TCREUR_Public/080620.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

              Friday, June 20, 2008, Vol. 9, No. 120

                            Headlines


A U S T R I A

MOMENTS 4 LIFE: Claims Registration Period Ends July 14
OPERGER GUENTER: Claims Registration Period Ends July 15
STIEFMANN BAU: Claims Registration Period Ends July 15
TERRA - BAUMANAGEMENT: Claims Registration Period Ends June 30


F R A N C E

BELVEDERE SA: S&P Cuts Debt Ratings to B- on High Leverage


G E R M A N Y

BAUUNTERNEHMUNG SEIDLER: Claims Registration Period Ends July 1
BBM WOHNUNGSVERWALTUNGS: Claims Registration Period Ends July 1
BERLIN-MUSEUM: Claims Registration Period Ends July 1
DETLEF MOENCH: Claims Registration Ends July 7
DONGES GRUNDBESITZ: Claims Registration Ends July 7

DONGES VERMOEGENSVERWALTUNGS: Claims Registration Ends July 7
EXTERN PERSONAL: Claims Registration Period Ends July 1
FITAIR GMBH: Claims Registration Ends July 7
HAUSDORF TIEFBAU: Claims Registration Ends July 7
HECKLER & KOCH: Moody's Changes Outlook on B2 Ratings to Neg.

HEINRICH NERZ: Claims Registration Ends July 7
HOLDER INDUSTRIES: Claims Registration Period Ends July 7
HUBERHAUS GMBH: Claims Registration Period Ends July 7
IKB DEUTSCHE: SIV's Creditors Ink Deal with Goldman Sachs
KONZEPT LOGISTIK: Claims Registration Period Ends July 7

LEHRTE MUSIC-CLUB: Claims Registration Period Ends July 7
NATURATHEK GMBH: Claims Registration Period Ends July 7
PIN GROUP: Sale of Business Likely to Close This Month
PROVIDE GEMS: Fitch Junks Class E Notes on Loss Allocation
SEG BETEILIGUNGEN: Claims Registration Period Ends July 2

SLC MARKUS: Claims Registration Period Ends July 7
SPIELHAGEN GMBH: Claims Registration Period Ends July 1


I R E L A N D

RHINEBRIDGE PLC: Creditors Ink Rescue Deal with Goldman Sachs


I T A L Y

ALITALIA SPA: Sale Adviser Studying Administration Option


K A Z A K H S T A N

ADONAI PLUS: Creditors Must File Claims by July 29
AGRO MARKETING: Claims Deadline Slated for July 25
AGRO MECH: Claims Filing Period Ends July 25
ARA INTERNATIONAL: Creditors' Claims Due on July 29
JETISAI-GAS LLP: Claims Registration Ends July 25

STROY POSTAVKA: Creditors Must File Claims by July 25
STROY TECH: Claims Deadline Slated for July 25
STROY-SILA NS: Claims Filing Period Ends July 25
UNIVERSAL-SERVICE XXI: Creditors' Claims Due on July 25


K Y R G Y Z S T A N

KYRGYZ VNESH: Creditors Must File Claims by July 16


N E T H E R L A N D S

X5 RETAIL: Pays US$11 Million to Hike Pyaterochka Stake to 75%


N O R W A Y

OCEAN RIG: S&P Withdraws B Credit Ratings at Company's Request


R U S S I A

AUTO OJSC: Orenburg Court Names V. Ivanov as Insolvency Manager
BEGISHEVSKOE CJSC: Court Starts Bankruptcy Supervision Procedure
DELPHI CORP: To Build Two New Plants in Russia by 2010
ISTOK OJSC: Creditors Must File Claims by July 13
KAMYSHIN-MEL-PROM: Volgograd Bankruptcy Hearing Set August 12

LAPUSHINSKOE CJS: Tyumen Bankruptcy Hearing Slated for July 31
LEASING AND REPAIR-BUILDING: Bankruptcy Hearing Set Sept. 16
NADVOITSKAYA ENERGY: Kareliy Bankruptcy Hearing Set July 9
NOVOSIBIRSKIY METAL: Names N. Tarakonova as Insolvency Manager
OPEN CUT: Creditors Must File Claims by July 13

ORENBURG-SEL-ENERGO: Creditors Must File Claims by July 13
QUARRY MANAGEMENT: St. Petersburg Bankruptcy Hearing Set Aug. 18
SAKHALIN-GRAIN-PRODUCT: Creditors Must File Claims by July 13
SEVERSTAL OAO: WCI Steel Shareholders Dispute US$140 Million Bid
SILICATE-STROY LLC: Creditors Must File Claims by July 13

SISTEMA-HALS: Earns US$26.6 Million for First Quarter of 2008
SISTEMA JFSC: Hikes Stake in Shyam Telelink to 73.71%
VOLGOGRADSKAYA BUILDING: Names S. Kharchenko to Manage Assets
WEST TORG: Moscow Bankruptcy Hearing Slated for September 25
X5 RETAIL: Pays US$11 Million to Hike Pyaterochka Stake to 75%


U K R A I N E

AGRO-MIR: Creditors Must File Claim by July 2
EXPLOITATION REPAIR: Creditors Must File Claim by July 2
HERSON-PIPE LLC: Creditors Must File Claim by July 2
LAN LLC: Proofs of Claim Deadline Set July 2
MANZHELIYA LLC: Proofs of Claim Deadline Set July 2

UKRAINE LLC: Creditors Must File Claim by July 2
UKRASTRADE LLC: Creditors Must File Claim by July 2
UKRSOTSBANK: S&P Cuts Rating to B+ on Sovereign Rating Action
VORONEZH SUGAR: Creditors Must File Claim by July 2
YATRAN LLC: Creditors Must File Claim by July 2

YUGS LLC: Creditors Must File Claim by July 2


U N I T E D   K I N G D O M

ALAN SPEAR: Appoints Joint Administrators from Mazars LLP
APB COLOUR: Taps Grant Thornton as Joint Administrators
AQUAVITAE LTD: Brings In Administrators from Vantis
ARRAN BREWERY: Administrators Sell Business to MMS
BAXI HOLDINGS: S&P Cuts Rating on Poor Performance to B-

BRADMA LTD: Appoints Joint Administrators from Menzies
BRIDGES MOTOR: Appoints Joint Administrators from KPMG
C2 ADVERTISING: Brings In Tenon Recovery as Administrators
DEUTSCHE BANK: Moody's Cuts Ratings on Three N-Tsar Swaps
DOWNEY & DAVIS: Claims Filing Period Ends September 30

EIRLES TWO: Moody's Cuts Ratings on Three Note Classes
FIRST DATA: Appoints Joint Administrators from Deloitte & Touche
FORMULA YACHT: Taps Tenon Recovery to Administer Assets
GOLDEN KEY: Creditors Ink Restructuring Deal with Goldman Sachs
HARRY IRVING: Brings In Administrators from KPMG

HUNTSMAN CORP: Seeks Consummation of Apollo Merger Agreement
HUNTSMAN CORP: Moody's Ba3 Rating Under Review and May Downgrade
HUNTSMAN CORP: S&P's BB- Rating Remain on Watch Negative
JOHN STEFANIDIS: Brings In Liquidators from Tenon Recovery
LANCASHIRE SECURITY: M. C. Bowker Leads Liquidation Procedure

MILNER DELVAUX: Taps Liquidators from Baker Tilly
PEARL GROUP: Fitch Withdraws Ratings on Acquisition by Impala
POLAR PRINT: Taps Joint Administrators from KPMG
ROOM UPSTAIRS: Appoints Joint Administrators from Moore Stephens
UK-EURO FASHIONS: Claims Filing Period Ends August 3

WHISTLEJACKET CAPITAL: Creditors Ink Deal with Goldman Sachs

BOOK REVIEW: Corporate Players: On Working and Winning Together


                            *********


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


MOMENTS 4 LIFE: Claims Registration Period Ends July 14
-------------------------------------------------------
Creditors owed money by LLC moments 4 life (FN 299448s) have
until July 14, 2008, to file written proofs of claim to court-
appointed estate administrator Rene Lindner at:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on July 28, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Linz
          Room 522
          Fifth Floor
          Linz
          Austria

Headquartered in Gallneukirchen, Austria, the Debtor declared
bankruptcy on May 27, 2008 (Bankr. Case No. 12 S 41/08d).  


OPERGER GUENTER: Claims Registration Period Ends July 15
--------------------------------------------------------
Creditors owed money by Company Operger Guenter have until
July 15, 2008, to file written proofs of claim to court-
appointed estate administrator Guenther Csar at:

          Dr. Guenther Csar
          Hauptplatz 35
          2700 Wiener Neustadt
          Austria
          Tel: 02622/23433
          Fax: 02622/23433-22
          E-mail: ra.drcsar@adis.at    

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on July 24, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Wiener Neustadt
          Room 15
          Wiener Neustadt
          Austria

Headquartered in Eggendorf, Austria, the Debtor declared
bankruptcy on May 26, 2008 (Bankr. Case No. 10 S 63/08f).


STIEFMANN BAU: Claims Registration Period Ends July 15
------------------------------------------------------
Creditors owed money by LLC Stiefmann Bau (FN 263002v) have
until July 15, 2008, to file written proofs of claim to court-
appointed estate administrator Werner Bachlechner at:

          Dr. Werner Bachlechner
          Hauptstrasse 86
          8582 Rosental an der Kainach
          Austria
          Tel: 03142/27235
          Fax: 03142/27235-4
          E-mail: ra.bachlechner@gmx.at   

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 2:55 p.m. on July 31, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Graz
          Hall L
          Room 230
          Graz
          Austria

Headquartered in Koeflach, Austria, the Debtor declared
bankruptcy on May 26, 2008 (Bankr. Case No. 25 S 37/08s).  


TERRA - BAUMANAGEMENT: Claims Registration Period Ends June 30
--------------------------------------------------------------
Creditors owed money by LLC Terra - Baumanagement  (FN 246838y)
have until June 30, 2008, to file written proofs of claim to
court-appointed estate administrator Gunter Huainigg at:

          Mag. Gunter Huainigg  
          Dr. Franz Palla-Gasse 21
          9020 Klagenfurt
          Austria
          Tel: 0463/599 399, 512 889
          Fax: 0463/599399-15
          E-mail: office@hdp-law.com    

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 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
          Klagenfurt
          Austria

Headquartered in Pischeldorf, Austria, the Debtor declared
bankruptcy on May 26, 2008, (Bankr. Case No. 41 S 61/08f).


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


BELVEDERE SA: S&P Cuts Debt Ratings to B- on High Leverage
----------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit and senior secured debt ratings on France-based
spirits and wine producer and supplier Belvedere S.A. to 'B-'
from 'B'.  At the same time, we placed the ratings on
CreditWatch with negative implications.

"The downgrade and CreditWatch placement follow the
stronger-than-anticipated default potential that Belvedere
faces, based on audited 2007 financial statements," said
Standard & Poor's credit analyst Michael Seewald. "One of the
auditors has expressed reserves relating to a potential covenant
breach in the group's senior secured debt."

In addition, operating setbacks in 2007 and the group's high
leverage--despite intentions to reduce debt--make any near-term
upgrade unlikely.  

The ratings reflect Belvedere's highly leveraged financial
profile, resulting from its debt-financed expansion strategy,
and the group's exposure to the low- and midmarket segments of
the highly competitive, mature, and consolidating French and
Polish spirit and wine industries.  Partially mitigating factors
are Belvedere's increasingly diversified product mix and
geographic reach following acquisitions, coupled with ownership
of some brands with leading market shares in the group's Polish
and French core markets.

S&P will resolve the CreditWatch status once further details are
known.  Depending on the outcome, we could affirm the ratings or
lower them by several notches.

Recovery Analysis

The '4' recovery rating on Belvedere's €375 million senior
secured floating-rate notes due 2013 remains unchanged,
indicating our expectation of average (30%-50%) recovery in the
event of a payment default.  S&P has lowered the issue rating on
these notes to 'B-' from 'B', in line with our downgrade
of Belvedere.  

To calculate recovery, Standard & Poor's simulates a payment
default.  This would likely occur for Belvedere as a result of a
combination of factors, including increased pricing pressure
from supermarket buyers, leading to lower revenues and gross
margins; a failure to achieve expected cost savings; or an
increase in interest rates or unfavorable exchange rate
movements upping the cost of servicing the notes.

Due to Belvedere's vulnerable business risk profile, we have
valued the company on a break-up basis because we believe that
many of the group's mass-market brands will be of limited value
to prospective purchasers.

Using this approach, S&P has applied haircut values to the
combined group's assets.  The group's working facilities are
assumed to be fully drawn and considered to be paid out first
with other priority obligations.  S&P estimates the enterprise
value at the point of default at about EUR310 million.  Recovery
prospects, estimated in the 30%-50% range, are calculated after
deducting priority liabilities, including the fully drawn
revolver, other debt facilities, prepetition interest, and costs
of enforcement.

S&P currently assumes no cash on balance sheet in our break-up
analysis.  Consequently, if a default is declared within the
next couple of months based on the abovementioned breach of the
restricted payment covenant, higher recovery rates could result.
Indeed, under this default scenario, the company would not
consume all its available liquidity, leaving more residual value
to noteholders.


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


BAUUNTERNEHMUNG SEIDLER: Claims Registration Period Ends July 1
---------------------------------------------------------------
Creditors of Bauunternehmung Seidler GmbH have until July 1,
2008, to register their claims with court-appointed insolvency
manager Nada Nasser.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on July 18, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Bad Neuenahr-Ahrweiler
          Hall 4
          Wilhelmstrasse 55-57
          53474 Bad Neuenahr-Ahrweiler
          Germany

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

The insolvency manager can be reached at:

          Nada Nasser
          Godesberger Allee 6-8
          53175 Bonn
          Germany
          Tel: 0228 9090870
          Fax: 0228 9090871
          E-mail: team@kreplin-partner.de

The District Court of Bad Neuenahr-Ahrweiler opened bankruptcy
proceedings against Bauunternehmung Seidler GmbH on
April 1, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

          Bauunternehmung Seidler GmbH
          Eckendorfer Str. 31
          53501 Grafschaft
          Germany


BBM WOHNUNGSVERWALTUNGS: Claims Registration Period Ends July 1
---------------------------------------------------------------
Creditors of BBM Wohnungsverwaltungs-GmbH have until July 1,
2008, to register their claims with court-appointed insolvency
manager Joachim Heitsch.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on Sept. 2, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

          Dr. Joachim Heitsch
          Berliner Str. 117
          10713 Berlin
          Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against BBM Wohnungsverwaltungs-GmbH on
April 2, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

          BBM Wohnungsverwaltungs-GmbH
          Sandhauser Str. 54
          13505 Berlin
          Germany


BERLIN-MUSEUM: Claims Registration Period Ends July 1
-----------------------------------------------------
Creditors of Berlin-Museum Grundstuecksgesellschaft mbH & Co.
Museumsgarten KG have until July 1, 2008, to register their
claims with court-appointed insolvency manager Christoph
Schulte-Kaubruegger.

Creditors and other interested parties are encouraged to attend
the meeting at 11:35 a.m. on Aug. 27, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

The insolvency manager can be reached at:

          Dr. Christoph Schulte-Kaubruegger
          Genthiner Str. 48
          10785 Berlin
          Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Berlin-Museum Grundstuecksgesellschaft mbH &
Co. Museumsgarten KG on April 1, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

          Berlin-Museum Grundstuecksgesellschaft
          mbH & Co. Museumsgarten KG
          Pohlstrasse 20
          10785 Berlin
          Germany


DETLEF MOENCH: Claims Registration Ends July 7
----------------------------------------------
Creditors of Detlef Moench Druck- und Verlag GmbH have until
July 7, 2008 to register their claims with court-appointed
insolvency manager Henning Bungart.

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

The meeting of creditors will be held at:

         The District Court of 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:

         Henning Bungart
         Zweigertstr. 43
         45130 Essen
         Germany

The District Court of Essen opened bankruptcy proceedings
against Detlef Moench Druck- und Verlag GmbH on June 2, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Detlef Moench Druck- und Verlag GmbH
         Attn: Detlef Moench, Manager
         Langemarckstr. 83
         45141 Essen
         Germany


DONGES GRUNDBESITZ: Claims Registration Ends July 7
---------------------------------------------------
Creditors of Donges Grundbesitz Verwaltungs-GmbH have until
July 7, 2008 to register their claims with court-appointed
insolvency manager Dr. Jan Markus Plathner.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Aug. 12, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Darmstadt
         Hall 4.311
         Fourth Floor
         Building D
         Mathildenplatz 15
         64283 Darmstadt
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. Jan Markus Plathner
         Lyoner Strasse 14
         60528 Frankfurt
         Germany
         Tel: 069/962334-0
         Fax: 069/962334-22
         E-mail: m.plathner@brinkmann-partner.de

The District Court of Darmstadt opened bankruptcy proceedings
against Donges Grundbesitz Verwaltungs-GmbH on May 30, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Donges Grundbesitz Verwaltungs-GmbH
         Attn: Rainer Mueller-Donges, Manager
         Mainzer Strasse 55
         64293 Darmstadt
         Germany


DONGES VERMOEGENSVERWALTUNGS: Claims Registration Ends July 7
-------------------------------------------------------------
Creditors of Donges Vermoegensverwaltungs GmbH have until
July 7, 2008 to register their claims with court-appointed
insolvency manager Dr. Jan Markus Plathner.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Aug. 12, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Darmstadt
         Hall 4.312
         Fourth Floor
         Building D
         Mathildenplatz 15
         64283 Darmstadt
         Germany

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

The insolvency manager can be reached at:

         Dr. Jan Markus Plathner
         Lyoner Strasse 14
         60528 Frankfurt
         Germany
         Tel: 069/962334-0
         Fax: 069/962334-22
         E-mail: m.plathner@brinkmann-partner.de  

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

The Debtor can be reached at:

         Donges Vermoegensverwaltungs GmbH
         Attn: Rainer Mueller-Donges, Manager
         Mainzer Str. 55
         64293 Darmstadt
         Germany


EXTERN PERSONAL: Claims Registration Period Ends July 1
-------------------------------------------------------
Creditors of EXTERN Personal GmbH have until July 1, 2008, to
register their claims with court-appointed insolvency manager
Jens Lieser.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on July 18, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Bad Neuenahr-Ahrweiler
          Hall 4
          Wilhelmstrasse 55-57
          53474 Bad Neuenahr-Ahrweiler
          Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

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

The District Court of Bad Neuenahr-Ahrweiler opened bankruptcy
proceedings against EXTERN Personal GmbH on April 1, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          EXTERN Personal GmbH
          Glasfabrik 2
          53498 Bad Breisig
          Germany


FITAIR GMBH: Claims Registration Ends July 7
--------------------------------------------
Creditors of FitAir GmbH have until July 7, 2008 to register
their claims with court-appointed insolvency manager Dr. Tjark
Thies.

Creditors and other interested parties are encouraged to attend
the meeting at 11:45 a.m. on Aug. 7, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Meeting Hall B405
         Fourth Floor
         Sievkingplatz 1
         20355 Hamburg
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. Tjark Thies
         Domstrasse 15
         20095 Hamburg
         Germany

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

The Debtor can be reached at:

         FitAir GmbH
         Attn: Edmund Johann Bollig, Manager
         Adebarweg 8
         22559 Hamburg
         Germany


HAUSDORF TIEFBAU: Claims Registration Ends July 7
-------------------------------------------------
Creditors of Hausdorf Tiefbau GmbH have until July 7, 2008 to
register their claims with court-appointed insolvency manager
Raimund Schafmeister.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Aug. 6, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Detmold
         Meeting Hall 12
         Ground Floor
         Gerichtsstr. 6
         32756 Detmold
         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:

         Raimund Schafmeister
         Moltkestr. 12
         32756 Detmold
         Germany

The District Court of Detmold opened bankruptcy proceedings
against Hausdorf Tiefbau GmbH on May 29, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Hausdorf Tiefbau GmbH
         Attn: Ilona Hausdorf, Manager
         Gartenstr. 19
         33813 Oerlinghausen
         Germany


HECKLER & KOCH: Moody's Changes Outlook on B2 Ratings to Neg.
-------------------------------------------------------------
Moody's Investors Service has affirmed the ratings of Heckler &
Koch GmbH -- including the B2 corporate family rating and the B2
rating on the senior unsecured notes -- and changed the rating
outlook to stable from negative.

"The affirmation of HK's ratings reflects the company's
achievement in turning around its revenues, profitability and
cash generation back to levels more in line with the
requirements of the B2 rating category," says Christian Hendker,
lead analyst for HK at Moody's Frankfurt office.  "This
achievement is the result of internal efficiency improvements
and as importantly the strategic shift away from the company's
historical reliance on a few large and highly profitable orders
towards a higher number of small orders, which again improved
capacity utilisation to a level close to net income breakeven,"
Mr Hendker adds.

The change in outlook to stable from negative reflects the
evidence that the company has achieved Moody's requirements for
a rating outlook stabilization as outlined in Moody's Press
Release in December 2006:

   (1) improvement in credit metrics, namely a reduction of Debt
       to EBITDA from 6.8x as at end of 2006 to around 6.0x in
       2007 and an improvement in RCF to Net Debt from 0.9% in
       2006 to above 7% in 2007, and

   (2) free cash flow generation close to break even levels in
       the last twelve months, which enabled the company to
       maintain its cash cushion.

As at end of March 2008 the company had a cash position of
EUR30.3 million which is comparable to last year if we take into
account a EUR4.5 million intercompany loan to a holding company
outside the restricted group which is expected to be repaid
within the next quarters.

The stable outlook reflects Moody's expectation that HK will
significantly improve its profitability and cash generation
ability during the course of 2008 and beyond, while preserving
an adequate liquidity cushion. Moody's takes comfort from the
solid order backlog, which provides a solid level of revenue
visibility and represents high demand for the company's small
arms, based on the good market position and high quality
perception of HK's products. The stable outlook anticipates that
Debt to EBITDA will be lowered towards 5.5x and RCF to Net Debt
should be improved towards 10% at the end of the current year.

Moody's cautions that the ratings could be under renewed
downward pressure in the event of: (1) an erosion of the
company's liquidity position, or (2) an inability to restore
credit metrics, evidenced by Debt to EBITDA remaining above 6.0x
or sustained negative free cash flows.

Positive migration of the rating would require a sustained track
record in improving the company's credit metrics, reflected in
(1) Debt to EBITDA to be lowered below 5.0x, and (2) RCF to Net
Debt improving towards 15%.

HK's B2 corporate family rating reflects the company's solid
market position as a leading small arms manufacturer with a
strong brand and number-one positions in the supply of assault
rifles, (sub)machine guns and grenade launchers. The rating is
also supported by HK's technological leadership, and stable-to-
improving industry trends.  Further, the long-term nature of its
main contracts provides high visibility of sales and stable cash
flows.

Offsetting these strengths are the highly leveraged capital
structure, the company's limited scale combined with a lack of
regional and customer diversification, and the extensive
regulation and restrictions HK is facing.  In addition, HK's
rating is constrained by the intense competition in the defence
industry, both for share of defence budgets generally and from
other small arms manufacturers, which all are exposed to a
heavily politicized procurement process in most countries,
combined with the fact that defence budgets have been under
pressure in NATO countries for some time.  Moody's cautions that
HK's sole liquidity source is its cash on balance sheet and that
the company does not have access to any alternative external
backup facility.  However, HK's liquidity profile benefits from
the company's extended debt maturity profile, with no maturities
before 2011.

These ratings of Heckler & Koch GmbH were affirmed:

   -- B2 corporate family rating

   -- B1 probability of default rating

   -- B2 senior unsecured rating (LGD 4, 65%)

Outlook Actions:

Issuer: Heckler & Koch GmbH

   -- Outlook, Changed To Stable From Negative

The last rating action was in December 2006, when Moody's
downgraded the corporate family rating to B2 with a negative
outlook.

Headquartered in Oberndorf, Germany, Heckler & Koch GmbH is a
leading defence contractor in the small arms sector of the
European NATO defence market.  In 2007, the company generated
revenues of EUR147.9 million.


HEINRICH NERZ: Claims Registration Ends July 7
----------------------------------------------
Creditors of Heinrich Nerz GmbH have until July 7, 2008 to
register their claims with court-appointed insolvency manager
Karl-Heinrich Lorenz.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Mannheim
         Hall 232
         Second Floor
         Schloss
         68149 Mannheim
         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:

         Karl-Heinrich Lorenz
         Theodor Heuss-Anlage 12
         68165 Mannheim
         Germany
         Tel: 0621/422900

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

The Debtor can be reached at:

         Heinrich Nerz GmbH
         Attn: Reinhard Kuhn, Manager
         Landzungenstr. 10
         68159 Mannheim
         Germany


HOLDER INDUSTRIES: Claims Registration Period Ends July 7
---------------------------------------------------------
Creditors of Holder Industries GmbH have until July 7 2008, to
register their claims with court-appointed insolvency manager
Juergen Sulz.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Aug. 7, 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 Tuebingen
         N 1.01
         Courtroom/Ground Floor
         Schulberg 14
         72074 Tuebingen
         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:

         Juergen Sulz
         Rommelsbacher Str. 27
         72760 Reutlingen
         Germany
         Tel: 07121/333540
         Fax: 07121/333544

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

The Debtor can be reached at:

         Holder Industries GmbH
         Max-Holder-Strasse 1
         72555 Metzingen
         Germany


HUBERHAUS GMBH: Claims Registration Period Ends July 7
------------------------------------------------------
Creditors of HuberHaus GmbH & Co. KG have until July 7, 2008, to
register their claims with court-appointed insolvency manager
Ulrich Nehrig.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on July 28, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Freiburg
         Hall 1
         Holzmarkt 2
         79098 Freiburg i.Br.
         Germany

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

The insolvency manager can be reached at:

         Ulrich Nehrig
         LG-Fach 107
         Schillerstr. 2
         79102 Freiburg i. Br.
         Germany
         Tel: 0761/703900
         Fax: 0761/7039052

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

The Debtor can be reached at:

         HuberHaus GmbH & Co. KG
         Attn: Alois Huber, Manager
         Glasbergweg 25
         79822 Titisee-Neustadt
         Germany


IKB DEUTSCHE: SIV's Creditors Ink Deal with Goldman Sachs
---------------------------------------------------------
Creditors of Rhinebridge Plc has signed in principle a
restructuring agreement with Goldman Sachs International, Helen
Power writes for the Telegraph.

According to the Telegraph, Goldman Sachs will apply to
Rhinebridge a modified version of the process it is using to
restructure Cheyne Finance Plc.

The investment bank will also apply the same process to these
structured investment vehicles in receivership:

    * Whistlejacket Capital Ltd.,
    * Golden Key Ltd., and
    * Mainsail II.

Deloitte & Touche LLP serves as administrator for the collapsed
SIVs.

The Telegraph relates that Goldman Sachs plans to finalize
restructuring terms with the SIVs' creditors this summer.

"This has been a complicated process," Neville Kahn of Deloitte
told the Telegraph.  "Achieving this agreement is the result of
a great team effort."

Headquartered in Dublin, Ireland, Rhinebridge Plc is a
structured investment vehicle of IKB Deutsche Industriebank AG.  

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.


KONZEPT LOGISTIK: Claims Registration Period Ends July 7
--------------------------------------------------------
Creditors of Konzept Logistik Sued GmbH have until July 7, 2008,
to register their claims with court-appointed insolvency manager
Dr. Wolfgang Petereit.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Aug. 7, 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 Mainz
         Hall 174
         Building B
         Ernst-Ludwig Strasse 7
         55116 Mainz
         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. Wolfgang Petereit
         GF 48
         Kaiserstrasse 24a
         D 55116 Mainz
         Germany
         Tel: 06131/626080
         Fax: 06131/6260813

The District Court of Mainz opened bankruptcy proceedings
against Konzept Logistik Sued GmbH on June 5, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Konzept Logistik Sued GmbH
         Attn: Michael Niegel, Manager
         Carl-Zeiss-Str. 53
         55129 Mainz-Hechtsheim
         Germany


LEHRTE MUSIC-CLUB: Claims Registration Period Ends July 7
---------------------------------------------------------
Creditors of Lehrte Music-Club GmbH have until July 7, 2008, to
register their claims with court-appointed insolvency manager
Friedemann U. Schade.

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

The meeting of creditors will be held at:

         The District Court of Gifhorn
         Hall 114
         Am 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:

         Friedemann U. Schade
         Seelhorststrasse 64
         30175 Hannover
         Germany
         Tel: 0511/515122-0
         Fax: 0511/515122-19  
         Website: www.kuebler-gbr.de

The District Court of Gifhorn opened bankruptcy proceedings
against Lehrte Music-Club GmbH on June 2, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Lehrte Music-Club GmbH
         Zuckerpassage 17
         31275 Lehrte
         Germany

         Attn: Rainer Zabel, Manager
         Fruechteburger Weg 7
         26721 Emden
         Germany


NATURATHEK GMBH: Claims Registration Period Ends July 7
-------------------------------------------------------
Creditors of Naturathek GmbH have until July 7, 2008, to
register their claims with court-appointed insolvency manager
Karl-Heinrich Lorenz.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 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 Mannheim
         Area 232
         Second Floor
         West Wing
         Schloss
         68149 Mannheim
         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:

         Karl-Heinrich Lorenz
         Theodor Heuss-Anlage 12
         68165 Mannheim  
         Germany
         Tel: 0621/422900

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

The Debtor can be reached at:

         Naturathek GmbH
         Attn: Horst Dieter Hartig und
               Matthias Diehl, Managers
         Talhausstr. 4
         68766 Hockenheim
         Germany


PIN GROUP: Sale of Business Likely to Close This Month
------------------------------------------------------
A spokesman for PIN Group AG's insolvency administrator said the
company's disposal is expected to close this month, Chris Reiter
writes for Bloomberg News, citing a Handelsblatt report.

Bloomberg relates that possible bidders for the company's assets
include The Holtzbrinck Group, which publishes the Handelsblatt,
the Stark Group and WAZ Group.

Bloomberg discloses about 50 of PIN's solvent operating units
are up for sale.

                         About PIN Group

Based in Luxembourg, PIN Group AG -- http://www.pin-group.net/    
-- provides postal services across Germany.  The group has more
than 60 regional subsidiaries, and in 2006 became a national
integrated provider by setting up an efficient nationwide
distribution network.

As previously reported in the TCR-Europe, PIN Group's units
filed for insolvency after Axel Springer AG decided to stop
funding the company.  Axel Springer said the business in
unviable following the German government's decision to introduce
minimum wages of EUR8-EUR9.80 for the postal industry, which
would PIN, which has 9,000 employees, up to EUR45 million,
although "most of the costs are expected to be covered by a form
of state reimbursement."


PROVIDE GEMS: Fitch Junks Class E Notes on Loss Allocation
----------------------------------------------------------
Fitch Ratings has downgraded Provide Gems 2002-1 plc's classes
that are rated 'AA' and below, following the full depletion of
the threshold amount and the allocation of losses to the junior
class E notes.

   -- Class A+ (ISIN XS0145700398) affirmed at 'AA+'; Outlook
      Negative

   -- Class A (ISIN XS0145700471) downgraded to 'AA-' from 'AA';
      Outlook remains Negative

   -- Class B (ISIN XS0145701289) downgraded to 'BBB-' from
      'A-' ; Outlook remains Negative

   -- Class C (ISIN XS0145701792) downgraded to 'B-' from 'BB-';
      Outlook remains Negative; Distressed Recovery rating of
      'DR1' assigned

   -- Class D (ISIN XS0145701875) downgraded to 'C' from 'CC';
      Outlook revised to Stable from Negative; Distressed
      Recovery rating changed to 'DR6' from 'DR5';

   -- Class E (ISIN XS0145702170) affirmed at 'C'; Outlook
      remains Stable; Distressed Recovery rating affirmed at
      'DR6'

Fitch has undertaken a loan-by-loan analysis of the current pool
of reference claims, which showed that the current level of
credit enhancement available to the notes is not sufficient for
the current ratings of the notes.

The Distressed Recovery ratings on class C, D and E notes
reflect the level of losses that Fitch anticipates will be
realized over the life of the transaction and allocated to these
tranches.  A rating of 'C'/'DR6' is the lowest rating assigned
in structured finance transactions, and for this reason the
Outlooks on class D and E notes are Stable.

Further downgrades will depend on the future performance of the
transaction, in particular, the level of realized losses
allocated to the junior notes and the speed of prepayments
affecting the credit enhancement to the notes.

According to the latest investor report, in May 2008, net
cumulative losses were reported at 1.92% of the initial pool.
The losses that came through in this period resulted in the
remaining balance of the threshold amount being utilized, and an
amount of EUR233,571 was allocated to the most junior tranche of
notes.  Meanwhile, the reference claims in arrears by more than
three months stood at 12.45% of the aggregate balance of
outstanding reference claims, of which 10.28% were credit
events.

In May 2008 liquidated reference claims represented 2.23% of the
initial pool of reference claims.  Of these liquidated reference
claims, for 1.6% the foreclosure proceeds received were not
sufficient to cover the foreclosure costs, principal and/or
interest payments, and therefore they suffered losses.

With the volume of credit events currently outstanding, and the
high loss severity seen to date, Fitch expects to see further
losses allocated to the junior notes.

Provide Gems 2002-1 plc is a synthetic securitization of a pool
of second-charge reference claims originated by Rheinische
Hypothekenbank AG (Rheinhyp), which in 2002 merged with Eurohypo
AG, Europaeischen Hypothekenbank, der Deutschen Bank to form
Eurohypo AG (rated 'A'/'F1'/Outlook Stable).  The initial pool
contained a larger portion of "riskier" borrower categories than
previously seen in other German RMBS transactions.  The
servicing of the reference claims is conducted by Eurohypo AG.


SEG BETEILIGUNGEN: Claims Registration Period Ends July 2
---------------------------------------------------------
Creditors of SEG Beteiligungen GmbH have until July 2, 2008, to
register their claims with court-appointed insolvency manager
Christoph Rosenmueller.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Sept. 2, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of 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:

          Christoph Rosenmueller
          Berliner Str. 117
          10713 Berlin
          Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against SEG Beteiligungen GmbH on July 2, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          SEG Beteiligungen GmbH
          Pohlstrasse 20
          10785 Berlin
          Germany


SLC MARKUS: Claims Registration Period Ends July 7
--------------------------------------------------
Creditors of SLC Markus & Ehringhagen GmbH have until
July 7, 2008, to register their claims with court-appointed
insolvency manager Dr. Guenter Trutnau III.

Creditors and other interested parties are encouraged to attend
the meeting at 1:00 p.m. on July 24, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

         Dr. Guenter Trutnau III
         Hagen 30
         45127 Essen
         Germany

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

The Debtor can be reached at:

         SLC Markus & Ehringhagen GmbH
         Herkulesstr. 20
         45127 Essen
         Germany

         Attn: Ehrenfried Markus, Manager
         Krummecke 22 a
         45277 Essen
         Germany


SPIELHAGEN GMBH: Claims Registration Period Ends July 1
-------------------------------------------------------
Creditors of Spielhagen GmbH have until July 1, 2008, to
register their claims with court-appointed insolvency manager
Ingo Thurm.

Creditors and other interested parties are encouraged to attend
the meeting at 2:45 p.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 Hannover
          Hall 226
          Second Floor
          Service Bldg.
          Hamburger Allee 26
          30161 Hannover
          Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

          Ingo Thurm
          Aegidientorplatz 2 B
          30159 Hannover
          Germany
          Tel: 0511 475577-47
          Fax: 0511 475577-99

The District Court of Hannover opened bankruptcy proceedings
against Spielhagen GmbH on April 22, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

          Spielhagen GmbH
          Bachstr. 2
          30167 Hannover
          Germany


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


RHINEBRIDGE PLC: Creditors Ink Rescue Deal with Goldman Sachs
-------------------------------------------------------------
Creditors of Rhinebridge Plc has signed in principle a
restructuring agreement with Goldman Sachs International, Helen
Power writes for the Telegraph.

According to the Telegraph, Goldman Sachs will apply to
Rhinebridge a modified version of the process it is using to
restructure Cheyne Finance Plc.

The investment bank will also apply the same process to these
structured investment vehicles in receivership:

    * Whistlejacket Capital Ltd.,
    * Golden Key Ltd., and
    * Mainsail II.

Deloitte & Touche LLP serves as administrator for the collapsed
SIVs.

The Telegraph relates that Goldman Sachs plans to finalize
restructuring terms with the SIVs' creditors this summer.

"This has been a complicated process," Neville Kahn of Deloitte
told the Telegraph.  "Achieving this agreement is the result of
a great team effort."

Headquartered in Dublin, Ireland, Rhinebridge Plc is a
structured investment vehicle of IKB Deutsche Industriebank AG.  

                         *     *     *

Rhinebridge Plc continues to carry Standard & Poor's Ratings
Services' Default ratings on its commercial paper, medium-term
notes, mezzanine capital notes, and combination capital notes.


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


ALITALIA SPA: Sale Adviser Studying Administration Option
---------------------------------------------------------
Intesa Sanpaolo S.p.A., the Italian government's adviser for the
sale of its 49.9% stake in Alitalia S.p.A., is reviewing placing
the national carrier into administration, Thomson Financial News
reports citing an unsourced Il Messaggero report.

Under the Marzano law -- which governs administration procedures
for large companies, Alitalia's core business would be separated
from its debt and place them under a new company.  Parmalat
Finanziaria S.p.A. and Cirio Finanziaria S.p.A. were
restructured under the Marzano law.

Intesa said Alitalia's want their investments returned at a
discount either in cash or in shares of the newco.

As previously reported in the TCR-Europe, Intesa will present on
June 27, 2008, a plan to dispose the carrier's assets.  Intesa
may propose to sell Alitalia's unprofitable operations under an
emergency administration procedure.

                         About Alitalia

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

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


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


ADONAI PLUS: Creditors Must File Claims by July 29
--------------------------------------------------  
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Adonai Plus 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


AGRO MARKETING: Claims Deadline Slated for July 25
--------------------------------------------------  
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Agro Marketing insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Akmola
         Room 228
         Auelbekov Str. 139a
         Kokshetau
         Akmola
         Kazakhstan
         Tel: 8 (7162) 25-79-32


AGRO MECH: Claims Filing Period Ends July 25
--------------------------------------------  
The Tax Committee of Almaty has ordered the compulsory
liquidation of LLP Agro Mech Tech Complex (RNN 090400014507).

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


ARA INTERNATIONAL: Creditors' Claims Due on July 29
---------------------------------------------------  
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Ara International Ltd. 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


JETISAI-GAS LLP: Claims Registration Ends July 25
-------------------------------------------------  
LLP Jetisai-Gas has declared insolvency.  Creditors have until
July 25, 2008, to submit written proofs of claims to:

         LLP Jetisai-Gas
         Kojanov Str. 200
         Jetysai
         South Kazakhstan
         Kazakhstan


STROY POSTAVKA: Creditors Must File Claims by July 25
-----------------------------------------------------  
LLP Tech Stroy Postavka has declared insolvency.  Creditors have
until July 25, 2008, to submit written proofs of claims to:

         LLP Tech Stroy Postavka
         Torgovaya Str. 8
         Pavlodar
         Kazakhstan

STROY TECH: Claims Deadline Slated for July 25
----------------------------------------------  
The Tax Committee of Almaty has ordered the compulsory
liquidation of LLP Stroy Tech Project (RNN 090400214356).

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


STROY-SILA NS: Claims Filing Period Ends July 25
------------------------------------------------  
The Specialized Inter-Regional Economic Court of Astana has
declared LLP Stroy-Sila NS 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


UNIVERSAL-SERVICE XXI: Creditors' Claims Due on July 25
-------------------------------------------------------  
The Specialized Inter-Regional Economic Court of Astana has
declared LLP UNIVERSAL-SERVICE XXI 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


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


KYRGYZ VNESH: Creditors Must File Claims by July 16
---------------------------------------------------
LLC Kyrgyz Foreign Commerce Kyrgyz Vnesh Torg has declared  
insolvency.  Creditors have until July 16, 2008 to submit
written proofs of claim to:

         LLC Kyrgyz Foreign Commerce Kyrgyz Vnesh Torg
         Moskovskaya Str. 121
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 62-64-60


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


X5 RETAIL: Pays US$11 Million to Hike Pyaterochka Stake to 75%
--------------------------------------------------------------
X5 Retail Group NV has increased its stake in Pyaterochka store
chain in Urals and signed a new franchising agreement to begin
roll-out of Pyaterochka stores in Ivanovo and Kostroma regions.

In accordance with the agreement between X5 and the former
owners of Pyaterochka franchisee in Chelyabinsk, X5 has
purchased further 24% in the company that operates Pyaterochka
stores in Yekaterinburg and Chelyabinsk for US$11 million (the
chain's sales for 2007 exceeded US$160 million).

As a result, X5's stake in the business increased to 75%.  As
per the agreement, X5 has an option to purchase the remaining
25% in 2009.  Purchase price will be determined on the basis of
the chain's sales for 2008.

X5 has signed a new franchising agreement with the Prodmag
company to develop a chain of Pyaterocka stores in the Ivanovo
and Kostroma regions.

In accordance with the agreement, Prodmag is obliged to open no
fewer than 30 Pyaterochka stores in the Ivanovo and Kostroma
regions within two years.  Already by the end of 2008 the
number of operating Pyaterochka stores in these regions is
expected to be close to 20.

In addition to the franchising agreement, the parties have
signed a call option agreement enabling X5 to buy-out the chain
of Pyaterochka stores opened by Prodmag in the Ivanovo and
Kostroma regions.

The option is exercisable in 2011, which is in line with the
Company's planned timing for entering these regions. Purchase
price will depend on the chain's performance in 2010.

                        About X5 Retail

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

                          *     *     *

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

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


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


OCEAN RIG: S&P Withdraws B Credit Ratings at Company's Request
--------------------------------------------------------------
Standard & Poor's Ratings Services had withdrawn its 'B' long-
term issuer credit ratings on Norway-based contract driller
Ocean Rig Norway A.S. at the company's request.


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


AUTO OJSC: Orenburg Court Names V. Ivanov as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Orenburg appointed V. Ivanov as
Insolvency Manager for OJSC Auto.  He can be reached at:

         V. Ivanov
         Apt. 193
         Dzhangildina Str. 10
         460052 Orenburg
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A47-5840/05-14GK.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Auto
         Shosseynaya Str. 32
         460411 Orenburg
         Russia


BEGISHEVSKOE CJSC: Court Starts Bankruptcy Supervision Procedure
----------------------------------------------------------------
The Arbitration Court of Tula commenced bankruptcy supervision
procedure on CJSC Begishevskoe.  The case is docketed under Case
No. A68-957/08-25/B-08.

The Temporary Insolvency Manager is:

         S. Konev
         Office 406
         Mendeleevskaya Str. 1
         300024 Tula
         Russia

The Court is located at:

         The Arbitration Court of Tula
         Hall 35
         Sovetskaya Str. 112
         Tula
         Russia

The Debtor can be reached at:

         S. Konev
         Office 406
         Mendeleevskaya Str. 1
         300024 Tula
         Russia


DELPHI CORP: To Build Two New Plants in Russia by 2010
------------------------------------------------------
Delphi Corp. intends to build two plants in Russia by 2010 to
meet demand in its fastest-growing European market, Thomson
Financial reports, citing Hemscott.

"We expect that our business there will double by 2012," Delphi
manager Stefaan Vandevelde was quoted by Thomson Financial as
saying.

Delphi, Thomson Financial relates, is eyeing locations near
Kaliningrad and Kaluga.  The plants, Bloomberg News discloses,
citing a Handelsblatt report, will employ about 1,000 people.

Thomson Financial adds Delphi, which has production sites in
Samara and Surgut and a representative office in Moscow, also
plans to expand its Dimitrovgrad operations.

                       About Delphi Corp.

Based in Troy, Michigan, Delphi Corporation (PINKSHEETS: DPHIQ)
-- http://www.delphi.com/-- is the single supplier of vehicle         
electronics, transportation components, integrated systems and
modules, and other electronic technology.  The company's
technology and products are present in more than 75 million
vehicles on the road worldwide.  Delphi has regional
headquarters in Japan, Brazil and France.

The company filed for Chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represents the Official Committee of Unsecured Creditors.  As of
March 31, 2007, the Debtors' balance sheet showed
US$11,446,000,000 in total assets and US$23,851,000,000 in total
debts.

The Court approved Delphi's First Amended Joint Disclosure
Statement and related solicitation procedures for the
solicitation of votes on the First Amended Plan on Dec. 20,
2007.  The Court confirmed the Debtors' First Amended Plan on
Jan. 25, 2008.


ISTOK OJSC: Creditors Must File Claims by July 13
-------------------------------------------------
Creditors of OJSC Istok (TIN 6506004352) have until July 13,
2008, to submit proofs of claim to:

         A. Zharikova
         Insolvency Manager
         Office 36
         Ukrainskaya Str. 11
         693012 Yuzhno-Sakhalinsk
         Russia

The Arbitration Court of Sakhalin commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A59-1322/07-S16.

The Debtor can be reached at:

         OJSC Istok
         Ushakova Str. 44
         Krasnogorsk
         693810 Sakhalin
         Russia


KAMYSHIN-MEL-PROM: Volgograd Bankruptcy Hearing Set August 12
-------------------------------------------------------------
The Arbitration Court of Volgograd will convene at 10:00 a.m. on
Aug. 12, 2008, to hear the bankruptcy supervision procedure on
CJSC Kamyshin-Mel-Prom (TIN 34360822114).  The case is docketed
under Case No. A12-2292/08-s27.

The Temporary Insolvency Manager is:

         A. Shimanskiy
         Tarashantsev Str. 68a-78
         400009 Volgograd
         Russia

The Debtor can be reached at:

         CJSC Kamyshin-Mel-Prom
         2nd Zheleznodorozhnyj Pereezd 1
         Kamyshinin
         Volgograd
         Russia


LAPUSHINSKOE CJS: Tyumen Bankruptcy Hearing Slated for July 31
--------------------------------------------------------------
The Arbitration Court of Tyumen will convene on July 31, 2008,
to hear the bankruptcy supervision procedure on CJS Lapushinskoe
(TIN 7214002985).  The case is docketed under Case No. A70-1425/
3-2008.

The Temporary Insolvency Manager is:

         N. Zakharova
         8th Floor
         Respubliki Str. 249
         Tyumen
         Russia

The Court is located at:

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

The Debtor can be reached at:

         N. Zakharova
         8th Floor
         Respubliki Str. 249
         Tyumen
         Russia


LEASING AND REPAIR-BUILDING: Bankruptcy Hearing Set Sept. 16
------------------------------------------------------------
The Arbitration Court of Moscow will convene on Sept. 16, 2008,
to hear the bankruptcy supervision procedure on CJSC Company
Leasing and Repair-Building Services (TIN 7730025000).  The case
is docketed under Case No. A40-6296/08-38-18B.

The Temporary Insolvency Manager is:

         V. Pronyushkina
         Building 15
         Nizhegorodskaya Str. 32
         109029 Moscow
         Russia

The Court is located at:

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

The Debtor can be reached at:

         CJSC Company Leasing and Repair-Building Services
         Mozhayskiy Val Str. 6a
         121151 Moscow
         Russia


NADVOITSKAYA ENERGY: Kareliy Bankruptcy Hearing Set July 9
----------------------------------------------------------
The Arbitration Court of Kareliya will convene on July 9, 2008,
to hear the bankruptcy supervision procedure on LLC Nadvoitskaya
Energy Company.  The case is docketed under Case No. A26-6805
/2007.

The Temporary Insolvency Manager is:

         T. Ragozina
         Post User Box 260
         Petrozavodsk
         185001 Kareliya
         Russia

The Debtor can be reached at:

         LLC Nadvoitskaya Energy Company
         Zavodskaya Str. 1
         Nadvoitsy
         Segezhskiy
         186430 Kareliya
         Russia


NOVOSIBIRSKIY METAL: Names N. Tarakonova as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Novosibirsk appointed N. Tarakonova as
Insolvency Manager for LLC Novosibirskiy Metal Processing
Factory (TIN 5404262402).  He can be reached at:

         N. Tarakonova
         Sovetskaya Str. 4
         440026 Penza
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A45-11725/2007 54/54.

The Court is located at:

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

The Debtor can be reached at:

         LLC Novosibirskiy Metal Processing Factory
         Statsionnaya Str. 30A
         630108 Novosibirsk
         Russia


OPEN CUT: Creditors Must File Claims by July 13
-----------------------------------------------
Creditors of CJSC Open Cut Tagaryshskiy have until July 13,
2008, to submit proofs of claim to:

         D. Kotin
         Insolvency Manager
         Post User Box 981
         Central Post Office
         650000 Kemerovo
         Russia

The Arbitration Court of Kemerovo commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A27-10015/2007-4.

The Court is located at:

         The Arbitration Court of Kemerovo
         Krasnaya Str. 8
         Kemerovo
         Russia

The Debtor can be reached at:

         CJSC Open Cut Tagaryshskiy
         Kostenkovo
         Novokuznetskiy
         Kemerovo
         Russia


ORENBURG-SEL-ENERGO: Creditors Must File Claims by July 13
----------------------------------------------------------
Creditors of CJSC Orenburg-Sel-Energo have until July 13, 2008,
to submit proofs of claim to:

         A. Pakhomov
         Insolvency Manager
         Parkovaya Str. 13
         Prigorodnyj
         460507 Orenburg
         Russia

The Arbitration Court of Orenburg commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A47-8191/07-14GK.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Orenburg-Sel-Energo
         Sroitelnaya Str. 8
         Nezhinka
         460520 Orenburg
         Russia


QUARRY MANAGEMENT: St. Petersburg Bankruptcy Hearing Set Aug. 18
----------------------------------------------------------------
The Arbitration Court of St. Petersburg and Leningrad will
convene on Aug. 18, 2008, to hear the bankruptcy supervision
procedure on CJSC Quarry Management.  The case is docketed under
Case No. A56-9037/2008.

The Temporary Insolvency Manager is:

         I. Rulev
         Klochkov Per. 4-2-108
         193318 St. Petersburg
         Russia

The Court is located at:

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

The Debtor can be reached at:

         CJSC Quarry Management
         Location 1, 18
         im.Sverdlova
         Vsevolzhskiy
         188682 Leningrad
         Russia


SAKHALIN-GRAIN-PRODUCT: Creditors Must File Claims by July 13
-------------------------------------------------------------
Creditors of OJSC Company Sakhalin-Grain-Product (TIN
6501174859, OGRN 1066501072956) have until July 13, 2008, to
submit proofs of claim to:

         V. Veselkov
         Insolvency Manager
         Post User Box 6/12
         Central Post Office
         680000 Khabarovsk
         Russia

The Arbitration Court of Udmurtiya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A59-3304/07-S7.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Company Sakhalin-Grain-Product
         Office 237
         Dzerzhinskogo Str. 23
         Yuzhno-Sakhalinsk
         Russia


SEVERSTAL OAO: WCI Steel Shareholders Dispute US$140 Million Bid
----------------------------------------------------------------
Shareholders of WCI Steel Inc. has filed a case at the Delaware
Chancery Court in Wilmington challenging OAO Severstal's
US$140 million offer for the Ohio-based firm, Phil Milford
writes for Bloomberg News.

WCI shareholders -- CVI GVF (Lux) Master S.a.R.L., Eagle Rock
Master Fund LP and Wilfrid Aubrey International Ltd. -- claims
that directors should have accepted a US$172 million offer from
Optima International, Bloomberg News relates.

Shareholders also claim that WCI directors were influenced by a
steelworkers union to prefer Severstal's offer.

"The board should withdraw its recommendation of the Severstal
bid and announce its support of Optima's superior unconditional
offer," the shareholders said in its complaint.

As reported in the TCR-Europe in May 2008, Severstal reached a
binding agreement to acquire all outstanding equity of WCI Steel
Inc. for a total cash consideration of US$140 million, implying
an enterprise value of US$331 million based on outstanding net
debt as of April 30, 2008.  

Parties expect to complete the deal in July 2008.

Citi and Raymond James are acting as financial advisors to
Severstal on this transaction.  Skadden, Arps, Slate, Meagher &
Flom LLP is acting as legal counsel to Severstal.

                         About WCI Steel

Headquartered in Warren, Ohio, WCI Steel Inc. (OTC: WCIS.PK) --
http://www.wcisteel.com/-- is an integrated steel maker   
producing 185 grades of flat-rolled custom and commodity steel
products.  Its products include high carbon, alloy, ultra high
strength, and heavy-gauge galvanized steel.  Major customers are
steel converters, processors, service centers, construction
product companies, and to a lesser extent, automobile
manufacturers

                         About Severstal

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

                        *     *     *

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

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

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


SILICATE-STROY LLC: Creditors Must File Claims by July 13
---------------------------------------------------------
Creditors of LLC Silicate-Stroy have until July 13, 2008, to
submit proofs of claim to:

         F. Vinnikov
         Insolvency Manager
         Michurina Str. 56
         Belgorod
         Russia

The Arbitration Court of Belgorod commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A08-7876/07— 26.

The Court is located at:

         The Arbitration Court of Belgorod
         Narodnyj Avenue 135
         308600 Belgorod
         Russia

The Debtor can be reached at:

         LLC Silicate-Stroy
         Michurina Str. 56
         Belgorod
         Russia


SISTEMA-HALS: Earns US$26.6 Million for First Quarter of 2008
-------------------------------------------------------------
JSC Sistema-Hals released its unaudited consolidated financial
results for the first quarter of 2008 in accordance with US
GAAP.

Financial Highlights

                     3m 2008       3m 2007
                     (US$ ‘000)    (US$ ‘000)
                     ----------    ----------
Revenues             141,631       34,502

Operating expenses   (115,619)     (29,996)

Operating income     26,012        4,506

OIBDA                31,231        7,387

Net income           26,630        5,893

Sistema-Hals' consolidated revenues for the three months ended
March 31, 2008 increased by 311% year-on-year to US$141.6
million, compared to US$34.5 million for the first quarter of
2007.

This growth was led by several factors including:

   -- the sale of the Rochdelskaya 22 project;

   -- revenues, recognized from the sale of a complex of
      buildings at 8 Marta Street;

   -- continuing sales of units in the ongoing
      "Dnepropetrovskaya", "Nahimovskiy", "Michurinskiy",
      "Rublevskoe highway" residential projects and an increase
      in rental revenues from single family houses in the
      Serebryany Bor settlement.

"We are pleased to report strong results for the first quarter
of 2008," Felix Evtushenkov, President of Sistema-Hals
commented.  The solid increase in our revenue, OIBDA and net
income gives an indication of expected growth for the rest of
the year.  We are confident that our efforts aimed at
implementing our construction program and portfolio management
strategy will be fruitful and the next three quarters will be
equally positive."

                      About Sistema-Hals

Based in Moscow, JSC Sistema-Hals -- http://www.sistema-hals.ru/    
-- is property developers in Moscow and the Moscow region,
with operations in the six regions in Russia, as well as Yalta
and Kiev, Ukraine.  The company is involved in a number of
large-scale governmental infrastructural projects in the
capacity of project manager.  Sistema-Hals is a 71.1% subsidiary
of Sistema JSFC.

                          *     *     *

JSC Sistema-Hals continues to carry B1 long-term corporate
family and probability-of-default ratings from Moody's
Investor Service.  The outlook according to Moody’s is stable.

Sistema-Hals also carries B+ Issuer Default rating from Fitch,
which said the outlook is negative.


SISTEMA JFSC: Hikes Stake in Shyam Telelink to 73.71%
-----------------------------------------------------
Sistema JFSC has increased its stake in Shyam Telelink Ltd. from
72% to 73.71% following an additional share issue.

Sistema increased its stake in Shyam Telelink from 72% to 73.71%
as a result of its participation in the charter capital increase
of Shyam Telelink in the total amount of US$470 million with
Sistema's contribution being US$348 million.

                        About Sistema

Headquartered in Moscow, Russia, Sistema JSFC
-- http://www.sistema.com/-- develops and manages market-
leading businesses in selected service-based industries,
including telecommunications, technology, insurance,
banking, real estate, retail and media.

                         *     *     *

Sistema JSFC currently carries a Ba3 long-term corporate family
rating and a B2 senior unsecured debt rating from Moody's, with
positive outlook.

The company also carries Standard & Poor's BB- long-term foreign
and local issuer credit ratings.  S&P said the outlook is
negative.

Sistema JSFC carries BB- Issuer Default rating from Fitch, which
said the outlook is stable.


VOLGOGRADSKAYA BUILDING: Names S. Kharchenko to Manage Assets
-------------------------------------------------------------
The Arbitration Court of Volgograd appointed S. Kharchenko as
Insolvency Manager for LLC Volgogradskaya Building Company.  He
can be reached at:

         S. Kharchenko
         Post User Box 764
         Volzhskiy
         404130 Volgograd
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A12-3342/08-s27.

The Debtor can be reached at:

         LLC Volgogradskaya Building Company
         Stantsionnaya Str. 1
         Volgograd
         Russia


WEST TORG: Moscow Bankruptcy Hearing Slated for September 25
------------------------------------------------------------
The Arbitration Court of Moscow will convene at 10:30 a.m. on
Sept. 25, 2008, to hear the bankruptcy supervision procedure on
LLC West Torg (ORGN 1037706034486).  The case is docketed under
Case No. A40-15030/08-123-45B.

The Temporary Insolvency Manager is:

         M. Dyakonov
         111141 Moscow
         Post User Box 481
         Russia

The Court is located at:

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

The Debtor can be reached at:

         LLC West Torg
         Bolshaya Ordynka Str. 12
         Moscow
         Russia


X5 RETAIL: Pays US$11 Million to Hike Pyaterochka Stake to 75%
--------------------------------------------------------------
X5 Retail Group NV has increased its stake in Pyaterochka store
chain in Urals and signed a new franchising agreement to begin
roll-out of Pyaterochka stores in Ivanovo and Kostroma regions.

In accordance with the agreement between X5 and the former
owners of Pyaterochka franchisee in Chelyabinsk, X5 has
purchased further 24% in the company that operates Pyaterochka
stores in Yekaterinburg and Chelyabinsk for US$11 million (the
chain's sales for 2007 exceeded US$160 million).

As a result, X5's stake in the business increased to 75%.  As
per the agreement, X5 has an option to purchase the remaining
25% in 2009.  Purchase price will be determined on the basis of
the chain's sales for 2008.

X5 has signed a new franchising agreement with the Prodmag
company to develop a chain of Pyaterocka stores in the Ivanovo
and Kostroma regions.

In accordance with the agreement, Prodmag is obliged to open no
fewer than 30 Pyaterochka stores in the Ivanovo and Kostroma
regions within two years.  Already by the end of 2008 the
number of operating Pyaterochka stores in these regions is
expected to be close to 20.

In addition to the franchising agreement, the parties have
signed a call option agreement enabling X5 to buy-out the chain
of Pyaterochka stores opened by Prodmag in the Ivanovo and
Kostroma regions.

The option is exercisable in 2011, which is in line with the
Company's planned timing for entering these regions. Purchase
price will depend on the chain's performance in 2010.

                        About X5 Retail

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

                          *     *     *

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

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


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


AGRO-MIR: Creditors Must File Claim by July 2
---------------------------------------------
Creditors of Association Agro-Mir (code EDRPOU 25657238) have
until July 2, 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 5, 2008.
The case is docketed as B 11/479-07.

The Debtor can be reached at:

         Association Agro-Mir
         Lenin Str. 73
         Mironovka
         Kiev
         Ukraine


EXPLOITATION REPAIR: Creditors Must File Claim by July 2
--------------------------------------------------------
The Economic Court of Poltava commenced bankruptcy proceedings
against the company after finding it insolvent on May 6, 2008.
The case is docketed as 4/45.

Creditors of LLC Exploitation Repair Building Company (code
EDRPOU 32371083) have until July 2, 2008 to submit proofs of
claim to:

         The Economic Court of Poltava
         Zigin Str. 1
         36000 Poltava
         Ukraine

The Debtor can be reached at:

         LLC Exploitation Repair Building Company
         Zavodskaya Str. 3
         36007 Poltava
         Ukraine


HERSON-PIPE LLC: Creditors Must File Claim by July 2
----------------------------------------------------
Creditors of LLC Herson-Pipe (code EDRPOU 35788605) have until
July 2, 2008 to submit proofs of claim to:

         The Economic Court of Herson
         Gorkiy Str. 18
         73000 Herson
         Ukraine

The Economic Court of Herson commenced bankruptcy proceedings
against the company after finding it insolvent on May 29, 2008.
The case is docketed as 6/107-B-08.

The Debtor can be reached at:

         LLC Herson-Pipe
         Fontannaya Str. 21 b. 3
         73000 Herson
         Ukraine


LAN LLC: Proofs of Claim Deadline Set July 2
--------------------------------------------
Creditors of LLC Lan (code EDRPOU 25478760) have until
July 2, 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
supervision procedure on the company on April 29, 2008.  The
case is docketed as 19/108/08.

The Debtor can be reached at:

         LLC Lan
         Lenin Str. 1
         Berestovoye
         Berdiansk District
         71100 Zaporozhje
         Ukraine


MANZHELIYA LLC: Proofs of Claim Deadline Set July 2
---------------------------------------------------
Creditors of LLC Agricultural Firm Manzheliya (code EDRPOU
23808319) have until July 2, 2008 to submit proofs of claim to:

         The Economic Court of Poltava
         Zigin Str. 1
         36000 Poltava
         Ukraine

The Economic Court of Poltava has commenced bankruptcy
supervision procedure on the company.  

The Debtor can be reached at:

         LLC Agricultural Firm Manzheliya
         Manzheliya
         Globinsky District
         39062 Poltava
         Ukraine


UKRAINE LLC: Creditors Must File Claim by July 2
------------------------------------------------
Creditors of LLC Ukraine have until July 2, 2008 to submit
proofs of claim to:

         The Economic Court of Chernovcy
         O. Kobylianska Str. 14
         58000 Chernovcy
         Ukraine

The Economic Court of Chernovcy has commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed as 5/294/B.

The Debtor can be reached at:

         LLC Ukraine
         Livintsy
         Kelmenetsky District
         Cherkassy
         Ukraine


UKRASTRADE LLC: Creditors Must File Claim by July 2
---------------------------------------------------
Creditors of LLC Ukrastrade (code EDRPOU 33492059) have until
July 2, 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 15, 2008.
The case is docketed as 28/13-b.

The Debtor can be reached at:

         LLC Ukrastrade
         Borschagovskaya Str. 182-V
         03056 Kiev
         Ukraine


UKRSOTSBANK: S&P Cuts Rating to B+ on Sovereign Rating Action
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
counterparty credit rating on Ukraine-based Ukrsotsbank OJSC to
'B+' from 'BB-' following the same action on the long-term
foreign currency sovereign credit rating on Ukraine (foreign
currency B+/Stable/B; local currency BB-/Stable/B; Ukraine
national scale 'uaAA').  At the same time, Standard & Poor's
affirmed its 'B' short-term counterparty credit rating on the
bank.  The outlook is stable.

"The ratings on USB reflect the bank's risky operating
environment, rapid loan growth, pressured profitability ratios,
tight balance-sheet liquidity, and still moderate
capitalization, as well as intensified competition in the
Ukrainian banking sector," said Standard & Poor's credit analyst
Ekaterina Trofimova.

Positive rating factors are USB's strategic importance to its
ultimate parent, the Italian bank UniCredit SpA (UniCredit;
A+/Stable/A-1); and the Ukrainian bank's good commercial
franchise, improving business mix and earnings diversification,
and reduced single-name concentration.

Standard & Poor's gives the long-term rating on USB two notches
of uplift above its stand-alone creditworthiness to reflect
parental support from UniCredit.  However, S&P caps that uplift
at one notch, at the level of the foreign currency rating on
Ukraine.  In the second half of January 2008, UniCredit, through
its subsidiary Bank Austria Creditanstalt AG (A+/Stable/A-1),
acquired a 94.2% stake in USB.  USB stands to benefit from the
change in ownership, which should enhance its financial
flexibility, business development, and risk management.  
Standard & Poor's sees positively a planned capital increase of
Ukrainian hryvnia 750 million in the second half of 2008.

"The stable outlook mirrors that on Ukraine and reflects our
expectation that having UniCredit as a strong and committed
parent should benefit USB and enable the bank to minimize the
impact of ongoing domestic inflationary pressure and currency
volatility," said Ms. Trofimova.  "If we revise the sovereign
ratings upward, this will trigger a similar rating action on the
bank, namely given our expectation of parental support."

S&P expects that Unicredit's initiatives to optimize and adapt
USB's business model, processes, and internal technologies will
allow the bank to strengthen its commercial and credit position.
We do not foresee that the ratings on the bank will go higher
than the sovereign foreign currency ratings, at least in the
next couple of years.  This is because it is highly probable
that the Ukrainian government would intervene if a domestic bank
were under stress, including potentially freezing deposits, and
because of the geographic concentration of USB's business. We
might lower the ratings on the bank following a sovereign
downgrade, or if the parent's support and commitment become
weaker, or if stand-alone creditworthiness, namely asset
quality, significantly erodes, even if we do not currently
expect that.


VORONEZH SUGAR: Creditors Must File Claim by July 2
---------------------------------------------------
Creditors of OJSC Voronezh Sugar Plant (code EDRPOU 00372954)
have until July 2, 2008 to submit proofs of claim to:

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

The Economic Court of Sumy commenced bankruptcy proceedings
against the company after finding it insolvent on May 22, 2008.
The case is docketed as 7/6-07.

The Debtor can be reached at:

         Kiev Str. 4
         OJSC Voronezh Sugar Plant
         Voronezh
         Shostka District
         41140 Sumy
         Ukraine


YATRAN LLC: Creditors Must File Claim by July 2
-----------------------------------------------
Creditors of LLC Yatran (code EDRPOU 30047797) have until
July 2, 2008 to submit proofs of claim to:

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

The Economic Court of Ternopol commenced bankruptcy proceedings
against the company after finding it insolvent on May 19, 2008.
The case is docketed as 8/B-1052.

The Debtor can be reached at:

         LLC Yatran
         Ivan Podkova Str. 13
         Ternopol
         Ukraine


YUGS LLC: Creditors Must File Claim by July 2
---------------------------------------------
Creditors of LLC Yugs (code EDRPOU 34150323) have until
July 2, 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 45/131B.

The Debtor can be reached at:

         LLC Yugs
         Molodezhnaya Str. 3a
         Avdeyevka
         86060 Donetsk
         Ukraine


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


ALAN SPEAR: Appoints Joint Administrators from Mazars LLP
---------------------------------------------------------
Roderick John Weston and Martin Dominic Pickard of Mazars LLP
were appointed joint administrators of Alan Spear Ltd. (Company
Number 02785849) on June 6, 2008.

Mazars -- http://www.mazars.com/-- provides in audit,  
accounting, tax and advisory services.

The company can be reached at:

          Alan Spear Ltd.
          Unit 1
          Broadley Park Road
          Plymouth
          Devon
          PL6 7EZ
          England
          Tel: 01752 696 500
          Fax: 01752 696 777
          Web site: http://www.alanspear.co.uk/


APB COLOUR: Taps Grant Thornton as Joint Administrators
-------------------------------------------------------
David Matthews and Nigel Morrison of Grant Thornton UK LLP were
appointed joint administrators of APB Colour Print Ltd. (Company
Number 01085733) on June 2, 2008.

Grant Thornton U.K. LLP -- http://www.grant-thornton.co.uk/--  
provides value-added professional services as assurance
services, compensation and benefits, merger and acquisition
transaction services, management advisory services, tax
consulting and valuation services.

The company can be reached at:

          APB Colour Print Ltd.
          Silverthorne Lane
          Bristol  
          Avon
          BS2 0QD
          England
          Tel: 0117 971 7667
          Fax: 0117 971 1198


AQUAVITAE LTD: Brings In Administrators from Vantis
---------------------------------------------------
Geoffrey Paul Rowley and Nicholas Hugh O'Reilly of Vantis
Business Recovery Services were appointed joint administrators
of Aquavitae (UK) Ltd. (Company Number 04151711) on
June 9, 2008.

Headquartered in United Kingdom, Vantis Plc (fka Vantis
Numerica) -- http://www.vantisplc.com/-- provides accounting,  
business and tax advisory services in the United Kingdom.

The company can be reached at:

          Aquavitae (UK) Ltd.
          Gainsborough Chambers 59-60
          Thames Street
          Windsor
          Berkshire
          SL4 1QW
          England
          Tel: 077 9669 6267
          Fax: 020 7661 9767


ARRAN BREWERY: Administrators Sell Business to MMS
--------------------------------------------------
The joint administrators of Arran Brewery Co. Ltd., Graham
Martin and Laurie Manson of PricewaterhouseCoopers LLP, have
announced the sale of the business to Marketing Management
Services International Ltd.

"This is an excellent result for the brewery and for the Isle of
Arran, and reflects the award winning nature of the product.  We
wish MMS and the workforce every success in growing the
operations and in taking the brand to its full potential," Mr.
Martin disclosed.

Gerald Michaluk, managing director of MMS, disclosed, "This will
make a first class addition to our family of companies.  I am
looking forward to see the brand grow and develop and feel with
such a good team on the Island, the excellent quality of the
product and the good will of all those that previously supported
the brand we can make a real success here."

"This is just the kind of project MMS excels at, I am looking
forward to see the brand grow and develop," William Donaldson,
MMS chairman disclosed.

The brewery hopes to be back in production of brands such as
Arran Blond, Arran Dark, Arran Sunset and Arran Ale as early as
next week.

The Arran Brewery Co. Ltd. brought in joint administrators on
May 8, 2008.

The Arran Brewery Company Ltd. -- http://www.arranbrewery.com/
-- manufactures casks and bottled beer.  The brewery, which has
been trading since 2000, produces award winning dark, blonde and
other beer from its custom built micro brewery in Cladach, near
Brodick, on the Isle of Arran.  The brewery employed 11 people
and has a turnover of approximately GBP1 million per annum.


BAXI HOLDINGS: S&P Cuts Rating on Poor Performance to B-
--------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on U.K.-based heating products
manufacturer Baxi Holdings Ltd. to 'B-' from 'B', reflecting
weak credit protection measures and further weakening business
conditions.  The outlook is negative.
At the same time, the second-lien secured debt rating on the
GBP100 million mezzanine notes issued by finance subsidiary
Heating Finance PLC and guaranteed by Baxi and other
subsidiaries was lowered one notch to 'CCC' from 'CCC+'.  The
recovery rating on the notes is unchanged at '6', indicating our
expectation of negligible (0%-10%) recovery in the event of a
payment default.

"The downgrade reflects the deterioration of the company's
credit metrics in 2007 and continuation at a weak level in the
first quarter of 2008 and should be seen in the light of
persisting difficult market conditions in its key markets," said
Standard & Poor's credit analyst Andres Albricci.

The economic slowdown is likely to affect demand, as cost
inflation and adverse foreign exchange rate fluctuations add
further pressure.  As a result, S&P has concerns over Baxi's
liquidity position and the tightening headroom under certain
financial covenants.

Baxi's operating performance in 2007 was negatively affected by
the tough conditions in the construction industry of some of its
key markets, particularly in Spain.  This led to a shortfall in
the reported group operating profit, which fell to GBP19 million
in 2007 from GBP59 million in 2006.

The ratings on Baxi reflect its highly leveraged financial risk
profile, with the funds from operations to debt estimated at
2.3% for the 12 months ended April 30, 2007 (2% in 2007 and
10.7% in 2006).  Adjusted free operating cash flow generation
for 2007 was negative GBP5.1 million.  Despite a decrease in
total adjusted debt of about GBP40 million in 2007, the debt-to-
EBITDA ratio increased to 5.5x (4.3x in the same period last
year); S&P estimates the ratio for the 12 months ended April 30,
2008, to be slightly lower at 5.2x.

The ratings also reflect a narrow product focus, exposure to
highly competitive and fragmented markets, and a weakened market
share in its key U.K. market following a shift toward high-
efficiency products.  These factors are partially mitigated by
still good market positions in the U.K. and Iberian markets.

A downgrade could result if Baxi's liquidity position and
prospects further deteriorate, if headroom on covenants
significantly reduces, or if Baxi's business prospects worsen
significantly.  Given Baxi's fragile position, S&P will monitor
the developments and company's actions closely, and further
rating actions in the next several months are possible.

Rating upside remains unlikely over the medium term and would
require improvement in cash generation and debt reduction, with
adjusted funds from operations to debt sustained at about 10%
and debt to EBITDA at, or less than, 5x.


BRADMA LTD: Appoints Joint Administrators from Menzies
------------------------------------------------------
Geoffrey Wayne Bouchier and Andrew Gordon Stoneman of Menzies
Corporate Restructuring were appointed joint administrators of
Bradma Ltd. (Company Number 02868949) on June 4, 2008.

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

The company can be reached at:

          Bradma Ltd.
          Unit 12-13 Suprema Business Park
          Suprema Avenue
          Bridgwater
          Somerset
          TA7 9LF
          England
          Tel: 01278 723 467
          Fax: 01278 723 129


BRIDGES MOTOR: Appoints Joint Administrators from KPMG
------------------------------------------------------
Richard John Hill and Mark Jeremy Orton of KPMG LLP were
appointed June 4, 2008, joint administrators of:

   -- Bridges Motor Co.(Cirencester) Ltd (Company No. 887898);
   -- Bridges (Newbury) Ltd. (Company Number 2823379);
   -- New Quarry Motors Ltd. (Company Number 1599257); and
   -- Stratton Garage Ltd. (Company Number 1814657).

KPMG LLP -- http://www.kpmg.co.uk/-- offers accounting, audit,  
and tax-related services to customers in such target industries
as banking, media and entertainment, consumer products, health
care providers, insurance, and pharmaceuticals.  

The companies can be reached at:

          Bridges Motor Co. (Cirencester) Ltd.
          Chesterton Lane
          Cirencester
          Gloucestershire
          GL7 1YD
          England
          Tel: 01285 640 011
          Fax: 01285 641 511


C2 ADVERTISING: Brings In Tenon Recovery as Administrators
----------------------------------------------------------
Christopher Ratten and Jeremy Woodside of Tenon Recovery were
appointed joint administrators of C2 Advertising Ltd. (Company
Number 05054174) on June 5, 2008.

Tenon Recovery -- http://www.tenongroup.com/-- provides  
accounting and business advice to owner-managed and private
business.

The company can be reached at:

          C2 Advertising Ltd.
          4 Park Place
          Leeds
          West Yorkshire
          LS1 2RU
          England
          Tel: 0113 383 5332
          Web site: http://www.c2advertising.co.uk/


DEUTSCHE BANK: Moody's Cuts Ratings on Three N-Tsar Swaps
---------------------------------------------------------
Moody's Investors Service downgraded three swaps and three
related classes of notes issued by Deutsche Bank AG, London
Branch - N-Tsar and Eirles Two Limited.  Two of the tranches
remain on review for downgrade.  The three classes of notes are
repackagings of the three classes of swaps.

These rating actions are a response to credit deterioration in
the underlying portfolio. The transactions are synthetic managed
CDOs referencing RMBS and ABS CDOs, containing 20% RMBS and 18%
ABS CDOs of the 2004, 2005, and 2006 vintages.

These rating actions are:

Deutsche Bank AG, London Branch - N-Tsar:

   (1) US$105,000,000 Class C Swap due 2019

    -- Current Rating: Ba1, on review for downgrade
    -- Prior Rating: A1, on review for downgrade

   (2) US$66,500,000 Class D Swap due 2019

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

   (3) US$31,500,000 Class E Swap due 2019

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

Eirles Two Limited:

   (1) US$105,000,000 Eirles Two Limited - Series 102 due 2019

    -- Current Rating: Ba1, on review for downgrade
    -- Prior Rating: A1, on review for downgrade

   (2) US$66,500,000 Eirles Two Limited - Series 103 due 2019

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

   (3) US$31,500,000 Eirles Two Limited - Series 104 due 2019

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


DOWNEY & DAVIS: Claims Filing Period Ends September 30
------------------------------------------------------
Creditors of Downey & Davis Home Development Consultancy Ltd.
have until Sept. 30, 2008 to send in their full names, their
addresses and descriptions, full particulars of their debts or
claims and the names and addresses of their solicitors (if any),
to:

         Mark Newman and Vincent John Green
         Joint Liquidators
         Vantis Business Recovery Services
         Judd House
         16 East Street
         Tonbridge
         TN9 1HG
         England

Mark Newman and Vincent John Green of Vantis Business Recovery
Services were appointed joint liquidators of the company on
June 11, 2008 by the members and creditors.


EIRLES TWO: Moody's Cuts Ratings on Three Note Classes
------------------------------------------------------
Moody's Investors Service downgraded three swaps and three
related classes of notes issued by Deutsche Bank AG, London
Branch - N-Tsar and Eirles Two Limited.  Two of the tranches
remain on review for downgrade.  The three classes of notes are
repackagings of the three classes of swaps.

These rating actions are a response to credit deterioration in
the underlying portfolio. The transactions are synthetic managed
CDOs referencing RMBS and ABS CDOs, containing 20% RMBS and 18%
ABS CDOs of the 2004, 2005, and 2006 vintages.

These rating actions are:

Deutsche Bank AG, London Branch - N-Tsar:

   (1) US$105,000,000 Class C Swap due 2019

    -- Current Rating: Ba1, on review for downgrade
    -- Prior Rating: A1, on review for downgrade

   (2) US$66,500,000 Class D Swap due 2019

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

   (3) US$31,500,000 Class E Swap due 2019

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

Eirles Two Limited:

   (1) US$105,000,000 Eirles Two Limited - Series 102 due 2019

    -- Current Rating: Ba1, on review for downgrade
    -- Prior Rating: A1, on review for downgrade

   (2) US$66,500,000 Eirles Two Limited - Series 103 due 2019

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

   (3) US$31,500,000 Eirles Two Limited - Series 104 due 2019

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


FIRST DATA: Appoints Joint Administrators from Deloitte & Touche
----------------------------------------------------------------
Christopher James Farrington and Dominic Lee Zoong Wong of
Deloitte & Touche LLP were appointed joint administrators of
First Data (Training) (Company Number 02943317) on June 5, 2008.

Deloitte & Touche LLP -- http://www.deloitte.com/-- provides  
audit, tax, consulting and corporate finance services through
more than 9,000 people in 21 locations.  The group is the United
Kingdom member firm of Deloitte Touche Tohmatsu, a Swiss Verein
whose member firms are separate and independent legal entities.  

The company can be reached at:

          First Data (Training)
          Newdigate Street
          Nottingham
          Nottinghamshire
          NG7 4FD
          England
          Tel: 0115 970 5910
          Fax: 0115 970 8047


FORMULA YACHT: Taps Tenon Recovery to Administer Assets
-------------------------------------------------------
Robert C. Keyes and Gareth W. Roberts of Tenon Recovery were
appointed joint administrators of Formula Yacht Spars Ltd.
(Company Number 03855753) on June 3, 2008.

Tenon Recovery -- http://www.tenongroup.com/-- provides  
accounting and business advice to owner-managed and private
business.

The company can be reached at:

          Formula Yacht Spars Ltd.
          Unit 8
          Ampress Works
          Lymington
          Hampshire
          SO41 8XN
          England
          Tel: 01590 610 063
          Fax: 01590 610 066
          Web site: http://www.formulayachtspars.co.uk/


GOLDEN KEY: Creditors Ink Restructuring Deal with Goldman Sachs
---------------------------------------------------------------
Creditors of Golden Key Ltd. has signed in principle a
restructuring agreement with Goldman Sachs International, Helen
Power writes for the Telegraph.

According to the Telegraph, Goldman Sachs will apply to Golden
Key a modified version of the process it is using to restructure
Cheyne Finance Plc.

The investment bank will also apply the same process to these
structured investment vehicles in receivership:

    * Whistlejacket Capital Ltd.,
    * Rhinebridge Plc, and
    * Mainsail II.

Deloitte & Touche LLP serves as administrator for the collapsed
SIVs.

The Telegraph relates that Goldman Sachs plans to finalize
restructuring terms with the SIVs' creditors this summer.

"This has been a complicated process," Neville Kahn of Deloitte
told the Telegraph.  "Achieving this agreement is the result of
a great team effort."

                         About Golden Key

Headquartered in London, Golden Key Ltd. is a US$1.6 billion
structured investment vehicle Avendis Financial Services Ltd.


HARRY IRVING: Brings In Administrators from KPMG
------------------------------------------------
Paul Andrew Flint and Brian Green of KPMG LLP were appointed
joint administrators of Harry Irving & Co. Ltd. (Company Number
712852) on June 5, 2008.

KPMG LLP -- http://www.kpmg.co.uk/-- offers accounting, audit,  
and tax-related services to customers in such target industries
as banking, media and entertainment, consumer products, health
care providers, insurance, and pharmaceuticals.  

The company can be reached at:

          Harry Irving & Co. Ltd.
          Hi Craft House
          Sandy Road
          Liverpool
          Merseyside
          L21 1AG
          England
          Tel: 0151 928 2487
          Fax: 0151 920 0617


HUNTSMAN CORP: Seeks Consummation of Apollo Merger Agreement
------------------------------------------------------------
Huntsman Corporation commented on the lawsuit by Hexion
Specialty Chemicals and Apollo in which they claim they would
not be required to consummate the Merger Agreement.

Peter Huntsman, President and CEO stated, "We believe Hexion and
Apollo's actions are inconsistent with the terms of the Merger
Agreement and the obligations to Huntsman and its shareholders.
These actions appear to be a blatant attempt to deprive our
shareholders of the benefits of the Merger Agreement that was
agreed to nearly a year ago."

Huntsman intends to vigorously enforce all of its rights under
the Merger Agreement and seek to consummate the merger on the
agreed terms.

Huntsman Corp. -- http://www.huntsman.com/-- manufactures and
markets differentiated and commodity chemicals.  Its operating
companies manufacture products for a variety of global
industries including chemicals, plastics, automotive, aviation,
textiles, footwear, paints and coatings, construction,
technology, agriculture, health care,  detergent, personal care,
furniture, appliances and packaging.  Originally known for
pioneering innovations in packaging and, later for rapid and
integrated growth in petrochemicals, Huntsman today has 13,000
employees and operates from multiple locations worldwide,
including Argentina, Belarus,Japan, Luxembourg, Malaysia, Spain
and the United Kingdom, among others.  The Company had 2007
revenues of approximately US$10 billion.


HUNTSMAN CORP: Moody's Ba3 Rating Under Review and May Downgrade
----------------------------------------------------------------
Moody's Investors Service reiterated that the debt ratings and
the corporate family ratings (CFR -- Ba3) for Huntsman
Corporation and Huntsman International LLC, a subsidiary of
Huntsman remain under review for possible downgrade.

This follows the announcement by Hexion Specialty Chemicals and
Apollo in which Hexion/Apollo claim they would not be required
to consummate the previously announced merger agreement between
the two companies.

Moody's ongoing review for possible downgrade will also focus on
a number of new factors including;

   (1) the length of time the litigation may take, and

   (2) the potential cash inflows from settlements, if any, of
       the litigation and the use of those proceeds to bolster
       the capital structure.

Moody's believes that the magnitudes of any such inflows are
subject to great variability due to the presence of the initial
lawsuit.  However the possible settlements might be in the range
of at least US$325 million (a termination fee in the original
merger agreement) or even more if Huntsman can successfully
establish with the court that damages have been incurred.

Moody's will also begin a reassessment of Huntsman's credit
profile on a stand alone basis in light of current market
conditions and management's future plans to improve pricing,
cash flows and the company's credit measures.  Moody's notes
that many issuers in the chemical industry, including Huntsman,
have seen sustained increases in costs for energy, commodity and
intermediate feedstocks, and transportation.  In specific
response to these pressures Huntsman has initiated plans to
raise prices for all products, some by as much as 25%, and also
impose an energy surcharges across a wide range of products.
Moody's reassessment will also focus on the success of these
price increases and energy surcharges which will vary by
product, in accordance with costs attributed to each product.

Huntsman Corporation is a global manufacturer of differentiated
and commodity chemical products.  Huntsman's products are used
in a wide range of applications, including those in the
adhesives, aerospace, automotive, construction products, durable
and non-durable consumer products, electronics, medical,
packaging, paints and coatings, power generation, refining and
synthetic fiber industries.  Huntsman had revenues of US$9.9
billion for the last twelve months ending March 31, 2008.


HUNTSMAN CORP: S&P's BB- Rating Remain on Watch Negative
--------------------------------------------------------
Standard & Poor's Ratings Services ratings on Salt Lake City,
Utah-based Huntsman Corp. (BB-/Watch Neg/--) and Columbus, Ohio-
based Hexion Specialty Chemicals Inc. (B/Watch Neg/--) remain on
CreditWatch with negative implications, where they were placed
on July 5, 2007.

The initial placement followed the announcement of Hexion's
proposed debt-financed acquisition of Huntsman Corp. in a
transaction valued at more than US$10 billion, including assumed
debt.

The CreditWatch update follows Hexion's filing of a Form 8-K
with the SEC and press release indicating that the transaction,
which was expected to close this year, is no longer viable based
on the proposed highly leveraged capital structure of the
combined company.  Hexion cites a number of factors supporting
this conclusion, including Huntsman's increased net debt and
lower than expected earnings, and Hexion's belief that the
lenders will not provide the committed financing required to
complete the transaction as proposed.  Huntsman issued a
statement indicating that it will seek to enforce its rights
under the merger agreement and to consummate the deal on the
agreed terms.

"The ongoing CreditWatch indicates that the ratings of both
companies remain at risk for downgrades, with or without
completing the pending transaction," said Standard & Poor's
credit analyst Kyle Loughlin.  "The CreditWatch will remain in
place until there is further clarity on the prospects for
completion of a transaction and after we have conducted a full
reassessment of the standalone credit quality of each company."

Both companies' financial results have weakened since the time
when the transaction was announced, which is consistent with
general trends in the chemicals sector that has been plagued by
weaker economic conditions and escalating raw material costs.

As indicated in our initial comments on the transaction, the
proposed acquisition was expected to be very large relative to
Hexion's existing operations, and would have resulted in a
highly aggressive capital structure for a cyclical company, more
than offsetting the expected benefits to the business profile.
The transaction would result in a global and highly diversified
chemicals producer with over US$16 billion in annual revenue,
compared with Hexion's current revenue of about US$6 billion. If
completed, the transaction would clearly improve Hexion's
business profile given the stronger product mix, better
diversification, and less dependency on Hexion's core resins
product.

However, S&P also noted that Hexion was already highly leveraged
at the time of the announcement, with total debt to EBITDA above
5x, and that a debt-financed transaction would further stretch
the financial profile, even beyond a level appropriate for
Hexion's existing 'B' corporate credit rating.

Hexion's financial profile now reflects debt to EBITDA of over
7x, after adjustments including tax-adjusted unfunded employee
benefit obligations, and the capitalized present value of
operating leases.  Similarly, Huntsman's financial profile has
deteriorated with negative operating trends in its textile
effects and pigments segments.  A confluence of weak volumes and
substantially higher raw material costs has compressed the
company's margins in certain products. Accordingly, Huntsman's
financial profile is somewhat weak for its 'BB-' corporate
credit rating and remains at risk for a modest downgrade, with
last-12-months debt to EBITDA of above 5.0x, including
adjustments to reported debt.

S&P will resolve the CreditWatch listings after meeting with the
management teams to evaluate future strategic plans, business
prospects, and financial policies, and the potential that a
transaction could still be completed.


JOHN STEFANIDIS: Brings In Liquidators from Tenon Recovery
----------------------------------------------------------
T. J. Binyon and S. J. Parker of Tenon Recovery were appointed
joint liquidators of John Stefanidis Ltd. on June 3, 2008 for
the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Tenon Recovery
         Sherlock House
         73 Baker Street
         London
         W1U 6RD
         England


LANCASHIRE SECURITY: M. C. Bowker Leads Liquidation Procedure
-------------------------------------------------------------
M. C. Bowker of Tenon Recovery was appointed liquidator of
Lancashire Security Services Ltd. on May 28 for the creditors'
voluntary winding-up procedure.

The liquidator can be reached at:

         Tenon Recovery
         Clive House
         Clive Street
         Bolton
         BL1 1ET
         England


MILNER DELVAUX: Taps Liquidators from Baker Tilly
-------------------------------------------------
Adrian David Allen of Baker Tilly Restructuring and Recovery LLP
and Nigel Millar of Baker Tilly Restructuring and Recovery LLP
were appointed joint liquidators of Milner Delvaux Ltd. on
June 5, 2008 for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Baker Tilly Restructuring and Recovery LLP
         2 Whitehall Quay
         Leeds
         LS1 4HG
         England


PEARL GROUP: Fitch Withdraws Ratings on Acquisition by Impala
-------------------------------------------------------------
Fitch has downgraded Pearl Group Holdings (No 1) Limited's
(formerly Resolution plc) GBP500 million 6.5864% innovative tier
1 debt to 'BB-' from 'BBB-'.  Fitch has also downgraded the
subordinated debt issue of Pearl Group Holdings (No 1) Limited's
operating entity Scottish Mutual Assurance Ltd to 'BB+' from
'BBB'.

The Long-term Issuer Default ratings of Pearl Group Holdings
(No 1) Limited are downgraded to 'BB+' from 'BBB+' and the IDRs
of SMA and of the operating entity Scottish Provident Ltd are
downgraded to 'BBB-' from 'BBB+'.  Fitch has also downgraded the
Insurer Financial Strength ratings of SMA and SPL to 'BBB' from
'A-'.

All ratings are removed from Rating Watch Negative.

Fitch has simultaneously withdrawn all of its ratings for these
companies, owing to insufficient information to maintain the
ratings following the acquisition of Resolution plc by Impala
Holdings Limited, a subsidiary of Pearl Group Limited.  The
downgrades and withdrawals reflect the lack of publicly
available information on Pearl and the refusal of Pearl to share
certain rating-critical information with Fitch on an ongoing
basis.

Fitch understands that a condition of the FSA's approval of the
transaction was that "the capital management policies currently
in place for the life firms will be maintained", at least until
Dec. 31, 2016.  However, in the absence of any further details,
Fitch continues to believe that Pearl will manage aggressively
the capital of Pearl Group Holdings (No 1) Limited, SMA and SPL,
to the potential detriment of these companies' credit quality.

Pearl has agreed to sell Phoenix Life Assurance Limited and
Scottish Provident International Life Assurance Limited,
subsidiaries of Pearl Group Holdings (No 1) Limited, to Royal
London Mutual Insurance Society (IFS 'A'/Outlook Stable) during
2008.  Fitch expects to affirm the IFS 'A' rating of PLAL and
remove it from RWN on the completion of this transaction.

SMA

   -- IFS rating downgraded to 'BBB' from 'A-'; off RWN; rating
      withdrawn.

   -- Long-term IDR downgraded to 'BBB-' from 'BBB+; off RWN;
      rating withdrawn.

   -- Subordinated debt issue downgraded to 'BB+' from 'BBB';
      off RWN; rating withdrawn.

SPL

   -- IFS rating downgraded to 'BBB' from 'A-'; off RWN; rating
      withdrawn.

   -- Long-term IDR downgraded to 'BBB-' from 'BBB+'; off RWN;
      rating withdrawn.

Pearl Group Holdings (No 1) Limited

   -- Long-term IDR downgraded to 'BB+' from 'BBB+'; off RWN;
      rating withdrawn.

   -- GBP500 million 6.5864% innovative tier 1 debt downgraded
      to 'BB-' from 'BBB-'; off RWN; rating withdrawn.

PLAL

   -- IFS 'A' rating remains on RWN.


POLAR PRINT: Taps Joint Administrators from KPMG
------------------------------------------------
Richard James Philpott and Mark Jeremy Orton of KPMG LLP were
appointed joint administrators of Polar Print Group Ltd.
(Company Number 1997110) on June 11, 2008.

KPMG LLP -- http://www.kpmg.co.uk/-- offers accounting, audit,  
and tax-related services to customers in such target industries
as banking, media and entertainment, consumer products, health
care providers, insurance, and pharmaceuticals.  

The company can be reached at:

          Polar Print Group Ltd.
          9-17 Tuxford Road
          Leicester
          Leicestershire
          LE4 9TZ
          England
          Tel: 0116 274 4700
          Fax: 0116 274 4799


ROOM UPSTAIRS: Appoints Joint Administrators from Moore Stephens
----------------------------------------------------------------
Nigel Price and Colin Andrew Prescott of Moore Stephens LLP were
appointed joint administrators of Room Upstairs Ltd. (Company
Number 01923767) on May 29, 2008.

Moore Stephens -- http://www.moorestephens.co.uk-- offers  
audit, business support, corporate finance, corporate recovery,
dispute analysis, financial services, insurance broking, IT
consultancy, pensions audit, risk advisory services, tax and
trusts & estates services.  Its U.K. network comprises over
1,400 partners and staff.

The company can be reached at:

          Room Upstairs Ltd.
          120 Hagley Road
          Stourbridge
          West Midlands
          DY8 2JD
          England
          Tel: 01384 374 717
          Fax: 01384 373 554


UK-EURO FASHIONS: Claims Filing Period Ends August 3
----------------------------------------------------
Creditors of UK-Euro Fashions Ltd. have until Aug. 3, 2008  to
detail their names and addresses (and solicitors if applicable)
together with particulars of their debts or claims, in writing,
or in person, to:

         Duncan R. Beat
         Liquidator
         Tenon Recovery
         75 Springfield Road
         Chelmsford
         Essex
         CM2 6JB
         England

Duncan R. Beat of Tenon Recovery was appointed liquidator of the
company on June 4, 2008 for the creditors' voluntary winding-up
procedure.


WHISTLEJACKET CAPITAL: Creditors Ink Deal with Goldman Sachs
------------------------------------------------------------
Creditors of Whistlejacket Capital Ltd. has signed in principle
a restructuring agreement with Goldman Sachs International,
Helen Power writes for the Telegraph.

According to the Telegraph, Goldman Sachs will apply to
Whistlejacket a modified version of the process it is using to
restructure Cheyne Finance Plc.

The investment bank will also apply the same process to these
structured investment vehicles in receivership:

    * Rhinebridge Plc,
    * Golden Key Ltd., and
    * Mainsail II.

Deloitte & Touche LLP serves as administrator for the collapsed
SIVs.

The Telegraph relates that Goldman Sachs plans to finalize
restructuring terms with the SIVs' creditors this summer.

"This has been a complicated process," Neville Kahn of Deloitte
told the Telegraph.  "Achieving this agreement is the result of
a great team effort."

                   About Whistlejacket Capital

Whistlejacket Capital Ltd. invests in a portfolio of high
quality investment grade securities with a weighted average
rating of double A funded by the issuance of A-1+/P-1, AAA/Aaa
rated senior debt and investment grade subordinated debt.

Deloitte & Touche was appointed receiver for Whistlejacket on
Feb. 11, 2008, after the SIV advised that it has breached its
capital note Net Asset Value trigger of 50% as a result of a
recent fall in the market value of assets.

The breach of the NAV trigger is an enforcement event, which
requires the security trustee, BNY Corporate, to appoint a
receiver to manage Whistlejacket.  


BOOK REVIEW: Corporate Players: On Working and Winning Together
---------------------------------------------------------------
Full Title: Corporate Players: Designs for Working and
                               Winning Together

Author:     Robert W. Keidel
Publisher:  Beard Books
Paperback:  276 pages
List Price: $34.95

Order your personal copy at
http://amazon.com/exec/obidos/ASIN/1587982587/internetbankrupt

In American business, the metaphor of the sports team is
commonly used for business groups of all sizes -- from ad hoc
teams of a few members that deal with temporary problems to
groups of executive managers who are responsible for long-term
corporate survival and the profitability of an entire
organization.

The sports team is a favored metaphor because sports bring
individuals with different talents and different
responsibilities together to perform a particular activity and
pursue a common objective.  Within its framework, sports also
allow for the outstanding performance of particular individuals
and recognition of that performance.  The sports tem metaphor
has become so common in business and so routinely applied to
business teams of all sorts and sizes that little thought is
usually given to its specifics.

Corporate Players -- Designs for Working and Winning Together
takes a close look at what makes a sports team function
effectively and win.  The author then applies these observations
to develop a plan for those in the corporate world to be as
successful as those in the sports world.  While a reprint of a
1988 book, the lessons in this book are timeless.

Keidel identifies three main types of teams found in business:
autonomy, control and cooperation.  The author relates each to a
particular type of sports team: autonomy for baseball, control
for football and cooperation for basketball.  A chart compares
differences among the three with respect to organizational
strategy, organizational structure, and organizational style.  

For instance, the organizational strategy for autonomy in base
ball is "adding value through star performers"; while the
organizational strategy for cooperation in basketball is
"innovating by combining resources in novel ways."

With a sharp analytic eye and decades of experience in different
aspects of business, including academic and government
positions, Keidel delves into the specifics of business groups
as sports teams.  

A fundamental point often overlooked by businesspersons is that
teams in different sports are different in significant ways.  An
understanding of these differences is crucial for executives,
managers, and consultants who are responsible for
conceptualizing a team in relation to a particular business
matter and then bringing together a team of individuals.  

As such, executives, managers and consultants have roles similar
to a general manager and coach of a sports team.  In some case,
they may also have the role of a player on the team.

This chart and other aids, together with the author's engaging
commentary and enlightening analyses, will help business leaders
select the right personnel, assemble a team capable of
performing the task at hand, and then coordinate all of the
players to accomplish the desired objective.

Robert W. Keidel has a Ph.D. from Wharton, and has also been a
Senior Fellow at this top business school.  An author of three
other books and many articles, he teaches courses in business
strategy, technology, and organization at Drexel University's
Lebow College of Business.  Robert Keidel Associates is his
business consulting firm.

  
                            *********

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 * * *