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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Wednesday, June 25, 2008, Vol. 9, No. 125

                            Headlines


A U S T R I A

BELLA LLC: Claims Registration Period Ends July 15
BILGIC KEG: Claims Registration Period Ends July 8
CAFE ORNELLA: Creditors' Meeting Slated for June 26


B U L G A R I A

KREMIKOVTZI AD: Essar Steel Eyes Takeover


D E N M A R K

EASTMAN KODAK: Moody's Says Ratings Not Affected by BuyBack Plan


G E R M A N Y

ANCHOR INTERNATIONAL: Claims Registration Period Ends July 11                
                                    
ASS - BAU GMBH: Claims Registration Period Ends July 11
BAUUNTERNEHMUNG FRERICH: Claims Registration Period ends July 8
BORGFELDER HOCHBAU: Claims Registration Period Ends July 8
BUSSMANN GMBH: Claims Registration Period Ends July 8

DASCH 2007: Claims Registration Ends July 11
EUROTAPE GMBH: Claims Registration Period Ends July 8
GDTECH IT - SERVICE: Claims Registration Period Ends July 11
GOERRES-DRUCKEREI GMBH: Claims Registration Period Ends July 11
HARZHOTEL HAHNENKLEE: Claims Registration Period Ends July 8

HEILER BAUREGIE: Claims Registration Period Ends July 8
HEINRICH BADENHAUSEN: Claims Registration Period Ends July 8
K.H. BREITENBACH: Claims Registration Period Ends July 8
KABEL DEUTSCHLAND: S&P Revises Outlook to Stable from Negative
KOSELKE, RAUM UND FARBE: Claims Registration Period Ends July 11

KUECHEN- UND ELEKTRO: Claims Registration Period Ends July 8
MANIA TECHNOLOGIE: German Court Commences Insolvency Proceedings
MELO-BAU GMBH: Claims Registration Period Ends July 8
NETLOG GERMANY: Claims Registration Period Ends July 11
ORALIA DENTALPRODUKTE: Claims Registration Period Ends July 11

PHOENIX MANAGEMENT: Claims Registration Period Ends July 11
SA-RE-MO HOCHBAUGESELLSCHAFT: Claims Registration Ends July 11
SIS WOHNBAU: Claims Registration Period Ends July 11
TUI AG: Cruises Subsidiary Taps Frank Kuhlmann as CFO
WAGNER IT: Claims Registration Period Ends July 7

WALDSCHMIDT GESCHAFTSFUEHRUNGS: Claims Registration Ends July 7
WESTLB AG: Court Clears Ex-CEO Sengera in Box Clever Case


I R E L A N D

ASHCOIN LIMITED: Ulster Bank Names Receiver to Secure Assets


I T A L Y

FIAT SPA: To Continue Running Lancia Delta Ad Despite Apology


K A Z A K H S T A N

ALTYN MUNAI: Creditors Must File Claims by Aug. 1
ANATO-OIL LLP: Claims Deadline Slated for Aug. 1
BUD-SERVICE LLP: Claims Filing Period Ends Aug. 1
KAZTESS-PV LLP: Creditors' Claims Due on Aug. 1
REMIDI ASIAN: Claims Registration Ends Aug. 1

STROY-SERVICE LLP: Claims Deadline Slated for Aug. 1


K Y R G Y Z S T A N

SUNRISE TRADING: Creditors Must File Claims by July 25


L U X E M B O U R G

STEEL CAPITAL: Fitch Rates Loan Participation Notes at BB


R U S S I A

ANNET LLC: Volgograd Bankruptcy Hearing Slated for August 14
BIKINSKAYA KNITTING: Creditors Must File Claims by July 13
BLAGOVESHENSKIY FACTORY: Court Starts Bankruptcy Supervision
BUILDING COMPANY: Creditors Must File Claims by July 13
DINAMO LLC: Creditors Must File Claims by July 24

SAMARA OBLAST: S&P Rates US$351 Million Bond Issue at BB+
SEVERSTAL OAO: Reiterates US$17.00 per Share Offer for Esmark
SEVERSTAL OAO: Names BookRunners for Upcoming Eurobond Issue
SEVERSTAL OAO: Moderate Leverage Prompts S&P's Outlook Revision
VOLGOGRAD OBLAST: S&P Rates US$42.4 Million Bond at BB-


S P A I N

GRUPO DRAC: Selling RCD Mallorca for Around EUR40 Million

* KPMG Partners in Spain to Join Merger in Europe


S W E D E N

TELIGENT AB: Finalizes Renegotiation of Project


S W I T Z E R L A N D

AHOCH2 LLC: Undergoing Liquidation in Sarnen
ARISE WATCH: Undergoing Liquidation in Gossau
CAMPING RUDERBAUM: Creditors' Liquidation Claims Due July 12
DATATEAM JSC: Schaffhausen Court Initiates Bankruptcy Proceeding
DAWIPROF LLC: Deadline to File Proofs of Claim Set for July 3

DENISE STUDI: Creditors Have Until June 30 to Submit Claims
E-ACT JSC: Currently Undergoing Liquidation in Horgen
FUN CITY: Creditors Have Until June 29 to File Proofs of Claim
GPA ARCHITEKTUR: Creditors' Liquidation Claims Due by July 15
LIDO SARNEN: Currently Undergoing Liquidation in Sarnen

PGI  INFORMATIK: Undergoing Liquidation in Baar
PNEU ERNST: Creditors Must File Proofs of Claim by July 4
PROMEDICOS JSC: Aargau Court Commences Bankruptcy Proceedings
RT REINIGUNGSTECHNIK: Bankruptcy Proceedings Commenced
SOFI JSC: Currently Undergoing Liquidation in Zurich

SWS JSC: Creditors Have Until July 10 to File Proofs of Claim
TETOVA MARKET: Undergoing Liquidation in Reinach
TFA TECHNIK: Currently in Liquidation in Zurich
WALTHER GASTRO: June 30 Set as Deadline to File Proofs of Claim
WK PRAXISEINRICHTUNGEN: Aargau Court Initiates Bankruptcy


U K R A I N E

CHERCOLOURMET LLC: Creditors Must File Claims by July 4
INDUSTRIAL BUILDING: Creditors Must File Claims by July 4
KRYZHOPOL AGRICULTURAL: Creditors Must File Claims by July 4
KRYZHOPOL CHEESE: Proofs of Claim Deadline Set July 4
MAKSIMOVKA COMMON: Creditors Must File Claims by July 4

MATEKS LLC: Creditors Must File Claims by July 4
MOVABLE MECHANIZED: Creditors Must File Claims by July 4
POTASH BREADRECEIVING: Proofs of Claim Deadline Set July 4
TECHMETSOUTH-N LLC: Creditors Must File Claims by July 4
UKRMETSERVICE-M LLC: Creditors Must File Claims by July 4

VATUTIN LLC: Creditors Must File Claims by July 4


U N I T E D   K I N G D O M

AIM FORWARDING: Claims Filing Period Ends July 31
ARGON CAPITAL: S&P Puts Notes' B Rating Under Negative Watch
BRACKENHEATH LTD: Brings In Liquidators from Tenon Recovery
CHROME FUNDING: Moody's May Further Cut Ratings After Review
CLARIS IV: Moody's Junks Ratings on Two Note Classes

CLARIS LIMITED: Moody's Cuts Ratings on Three Note Series of CDO
DENISE BARNES: Claims Filing Period Ends September 12
DORCHESTER BRICKLAYING: Taps Liquidators from Tenon Recovery
EUROMANX: Faces Tynwald Probe Over Collapse
FABERCOURT LTD: Calls In Liquidators from Tenon Recovery

GENERAL MOTORS: Cuts Truck Output; Offers Interest-Free Loans
HOUSE OF EUROPE I: Fitch Junks Class C Notes and Removes Watch
HOUSE OF EUROPE II: Fitch Junks Classes C and D Notes
HOUSE OF EUROPE III: Fitch Junks Classes B, C and D Notes
JESMOND UTILITIES: Hires Liquidators from Tenon Recovery

PREMIER ASSET: S&P Lowers Rating on Capital Notes to D
SCS UPHOLSTERY: Suspends Shares; In Talks with Potential Buyer
TK PROPERTY: Duncan R. Beat Leads Liquidation Procedure


                            *********


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


BELLA LLC: Claims Registration Period Ends July 15
--------------------------------------------------
Creditors owed money by LLC Bella (FN 189112g) have until
July 15, 2008, to file written proofs of claim to court-
appointed estate administrator Susi Pariasek at:

          Dr. Susi Pariasek
          Gonzagagasse 15
          1010 Vienna
          Austria
          Tel: 533 28 55
          Fax: 533 28 55 28
          E-mail: office@anwaltwien.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on July 29, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1607
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on May 29, 2008 (Bankr. Case No. 28 S 78/08m).  


BILGIC KEG: Claims Registration Period Ends July 8
--------------------------------------------------
Creditors owed money by KEG Bilgic have until July 8, 2008, to
file written proofs of claim to court-appointed estate
administrator Hans Pucher at:

          Dr. Hans Pucher
          Wiener Strasse 3
          3100 St. Poelten
          Austria
          Tel: 02742/35 43 55
          Fax: 02742/ 35 14 35

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:50 a.m. on July 29, 2008, for the
examination of claims.

The meeting of creditors will be held at:

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

Headquartered in St. Poelten, Austria, the Debtor declared
bankruptcy on May 28, 2008 (Bankr. Case No. 14 S 83/08h).  


CAFE ORNELLA: Creditors' Meeting Slated for June 26
---------------------------------------------------
Creditors owed money by KEG Cafe Ornella Koekdemir (FN 235854w)
are encouraged to attend the creditors' meeting at 11:00 a.m. on
June 26, 2008, for the examination of claims.

The meeting of creditors will be held at:

          The Land Court of Feldkirch
          Meeting Room 45
          First Floor
          Feldkirch
          Austria

Headquartered in Ludesch, Austria, the Debtor declared
bankruptcy on May 29, 2008 (Bankr. Case No. 14 S 23/08g).  
Rudolf Hartmann serves as the estate administrator of the
bankrupt's estate.

The estate administrator can be reached at:

          Dr. Rudolf Hartmann
          Raiffeisenstrasse 58
          6713 Ludesch
          Austria
          Tel: 05550/20333
          Fax: 05550/20333-9
          E-mail: ra.hartmann@aon.at


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


KREMIKOVTZI AD: Essar Steel Eyes Takeover
-----------------------------------------
Essar Steel Holdings Ltd. is interested in taking over
Kremikovtzi AD, Elizabeth Konstantinova writes for Bloomberg
News, citing the Bulgarian News Agency.

Vassil Yanachkov, metalworkers' trade union leader, told BTA
that Essar's management is holding talks with its employees over
plans to invest in Kremikovtzi.

As recently reported in the TCR-Europe on June 23, 2008, the
Sofia City Court postponed until the end of July 2008, a
decision on whether to declare Kremikovtzi insolvent.

ArcelorMittal vice-president Volker Schwich said the
postponement would further delay ArcelorMittal's plan to acquire
Kremikovtzi, which would buy the company only after it is
legally declared bankrupt

A Bulgarian court on April 30, 2008, appointed administrators at
Kremikovtzi AD in relation with the steel mill's deteriorating
financial position.

Headquartered in Sofia, Bulgaria, Kremikovtzi AD --
http://www.kremikovtzi.com/-- is a single-site steel producer
in Bulgaria that reported BGN896 million in revenues in 2006.
It explores and produces iron and ore fields.

                       *     *     *

Kremikovtzi AD carries Moody's Investors Service corporate
family rating of Caa3 with a developing outlook.


=============
D E N M A R K
=============


EASTMAN KODAK: Moody's Says Ratings Not Affected by BuyBack Plan
----------------------------------------------------------------
Moody's commented that Eastman Kodak's B1 corporate family
rating with a stable outlook would not be affected by the
company's announcement that its Board of Directors has
authorized a stock repurchase program totaling as much as US$1.0
billion of the company's outstanding common stock.

The authorization follows Kodak's receipt of US$581 million from
the Internal Revenue Service associated with a completed audit
of certain claims filed for tax years for the tax years 1993-
1998, and is composed of a refund of past federal income taxes
paid of US$306 million and US$275 million of interest earned on
the refund.  At recent prices, the purchase of US$1.0 billion of
Kodak stock would represent approximately 25% of the shares
outstanding.  The company plans to fund the majority of the
stock repurchase program, which is authorized through the end of
2009, from the tax refund, with the remainder to come from
available cash on hand.


