TCREUR_Public/080626.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Thursday, June 26, 2008, Vol. 9, No. 126

                            Headlines


A U S T R I A

S & L DRUCK: Claims Registration Period Ends June 30
T & K LLC: Claims Registration Period Ends July 22
VEREIN H.U.P.: Claims Registration Period Ends July 8


B E L G I U M

BROUWERIJ LEIFMANS: Duvel Moortgat Buys Bankruptcy Assets


D E N M A R K

EASTMAN KODAK: Board Approves US$1 Billion Stock Repurchase Plan


G E R M A N Y

ALLIANCE ONE: Delays Filing of Annual Report to July 1
ALLIANCE ONE: Thomas Reynolds Resigns as VP-Controller
ALLIANCE ONE: Moody's Downgrades Liquidity Ratings to SGL-3
BAUGESCHAFT RHINOW: Claims Registration Period Ends July 9
BERGER TRANSPORT: Claims Registration Period Ends July 7

BERT-FENSTER: Claims Registration Period Ends July 9
COLORFORM DRUCK: Claims Registration Period Ends July 9
CULTURA CULINARIUM: Claims Registration Period Ends July 9
DE-MO GMBH: Claims Registration Period Ends July 9
EUTRANS INTERNATIONALE: Claims Registration Period Ends July 3

GARTEN- UND LANDSCHAFTSBAU: Claims Registration Ends July 9
GILITZER PORZELLAN: Claims Registration Period Ends July 3
HOESE SONDERGERATE: Claims Registration Period Ends July 1
IKB DEUTSCHE: Free Democrats Call for Parliamentary Inquiry
PLANEN BAUEN: Claims Registration Period Ends July 1


I T A L Y

PARMALAT SPA: Can Seek Damages in Parma Case, Judge Rules


K A Z A K H S T A N

ELATIV LLP: Creditors Must File Claims by Aug. 1
IPC MOTORS: Claims Deadline Slated for Aug. 1
JALYS-INES LLP: Claims Filing Period Ends Aug. 1
MEGAPOLIS LLP: Creditors' Claims Due on Aug. 1
MITSAR LLP: Claims Registration Ends Aug. 1

OTANDASTAR DORPROMSTROY: Creditors' Claims Due on Aug. 1
SHIT-NS LLP: Claims Registration Ends Aug. 1
VALENT-AI LLP: Claims Filing Period Ends Aug. 1


K Y R G Y Z S T A N

ABA JOLDORU: Creditors Must File Claims by July 25


L U X E M B O U R G

GOODYEAR TIRE: To Shut Down Australian Manufacturing Facility


R U S S I A

INTEKS LLC: St. Petersburg Bankruptcy Hearing Set August 14
MOBILE TELESYSTEMS: Commences 3G Operations in Russia
MOBILE TELESYSTEMS: Fitch Rates RUB10 Bln. Domestic Loan at BB+
MOSCOW REGIONAL: S&P Puts B Rating Under Negative Creditwatch
NIVA CJSC: Court Names D. Zakaryan as Insolvency Manager

OTDELOCHNIK CJSC: Creditors Must File Claims by July 24
PETERSBURG SOCIAL: Fitch Hikes IDR to B- with Stable Outlook
POKROVSKIY BUTTER: Court Starts Bankruptcy Supervision Procedure
PSB FINANCE: Fitch Puts low-B Ratings on US$3 Bln Loan Program
SEVERSTAL OAO: Increases Offer for Esmark to US$19.25 per Share

TEKH-PROM-SERVICE: Court Names I. Utyugova as Insolvency Manager
VOLGATELECOM OJSC: Shareholders Approve RUR857.4-Mln Dividend
VOLGATELECOM OJSC: Shareholders Name New Board of Directors
VTB BANK: Moody's Cuts Bank Financial Strength Rating to D


S W I T Z E R L A N D

GRAFTECH INTERNATIONAL: S&P Revises Outlook to Positive


U K R A I N E

ANCET SOLUTION: Creditors Must File Claims by July 4
ARTEMIDA LLC: Creditors Must File Claims by July 5
DANASTR LLC: Creditors Must File Claims by July 5
DAREL LLC: Creditors Must File Claims by July 4
MUROVANI KURILOVTSY: Creditors Must File Claims by July 5

PROGRESS LLC: Creditors Must File Claims by July 5
REAL ESTATE: Creditors Must File Claims by July 4
ROAD MACHINE: Creditors Must File Claims by July 5
SOZDANIYE LLC: Creditors Must File Claims by July 5
UKRAINIAN WHOLESALE: Proofs of Claim Deadline Set July 4

UKRSIBBANK: Moody's Lifts Bank Financial Strength Ratings to D
VITKOM-TRISE LLC: Creditors Must File Claims by July 5


U N I T E D   K I N G D O M

ANGLO-DUTCH: Taps Joint Administrators from Kroll
APPLE ENGINEERING: Appoints KPMG as Joint Administrators
B & S BUILDERS: Brings In Administrators from Deloitte & Touche
BRITANNIA BULK: Strong 2007 Performance Cues S&P to Lift Rating
BRITISH AIRWAYS: Selling Air Mauritius Stake for GBP3.2 Million

CAPRICORN HOMES: Appoints Joint Administrators from KPMG
CLARIS SERIES 59: Fitch Downgrades EUR40 Million Notes to BB
COMMANET: Brings In Liquidators from Mazars
EOS AIRLINES: Court Okays Aircraft Parts Sale to GoIndustry
HOUSE OF EUROPE IV: Fitch Junks Rating on Two Note Classes

NOSTRUM CONSUMER: Fitch Affirms BB Rating on Class E Notes
RICHARD COULBECK: Claims Filing Period Ends July 28
W B ASHWORTH: Calls In Liquidators from PKF
YELL GROUP: Defends Management Bonuses Amid Share Price Drop

* Moody's Says Outlook Remains Negative Despite Share Issue

* Upcoming Meetings, Conferences and Seminars


                            *********


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


S & L DRUCK: Claims Registration Period Ends June 30
----------------------------------------------------
Creditors owed money by LLC S & L Druck und Verlag (FN 109910h)
have until June 30, 2008, to file written proofs of claim to
court-appointed estate administrator Johann Koelly at:

          Dr. Johann Koelly
          Rosengasse 55
          7350 Oberpullendorf
          Austria
          Tel: 02612/42710
          Fax: 02612/42710-6
          E-mail: lawyer-koelly@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at  11:00 a.m.on July 14, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Eisenstadt
          Hall F
          Eisenstadt
          Austria

Headquartered in Guessing, Austria, the Debtor declared
bankruptcy on May 27, 2008 (Bankr. Case No. 26 S 44/08k).  


T & K LLC: Claims Registration Period Ends July 22
--------------------------------------------------
Creditors owed money by LLC T & K (FN 271926t) have until
July 22, 2008, to file written proofs of claim to court-
appointed estate administrator Susanne Poeltenstein-Rosenegger
at:

          Mag. Susanne Poeltenstein-Rosenegger
          Schulerstrasse 18
          1010 Vienna
          Austria
          Tel: 512 4013
          Fax: 512 4013 22
          E-mail: poeltenstein@anwaltsteam.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m.on Aug. 5, 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 28, 2008 (Bankr. Case No. 28 S 74/08y).  


VEREIN H.U.P.: Claims Registration Period Ends July 8
-----------------------------------------------------
Creditors owed money by Verein H.U.P. have until July 8, 2008,
to file written proofs of claim to court-appointed estate
administrator Gerhard Taufner at:

          Dr. Gerhard Taufner
          Bahnhofstrasse 5
          3390 Melk
          Austria
          Tel: 02752/ 524 66
          Fax: 02752/ 525 74
          E-mail: rechtsanwalt.taufner@taufner.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at  10:10 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 Matzleinsdorf bei Melk, Austria, the Debtor
declared bankruptcy on May 30, 2008 (Bankr. Case No. 14 S
86/08z).  


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


BROUWERIJ LEIFMANS: Duvel Moortgat Buys Bankruptcy Assets
---------------------------------------------------------
Duvel Moortgat nv has reached an agreement with the receivers of
Brouwerij Liefmans nv en Liefmans Breweries nv.

Under the agreement, Duvel Moortgat will acquire a large portion
of the assets of the bankrupt companies, including the complete
machinery, all the brands and recipes.

Earlier, Duvel Moortgat had already made a binding offer on the
real estate of Brouwerij Liefmans in Oudenaarde, Belgium.  The
receivers have granted Duvel Moortgat a right of use until the
completion of some procedural aspects regarding the sale of this
site.

In a first phase, Duvel Moortgat will concentrate primarily on
the brown ales and the fruit beers of the brand Liefmans brewed
in Oudenaarde.  This way, Duvel Moortgat can complete its
existing product portfolio with a fine, authentic and
traditional beer brand, in a market segment in which it was not
active until now.

When Duvel Moortgat acquires the site in Oudenaarde, the company
will make the necessary investments to revalue the production
site and give visitors a hearty welcome.

The price of the total transaction, including the real estate in
Oudenaarde, amounts to EUR4.5 million.


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


EASTMAN KODAK: Board Approves US$1 Billion Stock Repurchase Plan
----------------------------------------------------------------
Eastman Kodak Company said Tuesday that its Board of Directors
authorized a stock repurchase program totaling as much as
US$1.0 billion of the company’s outstanding common stock.

At recent prices, the purchase of $1.0 billion of Kodak stock
would represent approximately 25% of the shares outstanding.

The company also disclosed that it has received a tax refund
from the U.S. Internal Revenue Service of US$581 million.  The
refund is related to the audit of certain claims filed for tax
years 1993-1998, and is composed of a refund of past federal
income taxes paid of $306 million and $275 million of interest
earned on the refund.

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.  The repurchase will commence as soon as practicable, in
accordance with the rules and regulations of the U.S. Securities
and Exchange Commission that govern such purchases.

“Our Board’s decision to authorize this repurchase initiative
underscores the rising confidence we have in Kodak’s product
portfolio, in our current financial position, and in the
execution of our strategy,” said Antonio M. Perez, Chairman and
Chief Executive Officer, Eastman Kodak Company.  “With our
significant liquidity and strong balance sheet, we continue to
pursue a variety of long-term, value-creating growth initiatives
that are well funded.  In addition, we strongly believe that at
the current price, the purchase of our own stock is an
appropriate use of our cash and will further enhance long-term
shareholder value.”  

Separately, as part of the discussion of its second-quarter
results on July 31, 2008, the company plans to update the
investment community on the magnitude of the expected full-year
net positive earnings impact from the following factors: the tax
refund, commodity prices and related company actions, and the
previously announced lengthening of the useful life assumptions
of its film and paper manufacturing assets.

The federal tax refund claim related primarily to a 1994 loss
recognized on the company’s sale of stock of a subsidiary,
Sterling Winthrop Inc., which was originally disallowed under
IRS regulations in effect at that time.  The IRS subsequently
issued revised regulations that served as the basis for this
refund claim.

The refund will have a positive impact on the company’s net
earnings for the second quarter of 2008 of US$574 million.  Of
the US$574 million increase in net earnings, US$300 million
relates to the 1994 sale of Sterling Winthrop Inc., which will
be reflected in earnings from discontinued operations, net of
income taxes.  The balance of US$274 million, which represents
interest, will be reflected in earnings from continuing
operations.

Because of tax-loss carryforwards and other tax attributes, the
company expects to retain US$575 million of the US$581 million
proceeds received, with the difference representing expected
payments in 2008 for state income taxes.

Under the terms of the repurchase program, the company may
repurchase shares in open market purchases or through privately
negotiated transactions.  The stock repurchase activities will
be conducted in compliance with the safe harbor provisions of
Rule 10b-18 of the Securities Exchange Act of 1934, as amended.  

Kodak management will determine the timing and amount of any
repurchase based on its evaluation of market conditions and
other factors.  Repurchases of common stock may also be made
under 10b5-1 plans, which would permit common stock to be
purchased when the company may otherwise be prohibited from
doing so under insider trading laws.  The share repurchase
program does not obligate the company to repurchase any dollar
amount or number of shares of its common stock, and the program
may be extended, modified, suspended or discontinued at any
time.

                        Ratings Action

Moody's Investors Service's commented that Eastman Kodak's B1
corporate family rating with a stable outlook would not be
affected by the disclosure that the company's Board of Directors
authorized a stock repurchase program totaling as much as
US$1.0 billion of the company's outstanding common stock.

                       About Eastman Kodak

Headquartered in Rochester, New York, Eastman Kodak Co. (NYSE:
EK)-- http://www.kodak.com/-- develops, manufactures, and
markets digital and traditional imaging products, services, and
solutions to consumers, businesses, the graphic communications
market, the entertainment industry, professionals, healthcare
providers, and other customers.

The company has operations in Argentina, Chile, Denmark, Greece,
Jordan, Yemen, Australia, China among others.


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


ALLIANCE ONE: Delays Filing of Annual Report to July 1
------------------------------------------------------
Alliance One International, Inc. disclosed in a regulatory
filing with the U.S. Securities and Exchange Commission that it
will be unable to file its Annual Report on Form 10-K for the
fiscal year end March 31, 2008 within the prescribed time period
without unreasonable effort or expense.

The delay is the result of time required to finalize accounting
related to reserves and financial statement presentation
concerning farmer rural credit accounting.  The company said
that its management, in consultation with the Audit Committee of
the Board of Directors, is in the process of completing the
necessary analysis.

The company expects to file its Annual Report on Form 10-K for
the year ended March 31, 2008, as soon as practicable after the
completion of these additional procedures, which the company
expects will be no later than July 1, 2008.

Alliance One International -- http://www.aointl.com/-- is an  
independent leaf tobacco merchant serving the world's largest
cigarette manufacturers.  The company was formed on May 13,
2005, as a result of the merger of DIMON Incorporated and
Standard Commercial Corporation, both world leaders in tobacco
processing.  The creation of Alliance One brings together 200
years of combined experience and expertise, establishing a
formidable competitor with a clear focus on its customers, as
well as a vision for the future.

Alliance One selects, purchases, processes, packs, stores, and
ships leaf tobacco.  In certain developing markets, the company
also provide agronomy expertise and financing for the growing of
leaf tobacco.  Alliance One neither manufactures nor sells
cigarettes or other consumer tobacco products.  The company's
shares trade on the New York Stock Exchange under the ticker
symbol AOI.

The company owns or has an interest in processing facilities in
Argentina, Brazil, India, Tanzania, United States, Brazil,
Malawi, Kyrgyzstan, Macedonia, Bulgaria and Turkey.  The company
also has also have processing facilities in Germany and
Indonesia.


ALLIANCE ONE: Thomas Reynolds Resigns as VP-Controller
------------------------------------------------------
Alliance One International, Inc. disclosed that Thomas G.
Reynolds has resigned as Vice President-Controller (and
principal accounting officer) of the company, effective as of
June 30, 2008.  The company is grateful to Mr. Reynolds for his
many years of dedicated service to the Company and its
predecessors and wishes him well in his future endeavors.

The Company also disclosed the appointment of Hampton R. Poole
as Vice President-Controller (and principal accounting officer),
effective July 1, 2008.  Mr. Poole, age 56, previously served as
the Assistant Vice President – Assistant Controller & SOX 404
Manager of the Company since May 2005 when Standard Commercial
Corporation merged with DIMON Incorporated to form the company.

Prior to that, Mr. Poole served as Vice President-Finance and
Controller and in various other positions at Standard from 1984
to May 2005.  Mr. Poole is a graduate of Appalachian State
University with a B.S.B.A in Accounting and is a Certified
Public Accountant.

Alliance One International -- http://www.aointl.com/-- is an  
independent leaf tobacco merchant serving the world's largest
cigarette manufacturers.  The company was formed on May 13,
2005, as a result of the merger of DIMON Incorporated and
Standard Commercial Corporation, both world leaders in tobacco
processing.  The creation of Alliance One brings together 200
years of combined experience and expertise, establishing a
formidable competitor with a clear focus on its customers, as
well as a vision for the future.

Alliance One selects, purchases, processes, packs, stores, and
ships leaf tobacco.  In certain developing markets, the company
also provide agronomy expertise and financing for the growing of
leaf tobacco.  Alliance One neither manufactures nor sells
cigarettes or other consumer tobacco products.  The company's
shares trade on the New York Stock Exchange under the ticker
symbol AOI.

The company owns or has an interest in processing facilities in
Argentina, Brazil, India, Tanzania, United States, Brazil,
Malawi, Kyrgyzstan, Macedonia, Bulgaria and Turkey.  The company
also has also have processing facilities in Germany and
Indonesia.


ALLIANCE ONE: Moody's Downgrades Liquidity Ratings to SGL-3
-----------------------------------------------------------
Moody's Investors Service downgraded the liquidity ratings of
Alliance One International, Inc. to SGL-4 to SGL-3.  Moody's
also affirmed AOI's long-term ratings, including the company's
B2 corporate family rating.

The downgrade to SGL-4 reflects concerns related to the
company's future covenant compliance and its impact on the
company's liquidity as a result of AOI's announcement that it is
in the process of finalizing its accounting related to reserves
and financial statement presentation concerning farmer rural
credit accounting.  Moody's also upgraded the ratings of the
company's US$250 million senior secured revolving credit to Ba3
as a result of the reduction of senior secured debt.  The
outlook is stable.

The affirmation of the company's corporate family rating
reflects Moody's expectation that AOI's operating performance
will not deviate significantly from plan including modest
leverage reduction (excluding any potential accounting impact as
a result of the company's review) and further operating margin
improvement.  Absent the potential need to modify covenants, the
company's intrinsic liquidity position remains adequate
supported by strong cash balances and sufficient cash flow from
operations to cover the company's basic cash needs.  Should the
company have difficulty resolving any future covenant issues or
should a possible material financial statement restatement be
required, the long-term ratings and/or outlook may come under
pressure.

The one notch upgrade of the company's secured bank facilities
reflects the impact of AOI's prepayment of its US$145 million
Term Loan B facility, which enhances the relative seniority
position of the existing secured revolving credit in the capital
structure.

Ratings of AOI downgraded include:

   -- Speculative Grade Liquidity rating to SGL-4 from SGL-3

Ratings of AOI upgraded include:

   -- US$250 million senior secured revolving credit facility
      due 2010 to Ba2 (LGD1, 5%) from B1 (LGD3, 35%)

Ratings of AOI affirmed/assessments revised include:

   -- Corporate family rating of B2

   -- Probability of default rating of B2

   -- US$150 million 8 ½% senior unsecured notes due 2012
      at B2 (LGD4, 55%)

   -- US$315 million 11% senior unsecured notes due 2012 at B2
      (LGD4, 55%)

   -- US$91.4 million 12 ¾% senior subordinated notes due 2012
      at Caa1 (LGD6, 95%)

Outlook is stable

Alliance One International, Inc. and Intabex Netherlands, B.V.
are co-borrowers under the senior secured revolving credit
facility.

Headquartered in Morrisville, North Carolina, Alliance One
International, Inc. is one of the world's leading tobacco
merchants and processors.  Its principal products include flue-
cured, burley and oriental tobaccos, which are major ingredient
in American -- blend cigarettes.  Total revenues for the last
twelve months ending December 2007 were approximately US$2.0
billion.


BAUGESCHAFT RHINOW: Claims Registration Period Ends July 9
----------------------------------------------------------
Creditors of Baugeschaft Rhinow GmbH have until July 9, 2008, to
register their claims with court-appointed insolvency manager
Michael Krause.

Creditors and other interested parties are encouraged to attend
the meeting at 8:00 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 Neuruppin
          Hall 325
          Karl-Marx-Strasse 18a
          16816 Neuruppin
          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 Krause
          Putlitzer Strasse 30
          16928 Pritzwalk
          Germany

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

The Debtor can be reached at:

          Baugeschaft Rhinow GmbH
          Attn: Erhard Rhinow, Manager
          Akazienstrasse 23
          16818 Wustrau
          Germany


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

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

The meeting of creditors will be held at:

         The District Court of Muehldorf a. Inn
         Hall 112,
         Innstrasse 1
         Muehldorf a. Inn
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. Carlos Mack
         Brienner Strasse 21
         80333 Munich
         Germany

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

The Debtor can be reached at:

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


BERT-FENSTER: Claims Registration Period Ends July 9
----------------------------------------------------
Creditors of Bert-Fenster, Tuer+Wintergarten-GmbH have until
July 9, 2008, to register their claims with court-appointed
insolvency manager Bardo M. Sigwart.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Aug. 20, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Darmstadt
          Hall 4.309
          Fourth Floor
          Building D
          Mathildenplatz 15
          64283 Darmstadt
          Germany
        
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

          Bardo M. Sigwart
          Ostend 14
          64347 Griesheim
          Germany
          Tel: 06155-60930
          Fax: 06155-66297

The District Court of Darmstadt opened bankruptcy proceedings
against Bert-Fenster, Tuer+Wintergarten-GmbH on June 1, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Bert-Fenster, Tuer+Wintergarten-GmbH
          Watt 32
          64560 Riedstadt
          Germany


COLORFORM DRUCK: Claims Registration Period Ends July 9
-------------------------------------------------------
Creditors of Colorform Druck GmbH have until July 9, 2008, to
register their claims with court-appointed insolvency manager
Joachim Walterscheid.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on July 30, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:


          The District Court of Bielefeld
          Hall 4065
          Fourth Floor
          Gerichtstrasse 66
          33602 Bielefeld
          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:

          Joachim Walterscheid
          Am Kurpark 2
          32545 Bad Oeynhausen
          Germany

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

The Debtor can be reached at:

          Colorform Druck GmbH
          Attn: Oliver Stubenrauch, Manager
          Stodieks Bogen 1
          32584 Loehne
          Germany


CULTURA CULINARIUM: Claims Registration Period Ends July 9
----------------------------------------------------------
Creditors of cultura culinarium GmbH have until July 9, 2008, to
register their claims with court-appointed insolvency manager
Thilo Streck.

Creditors and other interested parties are encouraged to attend
the meeting at 10:45 a.m. on Aug. 6, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of 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. Thilo Streck
          Neuer Wall 86
          20354 Hamburg
          Germany

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

The Debtor can be reached at:

          cultura culinarium GmbH
          Attn: Guido Marc Gosch, Manager
          Trommelstrasse 4
          20239 Hamburg
          Germany


DE-MO GMBH: Claims Registration Period Ends July 9
--------------------------------------------------
Creditors of De-Mo GmbH have until July 9, 2008, to register
their claims with court-appointed insolvency manager Stefan
Neugebauer.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on Aug. 6, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Braunschweig
          Hall E 01
          Martinikirche 8
          38100 Braunschweig
          Germany   
        
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

          Stefan Neugebauer
          Albert-Schweitzer-Strasse 6
          38226 Salzgitter
          Germany
          Tel: (05341) 17 80 83
          Fax: (05341) 17 80 87
          E-mail: Info@rasz.de  

The District Court of Braunschweig opened bankruptcy proceedings
against De-Mo GmbH on May 20, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

          De-Mo GmbH
          Marktplatz 5
          38259 Salzgitter
          Germany


EUTRANS INTERNATIONALE: Claims Registration Period Ends July 3
--------------------------------------------------------------
Creditors of EUTRANS - Internationale Transporte Logistik und
Nutzfahrzeugvermietung GmbH have until July 3, 2008 to register
their claims with court-appointed insolvency manager Bardo M.
Sigwart.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 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 Darmstadt
         Hall 4.312
         Fourth Floor
         Building D
         Mathildenplatz 15
         64283 Darmstadt
         Germany

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

The insolvency manager can be reached at:

         Bardo M. Sigwart
         Ostend 14
         64347 Griesheim
         Germany
         Tel: 06155-60930
         Fax: 06155-66297

The District Court of Darmstadt opened bankruptcy proceedings
against EUTRANS - Internationale Transporte Logistik und
Nutzfahrzeugvermietung GmbH on June 12, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         EUTRANS - Internationale Transporte Logistik und
         Nutzfahrzeugvermietung GmbH
         Feldstrasse 3
         64347 Griesheim
         Germany

         Attn: Joerg Hartung, Manager
         Bergstr. 13
         09471 Barenstein
         Germany


GARTEN- UND LANDSCHAFTSBAU: Claims Registration Ends July 9
-----------------------------------------------------------
Creditors of Garten- und Landschaftsbau Gosen GmbH have until
July 9, 2008, to register their claims with court-appointed
insolvency manager Barbara Fahlke.

Creditors and other interested parties are encouraged to attend
the meeting at 8:05 a.m. on July 30, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Nordhorn
          Hall 42
          Seilerbahn 15
          48529 Nordhorn
          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:

          Barbara Fahlke
          Neubrueckenstrasse 35-37
          48143 Muenster
          Germany
          Tel: 0251/481669-0
          Fax: 0251/48166911
          E-mail: info@kanzlei-fahlke.eu

The District Court of Nordhorn opened bankruptcy proceedings
against Garten- und Landschaftsbau Gosen GmbH on June 1, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Garten- und Landschaftsbau Gosen GmbH
          Spoellberg 77
          49843 Goelenkamp
          Germany


GILITZER PORZELLAN: Claims Registration Period Ends July 3
----------------------------------------------------------
Creditors of GILITZER Porzellan-Manufaktur GmbH have until
July 3, 2008 to register their claims with court-appointed
insolvency manager Dr. Thomas Dithma.

Creditors and other interested parties are encouraged to attend
the meeting at 11:05 a.m. on July 16, 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 Meiningen
         Meeting Hall A 0105
         Lindenallee 15
         98617 Meiningen
         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. Thomas Dithmar
         Barbarossahof 3
         99092 Erfurt
         Germany

The District Court of Meiningen opened bankruptcy proceedings
against GILITZER Porzellan-Manufaktur GmbH on June 10, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         GILITZER Porzellan-Manufaktur GmbH
         Attn: Erich J. Bruckert, Manager
         Planstr. C, Nr. 2,
         36460 Merkers-Kieselbach
         Germany


HOESE SONDERGERATE: Claims Registration Period Ends July 1
----------------------------------------------------------
Creditors of Hoese Sondergerate Vertriebs GmbH have until
July 1, 2008 to register their claims with court-appointed
insolvency manager Robert Multrus.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on July 22, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Rosenheim
         Hall 210
         Rosenheim
         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:

         Robert Multrus
         Rathausstr. 10
         83022 Rosenheim
         Germany
         Tel: 0 80 31/ 8074790
         Fax: 0 80 31/ 80747966

The District Court of Rosenheim  opened bankruptcy proceedings
against Hoese Sondergerate Vertriebs GmbH on June 9, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Hoese Sondergerate Vertriebs GmbH
         Schellwieser Str. 1
         83533 Edling
         England


IKB DEUTSCHE: Free Democrats Call for Parliamentary Inquiry
-----------------------------------------------------------
The Free Democratic Party in Germany is seeking a parliamentary
investigation into IKB Deutsche Industriebank AG aimed at
assessing responsibility for the losses at the bank, Reuters
reports.

FDP, Reuters adds, is soliciting support from other opposition
parties in an effort to push forward an inquiry.

Christoph Steegmans, a spokesman for FDP told Reuters the Free
Democrats is initiating talks with the Greens and the Left
party.

The three opposition parties, the paper says, have enough votes
in the Bundestag lower house of parliament to force an inquiry.

                     About IKB Deutsche

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

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

                         *     *     *

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


PLANEN BAUEN: Claims Registration Period Ends July 1
----------------------------------------------------
Creditors of PBI Planen Bauen Immobilien GmbH & Co. KG have
until July 1, 2008 to register their claims with court-appointed
insolvency manager Frank Hanselmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:50 a.m. on July 17, 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 Schweinfurt
         Meeting Hall 22
         Eingang Friedenstr. 2
         Schweinfurt
         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:

         Frank Hanselmann
         Heinestrasse 7 b
         97070 Wuerzburg
         Germany
         Tel: 0931/359800
         Fax: 0931/3598050

The District Court of Schweinfurt opened bankruptcy proceedings
against PBI Planen Bauen Immobilien GmbH & Co. KG on June 10,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         PBI Planen Bauen Immobilien GmbH & Co. KG
         Sportplatz 2
         97724 Burglauer
         Germany


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


PARMALAT SPA: Can Seek Damages in Parma Case, Judge Rules
---------------------------------------------------------
Judge Eleonora Fiengo of a court in Parma, Italy, has issued a
ruling granting Parmalat S.p.A. and around 30,000 individual
investors the right to seek compensation in a criminal trial
over the company's collapse in December 2003, Sara Gay Forden
writes for Bloomberg NEws.

Parmalat founder Calisto Tanzi and 23 others are charged with
fraudulent bankruptcy and criminal association that carry a
maximum 15 years in prison.

As previously reported in the TCR-Europe, Parmalat chief
executive Enrico Bondi will seek EUR14 billion in damages.  
Marco De Luca, a lawyer for Mr. Bondi, justified the amount to
the "exceptional seriousness and causal effect that these
matters had on the entire Parmalat fraud."

                       About Parmalat

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

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

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

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

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

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


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


ELATIV LLP: Creditors Must File Claims by Aug. 1
------------------------------------------------  
The Tax Committee of Almaty has ordered the compulsory
liquidation of LLP Elativ (RNN 531500000298).

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

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


IPC MOTORS: Claims Deadline Slated for Aug. 1
---------------------------------------------  
Representation of the company IPC Motors Ltd. has declared
insolvency.  Creditors have until Aug. 1, 2008, to submit
written proofs of claims to:

         Representation of the company
         IPC Motors Ltd
         Stasov Str. 102
         Almaty
         Kazakhstan


JALYS-INES LLP: Claims Filing Period Ends Aug. 1
------------------------------------------------  
The Specialized Inter-Regional Economic Court of Astana has
declared LLP Jalys-Ines insolvent on May 12, 2008.


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

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


MEGAPOLIS LLP: Creditors' Claims Due on Aug. 1
----------------------------------------------  
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Security and Guarding Agency Megapolis insolvent.

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

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


MITSAR LLP: Claims Registration Ends Aug. 1
-------------------------------------------  
The Tax Committee of Almaty has ordered the compulsory
liquidation of LLP Mitsar (RNN 090500021646).

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

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


OTANDASTAR DORPROMSTROY: Creditors' Claims Due on Aug. 1
--------------------------------------------------------  
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Otandastar Dorpromstroy 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


SHIT-NS LLP: Claims Registration Ends Aug. 1
--------------------------------------------  
The Specialized Inter-Regional Economic Court of Astana has
declared LLP Shit-NS insolvent on May 12, 2008.

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

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


VALENT-AI LLP: Claims Filing Period Ends Aug. 1
-----------------------------------------------  
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Valent-Ai 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


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


ABA JOLDORU: Creditors Must File Claims by July 25
--------------------------------------------------
Primary Trade Union Organization OJSC National Carrier Nap
Kyrgyzstan Aba Joldoru has declared insolvency.  

Creditors have until July 25, 2008 to submit written proofs of
claim.


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


GOODYEAR TIRE: To Shut Down Australian Manufacturing Facility
-------------------------------------------------------------
The Goodyear Tire & Rubber Company disclosed Wednesday plans to
close its Australian manufacturing facility as part of its
strategy to reduce high-cost manufacturing capacity globally and
provide cost effective high-value-added products that the market
is demanding.

This action will eliminate approximately 3 million units of
high-cost capacity and provide Goodyear with annual cost savings
of approximately US$35 million.

"This completes our commitment to reduce high-cost capacity by
about 25 million units and achieve annual cost savings of more
than US$150 million," said Goodyear Chairman and Chief Executive
Officer Robert J. Keegan.  "Going forward, our efforts will be
focused on increasing production of high-value-added tires in
low-cost operations to support growth in these segments in Asia-
Pacific markets, including Australia and New Zealand."

South Pacific Tyres will immediately initiate communications
with its 600 associates and union representatives regarding the
plan to close the plant in Somerton, Victoria by Dec. 31, 2008.

"Goodyear and South Pacific Tyres remain committed to their
customers and a strong and ongoing product, retail and wholesale
presence in Australia," said SPT Chief Executive Officer Judith
Swales.

Total restructuring and accelerated depreciation charges for
this action are estimated to be approximately US$125 million
after tax, of which approximately US$85 million is for cash
charges.  Goodyear anticipates recording charges of
approximately US$75 million after tax in the second quarter of
2008.

Formed in 1987 as a joint venture, SPT has been wholly owned by
Goodyear since 2006.  The leading tire maker and marketer in
Australia, it has more than 3,000 associates.  Its results have
been consolidated with those of Goodyear’s Asia Pacific region
since 2004.

                        About Goodyear Tire

Headquartered in Akron, Ohio, The Goodyear Tire & Rubber Company
(NYSE: GT) -- http://www.goodyear.com/-- is the world's largest   
tire company.  The company manufactures tires, engineered rubber
products and chemicals in more than 60 facilities in 25
countries and employs 70,000 people worldwide.  Goodyear has  
subsidiaries in New Zealand, Venezuela, Peru, Mexico,  
Luxembourg, Finland, Korea and Japan, among others.   

                          *     *     *

As reported by the Troubled Company Reporter-Europe on March 6,  
2008, Fitch Ratings upgraded The Goodyear Tire & Rubber  
Company's Issuer Default Rating to 'BB-' from 'B+' and senior  
unsecured debt rating to 'B+' from 'B-/RR6'.


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


INTEKS LLC: St. Petersburg Bankruptcy Hearing Set August 14
-----------------------------------------------------------
The Arbitration Court of St. Petersburg and Leningrad will
convene at 10:00 a.m. on Aug. 14, 2008, to hear the bankruptcy
supervision procedure on LLC Inteks.  The case is docketed under
Case No. A56-1341/2008.

The Temporary Insolvency Manager is:

         S. Mozhorov
         Office 405
         Letter A
         Marata Str. 92
         191119 St. Petersburg
         Russia

The Court is located at:

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

The Debtor can be reached at:

         LLC Inteks
         Vorovskogo Str. 20
         Kingisepp
         Leningrad
         Russia


MOBILE TELESYSTEMS: Commences 3G Operations in Russia
-----------------------------------------------------
Mobile TeleSystems OJSC disclosed the commercial launch of its
3G network in Saint Petersburg and technical readiness of 3G
networks for commercial launch in Sochi, Yekaterinburg and
Kazan.

Saint Petersburg becomes the first Russian city where MTS
launched its next-generation network.  The Company plans to
launch additional 3G networks in over 10 cities during 2008 and
in up to 40 cities in Russia through 2009.  MTS also holds 3G
licenses in Uzbekistan and Armenia, where the network will be
launched as early as 2009.  The Company plans to invest around
38 billion roubles1 in 3G network development over the next
three years to provide high-speed data transfer services to its
customers in Russia and the CIS.

The key benefit of a next-generation network is the ability to
provide customers with faster data download speeds with top
download capacity using HSPA technology up to 3.6 Mbit/s.  This
is over ten times faster than the currently available 2G EDGE
technology.  Higher speeds enable faster download of mobile
content and higher quality email services, particularly for work
with large attachments.  3G brings true mobile broadband to
subscribers of MTS Connect, a proprietary mobile Internet
solution from MTS that comes as a modem for desktop PCs or
laptops.

MTS also launched a number of innovative services available only
through the 3G infrastructure.  Customers on the new network are
now able to make video calls, access mobile TV and roam on 3G
networks.  In addition, international roamers are able to access
fast speeds and advanced services on MTS’ 3G networks.

"With the launch of 3G networks in major regions of Russia, MTS
is starting a new phase in the development of telecommunications
in the CIS.  We are keen to offer 3G services to our customers,
as we see great demand for data and broadband solutions in
Russia," noted Mikhail Shamolin, CEO of MTS Russia.

Mr. Shamolin continued: "We believe that conditions for the 3G
launch in Russia are more favorable than in the developed
markets.  Today’s HSPA-enabled infrastructure allows download
speeds up to 10 times faster than the first phase of 3G
networks, while the costs for equipment and devices are
significantly cheaper.  We have access to best-practice
implementation from around the world and our 3G network benefits
from higher-quality and more advanced mobile services and
devices."

                   About Mobile TeleSystems

Headquartered in Moscow, Russia, OJSC Mobile TeleSystems
(NYSE:MBT) -- http://www.mtsgsm.com/-- provides wireless        
telecommunications services operator in Russia, Ukraine,
Uzbekistan, Turkmenistan, Armenia, and Belarus.


MOBILE TELESYSTEMS: Fitch Rates RUB10 Bln. Domestic Loan at BB+
---------------------------------------------------------------
Fitch Ratings has assigned OJSC Mobile TeleSystems's proposed
first domestic bond issue, totaling RUB10 billion and with a
headline maturity of five years, an expected senior unsecured
foreign currency rating of 'BB+' and National Long-term rating
of 'AA(rus)'.  MTS is rated Long-term Issuer Default 'BB+' with
a Stable Outlook, Short-term IDR 'B' and National Long-term
'AA(rus)' with a Stable Outlook.

The bond will constitute senior unsecured obligations of MTS.
The draft bond prospectus does not contain any financial or
other covenants.  The final rating is contingent on the receipt
of final documents conforming to information already received.  
Bondholders will have a put option two years after placement,
which reduces the effective maturity of this bond to two years.

The ratings reflect MTS's sound competitive strengths and strong
market positions in all of its countries of operations.  Fitch
expects MTS to retain healthy EBITDA margins, and demonstrate
robust revenue growth at least in the short-to-medium term.  The
company is likely to be highly free-cash flow-generative in the
long-run, although in the short-to-medium term this may be
compromised by capital spending increase associated with organic
capacity expansion, coverage improvements in selected areas, and
3G infrastructure investments.   MTS's financial position and
performance are strong, and leverage is considered low for its
ratings.  Exposure to parent JSFC Sistema's ('BB-'/Stable)
group-wide risks associated with the lower credit quality of its
other subsidiaries and possible changes in MTS's capital
structure by Sistema are viewed by Fitch as a significant credit
constraint.


MOSCOW REGIONAL: S&P Puts B Rating Under Negative Creditwatch
-------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on Moscow
Regional Investment Trust Co. (OJSC) (MRITC; B/--), a
multifunctional holding company wholly owned by the Moscow
Oblast (BB/Positive/--; Russia national scale rating 'ruAA'), on
CreditWatch Negative following its delay in fulfilling the put
option on Mostransavto (CCC+/Stable/--) bonds on time.

"The CreditWatch placement reflects the temporary delay MRITC
faced in fulfilling the put option it provided on a Russian
ruble 7.5 billion bond, placed by Mostransavto, a transport
company fully owned by Moscow Oblast.  As far as we understand,
the payment was finally made on June 25, 2008, one full day
after it was due," said Standard & Poor's credit analyst Felix
Ejgel.

The ratings on Mostransavto (which paid its coupon payment on
June 24, 2008, in line with the schedule) and its bond (CCC+)
remain unaffected.

S&P will resolve the CreditWatch on MRITC after collecting
additional information on the reasons for the delay.  If it
turns out that the delay was caused by purely technical issues
in the payment chain, S&P may affirm its ratings on MRITC.

If the delinquency resulted from poor risk management at the
company's level, S&P may lower the ratings by one notch.  If the
situation was exacerbated by liquidity constrains at the company
level, this may raise concerns about the ability and willingness
of the Moscow Oblast to provide sufficient timely support to
MRITC and other Moscow Oblast government-related entities
(GREs).  This may lead to the revision of our approach in rating
MRITC and other Moscow Oblast GREs and consequently more severe
rating actions.  For the time being, though, we have no
indication that this is the case, and S&P's ratings on Moscow
Oblast and other Moscow Oblast GREs remain unaffected.

MRITC arranges financing for the construction of public
infrastructure and manages other Moscow Oblast assets.  It has a
strong public policy role and, consequently, we rate the company
in line with our criteria for rating GREs, and are currently
using a top-down approach from the rating on the Moscow Oblast.

S&P believes that MRITC may receive extraordinary support from
the oblast because of its role as coordinator and financer of
the oblast's main infrastructure and investment projects.

S&P's ratings on MRITC continue to reflect the company's mandate
to take over financial and credit risks from the Moscow Oblast.
Fast debt accumulation, dominated by short-term debt, also
constrains the rating, as does high information risk associated
with the company's still-evolving, unclear strategy and a lack
of consolidated International Accounting Standards (IAS)
reporting.


NIVA CJSC: Court Names D. Zakaryan as Insolvency Manager
--------------------------------------------------------
The Arbitration Court of Voronezh appointed D. Zakaryan as
Insolvency Manager for CJSC Niva.  He can be reached at:

         D. Zakaryan
         Srednemoskovskaya Str. 6a
         Voronezh
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A14-5420-2006 132/7?.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Niva
         Russkaya Gvozdevka
         Ramonskiy
         Voronezh
         Russia


OTDELOCHNIK CJSC: Creditors Must File Claims by July 24
-------------------------------------------------------
Creditors of CJSC Otdelochnik (TIN 3444086647) have until July
24, 2008, to submit proofs of claim to:

         V. Samonin
         Insolvency Manager
         Chelyuskintsev 151/161-24
         Saratov
         Russia

The Arbitration Court of Volgograd commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A12-15182/07-s49.

The Debtor can be reached at:

         CJSC Otdelochnik
         Zemlyanskogo 4
         Volgograd
         Russia


PETERSBURG SOCIAL: Fitch Hikes IDR to B- with Stable Outlook
------------------------------------------------------------
Fitch Ratings has upgraded the ratings of Petersburg Social
Commercial Bank:

   -- Long-term Issuer Default rating: upgraded to 'B-' from
      'CCC'

   -- Short-term IDR: upgraded to 'B' from 'C'

   -- National Long-term rating: upgraded to 'BB-(rus)' from
      'B(rus)'

   -- The Outlooks for the Long-term IDR and National Long-term
      rating remain Stable.

In addition, Fitch has affirmed the following ratings of PSCB:

   -- Individual rating: affirmed at 'D/E'

   -- Support rating: affirmed at '5'

   -- Support Rating Floor: affirmed at 'No Floor'

The upgrade largely reflects reduced regulatory risks and the
more transparent business model adopted by the bank.  Starting
from 2007, PSCB has significantly reduced its focus on client
settlement and cash management operations, which carried
considerable regulatory risk, in Fitch's view, in light of
customers potentially using these operations to evade taxes.  
Although settlements continue to represent a substantial part of
PSCB's business, the volume of such operations (particularly
cash withdrawals) in relation to the size of its assets was
reduced noticeably in 2007.  The bank has informed Fitch that it
has introduced new compliance procedures that should help it be
more selective in choosing new clients and vigilant regarding
their improper or suspicious activities. As a result, the bank
has reportedly ceased relationships with nearly 200 clients,
resulting in a reduction in fee and commission income in 2007.

The ratings are also supported by strong capitalization and
acceptable asset quality to date.  However, the ratings also
take into account the bank's very small size and business scale,
potentially vulnerable liquidity position, undiversified funding
base and declining profitability.  PSCB's new strategy is to
capture growth prospects in the still relatively immature SME
and retail lending markets, although this remains challenging in
light of limited access to longer-term funding.

PSCB is a small niche bank focusing on the SME and retail
markets, majority-owned by four entrepreneurs.  A 20% less one
share stake is held by private equity fund Renfin.


POKROVSKIY BUTTER: Court Starts Bankruptcy Supervision Procedure
----------------------------------------------------------------
The Arbitration Court of Kursk commenced bankruptcy supervision
procedure on Municipal Unitary Enterprise Pokrovskiy Butter
Making Factory.  The case is docketed under Case No.
A48-1098/08-17b.

The Temporary Insolvency Manager is:

         N. Pyzhova
         Apt. 20
         Gagarina Str. 6
         305018 Kursk
         Russia

The Court is located at:

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

The Debtor can be reached at:

         Municipal Unitary Enterprise Pokrovskiy Butter Making
         Factory
         Sovetskaya Str. 1
         Pokrovskoe
         Orel
         Russia


PSB FINANCE: Fitch Puts low-B Ratings on US$3 Bln Loan Program
--------------------------------------------------------------
Fitch Ratings has assigned PSB Finance S.A.'s US$3 billion loan
participation notes program these ratings:

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

Fitch has also assigned expected ratings of Long-term 'B+' and
Recovery 'RR4' to the program's upcoming Series 1 issue.  The
issue is expected to be a senior unsecured obligation whose size
and tenor are yet to be determined.  The final ratings of the
program and the Series 1 issue are contingent upon the receipt
of final documentation conforming to information already
received.

Note issues under the program are to be used solely for
financing loans to Russia-based Promsvyazbank (Long-term Issuer
Default 'B+' with Positive Outlook, Short-term IDR 'B',
Individual 'D', Support rating '4' and Support Rating Floor
'B').

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

PSB Finance S.A, a Luxemburg-domiciled special purpose vehicle
will only pay noteholders principal and interest (if any)
received from PSB.  For the senior unsecured notes, the SPV's
claims will rank at least equally with all other senior
unsecured and unsubordinated creditors of PSB, save those claims
preferred by any bankruptcy, insolvency, liquidation or similar
laws of general application.  Under Russian law, the claims of
retail depositors rank above those of other senior unsecured
creditors.  At end-2007, retail deposits accounted for 13% of
the bank's non-equity funding, according to PSB's audited IFRS
accounts.

The program contains a number of covenants, including its
obligation to be in full compliance with capital adequacy
requirements of the Central Bank of Russia and to maintain a
ratio of capital to risk-weighted assets of at least 10%.

PSB is one of the largest Russian privately held banks (12th-
largest in the country at end of first quarter of 2008 by assets
and third among privately, domestically-owned institutions).  It
is majority-owned by the Ananiev brothers.  Germany's
Commerzbank AG ('A'/Outlook Stable) currently holds a 15% stake
in the bank, but is not involved in its strategic or operational
management and there are no plans to increase its stake.  PSB
mainly serves large and mid-sized corporate clients.  It
operates about 270 points-of-sale across Russia to facilitate
its ongoing regional diversification and franchise expansion
into the retail and SME segments.


SEVERSTAL OAO: Increases Offer for Esmark to US$19.25 per Share
---------------------------------------------------------------
OAO Severstal has signed a definitive agreement to acquire
Esmark Inc. for US$19.25 per share, Lauren Pollock writes for
the Wall Street Journal.  This represents an overall deal
including debt valued at around US$1.2 billion.

As recently reported in the TCR-Europe, Severstal reiterated its
all cash US$17 per share tender offer to acquire all of the
outstanding shares of Esmark common stock.

Under the signed agreement, WSJ relates, Severstal will increase
the offer to US$19.25 per share and Esmark's board of director
will  recommendation that shareholders tender their shares to
the Russian company.

Esmark shareholders have until July 18, 2008, unless extended,
to accept Severstal's offer.

SeverStal has also entered into an agreement to acquire Esmark’s
US$110 million term loan facilities from Essar Steel Holdings
Ltd.

Esmark had previously rejected Severstal's US$17 per share cash
offer after Essar Steel increased its offer to US$19 per share.

                         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 25, 2008, Standard &
Poor's Ratings Services said revised its outlook on OAO
Severstal to positive from stable.  S&P also affirmed the
company's 'BB' long-term corporate credit and senior unsecured
debt ratings and the 'ruAA' Russia national scale rating.

Fitch Ratings, As reported on June 23, 2008, 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.


TEKH-PROM-SERVICE: Court Names I. Utyugova as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Moscow appointed I. Utyugova as
Insolvency Manager for CJSC Tekh-Prom-Service.  He can be
reached at:

         I. Utyugova
         Gen. Beloborodova Str. 12-315
         125222 Moscow
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-19589/06-124-102B.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Tekh-Prom-Service
         Krasnaya Str. 3
         Gulkevichi
         Moscow
         Russia


VOLGATELECOM OJSC: Shareholders Approve RUR857.4-Mln Dividend
-------------------------------------------------------------
The Annual general meeting of OJSC VolgaTelecom’s shareholders
held on June 24, 2008, approved the annual report, the annual
accounting statements, and also restated versions of the
Company’s Articles of association, Regulation on the Board of
directors and Regulation on Auditing committee.

Shareholders also passed the resolution of distributing the
Company’s profit at 2007 year-end as follows:

    * RUR2,465,745,894.11 for the increase in the company's
      equity capital; and

    * RUR857,361,779.89 for dividends payment, of which:

      -- on preferred A type shares at RUR4.0534 per a share;

      -- on ordinary shares at RUR2.1346 per a share.

"Year 2007 was marked for VolgaTelecom by sustainable growth and
the Company in accordance with its strategy continued to
strengthen its leadership in communications industry of the
Volga Federal district," Sergey Omelchenko, VolgaTelecom’s
General Director, noted.  "The reporting year was anniversary
for VolgaTelecom and we appraise these five years as the period
of transit to client-oriented business principles in competitive
environment.  Under the conditions of progressive advance of
Russian telecommunications industry we have achieved meaningful
results in strengthening positions in value-added services
market, and also in implementation of projects intended to the
development and modernization of the Company’s
telecommunications infrastructure, enhancement of business
efficiency."

Headquartered in Nizhny Novgorod, Russia, OJSC VolgaTelecom
-- http://www.vt.ru/-- provides wide range of telephony,
cellular, Internet and data transmission, TV and radio
broadcasting services in 11 regions of the Volga Federal
district.  The Company's shares are traded at RTS and MICEX. I-
level American Depositary Receipts program is effective since
1997; the ADRs are traded at Frankfurt, Berlin Stock Exchanges
and USA OTC market.

                         *     *     *

OJSC Volgatelecom currently carries Fitch Ratings' Long-term
Issuer Default rating of 'BB-', National Long-term rating of
'A+(rus)' and Short-term IDR of 'B'.  The Outlooks for the Long-
term IDR and National Long-term rating are Stable.

The company also carries Standard & Poor's Ratings Services'
'BB-' long-term corporate credit and 'ruAA-' Russia national
scale ratings on Russian regional telecoms operator VolgaTelecom
OJSC.  The outlook is stable.


VOLGATELECOM OJSC: Shareholders Name New Board of Directors
-----------------------------------------------------------
The Annual general meeting of OJSC VolgaTelecom’s shareholders
has elected these persons to the Board of directors:

    * Andreev Vladimir Alexandrovich - Rector of Povolzhsky
      state academy of telecommunications and IT;

    * Bugaenko Valeryi Nikolaevich – Head of Federal
      Communications Agency;

    * Vinokurova Evgeniya Sergeevna - Chief of sector of
      financial policies and liquidity management of OJSC
      Svyazinvest;

    * Grigorieva Alla Borisovna - Deputy to the director of
      corporate governance and legal support Department of OJSC
      Svyazinvest;

    * Kuznetsov Sergey Ivanovich – Chairman of OJSC
      VolgaTelecom’s Board of directors.

    * Omelchenko Sergey Valerievich - OJSC VolgaTelecom’s
      General Director.

    * Savchenko Victor Dmitrievich - Executive director –
      director of the Department of corporate governance and
      legal support of OJSC Svyazinvest;

    * Tushunov Dmitry Yurievich – Chief of analytical department
      – Chief economist of Closed Joint Stock Company Leader;

    * Fedorov Oleg Romanovich – Executive director of corporate
      finance Department of LLC Deutsche Bank;

    * Shchegolikhin Anton Anatolievich – Executive director of
      OJSC Svyazinvest; and

    * Yunkin Pavel Olegovich – General Director of Federal State
      Unitary Enterprise Svyaz-bezopasnost.

These persons were elected to the Auditing committee:

    * Bocharova Svetlana Nikolaevna – Chief of tax sector of the
      Department of bookkeeping, tax and statistics accounting
      of OJSC Svyazinvest;

    * Burmistrova Polina Vladimirovna – Deputy to the chief of
      sector of legal support OJSC Svyazinvest activities of the
      Department of corporate governance and legal support of
      OJSC Svyazinvest;

    * Koroleva Olga Grigorievna - OJSC Svyazinvest chief
      accountant;

    * Maltsev Alexey Vladimirovich – Chief of sector of
      strategic planning and analysis of efficiency of
      realization of strategy of the Group of the Department of
      strategic development of OJSC Svyazinvest; and

    * Tret’yakov Mikhail Victorovich – Chief of sector of the
      Department of economics and finance of OJSC Svyazinvest.

ZAO KPMG was appointed the Company’s auditor for 2008.

On June 24, 2008 the first meeting of the new composition of the
Board of directors was held; Mr. Sergey Kuznetsov was elected
the chairman of the Board of directors.

Headquartered in Nizhny Novgorod, Russia, OJSC VolgaTelecom
-- http://www.vt.ru/-- provides wide range of telephony,
cellular, Internet and data transmission, TV and radio
broadcasting services in 11 regions of the Volga Federal
district.  The Company's shares are traded at RTS and MICEX. I-
level American Depositary Receipts program is effective since
1997; the ADRs are traded at Frankfurt, Berlin Stock Exchanges
and USA OTC market.

                         *     *     *

OJSC Volgatelecom currently carries Fitch Ratings' Long-term
Issuer Default rating of 'BB-', National Long-term rating of
'A+(rus)' and Short-term IDR of 'B'.  The Outlooks for the Long-
term IDR and National Long-term rating are Stable.

The company also carries Standard & Poor's Ratings Services'
'BB-' long-term corporate credit and 'ruAA-' Russia national
scale ratings on Russian regional telecoms operator VolgaTelecom
OJSC.  The outlook is stable.


VTB BANK: Moody's Cuts Bank Financial Strength Rating to D
----------------------------------------------------------
Moody's Investors Service downgraded the bank financial strength
rating of VTB Bank Europe plc to D from D+.  Moody's at the same
time affirmed VTBE's long-term and short-term local and foreign
currency deposit ratings of Baa2/Prime-2.  The outlook on all
ratings is stable.

This rating action reflects both uncertainty over the possible
impact of recent changes in VTBE's strategy -- with plans to
develop investment banking activities at the group level -- on
its franchise value and risk profile and the bank's materially
weakened financial performance," says Andrey Artyukhin, Vice
President - Senior Analyst at Moody's Moscow office.

In the second half of 2007, VTB Group, of which VTBE is a part,
took a strategic decision to restructure its investment banking
business.  As a result, the business model of VTBE, which had
been historically focused on structured finance activities
related to Russia and the CIS, is set to change to enable the
bank to play a key role in implementing the group's investment
banking initiative in conjunction with a new separate investment
banking entity that is being created.  Moody's understands that
this decision has initiated a process to develop the investment
banking capability within VTBE through the hiring of staff with
relevant qualifications and to create the required support
infrastructure.

Moody's notes that the bank recorded an operating loss before
impairment provisions in the amount of GBP16.7 million in 2007
(vs. an operating profit of GBP27.4 million in 2006).  VTBE's
poor earnings performance in 2007 was primarily driven by write-
downs on holdings of collateralised debt obligations (CDOs) and
other structured investments, which resulted in losses from
investment securities in the amount of GBP23 million, and the
upfront costs of developing the investment banking capability
(estimated by the bank at around GBP12 million). VTBE's cost-to-
income ratio soared to 143% in 2007, mainly due to large
expenses associated with developing the investment banking
activities, which, together with the possibility of further
write-downs on the remaining holdings of CDOs and unlisted
securities, is likely to continue to adversely affect the bank's
financial performance in 2008, in Moody's view.

"The above-mentioned developments have exerted strong downward
pressure on the bank's BFSR and resulted in its downgrade to D.  

However, the bank's Baa2/Prime-2 deposit ratings have not been
negatively affected as they continue to incorporate the
probability of support for VTBE from its parent, Bank VTB, JSC
(rated Baa2/Prime-2 for bank deposits and D- for BFSR) in the
event of a possible distress, which, in Moody's assessment, is
very high," says Mr. Artyukhin.

The date of Moody's prior rating action on VTBE was 4 May 2007,
when the rating agency affirmed the bank's BFSR and deposit
ratings.


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


GRAFTECH INTERNATIONAL: S&P Revises Outlook to Positive
-------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
GrafTech International Ltd. to positive from stable.

At the same time, we raised the rating on the company's senior
unsecured notes to 'BB' from 'BB-' (one notch above the 'BB-'
corporate credit rating).

S&P revised the recovery rating to '2' from '4'.  The new
ratings indicate the expectation of substantial (70% to 90%)
recovery in the event of a payment default.  All other ratings,
including the company's 'BB-' corporate credit rating, were
affirmed.

The outlook revision reflects the company's strengthened
financial profile due to the combination of the recent
conversion into equity of its outstanding US$225 million notes
due 2024, good operational performance, and enhanced cash flow
generation supported by currently favorable market conditions.

Thus, the company's debt levels are expected to have decreased
to about US$100 million, resulting in credit measures that we
would consider to be good for the current rating.

The ratings on GrafTech reflect the company's significant
exposure to the cyclical steel industry, limited supplier
diversity, and continued raw-material cost pressure.  Still, the
company maintains a good market position in graphite electrodes,
possesses healthy margins driven by current favorable industry
conditions, and has a good liquidity position.

The outlook is positive.  S&P can upgrade GrafTech if it
continues its good operating performance and maintains its
improved credit metrics or diversifies its supplier base to
reduce its operating risk.  S&P may change the outlook to
stable if the company increases its debt levels significantly to
make a large acquisition.

Headquartered in Parma, Ohio, GrafTech International Ltd. -–
http://www.graftech.com/-- (NYSE:GTI) manufactures and provides   
high quality synthetic and natural graphite and carbon based
products and technical and research and development services,
with customers in 80 countries engaged in the manufacture of
steel, automotive products and electronics.  The company
manufactures graphite electrodes, products essential to the
production of electric arc furnace steel.  The company also
manufactures thermal management, fuel cell and other specialty
graphite and carbon products for, and provide services to, the
electronics, power generation, solar, oil and gas,
transportation, petrochemical and other metals markets.  The
company operates 11 manufacturing facilities strategically
located on four continents.

As of Feb. 28, 2008, the company has a subsidiary in
Switzerland, GrafTech Switzerland S.A.  GrafTech Switzerland has
subsidiaries located in other parts of Europe as well as Mexico
and Brazil in Latin America.


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


ANCET SOLUTION: Creditors Must File Claims by July 4
----------------------------------------------------
Creditors of LLC Ancet Solution Company (code EDRPOU 34615178)
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 on May 28, 2008.
The case is docketed as 45/133B.

The Debtor can be reached at:

         LLC Ancet Solution Company
         Kirov Str. 90
         83037 Donetsk
         Ukraine


ARTEMIDA LLC: Creditors Must File Claims by July 5
--------------------------------------------------
Creditors of Agricultural LLC Artemida have until July 5, 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 26, 2008.
The case is docketed as 10/100-08.

The Debtor can be reached at:

         Agricultural LLC Artemida
         Popovich Str. 9
         Belozerovka
         Lipovetsky District
         22532 Vinnica
         Ukraine


DANASTR LLC: Creditors Must File Claims by July 5
-------------------------------------------------
Creditors of LLC Danastr (code EDRPOU 20544601) have until
July 5, 2008, to submit proofs of claim to:

         The Economic Court of Ivano-Frankovsk
         Shevchenko Str. 16a
         76000 Ivano-Frankovsk
         Ukraine

The Economic Court of Ivano-Frankovsk commenced bankruptcy
proceedings against the company after finding it insolvent on
April 8, 2008.  The case is docketed as B-13/31.

The Debtor can be reached at:

         LLC Danastr
         L, Ukrainka Str. 12-A
         Galych
         77100 Ivano-Frankovsk
         Ukraine


DAREL 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 49/83-b.

Creditors of LLC Darel (code EDRPOU 34569840) 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 Darel
         Saksagansky Str. 83
         01033 Kiev
         Ukraine


MUROVANI KURILOVTSY: Creditors Must File Claims by July 5
---------------------------------------------------------
Creditors of Joint Enterprise Murovani Kurilovtsy Fruit and
Vegetable Cannery (code EDRPOU 01729418) have until
July 5, 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 20, 2008.
The case is docketed as 5/128-08.

The Debtor can be reached at:

         Joint Enterprise Murovani Kurilovtsy Fruit and
         Vegetable Cannery
         Kirov Str. 3
         Murovani Kurilovtsy
         Vinnica
         Ukraine


PROGRESS LLC: Creditors Must File Claims by July 5
--------------------------------------------------
Creditors of LLC Progress have until July 5, 2008, to submit
proofs of claim to:


         The Economic Court of Cherkassy
         Shevchenko Avenue 307
         18005 Cherkassy
         Ukraine

The Economic Court of Cherkassy commenced bankruptcy proceedings
against the company after finding it insolvent  May 6, 2008.
The case is docketed as 14/1914.

The Debtor can be reached at:

         LLC Progress
         Mankovsky District
         Rogy
         Cherkassy
         Ukraine


REAL ESTATE: Creditors Must File Claims by July 4
-------------------------------------------------
Creditors of LLC Real Estate Building (code EDRPOU 35533945)
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 on May 28, 2008.  
The case is docketed as 45/134B.

The Debtor can be reached at:

         LLC Real Estate Building
         Ovnatanian Str. 4
         83017 Donetsk
         Ukraine


ROAD MACHINE: Creditors Must File Claims by July 5
--------------------------------------------------
Creditors of OJSC Road Machine (code EDRPOU 05824579) have until
July 5, 2008, to submit proofs of claim to:

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

The Economic Court of Zaporozhje commenced bankruptcy
proceedings against the company after finding it insolvent on
May 23, 2008.  The case is docketed as 21/140/08.

The Debtor can be reached at:

         OJSC Road Machine
         Gagarin Str. 7
         Berdiansk
         71111 Zaporozhje
         Ukraine


SOZDANIYE LLC: Creditors Must File Claims by July 5
---------------------------------------------------
Creditors of LLC Sozdaniye (code EDRPOU 34012916) have until
July 5, 2008, to submit proofs of claim to:

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

The Economic Court of Sumy commenced bankruptcy proceedings
against the company after finding it insolvent on May 26, 2008.
The case is docketed as 6/108-08.

The Debtor can be reached at:

         LLC Sozdaniye
         Sobornaya Str. 38
         40030 Sumy
         Ukraine


UKRAINIAN WHOLESALE: Proofs of Claim Deadline Set July 4
--------------------------------------------------------
Creditors of LLC Ukrainian Wholesale Grocery (code EDRPOU
30574772) 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 the bankruptcy supervision
procedure on the company on May 15, 2008.  The case is docketed
as 28/88-b.

The Debtor can be reached at:

         LLC Ukrainian Wholesale Grocery
         Saperno-Slobodskaya Str. 25
         03039 Kiev
         Ukraine


UKRSIBBANK: Moody's Lifts Bank Financial Strength Ratings to D
--------------------------------------------------------------
Moody's Investors Service upgraded the bank financial strength
rating of UkrSibbank to D from D-.  The outlook on the BFSR is
stable following the upgrade.  At the same time, Moody's
affirmed all of the bank's other ratings with their existing
outlooks.

According to Moody's, the rating action reflects the significant
and ongoing improvements in UkrSibbank's risk management
processes to levels in line with those of its ultimate parent
BNPP and commensurate with its robust franchise, which has been
improved on the back of diversification into retail,
strengthened name recognition, and financial fundamentals to an
extent commensurate with D rated banks.

"The entrance of its strategic foreign shareholder in 2006
turned UkrSibbank around, with a positive impact on its lending
culture, decision-making processes and business philosophy,
resulting in a more market-oriented institution with credit
underwriting standards in line with those of its parent.  The
bank's committed shareholders also provides it with regular
capital injections to enable it to keep up with the market
growth at relatively low cost as well as stable funding. In
addition, the change in ownership contributed positively to
UkrSibbank's corporate governance with a management team
comprising a blend of foreign and local professionals," explains
Yaroslav Sovgyra, Vice President-Senior Credit Officer and lead
analyst for UkrSibbank at Moody's.

The upgrade also takes into account Moody's opinion that
UkrSibbank is well positioned to further consolidate its market
positions thanks to its considerably enhanced customer reach
through the reorganised network of over 1,000 branches and
outlets across the country at H1 2008 against the backdrop of
Ukraine's increasingly competitive environment.  At present,
UkrSibbank, the second largest foreign bank subsidiary in
Ukraine, ranks third among Ukrainian banks in terms of total
assets (with market share 6% as of 01.06.2008), and second - in
terms of loans to individuals (with market share 10,7% as of
01.06.2008) and also maintains a solid position in the corporate
segment.  Moody's believes that the bank is particularly well
positioned to grow in retail (where it is strong in the mortgage
segment) and in the SME franchise.

Moody's adds that UkrSibbank's ratings remain constrained by:
(i) the difficult operating environment, (ii) the very rapid
pace of growth, which is associated with higher risks, and
mounting competitive pressure, which may lead to a potential
loosening in credit underwriting, (iii) concentrations in its
loan portfolio and the untested quality of the new business
lines launched in retail and SME, (iv) its high reliance on its
parent in funding as well as increasing dependence on market
sources for funding, and (v) a low internal capacity to generate
capital, which results in a need for external capital calls to
keep up with the balance sheet growth.

At the same time, the ratings are supported by (i) the bank's
well-conceived market strategy implemented by its experienced
management team, (ii) a track record of profitable, cost-
efficient operations, which are likely to be preserved going
forward, (iii) sound asset quality and stringent loan
underwriting standards, and (iv) a satisfactory liquidity
profile in a period of global market turbulence.

Moody's notes that the bank's Baa2/Prime-2 long- and short-term
local currency deposit ratings incorporate a three-notch uplift
from its baseline credit assessment of Ba2 (which represents its
standalone credit quality and which is mapped from the D BFSR)
based on Moody's assessment of a very high probability of
parental support from BNPP and a high probability of systemic
support.

This rating was upgraded:

   -- Bank financial strength rating to D (stable outlook)
      from D-

These ratings were affirmed:

   -- Global local currency deposit ratings of Baa2
      (stable outlook)/Prime-2

   -- Foreign currency deposit ratings of B2 (on review for
      upgrade) / Not Prime

   -- Foreign currency senior unsecured debt ratings of Ba2 (on
      review for possible upgrade)

   -- Aaa.ua national scale rating (no specific outlook)

   -- Aaa.ua national scale long-term senior unsecured debt
      rating (no specific outlook)

UkrSibbank is headquartered in Kiev, Ukraine, and it has
reported total assets of US$7.3 billion under IFRS as at 31
December 2007 and net income of US$70.5 million for the year.


VITKOM-TRISE LLC: Creditors Must File Claims by July 5
------------------------------------------------------
Creditors of LLC Vitkom-Trise (code EDRPOU 333971860) have until
July 5, 2008, to submit proofs of claim to:

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

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent on
May 29, 2008.  The case is docketed as B 15/151-08.

The Debtor can be reached at:

         LLC Vitkom-Trise
         K. Liebkneht Str. 13/3
         49000 Dnipropetrovsk
         Ukraine


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


ANGLO-DUTCH: Taps Joint Administrators from Kroll
-------------------------------------------------
Charles Peter Holder and Anne Clare O'Keefe of Kroll Ltd. were
appointed June 17, 2008, joint administrators of:

   -- Anglo-Dutch Meats (UK) Ltd. (Company Number 01059486);
   -- Anglo Dutch Meats (Exports) Ltd. (Company No 02490454);
   -- Cibus Group Ltd. (Company Number 03141787).

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

The company can be reached at:

          Cibus Group Ltd.  
          Arkwright Road
          Highfield Industrial Estate
          Eastbourne
          East Sussex
          BN23 6QQ
          England


APPLE ENGINEERING: Appoints KPMG as Joint Administrators
--------------------------------------------------------
Richard Dixon Fleming and Howard Smith of KPMG LLP were
appointed joint administrators of Apple Engineering Ltd.
(Company Number 01874090) on June 11, 2008.

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

The company can be reached at:

          Apple Engineering Ltd.
          c/o KPMG LLP
          1 The Embankment
          Neville Street
          Leeds  
          LS1 4DW
          England


B & S BUILDERS: Brings In Administrators from Deloitte & Touche
---------------------------------------------------------------
Robin David Allen and Richard Michael Hawes of Deloitte & Touche
LLP were appointed joint administrators of B & S Builders Ltd.
(Company Number 4642455) on June 3, 2008.

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

The company can be reached at:

          B & S Builders Ltd.
          Churchill Farm
          Dale Road
          Haverfordwest
          Dyfed
          SA62 3AD
          Wales




BRITANNIA BULK: Strong 2007 Performance Cues S&P to Lift Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
corporate credit rating on U.K.-based shipping group Britannia
Bulk PLC to 'B+' from 'B-'.  This follows strong 2007 and year-
to-date trading performances and reflects an improvement in
Britannia's financial profile after completion of its U.S. IPO.

The outlook is stable.  

At the same time, the senior secured debt rating on the US$185
million notes was raised to 'B+' from 'B-'.  The recovery rating
on the notes is '4', indicating Standard & Poor's expectation of
average (30%-50%) recovery in the event of a payment default.
Standard & Poor's expects to withdraw the senior secured debt
and recovery ratings in the coming days following repayment of
the notes.

"The upgrade reflects Britannia's strong growth in cash flow
generation and improved trading performance during 2007, and
follows the completion of its U.S. IPO despite difficult market
conditions," said Standard & Poor's credit analyst Stuart
Clements.  "These developments have resulted in reduced
financial leverage and improved credit ratios."  

Trading performance for the rolling 12 months to March 2008
improved on the same period of the previous year, with
significant growth in revenues, an increase in the operating
margin to 12.5% from 6.2%, and a rise in EBITDA to US$129.3
million from US$18.5 million.  This has been driven by the
strong dry bulk market, significant additional contribution from
the chartered-in fleet, and contributions from vessels purchased
during the year.  Rolling 12-month EBITDA comfortably covered
net interest by 5.5x at March 31, 2008.  Total adjusted debt was
US$563.1 million at the same date.  After application of the IPO
proceeds, we expect this to reduce to about US$450 million.

The stable outlook reflects our expectations for continued
favorable market conditions in the near term, the partial
protection provided by the company's contracts of affreightment,
and Britannia's improved diversity of earnings following
significant revenue growth during the past 12 months.

Sustained strong fundamentals for the bulk market, continued
successful execution of the company's growth strategy, and
improvements in the aged fleet profile, combined with a
sustained low level of financial leverage, could lead to upward
rating movement.

Negative rating pressure could be a factor in the event that
deteriorating market conditions have a damaging effect on
Britannia owing to its weaker industry position.  An aggressive
debt-funded growth strategy significantly in excess of earnings
growth could also put pressure on leverage ratios and result in
downward rating movement.


BRITISH AIRWAYS: Selling Air Mauritius Stake for GBP3.2 Million
---------------------------------------------------------------
British Airways Plc has reached an agreement to sell its 10.5%
share in Air Mauritius for GBP3.2 million.

The airline is selling its 3.84% share in Air Mauritius Ltd. to
the Mauritian government and its 13.24% share in Air Mauritius
Holding Company Limited to existing shareholders.

British Airways has held a 10.5% share in Air Mauritius since
1973.

"Our investment in Air Mauritius no longer forms a core part of
our business strategy," Robbie Baird, British Airways' area
general manager Asia Pacific and the airline's representative on
the Air Mauritius board, said.  "We invested in the airline when
it was a start-up airline.  It is now a successful carrier,
operating to the highest standards and no longer requires our
involvement and support."  

"I'm pleased to say that this sale has been done with the full
co-operation of Air Mauritius and the Mauritian government,"
Mr. Baird added.

Completion of the sale is expected within July 2008.

                      About British Airways

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

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

                        *     *     *

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


CAPRICORN HOMES: Appoints Joint Administrators from KPMG
--------------------------------------------------------
Richard Dixon Fleming and Mark Granville Firmin of KPMG LLP were
appointed joint administrators of Capricorn Homes Ltd. (Company
Number FC023385) on June 17, 2008.

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

The company can be reached at:

          Capricorn Homes Ltd.
          c/o KPMG LLP
          1 The Embankment
          Neville Street
          Leeds  
          LS1 4DW
          England


CLARIS SERIES 59: Fitch Downgrades EUR40 Million Notes to BB
------------------------------------------------------------
Fitch Ratings has downgraded Claris Series 59 Napa Valley V
Synthetic CDO of ABS's EUR40 million floating-rate notes (ISIN:
XS0234280088), due 2025, to 'BB' from 'AAA' and maintained them
on Rating Watch Negative.

Claris Series 59 is a synthetic collateralized debt obligation
referencing a EUR2.05 billion portfolio of U.S. structured
finance assets.

Fitch's rating action reflects higher loss expectations due to
greater-than-expected deterioration in Claris Series 59's
portfolio.  The negative credit migration is primarily
attributable to deterioration in select Commercial ABS rental
fleet and 12B1 Fees transactions as well as U.S. subprime RMBS
and U.S. Alternative A (Alt-A) mortgage loans.

The portfolio comprises U.S. subprime RMBS (32%), Alt-A mortgage
loans (15.5%), ABS (19%), and CMBS (31%). At close, all assets
were rated 'AAA'. As per the latest trustee report dated
February 2008, one asset (1.11% of the portfolio) is now rated
'BB+' on RWN, and six other assets (6.7% of the portfolio) have
migrated away from their 'AAA' rating.  Furthermore, this
compares to the current credit enhancement level of 1.39%.  The
RWN status will likely be resolved upon the finalization of
Fitch's structured finance criteria.

At close, Claris Ltd, a public limited company incorporated in
Jersey, entered into a credit default swap agreement with
Societe Generale (SG; rated 'AA-' (AA minus)/Outlook
Stable/'F1+') under which SG bought EUR40 million of protection
on the reference portfolio.  Under the CDS, in return for
periodic premium payments, SG receives from Claris Ltd any loss
payments following credit events on the ABS portfolio once a
loss threshold of 1.39% of the current portfolio notional amount
of EUR2,057,142,870 has been breached.  The portfolio is managed
by SG for the first seven years of the transaction, during which
ABS are replaced or replenished, subject to portfolio
guidelines.


COMMANET: Brings In Liquidators from Mazars
-------------------------------------------
Robert David Adamson and Paul Charlton of Mazars LLP were
appointed joint liquidators of Commanet on June 12 for the
creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Mazars LLP
         Mazars House
         Gelderd Road
         Gildersome
         Leeds
         LS27 7JN
         England


EOS AIRLINES: Court Okays Aircraft Parts Sale to GoIndustry
-----------------------------------------------------------
The Hon. Adlai S. Hardin, Jr. of the United States Bankruptcy
Court for the Southern District of New York approved the sale of
Eos Airlines Inc.'s spare aircraft parts to a unit of GoIndusry-
DoveBid Plc, Christopher Scinta writes for Reuters.

GoIndustry, Reuters relates, emerged as the highest bidder at a
June 19 auction.

"Over the next 30 to 60 days we will be selling off the
remaining assets," Eos lawyer Tim Robinson of Squire
Sanders & Dempsey was quoted by the paper as saying.

                  About EOS Airlines

Based in Purchase, New York, EOS Airlines, Inc. --
http://www.eosairlines.com/-- is a transatlantic airline. The   
company filed for Chapter 11 protection April 26, 2008 (Bankr.
S.D.N.Y. Case No.08-22581).  Stephen D. Lerner, Esq., at Squire
Sanders & Dempsey, LLP, represents the Debtor in its
restructuring efforts.  The Debtor selected Kurztman Carson
Consultants LLC as claims agent.  The U.S. Trustee for Region 2
appointed creditors to serve on an Official Committee of
Unsecured Creditors.  Joseph M. Vann, Esq., and Robert A.
Boghosian, Esq., at Cohen Tauber Spievack & Wagner P.C. in New
York, represent the Committee in this case.  When the Debtor
filed for protection against it creditors, it listed total
assets of US$70,233,455 and total debts of US$34,858,485.


HOUSE OF EUROPE IV: Fitch Junks Rating on Two Note Classes
----------------------------------------------------------
Fitch has downgraded House of Europe Funding IV Plc's (HOE IV)
notes due 2090:

   -- EUR713.8 million Class A1 (ISIN XS0228470588): downgraded
      to 'AA' from 'AAA'; placed on RWN

   -- EUR130 million Class A2 (ISIN XS0228472873): downgraded to
      'BBB' from 'AAA'; placed on RWN

   -- EUR62.5 million Class B (ISIN XS0228474572): downgraded to
      'B' from 'AAA'; remains on RWN

   -- EUR5 million Class C (ISIN XS0228475389): downgraded to
      'B' from 'AA-'; remains on RWN

   -- EUR49 million Class D (ISIN XS0228476197): downgraded to
      'C' from 'A-'; removed from RWN

   -- EUR7.56 million Class E (ISIN XS0228476601): downgraded to
      'CCC' from 'BBB'; removed from RWN

HOE IV 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 primarily high-grade
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 2010.

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.  There are currently eight
assets totaling EUR50.25 million (approximately 5.2% of the
portfolio) rated 'CCC' or below.  While these assets are still
paying interest, they are expected to have no principal
recovery.  In addition, the portfolio contains three other
assets rated below investment grade, totaling EUR10.5 million
(or approximately 1.05% of the portfolio).

As a result of exposure to these eight assets, the transaction
has failed all over-collateralization tests.  As of May 15, 2008
trustee report, the senior OC test, which covers the Class A, B,
and C notes, was reported at 102.8% 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, given the
limited amount of excess spread generated by the portfolio,
Fitch does not expect the OC test to cure.  Thus, the Class D
and E notes are not expected to receive any future interest
payments.

In addition to not receiving interest payments, the Class 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 D notes are under-
collateralized by EUR32.6m and the Class E notes have no
collateral standing against them other than the partial
protection from a zero coupon French government bond. Regarding
the more senior notes, the Class A1, A2, B and C still retain
credit enhancement levels of 23.1%, 9.1%, 2.3% and 1.8%,
respectively, based on a performing portfolio balance of
EUR927.8m, which includes principal cash.  In the case of the
Class B and C notes, although a thin margin of safety remains,
Fitch believes this is not sufficient to support investment
grade ratings.

The ratings of the Class A1, A2, B and C 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 on the Class D and E notes address the
ultimate return of the rated principal balance by the stated
maturity as per the governing documents.  Currently, the Class D
rated notional stands at EUR44.2 million and the Class E rated
notional is EUR6.67 million.  The Class E notes benefit from
partial protection from a French OAT strip (ISIN: FR0010172205)
maturing in 2055 with a par balance of EUR6.35 million.

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


NOSTRUM CONSUMER: Fitch Affirms BB Rating on Class E Notes
----------------------------------------------------------
Fitch Ratings has affirmed Nostrum Consumer Finance plc notes.  
The Outlook on Class B notes has been changed to Positive from
Stable.  Nostrum is a securitization of consumer loans ABS
transaction originated by Caixa Geral de Depositos S.A. in
Portugal.

   -- EUR153.2 million Class A floating-rate notes (ISIN
      XS0178584750): affirmed at 'AAA'; Stable Outlook

   -- EUR15.6 million Class B floating-rate notes (ISIN
      XS0178585054): affirmed at 'AA+'; Outlook changed to
      Positive from Stable

   -- EUR12.4 million Class C floating-rate notes (ISIN
      XS0178585138): affirmed at 'A'; Positive Outlook

   -- EUR10 million Class D floating-rate notes (ISIN
      XS0178585484): affirmed at 'BBB'; Positive Outlook

   -- EUR2.4 million Class E floating-rate notes (ISIN
      XS0178585641): affirmed at 'BB'; Positive Outlook

The credit enhancement levels have risen due to amortization of
the class A notes.  This is expected to continue as a result of
the sequential amortization of the transaction.  This is the
basis for all the Positive Outlooks.

The Fitch Delinquency Ratio was stable during the revolving
period and was at 4.32% at the end of February 2008.  However,
during the amortizing period the DR has increased, partly driven
by the amortization of the pool.  Since inception the Fitch
Cumulative Gross Default Ratio and Fitch Cumulative Net Default
Ratio have been performing better than the agency's base case
expectations set at closing. As at end-February 2008, the CGDR
stood at 0.54% against a base case of 2.41% and the CNDR at
0.36% compared to 1.56%. Since closing, the cash reserve has
been fully funded. There is a 10% clean-up call feature in the
transaction.


RICHARD COULBECK: Claims Filing Period Ends July 28
---------------------------------------------------
Creditors of Richard Coulbeck Ltd. have until July 28, 2008 to
send their names and addresses and particulars of their claims
to:

         M. C. Bowker
         Joint Liquidator
         Tenon Recovery
         Europarc Innovation Centre
         Innovation Way
         Grimsby
         DN37 9TT
         England

M. C. Bowker and D. A. Willis of Tenon Recovery were appointed
joint liquidators of the company on May 19, 2008 for the
creditors' voluntary winding-up proceeding.


W B ASHWORTH: Calls In Liquidators from PKF
-------------------------------------------
Jonathan Newell and Kerry Bailey of PKF (UK) LLP were appointed
joint liquidators of W B Ashworth and Sons Ltd. on June 13 for
the creditors' voluntary winding-up procedure proceeding.

The joint liquidators can be reached at:

        PKF (UK) LLP
        Sovereign House
        Queen Street
        Manchester
        M2 5HR
        England


YELL GROUP: Defends Management Bonuses Amid Share Price Drop
------------------------------------------------------------
Yell Group plc has defended its decision to pay bonuses of up to
110% of salaries to senior executives despite poor share price
performance, Andrew Edgecliffe-Johnson writes for the Financial
Times.

Yell's share price in the financial year to March 31 dropped to
74% due to concerns about the group's GBP3.8 billion debt load,
the FT relates.

However, Yell's chairman Bob Scott, who declared his support for
the management team, believed the group would be able to
generate sufficient free cash flow to make its debt payments,
blaming "changing attitudes to debt arising during the credit
crunch" for the share price performance, the FT notes.

John Condron, the group's chief executive, received a
performance-related bonus of GBP935,000 for the year to
March 31, on top of an GBP850,000 salary and GBP1.5 million in
accrued pension benefits, while John Davis, the group's chief
financial officer, received a GBP555,000 bonus, on top of
GBP505,000 in basic pay.  Both executives were also granted
double-digit salary increases, the paper discloses.

Headquartered in Reading, England, Yell Group plc --
http://www.yellgroup.com/-- is an international directories
business operating in the classified advertising market through
printed, online, and phone media in the U.K. and the US.  Yell
also owns 100% of TPI (renamed "Yell Publicidad"), the largest
publisher of yellow and white pages in Spain, with operations in
certain countries in Latin America.  Yell's revenue for the
twelve months ended March 31, 2008 was GBP2,219 million and its
Adjusted EBITDA was GBP738.9 million.


                          *     *     *

In May 2008, Moody's Investors Service affirmed the Ba3
corporate family rating of Yell Group plc but changed the
outlook to negative
from stable.

In April 2008, Standard & Poor's Ratings Services revised to
negative from stable the outlook on the U.K.-based classified
directories publisher Yell Group PLC.  At the same time, the
'BB-' corporate credit rating was affirmed.


* Moody's Says Outlook Remains Negative Despite Share Issue
-----------------------------------------------------------
Moody's Investors Service affirmed the ratings of Barclays Bank
plc (rated Aa1 for senior debt and deposits; B for financial
strength) following the bank's announcement of a share issue to
raise approximately GBP4.5 billion.  Moody's also noted that the
outlook for Barclays' ratings remains negative.

Of the GBP4.5bn share issue, approx. GBP0.5bn will be placed
with SMBC through a firm placing, and the remaining GBP4bn has
been underwritten by institutional shareholders and new and
existing investors (including Qatar Investment Authority, a
company representing the chairman of Qatar Holding, Temasek and
China Development Bank), with the opportunity for existing
shareholders to subscribe to shares through a clawback.

Moody's considers the increase in capital to be a positive
development for Barclays' bondholders, given Barclays'
relatively lower capital ratios to date.  In Moody's press
release of 15 May 2008 regarding the downgrading of Barclays'
financial strength rating from B+ to B, the rating agency noted
that the rating action reflected our concern that both earnings
and capitalisation levels could come under pressure from
Barclays' structured credit exposures and the weakening of the
UK economy.  The press release also said that the BFSR of B
assumes that any further writedowns could be covered by the
bank's annual earnings, and that capitalisation levels position
the bank at the lower end of global peers within the B+ and B
Bank Financial Strength rating category.

Barclays has announced that on a pro-forma basis at the end of
2007 this would increase its Tier 1 capital ratio (on a Basel II
basis) from 7.6% to 8.8% and equity Tier 1 ratio from 5.1% to
6.3%.  However, although the bank has said it intends to run
with ratios above long term target levels of 7.25% and 5.25%
respectively, particularly while current market turbulence
persists, the bank has also expansion and investment plans
across its key franchises, therefore the medium-term capital
levels are unlikely to be as high as the pro-forma levels.

Moody's will continue to monitor the bank's structured
exposures, the potential volatility from capital market
activities and the performance of UK loan books.  The negative
outlook on the bank's ratings could revert to stable if a higher
capitalisation level is consistently maintained by Barclays, the
structured credit exposures are managed down and the impact of
the worsening UK economic environment on loan books can be
absorbed within current earnings.

Barclays Bank plc is headquartered in London, United Kingdom,
and had total assets of GBP 1,227 billion at December 31, 2007.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
July 10, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Cynthia Jackson of Smith Hulsey & Busey
        University Club, Jacksonville, Florida
           Contact: http://www.turnaround.org/

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Nov. 19, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Interaction Between Professionals in a
        Restructuring/Bankruptcy
           Bankers Club, Miami, Florida
              Contact: 312-578-6900; http://www.turnaround.org/

Dec. 3-5, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     20th Annual Winter Leadership Conference
        Westin La Paloma Resort & Spa
           Tucson, Arizona
              Contact: http://www.abiworld.org/

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

  
                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *