TCREUR_Public/080624.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Tuesday, June 24, 2008, Vol. 9, No. 122

                            Headlines


A U S T R I A

PALFI ADORJAN: Claims Registration Period Ends July 8
ROBERT RIEDMUELLER: Claims Registration Period Ends August 25
SNS HOCH: Claims Registration Period Ends July 8
VIVACE COURIERDIENST: Claims Registration Period Ends August 25


B U L G A R I A

ALLIANZ BANK: Small Size Cues Fitch's Individual D Ratings


F R A N C E

FERRO CORP: Discloses US200 Million Debt Offering
FERRO CORP: Moody's Rates US$200 Mln Senior Unsec. Notes at B2
FERRO CORP: S&P Rates US$200 Mln Senior Unsecured Notes at B
TUPPERWARE BRANDS: S&P Puts BB Rating on CreditWatch Positive


G E R M A N Y

ALFILA GMBH: Creditors' Meeting Slated for July 2
ARGUS IMMOBILIEN: Claims Registration Period Ends July 10
AUTOHAUS IM ISARTAL: Claims Registration Period Ends July 7
B & B DATADESIGN: Claims Registration Period Ends July 5
BARING BAU: Claims Registration Period Ends July 10

BAU CONSULT IMMOBILIEN: Claims Registration Period Ends July 7
BERGER TRANSPORT: Claims Registration Period Ends July 7
BLUE NET: Claims Registration Period Ends July 6
BONUM HAUS: Claims Registration Period Ends July 10
CAR-PARTNER 24: Claims Registration Period Ends June 25

CARUSO GMBH: Claims Registration Period Ends July 7
DEKO- UND WERBESERVICE: Claims Registration Period Ends June 27
ENERGIE VERSORGUNGS: Claims Registration Period Ends July 10
FLAMM STOP: Claims Registration Period Ends July 5
IKB DEUTSCHE: Government May Sell Stake Under EUR800 Million

MK BAU: Claims Registration Period Ends July 9
NOSTRO GRUNDSTUECKS-GMBH: Claims Registration Period Ends July 9
OESTERWITZ HAUSTECHNIK: Claims Registration Period Ends July 9
PROSIEBENSAT.1: Acquires Live Football Rights in German Free TV
PROSIEBENSAT.1 MEDIA: Share Price Continues Decline

S & G GMBH: Claims Registration Period Ends July 5
SPB STRASSEN: Claims Registration Period Ends July 6
WOCO WOHNCONTAINER: Claims Registration Period Ends July 9
WOLFENBUETTELER TEXTILPFLEGE: Claims Filing Period Ends July 9

* Business Confidence in Germany Drops in June 2008


I R E L A N D

KIELY'S ELECTRICAL: Increased Competition Prompts Liquidation


I T A L Y

ALITALIA SPA: Italian Consortium to Seek 4,000 Job Cuts
ALITALIA SPA: Aviation Agency Summons Execs over Finances
TISCALI SPA: Wind Telecomunicazioni Freezes Takeover Offer
WIND TELECOMUNICAZIONI: Freezes Takeover Offer for Tiscali SpA


K A Z A K H S T A N

ALASH OJSC: Creditors Must File Claims by August 1
ASIA BALT: Claims Deadline Slated for August 1
ATLANT SECURITY: Claims Filing Period Ends August 1
ELIT FINANCE: Creditors' Claims Due on August 1
GEOLOGISTIC AKTAU: Claims Registration Ends August 1

JANALI-EKIBASTUZ LLP: Creditors Must File Claims by August 1
KAZINVESTBANK: S&P Cuts National Scale Rating to kzBB
PROM STROY: Claims Deadline Slated for August 1


K Y R G Y Z S T A N

ALANDRA WHOLESALE: Creditors Must File Claims by July 30


L I T H U A N I A

* Lithuanian Number of Bankruptcies Decrease by 20.2% in 2007


L U X E M B O U R G

HUNTSMAN CORP: Files US$3 Billion Lawsuit Against Apollo


N E T H E R L A N D S

HEXION SPECIALTY: Huntsman Files Lawsuit Against Apollo
TRONOX INC: S&P Cuts Corporate Credit Rating to B
X5 RETAIL: Names Mikhail Kuprish as Chief Development Director


N O R W A Y

NORSKE SKOG: Sells Korean Unit to Morgan Stanley for US$830MM
NORSKE SKOGINDUSTRIER: S&P Keeps BB- Rating on Watch Negative


R U S S I A

AVIATION OF YAROSLAVL: Creditors Must File Claims by July 13
BANK RENAISSANCE: Fitch Rates RUB4 Bln. Series 03 Loan at BB
CITY MANAGEMENT: Voronezh Bankruptcy Hearing Slated for August 6
LUCHEZARNOE OJSC: Novosibirsk Bankruptcy Hearing Set Sept. 17
MALYJ BERDYAUSH: Creditors Must File Claims by July 13

MAMONOVSKOE CJSC: Court Starts Bankruptcy Supervision Procedure
NOVOOSKOLSKAYA SEED: Court Starts Bankruptcy Supervision Process
SAMARA OBLAST: S&P Lifts Rating on Good Financials Growth to BB+
SEVERSTAL OAO: Moody's Keeps Ba2 Rating on Strong Performance
SVADIK LLC: Creditors Must File Claims by July 13

TMK OAO: Moody's Rates Proposed U.S. Dollar Loan Notes at (P)Ba3
TMK OAO: S&P Rates Proposed Senior Unsecured Notes at BB-
X5 RETAIL: Names Mikhail Kuprish as Chief Development Director
YUZH-YUPITER-SERVICE: Creditors Must File Claims by July 13

* S&P Lifts Tatarstan Rating to BB on Good Financial Performance


S W I T Z E R L A N D

AFRO COFFE: Creditors Must File Proofs of Claim by Thursday
ARHAN ORIENT-TEPPICHE: Undergoing Liquidation in Zurich
AVAG AUTOVERMIETUNG: Creditors Have Until June 25 to File Claims
BAUMBERGER MALER: Creditors’ Liquidation Claim due by June 27
BIT13 INTERACTIVE: Undergoing Liquidation Proceedings in Opfikon

DATAFLASH JSC: Undergoing Liquidation in Aargau
ESCADA AG: Moody's May Lower B2 Rating After Review
HAURI CONSULTING: Liquidation Claims Due By June 26
IDEAL SYSTEM: Zug Court Initiates Bankruptcy Proceedings
LATIMO INSURANCE: Deadline to File Proofs of Claim is June 25

LUNESA JSC: Zug Court Commences Bankruptcy Proceedings
NAEF TRANSPORTSYSTEME: Liquidation Claims Due by June 26
NETGRAPHIC JSC: Creditors Have Until Friday to File Claims
PEAK PERFORMANCE: Creditors have Until Wednesday to File Claims
REDYW JSC: Creditors Have Until Thursday to File Proofs of Claim

SKM BUSINESS: Thurgau Court Commences Bankruptcy Proceedings
SOLTRACO JSC: Creditors Must File Proofs of Claim by Wednesday
TCC THECALLCENTER: Undergoing Liquidation in Ittigen
UMIKER FINANZ: Creditors’ Deadline to File Claims is June 25
WEISS PRAZISIONSMECHANIK: Claims Filing Deadline Set on June 26

WISOLCO CONSULTING: Thursday Set as Deadline to File Claims


U K R A I N E

* Fitch Rates Ukraine's Upcoming US$500 Mln. Loan at BB-


U N I T E D   K I N G D O M

A&M TRANSPORT: Soaring Fuel Costs Prompt Closure; 100 Jobs Axed
BLOXWICH AUTOMOTIVE: Claims Filing Period Ends July 18
BLOXWICH ENGINEERING: Hires Liquidators from Grant Thornton
BOURNEMOUTH BODY: Claims Filing Period Ends August 11
BRITISH AIRWAYS: Launches New OpenSkies Carrier in U.S.

BRITISH AIRWAYS: Raises Levy in Business and First-Class Travel
CHEYNE FINANCE: Inks Restructuring and Sale Deal with GSI
GLOBALTRADE1STOP LTD: High Court Winds Up Business
INMARSAT VENTURES: S&P Keeps BB Rating; Outlook Revised to Pos.
PORTWAY YACHT: Appoints BDO Stoy as Joint Administrators

PRESSURE TUBES: Brings In Baker Tilly to Administer Assets
PROPERTY MART: Shareholders and Creditors Appoint Liquidator
PROTEA EUROPE: High Court Winds Up Business
QUEBECOR WORLD: US Court Okay EUR133-Mln Sale of European Biz
RENDER SHOWER : Taps Joint Administrators from BDO Stoy

RENOVA ENERGY: Gets US$4 Mln New Working Capital Facilities
SIEMSSEN ELECTRONICS: Taps Joint Administrators from Kroll
SIMON JAY: Brings In Administrators from Smith & Williamson
SLUMBALUX LTD: Appoints Joint Administrators from Ernst & Young
SUPERHIRE LTD: Appoints Joint Administrators from Menzies

SWINDON WOODWORKING: Taps Administrators from Ernst & Young
TELCORDIA TECH: S&P Keeps B Rating; Outlook Revised to Stable
TISCALI SPA: Vodafone Group Quits Auction Melee
WATSON CONSTRUCTION: Goes Into Administration

* Citigroup to Cut Around 10% of Investment-Banking Division


* Large Companies with Insolvent Balance Sheet


                            *********


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


PALFI ADORJAN: Claims Registration Period Ends July 8
-----------------------------------------------------
Creditors owed money by LLC PALFI Adorjan Handel (FN 289949x)
have until July 8, 2008, to file written proofs of claim to
court-appointed estate administrator Gerhard Schilcher at:

          Dr. Gerhard Schilcher
          Backerstrasse 1/3/13
          1010 Vienna
          Austria
          Tel: 513 23 44
          Fax: 513 23 44 15
          E-mail: wien@kosch-partner.at
  
Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:50 a.m. on July 22, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1609
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on May 27, 2008 (Bankr. Case No. 6 S 81/08s).  


ROBERT RIEDMUELLER: Claims Registration Period Ends August 25
-------------------------------------------------------------
Creditors owed money by LLC Robert Riedmueller (FN 102282s) have
until Aug. 25, 2008, to file written proofs of claim to court-
appointed estate administrator Stefan Langer at:

          Dr. Stefan Langer
          c/o Dr. Annemarie Kosesnik-Wehrle
          Oezeltgasse 4
          1030 Wien
          Austria
          Tel: 01/713 61 92
          Fax: 01/713 61 92 22
          E-mail: kanzlei@kosesnik-langer.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at  11:30 a.m. on Sept. 10, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Korneuburg
          Room 204
          Second Floor
          Korneuburg
          Austria

Headquartered in Bad Deutsch Altenburg, Austria, the Debtor
declared bankruptcy on May 27, 2008 (Bankr. Case No. 36 S
65/08p).  Annemarie Kosesnik-Wehrle represents Dr. Langer in the
bankruptcy proceedings.


SNS HOCH: Claims Registration Period Ends July 8
------------------------------------------------
Creditors owed money by LLC SNS Hoch- und Tiefbau (FN 280528t)
have until July 8, 2008, to file written proofs of claim to
court-appointed estate administrator Walter Kainz at:

          Dr. Walter Kainz
          c/o Dr. Eva Wexberg
          Gusshausstrasse 23
          1040 Vienna
          Austria
          Tel: 5050 88 31
          Fax: 505 94 64
          E-mail: kanzlei@kainz-wexberg.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:15 a.m. on July 22, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1609
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on May 27, 2008 (Bankr. Case No. 6 S 82/08p).  Eva Wexberg
represents Dr. Kainz in the bankruptcy proceedings.


VIVACE COURIERDIENST: Claims Registration Period Ends August 25
---------------------------------------------------------------
Creditors owed money by LLC Vivace Courierdienst und Logistik
(FN 176385s) have until Aug. 25, 2008, to file written proofs of
claim to court-appointed estate administrator Horst Winkelmayr
at:

          Mag. Horst Winkelmayr
          c/o Mag. Herbert Nigl
          Hauptplatz 15
          2100 Korneuburg
          Austria
          Tel: 02262/724 35 50
          Fax: 02262/ 724 35
          E-mail: rae@kniwi.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at  2:00 p.m. on Sept. 10, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Korneuburg
          Room 204
          Second Floor
          Korneuburg
          Austria

Headquartered in Langenzersdorf, Austria, the Debtor declared
bankruptcy on May 27, 2008 (Bankr. Case No. 36 S 64/08s).  
Herbert Nigl represents Mag. Winkelmayr in the bankruptcy
proceedings.


===============
B U L G A R I A
===============


ALLIANZ BANK: Small Size Cues Fitch's Individual D Ratings
----------------------------------------------------------
Fitch Ratings has affirmed Allianz Bank Bulgaria AD's ratings at
Long-term Issuer Default 'A-' with Negative Outlook, Short-term
IDR 'F2', Individual 'D' and Support '1'.

ABB's IDRs and Support rating are based on the extremely high
likelihood of support from its parent, Allianz SE ('AA-'/Stable
Outlook), a Germany-based bancassurance group, if needed.  The
Negative Outlook on ABB's Long-term IDR reflects those on
Bulgaria's Long-term foreign and local currency IDRs of 'BBB'
and 'BBB+', respectively.  Should Bulgaria's ratings be
downgraded, ABB's Long-term IDR and the '1' Support rating would
also be liable to change.

ABB's Individual rating reflects the bank's limited size and
franchise, reliance on parent support to maintain acceptable
capitalization, moderate borrower concentration in its lending,
and the increasing credit and operational risks stemming from
its rapid expansion.  It also reflects adequate asset-quality
ratios, improving revenue generation and operating
profitability, and a sound liquidity position.

Revenue generation and operating profitability improved in 2007.  
Costs are likely to continue to reflect investments in branch
openings and new hires as the bank expands.

Credit risk is the bank's largest source of risk.  The loan book
increased 78% in 2007, although lending still represents only
50% of total assets.  The bank's loan book (evenly split between
retail and corporate exposures) is likely to see an increase in
the share of retail.  Asset quality ratios remain adequate but
the bank's rapid growth in new, untested products and Bulgaria's
fast-growing operating environment present challenges.  
Operational risk is also high due to rapid expansion while
market risk appetite is small.  Risk management is adequate for
the type and magnitude of risks taken.  The bank has a fairly
liquid balance sheet, although this is likely to prospectively
reduce as the bank expands it lending, and benefits from being
part of a larger international group.

Internal capital generation is insufficient to fund growth.
Capitalization remains acceptable, thanks to regular capital
injections from shareholders and subordinated debt issuance by
shareholders and other Allianz companies.

ABB was the tenth-largest bank in Bulgaria at end of April 2008.  
Allianz SE controls the bank via a 66.16% stake in Allianz
Bulgaria Holding, a Bulgarian holding company, which in turn has
a 79.95% stake in ABB.  It is a universal bank with 120 branches
and offices covering all major cities in the country.  ABB also
pursues a bancassurance strategy in cooperation with other
locally-based members of the Allianz group, although this is not
yet material to the bank's results.


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


FERRO CORP: Discloses US200 Million Debt Offering
-------------------------------------------------
Ferro Corp. disclosed a proposed public offering of US$200
million in aggregate principal amount of Senior Notes due 2016.
The Company intends to use the net proceeds from the offering
and available cash, including borrowings under its revolving
credit facility, to purchase or redeem all of its outstanding 9
1/8% Senior Notes due 2009, to pay accrued and unpaid interest
on all such indebtedness, to pay all premiums and transactions
expenses associated therewith, and for general corporate
purposes.  The exact terms and timing of the offering will
depend upon market conditions and other factors.

Credit Suisse Securities (USA) LLC, Citigroup Global Markets
Inc. and J.P. Morgan Securities Inc. are acting as joint
bookrunning managers for the offering.

Ferro Corp. is making the offering pursuant to an effective
shelf registration statement previously filed with the
Securities and Exchange Commission.  This offering will be made
solely by means of a prospectus.

                    About Ferro Corporation

Ferro Corporation (NYSE: FOE) -- http://www.ferro.com/-- is a    
supplier of technology-based performance materials for
manufacturers.  Ferro materials enhance the performance of
products in a variety of end markets, including electronics,
solar energy, telecommunications, pharmaceuticals, building and
renovation, appliances, automotive, household furnishings, and
industrial products.  Headquartered in Cleveland, Ohio, the
company has approximately 6,300 employees globally and reported
2007 sales of US$2.2 billion.

The company has subsidiaries in Argentina, Australia, France,
Germany, Brazil, China, Spain , Hong Kong and Korea, among
others.


FERRO CORP: Moody's Rates US$200 Mln Senior Unsec. Notes at B2
--------------------------------------------------------------
Moody's Investors Service assigned a B2 rating to Ferro
Corporation's new US$200 million senior unsecured notes due
2016.

Moody's also affirmed the company's other ratings (B1 Corporate
Family Rating).  Proceeds from the offering will be used to
repay the company's US$200 million senior secured notes due
2009; the company issued a tender offer for these notes on
Friday June 20, 2008.  The company's outlook remains positive.

The company's B1 corporate family rating reflects its elevated
leverage (>4.0x incorporating Moody's Global Standard
Adjustments to Financial Statements), limited free cash flow,
the expectation that the company will continue to restructure or
exit underperforming product lines, and relatively low, albeit
improving, EBITDA margins for a specialty chemical company. The
ratings are supported by an improving financial profile, leading
market positions in porcelain, glass and enamel coatings and
sustainable market positions in electronic materials. The B2
rating on the new unsecured notes due 2016 reflects their
subordination to a substantial amount of secured debt in the
credit facility and term loan.

The positive outlook reflects the company's strong placement in
the B1 rating category and the expectation of further
improvements to operating performance and meaningful debt
reduction over time.  While the company continues to improve
financial performance, progress has been slowed by the
significant increases in many commodity and energy prices,
though Ferro has been impacted to a lesser degree than many
other specialty chemical companies.  The company continues to
implement cost reduction initiatives.  As previously noted the
company may sell underperforming product lines and use cash to
repay debt.  Free cash flow will be limited over the next 12-18
months due to increases in working capital, contributions to its
pension plan and elevated capex. "Although Ferro's rating maps
to the "Ba" category utilizing Moody's Chemicals Industry Rating
Methodology, cash flow to debt metrics are currently at or below
the minimum required for the "Ba" category.  Additionally, given
the potential negative impact of higher energy and commodity
prices, Moody's is not yet willing to consider a higher rating."
stated John Rogers, Senior Vice President at Moody's.

