane(R)
(paclitaxel protein-bound particles for injectable suspension)
(albumin-bound) uses technology protected by Elan-owned patents.

Elan withdrew its claim that Abraxis infringed on its 025
patent.

The jury ruled that Abraxis has infringed upon Elan's 363
patent, which runs until 2011, and awarded Elan US$55 million in
damages for sales of Abraxane(R) to date.  The company said it
is disappointed by the jury ruling in this complex patent
litigation and feels confident as it proceeds to appeal in this
matter.  Abraxis will pursue post-trial motions and appeal the
judgment of the District Court.


               About Abraxis BioScience Inc

Los Angeles-based Abraxis BioScience Inc.,now APP
Pharmaceuticals Inc., develops, manufactures, and markets
injectable pharmaceutical products.

                     About Elan Corp.

Headquartered in Ireland, Elan Corporation plc (NYSE: ELN) --
http://www.elan.com/-- is a neuroscience-based biotechnology
company.  Elan shares trade on the New York, London and Dublin
Stock Exchanges.

                          *    *    *

Elan Corp. plc carries Moody's long-term corporate family rating
of B3, probability of default rating of B2 with positive
outlook.  The company meanwhile carries Standard & Poor's B
rating on long-term foreign issuer credit and B rating on long-
term local issuer credit with positive outlook.  Both ratings
hold to date.


HOWLEY CIVIL: Interim Examiner Cuts 80 Jobs; Plans Asset Sale
-------------------------------------------------------------
Howley Civil Engineering Ltd.'s interim examiner, Brian McEnery
of Horwath Bastow Charleton, has laid off 80 of its 430
employees and implemented cost-cutting measures as part of
efforts to rescue the company, Ian Kehoe writes for the Sunday
Business Post.

According to Mr. McEnery, the Post says, more job cuts might be
needed to better Howley's financial situation.  The interim,
examiner will also sell Howley's plants and machinery for more
funds.

The Post also relates that Mr. McEnery is holding talks to sell
company shares to two potential investors.  He is currently
drafting an investment memorandum outlining Howley's financial
position to be circulated to other potential investors.

Ireland's High Court declared Howley was insolvent and placed it
under interim examinership after suffering from the slowdown in
the construction sector and incurring additional costs on
projects.

The company owed equipment firm Caterpillar EUR5.5 million and
AIB Finance EUR3 million.

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


MODERN TIMBER: Mounting Debts Prompt Examinership
-------------------------------------------------
Modern Timber Homes Ltd. has gone into examinership, the Sunday
Business Post reports.  The Post says the company, whose orders
declined following a downturn in the housing sector, was unable
to pay its debts of EUR1.5 million.

Ken Fennell, the Post relates, was appointed examiner by the
High Court.  Mr. Fennell, who has 70 days to draw up a rescue
package for the company, is in talks with possible investors.

Based in Donegal, Ireland, Modern Timber Homes Ltd. --
http://www.moderntimberhomes.ie/-- manufactures timber frames.   
The company was established in 2004 by Shaun McColgan with the
assistance of Daniel McColgan and Martin Wood.


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


ALITALIA SPA: Transport Commissioner Vows Fair Probe over Loan
--------------------------------------------------------------
Antonio Tajani, Transport Commissioner of the European
Commission, said he will be objective in conducting the probe
into the Italian government's EUR300-million financing to
Alitalia S.p.A., Reuters reports.

Mr. Tajani, a lawmaker close to Italian Prime Minister Silvio
Berlusconi, replaced Franco Frattini as Italy's representative
to the EU.

"Whenever the Commission feels treaties are not being respected,
the Commission has to intervene," Mr. Tajani was quoted by
Reuters as saying.  "I will behave in exactly the same way
regardless of which country we are talking about."

The European Commission commenced June 11, 2008, an in-depth
probe into the emergency funding, which may last up to 18
months.  The Italian government must prove that the loan was
offered to Alitalia on commercial terms and does not constitute
illegal state aid.

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

"On Alitalia I have behaved as a European commissioner," Mr.
Tajani added.  "I didn't first look at my passport, even though
I was born in Rome.  I wasn't going to pass the burden of this
subject on to another commissioner."

                         About Alitalia

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

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


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


ALMATY GOROFORMLENIYE: Creditors Must File Claims by July 25
------------------------------------------------------------  
Branch of JSC Almaty Goroformleniye has declared insolvency.  
Creditors have until July 25, 2008, to submit written proofs of
claims to:

         JSC Almaty Goroformleniye
         Holmetsky Str. 4a
         Jezkazgan
         Karaganda
         Kazakhstan
         Tel: 8 (7102) 72-10-46
              8 (7102) 74-85-82
         Fax: 8 (7102) 72-06-11


ATB MUNAI: Claims Deadline Slated for July 25
---------------------------------------------  
The Specialized Inter-Regional Economic Court of Astana has
declared LLP Atb munai Oil insolvent 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


INTER FIVE: Claims Filing Period Ends July 29
---------------------------------------------  
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Inter Five insolvent on May 7, 2008.

Creditors have until July 29, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Pavlodar
         Dostoevsky Str. 72
         Pavlodar
         Kazakhstan
         Tel: 8 (7182) 32-91-97


KAZ GAS: Creditors' Claims Due on July 25
-----------------------------------------  
LLP Kaz Gas Prom has declared insolvency.  Creditors have until
July 25, 2008, to submit written proofs of claims to:

         LLP Kaz Gas Prom
         Al-Farabi ave. 5
         Almaty


KAZ SIB: Claims Registration Ends  July 29
------------------------------------------  
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Kaz Sib Trading insolvent.

Creditors have until July 29, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Pavlodar
         Dostoevsky Str. 72
         Pavlodar
         Kazakhstan
         Tel: 8 (7182) 32-91-97


ORG TECH: Creditors Must File Claims by July 29
-----------------------------------------------  
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Org TEch Stroy Invest insolvent.

Creditors have until July 29, 2008, to submit written proofs of
claims to:

Creditors have until July 29, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Micro District Mamyr-4, 299/21
         Almaty
         Kazakhstan
         Tel: 8 (7272) 27-21-50


TMK OAO: Acquires 100% Stake in Kaztrubprom
-------------------------------------------
OAO TMK has acquired a 100% share capital in Uralsk, Kazakhstan-
based OOO Kaztrubprom, which specializes in the threading and
finishing of tubing and casing pipes used in the oil and gas
industry.  At present, its production capacity is 60,000 tons of
pipes per year.

This latest acquisition will allow TMK to continue increasing
its output of high-technology pipes; a segment currently
witnessing high demand on the global energy markets.

Additionally, this new TMK asset will help strengthen the
Company's position on the promising Kazakhstan market and in
other CIS member states including, Uzbekistan, Turkmenistan and
Azerbaijan, where the oil and gas sector is actively being
developed.

TMK plans to increase Kaztrubprom's efficiency through
production synergies; including shipping Russian-produced
seamless green (unfinished) pipes for subsequent threading and
finishing in Kazakhstan.  The acquisition will also allow TMK to
further increase its level of production and distribution
flexibility when working with Russian oil and gas companies
operating in the Southern Urals, North Caucasus and Volga
region.

TMK plans to expand the finishing facility's product mix and
increase production efficiency by 2011, largely focusing on the
development and production of proprietary TMK Premium
connections.

"This latest acquisition is part of our strategy to develop
TMK's high-tech, premium-class product segments, increase sales
volumes, and further expand the Company's presence on global oil
and gas markets," said TMK CEO, Konstantin Semerikov.

                          About TMK

Headquartered in Moscow, Russia, OAO TMK --
http://www.tmk-group.ru/-- manufactures the entire product
range of existing pipe products, which are used in the oil-and-
gas industry, the chemical and petrochemical industries, the
energy and machine-building industries, construction and the
municipal housing economy, shipbuilding, aviation, space and
rocket equipment, and agriculture.  TMK has production
facilities located in Russia and Romania, which unite the four
leading enterprises in the Russian pipe industry.

                          *     *     *

OAO TMK continues to carry Ba3 Corporate Family and Probability-
of-Default ratings with negative outlook from Moody's Investors
Service.

The company also continues to carry BB- long-term foreign and
local issuer credit ratings with negative outlook from Standard
& Poor's.


TUDE COMPANY: Claims Deadline Slated for July 29
------------------------------------------------  
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Tude Company insolvent.  

Creditors have until July 29, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Micro District Mamyr-4, 299/21
         Almaty
         Kazakhstan
         Tel: 8 (7272) 27-21-50


ZAVOD ELECTROMONTAJNYH: Claims Filing Period Ends July 25
---------------------------------------------------------  
The Specialized Inter-Regional Economic Court of Pavlodar has
declared OJSC Plant of Wiring Production Zavod Electromontajnyh
Izdely insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Pavlodar
         Administrativny gorodok
         140000, Pavlodar
         Kazakhstan
         Tel: 8 (7182) 33-41-21


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


NEFTEPROM-IMPEX LLC: Claims Filing Period Ends July 11
------------------------------------------------------
LLC Nefteprom-Impex has declared insolvency.  Creditors have
until July 11, 2008 to submit written proofs of claim.

Inquiries can be addressed to (+996 3132) 5-43-42


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


BREEZE THREE: S&P Rates EUR84 Million Class B Notes at BB-
----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'AA' long-term
insured debt rating to the EUR287 million class A senior secured
amortizing notes due in 2027, issued by Breeze Finance S.A.
(Breeze Three).  The insured debt rating is on CreditWatch
with negative implications reflecting the CreditWatch on MBIA
U.K. Insurance Ltd. (AA/Watch Neg/--), which provides the notes
with unconditional and irrevocable payment guarantee of
scheduled interest and principal.

At the same time, the class A notes were assigned a 'BBB'
underlying long-term debt rating.  This rating was removed from
CreditWatch where it was placed with negative implications on
Dec. 19, 2007.  The outlook on the underlying notes is now
stable.

S&P revised the recovery rating on these notes to '2' from '1',
indicating S&P's expectation of substantial recovery of
principal (in the range of 70% to 90%) in the event of a payment
default.

Furthermore, Standard & Poor's also assigned its 'BB-' long-term
debt rating to the EUR84 million class B subordinated notes, due
in 2027, issued by Breeze Three.  This rating was also removed
from CreditWatch where it was placed with negative implications
on Dec. 19, 2007.

The removal of the underlying 'BBB' and of the 'BB-' ratings
from CreditWatch follows S&P's discussions with the tax advisors
to the transaction, as a result of which we expect that the
potential changes in tax law should have a rather limited impact
on cash available at Breeze Finance S.A. to service principal
and interest.

S&P assigned the above ratings following receipt and
satisfactory review of all final transaction documentation,
including legal opinions.

Breeze Three is a Luxembourg-based special-purpose vehicle
(SPV), which has raised funds for the Breeze Three wind power
partnership that consists of 43 wind farms located in Germany
and France with a total installed capacity of about 350
megawatts (MW).  The majority of the farms, representing 90% of
the planned capacity of the project, are located in Germany.

By the end of the first quarter 2008, 90% (December 2007, 87%)
of the wind farms had already been commissioned, therefore
significantly reducing exposure to construction risk.  The few
remaining wind farms are expected to start operations in the
third quarter of 2008 at the latest.  The completion of one
small French wind farm is further delayed to the third quarter
of 2008, owing to issues with the turbine supplier.  This is
expected to have a small impact on revenues.

The portfolio benefited from wind conditions in line with
expectations in the first quarter 2008.  "The availability of
the portfolio does not yet meet forecasts, and was 95.3% in the
first quarter, which is below the projected 97%," said Standard
& Poor's credit analyst Ralf Etzelmueller.  "Nevertheless, we
expect the availability to improve over time after the wind
parks have completed their commissioning periods."

"The stable outlook reflects our expectation that the project
will continue to perform within expectations," said Mr.
Etzelmueller.  "While debt service cover ratios are expected to
be slightly lower than when we assigned the preliminary rating,
these are still expected to be within a range level acceptable
for the underlying rating."


ORCO PROPERTY: Moody's Lowers Corporate Family Rating to B3
-----------------------------------------------------------
Moody's Investors Service downgraded the corporate family rating
of Orco Property Group S.A. to B3 from B2 and the national scale
rating to Ba1.cz from Baa3.cz and placed the ratings on review
for possible further downgrade.

The downgrade reflects the fact that the company's credit
metrics at the end of 2007 were weaker than Moody's had
anticipated.  When initially assigned in October 2006, the
corporate family rating had taken into account Moody's
expectation that Orco would begin to generate recurring
operating profits (excluding surpluses arising from the re-
valuation of investment properties); however, it has yet to do
so.  In addition, Orco has grown rapidly by investing in real
estate with longer-term potential growth in value, but these
assets have yet to generate sufficient levels of income to
support the related increase in debt.  The combination of thin
recurring profitability, negative funds from operations and high
leverage (debt to recurring EBITDA) indicated that the former
rating was no longer sustainable.

The ratings have been placed on review for possible further
downgrade because Orco's rapid expansion has heightened the
company's business risk profile.  Moody's is concerned that the
company's large exposure to speculative commercial property
developments, in addition to homebuilding, could lead to
liquidity problems should the real estate market in Central and
Eastern Europe begin to slow.  As inflation levels are rising in
Eastern Europe, hikes in interest rates are expected, which may
then have a negative impact on the demand for both residential
and commercial property and slow lettings and sales of newly
completed developments.

Moody's review will focus on:

      -- The degree to which a market slowdown will affect
         Orco's current development programmes

      -- The company's ability to improve the generation of
         funds from operations

      -- The company's ability to reduce leverage to a level
         that translates into positive retained cash flow and
         strengthen interest cover

These ratings of Orco Property Group S.A. were downgraded and
placed on review for possible further downgrade:

      -- Corporate family rating to B3 from B2

      -- National scale rating to Ba1.cz from Baa3.cz

The Probability of Default Rating was also downgraded to B3 from
B2.

Moody's last rating action on Orco Property Group was on 4 April
2007, when the agency assigned a Probability of Default Rating
(PDR) of B2 and a Loss Given Default assessment of LGD4 (Loss
Given Default rate of 50%).

Headquartered in Luxembourg, Orco Property Group S.A. is a
diversified residential and commercial property developer and
investment manager in Central and Eastern Europe and ranks as
the third-largest residential developer in Prague, Czech
Republic.  The group had total assets of EUR2.9 billion at 31
March 2008.


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


BUILDING ASSEMBLY 3: Court Starts Bankruptcy Supervision
--------------------------------------------------------
The Arbitration Court of Kareliya commenced bankruptcy
supervision procedure on CJSC Building Assembly Enterprise 3.
The case is docketed under Case No. A26-692/2008.

The Temporary Insolvency Manager is:

         E. Zueva
         Pravdy Str. 29
         Petrozavodsk
         Kareliya
         Russia

The Debtor can be reached at:

         CJSC Building Assembly Enterprise 3
         Pravdy Str. 29
         Petrozavodsk
         Kareliya
         Russia


DECOR LLC: Moscow Bankruptcy Hearing Slated for June 26
-------------------------------------------------------
The Arbitration Court of Moscow will convene on June 26, 2008,
to hear the bankruptcy supervision procedure on LLC Decor.  The
case is docketed under Case No. A41-K2-2036/08.

The Temporary Insolvency Manager is:

         Y. Poliychuk
         Post User Box 169
         107078 Moscow
         Russia

The Court is located at:

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

The Debtor can be reached at:

         LLC Decor
         Office 9
         Kalinina Str. 6V
         Korolev
         141070 Moscow
         Russia


ENTERPRISE ECOLOGICAL: Creditors Must File Claims by July 13
------------------------------------------------------------
Creditors of OJSC Enterprise Ecological Equipment of
Experimental Mechanical Engineering (TIN 5031007100) have until
July 13, 2008, to submit proofs of claim to:

         O. Denisova
         Insolvency Manager
         Post User Box NP SRO NAU DELO
         127562 Moscow
         Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No.A41-?2-18780/07.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Enterprise Ecological Equipment of Experimental          
         Mechanical Engineering
         Volodarskogo 22
         Noginsk
         Moscow
         Russia


GALLERY MEDIA: Moody's Revises Outlook to Stable from Positive
--------------------------------------------------------------
Moody's Investors Service changed the outlook on the Caa1
corporate family rating of Gallery Media Group Ltd. and the
existing bond rating of Gallery Capital SA to stable from
positive.

Through various wholly owned holding companies, Gallery Media
Group Ltd. controls the second-largest outdoor advertising
network in Russia and Ukraine (advertisement market share of 11%
and 8%, respectively).  Moody's says that the change in outlook
was prompted by the reassessment of its previous expectation
that the credit profile of Gallery would materially improve over
the course of 12 months to Aug. 1, 2008.

The rating action reflects these factors: (i) Moody's concerns
relating to delays in executing the strategic and operational
turnaround of Gallery following a change of management earlier
this year, resulting in a degree of planning uncertainty, in
particular with regard to forecasted capex; (ii) delayed IPO
prospects; (iii) substantially lower expectations of growth
(compared with 133% in 2006 and 95% in 2007) due to the
aggressive acquisition strategy being significantly scaled down
in favour of organic growth; (iv) first quarter 2008 results
demonstrating weakening margins due to increased rental and city
fee expenses, as well as permits attributable to the signing of
five-year advertisement contracts with the city, and lower
occupancy of investment-intensive large formats.

However, Moody's positively notes (i) Gallery's second-largest
position on Russia's advertisement market after its main
competitor News Outdoor, (ii) Gallery's management success in
regaining the Moscow city business portfolio following
detrimental municipal authorities relationship difficulties in
the second half of 2007; and (iii) its committed focus on the
integration of acquisitions, asset composition rebalancing to
achieve maximum profitability, and working capital control.

Moody's advises that the company's current liquidity position is
underpinned by the committed backup line for up to US$10 million
and cash balances in excess of US$31.2 million as of end-March
2008 and expected circa US$17 million cash proceeds from
property sale.  However, the rating agency does not expect the
ongoing restructuring to sufficiently improve the company's
leverage, coverage or profitability metrics over the course of
the next 6-12 months to trigger a ratings upgrade.  Moody's will
monitor the company's performance in the second quarter of 2008
to ensure it is consistent with the assigned Caa1 ratings.

Headquartered in Moscow, Russia, Gallery currently operates the
second-largest outdoor advertising network after News Outdoor in
Russia and Ukraine (based on revenues and the number of
advertising faces owned).  During fiscal year 2007 and Q1 2008,
Gallery reported revenues of US$152 million and US$41.8 million
and adjusted for imputed tax EBITDA of US$ 46.8 million and
US$7.2 million, respectively.


GENERAL INSURANCE: Moscow Bankruptcy Hearing Slated for July 15
---------------------------------------------------------------
The Arbitration Court of Moscow will convene on July 15, 2008,
to hear the bankruptcy proceedings against OJSC General
Insurance Company after finding it insolvent.  The case is
docketed under Case No. A40-40584/07-124-127B.

The Insolvency Manager is:

         V. Chenskikh
         Apt. 30
         Admirala Lazareva Str. 27
         117042 Moscow
         Russia

The Court is located at:

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

The Debtor can be reached at:

         OJSC General Insurance Company
         Building 1
         Brodnikov Per. 7
         119180 Moscow
         Russia


GREMYACHINSKIY FISHING: Court Starts Bankruptcy Supervision
-----------------------------------------------------------
The Arbitration Court of Buryatiya commenced bankruptcy
supervision procedure on OJSC Gremyachinskiy Fishing Factory
(TIN 0316000462).  The case is docketed under Case No.
A10-677/ 08.

The Temporary Insolvency Manager is:

         A. Anfilofyev
         Botanicheskaya Str. 35a
         Ulan-Ude
         670045 Buryatiya
         Tel/Fax: (3012) 44-36-20

The Debtor can be reached at:

         OJSC Gremyachinskiy Fishing Factory
         Naberezhnaya Str. 2a
         Gremyachinsk
         Pribaykalskiy
         670000 Buryatiya
         Russia


KABANSKIY OJSC: Claims Registration Period Ends July 13
-------------------------------------------------------
Creditors of OJSC Butter Mill Kabanskiy have until July 13,
2008, to submit proofs of claim to:

         A. Buldynov
         Insolvency Manager
         Borovaya Str. 11
         Ulan-Ude
         670045 Buryatiya
         Russia

The Arbitration Court of Buryatiya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A10-2868/07.

The Debtor can be reached at:

         A. Buldynov
         Insolvency Manager
         Borovaya Str. 11
         Ulan-Ude
         670045 Buryatiya
         Russia


KURSKAYA FOUNDRY: Court Starts Bankruptcy Supervision Procedure
---------------------------------------------------------------
The Arbitration Court of Kursk commenced bankruptcy supervision
procedure on OJSC Kurskaya Foundry Company.  The case is
docketed under Case No. A35-1829/08 S-19.

The Temporary Insolvency Manager is:

         V. Romanchin
         Office 503
         K. Marksa Str. 62
         305029 Kursk
         Russia

The Court is located at:

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

The Debtor can be reached at:

         OJSC Kurskaya Foundry Company
         Engelsa Str. 115
         305007 Kursk
         Russia


MUROMTSEVSKIY LLC: Creditors Must File Claims by July 13
--------------------------------------------------------
Creditors of LLC Factory of Building Materials Muromtsevskiy
(TIN 5522605451) have until July 13, 2008, to submit proofs of
claim to:

         A. Kuzmin
         Insolvency Manager
         K. Marksa Pr. 34A-16
         644042 Omsk
         Russia
         Tel: 8 (3812) 325418

The Arbitration Court of Omsk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A46-8133/2007.

The Debtor can be reached at:

         LLC Factory of Building Materials Muromtsevskiy
         Building A
         Taezhnaya Str. 1
         Muromtsevo
         Muromtsevskiy
         Omsk
         Russia


NORTH-WOOD LLC: St. Petersburg Bankruptcy Hearing Set June 24
-------------------------------------------------------------
The Arbitration Court of St. Petersburg and Leningrad will
convene on June 24, 2008, to hear the bankruptcy supervision
procedure on LLC North-Wood (TIN 2925003955).  The case is
docketed under Case No. A56-52835/2007.

The Temporary Insolvency Manager is:

         V. Shestakov
         Volgogradslkiy Pr. 113-4-14
         109125 Moscow
         Russia

The Court is located at:

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

The Debtor can be reached at:

         LLC North-Wood
         Gidrotekhnikov Str. 3F, 1N
         St. Petersburg
         Russia


ONOKHOYSKIY WOOD: Court Names Y. Shlykova as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Bashkortostan appointed Y. Shlykova as
Insolvency Manager for LLC Onokhoyskiy Wood Processing Complex.
He can be reached at:

         Y. Shlykova
         Office 312
         Korabelnaya Str. 32
         Ulan-Ude
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A10-3462/07.

The Court is located at:

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

The Debtor can be reached at:

         Y. Shlykova
         Office 312
         Korabelnaya Str. 32
         Ulan-Ude
         Russia


ROSEVROBANK: Moody's Rates Loan Participation Notes at B1
---------------------------------------------------------
Moody's Investors Service has assigned a rating of B1 to the
Loan Participation Notes expected to be issued on a limited
recourse basis by Rosevro Finance Limited for the sole purpose
of funding a loan to Rosevrobank (Russia).  The amount, tenor
and interest rate of the LPNs have yet to be determined.  The
total amount of LPNs which could be issued under the programme
is US$500 million.  The outlook for the rating is stable.

The holders of the notes will rely for repayment solely and
exclusively on the ability of Rosevrobank to make payments under
the loan agreement.  Rosevrobank is currently rated B1/Not Prime
for long- and short-term foreign and local currency deposits,
and E+ for financial strength.  All Rosevrobank's ratings carry
stable outlooks.

The obligations of Rosevrobank to make payments under the loan
agreement will rank at all times at least pari-passu with the
claims of all other unsecured creditors of the borrower, except
for those whose claims are given preference under bankruptcy,
insolvency, liquidation or similar laws of general application.

Moody's notes that Russia is, in general, a country that gives
preference to individual depositors, hence potentially reducing
the recovery rates for bondholders, especially if such
individual deposits were to represent a sizeable proportion of
the bank's liabilities in the event of liquidation.

According to the terms and conditions of the loan agreement,
Rosevrobank shall maintain full compliance with prudential
supervisory ratios and other requirements of the Central Bank of
Russia.  The bank must also comply with a number of other
covenants such as negative pledge, limitations on any
reorganization, disposals and transactions with affiliates.

The loan agreement, the Notes and the trust deed will be
governed by, and construed in accordance with, English Law, and
the Courts of England will hold the exclusive jurisdiction to
settle any dispute arising from or connected with the loan
agreement.

Headquartered in Moscow, Rosevrobank reported total consolidated
assets of US$2,104 million in accordance with IFRS as at 31
December 2007.  Rosevro Finance Limited is a special purpose
vehicle domiciled in Cyprus that was established for this
transaction.


RYAZANSKIY MACHINE-TOOL: Court Starts Bankruptcy Supervision
------------------------------------------------------------
The Arbitration Court of Ryazan commenced bankruptcy supervision
procedure on OJSC Ryazanskiy Machine-Tool Plant (TIN
6227002807, OGRN 1026201077253).  The case is docketed under
Case No. A54-1392/2008-S19.

The Temporary Insolvency Manager is:

         P. Pimenov
         Post User Box 39
         115211 Moscow
         Russia

The Court is located at:

         The Arbitration Court of Ryazan
         Pochtovaya Str. 43/44
         Ryazan
         Russia

The Debtor can be reached at:

         OJSC Ryazanskiy Machine-Tool Plant
         Stankozavodskaya Str. 7
         390042 Ryazan
         Russia


SAIL CJSC: Claims Registration Period Ends July 13
--------------------------------------------------
Creditors of CJSC Sail have until July 13, 2008, to submit
proofs of claim to:

         P. Tarasov
         Insolvency Manager
         Post User Box 19
         OPS-100
         Tver
         Russia

The Arbitration Court of St. Petersburg and Leningrad commenced
bankruptcy proceedings against the company after finding it
insolvent.  The case is docketed under Case No. A56-20685/2007.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Sail
         Premise 1N
         Letter A
         Kavalergardskaya Str. 21
         191015 St. Petersburg
         Russia


TMK OAO: Closes US$1.25-Bln Deal to Acquire IPSCO U.S. Assets
-------------------------------------------------------------
OAO TMK has completed the acquisition of the U.S. units and
assets of IPSCO Tubular's business from Svenkst Stal AB under a
back-to-back transaction with Evraz S.A.

TMK acquired 100% of share capital in IPSCO Tubulars Inc. and
51% of share capital in NS Group Inc. for US$1.25 billion.  TMK
and Evraz have also entered into a call/put option for the
remaining 49% of NS Group Inc. which may be exercised for
approximately US$0.5 billion subject to certain adjustments.

The purchase of IPSCO Tubular's U.S. assets is an essential part
of TMK's strategy to expand the company's global presence and
increase offer of high-tech, premium-class, tubular goods for
the oil and gas industry.

TMK acquired ten production sites in seven States with combined
pipe production capacity over one million tons, including about
300,000 tons of seamless pipes and in-house steelmaking capacity
of 450,000 tons of billets per year.  In addition to pipe
rolling and steelmaking capacity, the acquired assets boast
450,000 tons of annual heat treatment capacity, about 750,000
tons of threading capacity and up to 240,000 joints of Premium
connection capacity.

"We are very pleased with the acquisition of IPSCO Tubular's US
assets that became TMK's largest acquisition to date," said TMK
Chairman, Dmitriy Pumpyanskiy.  "The consolidation of the new
assets into TMK will considerably expand the Company's product
mix with additional production and finishing capacity of high-
technology tubulars in the world's largest oil and gas pipe
market."

                          About TMK

Headquartered in Moscow, Russia, OAO TMK --
http://www.tmk-group.ru/-- manufactures the entire product
range of existing pipe products, which are used in the oil-and-
gas industry, the chemical and petrochemical industries, the
energy and machine-building industries, construction and the
municipal housing economy, shipbuilding, aviation, space and
rocket equipment, and agriculture.  TMK has production
facilities located in Russia and Romania, which unite the four
leading enterprises in the Russian pipe industry.

                          *     *     *

OAO TMK continues to carry Ba3 Corporate Family and Probability-
of-Default ratings with negative outlook from Moody's Investors
Service.

The company also continues to carry BB- long-term foreign and
local issuer credit ratings with negative outlook from Standard
& Poor's.


UNIVERSAL-SPETS-TORG: Creditors Must File Claims by July 13
-----------------------------------------------------------
Creditors of LLC Industrial Investment Company Universal-Spets-
Torg (TIN 7706243110) have until July 13, 2008, to submit proofs
of claim to:

         I. Lavrushenkova
         Insolvency Manager
         Post User Box 48
         127560 Moscow
         Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A40-9557/08-124-22B.

The Court is located at:

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

The Debtor can be reached at:

         LLC Industrial Investment Company Universal-Spets-Torg
         Bolshaya Ordynka Str. 12
         113035 Moscow
         Russia


YAKHNOBOLSKOE LLC: Creditors Must File Claims by July 13
--------------------------------------------------------
Creditors of LLC Yakhnobolskoe have until July 13, 2008, to
submit proofs of claim to:

         I. Gorn
         Insolvency Manager
         Post User Box 144
         121170 Moscow
         Russia

The Arbitration Court of Kostroma commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. 31-727/2008-28.

The Debtor can be reached at:

         LLC Yakhnobolskoe
         Popadyino
         Susaninskiy
         Kostroma
         Russia


YUG-PROM-INVEST: Court Names O. Kiselev as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Voronezh appointed O. Kiselev as
Insolvency Manager for CJSC Yug-Prom-Invest.  He can be reached
at:

         O. Kiselev
         Derzhavinskaya Str. 16a 605
         392000 Tambovy
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A14-133-2008.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Yug-Prom-Invest
         K. Marksa Str. 9
         Anna
         Voronezh
         Russia


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


FONCAIXA FTGENCAT: S&P Junks Rating on EUR18MM Class D Notes
------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the floating-rate notes to be issued by
Foncaixa FTGENCAT 6, Fondo de Titulizacion de Activos.

The originator is Caja de Ahorros y Pensiones de Barcelona (La
Caixa), the third-largest Spanish institution.
  
At closing, La Caixa will sell to Foncaixa FTGENCAT 6 a
portfolio of secured and unsecured loans and credit facilities
granted to Spanish SMEs and self-employed borrowers.
  
To fund this purchase, GestiCaixa, S.G.F.T., S.A., the trustee,
will issue four series of floating-rate, quarterly paying notes
on behalf of Foncaixa FTGENCAT 6.
  
Foncaixa FTGENCAT 6 will be the sixth SME transaction to be
completed by La Caixa.  This securitization will comprise a
mixed pool of underlying mortgage-backed and other guarantee
assets.
  
                      Ratings List  
  
     Foncaixa FTGENCAT 6, Fondo de Titulizacion de Activos
               EUR768.8 Million Floating-Rate Notes
  
                    Preliminary        Preliminary
        Class          rating            amount
        -----       -----------        -----------  
        AS             AAA             EUR436,300,000
        AG*            AAA             EUR291,200,000
        B              A                EUR15,000,000
        C              BBB               EUR7,500,000
        D              CCC-             EUR18,800,000
  
* The series AG notes are protected by a guarantee from the
Autonomous Community of Catalonia.  The standalone preliminary
ratings on the series AG notes are 'AAA'.


===========
S W E D E N
===========


PROSIEBENSAT.1 MEDIA: Sells C More Group to TV4 for SEK3 Billion
----------------------------------------------------------------
ProSiebenSat.1 Group is to sell the C More Group AB to Swedish
broadcaster TV4 AB.  The respective share purchase agreement was
signed June 16, 2008.

C More Group AB is the holding company for the Pay-TV activities
of the ProSiebenSat.1 Group in Denmark, Finland, Norway and
Sweden.  The enterprise value underlying the transaction amounts
to ca. SEK 3 billion. This corresponds to approximately EUR 320
million. The closing of the transaction is subject to approval
by antitrust authorities.

"Free-TV is the core of our business," Patrick Tillieux, COO,
ProSiebenSat.1 Group, said.  "In that respect, the sale of C
More fits our strategy.  I am happy that we have found a
strategic investor, for whose portfolio C More is an ideal
complement."

"There was great interest in C More from strategic as well as
financial investors," Guillaume de Posch, CEO, ProSiebenSat.1
Group, said.  "We plan to use the proceeds from the transaction
primarily for debt reduction.

"For the first time, we are now establishing ourselves in the
premium pay market, a market that has developed with broader
distribution and strong growth for several years," Jan Scherman,
CEO, TV4 AB, said.  "This will also contribute to decrease our
dependence on advertising revenue.

"C Mores different sports and movie channels are a perfect
complement to the TV4 Group with a broad offer based on
quality," Torsten Larsson, TV4's Chairman of the Board, said.
"This will benefit both TV4 as well as C Mores viewers in all
countries, when C More now is getting a long-term industrial
owner."

TV4 operates a number of Free- and Pay-TV channels in Sweden and
is part of the Bonnier Group, a family-owned international media
group based in Sweden with operations in more than 20 countries,
including TV stations in Sweden and Finland.

ProSiebenSat.1 Group was advised in the transaction by Lehman
Brothers. TV4 and Bonnier were advised by UBS Investment Bank.

                      About ProsiebenSat.1

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

                          *     *     *

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


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


GLENCORE FINANCE: Moody's Puts Sub. Perpetual Securities at Ba1
---------------------------------------------------------------
Moody's Investors Service upgraded the senior unsecured issuer
and debt ratings of Glencore International AG and its guaranteed
subsidiaries to Baa2/P-2 from Baa3/P-3 and the rating assigned
to the proposed internal issuance of subordinated perpetual
securities by Glencore Finance (Europe) S.A. to be guaranteed by
Glencore AG and Glencore to Ba1 from (P)Ba2.  The outlook for
the ratings is stable.

Moody's said that the rating upgrade acknowledges the
improvement in the group's credit profile witnessed in recent
years, underpinned by a strong operating performance as it
successfully leveraged its global physical trading network and
industrial asset base to enhance its market positions and
capitalise on the buoyant operating environment prevailing in
the commodity sector.

The rapid growth in operating profitability recently reported by
Glencore has been in part driven by elevated base metals and
energy prices combined with higher levels of production that
helped boost the contribution from the group's industrial
assets.  In addition, gross income from trading activities has
benefited from positive mix effects and increased volumes of
products marketed by the group reflecting strong customer demand
compounded by the addition of new distribution contracts to
Glencore's marketing portfolio, while premiums for physical
delivery of many commodities have reached historically high
levels as a result of the heightened tightness of many physical
markets.

Moody's notes that, as a result, the group's operating cash flow
before changes in working capital (largely related to trading
activities) has significantly increased and consistently
exceeded capital expenditure -- albeit enlarged as a result of
capacity expansion and productivity improvement projects -- and
profit participation payments to departed employee shareholders.

This free cash flow together with proceeds raised from asset
disposals (including the sale of various coal assets to Xstrata)
has allowed Glencore to fund more than 80% of total investments
in industrial assets and associates of about USD9 billion in the
past three years.

On a more cautious note, Moody's observes that higher commodity
prices and volume of activity have led to a significant increase
in Glencore's trading-related working capital, which, in turn,
has resulted in higher absolute level of debt for the group.

That said, Moody's takes comfort from the relative stability of
the group's working capital conversion cycle and the high
proportion of inventories that is comprised of highly liquid,
hedged or pre-sold exchange traded commodities.  The agency
further expects that in a commodity down cycle, a substantial
portion of this inflated working capital would unwind.  While
acknowledging Glencore's ability to increase the size and
average tenor of its committed bank facilities as well as
diversify its sources of funding through the issuance of public
bonds in recent years, Moody's expects that the group's
liquidity position will be further enhanced by the continuing
availability of various committed asset-backed working capital
facilities.

While Moody's continue to view the uncertainty attached to the
future calls on Glencore's cash flow related to the profit
participation payments due to employee shareholders -- in
particular due to a potential divergence between trends in PPC
payouts and operating cash flow generation -- as a negative
feature of the group's financial profile, it also acknowledges
the substantial unrealised reserves included in the group's
industrial asset portfolio as well as the various changes made
to its capital structure in recent years.  This further
illustrates management's proactive approach to capital planning
in the context of an ownership structure, which should otherwise
encourage senior management to maintain a prudent attitude
towards risks given the vested interest it has in protecting the
firm's capital.

Looking ahead, Moody's believes that a further upgrade of
Glencore's ratings would be warranted should the group
demonstrate the capacity to generate funds from operations
sufficient to help it maintain a Retained Cash Flow/Adjusted Net
Debt (i.e. after deducting (with a 5% haircut) inventories
contractually sold or hedged) metric in the mid to high thirties
and FFO coverage of gross interest expenses and profit
participation payments above 3.5 times as well as remain free
cash flow positive (after investments, profit participation
payments and dividends but before changes in working capital) on
a sustainable basis.

Headquartered in Baar, Switzerland, Glencore International AG is
a privately-held natural resource company with major activities
in physical commodities sourcing and marketing (metals &
minerals, energy products and agricultural products)
complemented by significant investments in the natural resources
sector.  In 2007, the group reported gross income of USD6.3
billion on revenues of approximately US$142 billion.


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


AGRICULTURAL TECHNICS: Proofs of Claim Deadline Set June 28
-----------------------------------------------------------
Creditors of LLC Kharkoval Agricultural Technics (code EDRPOU
0090757) have until June 28, 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 supervision
procedure on the company on March 18, 2008.  The case is
docketed as B-24/86-08.

The Debtor can be reached at:

         LLC Kharkoval Agricultural Technics
         Sozovskaya Str. 96
         Dergachi
         Kharkov
         Ukraine


BB-TELECOM LLC: Creditors Must File Claim by June 28
----------------------------------------------------
Creditors of LLC BB-Telecom (code EDRPOU 33239515) have until
June 28, 2008 to submit proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on May 28, 2008.
The case is docketed as 24/86-b.

The Debtor can be reached at:

         LLC BB-Telecom
         Mikhaylovskaya Str. 18-B
         01001 Kiev
         Ukraine


GRINGOTS LLC: Creditors Must File Claim by June 28
--------------------------------------------------
Creditors of LLC Gringots (code EDRPOU 33830377) have until
June 28, 2008 to submit proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on May 13, 2008.
The case is docketed as 23/140-b.

The Debtor can be reached at:

         LLC Gringots
         Schors Str. 29
         01133 Kiev
         Ukraine


INTERMEDSERVICE LLC: Creditors Must File Claim by June 28
---------------------------------------------------------
Creditors of LLC Intermedservice (code EDRPOU 25593662) have
until June 28, 2008 to submit proofs of claim to

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on May 28, 2008.  
The case is docketed as 24/79-b.

The Debtor can be reached at:

         LLC Intermedservice
         Kikvidze Str. 11
         01103 Kiev
         Ukraine


LILEYA AND PARTNERS: Creditors Must File Claim by June 28
---------------------------------------------------------
The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on May 13, 2008.
The case is docketed as 23/141-b.

Creditors of LLC Trading House Lileya and Partners Plus (code
EDRPOU 34616119) have until June 28, 2008 to submit proofs of
claim to:

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

The Debtor can be reached at:

         LLC Trading House Lileya and Partners Plus
         P. Lumumba Str. 15-A
         01042 Kiev
         Ukraine


NOTA-PREMIUM LLC: Creditors Must File Claim by June 28
------------------------------------------------------
Creditors of LLC Nota-Premium (code EDRPOU 33831674) have until
June 28, 2008 to submit proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on May 13, 2008.
The case is docketed as 23/138-b.

The Debtor can be reached at:

         LLC Nota-Premium
         Druzhba Narodov Boulevard 10
         01103 Kiev
         Ukraine


PARITET SERVICE: Creditors Must File Claim by June 28
-----------------------------------------------------
Creditors of LLC Trading House Paritet Service (code EDRPOU
32595637) have until June 28, 2008 to submit proofs of claim to

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on May 13, 2008.
The case is docketed as 23/139-b.

The Debtor can be reached at:

         LLC Trading House Paritet Service
         Ac. Tupolev Str. 17
         04128 Kiev
         Ukraine


PRESTIGE LLC: Creditors Must File Claim by June 28
--------------------------------------------------
Creditors of LLC Gas Energetical Company Prestige (code EDRPOU
32111303) have until June 28, 2008 to submit proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on April 10, 2008, after finding it
insolvent.  The case is docketed as 23/134-b.

The Debtor can be reached at:

         LLC Gas Energetical Company Prestige
         P. Lumumba Str. 15
         01042 Kiev
         Ukraine


TECH-VID LLC: Creditors Must File Claim by June 28
--------------------------------------------------
Creditors of LLC Tech-Vid (code EDRPOU 34980195) have until
June 28, 2008 to submit proofs of claim to

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on May 19, 2008.
The case is docketed as 23/58-b.

The Debtor can be reached at:

         LLC Tech-Vid
         Panas Mirny Str. 16/13A
         Kiev
         Ukraine


TENAKS-2005: Creditors Must File Claim by June 28
-------------------------------------------------
Creditors of LLC Tenaks-2005 (code EDRPOU 33834193) have until
June 28, 2008 to submit proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on May 13, 2008.
The case is docketed as 23/143-b.

The Debtor can be reached at:

         LLC Tenaks-2005
         Pavel Pestel Str. 11
         01135 Kiev
         Ukraine


UKRAGROINVEST LTD: Creditors Must File Claim by June 28
-------------------------------------------------------
The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on May 28, 2008.
The case is docketed as 24/78-b.

Creditors of LLC Ukragroinvest Ltd. (code EDRPOU 34349112) have
until June 28, 2008 to submit proofs of claim to:

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

The Debtor can be reached at:

         LLC Ukragroinvest Ltd.
         Railway Highway Str. 1
         01103 Kiev
         Ukraine


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


BANTRY BAY: Moody's Junks Rating on Three Notes Classes
-------------------------------------------------------
Moody's Investors Service today downgraded four classes of notes
issued by Bantry Bay CDO I p.l.c. One note remains on review for
further downgrade.  The underlying assets of this CDO
transaction are predominantly 2006 vintage US ABS CDOs, which
have experienced severe credit deterioration due to their
exposures to US RMBS.  In total, there are now USD127 million of
C or Ca rated assets in the portfolio of USD240 million.

The transaction also suffered an Event of Default on Dec. 3,
2007, with the notes now accelerating.  The notes will pay down
as amortisation proceeds are received.

The rating actions are:

Bantry Bay CDO I P.L.C.:

   (1) US$127,000,000 Class A-1 Floating Rate Notes, due 2052

       Current Rating: B3, on review for downgrade
       Prior Rating: Ba1, on review for downgrade

   (2) US$29,000,000 Class A-2 Floating Rate Notes, due 2052

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

   (3) US$28,000,000 Class A-3 Floating Rate Notes, due 2052

       Current Rating: C
       Prior Rating: Caa2, on review for downgrade

   (4) US$31,500,000 Class B Floating Rate Notes, due 2052

       Current Rating: C
       Prior Rating: Ca


BRITISH ENERGY: Iberdrola Interested in Possible Bid
----------------------------------------------------
Iberdrola SA could bid for British Energy Limited as it remains
interested in developing nuclear power plants in the United
Kingdom, Ed Crooks writes for the Financial Times.

According to Iberdrola, FT relates, it might submit a bid or
participate in a joint offer for British Energy within the next
six months if:

    * the board of British Energy is prepared to recommend that
      offer or possible offer; or

    * there is a material change of circumstances.

Ignacio Sanchez Galan, Iberdrola's chairman, was quoted by FT as
saying that British Energy wants a bid of over 735p-a-share,
which for the Spanish firm was "over what we consider
reasonable."

As recently reported in the TCR-Europe, British Energy's board
disclosed that none of the proposals it received represent value
for shareholders since the offers "fail[ed] to take proper
account of the current forward price of electricity and the
value of the Company's sites and people in the context of
nuclear new build.

The company, however, said it will continue accepting offers
while reviewing possible partnership arrangements.

                      About British Energy

Headquartered in Livingston, Scotland, British Energy Limited
-- http://www.british-energy.com/-- is the U.K.'s largest
producer of electricity.  With a workforce of about 6,000, it
produces around one-sixth of the nation's electricity.

                          *     *     *

British Energy Ltd. continues carries a Ba2 long-term corporate
family rating from Moody's with a stable outlook.

Standard & Poor's affirmed its BB long-term corporate credit
ratings on U.K.-based nuclear generator British Energy Group PLC
and its subsidiary British Energy Holdings PLC, with negative
outlook.

The company holds a BB+ long-term issuer default rating from
Fitch with a stable outlook.


CELLTRAN LTD: Goes Into Administration; Six Jobs Affected
---------------------------------------------------------
CellTran Ltd. has gone into administration with 6 job losses,
Ian Briggs writes for the Business Desk.

CellTran posted losses of GBP7.66 million on turnover of
GBP79,815 for the year ended July 31, 2007, the Business Desk
discloses, citing accounts filed at Companies House.

C. Escott and W. Duncan of PKF (UK) LLP were appointed joint
administrators of the company on May 30, 2008.  The business is
being managed by the joint administrators.

Headquartered in Sheffield, England, CellTran Ltd. --
http://www.celltran.com/contact.php/-- is a biotechnology  
company whose primary focus is the early development and
clinical availability of novel treatments that repair tissue and
bring tangible improvements to the health, well-being and
quality of life of patients.  The company's flagship product is
Myskin.


CONAI DESIGNS: Goes Into Receivership; Unable to Pay Creditors
--------------------------------------------------------------
Conai Designs (Ireland) Ltd., the franchise partner of Habitat
UK Ltd., has gone into receivership due to lack of assets to pay
its creditors, The Irish World reports.  George Maloney of Baker
Tilly Ryan Glennon has been appointed as receiver.

According to the report, the company has EUR2.35 million assets.  
A bill of EUR627,899 to it preferential creditors and EUR2.25
million debt to Bank of Scotland (Ireland) showing a deficiency
in shareholder's funds of EUR2.13 million.  Unsecured creditors
are also owed a total of EUR1.43 million, the report adds.

As reported in the TCR-Europe on May 20, 2008, that the National
Consumer Agency had written to Habitat UK on May 13, 2008,
seeking assurances that all outstanding customer orders placed
with Conai Designs will be honored, which went into voluntary
liquidation and closed its stores in Dublin and Galway.

Headquartered in London, England, Habitat UK Ltd.
http://www.habitat.co.uk/--  is a global home furnishings   
retailer, which operates more than 75 stores in the UK, France,
Spain, and Germany.  It also vends its wares through a retail
Web site and catalogs.  Among services offered by Habitat are
interior design consultation for homes, offices, and hotels.  
The company also franchises about a dozen privately-owned stores
in other countries.  Habitat is controlled by the Ikano Group, a
holding company owned by IKEA founder Ingvar Kamprad and his
family.


KGB (INFONXX): Moody's Upgrades Corporate Family Rating to Ba3
--------------------------------------------------------------
Moody's Investors Service upgraded kgb's (formerly "InfoNXX,
Inc.") Corporate Family Rating and Probability of Default Rating
to Ba3 from B2.

Concurrently, Moody's upgraded the first lien senior secured
US$200 million revolver due 2011 and US$292 million term loan
due 2012 to Ba2 (LGD3, 33%) from B1 (LGD3, 35%), and the second
lien senior secured US$125 million term loan due 2013 to
B2(LGD5, 84%) from Caa1(LGD5, 85%).  The outlook for the ratings
is stable.

The two-notch upgrade to Ba3 CFR reflects the company's
reduction in financial leverage to levels that are low for the
rating category, improved scale, geographical and service
diversification and profitability resulting from successful
execution on acquisition integration and other important growth
initiatives over the last two years, as well as associated
reductions in leverage and improved free cash flow generation.
The ratings incorporate potential benefits of its proposed IPO,
which include the ability of owners to monetize holdings without
the need for dividend recapitalizations and access to the public
equity capital markets.  The ratings continue to be constrained
by significant business and market risks, including customer
concentration, technological risks including the potential for
shifts to online sources for directory and other information,
and declining revenues per call in North America as a result of
competitive pressures.  However, these risks are partially
mitigated by core competencies which include building and
strengthening consumer brands and related assets which include
leading brands in the European market, as well as established
customer relationships in the North American market.

Moody's took these rating actions:

    -- Upgraded the Corporate Family Rating to Ba3 from B2;

    -- Upgraded the Probability of Default Rating to Ba3 from
       B2;

    -- Upgraded the US$200m senior secured first lien revolver
       due 2011 (consisting of a US revolver of US$85 million a
       foreign revolver of US$115 million) to Ba2 (LGD3, 33%)
       from B1 (LGD3, 35%);

    -- Upgraded the US$292m senior secured first lien term
       loan B due 2012 (comprised of a US$160 million US tranche
       and a EUR90.0 million non-US tranche) to Ba2, (LGD3, 33%)
       from B1 (LGD3, 35%);

    -- Upgraded the US$125m senior secured second lien term loan
       due 2013 to B2 (LGD5, 84%) from Caa1 (LGD5, 85%);

The ratings outlook is stable.

kgb (formerly InfoNXX, Inc.), based in New York, New York, is
the leading non-carrier provider of directory assistance
services in the U.S. and Europe.  In the U.S., which comprised
approximately 32% of fiscal year 2007 revenue, wireless carriers
outsource directory assistance calls to kgb and provide them a
pre-arranged fixed price per call.  In Europe, the directory
assistance market is deregulated, giving kgb pricing flexibility
and an ability to market its brand and telephone numbers
directly to the end user.  Revenue for the twelve months ended
March 31, 2007 was approximately US$664 million.


* Cadwalader London Promotes Two Practitioners to Partnership
-------------------------------------------------------------
Cadwalader, Wickersham & Taft LLP, one of the world’s leading
law firms, disclosed that Karl Clowry and Jackson Taylor, both
members of the Financial Restructuring Department in London,
have been elected to the partnership.

“We are pleased to welcome these two outstanding lawyers into
our partnership,” said Christopher White, Cadwalader’s Chairman.  
“Both Karl and Jackson have demonstrated outstanding skill and
judgment in service of our clients.  Their promotion evidences
the continued vitality of the firm’s London practices.”

“Karl and Jackson are both accomplished restructuring
practitioners with whom we look forward to collaborating as we
expand our restructuring presence in the UK and Europe,” said
Cadwalader’s Financial Restructuring Department Co-Chairman
Bruce R. Zirinsky.

Deryck Palmer, also a Co-Chairman of the Financial Restructuring
Department, stated, “We expect that Karl and Jackson will be key
players in cross-border work, particularly at a time when there
is increased distressed debt and workout activity around the
world.”

Mr. Clowry focuses his practice on debt restructuring and
corporate refinancing, acting for lenders, special situation
investment groups, bondholders, distressed investors, financial
sponsors, insolvency practitioners, and corporate debtors.  He
concentrates on large cross-border transactions usually
involving complex capital structured financings.  Mr. Clowry was
lead counsel for the second-lien lenders in the Schefenacker PLC
restructuring, which was recognised as the Restructuring Deal of
the Year at the 2008 IFLR European Awards.  He is a regular
speaker at restructuring, insolvency, and banking conferences,
and contributes to various banking and restructuring
publications.  He is the author of the “Debt for Equity
Swaps” chapter in the book Workouts and Restructurings. He
obtained a First Class Honours degree in Natural Sciences from
Trinity College, Dublin, and his Master in Laws degree, with
merit, from the University of London.  The recipient of an award
from The British Academy, he qualified as a Barrister after
attending the Inns of Court School of Law and also qualified as
a Solicitor.

Mr. Taylor is a corporate insolvency lawyer, focusing on cross-
border corporate restructuring.  He has advised creditors,
insolvency practitioners, debtor companies, and directors on a
range of contentious and consensual insolvency processes.  He
now primarily acts for institutional creditors and ad hoc
creditors’ committees on restructuring financially distressed
companies outside of formal insolvency proceedings.

Mr. Taylor has acted in some of Europe’s most notable
restructurings, including the equitisation and restructuring of
British Energy (representing the Ad Hoc Bondholders’ Committee),
the restructuring of Eurotunnel (representing MBIA), the
equitisation of MyTravel (Ad Hoc Committee of Convertible
Bondholders) and the equitisation and refinancing of
Schefenacker (acting for the Steering Committee of Mezzanine
Lenders).  He also advises institutional clients on private
transactions in distressed and special investment situations.
Mr. Taylor is the author of the book Bondholders’ Rights, which
appraises the legal redress available to bondholders against
event risk transactions. A  barrister and solicitor of the
Supreme Court of Victoria, he graduated with double degrees in
Commerce and Law (with Honours) from The University of Melbourne
and studied insolvency during his Master of Laws degree, which
he obtained with a first class average.

Cadwalader, Wickersham & Taft LLP, established in 1792, --
http://www.cadwalader.com/-- is one of the world's leading  
international law firms, with offices in New York, London,
Charlotte, Washington and Beijing.  Cadwalader serves a diverse
client base, including many of the world's top financial
institutions, undertaking business in more than 50
countries in six continents.  The firm offers legal expertise in
antitrust, banking, business fraud, corporate
finance, corporate governance, environmental, healthcare,
insolvency, insurance and reinsurance,
intellectual property, litigation, mergers and acquisitions,
private client, private equity, real estate,
regulation, securitisation, structured finance, and tax.

  
                            *********

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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