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


ANCHOR INTERNATIONAL: Claims Registration Period Ends July 11                
                                                             
-------------------------------------------------------------
Creditors of Anchor International GmbH have until July 11, 2008
to register their claims with court-appointed insolvency manager
Thomas Kind.

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

The meeting of creditors will be held at:

         The District Court of Landau in der Pfalz
         Hall 225
         Ground Floor
         Marienring 13
         76829 Landau in der Pfalz
         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:

         Thomas Kind
         Eisenbahnstr. 19-23
         77855 Achern
         Germany
         Tel: 07841/7080

The District Court of Landau in der Pfalz opened bankruptcy
proceedings against Anchor International GmbH on May 20, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Anchor International GmbH
         Industriestr. 5-7
         76870 Kandel
         Germany


ASS - BAU GMBH: Claims Registration Period Ends July 11
-------------------------------------------------------
Creditors of ASS - Bau GmbH have until July 11, 2008 to register
their claims with court-appointed insolvency manager Joachim
Voigt-Salus.

Claims will be verified at 11:35 a.m. on Sept. 10, 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:

         Joachim Voigt-Salus
         Rankestrasse 33
         10789 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against ASS - Bau GmbH on April 16, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         ASS - Bau GmbH
         Eiswerder Str. 18
         13585 Berlin
         Germany


BAUUNTERNEHMUNG FRERICH: Claims Registration Period ends July 8
---------------------------------------------------------------
Creditors of Bauunternehmung Frerich GmbH have until July 8,
2008, to register their claims with court-appointed insolvency
manager Michael Selker.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on July 23, 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 Lingen (Ems)
          Hall Z 17
          New Building
          Burgstrasse 28
          49808 Lingen (Ems)
          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 Selker
          Niedersachsenstr. 11a
          49074 Osnabrueck
          Germany
          Tel: 0541-357450
          Fax: 0541-3574511

The District Court of Lingen (Ems) opened bankruptcy proceedings
against Bauunternehmung Frerich GmbH on April 30, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Bauunternehmung Frerich GmbH
          Attn: Werner Frerich, Manager
          Immenweg 1
          49811 Lingen
          Germany


BORGFELDER HOCHBAU: Claims Registration Period Ends July 8
----------------------------------------------------------
Creditors of BHG Borgfelder Hochbau GmbH have until July 8,
2008, to register their claims with court-appointed insolvency
manager Achim Ahrendt.

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

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

          Dr. Achim Ahrendt
          Albert-Einstein-Ring 11/15
          22761 Hamburg
          Germany

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

The Debtor can be reached at:

          BHG Borgfelder Hochbau GmbH
          Attn: Paul Friedhelm Tesch, Manager
          Eiffestrasse 600
          20537 Hamburg
          Germany


BUSSMANN GMBH: Claims Registration Period Ends July 8
-----------------------------------------------------
Creditors of Bussmann GmbH have until July 8, 2008, to register
their claims with court-appointed insolvency manager Heiner
Buss.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Aug. 5, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Aurich
          Hall 023
          Schlossplatz 2
          26603 Aurich
          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. Heiner Buss
          Hauptstrasse 169
          D 26639 Wiesmoor
          Germany
          Tel: 0 49 44/10 33
          Fax: 0 49 44/91 20 35

The District Court of Aurich opened bankruptcy proceedings
against Bussmann GmbH on April 3, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

          Bussmann GmbH
          Attn: Helmut Bussmann, Manager
          Westersander Str. 3A
          26632 Ihlow
          Germany


DASCH 2007: Claims Registration Ends July 11
--------------------------------------------
Creditors of DaSch 2007 Vermoegensvorrats GmbH (formerly A/C
Systems GmbH) have until July 11, 2008 to register their claims
with court-appointed insolvency manager Dr.  Alexander
Naraschewski.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on July 31, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Wilhelmshaven
         Hall 109
         Old Building
         Marktstrasse 15
         26382 Wilhelmshaven
         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.  Alexander Naraschewski
         Adalbertstr. 2
         26382 Wilhelmshaven
         Germany
         Tel: 04421/507090
         Fax: 04421/507099
         E-mail: info@naraschewski.de   

The District Court of Wilhelmshaven opened bankruptcy
proceedings against DaSch 2007 Vermoegensvorrats GmbH (formerly
A/C Systems GmbH) on May 15, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         DaSch 2007 Vermoegensvorrats GmbH
        (formerly A/C Systems GmbH)
         Hoernstr. 3
         26316 Varel
         Germany

         Attn: Ralf Hildebrandt, Manager
         Bockhorner Str. 29
         26316 Varel
         Germany


EUROTAPE GMBH: Claims Registration Period Ends July 8
-----------------------------------------------------
Creditors of EuroTape GmbH have until July 8, 2008, to register
their claims with court-appointed insolvency manager Andrew
Seidl.

Creditors and other interested parties are encouraged to attend
the meeting at 10:45 a.m. on Aug. 19, 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:

         Andrew Seidl
         Heideparkstrasse 14
         01099 Dresden
         Germany
         E-mail: http://www.ra-andrew-seidl.de

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

The Debtor can be reached at:

         EuroTape GmbH
         Stauffenbergallee 5b
         01099 Dresden
         Germany


GDTECH IT - SERVICE: Claims Registration Period Ends July 11
------------------------------------------------------------
Creditors of GDTech IT - Service + Vertrieb GmbH i.L. have until
July 11, 2008, to register their claims with court-appointed
insolvency manager Dr. Berthold Riering.

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

The meeting of creditors will be held at:

         The District Court of Hamburg
         Hall B 405
         Fourth Floor
         Sievkingplatz 1
         20355 Hamburg
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. Berthold Riering
         Osdorfer Landstrasse 230
         22549 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against GDTech IT - Service + Vertrieb GmbH i.L. on May 16,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         GDTech IT - Service + Vertrieb GmbH i.L.
         Heselstuecken 24
         22453 Hamburg
         Germany


GOERRES-DRUCKEREI GMBH: Claims Registration Period Ends July 11
---------------------------------------------------------------
Creditors of Goerres-Druckerei GmbH have until July 11, 2008 to
register their claims with court-appointed insolvency manager
Wolfgang Kalker.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on July 31, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Mayen
         Hall 220
         Second Floor
         St. Veit-Strasse 38
         56727 Mayen
         Germany

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

The insolvency manager can be reached at:

         Wolfgang Kalker
         Koelnstr. 135
         53757 St. Augustin
         Germany
         Tel: 02241/90600
         Fax: 02241/906062
         E-mail: Kanzlei@kalker-fahnster.de  

The District Court of Mayen opened bankruptcy proceedings
against  Goerres-Druckerei GmbH on May 30, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Goerres-Druckerei GmbH
         Attn: Lothar Henrichsen, Manager
         Stadtgraben 47-49
         56626 Andernach
         Germany


HARZHOTEL HAHNENKLEE: Claims Registration Period Ends July 8
------------------------------------------------------------
Creditors of  Servicegesellschaft mbH have until July 8, 2008,
to register their claims with court-appointed insolvency manager
Volker Schneider.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Aug. 14, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

         Volker Schneider
         Morianstrasse 3
         42103 Wuppertal
         Germany
         Tel: 0202/24 56 70
         Fax: 0202/24 56 722

The District Court of Wuppertal opened bankruptcy proceedings
against Harzhotel Hahnenklee Servicegesellschaft mbH on May 28,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         Harzhotel Hahnenklee Servicegesellschaft mbH
         Poststr. 62B
         42549 Velbert
         Germany


HEILER BAUREGIE: Claims Registration Period Ends July 8
-------------------------------------------------------
Creditors of Heiler Bauregie GmbH have until July 8, 2008, to
register their claims with court-appointed insolvency manager
Ottmar Hermann.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 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 Karlsruhe
         Hall IV
         First Floor
         Schlossplatz 23
         76131 Karlsruhe
         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
         Bleichstr. 2-4
         60313 Frankfurt/Main
         Germany
         Tel: 069/913 0920

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

The Debtor can be reached at:

         Heiler Bauregie GmbH
         Schwetziner Str. 22-26
         68753 Waghausel
         Germany


HEINRICH BADENHAUSEN: Claims Registration Period Ends July 8
------------------------------------------------------------
Creditors of Heinrich Badenhausen Holding GmbH & Co. KG have
until July 8, 2008, to register their claims with court-
appointed insolvency manager Carsten Koch.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Aug. 19, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         District Court of Fritzlar
         Room 17
         Building A
         Schladenweg 1
         34560 Fritzlar
         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:

         Carsten Koch
         Wilhelmshoeher Allee 270
         34131 Kassel
         Germany
         Tel: 0561-3166311
         Fax: 0561/3166312

The District Court of Fritzlar opened bankruptcy proceedings
against Heinrich Badenhausen Holding GmbH & Co. KG on May 20,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         Heinrich Badenhausen Holding GmbH & Co. KG      
         Frankenberger Strasse 7
         34632 Jesberg
         Germany


K.H. BREITENBACH: Claims Registration Period Ends July 8
--------------------------------------------------------
Creditors of K.H. Breitenbach Metalltechnik GmbH have until
July 8, 2008, to register their claims with court-appointed
insolvency manager Friedrich Elsholz.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 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 Aschaffenburg
          Meeting Hall 5.103
          Schlossplatz 5
          63739 Aschaffenburg
          Germany
        
The Court will also verify the claims set out in the insolvency
manager's report 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:

          Friedrich Elsholz
          Agathaplatz 1
          63739 Aschaffenburg
          Germany
          Tel: 06021/386850
          Fax: 06021/3868555

The District Court of Aschaffenburg opened bankruptcy
proceedings against K.H. Breitenbach Metalltechnik GmbH on
April 1, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

          K.H. Breitenbach Metalltechnik GmbH
          Bruch 11
          63897 Miltenberg
          Germany


KABEL DEUTSCHLAND: S&P Revises Outlook to Stable from Negative
--------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook Germany-
based cable TV operator Kabel Deutschland GmbH to stable from
negative.  The 'B+' long-term corporate credit rating was
affirmed.

"The outlook revision acknowledges the good near-term revenue
and EBITDA growth prospects from the uptake of high-speed
Internet and telephony services -- together with CATV called
triple play -- and from digital pay-TV services, which should
result in improving credit measures in the next 12 months," said
Standard & Poor's credit analyst Matthias Raab.

"Furthermore, KDG's financial flexibility in terms of available
cash reserves and covenant headroom under its existing senior
term loan documentation in the near to medium term have improved
following KDG's decision to buy only 1.1 million CATV
subscribers rather than the originally envisaged maximum of up
to 1.6 million from the Orion Group for about EUR500 million,"
said Mr. Raab.  The acquisition closed on April 30, 2008.  KDG's
financial flexibility is now adequate at the rating level and is
expected to remain so through year-end 2009.

In the third quarter ended Dec. 31, 2007, KDG reported solid
year-on-year revenue growth of 10% and EBITDA growth (adjusted
for share-based compensation and non-cash restructuring
expenses) of 11%.  This is primarily a result of the significant
cable TV price increase for all single family homes in March
2007 and higher revenues from triple-play services.  For the
fiscal year ended March 31, 2008, KDG expects to generate
adjusted EBITDA of at least EUR440 million to EUR445 million, a
marked increase of 16% on the last fiscal year, which we view
as achievable.

As of Dec. 31, 2007, KDG's had adjusted total debt to adjusted
last-12-month EBITDA of 7.7x.

The Orion subscriber acquisition increases KDG's financial debt
by EUR535 million, but provides it with additional EBITDA of at
least EUR50 million.  Nevertheless, pro forma for this
transaction, KDG's adjusted total debt to EBITDA is expected to
decline to about 7.2x at the end of March 31, 2008, on the back
of the marked EBITDA growth for fiscal 2008.   


KOSELKE, RAUM UND FARBE: Claims Registration Period Ends July 11
----------------------------------------------------------------
Creditors of Koselke, Raum und Farbe GmbH have until July 11,
2008 to register their claims with court-appointed insolvency
manager Dr. Steffen Koch.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Aug. 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 Walsrode
         Hall 130
         Lange Strasse 29-33
         29664 Walsrode
         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. Steffen Koch
         Albert-Einstein-Ring 11
         22761 Hamburg
         Germany
         Tel: (0 40) 8 99 56-0
         Fax: (0 40) 8 99 56

The District Court of Walsrode opened bankruptcy proceedings
against Koselke, Raum und Farbe GmbH on June 1, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Koselke, Raum und Farbe GmbH
         Felde 1
         29690 Essel
         Germany

         Attn: Hartmut Niebuhr, Manager
         Lange Strasse 6
         29690 Essel
         Germany


KUECHEN- UND ELEKTRO: Claims Registration Period Ends July 8
------------------------------------------------------------
Creditors of Kuechen- und Elektro- Vertriebsgesellschaft in Leer
mbH have until July 8, 2008, to register their claims with
court-appointed insolvency manager Peter Lameyer.

Creditors and other interested parties are encouraged to attend
the meeting at 10:40 a.m. on Aug. 1, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Leer
         Hall 101
         Woerde 5
         26789 Leer
         Germany

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

The insolvency manager can be reached at:

         Peter Lameyer
         Bremer Strasse 76
         26789 Leer
         Germany
         Tel: 0491/15255
         Fax: 0491/15222

The District Court of Leer opened bankruptcy proceedings against
Kuechen- und Elektro- Vertriebsgesellschaft in Leer mbH on May
19, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Kuechen- und Elektro- Vertriebsgesellschaft in Leer mbH
         Am Nuettermoorer Sieltief 3
         26789 Leer
         Germany


MANIA TECHNOLOGIE: German Court Commences Insolvency Proceedings
----------------------------------------------------------------
The District Court in Bad Homburg on June 20, 2008, has ordered
the institution of insolvency proceedings for the assets of
Mania Technologie AG and subsidiaries Mania Deutschland GmbH and
Mania Entwicklungsgesellschaft mbH.

Angelika Amend was appointed administrator for Mania Technologie
AG and Arno Wolf was appointed administrator for Mania
Deutschland GmbH and Mania Entwicklungsgesellschaft mbH.

During the course of the preliminary insolvency proceedings the
company have succeeded in finding in ESO Luxco I S.a r.l. a
purchaser for Mania Group’s worldwide outsourcing business and
for Mania Technologie Belgium N.V., so that the overseas
subsidiaries operating in the outsourcing business division and
Mania Technologie Belgium N.V. in its field of business will
continue operations after the institution of the insolvency
proceedings.

Headquartered in Germany, Mania Technologie AG --
http://www.maniagroup.com/-- engages in the development,    
manufacture, and sale of machines, systems, and services to the
printed circuit board industry in Europe, Asia, Africa, and the
Americas.  The equipment portfolio includes imaging systems,
optical inspection (AOI), electrical testers, drilling machines,
and CAM software.


MELO-BAU GMBH: Claims Registration Period Ends July 8
-----------------------------------------------------
Creditors of Melo-Bau GmbH have until July 8, 2008, to register
their claims with court-appointed insolvency manager Stefan von
der Ahe.

Creditors and other interested parties are encouraged to attend
the meeting at 10:40 a.m. on Aug. 1, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Leer
         Hall 101
         Woerde 5
         26789 Leer
         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 von der Ahe
         Dr.-Warsing-Str. 205
         26802 Moormerland
         Germany
         Tel: 04954/9570-0
         Fax: 04954/9570-60

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

The Debtor can be reached at:

         Melo-Bau GmbH
         Heseler Strasse 5
         26802 Moormerland
         Germany


NETLOG GERMANY: Claims Registration Period Ends July 11
-------------------------------------------------------
Creditors of Netlog Germany GmbH have until July 11, 2008, to
register their claims with court-appointed insolvency manager
Peter Knoepfel.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 a.m. on Aug. 5, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hannover
         Hall 226
         Second Upper Floor
         Service Bldg.
         Hamburger Allee 26
         30161 Hannover
         Germany

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

The insolvency manager can be reached at:

         Peter Knoepfel
         Koenigstrasse 4
         30175 Hannover
         Germany
         Tel: 0511 336138-0
         Fax: 0511 336138-66

The District Court of Hannover opened bankruptcy proceedings
against Netlog Germany GmbH on May 26, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Netlog Germany GmbH
         Attn: Karl Magnus Rosengren, Manager
         Hohenzollernstr. 13
         30161 Hannover
         Germany


ORALIA DENTALPRODUKTE: Claims Registration Period Ends July 11
--------------------------------------------------------------
Creditors of ORALIA Dentalprodukte GmbH have until July 11,
2008, to register their claims with court-appointed insolvency
manager Dr. Norbert Wischermann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 Konstanz
         Hall 102
         First Floor
         Gerichtstrasse 9
         78462 Konstanz
         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. Norbert Wischermann
         Bleicherstr. 16
         78467 Konstanz
         Germany

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

The Debtor can be reached at:

         ORALIA Dentalprodukte GmbH
         Attn: Joachim Hentze und
               Thomas Havemann, Managers
         Schneckenburgstr. 11
         78467 Konstanz
         Germany


PHOENIX MANAGEMENT: Claims Registration Period Ends July 11
-----------------------------------------------------------
Creditors of Phoenix Management GmbH have until July 11, 2008,
to register their claims with court-appointed insolvency manager
Tatjana Gotsch.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on July 30, 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 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:

         Tatjana Gotsch
         Buettenstr. 4
         08058 Zwickau
         Germany
         Tel: (0375) 818920
         Fax: (0375) 8189214
         E-mail: gotsch@zwickau-net.de

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

The Debtor can be reached at:

         Phoenix Management GmbH
         Attn: Albert Schlichter, Liquidator
         Muenzstrasse 12
         08056 Zwickau
         Germany


SA-RE-MO HOCHBAUGESELLSCHAFT: Claims Registration Ends July 11
--------------------------------------------------------------
Creditors of Sa-Re-Mo Hochbaugesellschaft mbH have until July
11, 2008, to register their claims with court-appointed
insolvency manager Stefan Denkhaus.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 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 Schwerin
         Hall 7
         Demmlerplatz 14
         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 Denkhaus
         Jungfernstieg 30
         20354 Hamburg
         Germany

The District Court of Schwerin opened bankruptcy proceedings
against Sa-Re-Mo Hochbaugesellschaft mbH on May 19, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Sa-Re-Mo Hochbaugesellschaft mbH
         Heinrich-Seidel-Strasse 11
         19071 Bruesewitz
         Germany


SIS WOHNBAU: Claims Registration Period Ends July 11
----------------------------------------------------
Creditors of SIS Wohnbau GmbH have until July 11, 2008, to
register their claims with court-appointed insolvency manager
Dr. Petra Mork.

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

The meeting of creditors will be held at:

         The District Court of Dortmund
         Hall 3.201
         Gerichtsplatz 22
         44135 Dortmund
         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. Petra Mork
         Arndtstr. 28
         44135 Dortmund
         Germany

The District Court of Dortmund opened bankruptcy proceedings
against SIS Wohnbau GmbH on May 26, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         SIS Wohnbau GmbH
         Merklinder Str. 222
         44577 Castrop-Rauxel
         Germany

         Attn: Barbara Schneider, Manager
         Voehdeweg 34
         44577 Castrop-Rauxel
         Germany


TUI AG: Cruises Subsidiary Taps Frank Kuhlmann as CFO
-----------------------------------------------------
TUI AG disclosed that the supervisory board of TUI Cruises has
appointed Frank Kuhlmann as chief financial officer effective
July 1, 2008.

Mr. Kuhlmann studied business mathematics and has worked as CFO
for Tchibo Great Britain Ltd. in London since 2005.  At Tchibo
he was responsible for IT, finance, controlling, human
resources, logistics, real estate management and non food.

He started his career 1991 as head of IT at the insurance broker
Gossler/Gobert/Wolters.  In 1995, the Colombian born Mr.
Kuhlmann joined Tchibo GmbH where he worked in various leading
positions, e.g. IT finance and controlling.

TUI Cruises is a joint venture between TUI AG and Royal
Caribbean Cruises Ltd.

                         About TUI

Headquartered in Hanover, Germany, TUI AG --
http://www.tui-group.com/-- engages in the tourism and shipping
sectors.   The Company's core activities are in the tourism
business, focusing mainly on the markets of Central, Northern
and Western Europe.  TUI AG's shipping and logistics activities
are contained within its Hapag-Lloyd Container Linie GmbH and CP
Ships Ltd. Subsidiaries.

                      *    *    *

TUI AG carries Standard & Poor's ratings of "BB-" on long-term
corporate credit and all issue ratings on creditwatch with
negative implicatins.

Moody's Investors Service confirmed the B1 Corporate Family
Rating for TUI AG, while the B2 unsecured rating
has been lowered to B3, and the subordinated rating is also
confirmed at B3.  The outlook is negative.


WAGNER IT: Claims Registration Period Ends July 7
-------------------------------------------------
Creditors of Wagner IT Consult GmbH have until July 7, 2008, to
register their claims with court-appointed insolvency manager
Ulrich Cramer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on Aug. 5, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Munich
          Meeting Hall 101
          Infanteriestr. 5
          80097 Munich
          Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

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

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

The Debtor can be reached at:

          Wagner IT Consult GmbH
          Attn: Peter Wagner, Manager
          Hueterweg 24
          85748 Garching
          Germany


WALDSCHMIDT GESCHAFTSFUEHRUNGS: Claims Registration Ends July 7
---------------------------------------------------------------
Creditors of Waldschmidt Geschaftsfuehrungsgesellschaft mbH have
until July 7, 2008, to register their claims with court-
appointed insolvency manager Barbel Decker.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on Aug. 18, 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 Wetzlar
          Meeting Hall 201
          Building B
          Second Stock
          Wetherstr. 1
          35578 Wetzlar
          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:

          Barbel Decker
          Ludwig-Rinn-Strasse 59
          35452 Heuchelheim
          Germany
          Tel: 0641/9 60 18 0-0
          Fax: 0641/9 60 18 0-8
          E-mail: info@kanzlei-unuetzer.de  

The District Court of Wetzlar opened bankruptcy proceedings
against Waldschmidt Geschaftsfuehrungsgesellschaft mbH on
June 2, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

          Waldschmidt Geschaftsfuehrungsgesellschaft mbH
          Pfannenstielsgasse 17
          35578 Wetzlar
          Germany


WESTLB AG: Court Clears Ex-CEO Sengera in Box Clever Case
---------------------------------------------------------
A court in Dusseldorf, Germany, has acquitted WestLB AG's former
chief executive officer Juergen Sengera of breach of contact
relating to the company's approval of a faulty EUR135 billion
loan to Box Clever Ltd., Karin Matussek writes for Bloomberg
News.

According to presiding judge Brigitte Koppenhoefer, Bloomberg
News relates, Mr. Sengera violated his duties as WestLB's CEO
when he approved the loan without adequate risk assessment.

Ms. Koppenhoefer, however, said Mr. Sengera is not criminally
liable since he didn't expect his action would harm WestLB.   
She added that since the loan was approved under "enormous time
pressure" in December 1999, WestLB failed to gather sufficient
information or conduct its market analysis.

Eberhard Kempf, Mr. Sengera's lawyer, expressed content on the
verdict, but disagreed that WestLB's former CEO violated his
duties.

Dusseldorf prosecutors, who had sought a two-year suspended
sentence and a fine, will appeal the verdict, Nils Bussee told
Bloomberg News.

                           About WestLB

Hearquartered in Duesseldorf, Germany, WestLB AG (DAX:WESTLB)
-- http://www.westlb.com/-- provides financial advisory,
lending, structured finance, project finance, capital markets
and private equity products, asset management, transaction
services and real estate finance to institutions.

In the United States, certain securities, trading, brokerage and
advisory services are provided by WestLB AG's wholly owned
subsidiary WestLB Securities Inc., a registered broker-dealer
and member of the NASD and SIPC.

WestLB's shareholders are the two savings banks associations in
NRW (25.15% each), two regional associations (0.52% each), the
state of NRW (17.47%) and NRW.BANK (31.18%), which is owned by
NRW (64.7%) and two regional associations (35.3%).

                          *     *     *

West LB AG continues to carry Fitch's 'F' Individual Rating.  
The rating was previously at 'D/E' and was downgraded by Fitch
to its current level in January 2008.


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


ASHCOIN LIMITED: Ulster Bank Names Receiver to Secure Assets
------------------------------------------------------------
Ulster Bank Commercial Services has appointed Kieran Wallace of
KPMG LLP as receiver for the assets of Ashcoin Ltd., Ian Kehoe
writes for the Sunday Business Post.

According to the Post, the appointment will allow Ulster -- one
of Ascoin's largest creditors -- to seize and auction off the
company's assets before it goes into liquidation.  Ulster had
debentures on Ashcoin's assets on loans to provided the company.

As previously reported in the TCR-Europe, Ashcoin has ceased
operations three months after receiving a rescue package.  
Ashcoin will go into liquidation after receiving advise from its
accountants and bankers that it is insolvent.

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

The company sought bankruptcy protection in January 2008, after
incurring EUR8 million of debt.  A High Court in Dublin approved
in March 2008 a scheme of arrangement for Ashcoin.  The company
received EUR1 million from Tim Kelly Engineering, which  took a
98% stake in Fit-Out.

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


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


FIAT SPA: To Continue Running Lancia Delta Ad Despite Apology
-------------------------------------------------------------
Despite its apology to China, Fiat SpA will keep airing its
controversial Lancia Delta commercial, showing Richard Gere
driving from Hollywood all the way to Tibet.

In a press statement, Fiat says, "These choices have never been
driven by or based on political choices or by a desire of Fiat
Group to interfere with the internal political system of any
country, especially as this may relate to the People’s Republic
of China."

According to Associated Press, citing a Fiat spokesman, the
company will continue running the ad in Italy and in other
European countries where Lancia Delta will be sold.

Based in Turin, Italy, Fiat SpA -- http://www.fiatgroup.com/--
designs, manufactures, and sells automobiles, trucks, wheel
loaders, excavators, telehandlers, tractors and combine
harvesters.  Outside Europe, the company has subsidiaries in the
United States, Japan, India, China, Mexico, Brazil, and
Argentina.

                         *     *     *

The company also carries Standard & Poor's Ratings Services' BB
long-term corporate credit rating.  The company also carries B
short-term rating.  S&P said the outlook is stable.


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


ALTYN MUNAI: Creditors Must File Claims by Aug. 1
-------------------------------------------------  
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Altyn Munai insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         Sain Str. 8-94
         Almaty
         Kazakhstan
         Tel: 8 777 293 23-15


ANATO-OIL LLP: Claims Deadline Slated for Aug. 1
------------------------------------------------  
LLP Anato-Oil has declared insolvency.  Creditors have until
Aug. 1, 2008, to submit written proofs of claims to:

         LLP Anato-Oil
         Mir Str. 18
         140000, Pavlodar
         Kazakhstan


BUD-SERVICE LLP: Claims Filing Period Ends Aug. 1
-------------------------------------------------  
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Bud-Service insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         Sain Str. 8-94
         Almaty
         Kazakhstan
         Tel: 8 777 293 23-15


KAZTESS-PV LLP: Creditors' Claims Due on Aug. 1
-----------------------------------------------  
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Kaztess-PV 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
         Tolstoi Str. 19-38
         Pavlodar
         Kazakhstan
         Tel: 8 (7182) 32-86-70


REMIDI ASIAN: Claims Registration Ends Aug. 1
---------------------------------------------  
LLP Remidi Asian Technologies Kazakhstan has declared
insolvency.  Creditors have until Aug. 1, 2008, to submit
written proofs of claims to:

         LLP Remidi Asian Technologies Kazakhstan
         Micro District 7, 12-110
         Aktau
         Mangistau
         Kazakhstan
         Tel: 8 (7292) 57-97-04
              8 (7292) 53-10-43


STROY-SERVICE LLP: Claims Deadline Slated for Aug. 1
----------------------------------------------------  
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Manufaturing Firm Stroy-Service 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
         Tolstoi Str. 19-38
         Pavlodar
         Kazakhstan
         Tel: 8 (7182) 32-86-70


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


SUNRISE TRADING: Creditors Must File Claims by July 25
------------------------------------------------------
LLC Sunrise Trading Co. Ltd. has declared insolvency.  Creditors
have until July 25, 2008 to submit written proofs of claim to:

         LLC Sunrise Trading Co. Ltd.
         Pobeda Ave. 346
         Lebedinovka
         Alamudunsky
         Chui
         Kyrgyzstan


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


STEEL CAPITAL: Fitch Rates Loan Participation Notes at BB
---------------------------------------------------------
Fitch Ratings has assigned Steel Capital S.A.'s proposed issue
of loan participation notes an expected senior unsecured 'BB'
rating.  The final rating is contingent on receipt of final
documentation conforming materially to information already
received and confirmation regarding the amount and tenor of the
notes.

Steel Capital S.A. is a public limited liability company
incorporated under the laws of the Grand Duchy of Luxembourg.   
Steel Capital S.A. will issue the notes and lend the proceeds
under a loan agreement to the ultimate borrower, OJSC Severstal
('BB'/'B'/Outlook Stable).  The 'BB' rating of the LPNs is in
line with Severstal's senior unsecured rating of 'BB'.  
Severstal will use the proceeds to refinance a portion of its
existing debt, partially fund the acquisition of US-steel
producers WCI Steel and Esmark (the latter is dependent upon the
success of Severstal's current offer), for other potential
acquisitions and for general corporate purposes.  Steel Capital
S.A. has granted a first fixed charge in respect of various
rights and interests under the loan agreement with Severstal to
Citibank N.A., London Branch, as trustee, for the benefit of the
trustee and the noteholders.  The loan agreement, notes, trust
deed and other related documents are governed by English law.

Terms contained in the loan agreement between Steel Capital S.A.
and Severstal include that the loan ranks at least equally with
all unsecured and unsubordinated indebtedness of Severstal, a
negative pledge (albeit with a comprehensive list of permitted
liens) and restrictions on mergers and disposals.  The loan
agreement also includes a consolidated leverage (debt/EBITDA)
ratio of 3.5:1.  This test is instead of the consolidated net
debt/net worth covenant of 0.75 included in Severstal's existing
2009 and 2014 notes.  The terms and conditions of the new notes
are substantially similar to previous issuances involving
Severstal, although the redemption put event following a change-
of-control has been removed, as has the change-of-control
clause.

Severstal's Long-term IDR and senior unsecured ratings were
upgraded to 'BB' from 'BB-' by Fitch on June 20, 2008.

Severstal is the largest vertically integrated steel producer in
Russia by volume (including production at its international
facilities), with crude steel production of 17.5 million tons in
2007.  The company generated revenues of US$15.2 billion,
EBITDAR of US$3.7 billion and had an adjusted net leverage (adj.
net debt/EBITDAR) of 0.3x at fiscal year ending 2007.


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


ANNET LLC: Volgograd Bankruptcy Hearing Slated for August 14
------------------------------------------------------------
The Arbitration Court of Volgograd will convene at 10:00 a.m. on
Aug. 14, 2008, to hear the bankruptcy supervision procedure on
LLC Annet (TIN 3442032702).  The case is docketed under Case No.
A12-3898/08-s55.

The Temporary Insolvency Manager is:

         A. Minin
         Post User Box 199
         400050 Volgograd
         Russia

The Debtor can be reached at:

         LLC Annet
         Kommunisticheskaya Str. 34
         400131 Volgograd
         Russia


BIKINSKAYA KNITTING: Creditors Must File Claims by July 13
----------------------------------------------------------
Creditors of OJSC Bikinskaya Knitting Factory have until
July 13, 2008, to submit proofs of claim to:

         T. Nenasheva
         Insolvency Manager
         Office 1
         Komsomolskaya Str. 101
         680028 Khabarovsk
         Russia

The Arbitration Court of Khabarovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A73-3185/2007-9.

The Debtor can be reached at:

         OJSC Bikinskaya Knitting Factory
         Khabarovsk
         Russia


BLAGOVESHENSKIY FACTORY: Court Starts Bankruptcy Supervision
------------------------------------------------------------
The Arbitration Court of Amur commenced bankruptcy supervision
procedure on LLC Blagoveshenskiy Factory of Reinforced Concrete
Goods (TIN 2801095640, OGRN 1042800014256).  The case is
docketed under Case No. A04-1221/08-6/27B.

The Temporary Insolvency Manager is:

         V. Shvedko
         Krasnorechenskaya Str. 118
         680045 Khabarovsk
         Russia

The Debtor can be reached at:

         LLC Blagoveshenskiy Factory of Reinforced Concrete
         Goods
         Zagorodnaya Str. 171
         Blagoveshensk
         675000 Amur
         Russia


BUILDING COMPANY: Creditors Must File Claims by July 13
-------------------------------------------------------
Creditors of LLC Building Company (TIN 1434027166) have until
July 13, 2008, to submit proofs of claim to:

         E. Savitskiy
         Insolvency Manager
         Komsolskaya Str. 82-1
         680000 Khabarovsk
         Russia

The Arbitration Court of Yaroslavl commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A58-5898/2007.

The Debtor can be reached at:

         LLC Building Company
         Stroitelnaya Str. 6a
         Chulman
         Neryungi
         678985 Sakha–Yakutiya
         Russia


DINAMO LLC: Creditors Must File Claims by July 24
-------------------------------------------------
Creditors of LLC Dinamo have until July 24, 2008, to submit
proofs of claim to:

         L. Tarasova
         Insolvency Manager
         To be called for Ms. L.Tarasova
         308001 Belgorod-1
         Russia

The Arbitration Court of Belgorod commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A08-6649/07-14B.

The Court is located at:

         The Arbitration Court of Belgorod
         Narodnyj Avenue 135
         308600 Belgorod
         Russia

The Debtor can be reached at:

         LLC Dinamo
         Vesenniy location 2/93
         Strayj Oskol
         Belgorod
         Russia


SAMARA OBLAST: S&P Rates US$351 Million Bond Issue at BB+
---------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' local
currency global scale rating and 'ruAA+' Russia national scale
senior unsecured debt rating to the proposed Russian ruble 8.3
billion (US$351 million) fixed-coupon domestic bond issue by
Samara Oblast (BB+/Stable/--; Russia national scale rating
'ruAA+').

"The issue will be placed on June 26, 2008, with a five and one-
half year amortization, and will have 22 fixed-coupon payments,"
said Standard & Poor's credit analyst Boris Kopeykin.

The ratings on the bond mirror those on Samara Oblast, one of
the key industrial regions in the Russian Federation (foreign
currency BBB+/Positive/A-2; local currency A-/Positive/A-2;
Russia national scale 'ruAAA').  The oblast lies 1,100
kilometers south-east of Moscow on the Volga River.

The ratings on the oblast reflect high dependence on federal
decisions about its revenue and expenditure responsibilities;
continued, although decreasing, dependence on the region'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.


SEVERSTAL OAO: Reiterates US$17.00 per Share Offer for Esmark
-------------------------------------------------------------
OAO Severstal has sent a letter to the Board of Directors of
Esmark Incorporated with respect to Severstal’s previously
announced all cash US$17 per share tender offer to acquire all
of the outstanding shares of Esmark common stock.

The letter was addressed to James Bouchard, Esmark Chairman and
CEO.

"We would like to reiterate our continued strong interest in
acquiring Esmark Incorporated pursuant to our previously
announced tender offer for all outstanding shares of Esmark
common stock," Gregory Mason, Severstal Chief Operating Officer
said in the letter.  "We also believe that Severstal is uniquely
positioned to promptly consummate an acquisition of Esmark,
given the full and enthusiastic support of our proposal by the
United Steelworkers and your majority shareholder.

"We understand that the arbitrator in the United Steelworkers’
right to bid grievance arbitration with Esmark may consider
setting aside Esmark’s Memorandum of Agreement with Essar Steel
Holdings Limited.

"If the arbitrator sets aside the Memorandum of Agreement,
Severstal is aware of and understands Esmark’s financing issues
with respect to the loan agreements you entered into with Essar
Steel and your other financing agreements.  This is to confirm
that we are prepared to immediately replace the Essar financing
in a manner that satisfies Esmark’s obligations to all credit
parties and does not jeopardize Esmark’s business.

"We stand ready to conclude a transaction expeditiously."

                         About Severstal

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

                        *     *     *

As reported in the TCR-Europe on June 23, 2008, Fitch Ratings
has upgraded OAO Severstal's Long-term Issuer Default and senior
unsecured ratings to 'BB' from 'BB-', and its National Long-term
rating to 'AA-(rus)' from 'A+(rus)'.  Following the upgrade, the
Outlooks on the Long-term IDR and National Long-term rating are
now Stable.  At the same time, Severstal's Short-term IDR is
affirmed at 'B'.

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

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


SEVERSTAL OAO: Names BookRunners for Upcoming Eurobond Issue
------------------------------------------------------------
OAO Severstal has mandated ABN AMRO, BNP Paribas and Citi to act
as Joint Bookrunners for a benchmark US$ denominated RegS/144 A
Eurobond offering.

The transaction is expected to be launched, subject to market
conditions, following an investor roadshow in the U.S. and
Europe on June 26-30, 2008.

                         About Severstal

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

                         *     *     *

As reported in the TCR-Europe on June 23, 2008, Fitch Ratings
has upgraded OAO Severstal's Long-term Issuer Default and senior
unsecured ratings to 'BB' from 'BB-', and its National Long-term
rating to 'AA-(rus)' from 'A+(rus)'.  Following the upgrade, the
Outlooks on the Long-term IDR and National Long-term rating are
now Stable.  At the same time, Severstal's Short-term IDR is
affirmed at 'B'.

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

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


SEVERSTAL OAO: Moderate Leverage Prompts S&P's Outlook Revision
---------------------------------------------------------------
Standard & Poor's Ratings Services said revised its outlook on
Russia-based steel producer OAO Severstal to positive from
stable.  This reflects the company's improving business risk
profile and moderate leverage, despite higher spending on
acquisitions and capital expenditures.

At the same time, S&P affirmed the 'BB' long-term corporate
credit and senior unsecured debt ratings and the 'ruAA' Russia
national scale rating.

Furthermore, S&P assigned a 'BB' senior unsecured debt rating to
the proposed issue of U.S. dollar loan participation notes by an
orphan special-purpose financing vehicle, Steel Capital S.A. The
rating is subject to final documentation.

"The outlook revision reflects continued strong steel market
conditions, especially in Russia; improving diversity of
operations; continued high raw materials integration; healthy
profitability; and strong cash flows," said Standard & Poor's
credit analyst Alex Herbert.

Spending on acquisitions has significantly increased in recent
months and Severstal has large capital expenditure plans for the
coming years.  Nevertheless, S&P regards the company's financial
policy and pro forma leverage as moderate, indicating the
potential for a higher rating in the future.

"A one-notch upgrade would be possible within the next year if
Severstal can demonstrate successful execution and integration
of its recent acquisitions while maintaining moderate leverage,"
Mr. Herbert added.

S&P expects this to be supported by strong cash flow generation,
underpinned by healthy steel prices.  Financial flexibility has
reduced following the latest transactions, so management will
need to finance its expansion carefully, balancing the extent
and pace of spending to take into account market conditions and
its financial risk profile.  A sustainable ratio of funds from
operations to adjusted debt of about 50% would be needed
for us to consider raising the corporate credit rating to 'BB+'.

An outlook revision back to stable could be considered if FFO to
adjusted debt fell below 50% on a consistent basis, for example
due to ongoing debt-financed acquisitions.


VOLGOGRAD OBLAST: S&P Rates US$42.4 Million Bond at BB-
-------------------------------------------------------
Standard & Poor's Ratings Services said assigned its 'BB-' long-
term debt rating and 'ruAA-' Russia national scale rating to the
Russian ruble 1 billion (about US$42.4 million) senior unsecured
four-year bond placed on June 17, 2008, by Volgograd Oblast (BB-
/Stable/--; Russia national scale 'ruAA-').

The bond has eight semiannual fixed coupons and is amortizing,
with 30% of the principal to be repaid in 2010, another 30% in
2011, and the remainder at the maturity date in 2012.  The
coupons' rates are linked to the first coupon's rate of 9.78%.

"The ratings on the bond are equalized with those on the
Volgograd Oblast," said Standard & Poor's credit analyst Irina
Pilman.

The ratings on Volgograd Oblast are constrained by restricted
flexibility and predictability of revenues and expenditures, and
by revenue volatility and pressure on liquidity resulting from
taxpayer concentration.  Low wealth levels compared with those
of its peers in The Russian Federation (foreign currency
BBB+/Positive/A-2; local currency A-/Positive/A-2; Russia
national scale 'ruAAA') also constrain the ratings.

The oblast's good budgetary performance offsets these
constraints, as do its commitments to maintain a moderate debt
burden in the medium term and improve the debt structure.  The
Volgograd Oblast administration's efforts to attract investment
provide additional support for the ratings.


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


GRUPO DRAC: Selling RCD Mallorca for Around EUR40 Million
---------------------------------------------------------
Spanish soccer club RCD Mallorca is being put up for sale for
about EUR40 million (US$62.1 million) after its parent Grupo
Drac filed for insolvency, Reuters reports citing a source privy
to the matter.

Mallorca, however, refused to comment on the issue, Reuters
notes.

Grupo Drac, whose subsidiary holds a 93% stake in Mallorca, owes
EUR400 million to a group of banks and EUR200 million to
suppliers and builders, Reuters relates.  Grupo Drac's owner
Vicente Grande raised his stake in the club to 93% from 51%
almost two years ago, Reuters adds.

Grupo Drac owns real estate assets, land and two hotels in
Mallorca, Spain, the paper discloses.


* KPMG Partners in Spain to Join Merger in Europe
-------------------------------------------------
The partners of KPMG's member firm in Spain have voted to join
KPMG Europe LLP alongside the U.K, Germany and Switzerland in a
move which will enhance the merged firm’s position as Europe’s
largest fully integrated accountancy firm.

The combined firm will have more than 23,000 partners and staff
working from 75 offices across the four countries - with
revenues in excess of EUR4.2 billion in 2007.  Partners of KPMG
Spain approved the merger proposal in a vote last Friday.  The
vote is subject to the agreement of the U.K, German and Swiss
partners.

John Scott, senior partner for KPMG Spain, will join the KPMG
Europe board.  The Spanish partners’ vote is the latest stage in
KPMG's ambition to create the most fully integrated accountancy
firm across Europe.

Rolf Nonnenmacher and John Griffith-Jones, joint chairmen of
KPMG Europe LLP, said:

"We warmly welcome the decision of our colleagues in Spain to
join the KPMG merger in Europe.  Their decision to join builds
on the foundations formed when the UK, Germany and Switzerland
member firms agreed to merge and we are delighted that they wish
to become part of our ambition to create the most successful
professional services firm in Europe, for the benefit of both
our clients and our people. We look forward to other member
firms joining in due course."

The Spanish practice of KPMG has grown very successfully over
the last three years.  In the year to September 2007, revenues
were EUR175 million Mr. Scott added.

"This move is a definitive step in our goal to consolidate our
reputation as employer of choice.  It will increase our ability
to recruit and retain talent, will develop wider career
opportunities with more options to participate in cross-border
projects, and will promote deeper knowledge sharing.
Consequently, our capabilities to add value to our clients will
enhance our competitive advantage and market leadership."


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


TELIGENT AB: Finalizes Renegotiation of Project
-----------------------------------------------
Teligent AB's management believes that there is a good
possibility to secure long term financing for the company after
finalizing the renegotiation of the last major difficult
project.

The agreement gives positive effect on both Teligent's cash flow
and profitability.  The new agreement is a prerequisite to
continued discussions on the company's financing.  

"It is a sign of the strengths for our solution and organization
to have concluded this last and most complicated renegotiation.
It is very positive to have this agreement as a firm base for
ongoing financing discussions.  Our opinion is still that all
questions regarding the financing of Teligent will be answered
during June," Henrik Sund, CEO of Teligent disclosed.

As previously reported in the TCR-Europe,  Teligent management
said that an agreement has been established with creditors
regarding the long-term financing of the company.

This agreement implies that the company's possibility of
securing all required, long-term financing is notably
facilitated.

The management also confirmed that concrete and constructive
discussions are underway regarding the manner in which
the major loss-making projects are to be concluded and how
future work with these clients is to be organized.

Headquartered in Nynashamn, Sweden, Teligent AB --
http://www.teligent.se/-- develops and sells value-added
solutions for intelligent telephony applications for telecom and
network operators.  Its services includes messaging, mobile
office solutions, access screening and prepaid telephone.
Teligent is active in Europe and North America.

                          *    *    *

The company posted net losses for eight consecutive quarters
starting January 2006 to December 2007.

For the fourth quarter of ended Dec. 31, 2007, the company
posted SEK134.9 million net loss on SEK116.5 net sales.


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


AHOCH2 LLC: Undergoing Liquidation in Sarnen
--------------------------------------------
LLC aHOCH2 is currently undergoing liquidation in Sarnen.  The
decision about liquidation was accepted at an extraordinary
shareholder’s meeting held on February 12, 2008.

Deadline for creditors to file proofs of claim was June 22,
2008.

For further information, contact:

          Andreas Ettlin
          JSC ettlin&partner
          Engenlohstrasse 2 b
          6060 Sarnen
          Switzerland


ARISE WATCH: Undergoing Liquidation in Gossau
---------------------------------------------
JSC Arise Watch is currently undergoing liquidation in Gossau
ZH.  The decision about liquidation was accepted at a general
meeting held on September 19, 2007.

Deadline for creditors to file proofs of claim was June 22,
2008.

For further information, contact:

          JSC Zwicky Unternehmerberatung & Treuhand
          Angelstrasse 8
          8625 Gossau
          Switzerland


CAMPING RUDERBAUM: Creditors' Liquidation Claims Due July 12
------------------------------------------------------------
Creditors owed money by LLC Camping Ruderbaum are requested to
submit their proofs of claim by July 12, 2008 to:

          LLC Camping Ruderbaum
          8595 Altnau
          Switzerland

The company is currently undergoing liquidation in Altnau.  The
decision about liquidation was accepted at a shareholder's
meeting held on May 13, 2008.



DATATEAM JSC: Schaffhausen Court Initiates Bankruptcy Proceeding
----------------------------------------------------------------
The Bankruptcy Service of Schaffhausen commenced bankruptcy
proceedings against JSC Datateam on may 14, 2008.

The Bankruptcy Service of Schaffhausen can be reached at;

          Bankruptcy Service of Schaffhausen
          8201 Schaffhausen
          Switzerland

The company can be reached at:

          JSC Datateam
          Muhlentalstrasse 65
          8200 Schaffhausen
          Switzerland


DAWIPROF LLC: Deadline to File Proofs of Claim Set for July 3
-------------------------------------------------------------
Creditors owed money by LLC DAWIPROF are requested to submit
their proofs of claim by July 3, 2008 to:

          LLC DAWIPROF
          Alte Bergstrasse 88
          8707 Uetikon am See
          Switzerland

The company is currently undergoing liquidation in Uetikon am
See.  The decision about liquidation was accepted at a
shareholder's meeting held on April 16, 2008.


DENISE STUDI: Creditors Have Until June 30 to Submit Claims
-----------------------------------------------------------
Creditors owed money by JSC Denise Studi International are
requested to submit their proofs of claim by June 30, 2008 to:

          Guido Getzmann
          Liquidator
          Seestrasse 97a
          6052 Hergiswil
          Switzerland

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


E-ACT JSC: Currently Undergoing Liquidation in Horgen
-----------------------------------------------------
JSC E-act is currently undergoing liquidation in Horgen.  The
decision about liquidation was accepted at an extraordinary
general meeting held on April 30, 2008.

Deadline for creditors to file proofs of claim was June 13,
2008.

For further information, contact:

          Wenger Plattner
          Dr. Oliver Kunzler
          Goldbach-Center
          Seestrasse 39
          8700 Kusnacht
          Switzerland


FUN CITY: Creditors Have Until June 29 to File Proofs of Claim
--------------------------------------------------------------
Creditors owed money by JSC Fun City are requested to submit
their proofs of claim by June 29, 2008 to:

          JSC Fun City
          Mühlebachstrasse 35
          9230 Flawil
          Switzerland

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



GPA ARCHITEKTUR: Creditors' Liquidation Claims Due by July 15
-------------------------------------------------------------
Creditors owed money by LLC GPA Architektur are requested to
submit their proofs of claim by July 15, 2008 to:

          Erika Studer
          Hohle Gasse 8
          4702 Oensingen
          Switzerland

The company is currently undergoing liquidation in Oensingen.  
The decision about liquidation was accepted at an extraordinary
shareholder's meeting held on May 6, 2008.


LIDO SARNEN: Currently Undergoing Liquidation in Sarnen
-----------------------------------------------------

LLC Lido Sarnen Gastro is currently undergoing liquidation in
Sarnen.  The decision about liquidation was accepted at an
extraordinary shareholder’s meeting held on Feb. 12, 2008.

Deadline for creditors to file proofs of claim was June 22,
2008.

For further information, contact:

          Andreas Ettlin
          JSC ettlin&partner
          Engenlohstrasse 2 b
          6060 Sarnen
          Switzerland


PGI  INFORMATIK: Undergoing Liquidation in Baar
-----------------------------------------------
LLC PGI Informatik is currently undergoing liquidation in Baar.

The decision about liquidation was accepted at an extraordinary
shareholder’s meeting held on March 28, 2008.

Deadline for creditors to file proofs of claim was June 15,
2008.

For further information, contact:

          JSC Breves Treuhand
          Baarerstrasse 79
          6300 Zug
          Switzerland



PNEU ERNST: Creditors Must File Proofs of Claim by July 4
---------------------------------------------------------
Creditors owed money by LLC Pneu Ernst Produktions are requested
to submit their proofs of claim by July 4, 2008 to:

          Ueli Ernst
          JSC Pneu Ernst
          Gossauerstrasse 35
          8340 Hinwil
          Switzerland

The company is currently undergoing liquidation in Oberburen.  
The decision about liquidation was accepted at a shareholder's
meeting held on April 8, 2008.



PROMEDICOS JSC: Aargau Court Commences Bankruptcy Proceedings
-------------------------------------------------------------
The Bankruptcy Service of Aargau commenced bankruptcy
proceedings against JSC ProMediCos on May 13, 2008.

The Bankruptcy Service of Aargau can be reached at:

          Bankruptcy Service of Aargau
          Amtsstelle Oberentfelden
          5036 Oberentfelden
          Switzerland

The company can be reached at:

          JSC ProMediCos
          Bernstrasse 86
          4852 Rothrist
          Switzerland


RT REINIGUNGSTECHNIK: Bankruptcy Proceedings Commenced
------------------------------------------------------
The Cantonal Bankruptcy Service commenced bankruptcy proceedings
against LLC RT Reinigungstechnik on Feb. 21, 2008.

The Cantonal Bankruptcy Service can be reached at:

          Cantonal Bankruptcy Service
          4702 Oensingen
          Switzerland

The company can be reached at:

          LLC RT Reinigungstechnik
          Parkstrasse 1a
          5012 Schonenwerd.
          Switzerland

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


SOFI JSC: Currently Undergoing Liquidation in Zurich
-----------------------------------------------------
JSC SOFI- Swiss Organisation for Facilitating Investments is
currently undergoing liquidation in Zurich.  The decision about
liquidation was accepted at an extraordinary general meeting
held on April 7, 2008.

Deadline for creditors to file proofs of claim was June 21,
2008.


SWS JSC: Creditors Have Until July 10 to File Proofs of Claim
-------------------------------------------------------------
Creditors owed money by JSC SWS are requested to submit their
proofs of claim by July 10, 2008 to:

          JSC Honegger Treuhand
          Liquidator
          Rietbrunnen 20
          8808 Pfaffikon
          Switzerland

The company is currently undergoing liquidation in Feusisberg
SZ.  The decision about liquidation was accepted by the district
court of Hofe on May 14, 2008.


TETOVA MARKET: Undergoing Liquidation in Reinach
------------------------------------------------
LLC Tetova Market is currently undergoing liquidation in Reinach
AG.  The decision about liquidation was accepted at an
extraordinary shareholder’s meeting held on Oct. 26, 2005.

Deadline for creditors to file proofs of claim was June 22,
2008.


TFA TECHNIK: Currently in Liquidation in Zurich
-----------------------------------------------
JSC TFA Technik und Freizeit is currently undergoing liquidation
in Zurich.  The decision about liquidation was accepted at an
extraordinary general meeting held on April 17, 2008.

Deadline for creditors to file proofs of claim was June 17,
2008.

For further information, contact:

          JSC Sinco Treuhand
          Idastrasse 15
          8003 Zurich
          Switzerland


WALTHER GASTRO: June 30 Set as Deadline to File Proofs of Claim
---------------------------------------------------------------
Creditors owed money by LLC Walther Gastro are requested to
submit their proofs of claim by June 30, 2008 to:

          Priska Walther-Hauser
          Liquidator
          Stockenstrasse 17
          3380 Wangen an der Aare
          Switzerland

The company is currently undergoing liquidation in Wangen an der
Aare.  The decision about liquidation was accepted at an
extraordinary shareholder's meeting held on April 17, 2008.


WK PRAXISEINRICHTUNGEN: Aargau Court Initiates Bankruptcy
---------------------------------------------------------
The Bankruptcy Service of Aargau commenced bankruptcy
proceedings against LLC WK Praxiseinrichtungen on May 15, 2008.

The Bankruptcy Service of Aargau can be reached at:

          Bankruptcy Service of Aargau
          Amtsstelle Oberentfelden
          5036 Oberentfelden
          Switzerland

The company can be reached at:

          LLC WK Praxiseinrichtungen
          Industriestrasse 2
          5712 Beinwil am See
          Switzerland


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


CHERCOLOURMET LLC: Creditors Must File Claims by July 4
-------------------------------------------------------
Creditors of LLC Chercolourmet (code EDRPOU 33896773) have until
July 4, 2008, to submit proofs of claim to:

         The Economic Court of Nikolaev
         Admiralskaya Str. 22
         54009 Nikolaev
         Ukraine

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent on May 27, 2008.
The case is docketed as 5/248/08.

The Debtor can be reached at:

         LLC Chercolourmet
         Stalingrada Str. 91
         Geroev
         54025 Nikolaev
         Ukraine


INDUSTRIAL BUILDING: Creditors Must File Claims by July 4
---------------------------------------------------------
Creditors of LLC Industrial Building Industry (code EDRPOU
32768628) have until July 4, 2008, to submit proofs of claim to:

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

The Economic Court of Kyiv commenced bankruptcy proceedings
against the company after finding it insolvent on May 26, 2008.
The case is docketed as 49/82-b.

The Debtor can be reached at:

         LLC Industrial Building Industry
         Krasnozvezdny Avenue 119
         03039 Kiev
         Ukraine


KRYZHOPOL AGRICULTURAL: Creditors Must File Claims by July 4
------------------------------------------------------------
Creditors of Joint Stock Company on Agricultural Industrial
Building Kryzhopol Agricultural Building (code EDRPOU 03582876)
have until July 4, 2008, to submit proofs of claim to:

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

The Economic Court of Vinnica commenced bankruptcy proceedings
against the company after finding it insolvent on May 6, 2008.
The case is docketed as 10/86-08.

The Debtor can be reached at:

         Joint Stock Company on Agricultural Industrial Building
         Kryzhopol Agricultural Building
         Kuybishev Str. 82
         Kryzhopol
         Vinnica
         Ukraine


KRYZHOPOL CHEESE: Proofs of Claim Deadline Set July 4
-----------------------------------------------------
Creditors of OJSC Kryzhopol Cheese Making Plant (code EDRPOU
00444470) have until July 4, 2008, to submit proofs of claim to:

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

The Economic Court of Vinnica commenced bankruptcy supervision
procedure on the company on April 24, 2008.  The case is
docketed as 5/150-08.

The Debtor can be reached at:

         OJSC Kryzhopol Cheese Making Plant
         K. Marks Str. 157
         Kryzhopol
         Vinnica
         Ukraine


MAKSIMOVKA COMMON: Creditors Must File Claims by July 4
-------------------------------------------------------
Creditors of Maksimovka Common Agricultural Enterprise have
until July 4, 2008, to submit proofs of claim to:

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

The Economic Court of Donetsk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 5/132B.

The Debtor can be reached at:

         Maksimovka Common Agricultural Enterprise
         Mir Avenue
         Maksimovka
         Mariynsky District
         85641 Donetsk
         Ukraine


MATEKS LLC: Creditors Must File Claims by July 4
------------------------------------------------
The Economic Court of Kyiv commenced bankruptcy proceedings
against the company after finding it insolvent on May 26, 2008.
The case is docketed as 49/81-b.

Creditors of LLC Science Production Enterprise Mateks (code
EDRPOU 34423494) have until July 4, 2008, to submit proofs of
claim to:

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

The Debtor can be reached at:

         LLC Science Production Enterprise Mateks
         Krasnozvezdny Avenue 119
         03039 Kiev
         Ukraine


MOVABLE MECHANIZED: Creditors Must File Claims by July 4
--------------------------------------------------------
Creditors of OJSC Movable Mechanized Column195 (code EDRPOU
01331495) have until July 4, 2008, to submit proofs of claim to:

         The Economic Court of Zhytomir
         Putiatinskiy Square 3/65
         10014 Zhytomir
         Ukraine

The Economic Court of Zhytomir commenced bankruptcy proceedings
against the company after finding it insolvent on May 8, 2008.
The case is docketed as 7/55-b.

The Debtor can be reached at:

         OJSC Movable Mechanized Column195
         Cooperative Str. 10
         Zhytomir
         Ukraine


POTASH BREADRECEIVING: Proofs of Claim Deadline Set July 4
----------------------------------------------------------
Creditors of Potash Breadreceiving Enterprise (code EDRPOU
00952605) have until July 4, 2008, to submit proofs of claim to:

         The Economic Court of Cherkassy
         Shevchenko Avenue 307
         18005 Cherkassy
         Ukraine

The Economic Court of Cherkassy has commenced bankruptcy
supervision procedure on the company.  The case is docketed as
01/4813.

The Debtor can be reached at:

         Potash Breadreceiving Enterprise
         Cherniakhovsky Str. 2
         Potash
         Mankovsky District
         20109 Cherkassy
         Ukraine


TECHMETSOUTH-N LLC: Creditors Must File Claims by July 4
--------------------------------------------------------
Creditors of LLC Techmetsouth-N (code EDRPOU 34511119) have
until July 4, 2008, to submit proofs of claim to:

         The Economic Court of Nikolaev
         Admiralskaya Str. 22
         54009 Nikolaev
         Ukraine

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent on May 27, 2008.
The case is docketed as 5/249/08.

The Debtor can be reached at:

         LLC Techmetsouth-N
         Ochakovskaya Str. 1-A
         54036 Nikolaev
         Ukraine


UKRMETSERVICE-M LLC: Creditors Must File Claims by July 4
---------------------------------------------------------
Creditors of LLC Ukrmetservice-M (code EDRPOU 34437706) have
until July 4, 2008, to submit proofs of claim to:

         The Economic Court of Nikolaev
         Admiralskaya Str. 22
         54009 Nikolaev
         Ukraine

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent on May 27, 2008.
The case is docketed as 5/247/08.

The Debtor can be reached at:

         LLC Ukrmetservice-M
         Geroev Stalingrada Str. 91
         54025 Nikolaev
         Ukraine


VATUTIN LLC: Creditors Must File Claims by July 4
-------------------------------------------------
Creditors of Vatutin LLC (code EDRPOU 30868979) have until
July 4, 2008, to submit proofs of claim to:
         
         The Economic Court of Chernovcy
         O. Kobylianska Str. 14
         58000 Chernovcy
         Ukraine

The Economic Court of Chernovcy commenced bankruptcy proceedings
against the company after finding it insolvent on May 15, 2008.

The Debtor can be reached at:

         Vatutin LLC
         Grushevtsy
         Kelmenetsky District
         Chernovcy
         Ukraine


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


AIM FORWARDING: Claims Filing Period Ends July 31
-------------------------------------------------
Creditors of AIM Forwarding Ltd. have until July 31, 2008 to
send in their full names, their addresses and descriptions, full
particulars of their debts or claims and the names and addresses
of their solicitors (if any) to:

         Vincent John Green
         Joint Liquidator
         Vantis Business Recovery Services
         Judd House
         16 East Street
         Tonbridge
         TN9 1HG
         England

Vincent John Green and Mark Newman of Vantis Business Recovery
Services were appointed joint liquidators of the company on
June 13, 2008 for the creditors' voluntary winding-up
proceeding.


ARGON CAPITAL: S&P Puts Notes' B Rating Under Negative Watch
------------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch with
negative implications its 'B' credit rating on the EUR17.961
million limited-recourse secured variable-rate notes series 40
issued by Argon Capital PLC.
  
S&P has taken this rating action on Argon Capital's notes after
placing the rating on the underlying obligor on CreditWatch
negative.  The underlying obligor provides collateral to the
transaction and its long-term rating acts as a supporting rating
to the series 40 notes.


BRACKENHEATH LTD: Brings In Liquidators from Tenon Recovery
-----------------------------------------------------------
T. J. Binyon and S. J. Parker of Tenon Recovery were appointed
joint liquidators of Brackenheath Ltd. on June 7 for the
creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

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


CHROME FUNDING: Moody's May Further Cut Ratings After Review
------------------------------------------------------------
Moody's Investors Service downgraded and left on review for
further downgrade three classes of notes issued by Chrome
Funding Limited.

This CDO transaction contains 35% ABS CDOs and also has exposure
to subprime RMBS bonds of the 2005 and 2006 vintages.
Approximately 2% of the portfolio by volume is currently rated
Caa1 or below with the junior most tranche attaching at 0.2%.

These rating actions are:

Chrome Funding Limited Series 15 to 17 (Odeon CDO notes):

   (1) The Series 15 EUR25,000,000 Class A Tranche 1 Floating
       Rate Credit-Linked Notes due 2051

    -- Current Rating: B2, on review for downgrade
    -- Prior Rating: Aa2, on review for downgrade

   (2) The Series 16 EUR7,500,000 Class B Tranche 1 Floating
       Rate Credit-Linked Notes due 2051

    -- Current Rating: Caa2, on review for downgrade
    -- Prior Rating: A2, on review for downgrade

   (3) The Series 17 EUR12,500,000 Class C Tranche 1 Floating
       Rate Credit-Linked Notes due 2051

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


CLARIS IV: Moody's Junks Ratings on Two Note Classes
----------------------------------------------------
Moody's Investors Service downgraded two classes of notes issued
by Claris IV Limited.

The CDO transaction comprises 100% US subprime RMBS bonds with
approximately 75% being of the 2006 vintage. 13% of the
portfolio by volume is currently rated Caa1 or below with the
senior most tranche attaching at 7.40% and detaching at 9.70%.

These rating actions are:

Claris IV Limited - Leibnitz:

   (1) The Series 8 US$39,000,000 Leibnitz 2006-1 Synthetic CDO
       of RMBS Variable Rate Notes due 2046

    -- Current Rating: Caa1, on review for downgrade
    -- Prior Rating: Baa3, on review for downgrade

   (2) The Series 10 US$22,000,000 Leibnitz 2006-1 Synthetic CDO
       of RMBS Variable Rate Notes due 2046

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


CLARIS LIMITED: Moody's Cuts Ratings on Three Note Series of CDO
----------------------------------------------------------------
Moody's Investors Service has taken downgrade actions on three
series of synthetic CDO notes issued by Claris Limited.  All
notes reference the same portfolio, Napa Valley X.  These rating
actions are in response to continued severe credit deterioration
in the underlying portfolio, which primarily includes US RMBS
and US CMBS, particularly of the 2006 vintage.

These actions are:

   (1) Series 91 Tranche 1 EUR14,000,000 Napa Valley X Synthetic
       CDO of ABS Floating Rate Notes

    -- Current Rating: Caa3, on review for downgrade
    -- Prior Rating: Caa1, on review for downgrade

   (2) Series 99 Tranche 1 EUR10,000,000 Napa Valley X Synthetic
       CDO of ABS Floating Rate Notes

    -- Current Rating: Caa1, on review for downgrade
    -- Prior Rating: Ba3, on review for downgrade

   (3) Series 101 Tranche 1 EUR36,000,000 Napa Valley X
       Synthetic CDO of ABS Floating Rate Notes

    -- Current Rating: Caa1, on review for downgrade
    -- Prior Rating: Ba3, on review for downgrade


DENISE BARNES: Claims Filing Period Ends September 12
-----------------------------------------------------
Creditors of Denise Barnes Estate Agency Ltd. have until
Sept. 12, 2008 to send their full names, address and
descriptions, full particulars of their debts or claims, and the
names and addresses of their solicitors (if any) to:

         David Elliott
         Liquidator
         Moore Stephens LLP
         Victory House
         Admiralty Place
         Chatham Maritime
         Kent
         ME4 4QU
         England
         
David Elliott of Moore Stephens LLP was appointed liquidator of
the company on June 13 for the creditors' voluntary winding-up
procedure.


DORCHESTER BRICKLAYING: Taps Liquidators from Tenon Recovery
------------------------------------------------------------
S. J. Parker and T. J. Binyon of Tenon Recovery were appointed
joint liquidators of Dorchester Bricklaying Ltd. on June 11 for
the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

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


EUROMANX: Faces Tynwald Probe Over Collapse
-------------------------------------------
Attorney General John Corlett in a Tynwald probe over Euromanx's
collapse said the airline had not yet entered into liquidation
at the time it flew out its Dash 8 aircraft on the day it ceased
trading, iomtoday reports.

Mr. Corlett, citing records at the company’s registry, was
quoted by iomtoday as saying "at 'no material time' was the
company in liquidation."

The legality of flying the aircraft, iomtoday relates, was
questioned as it could be used as security against Euromanx's
GBP1.16 million debts, GBP28,000 of which for unpaid tax.

Chief Minister Tony Brown told the House of Keys the airline,
which has about 40,000 creditors, "quite deliberately" flew out
the aircraft, iomtoday reveals.

Meanwhile, Treasury Minister Allan Bell disclosed the
provisional liquidator was awaiting a court order for his
appointment on account of the airline's creditors, although no
date had yet been announced for a creditors' meeting, iomtoday
notes.

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

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

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


FABERCOURT LTD: Calls In Liquidators from Tenon Recovery
--------------------------------------------------------
Nigel Ian Fox and Stanley Donald Burkett-Coltman of Tenon
Recovery were appointed joint liquidators of Fabercourt Ltd. on
June 11 for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Tenon Recovery
         Highfield Court
         Tollgate
         Chandlers Ford
         Eastleigh
         Hampshire
         SO53 3TZ
         England


GENERAL MOTORS: Cuts Truck Output; Offers Interest-Free Loans
-------------------------------------------------------------
General Motors Corp. is planning to cut production of its trucks
and offered new incentives on many 2008 model-year vehicles, The
Wall Street Journal reports.

According to the report, the decision came as a result of the
slump in pickup trucks and SUVs sales.

The company will decrease production of pickup trucks and SUVs
by 170,000 units but increase output of cars, crossovers and
vans by 47,000 units during the second half of the year, the
report said.

WSJ adds that the company is offering zero-percent loans for up
to 72 months or cash rebates of up to US$7,000.  

The offers should help dealers move some of the pickups and SUVs
they have in inventory, which have become hard to sell and are
rapidly falling in value, Mark LaNeve, GM's U.S. sales chief was
quoted by Wall Street as saying.

In May, GM's U.S. sales of trucks and SUVs were 37% below those
of May 2007, the biggest decline in the segment among the major
auto makers, report relates.

                            About GM

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908.  GM employs
about 266,000 people around the world and manufactures cars and
trucks in 35 countries.  In 2007, nearly 9.37 million GM cars
and trucks were sold globally under the following brands: Buick,
Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel,
Pontiac, Saab, Saturn, Vauxhall and Wuling.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security
and information services.

At March 31, 2008, GM's balance sheet showed total assets of
US$145,741,000,000 and total debts of US$186,784,000,000,
resulting in a stockholders' deficit of US$41,043,000,000.  
Deficit, at Dec. 31, 2007, and March 31, 2007, was
US$37,094,000,000 and US$4,558,000,000, respectively.

                          *     *     *

As related in the Troubled Company Reporter on June 5, 2008,
Standard & Poor's Ratings Services said that its ratings on
General Motors Corp. (B/Negative/B-3) are not immediately
affected by the company's announcement that it will cease
production at four North American truck plants over the next two
years.  These closures are in response to the re-energized shift
in consumer demand away from light trucks.  GM previously said
only one shift was being eliminated at each of the four truck
plants.  Production is being increased at plants producing small
and midsize cars, but the cash contribution margin from these
smaller vehicles is far less than that of light trucks.


HOUSE OF EUROPE I: Fitch Junks Class C Notes and Removes Watch
--------------------------------------------------------------
Fitch has downgraded three and affirmed one class of notes
issued by House of Europe Funding I Plc (HOE I):

   -- EUR878.2 million Class A due 2015 (ISIN XS0220241086):
      downgraded to 'B' from 'AAA'; remains on RWN

   -- EUR65 million Class B due 2047 (ISIN XS0220241755):
      downgraded to 'CCC' from 'AAA'; removed from RWN

   -- EUR50 million Class C due 2047 (ISIN XS0220242134):
      downgraded to 'C' from 'BBB-'; removed from RWN

   -- EUR50 million Class C additional interest (interest only):
      downgraded to 'C' from 'BB'; removed from RWN

   -- EUR5 million certificates due 2047: affirmed at 'AAA'

HOE I is an arbitrage cash flow collateralized debt obligation
incorporated to issue EUR1bn of notes.  The proceeds of the
issuance are invested in a portfolio of European RMBS, CMBS, ABS
and CDOs.  The collateral manager is Collineo Asset Management
GmbH (rated 'CAM2-' as a manager of structured finance CDOs).  
The transaction is no longer in the re-investment period, which
ended in March 2008.

This transaction was initially placed on RWN on 27 February
2008, following a deterioration of the portfolio quality
resulting from exposure to US structured finance CDOs comprised
of subprime debt.  Due to this exposure, the portfolio's credit
quality has considerably worsened, resulting in the downgrades
listed above.  There are currently three assets totaling
EUR60 million (approximately 6.5% of the portfolio) rated 'CCC'
or below.  While these assets are still paying interest, they
are expected to have no principal recovery.  The remainder of
the portfolio remains in the investment grade category.

As a result of exposure to these three assets, the transaction
has failed the over-collateralisation test.  As of the
May 20, 2008 trustee report, the senior OC test, which covers
the Class A and B notes, was reported at 95.9% relative to a
minimum threshold of 104.75%.  The failure of the OC tests means
that the principal proceeds available after paying certain
senior expenses will be used to redeem the notes in order of
priority until the tests are back in compliance.  However, Fitch
does not expect the OC tests to cure.  As a result, the Class C
notes are likely not to receive any future interest payments.

The Class B, C and the certificates are currently under-
collateralized.  When the portfolio balance is adjusted to
reflect the zero recovery expectations on the above mentioned
assets, the Class B notes are under-collateralized by
EUR38 million, and the Class C notes have no collateral standing
against them at all.  Regarding the Class A notes, credit
enhancement levels have eroded to 2.95%, based on an adjusted
performing portfolio balance of EUR904.9 million, which includes
principal cash.  While a limited margin of safety remains for
the Class A notes, Fitch believes the current credit enhancement
is no longer sufficient to support an investment-grade rating.

In addition, the interest proceeds generated from the portfolio
are no longer sufficient to cover the interest on the
liabilities.  Effectively, the projected excess spread of the
structure is now negative, which suggests that principal
collections might be applied to pay current interest, thus
reducing the remaining credit enhancement.  The decline in
projected interest proceeds is partly due to the swap strategy
implemented by the manager in September 2007.  The strategy
exchanged future interest proceeds for an upfront principal
payment.  This hedge strategy allowed the structure to pass the
OC test in previous payment periods, allowing for the
distribution of interest to the junior notes.

The ratings of the Class A and B notes address the timely
payment of interest and the ultimate repayment of principal by
the stated maturity date.  The rating of the Class C notes
addresses the ultimate repayment of principal and the ultimate
payment of interest at a rate equal to EURIBOR by the stated
maturity date.  The rating of the Class C additional interest
addresses the ultimate payment of Class C interest at a rate
equal to 1.3% per annum.  The rating of the certificates
addresses the ultimate repayment of principal only by the stated
maturity date. The rating of the certificates is based on full
principal protection provided by a zero coupon 'AAA'-rated
French government bond.

Fitch will resolve the RWN upon finalization of its revised
structured finance CDO criteria.


HOUSE OF EUROPE II: Fitch Junks Classes C and D Notes
-----------------------------------------------------
Fitch has downgraded four and affirmed one class of notes issued
by House of Europe Funding II Plc:

   -- EUR870 million Class A (ISIN XS0189751810): downgraded to
      'BBB' RWN 'AAA'; remains on RWN

   -- EUR60 million Class B (ISIN XS0189774432): downgraded to
      'B' from 'AAA'; remains on RWN

   -- EUR57 million Class C (ISIN XS0189774788): downgraded to
      'CCC' from 'A-'; removed from RWN

   -- EUR8 million Class D (ISIN XS0189775082): downgraded to
      'CC' from 'BBB' ; removed from RWN

   -- EUR5 million Class E (ISIN XS0189775595): affirmed at
      'AAA'

HOE II is an arbitrage cash flow collateralized debt obligation
incorporated to issue EUR1 billion of notes.  The proceeds of
the issuance are invested in a portfolio of European RMBS, CMBS,
ABS and CDOs.  The collateral manager is Collineo Asset
Management GmbH (rated 'CAM2-(minus)' as a manager of structured
finance CDOs).  The transaction is currently in the re-
investment period, which ends in May 2009.

This transaction was initially placed on RWN on Feb. 27, 2008,
following a deterioration of the portfolio quality resulting
from exposure to US structured finance CDOs comprised of
subprime debt.  Due to this exposure, the portfolio's credit
quality has considerably worsened, resulting in the downgrades
listed above.  There are currently five assets totaling
EUR52.8 million (approximately 5.3% of the portfolio) rated
'CCC' or below.  While these assets are still paying interest,
they are expected to have no principal recovery.  In addition,
there is one non-Fitch rated asset representing approximately
0.43% of the portfolio which is rated 'B' on RWN.

As a result of exposure to these five assets, the transaction is
under-collateralized at the Class C notes and below.  However,
as of the 14 May 2008 trustee report, the trustee reported
EUR38.6 million of recovery amounts relating to those five
assets, which allowed all of the OC tests to be in compliance.  
The senior OC test, which covers the Class A and B notes, was
reported at 105.09% relative to a minimum threshold of 104%,
while the Class C OC test was reported at 100.01% relative to a
minimum threshold of 100%.

The Class C, D and E notes are currently under-collateralized.  
When the portfolio balance is adjusted to reflect the zero
recovery expectations on the above mentioned assets, the Class C
notes are under-collateralized by EUR35 million and the
remaining notes have no collateral outstanding against them
other than partial principal protection of EUR1 million for the
Class D notes and full principal protection to the Class E notes
provided by a zero coupon 'AAA'-rated French government bond.
Regarding the more senior notes, the Class A and B notes still
retain credit enhancement levels of 7.56% and 1.19%,
respectively, based on a performing portfolio balance of
EUR941.2 million, which includes principal cash.  While both the
Class A and B notes retain margins of safety, Fitch believes
that the current credit enhancement levels no longer support
investment-grade ratings.

In addition, the interest proceeds generated from the portfolio
are no longer sufficient to cover the interest on the
liabilities.  Effectively, the projected excess spread of the
structure is now negative, which suggest that principal
collections might be applied to pay current interest, thus
reducing the remaining credit enhancement.

The ratings of the Class A and B notes address the timely
payment of interest and the ultimate repayment of principal by
the stated maturity date as per the governing documents.  The
ratings for the Class C, D and E notes address the ultimate
return of the rated principal balance by the stated maturity as
per the governing documents.  The rating for the Class E notes
is based on full principal protection provided by a zero coupon
'AAA'-rated French government bond.


HOUSE OF EUROPE III: Fitch Junks Classes B, C and D Notes
---------------------------------------------------------
Fitch has downgraded three and affirmed one class of notes
issued by House of Europe Funding III Plc (HOE III):

   -- EUR861.3 million Class A (ISIN XS0202218284): downgraded
      to 'BB' from 'AAA'; placed on RWN

   -- EUR60 million Class B (ISIN XS0202219092): downgraded to
      'CCC' from 'AAA'; removed from RWN

   -- EUR57.5 million Class C (ISIN XS0202219415): downgraded to
      'C' from 'A-'; removed from RWN

   -- EUR7.5 million Class D (ISIN XS0202221072): downgraded to
      'C' from 'BBB'; removed from RWN

   -- EUR5 million Class E (ISIN XS0202221155): affirmed at
      'AAA'

HOE III is an arbitrage cash flow collateralized debt obligation
incorporated to issue EUR1 billion of notes.  The proceeds of
the issuance are invested in a portfolio of European RMBS, CMBS,
ABS and CDOs.  The collateral manager is Collineo Asset
Management GmbH (rated 'CAM2-' as a manager of structured
finance CDOs).  The transaction is currently in the re-
investment period, which ends in December 2009.

This transaction was initially placed on RWN on Feb. 27, 2008,
following a deterioration of the portfolio quality resulting
from exposure to US structured finance CDOs comprised of
subprime debt.  Due to this exposure, the portfolio's credit
quality has considerably worsened, resulting in the downgrades
listed above.  There are currently five assets totaling
EUR70 million (approximately 7.1% of the portfolio) rated 'CCC'
or below.  While these assets are still paying interest, they
are expected to have no principal recovery.  In addition, there
is one non-Fitch rated asset representing approximately 0.8% of
the portfolio, which is rated 'B' on RWN.

As a result of exposure to these five assets, the transaction
has failed all over-collateralization tests.  As of the
June 20, 2008 trustee report, the senior OC test, which covers
the Class A and B notes, was reported at 101.1% relative to a
minimum threshold of 104%.  The failure of the OC tests means
that the principal proceeds available after paying certain
senior expenses will be used to redeem the notes in order of
priority until the tests are back in compliance. However, Fitch
does not expect the OC tests to cure.  As a result, the Class C,
D, and E notes are likely to not receive any future interest
payments.

In addition to not receiving interest payments, the Class C, D
and E notes are currently under-collateralized.  When the
portfolio balance is adjusted to EUR924 million to reflect the
zero recovery expectations on the above mentioned assets, the
Class C and D notes have no collateral standing against them at
all.  Regarding the more senior notes, the Class A notes still
retain credit enhancement levels of 5.85%; however, in Fitch's
opinion this limited margin of safety is not sufficient to
support an investment grade rating.  While the Class B notes are
likely to continue to receive current interest payments, the
notes are under-collateralized by EUR6 million based on the
adjusted collateral balance.

In addition, the interest proceeds generated from the portfolio
are no longer sufficient to cover the interest on the
liabilities.  Effectively, the projected excess spread of the
structure is now negative, which suggest that principal
collections might be applied to pay current interest, thus
reducing the remaining credit enhancement.  The decline in
projected interest proceeds is partly due to the swap strategy
implemented by the manager in November 2007.  The strategy
exchanged future interest proceeds for an upfront principal
payment.  This hedge strategy allowed the structure to pass the
OC test in previous payment periods allowing for the
distribution of interest to the junior notes.

The ratings of the Class A and B notes address the timely
payment of interest and the ultimate repayment of principal by
the stated maturity date as per the governing documents.  The
ratings of the Class C, D and E notes address the ultimate
return of the rated principal balance by the stated maturity as
per the governing documents.  The rating of the Class E notes is
based on full principal protection provided by a zero coupon
'AAA'-rated French government bond.

Fitch will resolve the RWN upon finalization of its revised
structured finance CDO criteria.


JESMOND UTILITIES: Hires Liquidators from Tenon Recovery
--------------------------------------------------------
Steven Philip Ross and Ian William Kings of Tenon Recovery were
appointed joint liquidators of Jesmond Utilities Ltd. on May 29
for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Tenon Recovery
         Tenon House
         Ferryboat Lane
         Sunderland
         Tyne & Wear
         SR5 3JN
         England


PREMIER ASSET: S&P Lowers Rating on Capital Notes to D
------------------------------------------------------
Standard & Poor's Ratings Services has withdrawn its ratings on
the issuer credit rating and senior ratings on Premier Asset
Collateralized Entity Ltd. and Premier Asset Collateralized
Entity LLC, co-issuers of the structured investment vehicle.  
At the same time the rating on the PACE capital notes was
removed from CreditWatch with negative implications and lowered
to 'D'.
  
The withdrawal of ratings follows the repayment of all
outstanding commercial paper, medium-term notes, and amounts
owed under the liquidity facility, using proceeds from the sale
of the portfolio.  Following this sale, PACE no longer has any
assets, resulting in the breach of, and failure to cure, its
liquidity and interest rate limit tests.  This means that the
SIV has entered into an "enforcement" mode of operation.
  
At the same time, the asset sale and repayment of all senior
obligations means that there were insufficient funds to repay
the remaining capital noteholders on the June 16, 2008 payment  
date.  Therefore, the rating on the capital notes is lowered to
'D'.

                       Ratings List
  
     Premier Asset Collateralized Entity Ltd./Premier Asset  
     Collateralized Entity LLC
  
          Class                    Ratings
                           To                From
  
Ratings Lowered and Removed from CreditWatch Negative
  
         Capital notes     D                 CCC-/Watch Neg
  
Ratings Withdrawn
  
   Issuer credit rating   NR                 AAA/Negative/A-1+
   CP                     NR                 A-1+               
   MTNs                   NR                 AAA


SCS UPHOLSTERY: Suspends Shares; In Talks with Potential Buyer
--------------------------------------------------------------
SCS Upholstery PLC, on June 15, 2008, disclosed that it was in
discussions with a number of external parties to address the
working capital requirements of its suppliers, and therefore its
own working capital position.

During these discussions, the directors have received an
approach from one of the parties to acquire the entire share
capital of its sole trading subsidiary.  This approach would see
the trading subsidiary being provided with substantial working
capital facilities that would fully resolve the working capital
issues and ensure all suppliers have a strong and ongoing
relationship with the business.

To enable discussions to be progressed to a speedy conclusion
the Company has entered into exclusive discussions with the
external party, and due diligence is underway.  

However, as these discussions have developed, it has become
clear to the Directors of ScS that the extent of the additional
working capital funding required may result in only negligible
value being attributed to the shares in ScS.

As a result, the Directors of ScS have requested a suspension in
the trading of the Company's shares with immediate effect.
A further announcement will be made in due course.

                  Trading Conditions

As has been widely reported the challenging retail conditions
have had a negative impact throughout the furniture retailing
sector.  Despite the previously announced downturn in sales,
ScS's conservative financing structure was considered
appropriate for prevailing trading conditions.

However, the unexpected and sudden withdrawal of credit
insurance from the market, which has impacted us and other
retailers, has placed a strain on the working capital needs of
its suppliers.  ScS continues to trade with all its suppliers
with whom it has a symbiotic relationship and it is  working to
address their and therefore its, working capital requirements.

Currently ScS is cash positive with no net debt.

Since its interim results on March 26, 2008, trading has
remained challenging.  ScS's Like for like sales order intake
for the 8 weeks up to and including May 10, 2008 is down by 14%.  
The bank holiday weekend in isolation was particularly
disappointing with like for like sales order intake down 20% and
total sales order intake down 19%.

Like for like sales order intake for the 41 weeks of this
financial year are down 15% and total sales order intake down
11%.

Headquartered in Sunderland, England, ScS Upholstery PLC --
http://www.scs.co.uk/-- sells fabric and leather upholstered  
furniture from its retail stores, which trade under the ScS
brand name. The Company operates stores throughout the United
Kingdom.


TK PROPERTY: Duncan R. Beat Leads Liquidation Procedure
-------------------------------------------------------
Duncan R. Beat of Tenon Recovery was appointed liquidator of TK
Property Services Ltd. (t/a Waterfields) on June 12 for the
creditors' voluntary winding-up procedure.

The liquidator can be reached at:

         Tenon Recovery
         75 Springfield Road
         Chelmsford
         Essex
         CM2 6JB
         England

  
                            *********

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
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related conferences are encouraged.  Send announcements to
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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-
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Tovilla, Editors.

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

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