Ratings Assigned:

Issuer: Ferro Corporation

   -- Senior Unsecured Regular Bond/Debenture, Assigned B2
      (LGD5; 74%)

The rating on the company's 2009 notes will be withdrawn upon
completion of the tender offer.

Ferro Corporation, headquartered in Cleveland, Ohio, is a global
producer of an array of specialty chemicals including coatings,
enamels, pigments, plastic compounds, and specialty chemicals
for use in industries ranging from construction, pharmaceuticals
and telecommunications.  Ferro operates through the following
five primary business segments: Performance Coatings, Electronic
Materials, Color and Performance Glass Materials, Polymer
Additives, and Specialty Plastics.  Revenues were US$2.3 billion
for the LTM ended March 31, 2008.


FERRO CORP: S&P Rates US$200 Mln Senior Unsecured Notes at B
------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' corporate
credit and secured debt ratings on Ferro Corp.  S&P also
assigned a 'B' rating to the company's proposed US$200
million senior unsecured notes due 2016 as well as a recovery
rating of '5', indicating the expectation for modest (10% to
30%) recovery in the event of a payment default.  Proceeds from
the offering will be used to redeem US$200 million of secured
debt maturing in 2009.  The outlook is stable.

"Near-term positives include the potential that cash flow
protection measures will continue to strengthen and the benefits
of restructuring actions," said Standard & Poor's credit analyst
Wesley E. Chinn.  "However, difficult conditions in U.S.
packaging, automotive, and building and construction markets and
raw material cost pressures are tempering factors, and the
cushion related to the leverage ratio covenant under the credit
facility may only be moderate this year."

The ratings on Ferro, a producer of ceramic glaze, porcelain
enamel coatings, electronic materials, and inorganic pigments
and colorants, reflect vulnerability to raw material costs,
challenging conditions in certain U.S. markets tempering overall
earnings progress in the near term, low operating margins in
organic specialties product lines, and aggressive debt leverage.
Partly offsetting these negatives are a meaningful, diverse
chemicals portfolio (generating revenues of about US$2.3
billion), good geographic and customer diversification, and
ongoing initiatives to lower the cost structure and improve the
product mix.


TUPPERWARE BRANDS: S&P Puts BB Rating on CreditWatch Positive
-------------------------------------------------------------
Standard & Poor's Ratings Services placed the 'BB' rating on
Orlando, Fla.-based Tupperware Brands Corp. on CreditWatch with
positive implications.  S&P could affirm or raise the rating
following the resolution of the CreditWatch listing.  As of
March 31, 2008, Tupperware had about US$644 million of reported
debt.

"The CreditWatch placement follows the company's improved
operating performance over recent quarters, its ongoing debt-
reduction efforts, and our expectations for strengthened credit
measures that should remain stronger than medians for the
rating," said Standard & Poor's credit analyst Christopher
Johnson.  For first-quarter 2008, revenues increased about 19%
over the previous year, as a result of strong emerging market
sales growth, improving growth in North America, and the ongoing
expansion of beauty products.

"Standard & Poor's will review the company's financial and
operating performance to resolve the CreditWatch listing," he
continued.


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


ALFILA GMBH: Creditors' Meeting Slated for July 2
-------------------------------------------------
The court-appointed insolvency manager for ALFILA GmbH, Guenter
Staab will present his first report on the Company's insolvency
proceedings at a creditors' meeting at 10:00 a.m. on July 2,
2008.

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

         The District Court of Saarbruecken
         Meeting Hall 24
         Second Floor
         Vopeliusstrasse 2
         66280 Sulzbach
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 10:20 a.m. on Aug. 4, 2008, at the same
venue.

Creditors have until July 7, 2008, to register their claims with
the court-appointed insolvency manager.

The insolvency manager can be reached at:

          Guenter Staab
          Sulzbachstrasse 26
          66111 Saarbruecken
          Germany
          Tel: (0681) 3090 416
          Fax: (0681) 3090 456

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

The Debtor can be reached at:

          ALFILA GmbH
          Attn: Dieter Grasel, Manager
          Strasse des 13. Januar 118-120
          66333 Voelklingen
          Germany


ARGUS IMMOBILIEN: Claims Registration Period Ends July 10
---------------------------------------------------------
Creditors of ARGUS Immobilien-Verwaltungs GmbH have until
July 10, 2008, to register their claims with court-appointed
insolvency manager Hans-Gerd Jauch.

Creditors and other interested parties are encouraged to attend
the meeting at 11:15 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 Cologne
         Meeting Hall 1240
         Luxemburger Strasse 101
         50939 Cologne
         Germany

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

The insolvency manager can be reached at:

         Hans-Gerd Jauch
         Sachsenring 81
         50677 Koeln
         Germany

The District Court of Cologne opened bankruptcy proceedings
against ARGUS Immobilien-Verwaltungs GmbH on May 23, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         ARGUS Immobilien-Verwaltungs GmbH
         Lindenallee 43
         50968 Koeln
         Germany

         Attn: Thomas Tulowitzki, Manager
         Sachsenring 81
         50677 Koeln
         Germany


AUTOHAUS IM ISARTAL: Claims Registration Period Ends July 7
-----------------------------------------------------------
Creditors of Autohaus im Isartal GmbH have until July 7, 2008,
to register their claims with court-appointed insolvency manager
Stefan Haas.

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

The meeting of creditors will be held at:

         The District Court of Landshut
         Meeting Hall 9/I
         Maximilianstrasse 22-24
         Landshut
         Germany

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

The insolvency manager can be reached at:

         Stefan Haas
         Rennweg 119a
         84028 Landshut
         Germany
         Tel: 0871/9655326
         Fax: 0871/9655325

The District Court of Landshut opened bankruptcy proceedings
against Autohaus im Isartal GmbH on May 15, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Autohaus im Isartal GmbH
         Harburger Str. 3
         94405 Landau/Isar
         Germany


B & B DATADESIGN: Claims Registration Period Ends July 5
--------------------------------------------------------
Creditors of B & B Datadesign GmbH have until July 5, 2008, to
register their claims with court-appointed insolvency manager
Andreas Pantlen.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on Aug. 13, 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 Siegen
          Hall 009
          Ground Floor
          Main Building
          Berliner Str. 21-22
          57072 Siegen
          Germany

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

The insolvency manager can be reached at:

          Andreas Pantlen
          Reutherstrasse 1 a-c
          53773 Hennef
          Germany
          Tel: 02242/969870
          Fax: 02242/9698710

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

The Debtor can be reached at:

          B & B Datadesign GmbH - Datentragerservice
          Attn: Klaus Bredebach, Manager
          Raiffeisenstr. 17
          57462 Olpe
          Germany


BARING BAU: Claims Registration Period Ends July 10
---------------------------------------------------
Creditors of Baring Bau GmbH have until July 10, 2008, to
register their claims with court-appointed insolvency manager
Volker Reinhardt.

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

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Volker Reinhardt
         Windthorststr. 17
         99096 Erfurt
         Germany

The District Court of Erfurt opened bankruptcy proceedings
against Baring Bau GmbH on May 23, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Baring Bau GmbH
         Attn: Thoralf Baring und
               Jens Hertzer, Managers
         Am Vogelherd 56
         98693 Ilmenau
         Germany


BAU CONSULT IMMOBILIEN: Claims Registration Period Ends July 7
--------------------------------------------------------------
Creditors of Bau Consult Immobilien GmbH have until July 7,
2008, to register their claims with court-appointed insolvency
manager Dr. Joerg Bornheimer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Aug. 11, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Wuppertal
         Meeting Hall A234
         Second Floor
         Eiland 2
         42103 Wuppertal
         Germany

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

The insolvency manager can be reached at:

         Dr. Joerg Bornheimer
         Laurentiusstrasse 21-23
         42103 Wuppertal
         Germany
         Tel: 0202/4086150
         Fax: 0202/4086159

The District Court of Wuppertal opened bankruptcy proceedings
against Bau Consult Immobilien GmbH on May 23, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Bau Consult Immobilien GmbH
         Am Osterholz 92
         42327 Wuppertal
         Germany


BERGER TRANSPORT: Claims Registration Period Ends July 7
--------------------------------------------------------
Creditors of Berger Transport GmbH have until July 7, 2008, to
register their claims with court-appointed insolvency manager
Dr. Carlos Mack.

Creditors and other interested parties are encouraged to attend
the meeting at 3:15 p.m. on Aug. 5, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Muehldorf a. Inn
         Hall 112
         Innstrasse 1
         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. Carlos Mack
         Brienner Strasse 21
         80333 Muenchen
         Germany

The District Court of Muehldorf a. Inn opened bankruptcy
proceedings against Berger Transport GmbH on June 3, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Berger Transport GmbH
         Attn: Franz Berger, Manager
         Landshuter Strasse 4
         84524 Neuoetting
         Germany


BLUE NET: Claims Registration Period Ends July 6
------------------------------------------------
Creditors of Blue Net Computer- Systeme GmbH have until
July 6, 2008, to register their claims with court-appointed
insolvency manager Siegfried Mueller.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on Aug. 6, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

The insolvency manager can be reached at:

          Siegfried Mueller
          Koelner Strasse 67
          50226 Frechen
          Germany
          Tel: 02234/9678812
          Fax: +4922349678820

The District Court of Cologne opened bankruptcy proceedings
against Blue Net Computer- Systeme GmbH on May 7, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Blue Net Computer- Systeme GmbH
          Attn: Rolf Peter Volk, Manager
          Heisenbergstr. 26-40
          50169 Kerpen
          Germany


BONUM HAUS: Claims Registration Period Ends July 10
---------------------------------------------------
Creditors of Bonum Haus und Grund GmbH have until July 10, 2008
to register their claims with court-appointed insolvency manager
Michael C. Frege.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on Sept. 9, 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:

         Michael C. Frege
         Lennestr. 7
         10785 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Bonum Haus und Grund GmbH on April 7, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Bonum Haus und Grund GmbH
         Alemannenstr. 29
         13465 Berlin
         Germany


CAR-PARTNER 24: Claims Registration Period Ends June 25
-------------------------------------------------------
Creditors of Car-Partner 24 Autovermietung GmbH have until
June 25, 2008, to register their claims with court-appointed
insolvency manager Horst Helberg.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 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 Dresden
         Hall D131
         Olbrichtplatz 1
         01099 Dresden
         Germany

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

The insolvency manager can be reached at:

         Horst Helberg
         Selliner Str. 6-8
         01109 Dresden
         Germany
         E-mail: http://www.pfefferle.de  

The District Court of Dresden opened bankruptcy proceedings
against Car-Partner 24 Autovermietung GmbH on June 4, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Car-Partner 24 Autovermietung GmbH
         Lingnerallee 3
         01069 Dresden
         Germany


CARUSO GMBH: Claims Registration Period Ends July 7
---------------------------------------------------
Creditors of Caruso GmbH have until July 7, 2008, to register
their claims with court-appointed insolvency manager Dr. Hans
Ulrich Ruenger.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Nuremberg
         Meeting Hall 152/I
         Flaschenhofstr. 35
         Nuremberg
         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. Hans Ulrich Ruenger
         Prinzregentenufer 9
         90489 Nuernberg
         Germany

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

The Debtor can be reached at:

         Caruso GmbH
         Attn:  Agatino Caruso, Manager
         Tauroggenstr. 9
         90491 Nuernberg
         Germany


DEKO- UND WERBESERVICE: Claims Registration Period Ends June 27
---------------------------------------------------------------
Creditors of Deko- und Werbeservice Zwickau GmbH Dekorations-,
Gross- und Einzelhandel have until June 27, 2008, to register
their claims with court-appointed insolvency manager Bernward
Widera.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on July 29, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Chemnitz
         Hall 24
         Fuerstenstrasse 21-23
         09130 Chemnitz
         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:

         Bernward Widera
         Buettenstrasse 4
         08058 Zwickau
         Germany
         Tel: (0375) 8189 20
         Fax: (0375) 8189 214
         E-mail: widera@zwickau-net.de  

The District Court of Chemnitz opened bankruptcy proceedings
against Deko- und Werbeservice Zwickau GmbH Dekorations-, Gross-
und Einzelhandel on June 3, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Deko- und Werbeservice Zwickau GmbH Dekorations-,
         Gross- und Einzelhandel
         Attn: Wolfgang Fischer, Manager
         Neundorfer Str. 22
         08523 Plauen
         Germany


ENERGIE VERSORGUNGS: Claims Registration Period Ends July 10
------------------------------------------------------------
Creditors of Energie Versorgungs Allianz GmbH have until July
10, 2008, to register their claims with court-appointed
insolvency manager Ottmar Hermann.

Creditors and other interested parties are encouraged to attend
the meeting at 2:45 p.m. on Aug. 14, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Koenigstein/Ts.
         Area 106
         Law Courts
         Castle Way 9
         61462 Koenigstein/Ts.
         Germany

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

The insolvency manager can be reached at:


         Ottmar Hermann
         Bleichstrasse 2-4
         60313 Frankfurt am Main
         Germany
         Tel: 069-913092-0
         Fax: 069-91 30 92 30

The District Court of Koenigstein/Ts. opened bankruptcy
proceedings against Energie Versorgungs Allianz GmbH on May 29,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         Energie Versorgungs Allianz GmbH
         Zeilring 7b
         65817 Eppstein
         Germany

         Attn: Bernd Hirt, Manager
         Zeilring 7b
         65817 Eppstein
         Germany


FLAMM STOP: Claims Registration Period Ends July 5
--------------------------------------------------
Creditors of Flamm Stop GmbH have until July 5, 2008, to
register their claims with court-appointed insolvency manager
Stefan Haas.

Creditors and other interested parties are encouraged to attend
the meeting at 8:10 a.m. on July 25, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Landshut
          Meeting Hall 9/I
          Maximilianstrasse 22-24
          Landshut
          Germany

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

The insolvency manager can be reached at:

          Stefan Haas
          Rennweg 119 a
          84028 Landshut
          Germany
          Tel: 0871/9655326
          Fax: 0871/9655325

The District Court of Landshut opened bankruptcy proceedings
against Flamm Stop GmbH on May 21, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

          Flamm Stop GmbH
          Attn: Malgorzata Kowara, Manager
          Kramergasse 9
          84051 Essenbach
          Germany


IKB DEUTSCHE: Government May Sell Stake Under EUR800 Million
------------------------------------------------------------
The German government does not expect to sell Kreditanstalt fur
Wiederaufbau Bankengruppe’s 45.5% stake in IKB Deutsche
Industriebank AG at the EUR800 million target price, Thomson
Financial relates citing an unsourced Handelsblatt report.

According to Handelsblatt, conservatives expects KfW's stake in
IKB to fetch around EUR500 million.  

The report disclosed that remaining bidders for the stake
include Skandinaviska Enskilda Banken AB, Lonestar and
Ripplewood.  It added that SEB's offer is considered the most
promising.

Meanwhile, Germany's ruling CDU/CSU party has agreed to grant
IKB a further risk guarantee of up to EUR1 billion for its
problematic assets prior to a sale, Handelsblatt says.  Allied
SPD party will also approve the guarantee.

The government owns 80% of KfW.

                       About IKB Deutsche

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

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

                         *     *     *

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


MK BAU: Claims Registration Period Ends July 9
----------------------------------------------
Creditors of MK Bau GmbH have until July 9, 2008 to register
their claims with court-appointed insolvency manager Dr. Mark
Schuessler.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on Aug. 20, 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 4.310
         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. Mark Schuessler
         Bismarckstrasse 4
         69469 Weinheim
         Germany
         Tel: 06201-994424
         Fax: 06201-994422

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

The Debtor can be reached at:

         MK Bau GmbH
         Wiesenstrasse 71
         68519 Viernheim
         Germany

         Attn: Muhsin Cakmak, Manager
         Saarlandstrasse 1
         68519 Viernheim
         Germany


NOSTRO GRUNDSTUECKS-GMBH: Claims Registration Period Ends July 9
----------------------------------------------------------------
Creditors of NOSTRO Grundstuecks-GmbH & Co. Hermannstrasse
Zweite KG have until July 9, 2008 to register their claims with
court-appointed insolvency manager Christian Koehler-Ma.

Claims will be verified at 11:35 a.m. on Sept. 8, 2008 at:

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

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

The insolvency manager can be reached at:

         Christian Koehler-Ma
         Kurfuerstendamm 26 a
         10719 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against  NOSTRO Grundstuecks-GmbH & Co.
Hermannstrasse Zweite KG on April 11, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         NOSTRO Grundstuecks-GmbH & Co. Hermannstrasse Zweite KG
         Scharnweberstrasse 1
         13405 Berlin
         Germany


OESTERWITZ HAUSTECHNIK: Claims Registration Period Ends July 9
--------------------------------------------------------------
Creditors of Oesterwitz Haustechnik GmbH have until July 9, 2008
to register their claims with court-appointed insolvency manager
Steffi Radack-Mueller.

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

The meeting of creditors will be held at:

         The District Court of Potsdam
         Hall 24
         Jagerallee 10-12
         14469 Potsdam
         Germany

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

The insolvency manager can be reached at:

         Steffi Radack-Mueller
         Franzoesische Strasse 9-12
         10117 Berlin
         Germany

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

The Debtor can be reached at:

         Oesterwitz Haustechnik GmbH
         Schneiderberg 1
         14547 Busendorf
         Germany

         Attn: Karl-Heinz Oesterwitz, Manager
         Dorfstrasse 6
         14547 Busendorf
         Germany


PROSIEBENSAT.1: Acquires Live Football Rights in German Free TV
---------------------------------------------------------------
ProSiebenSat.1 Group has obtained the largest live football
rights package in German Free TV.  The agreement with the Union
of European Football Associations, includes 17 top matches of
the UEFA Champion League as well as 29 matches of the UEFA Cup
of all three seasons from 2009/2010 to 2011/2012.

The deal also contains extensive highlight rights as well as the
UEFA Super Cup, in which the winners of both competitions
compete against one another each year.  The Group also obtained
the right to exploit the matches live and delayed via Internet
and mobile platforms.  Additionally, the deal includes selected
exploitation rights for the Groups video-on-demand portal
maxdome. Sat.1 will be broadcasting both competitions in German
Free TV.

By acquiring additional broadcasting rights for Online and
Mobile TV, ProSiebenSat.1 Group is now able to offer live
broadcasts and wrap-ups of the matches on its online platforms
and via Mobile TV.  In addition, live streams of UEFA Cup
matches as well as extracts of Champions League matches could be
broadcast via the Groups video-on-demand portal maxdome in a
weekly show.

Mr. Guillaume de Posch, CEO of ProSiebenSat.1 Group, said,
"We're delighted to be awarded the exclusive Free TV rights of
UEFA Champions League and UEFA Cup and we are pleased that we
will continue to offer our viewers and advertising clients the
best of European football matches.  An important aspect is that
for the first time, well be having the possibility of
broadcasting all matches live or time-delayed on our online and
mobile distribution channels."

Mr. Andreas Bartl, Member of the Executive Board, German Free
TV, remarks, "Premium content is essential for the strategy of
the German Group of stations this also includes first-class
football events.  Fans can look forward to the biggest and most
attractive live-game package in German Free TV.  The best of
Europes football with the worlds greatest players on Sat.1 thats
football all out."

                      About ProsiebenSat.1

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

                          *     *     *

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


PROSIEBENSAT.1 MEDIA: Share Price Continues Decline
---------------------------------------------------
ProSiebenSat.1 Media AG's stocks was still down Friday as a
result of Chief Executive Officer Guillaume de Posch's
resignation, Henrietta Rumberger reorted for Bloomberg.

As reorted in the Troubled Company Reporter-Europe on June 19,
2008, de Posch said that he will leave the company at his own
request on Dec. 31, 2008.

According to Bloomberg, the company's share price dropped 7.1%
on the day after the announcement.  As of June 23, 2008,
Bloomberg relates that the company's share price is now down to
EUR5.55.  

                      About ProsiebenSat.1

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

                          *     *     *

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


S & G GMBH: Claims Registration Period Ends July 5
--------------------------------------------------
Creditors of S & G GmbH have until July 5, 2008, to register
their claims with court-appointed insolvency manager Hans-W.
Goetsch.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Aug. 4, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Mainz
          Hall 75
          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:

          Hans-W. Goetsch
          Libellenweg 4
          55128 Mainz
          Germany
          Tel: 06131/3337960
          Fax: 06131/3337961

The District Court of Mainz opened bankruptcy proceedings
against S & G GmbH on May 23, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

          S & G GmbH
          Attn: Michael Rohrhuber, Manager
          Oberlanderstr. 24a
          81371 Munich
          Germany


SPB STRASSEN: Claims Registration Period Ends July 6
----------------------------------------------------
Creditors of SPB Strassen - und Pflasterbau GmbH have until
July 6, 2008, to register their claims with court-appointed
insolvency manager Robert Schiebe.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Aug. 15, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Alzey
          Room 114
          Alzey
          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. Robert Schiebe
          Hindenburgstr. 32
          55118 Mainz
          Germany
          Tel: 06131/619230
          Fax: 06131/619230 11
          E-mail: mainz@Leonhardt-westhelle.eu

The District Court of Alzey opened bankruptcy proceedings
against SPB Strassen - und Pflasterbau GmbH on May 6, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          SPB Strassen - und Pflasterbau GmbH
          Attn: Sebahat Yildiz, Manager
          Finkenweg 5
          55237 Bornheim
          Germany


WOCO WOHNCONTAINER: Claims Registration Period Ends July 9
----------------------------------------------------------
Creditors of WOCO Wohncontainer & Service GmbH have until
July 9, 2008 to register their claims with court-appointed
insolvency manager Tobias Hoefer.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on Aug. 20, 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:

         Tobias Hoefer
         Fasanenstr. 71
         10719 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against  WOCO Wohncontainer & Service GmbH on May
21, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         WOCO Wohncontainer & Service GmbH
         Charlottenstr. 17
         12307 Berlin
         Germany


WOLFENBUETTELER TEXTILPFLEGE: Claims Filing Period Ends July 9
--------------------------------------------------------------
Creditors of Wolfenbuetteler Textilpflege GmbH have until July
9, 2008 to register their claims with court-appointed insolvency
manager Christoph Kirchberg.

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 Braunschweig
         Hall E 01
         Martinikirche 8
         38100 Braunschweig
         Germany   

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

The insolvency manager can be reached at:

         Christoph Kirchberg
         Bruchtorwall 12
         38100 Braunschweig
         Germany
         Tel: 0531-242250
         Fax: 0531-242 2525

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

The Debtor can be reached at:

         Wolfenbuetteler Textilpflege GmbH
         Attn: Hans-Joachim Rainsch, Manager
         Frankfurter Strasse 15 A
         38304 Wolfenbuettel
         Germany


* Business Confidence in Germany Drops in June 2008
---------------------------------------------------
The Ifo Business Climate Index for industry and trade in Germany
has fallen significantly in June 2008, Hans-Werner Sinn,
President of the Ifo Institute for Economic Research at the
University of Munich disclosed in their website.

According to its website, the business-climate index fell to
101.3 in June compared to 103.5 in May 2008.  Current trading
situation also went down to 108.3 in June from 110.1 in May,
while business expectations was 94.7 in June down from 97.2 in
May.

The firms have assessed their current business situation clearly
less favorably than in the previous month, and they are more
skeptical regarding the six-month outlook.  The sharp hike in
oil prices is evidently becoming an increasing burden on the
German economy.

In manufacturing the business climate has worsened
significantly.  The firms have assessed both their current
situation as well as the six-month business outlook considerably
less favorably than in May.  They expect weaker stimulus from
export business in the coming months, but despite the strong
Euro, they do not fear a slump in exports.  Increases in
employment will be weaker, according to the survey responses.

In the construction industry the business climate has improved
somewhat.  For the fourth time in succession, the firms have
assessed their current business situation more favorably. Their
expectations with regard to the six-month outlook continue to be
cautiously optimistic.  In wholesaling and in retailing,
however, the business climate index has fallen.  Although
retailers have assessed their current situation more favorably
than in May, they are clearly more cautious regarding business
in the coming six months.  Wholesalers are clearly less
satisfied with the current business situation, although their
expectations for the coming months are less skeptical.



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


KIELY'S ELECTRICAL: Increased Competition Prompts Liquidation
-------------------------------------------------------------
Kiely's Electrical Ltd. is to cease trading, threatening the
loss of 80 jobs at its Killarney, Tralee, Limerick, Ennis and
Newcastle West outlets, Limerick Post reports.

Limerick Post relates that talks with a large electrical group
to transfer the business as a going concern broke down.

Kiely's, Limerick Post adds, also failed to keep up with
multinational rivals in the white goods and electrical markets,
affecting margins.

On June 16, a creditors' meeting was called to put the company
into liquidation, Limerick Post discloses.

Kerryman Seamus Kiely, the founder of Kiely's, however,
reassured customers that all funds sent to the company in
advance for goods ordered had been deposited in a special bank
account, and will be repaid in full by the liquidator, Limerick
Post states.

Headquartered in Munster, Ireland, Kiely's Electrical Ltd. is
retailer in white goods, electrical appliances and home
entertainment systems.


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


ALITALIA SPA: Italian Consortium to Seek 4,000 Job Cuts
-------------------------------------------------------
A group of Italian investors led by AirOne S.p.A. would reduce
Alitalia S.p.A.'s workforce by around 4,000 employees if it
acquires the national government's 49.9% stake in the carrier,
Flavia Krause-Jackson writes for Bloomberg News, citing an
unsourced Corriere della Sera report.

Intesa Sanpaolo S.p.A., the government's adviser for the stake
sale, has commenced negotiations with Alitalia's trade unions
over the possible job cuts, Corriere della Sera adds.

As previously reported in the TCR-Europe, Intesa is reviewing
placing Alitalia into administration, under which the national
carrier's core business would be separated from its debt and
place them under a new company.  

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.


ALITALIA SPA: Aviation Agency Summons Execs over Finances
---------------------------------------------------------
Ente Nazionale per l'Aviazione Civile, Italy's civil aviation
agency, will meet top executives of Alitalia S.p.A. this week to
clarify the carrier's financial situation, Reuters reports.

ENAC will also request information on Alitalia's plans to manage
the peak summer season.

Alitalia recently received a EUR300-million emergency loan from
Italian government, intended to keep the carrier flying for a
year.

Italy said the cash grant will temporarily help the carrier
avoid liquidation or administration.  Despite the loan,
Alitalia's Board of Directors said the carrier needs to carry
out recapitalization "as quickly as possible."

                         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.


TISCALI SPA: Wind Telecomunicazioni Freezes Takeover Offer
----------------------------------------------------------
Wind Telecomunicazioni S.p.A. will not bid for Tiscali S.p.A. as
a whole, Chiara Remondini and Tommaso Ebhardt writes for
Bloomberg News, citing chairman Naguib Sawiris.

Mr. Sawiris told Bloomberg News that his company is only
interested in acquiring Tiscali's Italian assets; the Internet
provider also operates in the U.K.

"For the moment we're not bidding but if they decide to accept
offers only for the Italian unit we will consider, Mr.. Sawiris
told Bloomberg News.  "We'll wait and see.''

Mr. Sawiris confirmed to Bloomberg News in May 2008 that Tiscali
has included Wind in its shortlist of bidders.  Mr. Sawiris
added to Bloomberg News that if Wind acquires Tiscali, it would
sell the latter's U.K. division.  The Wind CEO, however, said he
has yet to commence talks with parties interested in Tiscali's
U.K. business.

                  About Wind Telecomunicazioni

Headquartered in Rome, Italy, Wind Telecomunicazioni S.p.A. --
http://www.wind.it/-- operates integrated fixed-mobile-
Internet communications services.  The company, classified as
the fastest start-up among telecom companies in Europe, actually
is the third Italian mobile operator, with a market share of
over 19%.

                         About Tiscali

Headquartered in Cagliari, Italy, Tiscali S.p.A. --
http://www.tiscali.com/-- offers Internet access in the
country.  The group also operates in other European countries,
serving more than seven million subscribers, of which over 1.5
million are broadband users.

Tiscali posted consecutive net losses for the past years: EUR5.5
million in 1999, EUR101 million in 2000, EUR1.66 billion in
2001, EUR593.1 million in 2002, EUR242.4 million in 2003,
EUR131.8 million in 2004, EUR12.9 million in 2005, and EUR103.6
million in 2006.  It posted EUR3.88 million in net losses on
EUR614.33 million in net revenues for the nine months ended
Sept. 30, 2007.

                         *     *     *

Tiscali S.p.A. continues to carry Standard & Poor's Ratings
Services' B+ long-term corporate credit rating.  The rating was
previously at B and was raised by S&P to its current level in
February 2008.


WIND TELECOMUNICAZIONI: Freezes Takeover Offer for Tiscali SpA
---------------------------------------------------------------
Wind Telecomunicazioni S.p.A. will not bid for Tiscali S.p.A. as
a whole, Chiara Remondini and Tommaso Ebhardt writes for
Bloomberg News, citing chairman Naguib Sawiris.

Mr. Sawiris told Bloomberg News that his company is only
interested in acquiring Tiscali's Italian assets; the Internet
provider also operates in the U.K.

"For the moment we're not bidding but if they decide to accept
offers only for the Italian unit we will consider, Mr.. Sawiris
told Bloomberg News.  "We'll wait and see."

Mr. Sawiris confirmed to Bloomberg News in May 2008 that Tiscali
has included Wind in its shortlist of bidders.  Mr. Sawiris
added to Bloomberg News that if Wind acquires Tiscali, it would
sell the latter's U.K. division.  The Wind CEO, however, said he
has yet to commence talks with parties interested in Tiscali's
U.K. business.


                         About Tiscali

Headquartered in Cagliari, Italy, Tiscali S.p.A. --
http://www.tiscali.com/-- offers Internet access in the
country.  The group also operates in other European countries,
serving more than seven million subscribers, of which over 1.5
million are broadband users.

                  About Wind Telecomunicazioni

Headquartered in Rome, Italy, Wind Telecomunicazioni S.p.A. --
http://www.wind.it/--  operates integrated fixed-mobile-
Internet communications services.  The company, classified as
the fastest start-up among telecom companies in Europe, actually
is the third Italian mobile operator, with a market share of
over 19%.

                          *     *     *

As reported in the TCR-Europe on March 19, 2008, Fitch Ratings
affirmed Wind Telecomunicazioni SpA's Long-term Issuer Default
rating at 'BB-' (BB minus) and the Short-term IDR at 'B'.  All
instrument ratings are affirmed at their current levels.  The
Outlook for the Long-term IDR has been changed to Stable  from
Negative, following strong results and cash generation in 2007.

In February 2008, Standard & Poor's Ratings Services raised its
long-term corporate credit rating to 'BB-' from 'B+' on Italy's
second-largest integrated alternative telecoms operator, Wind
Telecomunicazioni SpA.  The outlook is stable.

Concurrently, Moody's has affirmed the Ba2 rating on Wind's
senior secured facility, the B1 rating on Wind Finance SL S.A.'s
second lien facility and the B2 ratings on Wind Acquisition
Finance SA's EUR950 million 9.75% senior notes due 2015 and
US$650 million 10.75% senior notes due 2015.  The outlook on the
ratings is stable.


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


ALASH OJSC: Creditors Must File Claims by August 1
--------------------------------------------------  
The Specialized Inter-Regional Economic Court of Akmola has
declared OJSC Alash insolvent.  

Creditors have until Aug. 1, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Akmola
         Room 308
         Abai Str. 89
         Kokshetau
         Akmola
         Kazakhstan
         Tel: 8 (7162) 25-51-74


ASIA BALT: Claims Deadline Slated for August 1
----------------------------------------------  
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Asia Balt Fish Co. Ltd. insolvent.

Creditors have until Aug. 1, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Almatinskaya Str. 35
         Pokrovka
         Ilyisky
         Almaty
         Kazakhstan
         Tel: 8 777 226 20-31


ATLANT SECURITY: Claims Filing Period Ends August 1
---------------------------------------------------  
The Specialized Inter-Regional Economic Court of Astana has
declared LLP Atlant Security NT insolvent.

Creditors have until Aug. 1, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Astana
         Respublika ave. 1-40
         Astana
         Kazakhstan
         Tel: 8 (7172) 21-72-84


ELIT FINANCE: Creditors' Claims Due on August 1
-----------------------------------------------  
JSC Elit Finance Group has declared insolvency.  Creditors have
until Aug. 1, 2008, to submit written proofs of claims to:

         JSC Elit Finance Group
         Office 40
         Business Center Nurly Tau, 4a
         Al-Farabi ave. 5
         Almaty
         Kazakhstan
         Tel: 8 (7273) 11-02-85


GEOLOGISTIC AKTAU: Claims Registration Ends August 1
----------------------------------------------------  
The Specialized Inter-Regional Economic Court of Mangistau has
declared LLP Geologistic Aktau Service insolvent on May 12,
2008.

Creditors have until Aug. 1, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Mangistau
         Building of Auto Station
         Micro District 28
         Aktau
         Mangistau  
         Kazakhstan
         Tel: 8 (7292) 41-14-58


JANALI-EKIBASTUZ LLP: Creditors Must File Claims by August 1
------------------------------------------------------------  
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Janali-Ekibastuz insolvent on May 13, 2008.

Creditors have until Aug. 1, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Pavlodar
         Naberejnaya Str. 3-103
         Pavlodar
         Kazakhstan
         Tel: 8 (7182) 53-84-02


KAZINVESTBANK: S&P Cuts National Scale Rating to kzBB
-----------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
KazInvestBank to negative from stable.  At the same time, S&P
affirmed the 'B' long-term and 'B' short-term counterparty
credit ratings on the bank.  The Kazakhstan national
scale rating was lowered to 'kzBB' from 'kzBB+'.

"The outlook revision and the Kazakhstan national scale
downgrade reflect the increased pressure on the bank's asset
quality, in particular, its exposure to the troubled
construction sector," said Standard & Poor's credit analyst
Annette Ess.

The ratings reflect the challenges KIB faces in maintaining
asset quality and liquidity during the ongoing banking sector
turbulence in the risky operating environment of the Republic of
Kazakhstan (foreign currency BBB-/Negative/A-3, local currency
BBB/Negative/A-3).  The bank's rapid growth, high lending
concentrations, and its small domestic franchise have
accentuated these difficulties.

However, KIB's niche strategy, its focus on profitability,
transparent and supportive shareholders, good management team,
and adequate risk management partly mitigate these concerns.

KIB is a small Kazakh bank with a market share of less than 1%
and total assets of Kazakhstani tenge 83.9 billion (US$696
million) at the end of May 2008.  S&P has not factored in
extraordinary state support into our ratings assessment because
we don't regard KIB as a systemically important bank to the
Kazakh economy.

Although KIB benefits from business connections, capital
support, and solid relationships with its shareholders (among
them, a group of wealthy Kazakh businessmen, the European Bank
for Reconstruction and Development, and Citi Venture Capital
International), S&P gives no rating uplift for support from
the bank's owners because S&P is uncertain about their ability
and willingness to provide support if needed.

The bank's fast growth over the past four years, when loans
increased tenfold from very low levels, was above the industry
average.  Due to its limited customer base, KIB has high
individual lending concentrations.  The top-20 loans accounted
for a very high 310% of adjusted total equity at end-March 2008.

"KIB is substantially exposed to the construction sector, which
represented 13.9% of the bank's total loans at end-May 2008,"
said Ms. Ess.  "This figure is below the market average.
However, the increasing pressure on asset quality threatens the
bank's credit fundamentals."


PROM STROY: Claims Deadline Slated for August 1
-----------------------------------------------  
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Prom Stroy Complect-PV insolvent.

Creditors have until Aug. 1, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Pavlodar
         Naberejnaya Str. 3-103
         Pavlodar
         Kazakhstan
         Tel: 8 (7182) 53-84-02


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


ALANDRA WHOLESALE: Creditors Must File Claims by July 30
--------------------------------------------------------
LLC Alandra Wholesale has declared insolvency.  Creditors have
until July 30, 2008 to submit written proofs of claim to:

         LLC Alandra Wholesale
         Micro District 8, 30-13
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 69-35-84


=================
L I T H U A N I A
=================


* Lithuanian Number of Bankruptcies Decrease by 20.2% in 2007
-------------------------------------------------------------
The number of companies that were bankrupt in Lithuania totaled
606 in 2007, a decrease by 20.2% compared to 759 in 2006,
Vilnius reports citing the Statistics Department.

According to the survey, 92.1% of all bankruptcies were from
small firms.  No bankruptcies among large companies were
recorded in 2007 compared with two companies in 2006.

The department added that the financial intermediation sector
has 60% declines in the number of bankruptcies in 2007.  Hotel
and restaurant industry has 33.3%, while real estate and lease
was 61.5%, the survey said.


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


HUNTSMAN CORP: Files US$3 Billion Lawsuit Against Apollo
--------------------------------------------------------
Huntsman Corp. has filed a lawsuit against Apollo Management
L.P. with the District Court of Texas in Montgomery County.  
Included in the filing are two Apollo partners, Leon Black and
Joshua Harris.

Among other things, Huntsman claims that Apollo had no intention
of consummating its US$28 per share merger with the company.  
Huntsman alleges that Apollo's "secret plan" was to stop its
planned merger with Basell Holdings and force it to sell at a
lower price.

In a regulatory filing, Huntsman discloses that Apollo had twice
tried to acquire the company.  Although Apollo eventually
offered US$26 per share, Huntsman decided to accept Basell AF's
offer of US$25.25 per share citing that Basell's proposal "could
be consummated more quickly and with greater regulatory
certainty."

In June 29, 2007, Apollo submitted a revised proposal for Hexion
Specialty Chemicals Inc. to acquire Huntsman for US$27.25 per
share.  While Basell argued that its proposal was still superior
since, in part, it had less completion risk, Hunstman terminated
its agreement with Basell saying that Apollo's offer was
superior.  As part of the termination, Hunstman paid a US$200
million termination fee, US$100 million of which came from
Hexion, to Basell.

On June 18, 2008, however, Hexion and Apollo filed a suit with
the Court of Chancery of the State of Delaware against Hunstman
claiming that the merger could not be completed since, among
others, Huntsman’s “debt has increased and its performance has
declined."

As reported in the Troubled Company Reporter-Europe on June 20,
2008, Huntsman said that it intends to vigorously enforce all of
its rights under the Merger Agreement and seek to consummate the
merger on the agreed terms.  Huntsman further said that
thelawsuit was inconsistent with the terms of the Merger
Agreement and the obligations to Huntsman and its shareholders.

In its suit against Apollo, Huntsman demands a jury trial and
seeks at least US$3 billion in damages.

Huntsman is represented in the suit by attorneys at Vinson &
Elkins L.L.P. and Drucker, Rutledge & Smith, L.L.P.

                     About Hexion Specialty

Based in Columbus, Ohio, Hexion Specialty Chemicals Inc. --
http://www.hexionchem.com/--  serves the global wood and
industrial markets through a broad range of thermoset
technologies, specialty products and technical support for
customers in a diverse range of applications and industries.
Hexion Specialty Chemicals is controlled by an affiliate of
Apollo Management, L.P.

Outside the United States, the company has regional headquarters
in: China through Hexion Specialty Chemicals Singapore Pte Ltd.;
Australia through Hexion Specialty Chemicals Australia Pty.; the
Netherlands through Hexion Specialty Chemicals B.V.; and in
Brazil through Hexion Quimica Industria e Comercio Ltda.

                   About Huntsman Corp.

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.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on June 20,
2008, Standard & Poor's Ratings Services ratings Huntsman Corp.
(BB-/Watch Neg/--) and Hexion Specialty Chemicals Inc. (B/Watch
Neg/--) remain on CreditWatch with negative implications, where
they were placed on July 5, 2007.

Moody's Investors Service’s meanwhile 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.


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


HEXION SPECIALTY: Huntsman Files Lawsuit Against Apollo
-------------------------------------------------------
Huntsman Corp. has filed a lawsuit against Apollo Management
L.P. with the District Court of Texas in Montgomery County.  
Included in the filing are two Apollo partners, Leon Black and
Joshua Harris.

Among other things, Huntsman claims that Apollo had no intention
of consummating its US$28 per share merger with the company.  
Huntsman alleges that Apollo's "secret plan" was to stop its
planned merger with Basell Holdings and force it to sell at a
lower price.

In a regulatory filing, Huntsman discloses that Apollo had twice
tried to acquire the company.  Although Apollo eventually
offered US$26 per share, Huntsman decided to accept Basell AF's
offer of US$25.25 per share citing that Basell's proposal "could
be consummated more quickly and with greater regulatory
certainty."

In June 29, 2007, Apollo submitted a revised proposal for Hexion
Specialty Chemicals Inc. to acquire Huntsman for US$27.25 per
share.  While Basell argued that its proposal was still superior
since, in part, it had less completion risk, Hunstman terminated
its agreement with Basell saying that Apollo's offer was
superior.  As part of the termination, Hunstman paid a US$200
million termination fee, US$100 million of which came from
Hexion, to Basell.

On June 18, 2008, however, Hexion and Apollo filed a suit with
the Court of Chancery of the State of Delaware against Hunstman
claiming that the merger could not be completed since, among
others, Huntsman’s “debt has increased and its performance has
declined."

As reported in the Troubled Company Reporter-Europe on June 20,
2008, Huntsman said that it intends to vigorously enforce all of
its rights under the Merger Agreement and seek to consummate the
merger on the agreed terms.  Huntsman further said that
thelawsuit was inconsistent with the terms of the Merger
Agreement and the obligations to Huntsman and its shareholders.

In its suit against Apollo, Huntsman demands a jury trial and
seeks at least US$3 billion in damages.

Huntsman is represented in the suit by attorneys at Vinson &
Elkins L.L.P. and Drucker, Rutledge & Smith, L.L.P.

                     About Huntsman Corp.

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.

                     About Hexion Specialty

Based in Columbus, Ohio, Hexion Specialty Chemicals Inc. --
http://www.hexionchem.com/--  serves the global wood and
industrial markets through a broad range of thermoset
technologies, specialty products and technical support for
customers in a diverse range of applications and industries.
Hexion Specialty Chemicals is controlled by an affiliate of
Apollo Management, L.P.

Outside the United States, the company has regional headquarters
in: China through Hexion Specialty Chemicals Singapore Pte Ltd.;
Australia through Hexion Specialty Chemicals Australia Pty.; the
Netherlands through Hexion Specialty Chemicals B.V.; and in
Brazil through Hexion Quimica Industria e Comercio Ltda.

As of March 31, 2008, Hexion’s balance sheet showed a
shareholders’ deficit of US$1,357,000,000.


TRONOX INC: S&P Cuts Corporate Credit Rating to B
-------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
and other ratings on Tronox Inc. by one notch.  S&P lowered the
corporate credit rating to 'B' from 'B+'.  The outlook is
negative.

As of March 31, 2008, Tronox had approximately US$800 million in
debt (adjusted for capitalized operating leases, tax-adjusted
underfunded employee benefits, the company's receivable-
securitization program, and tax-adjusted environmental reserves,
net of estimated receivables).

"The downgrade reflects our expectation for a continuation of
challenging operating conditions for titanium dioxide [TiO2]
producers into 2009, including a weak U.S. housing end-market,
and high input and energy costs," said Standard & Poor's credit
analyst Paul Kurias.  These factors have contributed to weaker
earnings, cash flows, and credit quality measures, relative to
our expectations at the previous rating.  S&P is concerned that
the ongoing weakness in markets and cost pressures could weaken
liquidity and reduce cushions available under financial
covenants especially if Tronox is unable to achieve its planned
debt reduction in 2008.

S&P expects that management actions will only partly offset the
negative impact of the unfavorable operating environment.
Management is implementing a restructuring program to reduce
costs, plans several TiO2 price increases in the second quarter
of 2008, and will suspend the equity dividend, all of which
we expect will have a favorable impact on earnings and cash flow
available to service debt.  Despite these actions, we expect
operating difficulties to result in funds from operations to
total debt remaining at 10% or below over the next two years,
which is lower than our expectations of about 15% over a
cycle, at the previous ratings.

The ratings on Oklahoma City, Okla.-based Tronox reflect the
company's limited business diversity, exposure to cyclical end-
markets and commodity product cycles, and a highly leveraged
financial profile that includes significant environmental
liabilities.  Mitigating factors include Tronox's good
geographic diversity, favorable market positions in the TiO2
markets, and access to proprietary process technologies. With
about US$1.4 billion in annual sales, Tronox is the third-
largest global producer of TiO2, behind industry leader E.I.
DuPont de Nemours & Co. and Millennium Inorganic Chemicals.

S&P could lower the ratings if weakening economic conditions
lead to a substantial reduction in earnings, or cash flow, or a
meaningful increase in adjusted debt over the current level of
US$800 million.  This includes a decline in adjusted 12-month
EBITDA to a level below US$100 million, or the prospect of
negative free cash flow generation on a sustained basis. We will
also lower ratings if the earnings cushion under the company's
total leverage and interest coverage covenants declines to low-
to mid-single-digit million dollar levels in 2008.  
Alternatively, we could revise the outlook to stable if
management proactively, as it has done in the past, seeks
covenant relief, or amends the capital structure to eliminate
constraints on liquidity during the cyclical downturn.


X5 RETAIL: Names Mikhail Kuprish as Chief Development Director
--------------------------------------------------------------
X5 Retail Group N.V. has appointed Mikhail Kuprish as Chief
Development Director of the Company effective June 30, 2008.   
Mr. Kuprish is currently X5 Retail Group’s Vice President of
Small Format Development.  

Starting from June 30m 2008 he will be responsible for
implementing the Company’s strategy with respect to organic
development of all of X5’s store formats.  The current Chief
Development Director Andrei Rybakov is leaving the Company for
personal reasons.

M. Rybakov is one of the longest-serving employees of X5 Retail
Group -– he has worked at Perekrestok since 1995 and played an
active role in the Company’s founding and development.  After
the merger of Perekrestok and Pyaterochka and the creation of X5
Retail Group in May 2006, he was appointed Chief Development
Director of the Company.

"Andrei Rybakov’s contribution to our Company’s success is
difficult to overstate.  Throughout these years he has been an
example of commitment and talented management; he served as a
director of one of the most important areas of our operations
and played a role of a mentor to our young employees.  We are
grateful for everything Andrei has done for the Company, and we
wish him good luck and prosperity in his undertakings and
private life," said Lev Khasis, CEO of X5 Retail Group.

"I would also like to welcome Mikhail Kuprish to his new
position.  Mikhail has worked at the Company since 1999 and has
a deep understanding of our business.  Active organic
development is an integral part of X5’s growth strategy and one
of the key tasks faced by the Company.  I am confident that
Mikhail is completely prepared for his new role," Mr. Khasis
added.

                        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
===========


NORSKE SKOG: Sells Korean Unit to Morgan Stanley for US$830MM
-------------------------------------------------------------
Norske Skog has entered into a definitive agreement to sell
Norske Skog Korea Co. Ltd., its Korean Subsidiary for
NOK4.3 billion (US$830 million) to Morgan Stanley Private Equity
Asia and Shinhan Private Equity.  The transaction includes the
two newsprint mills Jeonju and Cheongwon, and is part of the
process to reduce Norske Skog's net debt.

"The sale of the business in Korea will reduce Norske Skog's net
debt by approximately 25 per cent.  This will give us more
financial flexibility, and provide an improved basis for the
further work to restructure the group," says CEO Christian
Rynning-Tonnesen.

The total enterprise value is KRW850 billion, approximately
NOK4.3 billion.

Transaction consideration consists of NOK 3.2 billion
(US$620 million) in cash as well as assumption of liabilities;
out of which US$130 million is an inter-company loan which will
be repaid to Norske Skog from Norske Skog Korea Co Ltd. at
closing.  The transaction is expected to be finalized late
July/early August.

The transaction will not generate a material gain or loss when
recognized.  The final gain or loss will be booked when the
transaction is completed.

The net sales amount will be included in Norske Skog's liquidity
reserve, and reduce the company's net debt to NOK11.9 billion
from NOK15.7 billion as of March 31, 2008.  After completion of
the transaction, the gearing (net interest-bearing debt/equity)
will be reduced to 0.84 from 1.12 as of 31 March 2008.

The production capacity is 825 000 tonnes per year at Jeonju and
190 000 tonnes per year at Cheongwon.  The transaction gives a
price of USD 820 per tonne production capacity.  The Cheongwon
mill will continue to operate.  The units have about 800
employees in total, including the administration in Seoul.

Norske Skog's sales office in Singapore will continue to handle
export sales in Asia on behalf of the divested entity.

The divestiture will have limited operational effect for the
remaining business in Norske Skog.  Norske Skog will remain a
significant producer of newsprint in the Asian market through
its mills in China, Thailand and the 34 per cent ownership in
Malaysian Newsprint Industries.

ABG Sundal Collier and UBS have acted as financial advisors; and
Wiersholm, Mellbye & Bech and Kim & Chang have acted as legal
advisors to Norske Skog in connection with the transaction.

Subject to approvals from Korean competition authorities,
consent from certain of Norske Skog lenders and other customary
closing conditions, the transaction is expected to close in 4-6
weeks from now.

Norske Skog Korea Co. Ltd's president is Gjermund Røkke, and the
members of the board of directors are Vidar Lerstad, Gjermund
Rokke and I.S. Han.  There have been made no special agreements
with management in connection with the transaction.

Norske Skog acquired the Cheongwon mill in 1998.  The following
year, Norske Skog established the joint venture PanAsia with two
other paper producers, and both Cheongwon and Jeonju became part
of PanAsia.  From November 2005, the activities in Korea have
been fully owned by Norske Skog.

                About Norske Skogindustrier

Norske Skogindustrier ASA -- http://www.norskeskog.com/--   
produces and supplies paper and related products to the
concerned industry.  The company's products are used to make
newspapers, telephone directories, inserts, flyers, magazines,
catalogs, and books.  Its operations are carried out through
three segments: Newsprint, Magazine Paper and Other.  The
Newsprint segment produces news papers, free sheets, telephone
directories, catalogues and supplements.  The Magazine Paper
segment produces uncoated super calendared (SC) and coated
lightweight coated (LWC) paper for magazines, catalogues and
advertising material.  Other activity includes the sale of wood
and energy to external parties.  Its product lines include
newsprint brand Nornews; directory paper brands Bio Bio and
Tasman; improved newsprint brands Norbright, Norstar, and NorX;
and book paper brand Norbook. Norske Skog, which incorporates
recycled paper into some products, operates about 20 paper mills
worldwide.

                         *     *     *

As reported in the Troubled Company Reporter-Europe on May 13,
2008, Standard & Poor's Ratings Services said that its 'BB-'
long-term corporate credit ratings on Norway-based forest
product company Norske Skogindustrier ASA remain on CreditWatch,
where they were placed with negative implications on April 21,
2008, reflecting weaker financial prospects and increasing
liquidity concerns.


NORSKE SKOGINDUSTRIER: S&P Keeps BB- Rating on Watch Negative
-------------------------------------------------------------
Standard & Poor's Ratings Services was keeping its 'BB-' long-
term corporate credit ratings on Norway-based forest product
company Norske Skogindustrier ASA on CreditWatch, where they
were placed with negative implications on April 21, 2008,
reflecting weaker financial prospects and increasing liquidity
concerns.

"The credit-supportive impact of the disposal of Norske Skog's
Korean assets, announced earlier, will be factored into the
ratings once the transaction has closed," said Standard & Poor's
credit analyst Andreas Zsiga.

The disposal of Norske Skog's Korean operation is credit
supportive in that it significantly improves the company's
liquidity position.  In addition, the transaction is likely to
improve the company's forecast debt protection measures, as we
estimate that the resulting debt reduction will be larger than
the resulting loss of cash flow.  This balances a marginal
increase in business risk resulting from the loss of assets with
above-average profitability and reduced geographic diversity.

Norske Skog's business prospects remain challenging, with
renewed input-cost inflation and increasing uncertainties about
medium-term demand and pricing.  S&P expects to resolve the
CreditWatch placement by affirming the rating with a negative
outlook once the Korean disposal has closed, but S&P does not
exclude the possibility of a downgrade based on a further
negative assessment of market and cost prospects.


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


AVIATION OF YAROSLAVL: Creditors Must File Claims by July 13
------------------------------------------------------------
Creditors of OJSC Aviation of Yaroslavl have until July 13,
2008, to submit proofs of claim to:

         V. Blatov
         Insolvency Manager
         Ilyinka Str. 5/2
         109012 Moscow
         Russia

The Arbitration Court of Yaroslavl commenced bankruptcy
proceedings agains the company after finding it insolvent.  The
case is docketed under Case No. A82-2420/07-43-B/21.

The Debtor can be reached at:

         OJSC Aviation of Yaroslavl
         Airport GA Levtsovo
         150062 Yaroslavl
         Russia


BANK RENAISSANCE: Fitch Rates RUB4 Bln. Series 03 Loan at BB
------------------------------------------------------------
Fitch Ratings has assigned Russia-based CB Renaissance Capital's
(OOO) upcoming issue of fixed-rate Series 03 RUB4 billion bonds
a National Long-term 'BB(rus)' rating.  The guarantor of the
issue is OOO Renaissance Capital - International Services.  The
bonds mature in June 2012; however, there is an option available
to bondholders to submit bonds for early repayment at the end of
a 12-month period from the issue date.

CBRC is rated Long-term Issuer Default 'B-', Short-term IDR 'B',
Support '5', Support Rating Floor 'No Floor', Individual 'D/E'
and National Long-term 'BB(rus)'.  The Outlooks for both Long-
term ratings are Stable.

The bank's obligations under the issue will rank at least
equally with all its other unsecured and unsubordinated
creditors, save those preferred by any bankruptcy, employment,
insolvency, liquidation or similar laws of general application.  
Under Russian law, the claims of retail depositors rank above
those of other senior unsecured creditors.  At end of 2007,
retail accounts and deposits accounted for 5% of CBRC's total
liabilities, according to the bank's IFRS-audited financial
statements.

CBRC is a specialist consumer bank, which has been fully
operational since 2004.  At end of first quarter of 2008, it was
the 55th-largest bank in Russia by total assets and was among
the top 14 retail lenders.  It has a network of offices covering
63 regions of Russia and approximately 12,000 active points-of-
sale. CBRC is part of the broader Renaissance Group, which also
includes investment bank, Renaissance Capital Holdings Limited
(rated 'BB-'/Outlook Stable); merchant banking entity,
Renaissance Partners; asset manager, Renaissance Investment
Management and online trading unit, Renaissance Online.


CITY MANAGEMENT: Voronezh Bankruptcy Hearing Slated for August 6
----------------------------------------------------------------
The Arbitration Court of Voronezh will convene at 10:30 a.m. on
Aug. 6, 2008, to hear the bankruptcy supervision procedure on
OJSC City Management Company.  The case is docketed under Case
No. A14-2523/2008 12/16b.

The Temporary Insolvency Manager is:

         D. Kazakov
         Apt. 196
         Moiseeva Str. 25
         394051 Voronezh
         Russia

The Court is located at:

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

The Debtor can be reached at:

         OJSC City Management Company
         Leninskiy Pr. 93
         Voronezh
         Russia


LUCHEZARNOE OJSC: Novosibirsk Bankruptcy Hearing Set Sept. 17
-------------------------------------------------------------
The Arbitration Court of Novosibirsk will convene at 10:30 a.m.
on Sept. 17, 2008, to hear the bankruptcy supervision procedure
on OJSC Luchezarnoe.  The case is docketed under Case No.
A45-5665/08-43/10.

The Temporary Insolvency Manager is:

         V. Makarov
         Post User Box 325
         Krasnoobsk
         630501 Novosibirsk
         Russia
         Tel: 217-42-03

The Court is located at:

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

The Debtor can be reached at:

         OJSC Luchezarnoe
         Burmistrovo
         Novosibirsk
         Russia


MALYJ BERDYAUSH: Creditors Must File Claims by July 13
------------------------------------------------------
Creditors of Agricultural CJSC Malyj Berdyaush (TIN 7417003818)
have until July 13, 2008, to submit proofs of claim to:

         L. Neobutov
         Insolvency Manager
         Solnechnaya Str. 28-3
         Satka
         456910 Chelyabinsk
         Russia
         Tel/Fax: 8-35161-96797

The Arbitration Court of Chelyabinsk commenced bankruptcy
proceedings agains the company after finding it insolvent.  The
case is docketed under Case No. A76-14348/2007-52-67.

The Court is located at:

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

The Debtor can be reached at:

         Agricultural CJSC Malyj Berdyaush
         Malyj Berdyaush
         Satkinskiy
         456913 Chelyabinsk
         Russia


MAMONOVSKOE CJSC: Court Starts Bankruptcy Supervision Procedure
---------------------------------------------------------------
The Arbitration Court of Novosibirsk commenced bankruptcy
supervision procedure on CJSC Mamonovskoe.  The case is docketed
under Case No. A45-8893/07-4/42.

The Temporary Insolvency Manager is:

         V. Semenikhin
         Room 89
         Lenina Str. 55
         630004 Novosibirsk
         Russia

The Court is located at:

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

The Debtor can be reached at:

         CJSC Mamonovskoe
         Mamonovo
         633590 Novosibirsk
         Russia


NOVOOSKOLSKAYA SEED: Court Starts Bankruptcy Supervision Process
----------------------------------------------------------------
The Arbitration Court of Belgorod commenced bankruptcy
supervision procedure on OJSC Novooskolskaya Seed Growing
Station (TIN 3114008961).  The case is docketed under Case No.
A08-528/08-14-B.

The Temporary Insolvency Manager is:

         A. Kovalevskiy
         Office 307
         N. Chumichova Str. 38
         308000 Belgorod
         Russia

The Court is located at:

         The Arbitration Court of Belgorod
         Narodnyj Avenue 135
         308600 Belgorod
         Russia

The Debtor can be reached at:

         OJSC Novooskolskaya Seed Growing Station
         Podolkhi
         Novooskolskiy
         309606 Belgorod
         Russia


SAMARA OBLAST: S&P Lifts Rating on Good Financials Growth to BB+
----------------------------------------------------------------
Standard & Poor's Ratings Services had raised its global and
national scale issuer credit ratings on the Samara Oblast to
'BB+/ruAA+', from 'BB/ruAA'.  The outlook is stable.

Samara Oblast is located in the Russian Federation (foreign
currency BBB+/Positive/A-2; local currency A-/Positive/A-2;
Russia national scale 'ruAAA').

"The upgrade reflects the oblast's good financials and continued
economic growth and diversification," said Standard & Poor's
credit analyst Boris Kopeykin.

The ratings reflect Samara Oblast's high dependence on federal
decisions on its revenue and expenditure responsibilities;
continued, although decreasing, dependence on Samara's largest
taxpayers; and high expenditure pressures on both the operating
and capital sides.

Solid economic and budget revenue growth in the oblast support
the ratings.  They also reflect the oblast's moderate debt,
relatively sound financial performance, and good liquidity.

In 2007, the oblast recorded a healthy 11% operating surplus and
a modest 7% deficit after capital expenditures.  S&P expects
operating surpluses of about 10% and only modest 5%-9% deficits
after capital expenditures in 2008-2010.

The oblast has sound liquidity, with cash reserves exceeding
direct debt on May 1, 2008.  S&P expects liquidity to remain
sound, with cash exceeding debt service at least until 2010.
Samara's debt is moderate, with direct debt below 20% of
operating revenues at year-end 2007.  It is unlikely to exceed
35% by year-end 2010.

"We expect the oblast to continue to gradually decrease
dependence on its largest taxpayers through the development of
other industries, and to demonstrate healthy economic and budget
revenue growth of more than 3%-4% in real terms," said Mr.
Kopeykin.

A noticeable improvement in the oblast's infrastructure and
wealth levels could lead to positive rating actions--when that
improvement is combined with operating margins above 10%,
prudent debt policies with debt accumulation below 35%-40% of
revenues, and the maintenance of a strong liquidity position,
with cash exceeding debt service.

Deterioration of the oblast's financial performance, with
operating surpluses below 3%-5% and deficits after capital
expenditures above 10%, or rapid direct debt accumulation to
more than 45%-50% of revenues, could put pressure on the
ratings.


SEVERSTAL OAO: Moody's Keeps Ba2 Rating on Strong Performance
-------------------------------------------------------------
Moody's Investor's Service has affirmed the Ba2 corporate family
rating for OAO Severstal, the Ba2 rating for the Loan
Participation Notes totaling US$700 million.

Concurrently, Moody's has also assigned a (P)Ba2 rating to the
proposed loan participation notes to be issued by Steel Capital
S.A. for the sole purpose of financing its loan to OAO
Severstal.  The amount and maturity are subject to the
prevailing market conditions during placement.  Due to their
limited recourse, the loan notes' rating is based solely on the
creditworthiness of Severstal. At the same time, Moody's
Interfax Rating Agency, which is majority owned by Moody's, has
today confirmed the national scale rating from at Aa2.ru. The
outlook for all ratings is stable.

This rating action was prompted by recent developments at OAO
Severstal.  During the first half of 2008 the company has
executed a number of transactions and reached an agreement to
acquire certain assets in the USA namely acquisitions of
Sparrows Point and WCI, consolidation of remaining shares in
SeverCorr and recent bid for shared of Esmark.

Moody's views these latest developments in the context of
Severstal's strategy to strengthen the company's U.S. presence
and considers the recently acquired manufacturing facilities and
product offering to be complementary to the Severstal North
America existing business in the high-quality flat-rolled steel
segment.  Through these acquisitions Severstal would enhance its
position in the US by the increased capacity for the production
of crude and finished steel products as well as bringing some
diversification in Severstal North America assets between
integrated production facilities and mini-mills, giving it
certain flexibility to adjust to prevailing market conditions.

Moody's further commented that Severstal's sufficient cash
balance and the debt assumed as a result of recent acquisitions,
as well as proposed new issue of loan participation notes are
not expected to materially increase Severstal's gross
indebtedness.  Hence, this is in line with the debt metrics
required for maintaining the current Ba2 corporate family rating
of Severstal.  Nonetheless the succession of transactions could
potentially lead to integration issues.  In the agency's view
these transactions are now limiting the room under the current
rating category.

The Ba2 rating remains underpinned by:

   (i) the company's growing track record of strong operating
       performance, supported by an increasingly healthy
       domestic demand for steel products in Russia which should
       result in a greater sustainability of the group's current
       performance levels;

  (ii) OAO Severstal's established position in the Russian
       market and its ability to compete in international
       markets;

(iii) its low cash costs and continued focus on cost
       reductions;

  (iv) the group's current and expected moderate debt levels
       (Debt/EBITDA stood at 0.9x FYE 2007 with an increase to
       1.2x FYE 2008) and strong cash flow generation (RCF/Net
       Debt stood at 54.3% at FYE 2007);

   (v) OAO Severstal's self-sufficiency in main raw materials
       like iron ore and coal;

  (vi) the strategic location of its steel assets close to the
       major steel consuming markets.

Moody's notes OAO Severstal's disciplined approach towards M&A,
as well as its consistency in strategy and financial policy,
which are also expected to be adhered to going forward.  The Ba2
ratings also reflects Moody's view that OAO Severstal's upstream
and downstream integration has been largely completed
successfully and that the implementation of the growth strategy
with the aim of further developing high value-added and niche
products will succeed and should reduce earnings volatility
going forward.

On a more cautionary note, Moody's reiterated that the Ba2
corporate family rating continues to reflect:

   (i) the remaining exposure of OAO Severstal to the inherent
       cyclicality of the steel industry mainly via its
       international operations in Italy, France and North
       America;

  (ii) the group's appetite for acquisitions;

(iii) expectations of substantial capital expenditures related
       to the activity of mining companies and steel assets;

  (iv) the group's ownership concentration adding uncertainty
       and less predictability to its financial strategy and
       dividend policy;

   (v) the evolving and less transparent Russian political,
       fiscal and legal environment.

With regard to the Notes to be issued by Steel Capital S.A. for
the sole purpose of financing its loan to OAO Severstal, Moody's
noted their pari passu ranking with other senior unsecured debt
of OAO Severstal.  In its assessment of the company's capital
structure for the purpose of assessing the loss given default,
Moody's therefore considers secured debt to rank ahead of the
loan participation notes.  Two issues of the Loan Participation
Notes totalling US$700 million and due in 2009 and 2014 and a
new issue - are structurally and contractually subordinated to
the existing secured indebtedness of US$1.18 billion or 15% of
the total loan portfolio that is secured by property, equipment
and fixed assets.  However, it is expected that in the next 12
months the secured indebtedness would decrease to a level below
9% of the total loan portfolio.

In line with its loss-given-default methodology, Moody's has
therefore assigned a provisional (P)Ba2 for the Notes and a
provisional LGD assessment of LGD 4 (53.75%).

The ratings and LGDs will be finalized upon receipt of final
bond documentation and the confirmed issue amount.  The Notes
are subject to various restrictions and financial covenants,
including limitations on incurrence of indebtedness, leverage
covenant, limitation on certain mergers, asset sales and
dividend payments. Moody's commented that the current capital
structure would have normally led to a potential notching for
the Notes below the CFR of one, but stated it had taken note of
the intention of Severstahl that some existing secured debt
maturities in the US should be refinanced on an unsecured basis.
Hence no notching is currently contemplated by the agency on the
new Notes.

OAO Severstal is the largest steel producers in Russia, with
subsidiaries in the US and Italy.  The key operating assets are
located in 20 different locations around the globe. The company
also owns substantial mining assets in Russia and has some
mining activities in Western Africa.  The company is listed on
RTS and LSE and is directly and indirectly controlled by CEO Mr.
Alexey Mordashev who owns 82.37% stake in the company.

For the financial year 2007, Severstal produced 17.5 million
tons of steel.  Revenue were US$15.2 billion and EBITDA was
US$3.7 billion.


SVADIK LLC: Creditors Must File Claims by July 13
-------------------------------------------------
Creditors of LLC SVADiK (TIN 2329015646) have until July 13,
2008, to submit proofs of claim to:

         V. Zotyev
         Insolvency Manager
         Nakhichevanskiy Per. 64
         344010 Rostov-na-Donu
         Russia

The Arbitration Court of Krasnodar commenced bankruptcy
proceedings agains the company after finding it insolvent.  The
case is docketed under Case No. A-32-24019/2007-2/550-B.

The Court is located at:

         The Arbitration Court of Krasnodar
         Krasnaya Str. 6
         Krasnodar
         Russia

The Debtor can be reached at:

         LLC SVADiK
         Krasnaya Str. 3
         Gulkevichi
         Krasnodar
         Russia


TMK OAO: Moody's Rates Proposed U.S. Dollar Loan Notes at (P)Ba3
----------------------------------------------------------------
Moody's Investors Service assigned a (P)Ba3 rating to the
proposed U.S. dollar loan participation notes to be issued by
TMK Capital S.A.  The amount and maturity are subject to the
prevailing market conditions during placement.  The outlook for
the rating is negative.

With regard to the Notes to be issued by TMK Capital Group S.A.
for the sole purpose of financing the loan to TMK, Moody's noted
their pari passu ranking with other senior unsecured debt of
TMK.  In line with its loss-given-default methodology, Moody's
has therefore assigned a provisional (P) Ba3 for the Notes and a
provisional LGD assessment of LGD 4 (55.38%).  The subsequent
loan to TMK is expected to have two sets of guarantors: initial
and additional.  The additional guarantors should provide
guarantee not later than 90 days after the notes issue date and
the assigned rating is based on the assumption that these
guarantees would be issued without a delay.  The ratings and
LGDs will be finalized upon receipt of final bond documentation
and the confirmed issue amount.  The Notes are subject to
various restrictions and financial covenants, including
limitations on incurrence of indebtedness, leverage covenant,
limitation on certain mergers, asset sales and dividend
payments.

Moody's last rating action was the change of rating outlook to
negative on April 25, 2008.

TMK is Russia's largest and one of the world's leading
manufacturers of value-added steel pipe products for the oil &
gas industry.  In 2007, the company reported US$4.2 billion in
revenues, an increase of 23% and US$932 million in EBITDA
leading to an improvement by 16% compared to 2006 results.
Following an IPO in 2006 the company is 76.98% owned by the
founder, Mr. Pumpyanskiy


TMK OAO: S&P Rates Proposed Senior Unsecured Notes at BB-
---------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' long-term
debt rating to TMK Capital S.A.'s proposed senior unsecured note
issue, the sole purpose of which is to finance a loan to Russian
steel pipe producer OAO TMK (BB-/Negative/--; Russia national
scale 'ruAA-').

The amount and terms of the issue will be determined at
placement.  OAO Volzhsky Pipe Plant and ZAO TMK Trade House will
initially guarantee the loan.  All other main operating
subsidiaries, including OAO Seversky Pipe Plant, OAO Sinarsky
Pipe Plant, OAO Taganrog Metallurgical Works, and IPSCO
Tubulars, Inc., will additionally guarantee the loan.

"TMK will use the funds to partly refinance the US$1.2 billion
bridge loan attracted for the acquisition of IPSCO's assets from
Evraz," said Standard & Poor's credit analyst Andrey Nikolaev.

The notes' covenants include a debt-to-EBITDA ratio of not more
than 3.5x. For the periods before Jan. 1, 2010, however, the
calculation will exclude the EBITDA generated by IPSCO Tubulars,
Inc. and NS Group, Inc., as well as the debt related to these
acquisitions.

"The rating on the notes is the same as the corporate credit
rating on TMK, because the noteholders will essentially face
TMK's credit risk, and the amount of secured debt on TMK's
balance sheet is low," said Mr. Nikolaev.

The rating on OAO TMK reflects the company's increased leverage,
aggressive liquidity management, and healthy, but volatile
margins.

These factors are partially offset by TMK's robust market
positions, significant demand for seamless and large-diameter
welded pipes expected in Russia in next two to four years, and
capacity increases in 2008-2009 due to the company's ongoing
capital-expenditure program.  The company also benefits
from an increasingly diversified asset base.


X5 RETAIL: Names Mikhail Kuprish as Chief Development Director
--------------------------------------------------------------
X5 Retail Group N.V. has appointed Mikhail Kuprish as Chief
Development Director of the Company effective June 30, 2008.   
Mr. Kuprish is currently X5 Retail Group’s Vice President of
Small Format Development.  

Starting from June 30m 2008 he will be responsible for
implementing the Company’s strategy with respect to organic
development of all of X5’s store formats.  The current Chief
Development Director Andrei Rybakov is leaving the Company for
personal reasons.

M. Rybakov is one of the longest-serving employees of X5 Retail
Group -– he has worked at Perekrestok since 1995 and played an
active role in the Company’s founding and development.  After
the merger of Perekrestok and Pyaterochka and the creation of X5
Retail Group in May 2006, he was appointed Chief Development
Director of the Company.

"Andrei Rybakov’s contribution to our Company’s success is
difficult to overstate.  Throughout these years he has been an
example of commitment and talented management; he served as a
director of one of the most important areas of our operations
and played a role of a mentor to our young employees.  We are
grateful for everything Andrei has done for the Company, and we
wish him good luck and prosperity in his undertakings and
private life," said Lev Khasis, CEO of X5 Retail Group.

"I would also like to welcome Mikhail Kuprish to his new
position.  Mikhail has worked at the Company since 1999 and has
a deep understanding of our business.  Active organic
development is an integral part of X5’s growth strategy and one
of the key tasks faced by the Company.  I am confident that
Mikhail is completely prepared for his new role," Mr. Khasis
added.

                        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.


YUZH-YUPITER-SERVICE: Creditors Must File Claims by July 13
-----------------------------------------------------------
Creditors of LLC Yuzh-Yupiter-Service (TIN 1834023913)have until
July 13, 2008, to submit proofs of claim to:

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

The Arbitration Court of Udmurtiya commenced bankruptcy
proceedings agains the company after finding it insolvent.  The
case is docketed under Case No. A71-2815/2007-G2.

The Court is located at:

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

The Debtor can be reached at:

         LLC Yuzh-Yupiter-Service
         Avtozavodskaya Str. 5
         Izhevsk
         Udmurtiya
         Russia


* S&P Lifts Tatarstan Rating to BB on Good Financial Performance
----------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term issuer
credit rating on the Russian Republic of Tatarstan to 'BB' from
'BB-'.  The outlook is positive.

"The upgrade reflects the Republic's continued economic and
revenue growth, consistently strong budgetary performance, solid
liquidity, and low debt burden," said Standard & Poor's credit
analyst Irina Pilman.

The rating continues to be constrained by Tatarstan's
concentration in the oil sector--in particular on Russian oil
company Tatneft OAO (not rated) and the need to improve
governance practices.  Further constraints on the rating are the
contingent liabilities arising from the needs of the municipal
sector, and restricted budgetary predictability and flexibility.

Located in the Russian Federation (foreign currency
BBB+/Positive/A-2; local currency A-/Positive/A-2; Russia
national scale 'ruAAA'), Tatarstan is vulnerable to oil market
volatility because Tatneft provides most of the republic's tax
revenues.

Financial flexibility in Tatarstan, as in all Russia's regions,
is restricted by federal legislation that sets tax rates and
types, shares of taxes, and outlines expenditure
responsibilities.

Tatarstan's contingent liabilities arise from the necessity to
support municipal sector infrastructure.  In particular,
Tatarstan supports transport and other infrastructure facilities
in the city of Kazan.  Such support may become even more urgent
in the next few years as the city prepares to host Universiada,
an International University Sports Federation event for
university athletes, in 2013.

Tatarstan's revenues grew 18% in 2007, supported by 8.7% gross
regional product growth on the back of a favorable oil market
and tertiary sector growth.

Tatarstan's operating performance is 31% of operating revenues.
However, this may decline in 2008-2009 if expenditure growth
also continues at an advanced pace and revenues are further
redistributed in favor of the municipal level.

The government intends to keep balanced budgets in the medium
term and to accumulate no direct debt (which was nearly zero at
year-end 2007).  Meeting infrastructure needs may cause debt
accumulation, but S&P expects debt to remain marginal.

"We expect that revenues will not decline in real terms and that
tax proceeds generated from growth of non-oil industries and the
tertiary sector will compensate any possible negative
fluctuations in oil prices," said Ms. Pilman.

S&P also expects that the Tatarstan government will cope with
expenditure pressure, will keep operating balances at 10%–15% of
operating revenues, and will continue implementing its capital
programs without aggressive debt accumulation.

Continued revenue growth and high operating performances--if
combined with institutionalization of the medium-term investment
and financial policy, and some improvement in the transparency
and predictability of the entity's governance--could result in a
positive rating action.

Downward pressure on the rating could result from a depletion of
liquidity reserves as a result of a sharp decrease in revenues
from Tatneft, together with the growth of operating expenditures
and pressure on the capital side.  S&P considers this scenario
unlikely, however.


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


AFRO COFFE: Creditors Must File Proofs of Claim by Thursday
-----------------------------------------------------------
Creditors owed money by JSC Afro Coffee have until Thursday,
June 26, 2008, to submit their proofs of claim to:

            Advocacy Blum & Partner
            Chamerstrasse 2
            6304 Zug
            Switzerland

The company is currently undergoing liquidation in Zug.  The
decision about the liquidation was accepted at an extraordinary
general meeting held on May 5, 2008.


ARHAN ORIENT-TEPPICHE: Undergoing Liquidation in Zurich
-------------------------------------------------------
JSC Arhan Orient-Teppiche is currently undergoing liquidation in
Zurich.  The decision about the liquidation was accepted at a
general meeting held on April 8, 2008.

Deadline for creditors to file proofs of claim was yesterday,
June 23, 2008.


AVAG AUTOVERMIETUNG: Creditors Have Until June 25 to File Claims
----------------------------------------------------------------
Creditors owed money by JSC AVAG Autovermietung, Zurich, have
until Wednesday, June 25, 2008, to submit their proofs of claim
to:

            Jurg Eckstein
            Saumerstrasse 33
            8803 Ruschlikon
            Switzerland

The company is currently undergoing liquidation in Zurich.  The
decision about the liquidation was accepted at a general meeting
held on Sept. 22, 2005.


BAUMBERGER MALER: Creditors’ Liquidation Claim due by June 27
-------------------------------------------------------------
Creditors owed money by LLC Baumberger Maler have until Friday,
June 27, 2008, to submit their proofs of claim to:

            Catherine Baumberger
            Hohenweg 15
            8360 Eschlikon
            Switzerland

The company is currently undergoing liquidation in Eschlikon.  
The decision about the liquidation was accepted at an
extraordinary shareholder’s meeting held on April 29, 2008.


BIT13 INTERACTIVE: Undergoing Liquidation Proceedings in Opfikon
----------------------------------------------------------------
LLC Bit13 interactive is currently undergoing liquidation in
Opfikon.  The decision about the liquidation was accepted at an
extraordinary shareholder’s meeting held on March 10, 2008.

Deadline for creditors to file proofs of claim was yesterday,
June 23, 2008.


DATAFLASH JSC: Undergoing Liquidation in Aargau
-----------------------------------------------
The Bankruptcy Service of Aargau commenced bankruptcy
proceedings against JSC Dataflash on June 11, 2007.

The Bankruptcy Service of Aargau can be reached at:

            Bankruptcy Service of Aargau
            Amtsstelle Oberentfelden
            5036 Oberentfelden
            Switzerland

Deadline for creditors to file proofs of claim was yesterday,
June 23, 2008.


ESCADA AG: Moody's May Lower B2 Rating After Review
---------------------------------------------------
Moody's Investors Service has placed ESCADA AG Corporate Family
Rating of B2 and the senior unsecured rating on the notes due
2012 of B2 on review for possible downgrade.  The rating action
follows the company's second profit warning announcement over
the last two months and follows the ratings downgrade by one
notch on the 15th of May 2008.

On June 20, 2008 ESCADA announced that following significant
revenues drop at its BiBa retail chain during the period from
February to April, the company is reviewing its EBITDA target
for the current FYE October 2008 to EUR37 million, which
compares unfavourably to the EUR51 million announced in early
April and to the EUR68.2 million reported at FYE October 2007.
Along with the extremely rapid deterioration suffered by the
company's profitability, Moody's notes that the company is still
negotiating its existing bank facility.

Moody's review will focus on:

   (i) the company's line of actions to restore the operating
       performances at core businesses,

  (ii) the capability to refinance a new bank facility to
       replace the existing EUR90 million facility maturing in
       December 2008,

(iii) the company's capability to secure proper financing
       needed to restructure the business and to invest in the
       day to day activity, and

  (iv) the expected credit profile going forward to monitor
       whether this will remain supportive of the business risk
       profile of the company.

These ratings have been placed under review for possible
downgrade:

   -- Corporate Family Rating of B2;

   -- Senior Unsecured Rating on the EUR200 million notes due
      2012 of B2 (LGD3, 49%).

ESCADA, headquartered in Munich, is one of the leading European
manufacturers and distributors of ready-to-wear luxury apparel
for women. In the financial year ended Oct. 31, 2007, the
company reported consolidated sales of EUR686 million and EBITDA
of EUR68.2 million.


HAURI CONSULTING: Liquidation Claims Due By June 26
---------------------------------------------------
Creditors owed money by JSC Hauri Consulting have until
Thursday, June 26, 2008, to submit their proofs of claim to:

            Grendelstrasse 15
            6000 Luzern 5
            Switzerland

The company is currently undergoing liquidation in Luzern.  The
decision about the liquidation was accepted at an extraordinary
general meeting held on April 11, 2008.


IDEAL SYSTEM: Zug Court Initiates Bankruptcy Proceedings
--------------------------------------------------------
The Bankruptcy Service of Zug commenced bankruptcy proceedings
against LLC Ideal System on May 13, 2008.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6301 Zug
         Switzerland

The Debtor can be reached at:

         LLC Ideal System
         Fohrenweg 2
         6343 Rotkreuz.
         Switzerland


LATIMO INSURANCE: Deadline to File Proofs of Claim is June 25
-------------------------------------------------------------
Creditors owed money by LLC Latimo Insurance Consulting have
until Wednesday, June 25, 2008, to submit their proofs of claim
to:

            Mentor Latifi
            Liquidator
            Kreuzstrasse 35
            4665 Oftringen
            Switzerland

The company is currently undergoing liquidation in Feldbrunnen-
St. Niklaus.  The decision about the liquidation was accepted at
an extraordinary shareholder’s meeting held on March 15, 2005.


LUNESA JSC: Zug Court Commences Bankruptcy Proceedings
------------------------------------------------------
The Bankruptcy Service of Zug commenced bankruptcy proceedings
against JSC Lunesa on May 19, 2008.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6301 Zug
         Switzerland

The Debtor can be reached at:

         JSC Lunesa
         Lauriedstrasse 7
         6300 Zug.
         Switzerland


NAEF TRANSPORTSYSTEME: Liquidation Claims Due by June 26
--------------------------------------------------------
Creditors owed money by LLC Naef Transportsysteme have until
Thursday, June 26, 2008, to submit their proofs of claim to:

            Bruno Naf
            Alte Landstrrasse 18
            8193 Elglisau
            Switzerland

The company is currently undergoing liquidation in Eglisau.  The
decision about the liquidation was accepted at an extraordinary
shareholder’s meeting held on April 16, 2008.


NETGRAPHIC JSC: Creditors Have Until Friday to File Claims
----------------------------------------------------------
Creditors owed money by JSC Netgraphic have until Friday,
June 27, 2008, to submit their proofs of claim to:

            Daniel Gotschi
            Liquidator
            JSC gdz
            Spindelstrasse 2
            8041 Zurich
            Switzerland

The company is currently undergoing liquidation in Zurich.  The
decision about the liquidation was accepted at an extraordinary
general meeting held on Feb. 20, 2008.


PEAK PERFORMANCE: Creditors have Until Wednesday to File Claims
---------------------------------------------------------------
Creditors owed money by JSC Peak Performance have until
Wednesday, June 25, 2008, to submit their proofs of claim to:

            Gionni Perri
            Liquidator
            Gulmstrasse 14b
            6315 Oberageri
            Switzerland

The company is currently undergoing liquidation in Unterageri.  
The decision about the liquidation was accepted at an
extraordinary general meeting held on April 28, 2008.


REDYW JSC: Creditors Have Until Thursday to File Proofs of Claim
----------------------------------------------------------------
Creditors owed money by JSC Redyw have until Thursday, June 26,
2008, to submit their proofs of claim to:

            Credit Suisse
            7500 Street Moritz
            Switzerland

The company is currently undergoing liquidation in St. Moritz.  
The decision about the liquidation was accepted at an
extraordinary general meeting held on April 24, 2008.


SKM BUSINESS: Thurgau Court Commences Bankruptcy Proceedings
------------------------------------------------------------
The Bankruptcy Service of Thurgau commenced bankruptcy
proceedings against LLC SKM Business on April 14, 2008.

The Bankruptcy Service of Thurgau can be reached at:

         Bankruptcy Service of Thurgau
         8510 Frauenfeld
         Switzerland

The Debtor can be reached at:

         LLC SKM Business
         Bottihoferstrasse 1
         8280 Kreuzlingen.
         Switzerland


SOLTRACO JSC: Creditors Must File Proofs of Claim by Wednesday
--------------------------------------------------------------
Creditors owed money by JSC Soltraco have until Wednesday,
June 25, 2008, to submit their proofs of claim to:

            JSC Solvay (Schweiz)
            Liquidator
            Zurcherstrasse 42
            5330 Zurzach
            Switzerland

The company is currently undergoing liquidation in Allschwil.  
The decision about the liquidation was accepted at an
extraordinary general meeting held on April 25, 2008.


TCC THECALLCENTER: Undergoing Liquidation in Ittigen
----------------------------------------------------
LLC Tcc thecallcenter is currently undergoing liquidation in
Ittigen.  The decision about the liquidation was accepted at an
extraordinary shareholder’s meeting held on May 6, 2008.

Deadline for creditors to file proofs of claim was yesterday,
June 23, 2008.

For inquires, the liquidator can be reached at:

            Adrian Hansli
            Liquidator
            Vorderer Schermen 14
            3063 Ittigen
            Switzerland


UMIKER FINANZ: Creditors’ Deadline to File Claims is June 25
------------------------------------------------------------
Creditors owed money by LLC Umikewr Finanz have until Wednesday,
June 25, 2008, to submit their proofs of claim to:

            Roberto Umiker
            Liquidator
            Oberstadt 6
            8260 Stein am Rhein
            Switzerland

The company is currently undergoing liquidation in Stein am
Rhein.  The decision about the liquidation was accepted at an
extraordinary shareholder’s meeting held on May 6, 2008.


WEISS PRAZISIONSMECHANIK: Claims Filing Deadline Set on June 26
---------------------------------------------------------------
Creditors owed money by LLC Weiss Prazisionsmechanik have until
Thursday, June 26, 2008, to submit their proofs of claim to:

            Erhard Weiss
            Liquidator
            Oberburgstrasse 102
            3400 Burgdorf
            Switzerland

The company is currently undergoing liquidation in Burgdorf.  
The decision about the liquidation was accepted at a regular
shareholder’s meeting held on April 28, 2008.


WISOLCO CONSULTING: Thursday Set as Deadline to File Claims
-----------------------------------------------------------
Creditors owed money by LLC Wisolco Consulting have until
Thursday, June 26, 2008, to submit their proofs of claim to:

            Urs Widmer
            Liquidator
            Gass 2
            8370 Busswil
            Switzerland

The company is currently undergoing liquidation in Sirnach.  The
decision about the liquidation was accepted at a shareholder’s
meeting held on April 24, 2008.


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


* Fitch Rates Ukraine's Upcoming US$500 Mln. Loan at BB-
--------------------------------------------------------
Fitch Ratings has assigned Ukraine's upcoming five-year US$0.5
billion eurobond a 'BB-' rating.  The rating is in line with
Ukraine's Long-term foreign currency Issuer Default rating of
'BB-' with Stable Outlook.

Fitch revised the Outlook for Ukraine's IDRs to Stable from
Positive in May 2008, citing an unconvincing policy response
from the authorities to mounting risks to the country's
macroeconomic and financial stability from rising inflation and
deteriorating external finances.  Amelioration of current risks
involving a much firmer commitment by the authorities to restore
the conditions for sustainable growth would be positive for the
ratings.  However, further worsening of risks to the economy's
prospects would add to negative pressure on the ratings.

In May 2008, consumer-price inflation reached 31%, one of the
highest rates among Fitch-rated sovereigns, from 17% at end-
2007.  A 49% rise in food prices is contributing to Ukraine's
soaring inflation, but overly loose monetary conditions have
also played a part.  Strong capital inflows fueled broad
monetary growth of 51% in 2007, as the central bank bought
foreign exchange to maintain the UAH's peg to the US$.  

Fitch expects Ukraine's current account deficit to swell to 7.5%
of GDP in 2008, as domestic demand booms.  Ukraine could face a
doubled gas import price in 2009, potentially adding
US$1.5 billion to the already soaring import bill.  Fitch
projects Ukraine's external financing needs, including short-
term debt, at 133% of official reserves in 2008, against a 'BB'
median of 77%.

The response from a government dogged by ongoing political
instability has been unconvincing.  The central bank revalued
the UAH peg by just 4% in April, spurning IMF advice to move to
a more flexible regime that could help absorb the terms-of-trade
shocks to which Ukraine is exposed.  Bank credit to the domestic
private sector rose 78% in the year to March 2008, a worryingly
high pace given the weaknesses of the sector.  Sensitivity to
banking-sector fragilities may be inhibiting the central bank's
willingness to tighten domestic monetary conditions more
aggressively.  On fiscal policy, the authorities' latest 2008
budget projects a deficit of about 1%, only a 0.5pp tightening
from the original 2008 budget.  President Yushchenko has vetoed
privatization plans to influence budgetary policy.  Meanwhile,
lack of economic policy clarity risks high inflation becoming
entrenched in Ukrainians' expectations.  Nominal wages grew 40%
in May 2008 from a year before, risking a wage-price spiral.

However, Fitch believes Ukraine's longer-term prospects remain
bright.  The country joined the WTO in 2008, starting Ukraine on
the road to a free-trade area agreement with the EU, a process
that should exert sustained pressure on the government to
improve the country's structures and institutions, and
underpinning the prospects for sustaining the pick-up in FDI
receipts that began in 2005.  Despite political noise, a
fundamental consensus exists between the major parties and blocs
on Ukraine's path towards a market economy, while a genuine
democracy has emerged from the 2004 Orange Revolution.


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


A&M TRANSPORT: Soaring Fuel Costs Prompt Closure; 100 Jobs Axed
---------------------------------------------------------------
A&M Transport of Pontardawe, owners' attempts to save the
company, has ceased trading despite resulting in a loss of 100
jobs, Shaun Greaney writes for Evening Post.

A&M Transport's owners, which injected thousands of pounds into
the haulage firm, blamed soaring fuel costs for the company's
collapse, Evening Post relates.

"The work is around but when you are spending GBP50,000 a month
on fuel and it has gone up 80 per cent in a few months and our
prices haven't gone up, you just can't carry on," David Evans,
the brother of A&M Transport director Martin Evans, told Evening
Post, adding "we have done everything in our power to try to
save it and we can't keep pouring money into a black hole."

Mr. Evans disclosed A&M Transport's taxi business, however,
would continue to trade after a rescue package has been drawn
up, saving 20 jobs, Evening Post notes.

Meanwhile, a meeting of creditors has been called for Wednesday,
June 25 to put the company into liquidation, the paper reveals.


BLOXWICH AUTOMOTIVE: Claims Filing Period Ends July 18
------------------------------------------------------
Creditors of Bloxwich Engineering Ltd. (formerly The Bloxwich
Lock and Stamping Co. Ltd.) have until July 18, 2008 to prove
their debts and send their claims to:

         Neil Tombs
         Joint Liquidator
         Grant Thornton UK LLP
         Enterprise House
         115 Edmund Street
         Birmingham
         B3 2HJ
         England

Neil Tombs and Gerald Clifford Smith of Grant Thornton UK LLP
were appointed joint liquidators of the company on June 9 for
the creditors' voluntary winding-up proceeding.


BLOXWICH ENGINEERING: Hires Liquidators from Grant Thornton
-----------------------------------------------------------
Neil Tombs and Gerald Clifford Smith of Grant Thornton UK LLP
were appointed joint liquidators of Bloxwich Engineering Ltd.
(formerly The Bloxwich Lock and Stamping Co. Ltd.) on June 9 for
the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Grant Thornton UK LLP
         Enterprise House
         115 Edmund Street
         Birmingham
         B3 2HJ
         England


BOURNEMOUTH BODY: Claims Filing Period Ends August 11
-----------------------------------------------------
Creditors of Bournemouth Body Consultancy Ltd. (formerly Body
Consultancy Ltd. and Body Mechanics Ltd.) have until
Aug. 11, 2008 to send in their full names, their addresses and
descriptions full particulars of their debts and claims, and
names and addresses of their solicitors (if any) to:

         Nigel Ian Fox
         Joint Liquidator
         Tenon Recovery
         Highfield Court
         Tollgate
         Chandlers Ford
         Eastleigh
         Hampshire
         SO53 3TZ
         England

Nigel Ian Fox and Stanley Donald Burkett-Coltman of Tenon
Recovery were appointed joint liquidators of the company on
June 11, 2008 by resolutions of members and creditors.


BRITISH AIRWAYS: Launches New OpenSkies Carrier in U.S.
-------------------------------------------------------
Taking advantage of the U.S.-EU treaty that deregulates airline
marketing and some flight operations across the Atlantic that
took effect on March 30, 2008, British Airways PLC is linking
New York to Continental Europe with its new carrier called
OpenSkies, Mr. Daniel Michael writes for The Wall Street
Journal.

BA sees OpenSkies as a low-risk way to tap a new market of U.S.
business travelers who want connections with both London and the
European continent, the report added.

OpenSkies will initially fly only one plane between Paris and
New York.  During the next 18 months, OpenSkies plans to add
more planes and destinations from New York to Brussels,
Amsterdam and Milan.  All OpenSkies Boeing 757 jetliners will
come from BA's current fleet.

                      About British Airways

Headquartered in West Drayton, United Kingdom, British Airways
Plc -- http://www.ba.com/-- operates of international and
domestic scheduled and charter air services for the carriage of
passengers, freight and mail, and provides of ancillary
services.  The British Airways group consists of British Airways
plc and a number of subsidiary companies including in particular

British Airways Holidays Ltd. and British Airways Travel
Shops Ltd.  BA has offices in India and Guatemala.

                        *     *     *

British Airways Plc carries a senior unsecured debt rating of
Ba1 from Moody's Investors' Service with a stable outlook.  
Ratings apply to date.


BRITISH AIRWAYS: Raises Levy in Business and First-Class Travel
---------------------------------------------------------------
British Airways' business and first-class passengers will now
pay higher fuel surcharges than economy passengers, The
Financial Times reports.

According to the report, the restructuring of the levy reflects
the higher amount of fuel burned per passenger in the premium
cabins.

As previously reported in the TCR-Europe, the airline increased
its fuel surcharge on all tickets issued starting on June 3,
2008.  

The surcharge for first-class and business passengers has
increased by GBP24 to GBP133 one way for flights of more than
nine hours, the report said.

Report adds that the surcharge in the premium economy cabin has
also been increased from GBP109 to GBP121 one way.  The
surcharge on economy passengers remains at GBP109.

                     About British Airways

Headquartered in West Drayton, United Kingdom, British Airways
Plc -- http://www.ba.com/-- operates of international and
domestic scheduled and charter air services for the carriage of
passengers, freight and mail, and provides of ancillary
services.  The British Airways group consists of British Airways
plc and a number of subsidiary companies including in particular

British Airways Holidays Ltd. and British Airways Travel
Shops Ltd.  BA has offices in India and Guatemala.

                        *     *     *

British Airways Plc carries a senior unsecured debt rating of
Ba1 from Moody's Investors' Service with a stable outlook.  
Ratings apply to date.


CHEYNE FINANCE: Inks Restructuring and Sale Deal with GSI
----------------------------------------------------------
The receivers of SIV Portfolio Plc (In Receivership) (formerly
Cheyne Finance Plc), being Neville Kahn, Nicholas Edwards and
Nicholas Dargan each of Deloitte & Touche LLP, have entered into
a restructuring agreement and a portfolio sale agreement, each
with Goldman Sachs International .  

                Sales of Portfolio Securities

Under the Portfolio Sale Agreement, the Company has agreed to
sell a portion of the portfolio of debt securities held by the
Company to GSI, subject to the satisfaction of certain
conditions precedent.

Under the terms of the Restructuring Agreement, the Company has
agreed, on specified terms and subject to certain conditions, to
sell the remaining Portfolio Securities which are not being sold
to GSI, pursuant to an auction process involving certain market
participants which will be invited to submit bids for the
purchase of such Portfolio Securities.

Following completion of the sales of the Portfolio Securities to
the Alternative Bidders and GSI, the Receivers will distribute
the net cash proceeds received from the Sales in accordance with
the terms of the Security Trust Deed dated August 3, 2005.  The
Receivers do not anticipate that such net cash proceeds will be
sufficient to allow any payment to be made to the holders of the
Capital Notes or to any other party which is subordinate to the
Senior Creditors in the Payment Priority set out in the Security
Trust Deed.

The Receivers expect the Sales of the Portfolio Securities to
occur on or about July 17, 2008 with settlement due to take
place shortly thereafter, although such Sales may be delayed or
canceled in whole or in part in certain circumstances
(including, without limitation, as a result of adverse market
conditions or the Company (acting by the Receivers) determining
that the price for the Portfolio Securities obtained through the
Auction Process is not acceptable).

                  Potential Investments

GSI has agreed pursuant to the Restructuring Agreement to
arrange for certain specified investments to be made available
to eligible U.S. Senior Noteholders and the Liquidity Providers.

Under one such arrangement Eligible Creditors will (subject to
compliance by NewCo with applicable laws) be offered, by a
limited-purpose issuing vehicle ('NewCo'), a right to have their
existing senior notes and claims acquired by NewCo for certain
specified consideration.

Such potential investments, if offered, will not be registered
under the Securities Act of 1933, as amended, and will be
offered only pursuant to applicable exemptions from registration
thereunder and will be made available only to U.S. Senior
Noteholders and the Liquidity Providers that have certified
certain matters, including their status as 'qualified
institutional buyers' (or other institutional investors approved
as eligible by GSI and Newco) or non 'U.S. Persons' located in
certain specified countries as such terms are defined in
accordance with Rule 144A and Regulation S under the Securities
Act and, in addition, their status as 'qualified purchasers' for
purposes of the Investment Company Act of 1940, as amended.

Under a second arrangement, a further potential investment
option will be made available to Eligible Creditors in the form
of zero-coupon notes to be issued by the Goldman Sachs Group,
Inc. for cash in a separate public offering.

The potential investments do not affect the existing rights of
the U.S. Senior Noteholders or the Liquidity Providers.  A U.S.
Senior Noteholder or Liquidity Provider that does not wish to
participate in either of the above potential investments need
not take any action, and each non-participating U.S. Senior
Noteholder or Liquidity Provider will simply receive those
amounts which it is entitled to in accordance with the terms of
the U.S. Senior Notes or the Senior Obligations, as the case may
be.

The potential investments are not part of the receivership of
the Company.  None of the Company, Cheyne Finance LLC or the
Receivers (a) have any role whatsoever in, and are not connected
or in any way affiliated to Newco, GSI or the potential
investments, (b) are in any way responsible for any such
potential investments, (c) have approved, endorsed, recommended,
structured or otherwise taken responsibility for such potential
investments or (d) are providing any Senior Creditor or U.S.
Senior Noteholder with any legal, accounting, business, tax or
other advice in connection with such potential investments.

SIV Portfolio Plc (formerly Cheyne Finance Plc) is a structured
investment vehicle managed by Cheyne Capital Management Ltd.


GLOBALTRADE1STOP LTD: High Court Winds Up Business
--------------------------------------------------
Two related companies that provided freight forwarding services,
arranging shipping primarily to Zimbabwe, have been wound up in
the public interest following an investigation by Companies
Investigation Branch of the Insolvency Service.

The companies were based in Northampton and the investigation
revealed that neither company has any assets and owe ship owners
nearly GBP150,000.  No proper accounts were kept and the
companies' business was abandoned by the directors in February
2007 owing other known creditors around GBP7,000.  Because of
the chaotic management of the business the full extent of the
liabilities is unknown.

GlobalTrade1Stop Limited was the successor company to Protea
(Europe) Limited.  A Web site intended to bring buyers and
sellers of commodities together was unsuccessful and its affairs
soon became inextricably linked with the freight forwarding
business carried on by Protea from the same premises.

Latterly a fish importation business was operated instead by the
company, again unsuccessfully, that falsely claimed to have a
processing plant in Sri Lanka, its own fishing vessels in Sri
Lanka and to have operated for 10 years and have an EU license.

According to Maria Appuhamy (the wife of Protea's sole director
Wendhamuni Appuhamy) who acted in the management of both
companies throughout, customers had collected their goods from
warehouses in Zimbabwe, but afterwards could not be traced and
the companies consequently were unable to collect some
GBP200,000 owed.

In ordering the companies into liquidation Registrar Nicholls
agreed with the investigator's findings, namely that both
companies were inextricably linked and had been operated with a
lack of commercial probity.  Also there were inadequate
financial and other records, a lack of proper control, and in
the case of Globaltrade1Stop, hopelessly insolvent.  He
commented that the evidence obtained was considerable and that
"cargo included goods Protea had been paid for.  In other words
GlobalTrade1Stop had been used when credit had been exhausted
and expired".

Protea (Europe) Limited was incorporated on May 9, 2005.  The
registered office of the company since Jan. 10, 2007 has been 27
Lyveden Road, Brackmills Industrial Estate, Northampton, NN4
7ED.  The company's sole recorded director throughout has been
Wendhamuni Appuhamy.  The secretary throughout has been Aldbury
Secretaries Limited.

Globaltrade1stop Limited was incorporated on Oct. 4, 2005.  The
registered office of the company since Nov. 29, 2006 has been
c/o Aldbury Associates, Mobbs Miller House, and Ardington Road,
Northampton, NN1 5LP.  The sole recorded director of the company
since Nov. 1, 2006 has been Jasenthu Lal Liyange.  The secretary
since Nov. 20, 2006 has been Aldbury Secretaries Limited.

The companies were ordered into liquidation on May 7, 2008.


INMARSAT VENTURES: S&P Keeps BB Rating; Outlook Revised to Pos.
---------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on U.K.-
based mobile satellite services provider Inmarsat Ventures Ltd.  
and its related entities to positive from stable.  At the same
time, S&P affirmed all ratings on the company and its related
entities, including the 'BB' long-term corporate credit ratings.

"The outlook revision reflects an expected strengthening of
Inmarsat's business risk profile due to the pending vertical
integration of Stratos Global Corp. (B+/Stable/--) upon
completion of its planned purchase during 2009," said Standard &
Poor's credit analyst Michael O'Brien.

Stratos is a distributor of Inmarsat's products and services,
and in the first quarter of 2008, it was the source of 65% of
Inmarsat's revenues.

"Both the future ownership of Stratos--currently owned by third
party CIP U.K. Holding -- as well as the renewal of framework
distribution agreements with distributors of Inmarsat's services
will strategically strengthen Inmarsat's position in the mobile
satellite services industry and enable it to address customer
needs more directly," said Mr. O'Brien.

Furthermore, Inmarsat's credit profile may be bolstered in the
future if it succeeds in breaking into the handheld services
market, worth about US$350 million, and if it succeeds in its
bid to provide ancillary terrestrial component services to
terrestrial mobile operators.

The rating could be raised over the next year to 18 months.
Potential triggers for this to occur include successful
completion of the purchase of Stratos, a successful launch and
operation of the third I-4 satellite, and stability and
visibility of the new framework distribution agreement, which
will allow Inmarsat to successfully increase EBITDA and generate
significant free cash flow as investment levels from the I-4
generation of satellites taper off.  Also crucial for ratings
upside are maintenance of the current financial policy
irrespective of any capital markets activity for refinancing--
given that the senior notes are callable from 2008--and a
balanced approach to shareholder returns, which should be
covered by FOCF generation.  Lease- and pension-adjusted
leverage levels should not exceed 3.5x debt to EBITDA.

Factors that could result in the outlook being revised back to
stable include a weaker-than-expected operating performance that
puts pressure on margins and EBITDA growth; failure of any of
the company's satellites, which could reduce capacity or
geographic coverage; or a higher-than-expected shareholder
return, particularly if it were partially or wholly debt
financed.


PORTWAY YACHT: Appoints BDO Stoy as Joint Administrators
--------------------------------------------------------
Simon Edward Jex Girling and Graham David Randall of BDO Stoy
Hayward LLP were appointed joint administrators of Portway Yacht
Sales South East Ltd. (Company Number 03780137) on June 2, 2008.

BDO Stoy Hayward -- http://www.bdo.co.uk/-- focuses on business  
assurance (audit), corporate advisory, tax, and investment
management services, specializing in such industries as
charities, educational institutions, family businesses,
financial services, leisure, and hospitality.  The company is
the U.K. arm of BDO International and has offices in more than
15 cities throughout the U.K.

The company can be reached at:

          Portway Yacht Sales South East Ltd.
          Northney Marina
          Hayling Island
          Hampshire
          PO11 0NH
          England
          Tel: 023 9246 6330
          Fax: 023 9246 1844
          Web site: http://www.portway.co.uk/


PRESSURE TUBES: Brings In Baker Tilly to Administer Assets
----------------------------------------------------------
Lindsey Jane Cooper and Philip Edward Pierce of Baker Tilly
Restructuring and Recovery LLP were appointed joint
administrators of Pressure Tubes Ltd. (Company Number 03990720)
on June 5, 2008.

Baker Tilly -- http://www.bakertilly.co.uk/-- provides auditing  
and other services for mid-cap and smaller publicly listed
companies and private companies, particularly those expanding
into new foreign markets.  Services include business and
financial planning, tax-related services, corporate finance,
litigation support, turnaround services, and technology
consulting.

The company can be reached at:

          Pressure Tubes Ltd.
          Park Road Mills
          Park Road  
          Elland
          West Yorkshire
          HX5 9HX
          England
          Tel: 01422 374 200
          Fax: 01422 376 174


PROPERTY MART: Shareholders and Creditors Appoint Liquidator
------------------------------------------------------------
Property Mart Overseas Plc's shareholders and creditors have
appointed a liquidator to the company, Thomson Financial News
says, citing AFX UK Focus.

A TCR-Europe report on May 19, 2008, disclosed Property Mart has
ceased trading.

The appointment of a Liquidator follows the failure of the
company to resolve the technical issues experienced with its
Web site and difficulty in securing additional funding for the
company.


PROTEA EUROPE: High Court Winds Up Business
-------------------------------------------
Two related companies that provided freight forwarding services,
arranging shipping primarily to Zimbabwe, have been wound up in
the public interest following an investigation by Companies
Investigation Branch of the Insolvency Service.

The companies were based in Northampton and the investigation
revealed that neither company has any assets and owe ship owners
nearly GBP150,000.  No proper accounts were kept and the
companies' business was abandoned by the directors in February
2007 owing other known creditors around GBP7,000.  Because of
the chaotic management of the business the full extent of the
liabilities is unknown.

GlobalTrade1Stop Limited was the successor company to Protea
(Europe) Limited.  A Web site intended to bring buyers and
sellers of commodities together was unsuccessful and its affairs
soon became inextricably linked with the freight forwarding
business carried on by Protea from the same premises.

Latterly a fish importation business was operated instead by the
company, again unsuccessfully, that falsely claimed to have a
processing plant in Sri Lanka, its own fishing vessels in Sri
Lanka and to have operated for 10 years and have an EU license.

According to Maria Appuhamy (the wife of Protea's sole director
Wendhamuni Appuhamy) who acted in the management of both
companies throughout, customers had collected their goods from
warehouses in Zimbabwe, but afterwards could not be traced and
the companies consequently were unable to collect some
GBP200,000 owed.

In ordering the companies into liquidation Registrar Nicholls
agreed with the investigator's findings, namely that both
companies were inextricably linked and had been operated with a
lack of commercial probity.  Also there were inadequate
financial and other records, a lack of proper control, and in
the case of Globaltrade1Stop, hopelessly insolvent.  He
commented that the evidence obtained was considerable and that
"cargo included goods Protea had been paid for.  In other words
GlobalTrade1Stop had been used when credit had been exhausted
and expired".

Protea (Europe) Limited was incorporated on May 9, 2005.  The
registered office of the company since Jan. 10, 2007 has been 27
Lyveden Road, Brackmills Industrial Estate, Northampton, NN4
7ED.  The company's sole recorded director throughout has been
Wendhamuni Appuhamy.  The secretary throughout has been Aldbury
Secretaries Limited.

Globaltrade1stop Limited was incorporated on Oct. 4, 2005.  The
registered office of the company since Nov. 29, 2006 has been
c/o Aldbury Associates, Mobbs Miller House, and Ardington Road,
Northampton, NN1 5LP.  The sole recorded director of the company
since Nov. 1, 2006 has been Jasenthu Lal Liyange.  The secretary
since Nov. 20, 2006 has been Aldbury Secretaries Limited.

The companies were ordered into liquidation on May 7, 2008.


QUEBECOR WORLD: US Court Okay EUR133-Mln Sale of European Biz
-------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
approved a purchase agreement between Quebecor World Inc. and
its debtor-affiliates and Hombergh Holdings BV's affiliate,
Vadeho II, B.V., under which HHBV will pay EUR133,000,000, for
the Debtors' European assets, and assume certain liabilities,
ABI World relates.

The sale agreement requires Vadeho to acquire all of the issued
and outstanding shares of non-debtor Quebecor World European
Holding S.A., from QWI; and non-debtor 4434889 Canada Inc.'s
membership interest in QW SPV (USA) LLC.  The agreement
contemplates for the assignment of intercompany loans, totaling
EUR515,000,000 as of May 28, 2008, advanced by the Debtors to
the European affiliates to Vadeho.

Specifically, the sale agreement provides that:

  (a) Vadeho will pay EUR2,001 for the Shares held in the share
      capital of QWEH;
   
  (b) Vadeho will pay EUR68,000,000 for the Intercompany Loans;

  (c) Vadeho will reimburse QWI for the full value of any
      intercompany advances made by QWI to the European
      Operations from the date of the Sale Agreement to the
      closing of the transaction;

  (d) Vadeho will assume debts totaling EUR61,400,000;

  (e) the sale and purchase transaction under the Sale Agreement
      is made on an "as-is, where-is" basis and the purchase
      price payable by the Purchaser is not subject to any
      adjustment; and

  (f) certain QWI-related entities will continue to provide
      services and supplies to the purchaser at cost until
      Dec. 31, 2008.

A full-text copy of the Share Purchase Agreement is available
for free at http://ResearchArchives.com/t/s?2df2

Michael J. Canning, Esq., at Arnold & Porter LLP, in New York,
told the Court that the cash portion of the purchase price
attributable to the intercompany loans was paid into escrow upon
the execution of the sale agreement, with the full amount of the
escrowed balance payable on closing.  The purchaser will execute
a subordinated and unsecured, five-year vendor take back note
with a principal value of EUR21,500,000.  Interest on the Note
is payable quarterly at a rate of 7% per annum and the principal
is repayable at maturity.

The sale agreement also contemplates that closing of the sale
must occur on the later of June 18, 2008.  If closing does not
occur by June 30, 2008, the sale agreement may be terminated.

Bill Glass, a representative of QWI, in an interview with the
Union-network.org, relates that, after approval of the Canadian
Court of the sale of the European Assets, the name "Quebecor"
will no longer be used as the name of the QWI's European
Operations.  A new company name will be used instead.

Mr. Canning told the Court that the Debtors will derive an
immediate and direct benefit from the sale of the European
Operations pursuant to the sale agreement.  

Ernst & Young, Inc., the Court-appointed monitor of Quebecor
World, Inc., and its affiliates reorganization proceedings under
the Canadian Companies' Creditors Arrangement Act, reported that
since 2004, the European assets showed a steady decline of
EUR289,000,000 or 28% of sales.  In 2003, the European assets
reported sales of EUR1,017,000,000 and EBITDA of EUR82,000,000.  
In 2007, the European assets reported sales of EUR754,000,000
and EBITDA of EUR4,000,000.

E&Y said the deteriorating sales resulted from a number of
factors including difficult market conditions and internal
efforts undertaken to rationalize production capacity within the
European Operations.  

QWI anticipates that tax losses ranging from US$700,000,000 to
US$770,000,000 will arise upon completion of the Sale
Transaction, according to E&Y.  QWI will pursue an alternative
divestiture process if the Sale Transaction is not completed and
has employed Banc of America Securities Limited as financial
advisor to assist with any divestiture.

If the proposed sale transaction does not occur, Mr. Canning
said the favorable terms provided for under the Sale Agreement
may not be replicated, and the Debtors may forever lose the debt
reduction otherwise available from the disposition of the
European Operations.  He noted that based on the most recent
cash flow forecast prepared by the European Assets, the required
funding will exceed the remaining balance of the DIP Funding
Basket by the end of August 2008.  The magnitude of the
financial support and the current restriction on QWI in
providing funding beyond the DIP Funding Basket necessitates a
quick completion of a sale.

                      Committee Supports Sale

The Official Committee of Unsecured Creditors told the
Bankruptcy Court that it does not object to the sale of the
European affiliates as the sale is the "best" available
alternative at this time.

However, based on the information contained in the Debtors'
pleadings and the Committee's analysis of the historical sales
process during the past few weeks, the Committee says it has
grave concerns regarding the Debtors' failure to consummate
previous offers for substantially greater value than the
proposed Europe Sale.

Indeed, David H. Botter, Esq., at Akin Gump Strauss Hauer & Feld
LPP, in New York, pointed out that, based on the Committee's
analysis, it appears as though the Debtors' failure to
consummate several offers for substantially greater value than
the proposed sale may have deprived them and its creditors of
hundreds of millions of dollars of additional value for the
European assets.

Accordingly, though the Committee recognized that the proposed
Europe Sale is the only alternative available to preserve the
remaining value of the European assets, the Committee reserves
all of its rights in connection with the process and all prior
sales efforts related to the European assets including its
continuous investigation of the cause of the tremendous
degradation in value of the European assets over the last 12 to
18 months.

If after completion of the investigation the Committee
determines that any claims or causes of action exist in
connection with the degradation of value, the Committee tells
the Court that it will pursue all available remedies against
those responsible.

                       About Quebecor World

Based in Montreal, Quebec, Quebecor World Inc. (TSX: IQW) (NYSE:
IQW), -- http://www.quebecorworldinc.com/-- provides market
solutions, including marketing and advertising activities, well
as print solutions to retailers, branded goods companies,
catalogers and to publishers of magazines, books and other
printed media.  It has 127 printing and related facilities
located in North America, Europe, Latin America and Asia.  In
the United States, it has 82 facilities in 30 states, and is
engaged in the printing of books, magazines, directories, retail
inserts, catalogs and direct mail.

The company has operations in Mexico, Brazil, Colombia, Chile,
Peru, Argentina and the British Virgin Islands.

Quebecor World and 53 of its subsidiaries, including those in
Canada, filed a petition under the Companies' Creditors
Arrangement Act before the Superior Court of Quebec, Commercial
Division, in Montreal, Canada, on Jan. 20, 2008.  The Honorable
Justice Robert Mongeon oversees the CCAA case.  Francois-David
Pare, Esq., at Ogilvy Renault, LLP, represents the Company in
the CCAA case.  Ernst & Young Inc. was appointed as Monitor.

On Jan. 21, 2008, Quebecor World (USA) Inc., its U.S.
subsidiary, along with other U.S. affiliates, filed for chapter
11 bankruptcy on Jan. 21, 2008 (Bankr. S.D.N.Y Lead Case No. 08-
10152).  Anthony D. Boccanfuso, Esq., at Arnold & Porter LLP
represents the Debtors in their restructuring efforts.   The
Official Committee of Unsecured Creditors is represented by Akin
Gump Strauss Hauer & Feld LLP.

Based in Corby, Northamptonshire, Quebecor World PLC --
http://www.quebecorworldplc.com/-- is the U.K. subsidiary of
Quebecor World Inc. that specializes in web offset magazines,
catalogues and specialty print products for marketing and
advertising campaigns.  The company employs around 290 people.
Quebecor PLC was placed into administration with Ian Best and
David Duggins of Ernst & Young LLP appointed as joint
administrators effective Jan. 28, 2008.

As of Sept. 30, 2007, Quebecor World's unaudited consolidated
balance sheet showed total assets of US$5,554,900,000, total
liabilities of US$3,964,800,000, preferred shares of
US$175,900,000,
and total shareholders' equity of US$1,414,200,000.

The company has until May 20, 2008, to file a plan of
reorganization in the Chapter 11 case.  The Debtors' CCAA stay
has been extended to July 25, 2008.


RENDER SHOWER : Taps Joint Administrators from BDO Stoy
-------------------------------------------------------
Francis Graham Newton and Toby Scott Underwood of BDO Stoy
Hayward LLP were appointed joint administrators of Render Shower
Trays Ltd. (Company Number 05403419) on June 5, 2008.

BDO Stoy Hayward -- http://www.bdo.co.uk/-- focuses on business  
assurance (audit), corporate advisory, tax, and investment
management services, specializing in such industries as
charities, educational institutions, family businesses,
financial services, leisure, and hospitality.  The company is
the U.K. arm of BDO International and has offices in more than
15 cities throughout the U.K.

The company can be reached at:

          Render Shower Trays Ltd.
          Lidgate Crescent
          Langthwaite Grange Ind Estate
          Ponterfract
          West Yorkshire
          WF9 3NR
          England
          Tel: 01977 608 686
          Fax: 01977 608 787
          Web site: http://www.dtrender.co.uk/


RENOVA ENERGY: Gets US$4 Mln New Working Capital Facilities
-----------------------------------------------------------
Renova Energy plc provides an update on its financial position.

The Group has agreed terms with its Lenders, subject to
documentation, for the provision of additional new working
capital facilities amounting to US$4 million in aggregate.  With
this funding commitment in place, the US subsidiaries of the
Company have voluntarily filed for Chapter 11 bankruptcy
protection as the next step in the financial restructuring
process.  This provides the framework within which the ethanol
marketing, distribution and production business can continue to
operate in the ordinary course.

Discussions with the creditors, of Renova Energy (ID) LLC, the
project company, that owns the Group's partly constructed
ethanol facility in Heyburn, Idaho, are ongoing.  Discussions
with other interested parties, including potential purchasers,
are also ongoing.

The new working capital facility does not extend to funding the
parent company, Renova Energy plc.  In the absence of new
funding, the parent company has limited financial resources with
which to continue to operate as a going concern.  The Company
is, therefore, continuing to explore other financing and
strategic options.

Commenting on this, Chris Thomas, Chairman, said:

"It was very important that we secured additional working
capital for our existing and growing business to provide re-
assurance to our customers and suppliers while discussions with
our lenders are ongoing.

Despite the Group's financial difficulties, which were caused
solely by project cost overruns on the now suspended
construction of the ethanol plant in Idaho, the Group's existing
business continues to grow and to generate positive
cashflow.  In the year to March 31, 2008 approximately 14.2
million gallons of ethanol were sold at an average price of
US$2.30/gal.  In the two months ended May 31, 2008, 3.9 million
gallons of ethanol were sold at an average selling price of
US$2.81/gal.  This represents further annualized sales volume
growth of over 60% since the year end."

Renova Energy plc (RVA: AIM) -- http://www.renovaenergy.com/--
is a UK based renewable fuel company investing in a well
established integrated ethanol marketing, distribution and
production business in the Rocky Mountain and Northwest regions
of the USA.  The Company was admitted to trading on AIM, part of
the London Stock Exchange, in June 2005.


SIEMSSEN ELECTRONICS: Taps Joint Administrators from Kroll
----------------------------------------------------------
Alastair Paul Beveridge and Stuart Charles Edward Mackellar of
Kroll Ltd. were appointed joint administrators of Siemssen
Electronics UK Ltd. (Company Number 04847047) on June 5, 2008.

Kroll Limited -- http://www.krollworldwide.com/-- offers risk-
consulting services worldwide.  The firm is an operating unit of
Marsh & McLennan Companies, Inc., the global professional
services firm.  Kroll's services include corporate advisory and
restructuring, financial accounting, valuation and litigation,
electronic evidence and data recovery, business intelligence and
investigations, background screening, and security services.

The company can be reached at:

          Siemssen Electronics UK Ltd.
          Waterfront West
          Brierley Hill
          West Midlands
          DY5 1LW
          England
          Tel: 01260 280 182
          Fax: 01384 291 516


SIMON JAY: Brings In Administrators from Smith & Williamson
-----------------------------------------------------------
Anthony Cliff Spicer and Henry Anthony Shinners of Smith &
Williamson Ltd. were appointed joint administrators of Simon Jay
Ltd. (Company Number 01212172) on June 11, 2008.

Smith & Williamson -- http://www.smith.williamson.co.uk/--  
provides investment management, financial advisory and
accountancy services to private clients, professional practices,
mid to large corporates and non-profit organizations.  

The company can be reached at:

          Simon Jay Ltd.
          Unit 11
          Dodwells Bridge Industrial Estate
          Hinckley
          Leicestershire
          LE10 3BS
          England
          Tel: 01455 611 185
          Fax: 01455 635 687


SLUMBALUX LTD: Appoints Joint Administrators from Ernst & Young
---------------------------------------------------------------
Thomas Andrew Jack and Simon Allport of Ernst & Young LLP were
appointed June 3, 2008, joint administrators of:

   -- Slubalux Ltd. (Company Number 01319129);
   -- Sleepdown Textiles Ltd. (Company Number 01613568);
   -- Betta-Quilt Co. Ltd. (Company Number 00578517); and
   -- Cenhoco 121 Ltd. (Company Number 06325933).

Ernst & Young -- http://www.ey.com/-- provides broad array of  
services relating to audit and risk-related services, tax, and
transactions across all industries—from emerging growth
companies to global powerhouses—deal with a broad range of
business issues.  

The companies can be reached at:

          Slumbalux Ltd.
          Ram Mill
          Gordon Street
          Oldham
          Lancashire
          OL9 9RQ
          England
          Tel: 0161 620 1411
          Fax: 0161 627 5664


SUPERHIRE LTD: Appoints Joint Administrators from Menzies
---------------------------------------------------------
Andrew Gordon Stoneman and Geoffrey Wayne Bouchier of Menzies
Corporate Restructuring were appointed joint administrators of
Superhire Ltd. (Company Number 01460669) on June 11, 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:

          Superhire Ltd.
          55 Chase Road
          Willesden
          London
          NW10 6LU
          England
          Tel: 020 8965 9909
          Fax: 020 8965 8107


SWINDON WOODWORKING: Taps Administrators from Ernst & Young
-----------------------------------------------------------
D.K. Duggins and T. Lukic of Ernst & Young LLP were appointed
joint administrators of Swindon Woodworking Co. Ltd. (Company
Number 00612578) on June 4, 2008.

Ernst & Young -- http://www.ey.com/-- provides broad array of  
services relating to audit and risk-related services, tax, and
transactions across all industries—from emerging growth
companies to global powerhouses—deal with a broad range of
business issues.  

The company can be reached at:

          Swindon Woodworking Co. Ltd.
          9 Regal Way
          Faringdon
          Oxfordshire
          SN7 7BX
          England
          Tel: 01367 240 272
          Fax: 01367 243 290
          Web site: http://www.swindonwoodworkingcompany.co.uk/


TELCORDIA TECH: S&P Keeps B Rating; Outlook Revised to Stable
-------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Piscataway, N.J.-based telecommunications software and service
provider Telcordia Technologies, Inc. to stable from negative.
All ratings, including the 'B' corporate credit rating, are
affirmed.

"The change in outlook reflects some stabilization of
Telcordia's financial performance over the past few quarters and
our expectations for continued stable performance over the next
year," said Standard & Poor's credit analyst Naveen Sarma. In
particular, revenues for the 12 months ending April 30, 2008,
grew 1% from the previous year, a significant improvement from
fiscal years 2007 and 2006, which were down 8% and 11%,
respectively.  While the weak secular trends that significantly
have affected Telcordia's operations have only somewhat abated,
steps taken by the company to reduce its cost structure and
expand its revenues outside of its traditional regional
Bell operating company customer base appear to have evened out--
for the near term--the company's financial performance.

The ratings on Telcordia reflect its vulnerable business
profile, with a narrow and very mature legacy wireline target
market that is characterized by weak secular trends, significant
customer concentration; volatile cash flow generation; and a
highly leveraged financial profile with limited prospects
for improvement.  Somewhat tempering this are the strong
predictability of the company's revenue stream, as a sizable
percentage of revenues are recurring in nature; significant
barriers to entry because of very high customer switching
costs to other solutions; and the company's leading technology
position with a significant patent and intellectual property
portfolio.


TISCALI SPA: Vodafone Group Quits Auction Melee
-----------------------------------------------
Vodafone Group Plc has withdrawn its non-binding offer to
acquire Tiscali S.p.A., Andrew Parker writes for the Financial
Times.

People privy to the auction told FT that Vodafone had withdrew
due to a disagreement over Tiscali's valuation.  

Vodafone, however, might reenter the auction if the remaining
bidders fail to acquire Tiscali.

As previously reported in the TCR-Europe, right interested
parties have submitted non-binding offers to acquire the entire
operations of Tiscali:

    * Vodafone Group Plc,
    * FastWeb S.p.A.,
    * British Sky Broadcasting Group Plc,
    * Carphone Warehouse Group Plc,
    * BT Group Plc,
    * Virgin Media Inc.,
    * Wind Telecomunicazioni S.p.A., and
    * Telecom Italia S.p.A.

According to FT, four interested buyers for Tiscali remain:

    * BSkyB,
    * Carphone Warehouse;
    * Wind, and
    * Fastweb.

                         About Tiscali

Headquartered in Cagliari, Italy, Tiscali S.p.A. --
http://www.tiscali.com/-- offers Internet access in the
country.  The group also operates in other European countries,
serving more than seven million subscribers, of which over 1.5
million are broadband users.

Tiscali posted consecutive net losses for the past years: EUR5.5
million in 1999, EUR101 million in 2000, EUR1.66 billion in
2001, EUR593.1 million in 2002, EUR242.4 million in 2003,
EUR131.8 million in 2004, EUR12.9 million in 2005, and EUR103.6
million in 2006.  It posted EUR3.88 million in net losses on
EUR614.33 million in net revenues for the nine months ended
Sept. 30, 2007.

                         *     *     *

Tiscali S.p.A. continues to carry Standard & Poor's Ratings
Services' B+ long-term corporate credit rating.  The rating was
previously at B and was raised by S&P to its current level in
February 2008.

  
WATSON CONSTRUCTION: Goes Into Administration
---------------------------------------------
Watson Construction Group has gone into administration, the
Scotsman reports.

According to the report, the company has appointed Kroll to
handle administration procedure but no details were provided.

In the 12 months to December 2005, Watson reported a pretax loss
of GBP132,587, compared to a pre-tax profit of GBP120,154 in its
previous financial year, report discloses.

The company's turnover was GBP14.9 million in 2005, compared to
GBP12.6m in 2004, the report adds.

Watson Construction Group is an independent Scottish company,
originally founded in 1870, providing a comprehensive service in
construction and stone for private and public sector clients
from our Central Scotland base.  The Group comprises three
subsidiary companies – Watson Construction, Watson Stonecraft
and Scottish Natural Stones.


* Citigroup to Cut Around 10% of Investment-Banking Division
------------------------------------------------------------
Citigroup Inc. is set layoff employees in its investment-banking
division, David Enrich and Dennis Berman writes for the Wall
Street Journal, citing people familiar with the matter.

The company, WSJ relates, had already laid off around 9,000
employees as of March 31, 2008.  It expects to cut around 10% of
the workforce in its investment-banking division, WSJ adds.  
"Pink slips," according to WSJ, are expected to be given out
this week.


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

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


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


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


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

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


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

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

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

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

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


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


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


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


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


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


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


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


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


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


                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *