TCREUR_Public/080627.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Friday, June 27, 2008, Vol. 9, No. 127

                            Headlines


A U S T R I A

CARSI HANDEL: Claims Registration Period ends July 30
HRW LLC: Claims Registration Period Ends July 15
MAZ HANDEL: Claims Registration Period Ends July 7
MOCCA CLUB: Claims Registration Period Ends July 15


G E R M A N Y

BOUROUIS ZERLEGE: Claims Registration Period Ends July 10
H.G. INNENAUSBAU: Claims Registration Period Ends July 8
HECKLER & KOCH: S&P Keeps B- Ratings; Outlook Revised to Stable
KLW BAUELEMENTE: Claims Registration Period Ends July 7
KUL FOOD: Claims Registration Period Ends July 9

LANSYS GESELLSCHAFT: Claims Registration Period Ends July 11
MEDITHERNA GMBH: Claims Registration Period Ends July 11
MFR BAU: Claims Registration Period Ends July 11
SARTRANS GMBH: Claims Registration Period Ends July 10
SK-BUSREISEN GMBH: Claims Registration Period Ends July 11

SPECTRAL GESELLSCHAFT: Claims Registration Period Ends July 11
STUIS BAU: Claims Registration Period Ends July 10


I R E L A N D

TALISMAN-6: S&P Cuts Ratings on Classes E & F Notes on Watch Neg


K A Z A K H S T A N

ALMARAT & K: Claims Deadline Slated for Aug. 1
COTTONY LLP: Claims Filing Period Ends Aug. 1
FASAD LLP: Creditors' Claims Due on Aug. 1
GOOD FOOD: Creditors Must File Claims by Aug. 1
KARASAI BATYR: Claims Deadline Slated for Aug. 1

MAKSICOM LTD: Claims Filing Period Ends Aug. 1
NURBASTAU LLP: Claims Registration Ends Aug. 1
SAGOR LLP: Creditors' Claims Due on Aug. 1
STROYTRANS-MOST LLP: Claims Registration Ends Aug. 1
STROYVEK & K: Creditors Must File Claims by Aug. 1


K Y R G Y Z S T A N

TURAN MC: Creditors Must File Claims by July 30


L U X E M B O U R G

EVRAZ GROUP: South African Antitrust Agency Raids Highveld Unit


N E T H E R L A N D S

HIGHLANDER EURO: Moody's Rates US$20.1 Mln Class E Notes at Ba3
PARK MOUNTAIN: Moody's Rates Three Note Classes at Low-B
X5 RETAIL: Inks Deal to Complete Formata Holding Acquisition


P O L A N D

AMERICAN AXLE: Moody's Cuts Corporate Family Rating to B1


R U S S I A

BURENKA LLC: Creditors Must File Claims by July 7
EVRAZ GROUP: South African Antitrust Agency Raids Highveld Unit
IGROTEKA PLUS: Creditors Must File Claims by July 7
ITALY-FASHION CJSC: Moscow Bankruptcy Hearing Set September 2
MAGCENTRE LLC: Moscow Bankruptcy Hearing Slated for October 21

MILK LLC: Creditors Must File Claims by July 7
SENEMI CJSC: Creditors Must File Claims by August 7
SEVERSTAL OAO: Plans Another U.S. Asset Acquisition
TUMENENERGOBANK: Moody's Puts B3/NP/E+/Baa3.ru Ratings
VTOVAZ-LYUBLINO CJSC: Creditors Must File Claims by July 7

X5 RETAIL: Inks Deal to Complete Formata Holding Acquisition
ZELENCHUKSKIE NETWORK: Creditors Must File Claims by July 7


T U R K E Y

TURKIYE GARANTI: Fitch Rates Foreign Currency IDR at BB


U K R A I N E

BELMTZCENTER LLC: Creditors Must File Claims by July 6
CONSTANTA-GROUP LLC: Creditors Must File Claims by July 6
ECOPLAST LLC: Creditors Must File Claims by July 6
ENERGOATOM: Creditors File UAH28.1 Mln. Suit Ahead of Moratorium
FOOD-SERVICE 2005: Creditors Must File Claims by July 6

KHARKOVRESOURCE LTD: Creditors Must File Claims by July 6
KOLOS AGRICULTURAL: Creditors Must File Claims by July 6
SLAVMETTRADE LLC: Creditors Must File Claims by July 6
SOUTH METAL: Creditors Must File Claims by July 6
TECHNOFOR LLC: Creditors Must File Claims by July 6


U N I T E D   K I N G D O M

ACXIOM CORP: S&P Keeps Low-B Ratings; Outlook Revised to Stable
AIRE VALLEY 2004-1: Fitch Affirms Classes D1 and D2 Notes at BB
AMTRAK EXPRESS: Brings In Liquidators from KPMG
BAA LTD: Calls for a Third Runway at Heathrow
ECO-BAT TECH: S&P Keeps B+ Rating; Outlook Revised to Positive

GLOBAL TRADER: Joint Liquidators Take Over Operations
INTERNATIONAL FURNITURE: Taps Liquidators from Tenon Recovery
LINKALPHA LTD: Calls In Liquidators from Tenon Recovery
MK AIRLINES: Resumes Flight After Administrators Secure Funding
S E CLEANING: Appoints Liquidator from Mazars

SWITCH WIZARD: Hires Liquidators from Tenon Recovery
THOMAS JAMES: Brings In Liquidators from Mazars
TRANSPARENT PROPERTY: Appoints Liquidators from Tenon Recovery

* Bad Debt Is a Contributor to UK SME Insolvencies, Study Says

* S&P's Takes Watch Actions on 28 European CDO of ABS Tranches


BOOK REVIEW: Learning Leadership


                            *********

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A U S T R I A
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CARSI HANDEL: Claims Registration Period ends July 30
-----------------------------------------------------
Creditors owed money by LLC CARSI Handel (FN 215870g) have until
July 30, 2008, to file written proofs of claim to court-
appointed estate administrator Andreas Alzinger at:

          Dr. Andreas Alzinger
          Karntner Ring 12
          1010 Vienna
          Austria
          Tel: 515 50 333
          Fax: 515 505 50
          E-mail: a.alzinger@baierboehm.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at  9:50 a.m. on Aug. 13, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1707
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on May 29, 2008 (Bankr. Case No. 2 S 65/08h).  


HRW LLC: Claims Registration Period Ends July 15
------------------------------------------------
Creditors owed money by LLC HRW (FN 172204t) have until
July 15, 2008, to file written proofs of claim to court-
appointed estate administrator Michael Lesigang at:

          Dr. Michael Lesigang
          Landstrasser Hauptstrasse 14
          1030 Vienna
          Austria
          Tel: 715 25 26
          Fax: 715 25 26/27
          E-mail: Michael@lesigang.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on July 29, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1606
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on May 29, 2008 (Bankr. Case No. 4 S 76/08s).  


MAZ HANDEL: Claims Registration Period Ends July 7
--------------------------------------------------
Creditors owed money by LLC MAZ Handel (FN 263099k) have until
July 7, 2008, to file written proofs of claim to court-appointed
estate administrator Brigitte Stampfer at:

          Dr. Brigitte Stampfer
          Stadlergasse 27
          1130 Vienna
          Austria
          Tel: 877 33 30
          Fax: 877 33 30-33
          E-mail: ra-stampfer@utanet.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at  10:15 a.m. on July 21, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1705
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on May 29, 2008 (Bankr. Case No. 3 S 56/08t).  


MOCCA CLUB: Claims Registration Period Ends July 15
---------------------------------------------------
Creditors owed money by LLC Mocca Club & Co KEG (FN 251732w)
have until July 15, 2008, to file written proofs of claim to
court-appointed estate administrator Andrea Simma at:

          Dr. Andrea Simma
          Schulerstrasse 18
          1010 Vienna
          Austria
          Tel: 513 67 03
          Fax: 513 67 03 33
          E-mail: RA_Simma@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at  10:15 a.m. on July 29, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1607
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on May 29, 2008 (Bankr. Case No. 28 S 77/08i).  


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


BOUROUIS ZERLEGE: Claims Registration Period Ends July 10
---------------------------------------------------------
Creditors of Bourouis Zerlege-GmbH have until July 10, 2008, to
register their claims with court-appointed insolvency manager
Raimund Schafmeister.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Aug. 14, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Detmold
         Meeting Room 12
         Ground Floor
         Gerichtsstr. 6
         32756 Detmold
         Germany

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

The insolvency manager can be reached at:

         Raimund Schafmeister
         Moltkestr. 12
         32756 Detmold
         Germany

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

The Debtor can be reached at:

         Bourouis Zerlege-GmbH
         Attn: Rachid Bourouis, Manager
         Bielefelder Str. 529
         32758 Detmold
         Germany


H.G. INNENAUSBAU: Claims Registration Period Ends July 8
--------------------------------------------------------
Creditors of H.G. Innenausbau GmbH have until July 8, 2008 to
register their claims with court-appointed insolvency manager
Dr. Lucas F. Floether.

Creditors and other interested parties are encouraged to attend
the meeting at 9:50 a.m. on July 29, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Magdeburg
         Hall 14
         Breiter Weg 203-206
         39104 Magdeburg
         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. Lucas F. Floether
         Halberstadter Str. 55
         39112 Magdeburg
         Germany
         Tel: 0391/5556840
         Fax: 0391/5556849
         E-mail: magdeburg@floetherwissing.de  

The District Court of Magdeburg opened bankruptcy proceedings
against  H.G. Innenausbau GmbH on June 10, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         H.G. Innenausbau GmbH
         Halberstadter Chaussee 2 h
         39116 Magdeburg
         Germany


HECKLER & KOCH: S&P Keeps B- Ratings; Outlook Revised to Stable
---------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Germany-based small-arms defense contractor Heckler & Koch GmbH  
to stable from negative, reflecting S&P's expectation that
financial performance will maintain its improving trend and
support the credit profile.  At the same time, the 'B-'
corporate credit ratings and senior secured debt ratings were
affirmed.

"The outlook revision reflects HK's stronger trading performance
supported by recent order wins, which have pushed the group's
backlog up to record levels and provide a good revenue
visibility for next 12-18 months," said Standard & Poor's credit
analyst Sabine Gromer.

While HK remains highly leveraged, Standard & Poor's expects the
group to increase profit and free cash flows in 2008
sufficiently to preserve, or slightly improve, its credit
profile.

Given its modest size and some dependence on a small number of
key contracts, HK's business risk is vulnerable.  Although some
time has elapsed since the expiration of several significant
contracts in 2005, HK has now been successful at generating
replacement revenues and rebuilt firm orders.  At March 31,
2008, these totaled EUR158.3 million or 1.1x 2007 revenues. In
the 12 months to March 31, 2008, HK's operating performance
improved after poor results in 2006, with revenues increasing by
3.8% and adjusted EBITDA of EUR24.7 million and margin of 17%
compared with 2006 adjusted EBITDA of EUR9.4 million and margin
of 7.6%.

The stable outlook reflects Standard & Poor's expectations of
continuing improvements in trading performance, which should
support the credit profile.  S&P expects Heckler & Koch's cash
flow protection measures to remain weak for the rating category.
S&P's rating assumes adequate liquidity is maintained, reflected
by a minimum cash balance of EUR20 million.  

Negative rating pressure could be triggered by weaker–than-
expected trading performance or aggressive shareholder action,
particularly if these compromise the group's liquidity levels.  
A positive rating action for HK seems unlikely at this stage.
  

KLW BAUELEMENTE: Claims Registration Period Ends July 7
-------------------------------------------------------
Creditors of KLW Bauelemente GmbH have until July 7, 2008 to
register their claims with court-appointed insolvency manager
Dr. Thomas Westphal.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on July 28, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Celle
         Hall 014
         Muehlenstrasse 4
         29221 Celle
         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 Westphal
         Meteorstr. 1
         29221 Celle
         Germany
         Tel: 05141/99290-60
         Fax: 05141/7648
         E-mail: ThWestphal@t-online.de  

The District Court of Celle opened bankruptcy proceedings
against KLW Bauelemente GmbH on June 10, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:
         
         KLW Bauelemente GmbH
         Attn: Andreas Lindmueller, Manager
         Celler Str. 21
         29313 Hambuehren
         Germany
         

KUL FOOD: Claims Registration Period Ends July 9
------------------------------------------------
Creditors of Kul Food GmbH have until July 9, 2008 to register
their claims with court-appointed insolvency manager Dr.
Sebastian Braun.

Creditors and other interested parties are encouraged to attend
the meeting at 9:05 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 Offenbach am Main
         Hall 166N
         First Floor
         Kaiserstrasse 16-18
         63065 Offenbach am Main
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

          Dr. Sebastian Braun
          Josef-Schmitt-Strasse 10
          97922 Lauda-Koenigshofen
          Germany
          Tel: 09343/2065
          Fax: 09343/3833

The District Court of Offenbach am Main  opened bankruptcy
proceedings against Kul Food GmbH on June 9, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Kul Food GmbH
         Benzstr. 22
         63110 Rodgau
         Germany

         Attn: Hueseyin Kul, Manager
         Schlesienstr. 5
         63110 Rodgau
         Germany


LANSYS GESELLSCHAFT: Claims Registration Period Ends July 11
------------------------------------------------------------
Creditors of LANSYS Gesellschaft fuer System- und
Netzwerktechnik mbH  have until July 11, 2008 to register their
claims with court-appointed insolvency manager Rolf Rombach.

Creditors and other interested parties are encouraged to attend
the meeting at 8:45 a.m. on Aug. 13, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Meiningen
         Hall 105
         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:

         Rolf Rombach
         Magdeburger Allee 159
         99086 Erfurt
         Germany

The District Court of Meiningen opened bankruptcy proceedings
against  LANSYS Gesellschaft fuer System- und Netzwerktechnik
mbH on June 4, 2008.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         LANSYS Gesellschaft fuer System-
         und Netzwerktechnik mbH
         Sportplatz 5
         98590 Schmalkalden
         Germany


MEDITHERNA GMBH: Claims Registration Period Ends July 11
--------------------------------------------------------
Creditors of Meditherna GmbH have until July 11, 2008, to
register their claims with court-appointed insolvency manager
Vera Mai.

Creditors and other interested parties are encouraged to attend
the meeting at 11:40 a.m. on Aug. 13, 2008, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Vera Mai
         Kurfuerstendamm 66
         10707 Berlin
         Germany

The District Court of Potsdam opened bankruptcy proceedings
against Meditherna GmbH on June 6, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Meditherna GmbH
         Attn: Burkhard Ruelicke, Manager
         Am Stinthorn 3
         14476 Potsdam
         Germany


MFR BAU: Claims Registration Period Ends July 11
------------------------------------------------
Creditors of MFR Bau GmbH have until July 11, 2008, to register
their claims with court-appointed insolvency manager NAME.

Creditors and other interested parties are encouraged to attend
the meeting at TIME on DATE, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

          Bettina Breitenbuecher
          Gustav-Weisskopf-Str. 4
          99092 Erfurt
          Germany

The District Court of Erfurt opened bankruptcy proceedings
against MFR Bau GmbH on June 4, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         MFR Bau GmbH
         Strasse des Friedens 107
         99869 Hochheim
         Germany


SARTRANS GMBH: Claims Registration Period Ends July 10
------------------------------------------------------
Creditors of SarTrans GmbH & Co.KG have until July 10, 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 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 Bielefeld
         Meeting Hall 4065
         Fourth Floor
         Gerichtstrasse 66
         33602 Bielefeld
         Germany

The Court will  verify the claims set out in the insolvency
manager's report at 9:00 a.m. on July 31, 2008 at the same
venue.  Creditors may constitute a creditors' committee or opt
to appoint a new insolvency manager.

The insolvency manager can be reached at:

         Joachim Walterscheid
         Kurpark 2
         32545 Bad Oeynhausen
         Germany

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

The Debtor can be reached at:

         SarTrans GmbH & Co.KG
         Attn: Thomas Sarnoch, Manager
         Bergkirchener Str. 307
         32429 Minden
         Germany


SK-BUSREISEN GMBH: Claims Registration Period Ends July 11
----------------------------------------------------------
Creditors of SK-Busreisen GmbH have until July 11, 2008, to
register their claims with court-appointed insolvency manager
Udo Feser.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Aug. 19, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Cottbus
         Hall 210
         platz 2
         Cottbus
         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:

         Udo Feser
         Uhlandstrasse 165/166
         10719 Berlin
         Germany

The District Court of Cottbus opened bankruptcy proceedings
against SK-Busreisen GmbH on June 4, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         SK-Busreisen GmbH
         C/o Reisedienst Koenig
         Leipziger Strasse 50
         03253 Doberlug-Kirchhain
         Germany

         Attn: Simone Koenig, Manager
         Tiergartenstrasse 09
         03253 Doberlug-Kirchhain
         Germany


SPECTRAL GESELLSCHAFT: Claims Registration Period Ends July 11
--------------------------------------------------------------
Creditors of Spectral Gesellschaft fuer Lichttechnik mit
beschrankter Haftung have until July 11, 2008, to register their
claims with court-appointed insolvency manager Thilo Braun.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on July 14, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Thilo Braun
         Schillerstr 2
         79102 Freiburg i. Br.
         Germany
         Tel: 0761-703900
         Fax: 0761/7039052

The District Court of Freiburg opened bankruptcy proceedings
against Spectral Gesellschaft fuer Lichttechnik mit beschrankter
Haftung on June 1, 2008.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Spectral Gesellschaft fuer
         Lichttechnik mit beschrankter Haftung
         Boetzingerstr. 31
         79111 Freiburg
         Germany

         Attn: Heinrich Neuhorst, Manager
         Steinbruchweg 26
         79292 Pfaffenweiler
         Germany


against Spedition MDT GmbH on June 1, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Spedition MDT GmbH
         Attn: Martin Guenther Deyle, Manager
         Im Weiherle 1
         73312 Geislingen
         Germany

         
STUIS BAU: Claims Registration Period Ends July 10
--------------------------------------------------
Creditors of Stuis Bau GmbH have until July 10, 2008 to register
their claims with court-appointed insolvency manager Hannfried
Grauer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 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 Wuerzburg
         Hall 14
         Second Floor
         Tiepolostrasse 6

         Wuerzburg
         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:

        Hannfried Grauer
        Hofstrasse 3
        97070 Wuerzburg
        Germany
        Tel: 0931/45202950

The District Court of Wuerzburg opened bankruptcy proceedings
against Stuis Bau GmbH on June 9, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Stuis Bau GmbH
         Attn: Roland Stuis, Manager
         Wachtelberg 4
         97273 Kuernach
         Germany


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TALISMAN-6: S&P Cuts Ratings on Classes E & F Notes on Watch Neg
----------------------------------------------------------------
Standard & Poor's Rating Services has lowered its ratings on the
class E and F notes issued by Talisman-6 Finance PLC; these
classes remain on CreditWatch with negative implications.  At
the same time, the class D notes were put on CreditWatch
negative.  The ratings on the other classes in the transaction
are unaffected.
  
The class E and F notes were initially placed on CreditWatch
negative on May 16, 2008 after a payment default and transfer
into special servicing of the Cherry loan.  This was the result
of increased uncertainty surrounding the underlying collateral
performance, which was highlighted by the servicer.
  
The Cherry loan is secured by 11, predominantly residential
properties in East Germany.  Most of the assets are in average
to good locations, but face strong competition and demographic
challenges such as an aging and declining population within
their respective micro markets.  In addition, some of the
assets are in need of refurbishment to continue to attract
tenants.
  
S&P understands that the payment default as of the April 2008
interest payment date has not so far been cured, and that there
is still a lack of clarity regarding the provision of data.  The
special servicer, however, continues to work closely with the
asset manager and other borrower-related entities to verify the
current position.
  
The liquidity facility covers interest shortfalls under the loan
in addition to interest on any such drawings and special
servicer fees.  The liquidity drawing applied toward payment of
interest on the class F notes may not exceed EUR950,000, of
which EUR259,241.10 was drawn on the April 2008 IPD.  There is
also
an appraisal reduction mechanism that limits liquidity facility
drawings by automatically reducing the liquidity facility
available following a loan event of default where the up-to-date
loan-to-value ratio exceeds 95%.
  
Following the transfer into special servicing, there is a
requirement to commission an up-to-date valuation within 30
days.  S&P understands from the servicer that an updated
valuation report is expected shortly.  While the April 2008 IPD
reported loan-to-value ratio is 83.79%, this is based on the
valuation at closing; S&P considers that there is increased
possibility that the current collateral value is lower than at
closing and that an appraisal reduction may be triggered.
  
Our concerns therefore remain with regard to both the potential
ability to pay debt service in a timely manner and the ability
to repay the principal balance at loan maturity in October 2011,
or through enforcement.
  
S&P is continuing to evaluate information on the Cherry loan and
the Coconut loan, which is also experiencing reporting issues
and declining asset performance.  S&P expects to resolve the
CreditWatch placements and publish a transaction update after
receipt of the updated valuation for the Cherry loan.
  
                         Ratings List
  
                   Talisman–6 Finance PLC
   EUR1,076.4 Million Commercial Mortgage-Backed Floating-Rate                  
                   and Variable-Rate Notes
  
            Class       To                  From
  
Ratings Lowered and Remaining on CreditWatch Negative
  
            E          BB/Watch Neg         BBB-/Watch Neg
            F          B/Watch Neg          BB/Watch Neg
  
Ratings Placed on CreditWatch Negative
  
            D           BBB/Watch Neg       BBB
  
Ratings Unaffected
  
            A          AAA
            X          AAA
            B          AA
            C          A


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


ALMARAT & K: Claims Deadline Slated for Aug. 1
----------------------------------------------  
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Almarat & K 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


COTTONY LLP: Claims Filing Period Ends Aug. 1
---------------------------------------------  
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Cottony 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


FASAD LLP: Creditors' Claims Due on Aug. 1
------------------------------------------  
LLP Construction-Trade Firm Fasad has declared insolvency.  
Creditors have until Aug. 1, 2008, to submit written proofs of
claims to:

         LLP Construction-Trade Firm Fasad
         Uralskaya Str. 10
         Kostanai
         Kazakhstan


GOOD FOOD: Creditors Must File Claims by Aug. 1
-----------------------------------------------  
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Good Food Ltd. insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         Baizakov Str. 273b
         Almaty
         Kazakhstan


KARASAI BATYR: Claims Deadline Slated for Aug. 1
------------------------------------------------
The Tax Committee of Almaty has ordered the compulsory
liquidation of LLP Sport-Professional Club Karasai Batyr (RNN
090500211498).

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


MAKSICOM LTD: Claims Filing Period Ends Aug. 1
----------------------------------------------  
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Maksicom Ltd insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Aktube
         Altynsarin Str. 31
         Aktobe
         Aktube
         Kazakhstan
         Tel: 8 (3132) 21-30-32


NURBASTAU LLP: Claims Registration Ends Aug. 1
----------------------------------------------  
The Tax Committee of Almaty has ordered the compulsory
liquidation of LLP Nurbastau (RNN 091700211113).

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


SAGOR LLP: Creditors' Claims Due on Aug. 1
------------------------------------------  
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Sagor insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Aktube
         Altynsarin Str. 31
         Aktobe
         Aktube
         Kazakhstan
         Tel: 8 (3132) 21-30-32


STROYTRANS-MOST LLP: Claims Registration Ends Aug. 1
----------------------------------------------------  
LLP Stroytrans-Most has declared insolvency.  Creditors have
until Aug. 1, 2008, to submit written proofs of claims to:

         LLP Stroytrans-Most
         Micro District 13, 4-7
         Karaganda
         Kazakhstan


STROYVEK & K: Creditors Must File Claims by Aug. 1
--------------------------------------------------  
The Specialized Inter-Regional Economic Court of Karaganda has
declared LLP Stroyvek & K insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Karaganda
         Jambyl Str. 9
         Karaganda
         Kazakhstan


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


TURAN MC: Creditors Must File Claims by July 30
-----------------------------------------------
Representation of LLC Turan MC has declared insolvency.  
Creditors have until July 30, 2008 to submit written proofs of
claim to:

         Representation of LLC Turan MC
         Suyumbaev Str. 14
         Bishkek
         Kyrgyzstan


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


EVRAZ GROUP: South African Antitrust Agency Raids Highveld Unit
---------------------------------------------------------------
The South African competition commission has raided Evraz Group
SA's Highveld Steel and Vanadium Corporation Ltd. unit for
evidence of collusion between local steelmakers to fix prices,
RIA Novosti reports.

Local antitrust regulators claim Highveld and ArcelorMittal
South Africa Ltd. colluded in fixing steel prices.  Regulators
said Highveld and ArcelorMittal implemented similar price
increases around the same time.

Evraz denied the regulators' claim but said it would cooperate
in detail with the investigation.

                          About Evraz

Headquartered in Luxembourg, Evraz Group S.A. (LSE:EVR) --
http://www.evraz.com/-- manufactures and distributes steel and
related products.  In addition, the Company owns and operates
certain mining assets.  Its steel production and mining
facilities are mainly located in the Russian Federation.  It
operates three steel mills in Russia, one mill in the Sverdlovsk
region and two mills in the Kemerovo region.

                         *     *     *

Evraz Group S.A. continues to carry Ba2 corporate family rating,
Ba2 rating for Senior Notes due 2009 and Ba3 rating for Senior
Notes due 2015 from Moody's Investors Service, which placed  
them on review in March 2008 for possible downgrade.

The company also carries BB- long-term corporate credit and
senior unsecured debt ratings from Standard & Poor's Ratings
Services, with positive outlook.  The ratings were affirmed in
March 2008.

Evraz carries BB long-term Issuer Default and senior unsecured
ratings and B Short-term Issuer Default rating from Fitch
Ratings, with stable outlook.  The ratings were affirmed in
March 2008.


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


HIGHLANDER EURO: Moody's Rates US$20.1 Mln Class E Notes at Ba3
---------------------------------------------------------------
Moody's Investors Service has assigned these long-term
definitive ratings to five classes of notes issued by Highlander
Euro CDO IV B.V., a Dutch special purpose company:

   -- Aaa to the EUR305,000,000 Class A Senior Secured Floating
      Rate Notes due 2016,

   -- Aa2 to the EUR22,500,000 Class B Senior Secured Floating
      Rate Notes due 2016,

   -- A2 to the EUR17,000,000 Class C Senior Secured Deferrable
      Floating Rate Notes due 2016,

   -- Baa3 to the US$23,200,000 Class D Senior Secured
      Deferrable Floating Rate Notes due 2016,

   -- Ba3 to the US$20,100,000 Class E Senior Secured
      Deferrable Floating Rate Notes due 2016,

EUR10,650,000 Class F-1 Subordinated Notes and EUR 60,350,000
Class F-2 Subordinated Notes will also be issued but not rated
by Moody's.

The ratings address the expected loss posed to investors by the
legal final maturity date in August 2016. Such legal final
maturity may however be extended subject to certain conditions
being satisfied.

These ratings are primarily based upon:

   1. An assessment of the eligibility criteria and portfolio
      guidelines applicable to the future additions to the
      portfolio;

   2. The protection against losses through the subordination of
      the more junior classes of notes to the more senior
      classes of notes;

   3. The expertise of Highland Capital Management Europe
      Limited as servicer; and

   4. The legal and structural integrity of the issue.

This transaction is a high yield collateralized loan obligation
related to a EUR433,400,000.00 portfolio of mostly European
senior loans, mezzanine obligations and high yield bonds (with a
predominance of senior secured loans).  This portfolio is
dynamically managed by Highland Capital Management Europe
Limited who is here managing its fourth European CLO.  This
portfolio will be mostly acquired at closing and the remainder
will be acquired during the 5 month ramp-up period in compliance
with portfolio guidelines (which include, among other tests, a
diversity score test, a weighted average rating factor test and
a weighted average spread test).  Thereafter, the portfolio of
loans will be actively managed during the replenishment period
of 2 years (also subject to extension subject to certain
conditions being satisfied).  After the replenishment period,
all proceeds will be paid into the principal waterfall to redeem
the notes.  While the portfolio will be predominantly
denominated in EUR (non EUR assets need to be hedged even if a
bucket of unhedged obligations is allowed under certain
conditions), the class D and E notes are denominated in US$.  
The ratings of these classes are therefore quite sensitive to
the evolution of the FX rate between EUR and US$.  In assigning
the rating to Class D and E, Moody's incorporated several
sensitivity runs to measure the impact of potential EUR/US$ FX
evolutions.

This transaction is brought to the market by Citigroup Global
Market Limited.


PARK MOUNTAIN: Moody's Rates Three Note Classes at Low-B
--------------------------------------------------------
Moody's Investors Service assigned these provisional ratings to
six classes of notes issued by Park Mountain Lease 2008-I B.V.:

   -- (P)Aa3 to the EUR[21,450,000] Class A Floating Rate Notes
      due [June 2016]

   -- (P)A2 to the EUR[32,150,000] Class B Floating Rate Notes
      due [June 2016]

   -- (P)Baa3 to the EUR[40,200,000] Class C Floating Rate Notes
      due [June 2016]

   -- (P)Ba1 to the EUR[16,100,000] Class D Floating Rate Notes
      due [June 2016]

   -- (P)Ba3to the EUR[16,100,000] Class E Floating Rate Notes
      due [June 2016]

   -- (P)B2 to the EUR[21,450,000] Class F Floating Rate Notes
      due [June 2016]

The provisional ratings address the expected loss posed to
investors by the legal final maturity date in [June 2016].

The provisional ratings of the notes are based upon:

   (1) An assessment of the credit quality and diversity of the
       underlying reference entities in the static portfolio;

   (2) The loss protection provided by the subordination of the
       more junior ranking classes of notes and the loss
       threshold;

   (3) The legal and structural integrity of the transaction.

Park Mountain Lease 2008-I B.V. is a partially funded synthetic
transaction arranged by Fortis Bank N.V./S.A., in which
investors are exposed to the credit risk related to a portfolio
of mainly lease contracts originated by local entities of Fortis
Lease Group to primarily SMEs in Belgium, the Netherlands and
the United Kingdom.  Fortis Lease Group is fully owned by and
integrated in Fortis.  The credit risk transferred by Fortis is
related to a total portfolio of approximately EUR[2,679]
million.  This reference pool is made up initially of [164,777]
claims to [77,746] entities.

The portfolio is static.  There will be no excess spread
available in the transaction.  The priority of payment will be
pro-rata for the senior unfunded piece and classes A to F at
closing, but switch to sequential upon breach of certain
performance triggers.  The credit event in this transaction
includes bankruptcy, failure to pay, and restructuring.  Loss
allocation is done in reverse sequential order starting with the
threshold amount.

The notes are scheduled to mature in [June 2013] but may mature
earlier should an early call option or the clean up call option
be exercised.  The legal final maturity of the transaction is in
[June 2016].

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


X5 RETAIL: Inks Deal to Complete Formata Holding Acquisition
------------------------------------------------------------
X5 Retail Group N.V. has signed an agreement with shareholders
of Formata Holding B.V., owner of the Karusel hypermarket chain,
for the acquisition of the entire issued share capital in
Formata and related intellectual property for a total amount of
approximately US$940 million, including an in-kind payment of
6,986,020 X5 GDRs at a provisional value of US$33.10 per GDR.  
The acquisition of Formata is expected to complete before 28
June 2008.  

X5 and the shareholders of Formata have today signed a share
purchase agreement that provides for the transfer of the entire
issued share capital in Formata before 28 June 2008.  The
purchase price payable by X5 was calculated in accordance with a
formula set out in the Call Option Agreement and amounts to
approximately US$925 million, which includes:  

the value of Karusel's operational business as at Dec. 31, 2007,
in the amount of US$914 million; its land and other real estate
in the course of construction (where business was not carried
out as at Dec. 31, 2007) in the amount of US$148 million, as
determined by an internationally recognized independent real
estate appraiser; less its net debt as at Dec 31, 2007, in the
amount of US$137 million.  

The land and other real estate under construction include a
hypermarket that was opened in the first half of 2008, three
hypermarkets under construction, and eight land plots
potentially suitable for hypermarket construction.

In accordance with the terms of the Call Option Agreement, X5
has elected to settle 25% of the purchase price with newly
issued X5 shares (which are expected to be converted into GDR
form), at a provisional value of US$33.10 per GDR.

For this purpose, in line with authorization by shareholders at
the EGM held on April 21, 2008, the Supervisory Board has
approved the issuance of 1,746,505 new shares (equivalent to
6,986,020 GDRs) and the exclusion of pre-emptive rights with
respect to this issuance.  

The provisional GDR price is calculated in accordance with the
Call Option Agreement, based on the average weighted price for
30 days preceding the exercise date (Jan. 2, 2008).  The final
GDR price is subject to confirmation by London Stock Exchange
within 30 days after the signing.  The balance of the purchase
price will be paid in cash.  

X5 has also entered into an additional agreement with Andrei
Rogachev, one of the beneficial owners of Formata, and a company
controlled by him to acquire certain intellectual property for
use in Karusel’s business (including Karusel’s business
platform, brands, patents, licenses, IT and other relevant
documentation) for a consideration of US$15 million payable
after the completion of the transaction.  

At signing, the Grantors have disclosed that Formata has entered
into real estate development contracts with affiliates of Donson
B.V. to build eight additional hypermarkets.

In connection with these contracts, Formata has made some
significant prepayments to Donson.  As a part of their
contractual obligations, the Grantors warranted that there are
no other material contracts or obligations of Formata in favour
of persons connected with  the Grantors.

The Grantors have also warranted that total gross debt
outstanding at closing will not exceed RUR10.3 billion.  The
Company has been aware of certain of these matters in the course
of the earlier negotiations (as it became disclosed in the
Karusel’s financial statements for 2007).  The Company has
indicated to the Grantors its position that such contracts and
commitments do not accord with Grantors' obligations under the
Call Option Agreement.  The Company is considering how best to
resolve this outstanding issue.

Goldman Sachs is acting as financial advisor, Lovells – as legal
advisor to X5 Retail Group on the acquisition of Formata.

                        About X5 Retail

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

                          *     *     *

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

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


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


AMERICAN AXLE: Moody's Cuts Corporate Family Rating to B1
---------------------------------------------------------
Moody's Investors Service lowered American Axle & Manufacturing
Holdings, Inc.'s Corporate Family Rating to B1 from Ba3, as well
as the senior unsecured rating to B1 from Ba3 on American Axle &
Manufacturing, Inc.'s notes and term loan.  The outlook is
stable.  The Speculative Grade Liquidity Rating also has been
lowered to SGL-3 from SGL-2.  In taking the rating action,
Moody's noted that American Axle's new labor agreement
meaningfully improves the company's cost position and is
considered a positive credit development.  

However, according to Tim Harrod, Vice President of Moody's,
"even with the benefits of its new labor agreement, American
Axle's significant exposure to declining truck/SUV volumes at
Big-3 U.S. auto makers will result in near term financial
metrics that are more consistent with the B1 rating category".

The rating action concludes the ratings review initiated on
April 2, 2008 as the company's UAW work stoppage at five
facilities in Michigan and New York involving approximately
3,650 UAW employees neared its sixth week.  The underlying
issues involved, among other items, American Axle's goal of
reducing its all-in hourly labor cost, estimated to be
approximately US$73.48, to levels competitive with other
domestic automotive suppliers.  The strike concluded with the
ratification of new labor agreements on May 23, 2008 that
significantly lowered the company's labor costs.

According to American Axle, the new labor agreements are
expected to generate over US$300 million in annual cost
reductions, in part due to the reduction of all-in hourly labor
costs by about 50% on a blended average basis, to a range of
US$30 to US$45 per hour.  The company should also benefit from
structural cost reductions stemming from a reduction of about
2,000 hourly positions over the next year through a combination
of buyouts, early retirement incentives, and plant closings.  
The cost of implementing the workforce reduction is expected to
range from US$400 million to US$450 million, the majority of
which should be incurred during 2008. In implementing this
program, American Axle will receive US$215 million in financial
assistance from its principal customer, General Motors.

The reduced labor costs achieved with the new labor contract
could mark a watershed event in American Axle's history and
meaningfully enhance the company's long term competitiveness as
an auto parts supplier.  However, given the current market
conditions, the full benefits of the new contract may not be
realized for several years. American Axle's business is heavily
concentrated in the supply of drivetrain components for light
trucks and SUV's, particularly for North American manufacturers
such as General Motors.  Recent new business awards should
increase diversification into passenger cars and crossover
vehicles, and include important new relationships with non-US
auto makers. Nevertheless, for the foreseeable future, over 60%
of revenues will continue to be derived from North American
light truck volumes.  Given the continuing erosion of demand for
SUV's and light trucks in the wake of high fuel costs, American
Axle has faced, and may continue to face, large reductions in
order volumes from key North American auto makers, which will
continue to weigh on its financial results. In light of the
potential for sustained weakness in revenues, and the likelihood
that restructuring and headcount reduction initiatives will
consume cash during the near term, Moody's anticipates that
American Axle's financial metrics will not support maintenance
of the Ba3 rating over the next 12 to 18 months resulting in the
rating downgrade.

The Speculative Grade Liquidity Rating to SGL-3, reflects the
expectation of negative free cash flow over the next twelve
months as a result of restructuring costs and the weakening
automobile production in North America. At March 31, 2008 the
company reported US$315 million of cash and had US$572 million
of availability under the company's US$600 million revolving
credit facility.  Principal financial covenants measure net debt
to EBITDA and net worth.  Both covenants exclude special/one-
time items such as the impact of the work stoppages and costs
related to restructuring under the new labor agreement.  
However, cushions under the financial covenants are expected to
diminish over the second half of 2008 reflecting the impact of
lower production in North America on the company's key
platforms.  Covenant cushions should improve into 2009 as the
benefits of the new labor agreements more favorably impact
operations.  However, this improvement could be tempered if
vehicle production pressure in North America persists.  All of
the company's bank obligations and notes are currently
unsecured, which establishes some flexibility to generate
alternative liquidity, subject to lien baskets and
sale/leaseback limitations in the respective indentures.

While near term financial metrics will remain under pressure,
the rating outlook is stable at the B1 rating level reflecting
Moody's expectation that with the improved cost structure
provided by its new labor agreement, American Axle should be
able to achieve improved financial performance during 2009. The
rating anticipates that recent new business wins should enable
the company to reduce its reliance on the North American light
truck market and enhance its long term business position.
Importantly, the rating anticipates that American Axle will
maintain adequate liquidity and financial flexibility to execute
the business transition that should yield improved financial
metrics by 2009.

Ratings lowered:

American Axle & Manufacturing Holdings, Inc.

   -- Corporate Family, to B1 from Ba3

   -- Probability of Default, to B1 from Ba3

   -- Unsecured guaranteed convertible note, to B1 (LGD4, 54 %)
      from Ba3 (LGD4, 56%)

American Axle & Manufacturing, Inc.

   -- Unsecured guaranteed notes, to B1 (LGD4, 54 %) from Ba3
      (LGD4, 56%)

   -- Unsecured guaranteed term loan, to B1 (LGD4, 54 %) from
      Ba3 (LGD4, 56%)

   -- Speculative Grade Liquidity Rating to SGL-3 from SGL-2

Holdings' obligations are guaranteed by American Axle and vice
versa.

The last rating action was on April 2, 2008 when American Axle's
ratings were placed under review and the Speculative Grade
Liquidity Rating was lowered to SGL-2.

American Axle & Manufacturing, Inc., headquartered in Detroit,
MI, is a world leader in the manufacture, design, engineering
and validation of driveline systems and related components and
modules, chassis systems, and metal formed products for light
truck, SUV's and passenger cars.  The company has manufacturing
locations in the USA, Mexico, the United Kingdom, Brazil, China
and Poland.  The company reported revenues of US$3.2 billion in
2007.


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


BURENKA LLC: Creditors Must File Claims by July 7
-------------------------------------------------
Creditors of LLC Diary Complex Burenka have until July 7, 2008,
to submit proofs of claim to:

         R. Mochalin
         Temporary Insolvency Manager
         Apt. 118
         Adm.Lazareva Str. 29
         117042 Moscow
         Russia

The Arbitration Court of Tula commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
A68-979/08-27/B-08.

The Court is located at:

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

The Debtor can be reached at:

         R. Mochalin
         Temporary Insolvency Manager
         Apt. 118
         Adm.Lazareva Str. 29
         117042 Moscow
         Russia


EVRAZ GROUP: South African Antitrust Agency Raids Highveld Unit
---------------------------------------------------------------
The South African competition commission has raided Evraz Group
SA's Highveld Steel and Vanadium Corporation Ltd. unit for
evidence of collusion between local steelmakers to fix prices,
RIA Novosti reports.

Local antitrust regulators claim Highveld and ArcelorMittal
South Africa Ltd. colluded in fixing steel prices.  Regulators
said Highveld and ArcelorMittal implemented similar price
increases around the same time.

Evraz denied the regulators' claim but said it would cooperate
in detail with the investigation.

                          About Evraz

Headquartered in Luxembourg, Evraz Group S.A. (LSE:EVR) --
http://www.evraz.com/-- manufactures and distributes steel and
related products.  In addition, the Company owns and operates
certain mining assets.  Its steel production and mining
facilities are mainly located in the Russian Federation.  It
operates three steel mills in Russia, one mill in the Sverdlovsk
region and two mills in the Kemerovo region.

                         *     *     *

Evraz Group S.A. continues to carry Ba2 corporate family rating,
Ba2 rating for Senior Notes due 2009 and Ba3 rating for Senior
Notes due 2015 from Moody's Investors Service, which placed  
them on review in March 2008 for possible downgrade.

The company also carries BB- long-term corporate credit and
senior unsecured debt ratings from Standard & Poor's Ratings
Services, with positive outlook.  The ratings were affirmed in
March 2008.

Evraz carries BB long-term Issuer Default and senior unsecured
ratings and B Short-term Issuer Default rating from Fitch
Ratings, with stable outlook.  The ratings were affirmed in
March 2008.


IGROTEKA PLUS: Creditors Must File Claims by July 7
---------------------------------------------------
Creditors of CJSC Igroteka Plus have until July 7, 2008, to
submit proofs of claim to:

         A. Fomin
         Temporary Insolvency Manager
         Building 1
         Planetnaya Str. 29
         125167 Moscow
         Russia

The Arbitration Court of Moscow will convene on Aug. 19, 2008,
to hear the company's bankruptcy supervision procedure.  The
case is docketed under Case No. A41-6120/08.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Igroteka Plus
         Krasnaya Gora 15
         Zvenigorod
         Moscow
         Russia


ITALY-FASHION CJSC: Moscow Bankruptcy Hearing Set September 2
-------------------------------------------------------------
The Arbitration Court of Moscow will convene on Sept. 2, 2008,
to hear the bankruptcy supervision procedure on CJSC Italy-
Fashion.  The case is docketed under Case No. A40-13574/
08-74-44 B.

The Temporary Insolvency Manager is:

         L. Serdyuk
         Apt. 6
         Building 3
         Moldagulovoy Str. 16
         111395 Moscow
         Russia

The Court is located at:

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

The Debtor can be reached at:

         CJSC Italy-Fashion
         Building 2
         Tatarskaya Str. 5
         115054 Moscow
         Russia


MAGCENTRE LLC: Moscow Bankruptcy Hearing Slated for October 21
--------------------------------------------------------------
The Arbitration Court of Moscow will convene at 10:00 a.m. on
Oct. 21, 2008, to hear the bankruptcy supervision procedure on
LLC Magcentre.  The case is docketed under Case No. A40-20649/
08-38-61B.

The Temporary Insolvency Manager is:

         A. Kalmykov
         Apt. 89
         Building 1
         Butlerova Str. 38
         117342 Moscow
         Russia

The Court is located at:

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

The Debtor can be reached at:

         LLC Magcentre
         Apt. 54
         Building 6
         Luchnikov Per. 7/4
         Moscow
         Russia


MILK LLC: Creditors Must File Claims by July 7
----------------------------------------------
Creditors of LLC Milk have until July 7, 2008, to submit proofs
of claim to:

         V. Ivanov
         Temporary Insolvency Manager
         Gaya Str. 23A
         460000 Orenburg
         Russia

The Arbitration Court of Orenburg will convene at 1:00 p.m. on
Aug. 19, 2008, to hear the company's bankruptcy supervision
procedure.  The case is docketed under Case No. A47-1773/
2008-14GK.

The Court is located at:

         The Arbitration Court of Orenburg
         9 Janvarya Str. 64
         460046 Orenburg
         Russia


The Debtor can be reached at:

         LLC Milk
         Severnaya Str. 12
         Kuvyndyk
         462242 Orenburg
         Russia


SENEMI CJSC: Creditors Must File Claims by August 7
---------------------------------------------------
Creditors of CJSC Senemi have until Aug. 7, 2008, to submit
proofs of claim to:

         L. Salova
         Insolvency Manager
         Post User Box 1337
         350049 Krasnodar
         Russia

The Arbitration Court of Krasnodar commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A-32-4570/2007-27/157-B.  

The Court is located at:

         The Arbitration Court of Krasnodar
         Krasnaya Str. 6
         Krasnodar
         Russia

The Debtor can be reached at:

         CJSC Senemi
         Garazhnaya Str. 67
         Krasnodar
         Russia


SEVERSTAL OAO: Plans Another U.S. Asset Acquisition
---------------------------------------------------
OAO Severstal has submitted an offer to acquire coal mining
assets in the United States, Polina Devitt writes for Reuters.

According to the Severstal's loan prospectus, Reuters relates,
the acquisition is aimed at securing long-term supply of coal to
its expanded operations in the United States.

The company said its acquisition strategy is primarily focused
on the CIS and the United States, with US$16.3 billion in funds
for its 2008-2012 capital expenditure program.

"The group may also acquire or develop steel operations in
regions expected to provide high levels of growth in demand,
particularly where low-cost sources of raw materials and other
production inputs are readily available.

                         About Severstal

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

                         *     *     *

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

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

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


TUMENENERGOBANK: Moody's Puts B3/NP/E+/Baa3.ru Ratings
------------------------------------------------------
Moody's Investors Service has assigned these global scale
ratings to TumenEnergoBank:

   -- B3 long-term and Not-Prime short-term foreign and local
      currency deposit ratings and; an

   -- E+ bank financial strength rating.

The outlook for all ratings is stable.

At the same time, Moody's Interfax Rating Agency has assigned a
Baa3.ru long-term national scale credit rating to TEB.  Moscow-
based Moody's Interfax is majority-owned by Moody's, a leading
global rating agency.

According to Moody's and Moody's Interfax, the B3/NP/E+ global
scale ratings assigned to TEB reflect its global default and
loss expectation, while the Baa3.ru NSR reflects the standing of
the bank's credit quality relative to its domestic peers.

Moody's notes that the ratings are constrained by:

   (i) the bank's heavy involvement in related-party lending;

  (ii) the high single-party and industry concentration of TEB's
       loan book;

(iii) the lack of transparency with regard to its relations
       with some large corporate clients and

  (iv) an insufficient level of economic capital to absorb
       potential losses.

At the same time, the ratings are supported by TEB's recognised
brand name and solid retail deposit-taking franchise in its home
region (selective districts in Western Siberia) as well as its
longstanding relations with a number of large corporate clients.

The B3/NP local currency deposit ratings do not incorporate any
expectation of support from the bank's owners.  In Moody's view,
although such support cannot be ruled out, its scope and
timeliness are rather uncertain.  Nor do the ratings incorporate
any expectation of support from the Russian financial
authorities as this would be unlikely given TEB's size and
market position.

According to Moody's, if TEB were to display significant success
in reducing its involvement in related-party lending and also
generally improve the quality of its assets and increase
industry and borrower diversification, this would likely lead to
positive rating pressure.  Conversely, further growth in
related-party loans and/or deterioration in the bank's asset
quality -- in particular, increased concentration and a higher
share of non-performing loans, as well as a decline in economic
capital available for absorbing potential losses -- could lead
to a downgrade of TEB's BFSR.

Headquartered in Tyumen, in the Russian Federation's Western
Siberia region, TEB reported total IFRS consolidated assets of
RUR17.5 billion (US$714 million) as of Dec. 31, 2007 and ranked
as the 118th largest Russian bank by assets at the same date,
according to RBC.  It reported net consolidated income of RUR334
million (US$13.6 million) in 2007.


VTOVAZ-LYUBLINO CJSC: Creditors Must File Claims by July 7
----------------------------------------------------------
Creditors of CJSC Avtovaz-Lyublino have until July 7, 2008, to
submit proofs of claim to:

         A. Fomin
         Temporary Insolvency Manager
         Building 1
         Planetnaya Str. 29
         125167 Moscow
         Russia

The Arbitration Court of Moscow will convene on Aug. 19, 2008,
to hear the company's bankruptcy supervision procedure.  The
case is docketed under Case No. A40-15916/08-71-30B.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Avtovaz-Lyublino
         Stavropolskaya Str. 41
         Zagorodnaya Str. 171
         109559 Moscow
         Russia


X5 RETAIL: Inks Deal to Complete Formata Holding Acquisition
------------------------------------------------------------
X5 Retail Group N.V. has signed an agreement with shareholders
of Formata Holding B.V., owner of the Karusel hypermarket chain,
for the acquisition of the entire issued share capital in
Formata and related intellectual property for a total amount of
approximately US$940 million, including an in-kind payment of
6,986,020 X5 GDRs at a provisional value of US$33.10 per GDR.  
The acquisition of Formata is expected to complete before 28
June 2008.  

X5 and the shareholders of Formata have today signed a share
purchase agreement that provides for the transfer of the entire
issued share capital in Formata before 28 June 2008.  The
purchase price payable by X5 was calculated in accordance with a
formula set out in the Call Option Agreement and amounts to
approximately US$925 million, which includes:  

the value of Karusel's operational business as at Dec. 31, 2007,
in the amount of US$914 million; its land and other real estate
in the course of construction (where business was not carried
out as at Dec. 31, 2007) in the amount of US$148 million, as
determined by an internationally recognized independent real
estate appraiser; less its net debt as at Dec 31, 2007, in the
amount of US$137 million.  

The land and other real estate under construction include a
hypermarket that was opened in the first half of 2008, three
hypermarkets under construction, and eight land plots
potentially suitable for hypermarket construction.

In accordance with the terms of the Call Option Agreement, X5
has elected to settle 25% of the purchase price with newly
issued X5 shares (which are expected to be converted into GDR
form), at a provisional value of US$33.10 per GDR.

For this purpose, in line with authorization by shareholders at
the EGM held on April 21, 2008, the Supervisory Board has
approved the issuance of 1,746,505 new shares (equivalent to
6,986,020 GDRs) and the exclusion of pre-emptive rights with
respect to this issuance.  

The provisional GDR price is calculated in accordance with the
Call Option Agreement, based on the average weighted price for
30 days preceding the exercise date (Jan. 2, 2008).  The final
GDR price is subject to confirmation by London Stock Exchange
within 30 days after the signing.  The balance of the purchase
price will be paid in cash.  

X5 has also entered into an additional agreement with Andrei
Rogachev, one of the beneficial owners of Formata, and a company
controlled by him to acquire certain intellectual property for
use in Karusel’s business (including Karusel’s business
platform, brands, patents, licenses, IT and other relevant
documentation) for a consideration of US$15 million payable
after the completion of the transaction.  

At signing, the Grantors have disclosed that Formata has entered
into real estate development contracts with affiliates of Donson
B.V. to build eight additional hypermarkets.

In connection with these contracts, Formata has made some
significant prepayments to Donson.  As a part of their
contractual obligations, the Grantors warranted that there are
no other material contracts or obligations of Formata in favour
of persons connected with the Grantors.

The Grantors have also warranted that total gross debt
outstanding at closing will not exceed RUR10.3 billion.  The
Company has been aware of certain of these matters in the course
of the earlier negotiations (as it became disclosed in the
Karusel’s financial statements for 2007).  The Company has
indicated to the Grantors its position that such contracts and
commitments do not accord with Grantors' obligations under the
Call Option Agreement.  The Company is considering how best to
resolve this outstanding issue.

Goldman Sachs is acting as financial advisor, Lovells – as legal
advisor to X5 Retail Group on the acquisition of Formata.

                        About X5 Retail

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

                          *     *     *

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

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


ZELENCHUKSKIE NETWORK: Creditors Must File Claims by July 7
-----------------------------------------------------------
Creditors of OJSC Zelenchukskie Network System have until July
7, 2008, to submit proofs of claim to:

         N-M Khabichev
         Temporary Insolvency Manager
         Post User Box 95
         Central Post Office
         Cherkessk
         369000 Karachaevo Cherkessiya
         Russia

The Arbitration Court of Karachaevo Cherkessiya commenced
bankruptcy supervision procedure on the company.  The case is
docketed under Case No. A25-531/08-10.

The Debtor can be reached at:

         OJSC Zelenchukskie Network System
         400131 Karachaevo Cherkessiya
         Russia


===========
T U R K E Y
===========


TURKIYE GARANTI: Fitch Rates Foreign Currency IDR at BB
-------------------------------------------------------
Fitch Ratings has affirmed Turkiye Garanti Bankasi A.S.'s
ratings at:

   -- Long-term foreign currency Issuer Default Rating: 'BB';
      Outlook Stable

   -- LT local currency IDR: 'BBB-'; Outlook Stable

   -- Short-term FC IDR: 'B'

   -- ST LC IDR: 'F3'

   -- National LT rating: 'AAA(tur)'; Outlook Stable

   -- Individual rating: 'C'

   -- Support Rating: 4

   -- Support Rating Floor: B+

The Foreign Currency LT IDR is constrained by Turkey's 'BB'
Country Ceiling; the Local Currency Long-Term IDR is two notches
above the Local Currency sovereign rating, reflecting the bank's
financial strength.  Upside for the Individual Rating is limited
given Turkey's longstanding volatile environment. Were asset
quality and/or capital ratios to weaken materially, the ratings
could come under pressure but this is considered unlikely in the
short-term.

Though Fitch believes that support, if needed, might be provided
by GE Consumer Finance and Dogus Group, Garanti's strategic
shareholders, given its importance to the local banking system,
the Turkish government should be regarded as the most reliable
source of support.  The sovereign's ability to provide this is
considered moderate given Turkey's Long-Term Foreign Currency
IDR.

Garanti's IDRs are driven by its intrinsic financial strength.
This is reflected in good operating profitability spurred by
rapid expansion into retail segments, improved market shares and
the benefits (management and operational support) obtained from
GECF.  Loan growth remains above sector averages but capital
ratios are being protected through retained earnings,
subordinated debt issuance, asset sales and a TRY666 million
capital injection scheduled for second half of 2008.  Net income
in 2007 was boosted by one-off TRY851.6 million gains on
disposals of insurance and pension assets; at core operating
level, performance ratios show marginal improvement but as
Garanti further builds its franchise in the profitable consumer
segments, margins should improve.

A stable funding base (62% of deposits) is a major strength and
longer-term funding is being built up.  A 10-year US$500 million
subordinated loan raised in February 2007 is included as Tier 2
capital by the regulators.

Garanti is Turkey's third largest private bank, with a 12% share
in total unconsolidated assets at end-2007.  It is 30.15%
controlled by Dogus Group (rated 'BB+') and 20.85% by GECF.


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


BELMTZCENTER LLC: Creditors Must File Claims by July 6
------------------------------------------------------
Creditors of LLC Belmtzcenter (code EDRPOU 33051167) have until
July 6, 2008, to submit proofs of claim to:

         The Economic Court of Kiev
         Komintern Str. 16
         01032 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as B 18/303-08.

The Debtor can be reached at:

         LLC Belmtzcenter
         Khreschatik Str. 10
         Boyarka
         Kiev
         Ukraine


CONSTANTA-GROUP LLC: Creditors Must File Claims by July 6
---------------------------------------------------------
Creditors of LLC Constanta-Group (code EDRPOU 32883717) have
until July 6, 2008, to submit proofs of claim to:
         
         The Economic Court of Kiev
         B. Hmelnitskij Boulevard 44-B
         01030 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on May 28, 2008.
The case is docketed as 24/84-b.

The Debtor can be reached at:

         LLC Constanta-Group
         Boguslavsky Slope 3
         04080 Kiev
         Ukraine


ECOPLAST LLC: Creditors Must File Claims by July 6
--------------------------------------------------
Creditors of LLC Ecoplast (code EDRPOU 32584190) have until
July 6, 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 on May 27, 2008.
The case is docketed as 14/2293.

The Debtor can be reached at:

         LLC Ecoplast
         Sumgaitskaya Str. 17
         18029 Cherkassy
         Ukraine


ENERGOATOM: Creditors File UAH28.1 Mln. Suit Ahead of Moratorium
----------------------------------------------------------------
(pius/bloomberg)


Creditors of DP NAEK Energoatom filed a UAH28.1 million
(US$6 million) suit against the company on June 3, 2008,
Kateryna Choursina of Bloomberg reports.

The filing came ahead of the reinstatement of a moratorium on
bankruptcy proceedings against state owned power companies on
June 3, 2008.  The moratorium was approved by the Constitutional
Court on May 22, 2008.

Ms. Ilona Zayats, a spokeswoman for Energoatom, said, "The
charges destabilized operations of the company.  Power plants
have not been receiving money for two weeks."

DP NAEK Energoatom is a Ukrainian state owned nuclear power
plant operator with 15 nuclear power reactors.


FOOD-SERVICE 2005: Creditors Must File Claims by July 6
-------------------------------------------------------
Creditors of LLC Food-Service 2005 (code EDRPOU 33501513) have
until July 6, 2008, to submit proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on June 4, 2008.
The case is docketed as 24/20-b.

The Debtor can be reached at:

         LLC Food-Service 2005
         Gagarin Str. 27
         Brovary
         07400 Kiev
         Ukraine


KHARKOVRESOURCE LTD: Creditors Must File Claims by July 6
---------------------------------------------------------
The Economic Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent on May 30, 2008.
The case is docketed as B-19/73-08.

Creditors of LLC Kharkovresource Ltd. (code EDRPOU 35243633)
have until July 6, 2008, to submit proofs of claims to:

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

The Debtor can be reached at:

         LLC Kharkovresource Ltd.
         Sergey Gritsevets Str. 54 b. A
         61172 Kharkov
         Ukraine


KOLOS AGRICULTURAL: Creditors Must File Claims by July 6
--------------------------------------------------------
Creditors of Agricultural LLC Kolos (code EDRPOU 03793165) have
until July 6, 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 on May 30, 2008.
The case is docketed as 10/3557.

The Debtor can be reached at:

         Agricultural LLC Kolos
         Skorikovka
         Zolotonosha District
         19370 Cherkassy
         Ukraine


SLAVMETTRADE LLC: Creditors Must File Claims by July 6
------------------------------------------------------
Creditors of LLC Slavmettrade (code EDRPOU 34731186) have until
July 6, 2008, to submit proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on June 4, 2008.
The case is docketed as 24/91-b.

The Debtor can be reached at:

         LLC Slavmettrade
         Kotelnikov Str. 51
         03115 Kiev
         Ukraine


SOUTH METAL: Creditors Must File Claims by July 6
-------------------------------------------------
Creditors of LLC South Metal (code EDRPOU 34574294) have until
July 6, 2008, to submit proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on June 4, 2008.
The case is docketed as 24/92-b.

The Debtor can be reached at:

         LLC South Metal
         Veresnevaya Str. 15
         02099 Kiev
         Ukraine


TECHNOFOR LLC: Creditors Must File Claims by July 6
---------------------------------------------------
Creditors of LLC Innovative Company Technofor (code EDRPOU
31958387) have until July 6, 2008, to submit proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on May 28, 2008.
The case is docketed as 24/85-b.

The Debtor can be reached at:

         LLC Innovative Company Technofor
         Podgormaya/Tatarskaya Str. 3/7
         04107 Kiev
         Ukraine


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


ACXIOM CORP: S&P Keeps Low-B Ratings; Outlook Revised to Stable
---------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Little
Rock, Ark.-based Acxiom Corp. to stable from negative.  At the
same time, S&P affirmed our 'BB' corporate credit rating and
'BB+' senior secured rating on the company.

"The outlook revision follows our review of the business and
financial strategy with Acxiom's new CEO, and our current
expectation that the company will maintain a moderate financial
policy in the near term following the termination of its
attempted LBO," said Standard & Poor's credit analyst Molly
Toll-Reed.

The rating on Acxiom reflects the company's good niche market
position and adequate cash flow.  Business risk is tempered by
Acxiom's expertise in managing its comprehensive consumer
databases.  More than half of its direct-marketing assignments
are performed for long-term clients, and outsourcing contracts
generally cover multiple years, offsetting a concentrated
customer base and providing some revenue predictability.
However, the company is still a relatively small participant in
a growing and fragmented industry that may see the entrance of
several much larger competitors.


AIRE VALLEY 2004-1: Fitch Affirms Classes D1 and D2 Notes at BB
---------------------------------------------------------------
Fitch Ratings has affirmed 49 UK RMBS tranches issued from the
Funding 1 beneficiary of Bradford and Bingley's Aire Valley
Master Trust Program.  This affirmation follows remedial action
taken by B&B to post collateral in line with Fitch's criteria
for swap counter-parties after its Long- and Short-term Issuer
Default Ratings were downgraded.

On June 2, Fitch downgraded B&B's Long-term IDR to 'A-' from 'A'
and placed it on Rating Watch Negative.  The Short-term IDR was
downgraded to 'F2' from 'F1' and the Individual rating to 'B/C'
from 'B'.

The downgrade on June 2, meant that B&B no longer satisfied
Fitch's swap counter-party criteria that requires the basis swap
provider to maintain Long- and Short-term IDRs of 'A' and 'F1',
respectively.  A number of solutions were available to B&B,
including its replacement as swap provider, a guarantee from a
third party with sufficiently strong ratings or posting of
collateral within 30 calendar days of the downgrade.

"Following a review of B&B and an evaluation of B&B's swap
exposure to its existing RMBS and covered bond programs, Fitch
is satisfied that, at present, the posting of collateral is an
appropriate mitigating factor to de-link the ratings of B&B as
swap counterparty from the ratings of the outstanding notes of
Aire Valley, thereby avoiding any adverse rating action with
respect to the notes," says Francesca Zwolinsky, Director in
Fitch's RMBS team.

Nevertheless, Fitch observes that the Long-term IDR of B&B is on
RWN which it expects to resolve in three to six months.  
However, Fitch considers that the size of the collateral
required at present forms an acceptable proportion of B&B's
overall funding needs.  The agency also notes that, if
necessary, B&B is at present able to find a replacement counter-
party.

Fitch will continue to closely monitor B&B's swap exposure and
any events likely to influence the bank's ratings.  The agency
will make further commentary and take appropriate rating action
with respect to the notes issued by Aire Valley as events
warrant.

The rating actions are:

Aire Valley Mortgages 2004-1 plc:

   -- Series 2 Class B1 (ISIN XS0201882270): affirmed at 'AA';
      Outlook Stable

   -- Series 2 Class B2 (ISIN XS0201882510): affirmed at 'AA';
      Outlook Stable

   -- Series 2 Class C1 (ISIN XS0201882940): affirmed at 'BBB';
      Outlook Stable

   -- Series 2 Class C2 (ISIN XS0201883088): affirmed at 'BBB';
      Outlook Stable

   -- Series 3 Class A1 (ISIN XS0201883328): affirmed at 'AAA';
      Outlook Stable

   -- Series 3 Class A2 (ISIN XS0201883674): affirmed at 'AAA';
      Outlook Stable

   -- Series 3 Class B1 (ISIN XS0201883914): affirmed at 'AA';
      Outlook Stable

   -- Series 3 Class B2 (ISIN XS0201884300): affirmed at 'AA';
      Outlook Stable

   -- Series 3 Class C1 (ISIN XS0201884649): affirmed at 'BBB';
      Outlook Stable

   -- Series 3 Class C2 (ISIN XS0201885026): affirmed at 'BBB';
      Outlook Stable

   -- Series 3 Class D1 (ISIN XS0201885455): affirmed at 'BB';
      Outlook Stable

   -- Series 3 Class D2 (ISIN XS0202219258): affirmed at 'BB';
      Outlook Stable

Aire Valley Mortgages 2005-1 plc:

   -- Series 1 Class A1 (ISIN XS0217564409): affirmed at
       'AAA'; Outlook Stable

   -- Series 1 Class A2 (ISIN XS0217565554): affirmed at 'AAA';
      Outlook Stable

   -- Series 1 Class B1 (ISIN XS0217566875): affirmed at 'AA';
      Outlook Stable

   -- Series 1 Class B2 (ISIN XS0217566958): affirmed at 'AA';
      Outlook Stable

   -- Series 1 Class C2 (ISIN XS0217567683): affirmed at 'BBB';
      Outlook Stable

   -- Series 2 Class A1 (ISIN XS0217567766): affirmed at 'AAA';
      Outlook Stable

   -- Series 2 Class A2 (ISIN XS0217568061): affirmed at 'AAA';
      Outlook Stable

   -- Series 2 Class A3 (ISIN XS0217568145): affirmed at 'AAA';
      Outlook Stable

   -- Series 2 Class B1 (ISIN XS0217568491): affirmed at 'AA';
      Outlook Stable

   -- Series 2 Class B2 (ISIN XS0217568814): affirmed at 'AA';
      Outlook Stable

   -- Series 2 Class C2 (ISIN XS0217569119): affirmed at 'BBB';
      Outlook Stable

Aire Valley Mortgages 2006-1 plc:

   -- Series 1 Class A (ISIN XS0264186585): affirmed at 'AAA';
      Outlook Stable

   -- Series 1 Class B1 (ISIN XS0264187393): affirmed at 'AA';
      Outlook Stable

   -- Series 1 Class B2 (ISIN XS0264191742): affirmed at 'AA';
      Outlook Stable

   -- Series 1 Class B3 (ISIN XS0264194258): affirmed at 'AA';
      Outlook Stable

   -- Series 1 Class C2 (ISIN XS0264192716): affirmed at 'BBB';
      Outlook Stable

   -- Series 2 Class A1 (ISIN XS0264192989): affirmed at 'AAA';
      Outlook Stable

   -- Series 2 Class A2 (ISIN XS0264197517): affirmed at 'AAA';
      Outlook Stable

   -- Series 2 Class A3 (ISIN XS0264197780): affirmed at 'AAA';
      Outlook Stable

   -- Series 2 Class B2 (ISIN XS0264193284): affirmed at 'AA';
      Outlook Stable

   -- Series 2 Class B3 (ISIN XS0264197863): affirmed at 'AA';
      Outlook Stable

   -- Series 2 Class C2 (ISIN XS0264193797): affirmed at 'BBB';
      Outlook Stable

Aire Valley Mortgages 2007-1 plc:

   -- Series 1 Class A1 (ISIN XS0298402883): affirmed at 'AAA';
      Outlook Stable

   -- Series 1 Class A2 (ISIN XS0298403691): affirmed at 'AAA';
      Outlook Stable

   -- Series 1 Class A3 (ISIN XS0298409466): affirmed at 'AAA';
      Outlook Stable

   -- Series 1 Class B (ISIN XS0298410126): affirmed at 'AA';
      Outlook Stable

   -- Series 1 Class C (ISIN XS0298410555): affirmed at 'BBB';
      Outlook Stable

   -- Series 2 Class A1 (ISIN XS0298411017): affirmed at 'AAA';
      Outlook Stable

   -- Series 2 Class A2 (ISIN XS0298412841): affirmed at 'AAA';
      Outlook Stable

   -- Series 2 Class A3 (ISIN XS0298413229): affirmed at 'AAA';
      Outlook Stable

   -- Series 2 Class B (ISIN XS0298413658): affirmed at 'AA';
      Outlook Stable

   -- Series 2 Class C (ISIN XS0298415273): affirmed at 'BBB';
      Outlook Stable

Aire Valley Mortgages 2007-2 plc:

   -- Class 1A1 (ISIN XS0329886526): affirmed at 'AAA'; Outlook
      Stable

   -- Class 1A2 (ISIN XS0329904956): affirmed at 'AAA'; Outlook
      Stable

   -- Class 1A3 (ISIN XS0329905508): affirmed at 'AAA'; Outlook
      Stable

   -- Class 1B (ISIN XS0329906225): affirmed at 'AA'; Outlook
      Stable

   -- Class 1C (ISIN XS0329907116): affirmed at 'BBB'; Outlook
      Stable


AMTRAK EXPRESS: Brings In Liquidators from KPMG
-----------------------------------------------
Mark Jeremy Orton and Allan Watson Graham of KPMG Corporate
Recovery were appointed joint liquidators of Amtrak Express
Parcels Ltd. on June 13 for the creditors' voluntary winding-up  
proceeding.

The joint liquidators can be reached at:

         KPMG Corporate Recovery
         2 Cornwall Street
         Birmingham
         B3 2DL
         England


BAA LTD: Calls for a Third Runway at Heathrow
---------------------------------------------
BAA Ltd. reiterated the need for a third runway at Heathrow amid
opposition from lobby groups, BBC News reports.

BAA, BBC relates, also snubbed a call to reduce transfer
passenger numbers to lessen airport load, dismissing it as a
"false choice."

"We do need the new capacity at Heathrow today in order to
maintain its role, the way London and the country connects to
the rest of the world," Colin Matthews, chief executive of BAA,
told BBC.  "If we don't have transfer traffic, we can't fulfill
that role."

The number of Heathrow's transfer passengers has increased to 23
million in 2007 from 19 million in 2000, BBC discloses.

London First, a business lobby group, argued improvements in the
existing airport should be prioritized over expansion.   
Meanwhile, environmentalists expressed concerns over the impact
of the expansion on thousands of homes in the area, BBC reveals.

The government, the paper adds, is expected to decide later this
year on whether to go ahead with a third runway.

                       About BAA Ltd.

Headquartered in London, United Kingdom, BAA Ltd. (fka BAA plc)
-- http://www.baa.com/-- owns and operates seven airports in
the United Kingdom, including Heathrow, the world's busiest
international airport, and Budapest Airport, serving 700
destinations by around 300 airlines.

                          *     *     *

BAA Ltd. continues to carry BB- long-term corporate credit
rating from Standard & Poor's Ratings Services, which said the
Outlook is negative.


ECO-BAT TECH: S&P Keeps B+ Rating; Outlook Revised to Positive
--------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on U.K.-
based lead producer Eco-Bat Technologies Ltd. to positive from
negative.  At the same time, the long-term corporate credit
rating was affirmed at 'B+'.  The 'B+' senior unsecured debt
rating on the EUR235 million 10.125% bonds due 2013 issued by
subsidiary Eco-Bat Finance PLC and guaranteed by Eco-Bat was
also affirmed.  The recovery rating on the notes is unchanged at
'3', indicating our expectation of meaningful (50%-70%) recovery
in the event of a payment default.

"The outlook revision reflects Eco-Bat's healthy financial
performance and stronger credit ratios during 2007 and the first
quarter of 2008," said Standard & Poor's credit analyst Alex
Herbert.  "Strong profitability, moderate capital expenditures,
and positive free operating cash flows have improved
leverage to a level that exceeds our expectations for the
rating."  Furthermore, the possibility of further shareholder-
friendly actions appears to have eased, although this remains a
key event risk.  However, lead prices have fallen rapidly in
recent months, which S&P expects to lower Eco-Bat's profits
during the second half of the year.  

"There is a possibility of a one-notch upgrade within the next
12 months if Eco-Bat continues to generate positive free
operating cash flows while at the same time maintaining a
moderate capital structure," Mr. Herbert added

The ratings could be raised if the ratio of FFO to adjusted debt
remains above 20% on a sustainable basis.  Distributions to
shareholders are not factored in.  

An outlook revision to stable could be considered if the FFO-to-
adjusted debt ratio reduces to below 20% on an ongoing basis,
for example if lower lead prices reduce FFO while adjusted debt
continues to increase.  A renewed more aggressive financial
policy could also act as a negative trigger, in the form
of dividend payments, a change to cash pay on the existing
EUR600 million PIK loan, or additional bond or PIK issuance.


GLOBAL TRADER: Joint Liquidators Take Over Operations
-----------------------------------------------------
Stephen Robert Cork and Joanne Elizabeth Milner of Smith &
Williamson and Joanne Elizabeth Milner of Grant Thornton were
appointed joint liquidators of Global Trader Europe Ltd. on
June 17 for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Smith & Williamson
         25 Moorgate
         London
         EC2R 6AY
         England


INTERNATIONAL FURNITURE: Taps Liquidators from Tenon Recovery
-------------------------------------------------------------
Stanley Donald Burkett-Coltman and Ian Malcolm Donald Graham
Cadlock of Tenon Recovery were appointed joint liquidators of
International Furniture Exporters Ltd. on June 12 for the
creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

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


LINKALPHA LTD: Calls In Liquidators from Tenon Recovery
-------------------------------------------------------
S. J. Parker and T. J. Binyon of Tenon Recovery were appointed
joint liquidators of Linkalpha Ltd. (formerly Boldgate Ltd.) on
June 10 for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

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


MK AIRLINES: Resumes Flight After Administrators Secure Funding
---------------------------------------------------------------
MK Airlines Limited has resumed flight operations after joint
administrators Andrew Duncan and Michael Oldham of BKL Business
Recovery LLP secured an initial funding arrangement with
Transatlantic Aviation Ltd., Air Cargo News reports.

According to Mr. Duncan, Air Cargo News relates, TAA would work
on Company Voluntary Arrangement with MK Airlines' creditors.  
Once the CVAs are signed, TAA would make further long-term
investment into the company with an aim to acquire MK Airlines.

"We are delighted to be airborne once again," MK Airlines CEO
Mike Kruge said.  "Within the next weeks and months we hope to
return to a level of trading that existed prior to the
appointment of our administrators."

MK Airlines appointed administrators from BKL after failing to
secure funds to continue operations.  MK Airlines said it has
been suffering from a difficult economic environment
and high fuel prices.  The company had planned to acquire fuel-
efficient airplanes but was unable to due to lack of funds.  

MK Airlines had temporarily suspended services but kept its
Civil Aviation Authority Airport Operator Certificate, Kents
News adds.  All other operations remained.

Headquartered in East Sussex, United Kingdom, MK Airlines Ltd.
-- http://www.mkairlines.com/-- is dedicated cargo airline with   
niche routes into Europe from Africa, China, India and South
America.


S E CLEANING: Appoints Liquidator from Mazars
---------------------------------------------
Timothy Colin Hamilton Ball of Mazars LLP were appointed joint
liquidators of S E Cleaning Services Ltd. on June 5 for the
creditors' voluntary winding-up procedure.

The liquidator can be reached at:

         Mazars LLP
         Clifton Down House
         Beaufort Buildings
         Clifton
         Bristol
         BS8 4AN
         England


SWITCH WIZARD: Hires Liquidators from Tenon Recovery
----------------------------------------------------
Alexander Kinninmonth and Stanley Donald Burkett-Coltman of
Tenon Recovery were appointed joint liquidators of Switch Wizard
plc (formerly Direct Results Ltd.) on June 13 for the creditors'
voluntary winding-up proceeding.

The joint liquidators can be reached at:

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


THOMAS JAMES: Brings In Liquidators from Mazars
-----------------------------------------------
Simon David Chandler and Alistair Steven Wood of Mazars LLP were
appointed joint liquidators of Thomas James Estates (Nottingham)
Ltd. on June 12 for the creditors' voluntary winding-up
proceeding.

The joint liquidators can be reached at:

         Mazars LLP
         Cartwright House
         Tottle Road
         Nottingham
         NG2 1RT
         England


TRANSPARENT PROPERTY: Appoints Liquidators from Tenon Recovery
--------------------------------------------------------------
Steven Philip Ross and Ian William Kings of Tenon Recovery were
appointed joint liquidators of Transparent Property Management
Ltd. on June 10 for the creditors' voluntary winding-up
proceeding.

The joint liquidators can be reached at:

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

* Bad Debt Is a Contributor to UK SME Insolvencies, Study Says
--------------------------------------------------------------
Bad debt and the inability to manage finances are major
contributors to company insolvencies, according to research
released by independent financier Venture Finance.  In a survey
of accountants, 69 per cent said they believe SME insolvencies
are the result of a business' inability to manage its finances
and 17 per cent blame thousands of SME insolvencies on the issue
of bad debt.

Venture releases these figures as the latest insolvency
statistics from the Department of Trade and Industry are made
public today.  According to the insolvency service report, there
were 3,194 company liquidations in the last quarter of 2006
illustrating that bad debt remains a financial challenge for
SMEs.

To date, employment levels have remained high and interest rates
low.  However, with rates already on the rise in January and
forecast to rise further during 2007, SMEs may find they are
operating in a very different climate.  Measures can be taken to
ensure companies not only maintain a strong cash flow, but are
also protected against late payment or non-payment.

Steve Websdale, director of Venture Finance comments:
"Accountants are a voice of authority in the business world and
companies should heed their advice – this is no time to be
complacent.  In lights of the latest DTI insolvency statistics,
companies need to make their financial resolutions for 2007 and
get their finances in order."

"It is well known that between one third and a half of all new
businesses fail within the first three years of trading.  This
indicates that both poor management and bad debt remain
significant hurdles to a business's success."

A combination of bad debt protection and invoice finance, which
unlocks the value of unpaid invoices for instant use, helps
ensure that a company can maintain a positive cash flow and deal
with problems arising from non-payment.

Stanley Coltman, insolvency practitioner with Tenon Recovery
Group comments: "Unfortunately, it is a fact that numerous sound
businesses find themselves suffering from cash flow difficulties
following an unexpected bad debt, a queried invoice or a
habitual late payer.  It is critical that the cash needs of the
business are controlled, a cash forecast produced and control
mechanisms installed and monitored regularly.  However, this is
often overlooked and neglected during the critical first years
of the growth of a start up business.

"Bad Debt protection does exactly what it says on the tin by
protecting a business from late payment or a customer becoming
insolvent.  It offers peace of mind to the business and ensures
it will stay in control of its finances."


* S&P's Takes Watch Actions on 28 European CDO of ABS Tranches
--------------------------------------------------------------
Standard & Poor's Ratings Services has taken CreditWatch actions
on 28 tranches issued by several European CDO of ABS
transactions.
  
Specifically, ratings on:

   -- Two tranches were affirmed;

   -- Four tranches were lowered;

   -- Eight tranches were lowered and removed from CreditWatch
      with negative implications;

   -- 11 tranches were lowered and kept on CreditWatch negative;
      and

   -- Three tranches were removed from CreditWatch negative and
      affirmed.
  
Most of the affected tranches were originally placed on
CreditWatch negative on May 7, 2008, reflecting the
deterioration in the credit quality of the underlying portfolio
due to the exposure to U.S. CDOs of ABS and residential
mortgage-backed securities, and the potential decrease in the
break-even default rates as a result of our revision to our
recovery assumptions for certain CDOs.
  
These rating actions reflect the negative rating migration in
the transaction's portfolios following recent negative rating
changes on U.S. CDOs of ABS in the underlying portfolio. This
has led to an increase in scenario default rates.
  
These rating actions also reflect the effect on the CDOs
following the revisions to our recovery rate assumptions for
CDOs.  The revision has led to a significant fall in
the BDRs when subject to our cash flow analysis.  As a result,
current credit enhancement cannot support the rise in SDRs at
existing ratings levels.
  
                        Ratings List
  
Class               Rating
            To                 From
  
Ratings Affirmed
  
Palmer Square PLC
US$1,254.5 Million Asset-Backed Floating-Rate Notes
A1-A        AAA
A1-B        AAA
  
Ratings Lowered
  
Palmer Square PLC
US$1,254.5 Million Asset-Backed Floating-Rate Notes
A2-A        A+                 AAA
A2-B        A+                 AAA
B-1         AA-                AA
B-2         AA-                AA
  
Ratings Removed From CreditWatch Negative And Affirmed
  
Palmer Square 2 PLC
US$2,012 Million Asset-Backed Floating-Rate Notes
X-1         AAA                AAA/Watch Neg
X-2         AAA                AAA/Watch Neg
  
Cairn High Grade ABS CDO I PLC
US$1 Billion Floating-Rate Notes
A1          AA-                AA-/Watch Neg
  
Ratings Lowered And Removed From CreditWatch Negative
  
Palmer Square PLC
US$1,254.5 Million Asset-Backed Floating-Rate Notes
C-1         BBB-               A/Watch Neg
C-2         BBB-               A/Watch Neg
D-1         BB                 BB+/Watch Neg
D-2         BB                 BB+/Watch Neg
  
Cairn High Grade ABS CDO I PLC
US$1 Billion Floating-Rate Notes
A2          BBB+               A+/Watch Neg
B           BBB-               A/Watch Neg
C           BB-                BBB+/Watch Neg
E           CCC-p              BB-p/Watch Neg
  
Ratings Lowered and Kept on CreditWatch Negative
  
Palmer Square 2 PLC
US$2,012 Million Asset-Backed Floating-Rate Notes
A1-M-A     A+/Watch Neg        AAA/Watch Neg
A1-M-B     A+/Watch Neg        AAA/Watch Neg
A1-Q-A     A+/Watch Neg        AAA/Watch Neg
A1-Q-B     A+/Watch Neg        AAA/Watch Neg
A2-A       BBB/Watch Neg       AA+/Watch Neg
A2-B       BBB/Watch Neg       AA+/Watch Neg
A3-A       BB/Watch Neg        BBB/Watch Neg
A3-B       BB/Watch Neg        BBB/Watch Neg
B-1         BB-/Watch Neg      BBB-/Watch Neg
B-2         BB-/Watch Neg      BBB-/Watch Neg
C          B/Watch Neg         BB-/Watch Neg


BOOK REVIEW: Learning Leadership
--------------------------------
Title: Learning Leadership -- The Abuse of Power in
       Organizations
Author:     Abraham Zaleznik
Publisher:  Beard Books
Paperback:  552 pages
List Price: US$34.95

Order your personal copy at
http://www.amazon.com/exec/obidos/ASIN/158798282X/internetbankru
pt   

The lesson in Learning Leadership -- The Abuse of Power in
Organizations is to "use power so that substance leads process."
This is done, says the author, by keeping the "content of work
at the center of communication."

The premise of this intriguing book is that many managers,
executives, and other business leaders allow "forms of
communication [to become] the center of work."  As a result,
misguided and counterproductive leadership and management
practices have settled into many organizations.  A culprit
is the popular "how-to" leadership manuals that offer simple,
superficial principles that only skim the surface of leadership.  
Zaleznik argues that the primary way to get work done is to put
aside personal agendas and deal directly with those who are
involved in the work.

With this emphasis on substance over process, the concept of
leadership lies not in techniques, but personal qualities.  The
essential personal qualities of leadership are captured by the
"three C's" of competence, character, and compassion.  The
author then delves more deeply into each of these C's.  We
learn, for example, that the three C's are not learned skills.  
Competence entails "building one's power base on talent."

Character and compassion are the two other qualities of a leader
that must be present before there is any talk about methods of
operation, lines of communication, definition of goals,
structure of a team, and the like.  There is more to character
that the common definition of the "quality of the person."  
Character also embraces, says the author, the "code of ethics
that prevents the corruption of power."  Compassion is defined
as a "commitment to use power for the benefit of others, where
greed has no place."

This concept of a good leader is not idealized or unrealistic.  
It takes into account human nature and the troubling behavior of
many leaders.  Of course, any position of leadership brings with
it temptations and the potential to abuse power.  Effective
leaders are those who "take responsibility for [their] own
neurotic proclivities," says the author.  They do this out of a
sense of the true purpose of leadership, which is communal
benefit.  The power holder will "avoid the treacheries of an
unreasonable sense of guilt, while recognizing the omnipresence
of unconscious motivation."

Mr. Zaleznik's definition of the essentials of leadership comes
from his study of notable (and sometime notorious) leaders.  
Some tales are cautionary.  The Fashion Shoe Company illustrates
the problems that can occur when a leader allows action to
overcome thought.  The Brandon Corporation illustrates the
opposite leadership failing -- allowing thought to inhibit
action.  Taken together, the two examples suggest that balance
is needed for good leadership.

Andrew Carnegie exemplifies the struggle between charisma and
guilt that affects some leaders.  Frederick Winslow Taylor is
seen by the author as an obsessed leader.  From his behavior in
the Sicilian campaign in World War II, General Patton is
characterized as a leader who violated the code binding leaders
and those they lead.

With his training in psychoanalysis and his experience in the
business field, Mr. Zaleznik's leadership dissections and
discussions are instructive.  The reader will find Learning
Leadership -- The Abuse of Power in Organizations to be an
engaging text on the human qualities and frailties of leaders.

Abraham Zaleznik is emeritus Konosuke Matsushita Professor of
Leadership at the Harvard Business School.  He is also a
certified psychoanalyst.


                            *********

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 * * *