TCREUR_Public/080619.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

            Thursday, June 19, 2008, Vol. 9, No. 121

                            Headlines


A U S T R I A

COMWAY LLC: Claims Registration Period Ends July 21
E.LECTRONIC: Claims Registration Period Ends August 25
HOBAPOL LLC: Claims Registration Period Ends June 30
PIRKER WEINHANDEL: Claims Registration Period Ends July 1


B E L G I U M

NUANCE COMMUNICATIONS: S&P Keeps B+ Rating with Stable Outlook


F R A N C E

ALCATEL-LUCENT SA: Inks US$1-Bln Coop Deal with China Mobile
BELVEDERE SA: Moody's Junks Rating on Weak Operating Performance
HARMAN INT'L: S&P's BB- Rating Remains CreditWatch Positive


G E R M A N Y

B.S. SERVICE: Claims Registration Ends June 30
BV + R FLEXO: Claims Registration Period Ends July 3
CHRYSLER LLC: Nears Transmission Plant Lease Deal with Linamar
CONLINE CONSULTING: Claims Registration Period Ends July 3
DIVE TEAM: Claims Registration Ends June 30

DUERR AG: Management Board Approves 10% Capital Increase
DUERR AG: S&P Puts B Rating on CreditWatch Positive
ECOVEST SERVICE: Claims Registration Period Ends July 3
ESLEM GMBH: Claims Registration Period Ends July 3
HAASE HAUSTECHNIK: Claims Registration Period Ends July 3

HESE-SEIDENKONTOR GMBH: Claims Registration Ends June 30
IKB DEUTSCHE: Shareholders File Suit vs German Finance Agency
KEMPENER AUTOPARK: Claims Registration Period Ends July 3
LEWIN GMBH: Claims Registration Period Ends July 3
LUCRATIVUS GMBH: Claims Registration Ends June 30

MEBO BAU: Claims Registration Period Ends July 3
MHB VILLEN- UND: Claims Registration Period Ends July 4
NORDPROJEKT GESELLSCHAFT: Claims Registration Period Ends July 4
PROSIEBENSAT.1 MEDIA: CEO Guillaume de Posch to Quit Yearend
THIELERT AIRCRAFT: Plans to Save Jobs Give Rise in Trading

WOHNSTIFT LANDGUT: Claims Registration Ends June 27
WUM DESIGN: Creditors' Meeting Slated for June 25


G R E E C E

ANTENNA TV: Limited Cash Flow Cues S&P to Hold B Rating


I R E L A N D

MENTON CDO IV: Moody's Cuts Rating on Four Note Classes
NEW BOND CDO 1: Moody's Cuts Ratings on Three Note Classes
NEW BOND CDO 2: Moody's Cuts Ratings on Three Note Classes
PALMER SQUARE 3: Moody's Cuts Ratings on Six Note Classes
STOCKERYALE INC: Reveals Plan to Acquire Virtek Vision


I T A L Y

BANCA ITALEASE: Fitch Affirms Individual Ratings at D/E
PARMALAT SPA: Investors File Suit v Banks & Auditors in Milan


K A Z A K H S T A N

ADILET-AGRO LLP: Creditors Must File Claims by July 29
ALATAU OIL: Claims Deadline Slated for July 25
ALMAZ COM: Claims Filing Period Ends July 29
BT CONSTRUCTION: Creditors' Claims Due on July 25
HEADONG KAZAKHSTAN: Claims Registration Ends July 25

KAFANAT-KS: Creditors Must File Claims by July 29
KAZAKH-UN LLP: Claims Deadline Slated for July 25
MKM-STROY LLP: Claims Filing Period Ends July 29
PIRIT LLP: Creditors' Claims Due on July 25
PROGRESS YAR: Claims Deadline Slated for July 29


K Y R G Y Z S T A N

ARASHAN COMMUNICATION: Creditors Must File Claims by July 16


N O R W A Y

VIKING DRILLING Wants Exclusive Period Extended to Dec. 31


P O L A N D

OMNOVA SOLUTIONS: Moody's Keeps Ratings on Weak Credit Metrics


R U S S I A

AK BARS: Fitch Rates Series 2 Senior Loan Final at BB
ALFA CJSC: Creditors Must File Claims by July 13
BAYKALSK WOOD: Court Starts Bankruptcy Supervision Procedure
BLOCK CJSC: Creditors Must File Claims by July 13
BSPB FINANCE: Fitch Rates Subordinated Loan a Long-term B-

BUILDER LLC: Court Starts Bankruptcy Supervision Procedure
DVURECHYE OJSC: Creditors Must File Claims by July 13
ELEKS OJSC: Stavropol Bankruptcy Hearing Slated for July 3
FOND CENTRE: Court Names V. Guskov as Insolvency Manager
NIVA-1 CJSC: Krasnodar Bankruptcy Hearing Slated for December 16

OLIMP LLC: Creditors Must File Claims by July 13
RASSVET LLC: Kursk Court Starts Bankruptcy Supervision Procedure
SPETS-PROM-SNAB: Orendburg Bankruptcy Hearing Set August 5
SOKOL CJSC: Court Names V. Sidelev as Insolvency Manager
TATISHEV-AGRO-PROM-KHIMIYA: Names A. Prigozhin to Manage Assets

VYAZ-WOOD LLC: Court Names I. Stepanov as Insolvency Manager
YAKUTIYA-TORG LLC: Creditors Must File Claims by July 13


S P A I N

TDA IBERCAJA 6: Moody's Junks Rating on EUR21 Million Notes


U K R A I N E

ATLANT LLC: Creditors Must File Claim by July 2
BANK KHRESCHATYK: Fitch Assigns B+ Ratings to Covered Bonds
DONETSK MINE: Creditors Must File Claim by June 29
EUROTEKS LLC: Creditors Must File Claim by July 2
FELKONSPROM LLC: Creditors Must File Claim by June 29

KIEV-TRIPOLI LLC: Creditors Must File Claim by June 29
KOLOS LLC: Creditors Must File Claim by June 29
ROSICHI LLC: Creditors Must File Claim by June 29
TROSTIANETS DISTILLERY: Proofs of Claim Deadline Set July 2
UKRAINIAN INDUSTRIAL: Creditors Must File Claim by June 29


U N I T E D   K I N G D O M

ABITIBIBOWATER INC: Subsidiary Amends Credit Agreement
ABITIBIBOWATER INC: Executive Chairman John Weaver to Retire
BRITISH ENERGY: May Seek Joint Ventures as Sale Alternative
C ANDREWS: Claims Filing Period Ends July 31
CHATTEM INC: S&P Keeps BB- Rating; Outlook Revised to Stable

CLEAR CHANNEL: S&P Cuts Rating to B on Proposed Financing of LBO
CROSSLINK LTD: Brings In Liquidators from Grant Thornton
LUNAR FUNDING V: Moody's Junks Rating on US$75 Million Notes
MIDLAND CONSTRUCTION: High Court Orders Liquidation
SILVERJET PLC: Closure Imminent Following Failed Sale

STALWART COMMISSION: Goes Into Administration; 30 Jobs Affected
TALISMAN 6 FINANCE: Fitch Cuts EUR15.5 Mln. Class F Notes to B
TAYLOR WIMPEY: Fitch Downgrades IDR to BB+ on Troubled Market


* Upcoming Meetings, Conferences and Seminars


                            *********

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


COMWAY LLC: Claims Registration Period Ends July 21
---------------------------------------------------
Creditors owed money by LLC Comway (fka LLC Nippon Computer
Diskont) (FN 179918k) have until July 21, 2008, to file written
proofs of claim to court-appointed estate administrator Hans
Peter Puchleitner at:

          Mag. Hans Peter Puchleitner
          Taborstr. 3
          8350 Fehring
          Austria
          Tel: 03155/5170
          Fax: 03155/5170-20
          E-mail: kanzlei-puchleitner@inode.at    

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on Aug. 5, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Graz
          Hall L
          Room 230
          Second Floor
          Graz
          Austria

Headquartered in Feldbach, Austria, the Debtor declared
bankruptcy on May 26, 2008 (Bankr. Case No. 0 S 28/08b).


E.LECTRONIC: Claims Registration Period Ends August 25
------------------------------------------------------  
Creditors owed money by LLC E.lectronic H.ardware A.ssembling
(FN 268996h) have until Aug. 25, 2008, to file written proofs of
claim to court-appointed estate administrator Martin Honemann
at:

          Mag. Martin Honemann
          c/o Dr. Stefan Langer
          Oelzeltgasse 4
          1030 Wien
          Austria
          Tel: 01/713 61 92
          Fax: 01/713 61 92 22
          E-mail: martin.honemann@kosesnik-langer.at   

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:00 a.m. on Sept. 10, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Korneuburg
          Room 204
          Second Floor
          Korneuburg
          Austria

Headquartered in Bruck an der Leitha, Austria, the Debtor
declared bankruptcy on May 26, 2008 (Bankr. Case No. 36 S
63/08v).  Stefan Langer represents Mag. Honemann in the
bankruptcy proceedings.


HOBAPOL LLC: Claims Registration Period Ends June 30
----------------------------------------------------
Creditors owed money by LLC Hobapol (FN 91673p) have until
June 30, 2008, to file written proofs of claim to court-
appointed estate administrator Hannes Hammerschmidt at:

          Dr. Hannes Hammerschmidt
          Tirolerstrasse 18
          9800 Spittal/Drau
          Austria
          Tel: 04762/2475, 5352
          Fax: 04762/2766
          E-mail: rechtsanwaelte@hammerschmidt-goetz.at   

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on July 7, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Klagenfurt
          Room 225
          Second Floor
          Klagenfurt
          Austria

Headquartered in Obervellach, Austria, the Debtor declared
bankruptcy on May 26, 2008 (Bankr. Case No. 41 S 62/08b).  


PIRKER WEINHANDEL: Claims Registration Period Ends July 1
---------------------------------------------------------
Creditors owed money by  LLC Pirker Weinhandel (FN 104899p) have
until July 1, 2008, to file written proofs of claim to court-
appointed estate administrator Franz Grossmann at:

          Dr. Franz Grossmann  
          Bahnhofstrasse 6/I
          Ecke Alter Platz
          9020 Klagenfurt
          Austria
          Tel: 0463/57915
          Fax: 0463/516840
          E-mail: kanzlei@doktoren.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on July 8, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Klagenfurt
          Room 225
          Second Floor
          Klagenfurt
          Austria

Headquartered in Klagenfurt – Woelfnitz, Austria, the Debtor
declared bankruptcy on May 26, 2008 (Bankr. Case No. 40 S
31/08m).  


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


NUANCE COMMUNICATIONS: S&P Keeps B+ Rating with Stable Outlook
--------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Burlington, Mass.-based Nuance Communications Inc. to stable
from positive.  At the same time, the corporate credit rating
was affirmed at 'B+'.

"The outlook revision primarily reflects the company's ongoing
growth initiatives, executed through frequent acquisitions, and
corresponding sustained debt leverage exceeding the 4.5x-area,"
said Standard & Poor's credit analyst Clay Ching.  "Despite
Nuance's history of successfully integrating acquired companies,
we no longer expect the company to delever below the 4.0x level
over the next year, which would have been supportive of a
higher rating."

Nuance's adjusted EBITDA margins are solid, nearing the low-30%
area.  As of March 31, 2008, pro forma operating lease-adjusted
total debt to EBITDA was about 4.7x. Given the company's
acquisitive growth strategy, a sustained, material reduction in
leverage in the near-to-intermediate term to below 4.0x is
unlikely.  However, the rating is supported by Nuance's
expanding market position and our expectation that the company
will continue to successfully integrate acquisitions and achieve
EBITDA growth.

Nuance is a global provider of speech recognition software and
imaging solutions and related services.


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


ALCATEL-LUCENT SA: Inks US$1-Bln Coop Deal with China Mobile
------------------------------------------------------------
Alcatel-Lucent S.A. has signed a US$1 billion framework
agreement for 2008 with China Mobile to provide mobile
communication equipment and services.  This agreement was
secured through Alcatel-Lucent’s flagship company in China,
Alcatel Shanghai Bell.

Under the frame agreement, Alcatel-Lucent will provide China
Mobile with mobile core network solutions, wireless network
solutions, TD-SCDMA equipment, applications, transmission and IP
router equipment and the related services.  Alcatel-Lucent’s
cutting-edge products and solutions will further enhance China
Mobile’s network capacity and performance to help China Mobile
provide high-quality services for its end-users.

"We are delighted to be selected to continue providing solutions
and services to China Mobile. China Mobile is one of our
company’s main strategic cooperation partners," said Olivia Qiu,
President of Alcatel Shanghai Bell.  

"The strategic frame agreement with China Mobile reinforces
Alcatel-Lucent's position as a trusted partner, as China Mobile
relies upon our network solutions and services to meet their
growing demand for mobile and now fixed services and in
advancing China’s telecommunication industry."

The frame agreement signing ceremony, witnessed by Chinese Vice
Premier Wang Qishan who was on an official visiting trip to USA,
was held today in Washington, DC.


                     About Alcatel-Lucent
  
Headquartered in Paris, France, Alcatel-Lucent S.A. --
http://www.alcatel-lucent.com/-- provides solutions that enable
service providers, enterprises and governments worldwide to
deliver voice, data and video communication services to end
users.

Alcatel-Lucent maintains operations in 130 countries, including,
Austria, Germany, Hungary, Italy, Netherlands, Ireland, Canada,
United States, Costa Rica, Dominican Republic, El Salvador,
Guatemala, Peru, Venezuela, Indonesia, Australia, Brunei and
Cambodia.

                           *     *     *

Alcatel-Lucent continues to carry Ba3 Corporate Family and
Senior Debt ratings, Not-Prime for short term debt, as well as
B2 ratings for subordinated debt with negative outlook from
Moody's Investors Service.  The ratings were were affirmed in
April 2008.   

Alcatel-Lucent's Long-Term Corporate Credit rating and Senior
Unsecured Debt still carry Standard & Poor's Ratings Services'
BB rating.  Its Short-Term Corporate Credit rating stands at B.


BELVEDERE SA: Moody's Junks Rating on Weak Operating Performance
----------------------------------------------------------------
Moody's Investors Service has downgraded Belvedere's Corporate
Family Rating to Caa1 from B2 and the Senior Secured rating on
the EUR375 million FRN notes due 2013 to Caa1 (LGD3, 44%) from
B1 following the company's weak operating performance during the
past financial year and the lack of improvement in credit
metrics.

During FYE December 2007 Belvedere reported EBITDA of EUR39.1
million was lower than the restated EBITDA for 2006 of EUR44.7
million and significantly lower than company's guidance of EUR
65 million for the full year (although Moody's notes that the
EUR39.1 million excludes the contribution of the non alcoholic
beverage business which was included in the EUR65 million).  

In addition proceeds from recent disposals (approximately EUR145
million) have not applied yet to reduced debt, as previously
anticipated, resulting in credit metrics not commensurate with a
single-B rating, with financial leverage measured as Debt to
EBITDA, well in excess of 10x.  Nonetheless, current ratings are
supported, by the company's relatively solid market position,
the good portfolio of brands and the improving geographic
diversification.  The rating also assumes that the company will
have no difficulties in financing its working capital needs over
the next few months.  Moody's understand the company is
currently contemplating different options to reduce existing
financial debt, although potential initiatives remain dependant
upon market conditions and current operating performance of the
company.  In this context Moody's remains concerned about the
cash burning rate of the company and lower prospect for a
significant reduction in financial leverage through the
utilization of the proceeds from recent disposals.

The negative outlook reflects Moody's view that the company will
remain challenged over the next few months in improving
operating performance and maintaining an adequate liquidity
profile while implementing its growth strategy and changing its
capital structure.  The rating could be further downgraded in
case of the company's inability to restore its operating
performance and if financial leverage had to remain at 2007
levels.  Deterioration in the current liquidity profile of the
company or weakening in profitability due to adverse market
conditions and increasing raw material prices would also add
pressure on the rating.

Although positive pressure on the ratings is currently unlikely,
a stabilization of the outlook might result from an improvement
in the company's operating performance showing good progress in
reaching the EBITDA guidance set by the company for the current
year of EUR60 million. The ratings of the notes have been
downgraded by three notches and aligned on the CFR reflecting
the application of Moody's Loss Given Default methodology.

These ratings have been downgraded:

   -- Corporate Family Rating, downgraded to Caa1 from B2;

   -- Senior Secured Rating on the EUR375 million notes due 2013
      downgraded to Caa1 (LGD3, 44%) from B1.

Belvedere, headquartered in Beaune, France, is a leading
producer and distributor of alcoholic beverages i.e. vodka, wine
and spirits, mainly in Poland, France, Spain, Lithuania and
Bulgaria.  During the year ending December 2007 the company
reported revenues of EUR1,042 million and EBITDA of EUR39.1
million.


HARMAN INT'L: S&P's BB- Rating Remains CreditWatch Positive
-----------------------------------------------------------
Standard & Poor's Ratings Services said that its 'BB-' long-term
corporate credit rating on Harman International Industries Inc.,
a Washington, D.C.-based audio equipment manufacturer, would
remain on CreditWatch with positive implications, where it
was placed on Oct. 22, 2007.  The CreditWatch reflects the
collapse of last year's proposed merger agreement between
Harman, an affiliate of Kohlberg Kravis Roberts & Co. L.P., and
GS Capital Partners.

"The CreditWatch positive listing means we could raise the
rating because the company's balance sheet will likely be less
leveraged than it would have been if the merger transaction had
proceeded as originally planned," said Standard & Poor's credit
analyst Nancy Messer.  "Harman has a strong market position and
good growth prospects, and it has historically generated solid
free cash flow," she continued.  But despite Harman's
satisfactory business profile and the fact that the transaction
has been canceled,  S&P might not raise the rating back to
investment grade because the company has demonstrated
its intention to consider strategic alternatives that would
result in a credit profile inconsistent with an investment-grade
rating.

In the first nine months of fiscal 2008, Harman reported much
weaker operating profits year over year because of the soft
North American auto market and slowing consumer spending.
Harman's sales for nine months ended March 31, 2008, were
US$3.05 billion, a 15.3% increase year over year, excluding
foreign currency translation, primarily because of increased
sales of automotive audio and infotainment systems to the
European original equipment automotive market (nearly 72% of
2008 total sales as of March 31) and higher sales of consumer
(15%) and professional (13%) products to distributors.  However,
Harman's reported EBITDA margins for the nine months ended March
31, 2008, decreased by nearly 7 percentage points to 8.3%
primarily because of higher warranty and material expenses in
its auto division, in addition to increased competition in the
consumer segment.  Although Harman expects a small margin
improvement in the long term through some of its new contracts
in its infotainment business, it faces significant resistance
toward achieving near-term financial improvement, given the
North American auto market downturn, weak consumer demand in the
U.S., and the high proportion of research and development
expenses to support product launches.

At March 31, 2008, the company had US$131 million in cash on the
balance sheet, and Harman generated positive free cash of US$53
million for the nine months ended as of that date because of
reduced investments in working capital, offset by slightly
higher capital expenditures.  Harman's total debt at March 31,
2008, was US$463.1 million.

S&P expects to resolve the CreditWatch listing after meeting
with management and reviewing the company's business and
financial prospects, in light of the termination of the merger
agreement, and strategic plans following the appointment of new
key senior executives.


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


B.S. SERVICE: Claims Registration Ends June 30
----------------------------------------------
Creditors of B.S. Service GmbH have until June 30, 2008, to
register their claims with court-appointed insolvency manager
Wolfgang Lorisch.

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

The meeting of creditors will be held at:

         The District Court Muenster
         Meeting Hall 119 B
         First Floor
         Gerichtsstr. 2-6
         48149 Muenster
         Germany

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

The insolvency manager can be reached at:

         Wolfgang Lorisch
         Kurt-Schumacher-Str. 48
         45699 Herten
         Germany
         Tel: 02366/10820
         Fax: +492366108282

The District Court of Muenster opened bankruptcy proceedings
against  B.S. Service GmbH on June 4, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         B.S. Service GmbH
         Wierlings Esch 33b
         48249 Duelmen
         Germany


BV + R FLEXO: Claims Registration Period Ends July 3
----------------------------------------------------
Creditors of BV + R Flexo GmbH have until July 3, 2008, to
register their claims with court-appointed insolvency manager
Sebastian Henneke.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on July 24, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court Muenster
          Meeting Hall 112 B
          First Floor
          Gerichtsstr. 2-6
          48149 Muenster
          Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

          Dr. Sebastian Henneke
          Adenauerallee 36
          46399 Bocholt
          Germany
          Tel: 028 71/2 35 48 77
          Fax: +4928712354879

The District Court of Muenster opened bankruptcy proceedings
against BV + R Flexo GmbH on May 1, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

          BV + R Flexo GmbH
          Konrad-Zuse-Ring 34
          48691 Vreden
          Germany


CHRYSLER LLC: Nears Transmission Plant Lease Deal with Linamar
--------------------------------------------------------------
Chrysler LLC is considering leasing part of its Kokomo
transmission plant in Indiana to Canada-based parts supplier
Linamar Corp. to conserve cash and cut capital spending, Josee
Valcourt writes for the Wall Street Journal.

Chrysler, the WSJ relates, is close to reaching a deal with
Linamar.

Under the deal, which is valued at US$60 million, Linamar will
lease more than 250,000 square feet of floor space at Kokomo,
the WSJ discloses.  The deal, the WSJ adds, will also allow
Linamar to use 200 of Chrysler's unionized workers as well as
use, buy and refurbish existing Chrysler equipment.

"There are several different avenues where the parties are
benefiting," Brian Harlow, general manager of transmission,
casting and machining for Chrysler, was quoted by the WSJ as
saying.  "We reduce our investment.  They reduce their
investment by buying our equipment and refurbishing."

Headquartered in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- a unit of Cerberus Capital
Management LP, produces Chrysler, Jeep(R), Dodge and Mopar(R)
brand vehicles and products.  The company has dealers worldwide,
including Canada, Mexico, U.S., Germany, France, U.K.,
Argentina, Brazil, Venezuela, China, Japan and Australia.

                            *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 9, 2008, Fitch Ratings downgraded the Issuer Default Rating
of Chrysler LLC to 'B' from 'B+', with a Negative Rating
Outlook.  Fitch has also downgraded the senior secured bank
facilities, including senior secured first-lien bank loan to
'BB/RR1' from 'BB+/RR1'; and senior secured second-lien bank
loan to 'CCC+/RR6' from 'BB+/RR1'.  The recovery rating on the
second lien was also downgraded from 'BB+/RR1' to 'CCC+/RR6'
based on lower asset value assumptions and associated recoveries
in the event of a stress scenario.


CONLINE CONSULTING: Claims Registration Period Ends July 3
----------------------------------------------------------
Creditors of conline Consulting GmbH have until July 3, 2008, to
register their claims with court-appointed insolvency manager
Peter Jost.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Aug. 4, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Frankfurt (Main)
          Hall 1
          Building F
          Klingerstrasse 20
          60313 Frankfurt (Main)
          Germany  
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

          Peter Jost
          Pfingstweidstrasse 3
          D 60316 Frankfurt/Main
          Germany
          Tel: 069/209739-0
          Fax: 069/20973929

The District Court of Frankfurt (Main) opened bankruptcy
proceedings against conline Consulting GmbH on April 28, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          conline Consulting GmbH
          Seyenbach 23
          65719 Hofheim am Taunus
          Germany


DIVE TEAM: Claims Registration Ends June 30
-------------------------------------------
Creditors of Dive Team Bonn Tauchsport GmbH have until
June 30, 2008, to register their claims with court-appointed
insolvency manager  Dr. Christoph Niering.

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

The meeting of creditors will be held at:

         The District Court of Bonn
         Hall S 2.18
         Second Floor
         William-Strasse 21
         53111 Bonn
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. Christoph Niering
         Bundeskanzlerplatz 2-10
         53113 Bonn
         Germany
         Tel: 0228/2673492
         Fax: 0228/267495
         
The District Court of Bonn opened bankruptcy proceedings against
Dive Team Bonn Tauchsport GmbH on June 6, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Dive Team Bonn Tauchsport GmbH
         Attn: Frank Michael Ballack, Manager
         Roemerstrasse 71-73
         53111 Bonn
         Germany


DUERR AG: Management Board Approves 10% Capital Increase
--------------------------------------------------------
The Board of Management of Duerr AG resolved to carry out a
capital increase for cash excluding shareholders' subscription
rights.

On the strength of an authorization passed by the Annual
Shareholders’ Meeting in 2006, 1,572,500 bearer ordinary shares
-- just under 10% of the capital stock -- were placed mainly
with institutional investors in an accelerated bookbuilding
process.

With a placing price of EUR28.00 the proceeds (before
transaction fees) for Duerr AG amount to EUR44.0 million.  The
capital stock has increased from EUR40,263,731 to EUR44,289,331.
The Supervisory Board's approval of the capital increase is
currently being obtained.

With the capital increase Duerr intends to further improve its
financing structure. The aim is greater long-term security and
at the same time flexibility and efficiency.

Another purpose of the capital increase is to secure the basis
for financing growth.  Besides above-average organic growth
relative to the market, Duerr also plans several smallish bolt-
on acquisitions to round out its activities.

Duerr intends to redeem a substantial part of its high-yield
bond in the summer of 2008.  In addition, negotiations are
currently being conducted in the credit consortium for
prolonging and increasing the syndicated credit facility in line
with the company’s improved situation.  This package of measures
will probably yield significant relief in interest expense
already in 2009.  

Duerr expects this to have a positive effect on earnings per
share and thus create value for shareholders. In addition, Duerr
expects an accelerated upgrading of its corporate ratings by the
rating agencies.

                          About Duerr

Headquartered in Stuttgard, Germany, The Duerr Group
-- http://www.durr.com/en/-- supplies products, systems, and
services for automobile manufacturing.  Duerr designs and builds
paint shops and final assembly plants.

The Duerr Group also operates in Czech Republic, France, U.K.,
Italy, Netherlands, Poland, Russia, Slovakia, Spain, Turkey,
Australia, Brazil, China, India, Japan, Mexico, South Africa,
South Korea and the U.S.A.

                          *     *     *

Duerr AG still carries B long-term corporate credit rating with
positive outlook from Standard & Poor's Ratings Services.

Duerr AG also carries B2 Corporate Family, B2 Probability of
Default and Caa1 Senior Subordinate ratings from Moody's
Investor Service, which said the outlook is stable.


DUERR AG: S&P Puts B Rating on CreditWatch Positive
---------------------------------------------------
Standard & Poor's Ratings Services placed its 'B' long-term
corporate credit rating on Germany-based auto supplier Duerr AG
on CreditWatch with positive implications, following its
successful completion of a capital increase of about EUR44
million.

At the same time, the 'CCC+' rating on the company's
subordinated bonds was placed on CreditWatch with positive
implications.

"The CreditWatch placement reflects our expectations that Duerr
will use the proceeds from the capital increase to reduce debt,
thereby improving its financial risk profile," said Standard &
Poor's credit analyst Varvara Nikanorava.

Duerr recently reported improved results for 2007 and for the
first quarter of 2008, thanks to higher demand for its products
and a stronger order book.  This gives us confidence that the
company can sustain the earnings improvement over time.  Credit
measures are furthermore set to improve in 2008, owing to
several recently completed operational and restructuring
projects.  These included process improvements, capacity
adjustments, and optimization of the product mix.

In 2007, the group generated fully adjusted funds from
operations of approximately EUR37 million, a turnaround from the
negative EUR40 million in 2006.  In the first quarter of 2008,
usually a weaker quarter, cash generation was well above that of  
the same period last year.
However, the group's financial risk profile remained highly
leveraged at the end of 2007, with EUR215 million of gross debt,
EUR45 million of unfunded pension liabilities, EUR97 million in
operating leases, EUR35 million in trade receivables sold, and
about EUR108 million of unrestricted cash.  Based on year-end
fully adjusted debt of EUR284 million, the group's ratio of FFO
to debt had risen to about 13% from negative territory in 2006.
Including the newly raised equity of EUR44 million, this ratio
is a higher pro forma 15%.

To resolve the CreditWatch placement, Standard & Poor's will
assess how Duerr uses proceeds from the equity issue and also
closely monitor whether it can sustain positive operating
results over time.  The ratings could be raised by one notch.   
S&P will seek to resolve the CreditWatch within 90 days.

The ratings continue to reflect Duerr's weak but improving
performance track record, high leverage, exposure to the
cyclical automotive industry, and challenging position as a
supplier to price-aggressive original equipment manufacturers.
Positive rating factors include the group's strong market
position and widely recognized expertise in its core markets,
good geographic diversification, and good liquidity.


ECOVEST SERVICE: Claims Registration Period Ends July 3
-------------------------------------------------------
Creditors of ECOVEST Service GmbH Gesellschaft fuer
Investitions- und Anlagevermittlung have until July 3, 2008, to
register their claims with court-appointed insolvency manager
Ottmar Hermann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 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 Frankfurt (Main)
          Hall 1
          Building F
          Klingerstrasse 20
          60313 Frankfurt (Main)
          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:

          Ottmar Hermann
          Bleichstrasse 2-4
          D 60313 Frankfurt/Main
          Germany
          Tel: 069/9130920
          Fax: 069/91309230

The District Court of Frankfurt (Main) opened bankruptcy
proceedings against ECOVEST Service GmbH Gesellschaft fuer
Investitions- und Anlagevermittlung on April 30, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          ECOVEST Service GmbH
          Gesellschaft fuer Investitions- und Anlagevermittlung
          Kaiserstr. 11
          60311 Frankfurt/Main
          Germany


ESLEM GMBH: Claims Registration Period Ends July 3
--------------------------------------------------
Creditors of Eslem GmbH have until July 3, 2008, to register
their claims with court-appointed insolvency manager Dr. Jan
Roth.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 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 Frankfurt (Main)
         Hall 2
         Building F
         Klingerstrasse 20
         60313 Frankfurt (Main)
         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. Jan Roth
         Pfingstweidstrasse 3
         60316 Frankfurt am Main
         Germany
         Tel: 069/209739-0
         Fax: 069/20973929

The District Court of Frankfurt am Main opened bankruptcy
proceedings against Eslem GmbH on April 18, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Eslem GmbH
         Eschersheimer Landstr. 589
         60433 Frankfurt am Main
         Germany


HAASE HAUSTECHNIK: Claims Registration Period Ends July 3
---------------------------------------------------------
Creditors of Haase Haustechnik GmbH & Co. KG have until
July 3, 2008, to register their claims with court-appointed
insolvency manager Rainer M. Bahr.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on July 24, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Gifhorn
          Hall 118
          Schlossgarten 4
          38518 Gifhorn
          Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

          Rainer M. Bahr
          Prinzenstr. 14
          30159 Hannover
          Germany
          Tel: 0511/85030580
          Fax: 0511/85030588
          E-mail: Baehr@Hermann-Law.com

The District Court of Gifhorn opened bankruptcy proceedings
against Haase Haustechnik GmbH & Co. KG on May 23, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Haase Haustechnik GmbH & Co. KG
          Ilseder Huette 10
          31241 Ilsede
          Germany


HESE-SEIDENKONTOR GMBH: Claims Registration Ends June 30
--------------------------------------------------------
Creditors of Hese-Seidenkontor GmbH & Co. KG have until
June 30, 2008, to register their claims with court-appointed
insolvency manager Heiko Fialski.

Creditors and other interested parties are encouraged to attend
the meeting at 10:10 a.m. on Aug. 18, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Pinneberg
         Hall 5
         First Floor
         Bahnhofstrasse 17
         25421 Pinneberg
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Heiko Fialski
         Johannes-Brahms-Platz 1
         20355 Hamburg
         Germany

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

The Debtor can be reached at:

         Hese-Seidenkontor GmbH & Co. KG
         Attn: Gisela Stach, Manager
         Daimlerstr. 14 + 16
         25337 Elmshorn
         Germany


IKB DEUTSCHE: Shareholders File Suit vs German Finance Agency
-------------------------------------------------------------
Shareholders of IKB Deutsche Industriebank AG have filed a
criminal suit against managers at Bundesrepublik Deutschland -
Finanzagentur GmbH -- the government's debt management office --
over its approval of a EUR500 million loan to the company,
various reports say.

According to lawyer Klaus Nieding, Bloomberg News relates, the
managers may have not adequately investigated IKB's financial
condition when extending the credit line.

"It's not just when loans are first granted that
creditworthiness must be assessed, it's also a decisive
criterion for prolonging credit," Mr. Nieding told Reuters.

Mr. Nieding added Bloomberg News that the lawsuit -- sent to
Berlin prosecutors -- will allow shareholders file legal actions
against IKB since they may be able to inspect prosecutors'
files.

"Rules of evidence are to the detriment of shareholders, who
must produce information from inside the company," Mr. Nieding
was quoted by Bloomberg News as saying.  "Shareholders can only
get this information via probes by authorities."

                       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.


KEMPENER AUTOPARK: Claims Registration Period Ends July 3
---------------------------------------------------------
Creditors of Kempener Autopark GmbH have until July 3, 2008, to
register their claims with court-appointed insolvency manager
Wolf-R. von der Fecht.

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 Krefeld
          Meeting Hall H 131
          First Floor         
          Nordwall 131
          47798 Krefeld
          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. Wolf-R. von der Fecht
          Rheinort 1
          40213 Duesseldorf
          Germany
          Tel: 0211 13940
          Fax: +4902111394251

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

The Debtor can be reached at:

          Kempener Autopark GmbH
          Attn: Elmar Schmitz, Manager
          Industriering Ost 24
          47906 Kempen
          Germany


LEWIN GMBH: Claims Registration Period Ends July 3
--------------------------------------------------
Creditors of Lewin GmbH & Co. Kirchgasse 2 KG have until
July 3, 2008, to register their claims with court-appointed
insolvency manager Christian Koehler-Ma.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on Sept. 1, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Christian Koehler-Ma
         Kurfuerstendamm 26a
         10719 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Lewin GmbH & Co. Kirchgasse 2 KG on July 3,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         Lewin GmbH & Co. Kirchgasse 2 KG
         Uhlandstrasse 7/8
         10623 Berlin
         Germany


LUCRATIVUS GMBH: Claims Registration Ends June 30
-------------------------------------------------
Creditors of Lucrativus GmbH have until June 30, 2008, to
register their claims with court-appointed insolvency manager
Rolf Weidmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on July 21, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Essen
         Meeting Hall 293
         Second Floor
         Zweigertstr. 52
         45130 Essen
         Germany

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

The insolvency manager can be reached at:

         Rolf Weidmann
         Alfredstr. 279
         45133 Essen
         Germany

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

The Debtor can be reached at:

         Lucrativus GmbH
         Attn: Thomas Becker, Manager
         Herbrueggenbusch 34
         45359 Essen
         Germany


MEBO BAU: Claims Registration Period Ends July 3
------------------------------------------------
Creditors of MEBO Bau Gesellschaft mbH have until July 3, 2008,
to register their claims with court-appointed insolvency manager
Helmut Schmitz.

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

The meeting of creditors will be held at:

          The District Court of Duisburg
          Hall C207
          Second Floor
          Kardinal-Galen-Strasse 124-132
          47058 Duisburg
          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 Schmitz
          Am Flohbusch 1
          47802 Krefeld
          Germany

The District Court of Duisburg opened bankruptcy proceedings
against MEBO Bau Gesellschaft mbH on May 21, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          MEBO Bau Gesellschaft mbH
          Schmitzbauerstrasse 2 a
          45473 Muelheim an der Ruhr
          Germany


MHB VILLEN- UND: Claims Registration Period Ends July 4
-------------------------------------------------------
Creditors of MHB Villen- und Cityimmobilien GmbH have until
July 4, 2008, to register their claims with court-appointed
insolvency manager Dr. jur. Stefan N. Frielinghaus.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on Aug. 4, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. jur. Stefan N. Frielinghaus
         Alexandrinenstr. 17
         19055 Schwerin
         Germany

The District Court of Schwerin opened bankruptcy proceedings
against MHB Villen- und Cityimmobilien GmbH on May 22, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         MHB Villen- und Cityimmobilien GmbH
         Attn: Dr. Harald Classen, Manager
         Otto-Weltzin-Strasse 15
         19061 Schwerin
         Germany


NORDPROJEKT GESELLSCHAFT: Claims Registration Period Ends July 4
----------------------------------------------------------------
Creditors of Nordprojekt Gesellschaft fuer Immobilienentwicklung
mbH Projekt Friedrichsthal have until July 4, 2008, to register
their claims with court-appointed insolvency manager Dr. jur.
Stefan N. Frielinghaus.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Aug. 4, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. jur. Stefan N. Frielinghaus
         Alexandrinenstr. 17
         19055 Schwerin
         Germany

The District Court of Schwerin opened bankruptcy proceedings
against Nordprojekt Gesellschaft fuer Immobilienentwicklung mbH
Projekt Friedrichsthal on May 22, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Nordprojekt Gesellschaft fuer Immobilienentwicklung mbH
         Projekt Friedrichsthal
         Attn: Dr. Harald Classen, Manager
         Otto-Weltzin-Strasse 15
         19061 Schwerin
         Germany


PROSIEBENSAT.1 MEDIA: CEO Guillaume de Posch to Quit Yearend
------------------------------------------------------------
Guillaume de Posch, Chairman of the Executive Board and CEO of
ProSiebenSat.1 Media AG, will leave the company at his own
request on Dec. 31, 2008.

This was agreed upon in mutual consent by the the Supervisory
Board and the CEO.

Mr. de Posch has been CEO of ProSiebenSat.1 for the last four
years. Andreas Bartl, since May 2008 Managing Director of
ProSiebenSat.1s subsidiary German Free-TV Holding GmbH, today
joined the Executive Board with responsibility for the
management segment German Free-TV.

                      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.


THIELERT AIRCRAFT: Plans to Save Jobs Give Rise in Trading
----------------------------------------------------------
Gunter Bolick, a legislator in Saxony has planned to help save
jobs at Thielert AG's insolvent unit Thielert Aircraft Engines
GmbH that resulted on an increased of 13% in Frankfurt trading,
Bloomberg News reports.

According to the report, Mr. Bolick will meet next week with
Wolfgang Sedner, the mayor of Lichtenstein and insolvency
administrator Bruno Kuebler concerning on the plan to save jobs
of 240 employees in Lichtenstein and 50 workers in Altenburg,
Germany.

As reported in the Troubled Company Reporter-Europe on
April 25, 2008, that Thielert Aircraft filed for insolvency at
the county court Chemnitz in Germany concerning the assets of
the company due to immediate illiquidity.

Headquartered in Lichtenstein, Saxony/Germany, Thielert Aircraft
Engines GmbH -- http://www.thielert.com/--  is a full   
subsidiary of Thielert AG, which develops and manufactures
components for high-performance engines and special parts with
complex geometries and hardware and software for digital engine
control systems.


WOHNSTIFT LANDGUT: Claims Registration Ends June 27
---------------------------------------------------
Creditors of Wohnstift Landgut Marienwahl GmbH & Co. KG have
until June 27, 2008, to register their claims with court-
appointed insolvency manager Manfred Dobler.

Creditors and other interested parties are encouraged to attend
the meeting at 2:30 p.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 Ludwigsburg
         Hall 2612
         Schorndorfer Str. 26
         71638 Ludwigsburg
         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:

         Manfred Dobler
         Gansheidestr. 1
         70184 Stuttgart
         Germany
         Tel: (0711) 16433-0

The District Court of Ludwigsburg opened bankruptcy proceedings
against Wohnstift Landgut Marienwahl GmbH & Co. KG on
June 6, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Wohnstift Landgut Marienwahl GmbH & Co. KG
         Attn: Albert Kungel, Manager
         Am Rathausplatz 5
         71696 Moeglingen
         Germany


WUM DESIGN: Creditors' Meeting Slated for June 25
-------------------------------------------------
The court-appointed insolvency manager for WuM Design GmbH,
Nikolaus Ackermann will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
11:00 a.m. on June 25, 2008.

The meeting of creditors and other interested parties will be
held at:
          
         The District Court of Aschaffenburg
         Meeting Hall 5.103
         Schlossplatz 5
         63739 Aschaffenburg
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report at 10:10 a.m. on July 29, 2008, at the same
venue.

Creditors have until June 30, 2008 to register their claims with
the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Nikolaus Ackermann
         Friedrichstr. 19
         63739 Aschaffenburg
         Germany
         Tel: 06021/368919
         Fax: 06021/368923

The District Court of Aschaffenburg opened bankruptcy
proceedings against WuM Design GmbH on May 31, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         WuM Design GmbH
         Benzstr. 6
         63741 Aschaffenburg
         Germany


===========
G R E E C E
===========


ANTENNA TV: Limited Cash Flow Cues S&P to Hold B Rating
-------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Greek
broadcaster Antenna TV S.A. to negative from stable, due to the
company's continuing weak operating performance and limited
liquidity.  At the same time, Standard & Poor's affirmed its 'B'
long-term corporate credit and senior unsecured debt ratings
on the group.

"The outlook change follows Antenna's weaker-than-expected
performance and cash balances in the first quarter of 2008, as
well as uncertainties on the company's ability to meaningfully
improve revenue and EBITDA performance in the remainder of
2008," said Standard & Poor's credit analyst Melvyn Cooke.

The ratings on Antenna reflect the company's limited free cash
flow generation, very aggressive financial profile, reliance on
cyclical advertising revenues, and historically high programming
costs.  Partially offsetting these factors are the group's fast-
growing and highly profitable TV operations in Bulgaria,
Antenna's improving audience share since early 2008 in the
coveted 15-44 year old target group in Greece, and regulatory
barriers to entry.

"The negative outlook reflects our concerns that Antenna's poor
performance may result in weakening profitability and liquidity
over the next few quarters, unless it is able to durably reverse
the audience decline," said Mr. Cooke.

Furthermore, while the group expects the Greek and Bulgarian TV
markets to grow soundly in 2008, any weakness in advertising
revenues in either of these markets may also contribute to lower
liquidity at year end.

To maintain the ratings, S&P expects Antenna to improve
liquidity, mainly through a return to positive cash flow
generation, as well as operating performance at its flagship
Antenna channel over the next three quarters.  If these
conditions are established we could revise the outlook back to
stable.

A failure to stabilize or improve the prime-time audience share
and advertising revenues at Antenna TV, or to improve free cash
flow generation, would raise concerns about the evolution of the
group's liquidity, and could result in a downgrade.


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


MENTON CDO IV: Moody's Cuts Rating on Four Note Classes
-------------------------------------------------------
Moody's Investors Service downgraded 4 classes of notes issued
by Menton CDO IV Limited and Lunar Funding V PLC.  One class of
the notes issued by Menton CDO IV was left on review for further
downgrade.

These rating actions are a response to the credit deterioration
of the underlying portfolio of these synthetic CDOs. The
transactions reference mainly CDOs exposed to high yield
entities (76%) and ABS CDOs (15%).  The credit quality
deterioration comes mostly from the ABS CDOs.  While 88% of the
assets remain Aaa, approximately 8% of the portfolio is rated
Caa2 or worse while on the liability side the Menton tranches
form the 10% first loss.  The Lunar Funding V notes are a
repackaging of the Menton IV class B notes.

These rating actions are:

Issuer: Menton CDO IV Limited

   (1) US$100,000,000 Class A-1 Secured Floating Rate Notes due
       2057

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

   (2) US$75,000,000 Class A-2 Secured Floating Rate Notes due
       2057

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

   (3) US$75,000,000 Class B Secured Floating Rate Notes due
       2057

    -- Current Rating: Ca
    -- Prior Rating: Caa2, on review for downgrade

Issuer: Lunar Funding V PLC

   (1) Series 2007-55 US$75,000,000 Asset Backed Notes due 2057

    -- Current Rating: Ca
    -- Prior Rating: Caa2, on review for downgrade


NEW BOND CDO 1: Moody's Cuts Ratings on Three Note Classes
----------------------------------------------------------
Moody's Investors Service downgraded one class of notes and
downgraded and left on review for downgrade two classes of notes
issued by New Bond Street CDO 1 PLC, a limited purpose vehicle
incorporated in Ireland

These rating actions are a response to the severe credit
deterioration in the underlying portfolio. This managed cash CDO
of ABS transation has 30% US ABS CDOs of the 2005, 2006, and
2007 vintages. Three US ABS CDO, representing 3.5% of the
portfolio by volume, is currently rated Ca.

These rating actions are:

New Bond Street CDO 1 PLC:

   (1) the US$100,000,000 Class A2 Floating Rate Notes due 2066

    -- Current Rating: Baa2, on review for downgrade
    -- Prior Rating: Aaa, on review for downgrade

   (2) the US$150,000,000 Class B1 Floating Rate Notes due 2066

    -- Current Rating: Caa1, on review for downgrade
    -- Prior Rating: Ba1, on review for downgrade

   (3) the US$32,500,000 Class B2 Deferrable Floating Rate Notes  
       due 2066

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


NEW BOND CDO 2: Moody's Cuts Ratings on Three Note Classes
----------------------------------------------------------
Moody's Investors Service downgraded two classes of notes and
downgraded and left on review for downgrade one class of notes
issued by New Bond Street CDO 2 Limited.

These rating actions are a response to severe credit
deterioration in the underlying portfolio. The transaction is a
managed cash CDO of ABS, containing roughly 27.71% ABS CDOs.
Many of the assets in the portfolio have been downgraded, placed
on review for downgrade, or both since October 2007. Six US ABS
CDO tranches, roughly 7.88% of the portfolio by volume, are
currently rated Ca or C.

Today's rating actions are as follows:

New Bond Street 2 Limited:

   (1) US$100,000,000 Class A Floating Rate Notes due 2067

    -- Current Rating: Baa3, on review for downgrade
    -- Prior Rating: Aa3, on review for downgrade

   (2) US$40,000,000 Class B Floating Rate Notes due 2067

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

   (3) US$25,000,000 Class C Deferrable Floating Rate Notes due
       2067

    -- Current Rating: C
    -- Prior Rating: Caa3, on review for downgrade


PALMER SQUARE 3: Moody's Cuts Ratings on Six Note Classes
---------------------------------------------------------
Moody's Investors Service downgraded and left on review for
downgrade two classes of notes and downgraded four classes of
notes issued by Palmer Square 3 Limited, a limited purpose
vehicle incorporated in Ireland

These rating actions are a response to severe credit
deterioration in the underlying portfolio. The transaction is
managed cash CDO of ABS, containing roughly 40% ABS CDOs and 27%
sub-prime RMBS of the 2005, 2006, and 2007 vintages. Many of the
assets in the portfolio have been downgraded, placed on review
for downgrade, or both since October 2007. 28.86% of the
portfolio by volume (mainly US ABS CDOs) is currently rated C or
Ca.

These rating actions are:

Palmer Square 3 Limited:

   (1) US$1,000,000,000 Class A1-M Floating Rate Notes due 2052

    -- Current Rating: Ba3, on review for downgrade
    -- Prior Rating: A3, on review for downgrade

   (2) US$200,000,000 Class A1-Q Floating Rate Notes due 2052

    -- Current Rating: Ba3, on review for downgrade
    -- Prior Rating: A3, on review for downgrade

   (3) US$300,000,000 Class A2 Floating Rate Notes due 2052

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

   (4) US$300,000,000 Class A3 Floating Rate Notes due 2052

    -- Current Rating: Ca
    -- Prior Rating: Caa3, on review for downgrade

   (5) US$116,000,000 Class A4 Floating Rate Notes due 2052

    -- Current Rating: C
    -- Prior Rating: Ca

   (6) US$39,000,000 Class B Floating Rate Notes due 2052

    -- Current Rating: C
    -- Prior Rating: Ca


STOCKERYALE INC: Reveals Plan to Acquire Virtek Vision
------------------------------------------------------
StockerYale, Inc. said Monday that it intends to make an offer
to acquire all issued and outstanding Common Shares of Virtek
Vision International Inc. (TSX: VRK) of Waterloo, Ontario,
Canada, through its newly formed acquisition subsidiary,
StockerYale Waterloo Acquisition Inc.

Several of Virtek’s largest institutional shareholders have
expressed their support for the proposed acquisition.

StockerYale intends to pursue one of two transactions to acquire
Virtek:

    -- The proposed transaction is an acquisition of Virtek for
       C$0.70 per Common Share in cash and stock after reaching
       agreement with Virtek’s Board of Directors.

    -- In the absence of an agreement with Virtek’s Board of
       Directors, StockerYale expects to pursue a takeover bid
       for 100% of the issued and outstanding Virtek Common
       Shares for C$0.65 per share in cash.

The proposed transaction would represent:

   (i) a 59% premium over the closing trading price of Virtek’s
       Common Shares of C$0.44 on May 13, 2008, the day
       StockerYale first made an offer to the Board of Directors
       of Virtek,

  (ii) a 71% premium above the 30-day average closing price of
       the Common Shares ended May 13, 2008 and

(iii) a 75% premium above the 90-day average closing price
       ended May 13, 2008.

The proposed transaction would provide Virtek shareholders with
approximately 7,790,000 shares of StockerYale common stock
(representing approximately 19.9% of StockerYale’s outstanding
common stock) and the remainder of the purchase price in cash.

The all-cash takeover bid transaction would represent;

   (i) a 48% premium over the closing trading price of Virtek’s
       Common Shares of C$0.44 on May 13, 2008, the day
       StockerYale first made an offer to the Board of Directors
       of Virtek,

  (ii) a 59% premium above the 30-day average closing price of
       the Common Shares ended May 13, 2008 and

(iii) a 63% premium above the 90-day average closing price
       ended May 13, 2008.

The completion of StockerYale’s acquisition of Virtek is subject
to, among other things, StockerYale’s determination that no
material adverse change has occurred respecting Virtek’s
business or financial condition.  If StockerYale determines to
proceed with the takeover bid transaction, a number of
conditions will apply including a minimum 66-2/3% tender
condition for any takeover bid.

If StockerYale proceeds by takeover bid and at least 66-2/3% of
Virtek’s issued and outstanding Common Shares are tendered to
the bid, StockerYale intends to acquire any remaining Common
Shares through a second step transaction for the same
consideration per share as that offered under the bid.

As was previously disclosed, on May 13, 2008, StockerYale made
an offer to the Virtek Board of Directors to acquire all of the
issued and outstanding shares of Virtek Common Shares for
consideration of C$0.65 per share, representing a total purchase
price of approximately C$22 million.  StockerYale’s original
proposal would have provided the Virtek shareholders with
approximately 7,790,000 shares of StockerYale common stock
(representing approximately 19.9% of StockerYale’s outstanding
common stock) and the remainder of the purchase price in cash.

“We believe the combination of StockerYale and Virtek would
deliver better choices and innovation to customers and industry
partners and superior value to our respective shareholders,”
said StockerYale Chairman and CEO Mark W. Blodgett.  “The
combined company will have a larger footprint and greater
visibility within both the photonics industry and financial
community. We also expect to quickly realize synergies by
eliminating certain redundant public company costs and by cross-
selling the product offerings of the two businesses to each
other’s customers.  Longer-term, it enables us to achieve the
R&D critical mass necessary to deliver new product innovations.”

“Given the significant benefits and the opportunities created by
a combination of StockerYale and Virtek, we are confident that
Virtek’s shareholders will find our proposal compelling and will
enthusiastically support an acquisition,” continued Mr.
Blodgett.  “StockerYale has proposed a higher purchase price to
Virtek’s shareholders if Virtek’s Board of Directors and
management team engage in discussions with StockerYale to reach
a mutually acceptable agreement.”

StockerYale has made multiple attempts to engage in meaningful
discussions with Virtek’s Chairman, its Chief Executive Officer
and its financial advisor (PriceWaterhouseCoopers) concerning a
negotiated transaction.  On June 6, 2008, Virtek issued a press
release to publicly announce that it had decided not to pursue
StockerYale’s May 13, 2008 offer.

StockerYale would strongly prefer to proceed with the
acquisition on a negotiated basis and believes that Virtek’s
shareholders would benefit from the opportunity to have a
continued stake in the combined entity.  However, StockerYale is
prepared to proceed with making an offer on an unsolicited
basis, if necessary.

StockerYale’s Board of Directors unanimously supports
StockerYale’s acquisition of Virtek.  StockerYale anticipates
the proposed combination of these two companies would receive
all necessary regulatory approvals and expects that a
transaction would be completed early in the second half of
calendar year 2008.

Headquartered in Salem, New Hampshire, StockerYale, Inc.
(NASDAQ: STKR) -- http://www.stockeryale.com/-- is an    
independent designer and manufacturer of structured light
lasers, LED modules, and specialty optical fibers for industry
leading OEMs.  In addition, the company manufactures fluorescent
lighting products and phase masks.  The company serves a wide
range of markets including the machine vision, industrial
inspection, defense, telecommunication, sensors, and medical
markets.  StockerYale has offices and subsidiaries in the U.S.,
Canada, and Europe.  The company's Europe subsidiaries are
located in England and Ireland.

                    Going Concern Doubt

Vitale, Caturano & Company, Ltd. raised substantial doubt about
the ability of StockerYale, Inc. to continue as a going concern
after auditing the company's consolidated financial statements
for the years ended Dec. 31, 2007, and 2006.  The auditing firm
pointed to the company's recurring losses from operations and
significant financial obligations.


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


BANCA ITALEASE: Fitch Affirms Individual Ratings at D/E
-------------------------------------------------------
Fitch Ratings is keeping Banca Italease's Long-term Issuer
Default rating of 'BBB-', Short-term IDR of 'F3' and Support
rating of '2' on Rating Watch Negative, where they were placed
on 5 March 2008.  The Individual rating is affirmed at 'D/E'.
The Long-term 'BB' rating of the bank's EUR150 million trust
preferred securities also remains on RWN.

Fitch expects to resolve the RWN when details on the long-term
future of Italease become available; the bank is searching for a
strategic partner.  In Fitch's opinion, a strong agreement with
a sufficiently solid partner could help the bank regain
strategic and financial stability, particularly with respect to
its currently weak funding.  In the meantime, the agency expects
that Italease's main shareholders will continue to support the
bank until it has regained stability.

However, Fitch believes there is a possibility that the main
shareholders' propensity to provide support to Italease might
reduce over the medium-term, and this is reflected in the RWN.
The current shareholders' pact, signed in February 2008, has a
12-month only duration, shorter than the previous pact, and
includes other changes, such as the possibility for members to
leave the pact before its expiry.  Nevertheless, Fitch
acknowledges that the pact members have provided support to
Italease, and continue to provide a significant portion of the
bank's funding.

Signs of a reduction in the shareholders' propensity to provide
ongoing support, which could include a reduction in funding
lines made available to Italease, and a reduction in the pact
members' stake held in the bank or evidence that the pact will
not be renewed at its expiry in February 2009 in the absence of
solid alternative strategic options, would likely lead to a
downgrade of Italease's Long- and Short-term IDRs and its
Support rating.

Italease's Long- and Short term IDRs and its Support rating
reflect the strong support from its main shareholders, who
together control 49.34% of Italease's share capital and have
transferred 36.96% of shares to a shareholders' pact.  The
members of the pact are Banco Popolare ('A'/Outlook Stable),
Banca Popolare dell'Emilia Romagna ('A-'('A minus')/Outlook
Stable), Banca Popolare di Sondrio ('A'/Outlook Stable), Reale
Mutua di Assicurazioni and Banca Popolare di Milano ('A'/Outlook
Stable).

The Individual rating reflects the challenges facing the bank in
regaining stability.  The bank's new management, in place since
June 2007, has taken measure to strengthen its organization and
controls. The bank generated a EUR25 million operating profit in
first quarter of 2008.


PARMALAT SPA: Investors File Suit v Banks & Auditors in Milan
-------------------------------------------------------------
A group of 4,000 Parmalat S.p.A. bondholders will file in
September 2008, a damage suit against the company's former
auditors and banks at the civil court of Milan, Sara Gay Forden
writes for Bloomberg News.

The bondholders, represented by Altroconsumo and Deminor, are
suing:

    * Citigroup Inc.,
    * Bank of America Corp.,
    * UBS AG,
    * Eurizon Financial Group S.p.A. (fka Nextra),
    * Morgan Stanley,
    * Deutsche Bank AG
    * Deloitte & Touche, and
    * Grant Thornton

In July 2007, a judge at the U.S. District Court for the
Southern District of New York excluded non-American bondholders
from joining a class action against Deloitte & Touche, Grant
Thornton, Citibank, and Bank of America.  

Alberto Albanese, Deminor Managing Director, told Bloomberg News
that they "hope to win full settlements for investors," since
"up to now, settlements have gone to Bondi and the current
Parmalat."

UBS AG recently paid over EUR184 million to settle legal
disputes with Parmalat.

                        About Parmalat

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

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

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

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

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

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


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


ADILET-AGRO LLP: Creditors Must File Claims by July 29
------------------------------------------------------  
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Adilet-Agro insolvent.

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

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


ALATAU OIL: Claims Deadline Slated for July 25
----------------------------------------------  
The Tax Committee of Almaty has ordered the compulsory
liquidation of LLP Alatau Oil Group (RNN 090400017512).

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

         The Tax Committee of Almaty
         Room 208
         Jangusurov Str. 113a
         Taldykorgan
         Almaty
         Kazakhstan
         Tel: 8 (3282) 24-19-77


ALMAZ COM: Claims Filing Period Ends July 29
--------------------------------------------  
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP ALMAZ Com 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 Almaty
         Office 1
         Furmanov Str. 103
         Almaty
         Kazakhstan


BT CONSTRUCTION: Creditors' Claims Due on July 25
-------------------------------------------------  
LLP BT Construction Materials has declared insolvency.  
Creditors have until July 25, 2008, to submit written proofs of
claims to:

         LLP BT Construction Materials
         Suiunbai Str. 4
         Rayimbek
         Karasaisky
         Almaty
         Kazakhstan


HEADONG KAZAKHSTAN: Claims Registration Ends July 25
----------------------------------------------------  
LLP Headong Kazakhstan has declared insolvency.  Creditors have
until July 25, 2008, to submit written proofs of claims to:

         LLP Headong Kazakhstan
         Satpaev Str. 62-18
         Almaty
         Kazakhstan


KAFANAT-KS: Creditors Must File Claims by July 29
-------------------------------------------------  
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Scientific-Cultural Center Kafanat-KS 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


KAZAKH-UN LLP: Claims Deadline Slated for July 25
-------------------------------------------------  
The Specialized Inter-Regional Economic Court of Astana has
declared LLP Kazakh-Un insolvent on May 4, 2008.

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

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


MKM-STROY LLP: Claims Filing Period Ends July 29
------------------------------------------------  
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP MKM-Stroy 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


PIRIT LLP: Creditors' Claims Due on July 25
-------------------------------------------
The Specialized Inter-Regional Economic Court of Astana has
declared LLP Joint Kazakh-Russian Enterprise Pirit has declared
insolvent.

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


PROGRESS YAR: Claims Deadline Slated for July 29
------------------------------------------------  
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Progress Yar Dizel insolvent.

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

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


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


ARASHAN COMMUNICATION: Creditors Must File Claims by July 16
------------------------------------------------------------
LLC Arashan Communication has declared insolvency.  Creditors
have until July 16, 2008 to submit written proofs of claim.

Inquiries can be addressed to (+996 312) 62-25-70.


===========
N O R W A Y
===========


VIKING DRILLING Wants Exclusive Period Extended to Dec. 31
----------------------------------------------------------
Viking Drilling ASA has asked U.S. Bankruptcy Court for the
Southern District of Texas, Houston Division, the exclusive
period to file a Chapter 11 plan through Dec. 21, 2008,
Bloomberg News reports.

On Feb. 29, 2008, Viking Drilling ASA and all its subsidiaries
-- Viking Offshore (USA) Inc., Viking Producer Inc., Viking
Prospector Inc. and Viking Century Inc. each filed a voluntary
petition for Chapter 11 bankruptcy protection in the
U.S.

The Company's board of directors decided to file for Chapter 11
bankruptcy to evaluate alternative financial or strategic
opportunities.  

The case is In re Viking Offshore (USA) Inc., 08-31219, U.S.
Bankruptcy Court, Southern District of Texas (Houston).

Headquartered in Oslo, Norway, Viking Drilling ASA and its
debtor-affiliates -- http://www.vikingdrilling.com/-- are  
active in the floating drilling rig mid-water segment.  The
companies filed for Chapter 11 protection on February 29, 2008
(Bankr. S.D. Tex. Case No. 08-31228).  John P. Melko, Esq. at
Gardere Wynne Sewell, LLP represents the Debtors.  When they
filed for protection from their creditors, the companies listed
assets and debts both between US$100 million to US$500 million.


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


OMNOVA SOLUTIONS: Moody's Keeps Ratings on Weak Credit Metrics
--------------------------------------------------------------
Moody's Investors Service changed the rating outlook for OMNOVA
Solutions Inc. to stable from positive and affirmed its
corporate family and other ratings.  The change in outlook
reflects the recent weaker margins and higher leverage of the
company and industry conditions that are not supportive of a
ratings upgrade. These summarizes the affirmed ratings:

OMNOVA Solutions Inc.

Ratings affirmed:

   -- Corporate family rating -- B2

   -- Probability of default rating -- B2

   -- US$150 million Gtd Sr Sec Term Loan B due 2014 -- B2
      (LGD4, 52%) from B2 (LGD3, 48%)

The move in the outlook to stable from positive reflects the
recent decline in gross margins and lackluster cash flow of
OMNOVA primarily due to elevated raw material, energy and
transportation costs that the company has not been able to fully
pass through to its customers on a timely basis.  Since the
rating outlook was moved to positive in November 2006, OMNOVA
has taken steps to reduce interest expense through debt
reduction and refinancing high coupon debt (in May 2007) and to
reduce selling, general and administrative costs.  However, the
positive impact of this expense reduction has been largely
offset by a decline in gross margins, and cash flows have been
further impacted by the use of cash for working capital
purposes.  Despite certain successful efforts by OMNOVA to raise
prices to offset high raw material and energy costs, it is
uncertain if the company will get adequate relief from cost
pressures over the next year.  Also, Moody's expects that OMNOVA
will continue to experience difficult economic conditions for
the balance of 2008 and into 2009 in key end markets such as the
US housing market.  As a result, it is expected that industry
conditions and OMNOVA's credit metrics will not be supportive of
an upgrade of the corporate family rating in the near-term.

The stable outlook reflects Moody's expectation that the company
will maintain adequate liquidity as a result of some success in
maintaining or improving its margins and generating modest free
cash flow.  However, the rating could come under pressure if
OMNOVA was not able to generate adequate margins and credit
metrics supportive of the rating.

OMNOVA manufactures decorative and functional surfaces, emulsion
polymers and specialty chemicals.  The company operates in two
business segments, Decorative Products (approximately 36% of
FY2007 consolidated net sales), which makes commercial wall
coverings, coated fabrics and decorative laminates, and
Performance Chemicals (approximately 64% of fiscal year 2007
consolidated net sales), which offerings include binders,
coatings and adhesives for the paper and carpet industries.
OMNOVA is the second-largest producer of styrene butadiene latex
in North America.  Headquartered in Fairlawn, Ohio, OMNOVA was
formed when it was spun-off from GenCorp in 1999.  Revenues were
US$803 million for the LTM ended May 31, 2008.


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


AK BARS: Fitch Rates Series 2 Senior Loan Final at BB
-----------------------------------------------------
Fitch Ratings has assigned AK BARS Luxembourg S.A.'s US$300
million Series 2 issue of unsecured loan participation notes,
due June 2011, a final Long-term 'BB' rating.

The notes are the second issue of a US$1.5 billion loan
participation program (rated Long-term 'BB' and Short-term 'B').
The Series 1 notes, in the amount of US$250 million, were issued
in June 2007.

Ak Bars was founded by the Tatarstan government in 1993.  It is
the largest bank in the Republic of Tatarstan by assets and was
among the 20 largest banks in Russia at end-2007.  The bank is
controlled by the RT.  Ak Bars is diversifying its franchise
into the retail market and rapidly expanding its loan portfolio
outside the RT.


ALFA CJSC: Creditors Must File Claims by July 13
------------------------------------------------
Creditors of CJSC Alfa have until July 13, 2008, to submit
proofs of claim to:

         N. Izofatova
         Insolvency Manager
         Post User Box 26
         Priozernyj Location
         Novyj Urengoy
         629325 Yamalo-Nenetskiy
         Russia

The Arbitration Court of Yamalo-Nenetskiy commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A81-3042/231B-04.

The Court is located at:

         The Arbitration Court of Yamalo-Nenetskiy
         Chubynina Str. 37A
         Salekhard
         Yamalo-Nenetskiy
         Russia

The Debtor can be reached at:

         N. Izofatova
         Insolvency Manager
         Post User Box 26
         Priozernyj Location
         Novyj Urengoy
         629325 Yamalo-Nenetskiy
         Russia


BAYKALSK WOOD: Court Starts Bankruptcy Supervision Procedure
------------------------------------------------------------
The Arbitration Court of Chita commenced bankruptcy supervision
procedure on LLC Baykalsk Wood (TIN 7536072507, OGRN
1067536046753).  The case is docketed under Case No. A78-881/
2008 B-26.

The Temporary Insolvency Manager is:

         M. Bykov
         Post User Box 353
         672049 Chita
         Russia

The Debtor can be reached at:

         LLC Baykalsk Wood
         Sovetskaya Str. 80
         Bada
         Khilokskiy
         673250 Chita
         Russia


BLOCK CJSC: Creditors Must File Claims by July 13
-------------------------------------------------
Creditors of CJSC Building Assembly Company Block (TIN
1834100100) have until July 13, 2008, to submit proofs of claim
to:

         M. Luchikhin
         Insolvency Manager
         50 Let Oktyabrya Square 2
         Izhevsk
         426034 Udmurtiya
         Russia

The Arbitration Court of Udmurtiya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A71-7366/2007-G21.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Building Assembly Company Block
         Voroshilova Str. 111a
         426053 Udmurtiya
         Russia


BSPB FINANCE: Fitch Rates Subordinated Loan a Long-term B-
----------------------------------------------------------
Fitch Ratings has assigned BSPB Finance P.L.C.'s US$1.5 billion
loan participation notes program these ratings:

   -- Senior unsecured notes: Long-term 'B+'; Short-term 'B'
   -- Subordinated debt notes: Long-term 'B-'

Fitch will assign ratings to notes issued under the program on a
case-by-case basis.  The notes will be used solely for financing
loans to Bank Saint-Petersburg, a bank incorporated under the
laws of Russia. BSP is rated Long-term Issuer Default rating
'B+' with Stable Outlook, Short-term IDR 'B', Individual rating
'D', Support rating '5' and Support Rating Floor 'B-'.  BSP's
US$125 million loan participation notes due November 2009 are
rated Long-term 'B+' and Recovery Rating 'RR4'.

The program allows for multi-currency borrowings for various
tenors in the form of both senior unsecured and subordinated
notes.  The subordinated notes' rating is two notches below
senior unsecured notes' rating, reflecting their poor recovery
prospects, especially for banks with Long-term IDRs lower than
'BB-'.

BSPB Finance P.L.C., an Irish company, will only pay noteholders
principal and interest received from BSP.  The issuer will
charge certain rights and interests under the loan agreement to
BNY Corporate Trustee Services Limited for the benefit of
noteholders via a trust deed.  For the senior unsecured notes,
the issuer's claims will rank at least equally with all other
unsecured and unsubordinated creditors of BSP, save those claims
preferred by any bankruptcy, insolvency or liquidation laws, or
similar laws of general application.  Under Russian law, the
claims of retail depositors rank above those of other senior
unsecured creditors.

The program documentation limits BSP's transactions with
affiliated parties, disposals by the bank and its subsidiaries
and contains a negative pledge clause that allows for the
creation of an encumbrance on up to 5% of consolidated total
assets of the group.  The covenants also oblige the bank to
ensure full compliance with all mandatory ratios of the Central
Bank of Russia and maintain a ratio of Capital to Risk Weighted
Assets of not less than 10%.

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


BUILDER LLC: Court Starts Bankruptcy Supervision Procedure
----------------------------------------------------------
The Arbitration Court of Rostov commenced bankruptcy supervision
procedure on LLC Builder (TIN 6148012658).  The case is docketed
under Case No. A53-1024/2008-S1-21.

The Temporary Insolvency Manager is:

         N. Tarakanova
         Sovetskaya Str. 4
         440026 Penza
         Russia

The Court is located at:

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

The Debtor can be reached at:

         LLC Builder
         Sulinskaya Str. 29
         Krasnyj Sulin
         Rostov
         Russia


DVURECHYE OJSC: Creditors Must File Claims by July 13
-----------------------------------------------------
Creditors of OJSC Lebyazhskiy Butter Making Factory Dvurechye
have until July 13, 2008, to submit proofs of claim to:

         A. Ivonin
         Insolvency Manager
         Office 78
         Oktyabrskiy Pr. 54
         610046 Kirov
         Russia

The Arbitration Court of Kirov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A28-370/07-244/24.

The Court is located at:

         The Arbitration Court of Kirov
         K-Libknekhta Str. 102
         610017 Kirov
         Russia

The Debtor can be reached at:

         OJSC Lebyazhskiy Butter Making Factory Dvurechye
         Kooperativnaya Str. 38
         Lebyazhye
         Kirov
         Russia


ELEKS OJSC: Stavropol Bankruptcy Hearing Slated for July 3
----------------------------------------------------------
The Arbitration Court of Stavropol will convene at 10:00 a.m. on
July 3, 2008, to hear the bankruptcy supervision procedure on
OJSC Eleks (TIN 2632010409, KPP 263201001).  The case is
docketed under Case No. A63-1198/2008-C5-8.

The Temporary Insolvency Manager is:

         E. Polyakov
         Office 501
         Vokzalnaya Str. 16
         357600 Essentuki
         Russia

The Court is located at:

         The Arbitration Court of Stavropol
         Mira Str. 4586
         Stavropol
         Russia

The Debtor can be reached at:

         OJSC Eleks
         Pervomayskaya Str. 51
         357500 Pyatigorsk
         Russia


FOND CENTRE: Court Names V. Guskov as Insolvency Manager
--------------------------------------------------------
The Arbitration Court of Samara appointed V. Guskov as
Insolvency Manager for CJSC Fond Centre Trader (TIN 6317027901).    
He can be reached at:

         V. Guskov
         Post User Box 41
         Syzran
         446001 Samara
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A55-2659/2008.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Fond Centre Trader (TIN 6317027901)
         Repina Str. 6
         Samara
         Russia


NIVA-1 CJSC: Krasnodar Bankruptcy Hearing Slated for December 16
----------------------------------------------------------------
The Arbitration Court of Krasnodar will convene on
Dec. 16, 2008, to hear the bankruptcy supervision procedure on
CJSC Niva-1 (TIN 2312039720).  The case is docketed under Case
No. A-32-2475/2008-38/65-B.

The Temporary Insolvency Manager is:

         M. Serikov
         Post User Box  6424
         350033 Krasnodar
         Russia

The Court is located at:

         The Arbitration Court of Krasnodar
         Krasnaya Str. 6
         Krasnodar
         Russia

The Debtor can be reached at:

         CJSC Niva-1
         Starokorsunskaya
         Krasnodar
         Russia


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

         A. Trifonov
         Insolvency Manager
         Post User Box 38
         OPS-100
         170100 Tver
         Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A41-?2-4451/08.

The Court is located at:

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

The Debtor can be reached at:

         LLC Olimp
         Gagarina Str. 3/2
         Klin
         141600 Moscow
         Russia


RASSVET LLC: Kursk Court Starts Bankruptcy Supervision Procedure
----------------------------------------------------------------
The Arbitration Court of Kursk commenced bankruptcy supervision
procedure on LLC Rassvet.  The case is docketed under Case No.
A35-722/08g.

The Temporary Insolvency Manager is:

         N. Pyzhova
         Apt. 20
         Gagarina Str. 6
         305018 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:

         LLC Rassvet
         B. Zmeinets
         Shigrovskiy
         Kursk
         Russia


SPETS-PROM-SNAB: Orendburg Bankruptcy Hearing Set August 5
----------------------------------------------------------
The Arbitration Court of Orenburg will convene at 9:00 a.m. on
Aug. 5, 2008, to hear the bankruptcy supervision procedure on
CJSC Spets-Prom-Snab.  The case is docketed under Case No.
A47-822/08-14/1gk.

The Temporary Insolvency Manager is:

         N. Stulkov
         Poymennaya Str. 20
         Solnechny
         460051 Orenburg
         Russia

The Court is located at:

         The Arbitration Court of Orenburg
         9th January Str. 64
         460046 Orenburg
         Russia

The Debtor can be reached at:

         CJSC Spets-Prom-Snab
         Kuvandyk
         Orenburg
         Russia


SOKOL CJSC: Court Names V. Sidelev as Insolvency Manager
--------------------------------------------------------
The Arbitration Court of Voronezh appointed V. Sidelev as
Insolvency Manager for CJSC Sokol.  He can be reached at:

         V. Sidelev
         Office 27
         Kirova Str. 9
         394018 Voronezh
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A14-1814/2007/11/16b.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Sokol
         Feoktistova Str. 1
         Voronezh
         Russia


TATISHEV-AGRO-PROM-KHIMIYA: Names A. Prigozhin to Manage Assets
---------------------------------------------------------------
The Arbitration Court of Saratov appointed A. Prigozhin as
Insolvency Manager for OJSC Tatishev-Agro-Prom-Khimiya (TIN
6434002354).  He can be reached at:

         A. Prigozhin
         Post User Box 1
         Lukoyanov
         607800 Nizhniy Novgorod
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A57-15/2008-8.

The Court is located at:

         The Arbitration Court of Saratov
         Babushkin Vvoz 1
         Saratov
         Russia

The Debtor can be reached at:

         OJSC Tatishev-Agro-Prom-Khimiya
         Tatishevo
         Saratov
         Russia


VYAZ-WOOD LLC: Court Names I. Stepanov as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Smolensk appointed I. Stepanov as
Insolvency Manager for LLC Vyaz-Wood (TIN 6722015470).  He can
be reached at:

         I. Stepanov
         Office 218
         Moskovskaya Str. 127
         429820 Alatyr
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A62-53/2008.

The Court is located at:

         The Arbitration Court of Smolensk
         Pr. Gagarina 46
         214001 Smolensk
         Russia

The Debtor can be reached at:

         LLC Vyaz-Wood
         Rusyatka
         Vyazemskiy
         215110 Smolensk
         Russia


YAKUTIYA-TORG LLC: Creditors Must File Claims by July 13
--------------------------------------------------------
Creditors of LLC Yakutiya-Torg have until July 13, 2008, to
submit proofs of claim to:

         G. Potapov
         Insolvency Manager
         Post User Box 31
         Yakutsk
         677018 Sakha
         Russia

The Arbitration Court of Sakha-Yakutiya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A58-7718/07-0104.

The Court is located at:

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

The Debtor can be reached at:

         LLC Yakutiya-Torg
         Dzerzhinskogo Str. 68
         Yakutsk
         677009 Sakha
         Russia


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


TDA IBERCAJA 6: Moody's Junks Rating on EUR21 Million Notes
-----------------------------------------------------------
Moody's Investors Service has assigned these provisional ratings
to five series of "Bonos de Titulizacion de Activos" to be
issued by TdA Ibercaja 6 Fondo de Titulizacion de Activos, a
Spanish asset securitisation fund that has been created by
Titulización de Activos, S.G.F.T, S.A.:

   -- (P)Aaa to the EUR1440 million Series A notes
   -- (P)A1 to the EUR30 million Series B notes
   -- (P)Baa2 to the EUR15 million Series C notes
   -- (P)Ba3 to the EUR15 million Series D notes
   -- (P)C to the EUR21 million Series E notes

Moody's provisional ratings address the expected loss posed to
investors by the legal final maturity.  The rating agency
believes that the structure of the TdA Ibercaja 6 notes allows
for timely payment of interest and ultimate payment of principal
at par, on or before the final legal maturity date and not at
any other expected maturity date with respect to the Series A,
B, C and D notes, and for ultimate payment of interest and
principal at par with respect to the Series E notes, on or
before the final legal maturity date.  The ratings do not
address the full redemption of the notes on the expected
maturity date.  Moody's ratings address only the credit risks
associated with the transaction. Other non-credit risks have not
been addressed, but may have a significant effect on yield to
investors.

According to Moody's, this deal benefits from strong features,
including:

   (1) the swap agreement, which guarantees 60 bp excess spread;

   (2) a reserve fund that is fully funded upfront to cover a
       potential shortfall in interest and principal;

   (3) an 18-month artificial write-off mechanism;

   (4) the securing of 100% of loans by residential mortgages;
       and

   (5) the good performance data on previous Ibercaja deals.

However, Moody's notes that the deal also has a number of
weaknesses, including the fact that:

   (1) the deferral of interest payments on each of Series B, C
       and D increases the expected loss on these subordinated
       series; and

   (2) the pro-rata amortisation of the B, C and D Series of
       notes leads to reduced credit enhancement of the senior
       series in absolute terms.

These increased risks were reflected in Moody's rating
assesment.

The products being securitized are first-lien mortgage loans
granted to individuals (all of whom will use these loans to
acquire or refurbish properties located in Spain), originated by
Ibercaja (A1/Prime-1), which will continue to service them.

As of 14 April 2008, the provisional portfolio comprised 16,388
loans for a total amount of EUR1,770,348,761.  The original
weighted average loan-to-value is 75.79%.  The current WALTV is
67.57%. The average loan size is EUR108,028.  The loans were
originated between 1992 and May 2007, with a weighted average
seasoning of 36.33months.  The pool is concentrated in the
Madrid (33%), Aragon (13%) and Catalonia (12%) regions.

To hedge the potential mismatch risk derived from the different
index reference rates on the asset and notes sides, or the risk
derived from any amendment in the terms of the mortgage
agreements, the "Fondo" will enter into a swap agreement with
Ibercaja.

Moody's bases its ratings on:

   (1) an evaluation of the underlying portfolio of mortgage
       loans securing the structure, and

   (2) the transaction's structural protections, which include
       the subordination, the strength of the cash flows
       (including the reserve fund) and any excess spread
       available to cover losses.

Moody's issues provisional ratings in advance of the final sale
of financial instruments, but these ratings only represent
Moody's preliminary credit opinions.  Upon a conclusive review
of the transaction and associated documentation, the rating
agency will endeavor to assign a definitive rating.  A
definitive rating may differ from a provisional rating.


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


ATLANT LLC: Creditors Must File Claim by July 2
-----------------------------------------------
Creditors of LLC Atlant (code EDRPOU 13377479) have until
July 2, 2008, to submit proofs of claim to:

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

The Economic Court of Lugansk commenced bankruptcy proceedings
against the company after finding it insolvent on April 8, 2008.
The case is docketed as 21/91b.

The Debtor can be reached at:

         LLC Atlant
         Kazanskaya Str. 56
         Lisichansk
         93100 Lugansk
         Ukraine


BANK KHRESCHATYK: Fitch Assigns B+ Ratings to Covered Bonds
-----------------------------------------------------------
Fitch Ratings has assigned an expected rating of 'B+' to the
mortgage covered bonds to be issued by Bank Khreschatyk.

The issuer has a Long-Term Issuer Default Rating of 'B-' with
Stable Outlook.  Fitch deems the covered bonds' probability of
default to be equal to that of Khreschatyk.  A recovery uplift
of two notches is given on the basis of stressed recoveries from
the cover pool of at least 71% of covered bonds assumed to
default. In its calculations, Fitch took into account
overcollateralization up to the legal minimum of 11%.

The expected rating on the covered bonds translates into a
National Rating of 'A(ukr)', based on Khreschatyk's National
Long-Term Rating of 'BBB- (BBB minus) (ukr)' and on a recovery
uplift of four notches.

Fitch's D-Factors are a measure of the likelihood of
interruption of payments on the covered bonds in the immediate
aftermath of an issuer default, and are assigned on a scale of
0%, which stands for perfect continuity, to 100%, for
interruption of payment upon issuer insolvency. Khreschatyk's
mortgage covered bonds have been assigned a D-Factor of 100%, as
liquidity gaps arising after issuer default from mismatches
between the amortising cover assets and the bullet-maturity
covered bonds are not compensated for by the availability of
liquid assets or by any other mechanism. Under Ukrainian
legislation, the cover pool cannot include liquid substitute
assets (such as cash and government securities) as long as
sufficient eligible mortgage loans are available to the bank.

Kheschatyk's planned covered bond issue will amount to UAH70
million.  In case of an insolvency of the issuer, the covered
bond holders will have a preferential claim on a pool of
collateralized assets.  At June 6, 2008, the cover pool
consisted of 407 loans with a total outstanding balance of
UAH81.6 million, resulting in nominal OC of 16.6%.  In the
preliminary cover pool analyzed as at March 18, 2008,
residential mortgage loans represented around 85.8%, the
remaining loans being secured on privately-owned land (9.0%) and
commercial properties (5.2%). The pool's weighted-average
current loan-to-value stood at 53.3%, and the WA original LTV
was estimated at 62.8%.

While the covered bonds carry a three-year bullet maturity, the
cover pool shows a rapid amortization, with more than 57% of the
mortgage loan amount at March 18, 2008 amortizing over the first
three years.  Due to the limited amount of eligible mortgage
loans on Khreschatyk's loan book, it can therefore not be taken
for granted that OC above the legal minimum will be maintained
in future.

The WA interest rate on the analyzed cover assets is 15.5%,
around 3% higher than the planned interest rate on the covered
bonds (12.5%). All covered bonds are denominated in Hryvnia,
whereas 39.2% of total outstanding mortgage loans have been
granted in US$.


DONETSK MINE: Creditors Must File Claim by June 29
--------------------------------------------------
Creditors of State OJSC Donetsk Mine Building Transport (code
EDRPOU 05432394) have until June 29, 2008, to submit proofs of
claim to:

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

The Economic Court of Donetsk commenced bankruptcy proceedings
against the company after finding it insolvent on May 20, 2008.
The case is docketed as 3/147b.

The Debtor can be reached at:

         State OJSC Donetsk Mine Building Transport
         Litvinov Str. 46
         83023 Donetsk
         Ukraine


EUROTEKS LLC: Creditors Must File Claim by July 2
-------------------------------------------------
Creditors of LLC Euroteks (code EDRPOU 32010947) have until
July 2, 2008, to submit proofs of claim to:

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

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent on
May 27, 2008.  The case is docketed as B 24/219-08.

The Debtor can be reached at:

         LLC Euroteks
         Heroes Avenue 33
         49100 Dnipropetrovsk
         Ukraine


FELKONSPROM LLC: Creditors Must File Claim by June 29
-----------------------------------------------------
Creditors of LLC Felkonsprom (code EDRPOU 34378012) have until
June 29, 2008, to submit proofs of claim to:

         The Economic Court of Zaporozhje
         Shaumiana Str. 4
         69001 Zaporozhje
         Ukraine

The Economic Court of Zaporozhje commenced bankruptcy
proceedings against the company after finding it insolvent on
May 15, 2008.  The case is docketed as 16/96/08.

The Debtor can be reached at:

         LLC Felkonsprom
         Zarechnaya Str. 9
         Gorky Village
         Yakimovsky District
         72514 Zaporozhje
         Ukraine


KIEV-TRIPOLI LLC: Creditors Must File Claim by June 29
------------------------------------------------------
Creditors of LLC International Trading-Service Company Kiev-
Tripoli (code EDRPOU 33300982) have until June 29, 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 43/415.

The Debtor can be reached at:

         LLC International Trading-Service Company Kiev-Tripoli
         Darvin Str. 10
         01004 Kiev
         Ukraine


KOLOS LLC: Creditors Must File Claim by June 29
-----------------------------------------------
Creditors of Agricultural LLC Kolos (code EDRPOU 03734547) have
until June 29, 2008, to submit proofs of claim to:


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

The Economic Court of Vinnica commenced bankruptcy proceedings
against the company after finding it insolvent on May 14, 2008.  
The case is docketed as 10/96-08.

The Debtor can be reached at:

         Agricultural LLC Kolos
         Kalinin Str. 1
         Zarechnoye
         Tulchin District
         Vinnica
         Ukraine


ROSICHI LLC: Creditors Must File Claim by June 29
-------------------------------------------------
Creditors of LLC Building Company Rosichi (code EDRPOU 34980855)
have until June 29, 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 43/414.  

The Debtor can be reached at:

         LLC Building Company Rosichi
         Darvin Str. 10
         01004 Kiev
         Ukraine


TROSTIANETS DISTILLERY: Proofs of Claim Deadline Set July 2
-----------------------------------------------------------
Creditors of State Enterprise Trostianets Distillery (code
EDRPOU 05459157) have until July 2, 2008, to submit proofs of
claim to:

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

The Economic Court of Vinnica commenced bankruptcy supervision
procedure on the company on March 21, 2008.  The case is
docketed as 10/47-08.

The Debtor can be reached at:

         State Enterprise Trostianets Distillery
         Lenin Str. 14
         Trostianets
         24300 Vinnica
         Ukraine


UKRAINIAN INDUSTRIAL: Creditors Must File Claim by June 29
----------------------------------------------------------
Creditors of LLC Ukrainian Industrial Metal (code EDRPOU
32032941) have until June 29, 2008, to submit proofs of claims
to:

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

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent on May 22, 2008.
The case is docketed as B-24/160-07.

The Debtor can be reached at:

         LLC Ukrainian Industrial Metal
         Vishnevaya Str. 25
         Kharkov
         Ukraine


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


ABITIBIBOWATER INC: Subsidiary Amends Credit Agreement
------------------------------------------------------
AbitibiBowater Inc. disclosed that its indirect subsidiary,
Bowater Canadian Forest Products Inc., entered into
an amendment to its credit agreement.

This amendment principally extends the maturity date of the
credit facility to June 5, 2009 and reduces the aggregate
commitment of all the lenders party thereto from US$165,000,000
to US$143,750,000.

                   About AbitibiBowater

Headquartered in Montreal, Canada, AbitibiBowater Inc.
(NYSE:ABH) -- http://www.abitibibowater.com/-- was formed as a
result of the combination of Abitibi-Consolidated Inc. and
Bowater Incorporated.  Pursuant to the transaction, Abitibi-
Consolidated Inc. and Bowater Incorporated became subsidiaries
of AbitibiBowater.  The company produces a wide range of
newsprint, commercial printing papers, market pulp and wood
products and markets these products to more than 90 countries.

Following the required divestiture agreed to with the U.S.
Department of Justice, AbitibiBowater will own or operate 27
pulp and paper facilities and 35 wood products facilities
located in the United States, Canada, the United Kingdom and
South Korea.  The company also has newsprint sales offices in
Brazil and Singapore.  The company's shares also trade at the
Toronto Stock Exchange under the stock symbol ABH.

                       *     *     *

AbitibiBowater Inc.'s  Corporate credit rating is rated B- by
Standard and Poor's.


ABITIBIBOWATER INC: Executive Chairman John Weaver to Retire
------------------------------------------------------------
At AbitibiBowater Inc.'s first annual meeting of stockholders
held last June 5, 2008, John W. Weaver announced his retirement
as Executive Chairman of the company, effective July 1, 2008.
Mr. Weaver will continue to serve as non-Executive Chairman and
a member of the Board of Directors of AbitibiBowater until
March 31, 2009.

"Leaving AbitibiBowater at this stage of my life is the right
thing to do," stated Mr. Weaver.  "I am very proud of how far we
have come as a combined company in such a short period of time.  
Many challenges lie ahead and I am confident that the right
people are in place to successfully meet them head on."

"I feel honored by my many years of association with such a fine
organization," added Mr. Weaver.  "And I would like to take this
opportunity to thank all our employees for their ongoing hard
work and commitment."

"John has been key in forging the new Company personality and
setting the foundation for a bright future," commented David J.
Paterson, President and Chief Executive Officer.  "On behalf of
all AbitibiBowater employees and shareholders - as well as on a
very personal level - I thank John for his invaluable
contributions and dedication, and wish him all the best for this
next phase of his professional and personal life."

                   About AbitibiBowater

Headquartered in Montreal, Canada, AbitibiBowater Inc.
(NYSE:ABH) -- http://www.abitibibowater.com/-- was formed as a
result of the combination of Abitibi-Consolidated Inc. and
Bowater Incorporated.  Pursuant to the transaction, Abitibi-
Consolidated Inc. and Bowater Incorporated became subsidiaries
of AbitibiBowater.  The company produces a wide range of
newsprint, commercial printing papers, market pulp and wood
products and markets these products to more than 90 countries.

Following the required divestiture agreed to with the U.S.
Department of Justice, AbitibiBowater will own or operate 27
pulp and paper facilities and 35 wood products facilities
located in the United States, Canada, the United Kingdom and
South Korea.  The company also has newsprint sales offices in
Brazil and Singapore.  The company's shares also trade at the
Toronto Stock Exchange under the stock symbol ABH.

                       *     *     *

AbitibiBowater Inc.'s  Corporate credit rating is rated B- by
Standard and Poor's.


BRITISH ENERGY: May Seek Joint Ventures as Sale Alternative
-----------------------------------------------------------
British Energy Ltd. might seek joint ventures with other
European energy firms if it fails to find a buyer, Jonathan
Sibun writes for the Telegraph.

The Telegraph suggests that British Energy could adopt the
joint-venture strategy after it rejected Electricite de France
S.A.'s GBP11-billion takeover bid.

As previously reported in the TCR-Europe, EDF might increase its
700p-a-share bid if British Energy board approves the offer.  A
source privy with the matter told the Financial Times that EDF
would withdraw its offer to British Energy if a deal cannot be
reached by the end of June 2008.

British Energy's board recently 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.


C ANDREWS: Claims Filing Period Ends July 31
--------------------------------------------
Creditors of C Andrews (Printers) Ltd. have until July 31, 2008,
to send their full names, address and descriptions, full
particulars of their debts or claims, and the names and
addresses of their solicitors (if any) to:

         David Elliot
         Liquidator
         Moore Stephens LLP
         First Floor
         Victory House
         Quaryside
         Chatham Maritime
         Kent
         ME4 4QU
         England

David Elliot of Moore Stephens LLP was appointed liquidator of
the company on June 10, 2008 for the creditors' voluntary
winding-up procedure.


CHATTEM INC: S&P Keeps BB- Rating; Outlook Revised to Stable
------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Chattem Inc. to stable from negative.  At the same time,  S&P
affirmed the company's 'BB-' corporate credit and other ratings.
As of Feb. 29, 2008, the company had about US$498 million of
debt.

The revised outlook is based on the company's reduced debt
levels, improved credit metrics, and stable operating
performance since the company acquired the U.S. rights to five
Johnson & Johnson brands for US$410 million in January 2007.
Debt leverage has declined to 3.5x from 4.5x pro forma for the
transaction.  In addition, the company maintains solid operating
margins of more than 30% and adequate liquidity.  S&P expects
the company will continue to reduce leverage through free cash
flow and manage its growth strategy consistent with the current
ratings.

The ratings on Chattanooga, Tenn.-based Chattem reflect the
company's aggressive acquisition history and moderately high
debt leverage.  Chattem's operating stability in recent years
and strong margins offset these factors.  The company maintains
a solid position in certain niches of the branded over-the-
counter health care market.

The outlook on Chattem is stable.  S&P expects that debt
leverage will not increase beyond the current mid-3x area and
that Chattem will continue to demonstrate stable operating
performance.  S&P anticipates that the company will continue to
use free cash flow to reduce near-term leverage and that it will
manage its growth strategy consistent with the current ratings.

"Even if sales growth is flat and margins decline by 300 basis
points, we believe the company can comfortably manage leverage
at or below 4x in the near term," said Standard & Poor's credit
analyst Patrick Jeffrey.  S&P would consider a negative outlook
if the company demonstrates a more aggressive financial policy,
where its leverage exceeded 4.5x.  "Standard & Poor's is
unlikely to consider a positive outlook in the near term, given
the challenging operating environment due to the weak U.S.
economy," he continued.


CLEAR CHANNEL: S&P Cuts Rating to B on Proposed Financing of LBO
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on San Antonio, Texas-based Clear Channel Communications
Inc. to 'B' from 'B+' based on the proposed financing of the
company's pending leveraged buyout by the private equity group
co-led by Thomas H. Lee Partners L.P. and Bain Capital Partners
LLC.

At the same time, S&P removed all the ratings from CreditWatch,
where they had been placed with negative implications on Oct.
26, 2006, following the company's announcement that it was
exploring strategic alternatives to enhance shareholder value,
including a possible sale of the company.  The outlook is
stable.

"The downgrade reflects Clear Channel's significant pro forma
lease-adjusted debt leverage, about 10x during the 12 months
ended March 31, 2008, increased financial risk, and reduced
liquidity following the proposed LBO," said Standard & Poor's
credit analyst Michael Altberg.

The total transaction value is roughly US$24.5 billion,
including existing debt.  The outlook is stable.

At the same time, Standard & Poor's assigned its 'B' bank loan
rating (at the same level as the corporate credit rating) and
'3' recovery rating on Clear Channel's US$16.1 billion of new
senior secured credit facilities.  The '3' recovery rating
indicates our expectation for meaningful (50% to 70%) recovery
of principal and pre-petition interest in the event of a payment
default.

S&P also assigned our 'CCC+' rating (two notches lower than the
corporate credit rating) on the company's US$2.3 billion of new
senior unsecured notes, with a recovery rating of '6',
indicating our expectation for negligible (0% to 10%) recovery
in the event of a payment default.

At the same time, S&P lowered our rating on the company's US$5.1
billion of existing senior unsecured notes to 'CCC+' from 'B-'
and assigned a recovery rating of '6' on these issues.

The 'B-' rating on the company's existing 8% senior notes due
November 2008 at its AMFM Operating Inc. subsidiary remains on
CreditWatch with negative implications pending the completion of
the company's tender offer for these notes.

S&P lowered the rating on Clear Channel's existing US$750
million of 7.65% senior notes due 2010 to 'CCC+' from 'B-' and
assigned a recovery rating of '6', reflecting the potential for
this issue to remain outstanding until maturity.

Based on the company's proposed financing, existing senior
unsecured debt will be rolled over into the new capital
structure, but will be structurally subordinate to both proposed
new bank debt and new senior unsecured notes.  The new bank debt
and the new senior unsecured notes will benefit from upstream
operating company guarantees, while the existing senior notes
will not. Pro forma for the transaction, the company had US$20.8
billion of debt outstanding as of March 31, 2008.

The ratings reflect Clear Channel's steep pro forma lease-
adjusted debt leverage and weakened credit metrics following the
proposed LBO, negative secular trends facing the radio industry,
and the company's exposure to advertising cyclicality.  The
company's prominent position in radio and outdoor advertising
and its top clusters of radio stations in large markets, which
tend to be more lucrative, partially offset the negative
factors.

In addition, significant geographic and format diversity, radio
broadcasting and outdoor advertising's high-margin potential and
strong discretionary cash flow-generating capabilities, and
largely resilient station asset values are positive rating
factors.

Clear Channel is the No. 1 radio operator in the U.S., in terms
of revenue and number of stations, and it has approximately 90%
ownership interest (through Clear Channel Holdings) in Clear
Channel Outdoor Inc., the largest global outdoor advertiser.
Clear Channel's radio segment has significant geographic and
format diversity, and is ranked No. 1 or No. 2 in terms of
market share in all of the top 10 markets and roughly 70% of the
top 25 markets.


CROSSLINK LTD: Brings In Liquidators from Grant Thornton
--------------------------------------------------------
Alistair Wardell and Nigel Morrison of Grant Thornton UK LLP
were appointed joint liquidators of Crosslink Ltd. (formerly  
Mandaco 418 Ltd.) on June 4, 2008, for the creditors' voluntary
winding-up proceeding.

The joint liquidators can be reached at:

         Grant Thornton UK LLP
         11-13 Penhill Road
         Cardiff
         CF11 9UP
         Wales


LUNAR FUNDING V: Moody's Junks Rating on US$75 Million Notes
------------------------------------------------------------
Moody's Investors Service downgraded 4 classes of notes issued
by Menton CDO IV Limited and Lunar Funding V PLC.  One class of
the notes issued by Menton CDO IV was left on review for further
downgrade.

These rating actions are a response to the credit deterioration
of the underlying portfolio of these synthetic CDOs. The
transactions reference mainly CDOs exposed to high yield
entities (76%) and ABS CDOs (15%).  The credit quality
deterioration comes mostly from the ABS CDOs.  While 88% of the
assets remain Aaa, approximately 8% of the portfolio is rated
Caa2 or worse while on the liability side the Menton tranches
form the 10% first loss.  The Lunar Funding V notes are a
repackaging of the Menton IV class B notes.

These rating actions are:

Issuer: Menton CDO IV Limited

   (1) US$100,000,000 Class A-1 Secured Floating Rate Notes due
       2057

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

   (2) US$75,000,000 Class A-2 Secured Floating Rate Notes due
       2057

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

   (3) US$75,000,000 Class B Secured Floating Rate Notes due
       2057

    -- Current Rating: Ca
    -- Prior Rating: Caa2, on review for downgrade

Issuer: Lunar Funding V PLC

   (1) Series 2007-55 US$75,000,000 Asset Backed Notes due 2057

    -- Current Rating: Ca
    -- Prior Rating: Caa2, on review for downgrade


MIDLAND CONSTRUCTION: High Court Orders Liquidation
---------------------------------------------------
The High Court, on June 11, 2008, ordered the liquidation of
Midland Construction Ltd. in the public interest following an
investigation by Companies Investigation Branch of the
Insolvency Service.

The grounds for the winding up were that the company conducted
its business with a want of commercial probity, had operated
without insurance, had failed to cooperate with the inquiry, had
inadequate accounting records and had failed to register for
Value Added Tax.

In one contract that the company failed to disclose to the
investigation it was nevertheless discovered that after
receiving payment of GBP27,000, the company failed to perform
the work properly leaving behind a trail of destruction.

High Court Registrar Mr. Nichols agreed with the investigator's
findings.  The Registrar said this was a case of insufficient
records to explain the true financial position of the company
and non-cooperation with the inquiry which, taking into account
the failure to perform contracts and the considerable amount of
evidence showing the commercial standards of the company fell
below the standards of behavior reasonably expected, ordered the
company into liquidation.

Midland Construction Ltd. was incorporated on Feb. 7, 2006.  The
registered office of the company until Jan. 24, 2008 was at 25
Bodnam Road, Springbank, Cheltenham, Gloucestershire, GL51 OWE
and thereafter at Suite 307, Eagle Tower, Montpelier Drive,
Cheltenham, Gloucestershire, GL50 1TA.  The company's initial
sole director was Pablo Antonio Hortiguela who resigned on
Sept. 20, 2007, whereupon James Cornelius Killick was appointed
director.  The company secretary is HCS Secretarial Limited of
44 Upper Belgrave Road, Clifton, Bristol, BS8 2XN.

Mr. Killick has previously been connected with the operation of
Crestmere Construction Ltd. and Construction Management
Development Ltd., two building companies which, among others,
were wound up on public interest grounds on Feb. 20, 2008.

The company was the successor construction company.


SILVERJET PLC: Closure Imminent Following Failed Sale
-----------------------------------------------------
Silverjet Plc will shut down after its planned sale to Kingplace
Ltd. failed to materialized, Tracy Alloway writes for Bloomberg
News, citing CEO Lawrence Hunt.

According to Mr. Hunt, Bloomberg News relates, Silverjet has
abandon its search for additional investment.  He added that the  
current investment climate and economic conditions has made it
very difficult for the carrier to avail of additional plans.

"My focus now is to ensure that Silverjet is wound up as
smoothly as possible and to ensure our amazing team of people
find new jobs as quickly as possible," Mr. Hunt told Bloomberg
News.

Joint administrators Nigel Atkinson and Mark Fry of Begbies
Traynor Group Plc said shareholders might not realize any value
from their investment.  

                          About Silverjet

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

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


STALWART COMMISSION: Goes Into Administration; 30 Jobs Affected
---------------------------------------------------------------
Clitheroe, Lancashire-based Stalwart Commission Carpets has gone
into administration, leaving 30 people jobless, This Is
Lancashire reports.

Kroll, which was appointed administrator of the Stalwart
Commission on June 12, is looking for a buyer of the business.

Kroll said the company, however, will continue to trade.  
Meanwhile, the reason for the carpet manufacturer's collapse
into administration is currently under investigation, This Is
Lancashire discloses.


TALISMAN 6 FINANCE: Fitch Cuts EUR15.5 Mln. Class F Notes to B
--------------------------------------------------------------
Fitch Ratings has downgraded Talisman-6 Finance Plc's mortgage-
backed notes due 2013 and maintains the Rating Watch Negative:

   -- EUR816 million Class A (XS0294187306) affirmed at 'AAA';
      Outlook Stable

   -- EUR10,000 Class X (XS0294187645) affirmed at 'AAA';
      Outlook Stable

   -- EUR79.9 million Class B (XS0294187991) affirmed at 'AA';
      Outlook Stable

   -- EUR83.3 million Class C (XS0294188882) affirmed at 'A';
      Outlook Stable

   -- EUR59.9 million Class D (XS0294189005) affirmed at 'BBB';
      Outlook Negative


   -- EUR12.5 million Class E (XS0294189427) 'BBB-' remains on
      RWN

   -- EUR15.5 million Class F (XS0294189690) downgraded to 'B'
      from 'BB'; remains on RWN

The downgrade of the class F notes reflects Fitch's opinion of
significant credit risk in the transaction.  According to the
agency's determinations, there is a high probability of loss on
the junior notes; however, without further information,
uncertainty surrounds the scale of such losses, and has resulted
in the class E and F notes remaining on RWN.

Information received last month from the servicer, Hatfield
Philips International Limited, with regards to the defaulted
Cherry loan in Talisman 6, triggered a review of this
transaction.  Since closing, there have been reporting
inconsistencies relating to the Cherry loan and, furthermore, in
April 2008 the loan did not make the full debt service payment
due and payable at that time.  This loan is subsequently in
special servicing, in the midst of what could be a lengthy work-
out period.  The exact reasons behind the reduction in income
remain unclear, and no further information pertaining to this
loan has been received.  Fitch understands that the special
servicer has been unable to establish contact with the managing
director of borrower, but has had negotiations with the
borrowing entity; negotiations are also underway to change the
property management company.  Further information, specifically
the valuation report, is expected in due course whereby clarity
on the severity of the loss on this loan will become apparent
and the rating watch should be resolved. The Cherry loan remains
in special servicing with HPI.

Furthermore, in the analysis undertaken and according to
investor reports received, two other loans forming part of the
transaction loan collateral pool are also experiencing reporting
problems, and appear to be performing worse than expected. The
amended interest coverage ratio for each loan provided by the
servicer in the last month still shows a marginal deterioration
in terms of performance, rental income, tenant arrears and ICR.  
The Coconut loan ICR has decreased to 1.40x from 1.68x at
closing, and the rental income declined by EUR1.4 million to
EUR12.71 million in the last quarter.  The coverage in the Mango
loan has declined to 1.47x (below the cash trap trigger of
1.50x) from 1.60x at closing; the reporting issues surrounding
arrears amounts previously included in ICR calculations have now
been resolved, and the amended ICR of 1.47x (compared to the
previously stated 1.35x) reflects the corrected calculation.  
The Mango loan is not in special servicing, as the default
covenant trigger is 1.25x; however, HPI has initiated the cash
trap.


TAYLOR WIMPEY: Fitch Downgrades IDR to BB+ on Troubled Market
-------------------------------------------------------------
Fitch Ratings has downgraded U.K. house builder Taylor Wimpey
plc's ratings to Long-term Issuer Default and senior unsecured
'BB+' from 'BBB' and to Short-term IDR 'B' from 'F2'.  The Long-
term IDR and senior unsecured ratings remain on Rating Watch
Negative.

The rating action reflects TW's troubled business environment,
with U.K. housing sales expected to persist at weakened levels
during 2008 and 2009 as a result of a worsening macroeconomic
environment, a severe contraction in U.K. mortgage lending and
poorer sentiment among house buyers.  This, in turn, is expected
to lead to a material reduction in TW's earnings over at least
the next two years.

In view of the rapid deterioration in TW's operating
environment, Fitch's updated forecasts raise concerns about the
company's ability to comply with certain debt covenants over the
next 18 months.  The prospect of potential covenant difficulty
forms a significant part of Fitch's rationale for the downgrade.

In Fitch's opinion, TW has options available to it which could
improve its financial position and potentially mitigate any
possible covenant problems.  However, the exact actions TW will
choose to undertake and the success of these actions remain
uncertain, especially given the difficult business and financial
environment the company currently faces (partly reflected by an
approximate 65% fall in TW's share price over the last 12
months).  Although management remains proactive in its attempts
to tackle the challenges it faces, many key factors remain
outside of its control.  A failure by TW to successfully improve
its financial position in the short-term could lead to further
deterioration in the credit profile, and therefore Fitch has
maintained its RWN status on TW's Long-term IDR and senior
unsecured ratings.  Fitch will continue to monitor TW's near-
term actions in an effort to resolve the watch over the next six
months.  Any further downgrade could be by more than one notch.

Despite the near-term difficulties facing TW in both its U.K.
and U.S. markets, the ratings continue to be supported by an
expectation that the company will generate significant free cash
flow during the current downturn.  This is by virtue of TW's
flexible business model, which involves significantly reining in
land purchases (supported by TW's sizable land bank), tightening
work-in-progress (such as build costs), mothballing new
developments and reducing margins on existing sites to recycle
cash out of its current developments.  TW has also taken steps
in recent months to conserve cash flow by suspending the
remaining GBP500 million of its proposed share buyback and
materially reducing headcount (including the closure of 30% of
its U.K. regional offices).

Fitch also takes a degree of comfort from the fact that TW's
management has recent experience of implementing remedial
actions during a downturn, having been exposed to a U.S. housing
market that has been in decline since 2006.  However, if some of
these remedial actions, such as a freeze on land purchases,
persist for a lengthy period, the business will shrink which, in
turn, could weaken the company's business profile over the
longer-term.


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

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

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

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

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

July 29, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Employment Issues Following Hurricanes & Disasters
         Centre Club, Tampa, Florida
            Contact: http://www.turnaround.org/


July 31 - Aug. 2, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      4th Annual Mid-Atlantic Bankruptcy Workshop
         Hyatt Regency Chesapeake Bay
            Cambridge, Maryland
               Contact: http://www.abiworld.org/   

Aug. 16-19, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      13th Annual Southeast Bankruptcy Workshop
         Ritz-Carlton, Amelia Island, Florida
            Contact: http://www.abiworld.org/  

Aug. 20-24, 2008
   NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES
      NABT Convention
         Captain Cook, Anchorage, Alaska
            Contact: http://www.nabt.com/   


Aug. 26, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Do's and Don'ts of Investing in a Turnaround
         Citrus Club, Orlando, Florida
            Contact: http://www.turnaround.org/

Sept. 4-5, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      Complex Financial Restructuring Program
         Four Seasons, Las Vegas, Nevada
            Contact: http://www.abiworld.org/  

Sept. 4-6, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      Southwest Bankruptcy Conference
         Four Seasons, Las Vegas, Nevada
            Contact: http://www.abiworld.org/   

Sept. 17, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Real Estate / Condo Restructuring Panel
         Marriott North, Fort Lauderdale, Florida
            Contact: http://www.turnaround.org/

Sept. 24-26, 2008
   INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING
CONFEDERATION
      IWIRC 15th Annual Fall Conference
         Scottsdale, Arizona
            Contact: http://www.ncbj.org/  

Sept. 24-27, 2008
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Desert Ridge Marriott, Scottsdale, Arizona
            Contact: http://www.iwirc.org/

Sept. 30, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Private Equity Panel
         Centre Club, Tampa, Florida
            Contact: http://www.turnaround.org/

Oct. 9, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Luncheon - Chapter 11
         University Club, Jacksonville, Florida
            Contact: http://www.turnaround.org/  

Oct. 28, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      State of the Capital Markets
         Citrus Club, Orlando, Florida
            Contact: http://www.turnaround.org/

Oct. 28-31, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott New Orleans, Louisiana
            Contact: 312-578-6900; http://www.turnaround.org/  

Oct. 30 & 31, 2008
   BEARD GROUP & RENAISSANCE AMERICAN CONFERENCES
      Physicians Agreements and Ventures
            Contact: 800-726-2524; 903-595-3800;
               http://www.renaissanceamerican.com/

Nov. 19, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Interaction Between Professionals in a
         Restructuring/Bankruptcy
            Bankers Club, Miami, Florida
               Contact: 312-578-6900; http://www.turnaround.org/  
  
Dec. 3-5, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      20th Annual Winter Leadership Conference
         Westin La Paloma Resort & Spa
            Tucson, Arizona
               Contact: http://www.abiworld.org/  

June 11-13, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      Central States Bankruptcy Workshop
         Grand Traverse Resort and Spa
            Traverse City, Michigan
               Contact: http://www.abiworld.org/  

June 21-24, 2009
   INTERNATIONAL ASSOCIATION OF RESTRUCTURING, INSOLVENCY &
      BANKRUPTCY PROFESSIONALS
         8th International World Congress
            TBA
               Contact: http://www.insol.org/  

July 16-19, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      Northeast Bankruptcy Conference
         Mt. Washington Inn
            Bretton Woods, New Hampshire
               Contact: http://www.abiworld.org/  

Sept. 10-12, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      17th Annual Southwest Bankruptcy Conference
         Hyatt Regency Lake Tahoe, Incline Village, Nevada
            Contact: http://www.abiworld.org/  

Oct. 5-9, 2009
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Desert Ridge, Phoenix, Arizona
            Contact: 312-578-6900; http://www.turnaround.org/  

Dec. 3-5, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      21st Annual Winter Leadership Conference
         La Quinta Resort & Spa, La Quinta, California
            Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 4-8, 2010
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         JW Marriott Grande Lakes, Orlando, Florida
            Contact: http://www.turnaround.org/  

BEARD AUDIO CONFERENCES
   2006 BACPA Library  
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   BAPCPA One Year On: Lessons Learned and Outlook
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Calpine's Chapter 11 Filing
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Carve-Out Agreements for Unsecured Creditors
      Contact: 240-629-3300;
         http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Changes to Cross-Border Insolvencies
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Changing Roles & Responsibilities of Creditors' Committees
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Chinas New Enterprise Bankruptcy Law
      Contact: 240-629-3300;
         http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Clash of the Titans -- Bankruptcy vs. IP Rights
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Coming Changes in Small Business Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Corporate Bankruptcy Bootcamp: A Nuts & Bolts Primer
      for Navigating the Restructuring Process
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Dana's Chapter 11 Filing
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Deepening Insolvency  Widening Controversy: Current Risks,
      Latest Decisions
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Diagnosing Problems in Troubled Companies
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Distressed Claims Trading
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Distressed Market Opportunities
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Distressed Real Estate under BAPCPA
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Employee Benefits and Executive Compensation under the New
      Code
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Equitable Subordination and Recharacterization
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Examining the Examiners: Pros and Cons of Using
      Examiners in Chapter 11 Proceedings   
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Fundamentals of Corporate Bankruptcy and Restructuring
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Handling Complex Chapter 11
      Restructuring Issues
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Healthcare Bankruptcy Reforms
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   High-Yield Opportunities in Distressed Investing
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Homestead Exemptions under BAPCPA
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Hospitals in Crisis: The Insolvency Crisis Plaguing
      Hospitals Across the U.S.
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   IP Rights In Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   KERPs and Bonuses under BAPCPA
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   New 'Red Flag' Identity Theft Rules
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Non-Traditional Lenders and the Impact of Loan-to-Own
      Strategies on the Restructuring Process
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Partnerships in Bankruptcy: Unwinding The Deal
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Privacy Rights, Protections & Pitfalls in Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Real Estate Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Reverse Mergersthe New IPO?
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Second Lien Financings and Intercreditor Agreements
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Surviving the Digital Deluge: Best Practices in E-Discovery
      and Records Management for Bankruptcy Practitioners
         and Litigators
            Audio Conference Recording
               Contact: 240-629-3300;
                  http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Technology as a Competitive Advantage For Todays Legal
      Processes
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   The Battle of Green & Red: Effect of Bankruptcy
      on Obligations to Clean Up Contaminated Property
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   The Subprime Sector Meltdown:
      Legal Developments and Latest Opportunities
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Twenty-Day Claims
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Using Virtual Data Rooms to Expedite Corporate Restructuring
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Using Virtual Data Rooms to Expedite M&A and Insolvency
      Proceedings
      Audio Conference Recording
          Contact: 240-629-3300;
             http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Validating Distressed Security Portfolios: Year-End Price
      Validation and Risk Assessment
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   When Tenants File -- A Landlord's BAPCPA Survival Guide
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

                     *      *      *

The Meetings, Conferences and Seminars column appears in the
Troubled Company Reporter each Wednesday. Submissions via e-mail
to conferences@bankrupt.com are encouraged.

  
                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *