TCREUR_Public/080630.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

             Monday, June 30, 2008, Vol. 9, No. 128

                            Headlines


A U S T R I A

AUSTRIANOVA BIOMANUFACTURING: Claims Registration Ends July 15
BAUMGARTNER LLC: Claims Registration Period Ends July 7
EUROMANX AIRWAYS: Claims Registration Period Ends September 1
MAXDATA COMPUTER: Files for Insolvency Proceedings
STUMMER BAU: Claims Registration Period Ends July 14

VASCO TOURISTIK: Claims Registration Period Ends July 15


F R A N C E

MAXDATA SARL: Files for Insolvency Proceedings


G E R M A N Y

ARDISON TEXTIL: Claims Registration Period Ends July 14
BS & TA: Claims Registration Period Ends July 14
DUOPLAN GMBH: Claims Registration Period Ends July 4
FISSER & FREESE: Claims Registration Period Ends July 14
HABER ELEKTROTECHNIK: Claims Registration Period Ends July 14

HERALE IMMOBILIENVERWALTUNG: Claims Registration Ends July 14
HITZBLECH VERKEHRSLEITTECHNIK: Claims Registration Ends July 4
INFOREGIO GMBH: Claims Registration Period Ends July 9
JAHNKE BEDACHUNGEN: Claims Registration Period Ends July 9
JUERGEN KOSTECKI: Claims Registration Period Ends July 9

KUECK UND HASLOP: Claims Registration Period Ends July 10
LENIA IMPORT: Claims Registration Period Ends July 9
MALERWAPPEN DREI: Claims Registration Period Ends July 14
MAXDATA AG: Files for Insolvency Proceedings
NEOMEDIA VERLAGSGESELLSCHAFT: Claims Registration Ends July 10

PLANTFACTORY GMBH: Claims Registration Period Ends July 10
RAUMDESIGN FOELL: Claims Registration Period Ends July 10
S.A.F.T. BUEROSERVICE: Claims Registration Period Ends July 10
S.N.K.F. BAUTRZGER: Claims Registration Period Ends July 14
SARTRANS GMBH: Claims Registration Period Ends July 10

VOLLKORNBACKERIE BERTHOLD: Claims Filing Period Ends July 14


I R E L A N D

TITAN EUROPE: S&P Cuts Rating on Loan Special Servicing to CCC-


I T A L Y

ALITALIA SPA: Italy Gives Adviser Two Months to Draft Plan
MAXDATA ITALIA: Files for Insolvency Proceedings


K A Z A K H S T A N

ERMA PLUS: Creditors Must File Claims by Aug. 1
EUROASIA MODEL: Claims Deadline Slated for Aug. 5
INTERGAS CENTRAL: Fitch Affirms IDR at BB+ with Stable Outlook
INTERMEDIA SYSTEMS: Claims Filing Period Ends Aug. 5
KAZTRANSGAS: Fitch Affirms IDR at BB with Stable Outlook

KOSTANAI AGRO: Creditors' Claims Due by Aug. 5
KOSTANAI RTI: Claims Registration Ends Aug. 5
NEFTE PROM: Creditors Must File Claims by Aug. 5
NOV TECH-2: Claims Deadline Slated for Aug. 1
TALINA LLP: Claims Filing Period Ends Aug. 1


K Y R G Y Z S T A N

DRAGON LION: Creditors Must File Claims by July 25


P O L A N D

MAXDATA SP ZOO: Files for Insolvency Proceedings


R U S S I A

AVGUR CJSC: Creditors Must File Claims by July 7
COMBINE MGM: Creditors Must File Claims by August 24
FIRST GRAIN: Creditors Must File Claims by August 7
GLENTON CJSC: Creditors Must File Claims by July 7
MOBILE TELESYSTEMS: Fitch Rates RUB10 Bln. Domestic Bond at BB+

NEMANSKIY PULP: Creditors Must File Claims by July 7
PROMSVYAZBANK JSCB: S&P Lifts Rating to BB- on Good Performance
SEVERSTAL OAO: Fitch Stays Ratings Despite Esmark Acquisition
SITRONICS JSC: Shareholders Approve Non-Payment of Dividends
STROY-SPETS-MONTAZH: Creditors Must File Claims by July 7

TATNEFT OAO: Board of Directors Approve Third Quarter Budget
TATNEFT OAO: Earns RUR43.28 Billion for Year Ended Dec. 31, 2007
UNIASTRUM: Moody's May Lift B2 Deposit Ratings After Review
VELES CAPITAL: S&P Lifts Rating to B- on Good Performance


S P A I N

HIPOTECARIO 3: Moody's Cuts Rating to Ba3 on Class E Notes
MAXDATA IBERIA: Files for Insolvency Proceedings


T U R K E Y

ASYA KATILIM: Fitch Affirms Individual Ratings at D


U K R A I N E

ANTHRACITE COAL: Creditors Must File Claims by July 9
BASIS-ELECTRO LLC: Creditors Must File Claims by July 9
SATURN LLC: Creditors Must File Claims by July 9
TONDEM-STANDARD LLC: Creditors Must File Claims by July 9
TROSTIANETS INTERECONOMY: Creditors Must File Claims by July 9

UKRINDUSTRIALSERVICE LLC: Proofs of Claim Deadline Is July 9
UKRSPECIALDELIVERY LLC: Creditors Must File Claims by July 9
VEKTR LLC: Creditors Must File Claims by July 9


U N I T E D   K I N G D O M

CRAFTS @ CARDEW: Colin Prescott Leads Liquidation Procedure
DINING ROOM: Joint Liquidators Take Over Operations
HENDERSON CASTLE: Brings In Liquidators From Vantis
ILVA FURNITURE: Poor Trading Prompts Administration
MB DESIGNS: Goes Into Liquidation; Faces Consumer Complaints

MILNER DELVAUX: Calls In Liquidators from Baker Tilly
DINING ROOM: Claims Filing Period Ends July 16
MAXDATA UK: Files for Insolvency Proceedings
OPTIMA WORLD: Taps Liquidators from Tenon Recovery
TRANSPARENT GROUP: Hires Liquidators from Tenon Recovery

TURNQUEST UK: Appoints Liquidators from PKF
WEALTH ANGELS: Appoints Colin Prescott as Liquidator

* S&P Says Economic Downturn Will Test UK Soccer Clubs' Rating

* BOND PRICING: For the Week June 23 to June 27, 2008


                            *********


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


AUSTRIANOVA BIOMANUFACTURING: Claims Registration Ends July 15
--------------------------------------------------------------
Creditors owed money by JSC Austrianova Biomanufacturing (FN
277295m) have until July 15, 2008, to file written proofs of
claim to court-appointed estate administrator Christian Bachmann
at:

          Dr. Christian Bachmann  
          Opernring 8
          1010 Vienna
          Austria
          Tel: 512 87 01-Serie
          Fax: 513 82 50
          E-mail: bachmann.rae@aon.at    

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 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 30, 2008 (Bankr. Case No. 28 S 79/08h).  


BAUMGARTNER LLC: Claims Registration Period Ends July 7
-------------------------------------------------------
Creditors owed money by LLC Baumgartner (FN 257830m) have until
July 7, 2008, to file written proofs of claim to court-appointed
estate administrator Barbara Senninger at:

          Mag. Barbara Senninger
          Kastellstrasse 4
          7551 Stegersbach
          Austria
          Tel: 03326/52423
          Fax: 03326/54156
          E-mail: office@anwalt-bgld.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on July 21, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Eisenstadt
          Hall F
          Eisenstadt
          Austria

Headquartered in Neuberg, Austria, the Debtor declared
bankruptcy on May 30, 2008  (Bankr. Case No. 26 S 45/08g).  


EUROMANX AIRWAYS: Claims Registration Period Ends September 1
-------------------------------------------------------------
Creditors owed money by LLC EuroManx Airways (FN 252258v) have
until Sept. 1, 2008, to file written proofs of claim to court-
appointed estate administrator Alexander Schoeller at:

          Dr. Alexander Schoeller
          c/o Dr. Johannes Jaksch
          Landstrasser Hauptstrasse 1/2
          1030 Wien
          Austria
          Tel: 713 44 33, 713 34 05
          Fax: 01/713 10 33
          E-mail: kanzlei@jsr.at    

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on Sept. 17, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Korneuburg
          Room 204
          Second Floor
          Korneuburg
          Austria

Headquartered in Wien – airport, Austria, the Debtor declared
bankruptcy on May 30, 2008 (Bankr. Case No. 36 S 68/08d).  
Johannes Jaksch represents Dr. Schoeller in the bankruptcy
proceedings.


MAXDATA COMPUTER: Files for Insolvency Proceedings
--------------------------------------------------
MAXDATA Computer GmbH has applied for opening of insolvency
proceedings due to pending illiquidity.  Parent MAXDATA AG has
filed for insolvency proceedings at the District Court in Essen,
Germany, due to pending illiquidity.

The company can be reached at:

      MAXDATA Computer GmbH
      Ignaz-Kck-Strasse 10
      1210 Wien
      Austria

The Management Board has decided on this step because pending
illiquidity puts continued business operations at risk.

MAXDATA AG has also applied to have insolvency proceedings
opened for the subsidiaries in Germany and abroad including:

      MAXDATA Italia
      Strada 1
      Palazzo F1
      20090 Milanofiori
      Assago (MI)
      Italy

      MAXDATA S.A.R.L.
      7 avenue du General de Gaulle
      Batiment 4
      91090 Lisses
      France   
          
      MAXDATA Sp. z o.o.
      Ursynow Business Park
      Ul. Pulawska 303
      02-785 Warszawa
      Poland

      MAXDATA Iberia
      c / Collado Ventoso, s/n
      28230 - Las Rozas
      Madrid
      Spain

      MAXDATA UK Ltd.
      Downmill Road
      Bracknell
      Berkshire
      RG12 1QS
      United Kingdom

The sales companies in Switzerland (MAXDATA Computer AG) and and
in the Netherlands (MAXDATA Benelux B.V.) were excepted.

The high pressure of the competition and the immense fall in
prices in the IT industry have affected MAXDATA for some years.   
In consequence, the company has suffered a heavy decline in
turnover and results.

In spite of a restructuring program launched in 2006, the
turnaround could neither be achieved in the 2007 business year
nor in the first half of 2008.

The Management Board now aims at continuing business with the
support of the insolvency administrator, securing as many jobs
as possible and retaining the two brands MAXDATA and Belinea.

                         About Maxdata AG

Headquartered in Marl, Germany, Maxdata AG --
http://www.maxdata.com/-- manufactures of computer hardware and
provides built-to-order PC, notebook and server solutions.  The
Company offers servers, personal computers, laptops and
notebooks under the Maxdata brand name, as well as a range of
monitors and displays under the Belinea brand.  The Company
operates in Austria, Switzerland, France, Spain, Poland, Italy,
the Netherlands and the United Kingdom.

Maxdata has been posting net losses since 2003: EUR20.7 million
in 2003, EUR1.5 million in 2004, EUR39.6 million in 2005,
EUR465 million in 2006 and EUR33.8 million in 2007.


STUMMER BAU: Claims Registration Period Ends July 14
----------------------------------------------------
Creditors owed money by LLC Stummer Bau (FN 177328b) have until
July 14, 2008, to file written proofs of claim to court-
appointed estate administrator Peter Heigenhauser at:

          Dr. Peter Heigenhauser
          Wiesinger Strasse 3
          4820 Bad Ischl
          Austria
          Tel: 06132/25581
          Fax: 06132/25581-5
          E-mail: dr.peter.heigenhauser@aon.at   

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on July 24, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Wels
          Hall 101
          First Floor
          Maria Theresia Str. 12
          Wels
          Austria

Headquartered in Bad Ischl, Austria, the Debtor declared
bankruptcy on May 29, 2008 (Bankr. Case No. 20 S 69/08k).  


VASCO TOURISTIK: Claims Registration Period Ends July 15
--------------------------------------------------------
Creditors owed money by LLC Vasco Touristik (FN 263435f) have
until July 15, 2008, to file written proofs of claim to court-
appointed estate administrator Johannes Mueller at:

          Dr. Johannes Mueller
          Landhausgasse 4
          Minoritenplatz 6
          1010 Vienna
          Austria
          Tel: 535 06 82
          Fax: 535 06 829
          E-mail: borth.mueller@aon.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 1607
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on May 30, 2008 (Bankr. Case No. 28 S 80/08f).  


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


MAXDATA SARL: Files for Insolvency Proceedings
----------------------------------------------
MAXDATA S.A.R.L. has applied for opening of insolvency
proceedings due to pending illiquidity.  Parent MAXDATA AG has
filed for insolvency proceedings at the District Court in Essen,
Germany, due to pending illiquidity.

The company can be reached at:

      MAXDATA S.A.R.L.
      7 avenue du General de Gaulle
      Batiment 4
      91090 Lisses
      France   

The Management Board has decided on this step because pending
illiquidity puts continued business operations at risk.

MAXDATA AG has also applied to have insolvency proceedings
opened for the subsidiaries in Germany and abroad including:

      MAXDATA Computer GmbH
      Ignaz-Kck-Strasse 10
      1210 Wien
      Austria

      MAXDATA Italia
      Strada 1
      Palazzo F1
      20090 Milanofiori
      Assago (MI)
      Italy

      MAXDATA Sp. z o.o.
      Ursynow Business Park
      Ul. Pulawska 303
      02-785 Warszawa
      Poland

      MAXDATA Iberia
      c / Collado Ventoso, s/n
      28230 - Las Rozas
      Madrid
      Spain

      MAXDATA UK Ltd.
      Downmill Road
      Bracknell
      Berkshire
      RG12 1QS
      United Kingdom

The sales companies in Switzerland (MAXDATA Computer AG) and and
in the Netherlands (MAXDATA Benelux B.V.) were excepted.

The high pressure of the competition and the immense fall in
prices in the IT industry have affected MAXDATA for some years.   
In consequence, the company has suffered a heavy decline in
turnover and results.

In spite of a restructuring program launched in 2006, the
turnaround could neither be achieved in the 2007 business year
nor in the first half of 2008.

The Management Board now aims at continuing business with the
support of the insolvency administrator, securing as many jobs
as possible and retaining the two brands MAXDATA and Belinea.

                         About Maxdata AG

Headquartered in Marl, Germany, Maxdata AG --
http://www.maxdata.com/-- manufactures of computer hardware and
provides built-to-order PC, notebook and server solutions.  The
Company offers servers, personal computers, laptops and
notebooks under the Maxdata brand name, as well as a range of
monitors and displays under the Belinea brand.  The Company
operates in Austria, Switzerland, France, Spain, Poland, Italy,
the Netherlands and the United Kingdom.

Maxdata has been posting net losses since 2003: EUR20.7 million
in 2003, EUR1.5 million in 2004, EUR39.6 million in 2005,
EUR465 million in 2006 and EUR33.8 million in 2007.


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


ARDISON TEXTIL: Claims Registration Period Ends July 14
-------------------------------------------------------
Creditors of Ardison Textilgesellschaft mbH & Co. KG have until
July 14, 2008, to register their claims with court-appointed
insolvency manager Axel Geese.

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

The meeting of creditors will be held at:

         The District Court of Bielefeld
         Meeting Hall 4065
         Fourth Floor
         Gerichtstr. 6
         33602 Bielefeld
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Axel Geese
         Adenauerplatz 4
         33602 Bielefeld
         Germany

The District Court of Bielefeld opened bankruptcy proceedings
against Ardison Textilgesellschaft mbH & Co. KG on June 1, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Ardison Textilgesellschaft mbH & Co. KG
         Attn: Manfred Lindahl and Klaus Mehrmann, Managers
         Dieselstr. 107
         33442 Herzebrock-Clarholz
         Germany


BS & TA: Claims Registration Period Ends July 14
------------------------------------------------
Creditors of BS & TA Blitzschutzanlagen und Trockenbau GmbH have
until July 14, 2008, to register their claims with court-
appointed insolvency manager Sabine von Stein-Lausnitz.

Creditors and other interested parties are encouraged to attend
the meeting at 1:05 p.m. on Aug. 11, 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 Dessau
         Hall 123
         Willy-Lohmann-Str. 33
         Dessau
         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:

         Sabine von Stein-Lausnitz
         Magdeburger Strasse 38
         06112 Halle
         Germany
         Tel: 0345/2326210
         Fax: 0345/2326230
         E-mail: halle@ra-fss.de  

The District Court of Dessau opened bankruptcy proceedings
against BS & TA Blitzschutzanlagen und Trockenbau GmbH on
June 9, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         BS & TA Blitzschutzanlagen und Trockenbau GmbH
         Attn: Bernd Schacher, Manager
         Windmuehlenweg 6
         06749 Friedersdorf
         Germany


DUOPLAN GMBH: Claims Registration Period Ends July 4
----------------------------------------------------
Creditors of duoplan GmbH have until July 4, 2008, to register
their claims with court-appointed insolvency manager Robert
Pinter.

Creditors and other interested parties are encouraged to attend
the meeting at 10:50 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 Hildesheim
         Hall 13
         Main Building
         Kaiserstrasse 60
         31134 Hildesheim
         Germany

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

The insolvency manager can be reached at:

         Robert Pinter
         Suentelstr. 44 c
         31848 Bad Muender
         Germany
         Tel: 05042/93770
         Fax: 05042/937719

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

The Debtor can be reached at:

         duoplan GmbH
         Attn: Marcus Guhle, Manager
         Sonnenbergstr. 7
         31008 Elze
         Germany


FISSER & FREESE: Claims Registration Period Ends July 14
--------------------------------------------------------
Creditors of Fisser & Freese GmbH have until July 14, 2008, to
register their claims with court-appointed insolvency manager  
Christian Hanken.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Aug. 14, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Aurich
         Hall 115
         Schlossplatz 2
         26603 Aurich
         Germany

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

The insolvency manager can be reached at:

         Christian Hanken
         Wallstrasse 3, D
         26409 Wittmund
         Germany
         Tel: 04462/91 91 14
         Fax: 04462/91 91 91

The District Court of Aurich opened bankruptcy proceedings
against Fisser & Freese GmbH on May 1, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Fisser & Freese GmbH
         Burgstrasse 5
         26529 Marienhafe
         Germany

         Attn: Alwin Fisser, Manager
         Dreescher Weg 19
         26529 Upgant-Schott
         Germany


HABER ELEKTROTECHNIK: Claims Registration Period Ends July 14
-------------------------------------------------------------
Creditors of Haber Elektrotechnik GmbH & Co. KG have until
July 14, 2008, to register their claims with court-appointed
insolvency manager Marcus Winkler.

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

The meeting of creditors will be held at:

         The District Court of Aschaffenburg
         Meeting Room 5.103
         First Upper Floor
         Schlossplatz 5
         63739 Aschaffenburg
         Germany

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

The insolvency manager can be reached at:

         Marcus Winkler
         Kettelerstr. 5
         64720 Michelstadt
         Germany
         Tel: 06066/9699980
         Fax: 06066/9699981

The District Court of Aschaffenburg opened bankruptcy
proceedings against Haber Elektrotechnik GmbH & Co. KG on
May 30, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Haber Elektrotechnik GmbH & Co. KG
         Toepfergasse 2
         63933 Moenchberg
         Germany


HERALE IMMOBILIENVERWALTUNG: Claims Registration Ends July 14
-------------------------------------------------------------
Creditors of Herale Immobilienverwaltung GmbH have until
July 14, 2008, to register their claims with court-appointed
insolvency manager Stefan Conrads.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on Aug. 19, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Wuppertal
         Meeting Room A234
         Second Floor
         Isle 2
         42103 Wuppertal
         Germany

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

The insolvency manager can be reached at:

         Stefan Conrads
         Mankhauser Str. 7a
         42699 Solingen
         Germany
         Tel: 0212/22172-0
         Fax: 0212/22172-18

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

The Debtor can be reached at:

         Herale Immobilienverwaltung GmbH
         Attn: Viktor Herale, Manager
         Wilhelmstr. 29
         42697 Solingen
         Germany


HITZBLECH VERKEHRSLEITTECHNIK: Claims Registration Ends July 4
--------------------------------------------------------------
Creditors of Hitzblech Verkehrsleittechnik GmbH have until
July 4, 2008, to register their claims with court-appointed
insolvency manager Daniel Fabian.

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

The meeting of creditors will be held at:

         The District Court of Nuernberg
         Meeting Hall 152/I
         Flaschenhofstr. 35
         Nuernberg
         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:

         Daniel Fabian
         Peuntgasse 3
         90402 Nuernberg
         Germany

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

The Debtor can be reached at:

         Hitzblech Verkehrsleittechnik GmbH
         Attn: Ulrike Usinger, Manager
         Schmalau 12
         90427 Nuernberg
         Germany


INFOREGIO GMBH: Claims Registration Period Ends July 9
------------------------------------------------------
Creditors of Inforegio GmbH have until July 9, 2008, to register
their claims with court-appointed insolvency manager Robert
Pinter.

Creditors and other interested parties are encouraged to attend
the meeting at10:30 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 Bueckeburg
         Hall 504
         Schulstr. 2
         31675 Bueckburg
         Germany

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

The insolvency manager can be reached at:

         Robert Pinter
         Suentelstr. 44c
         31848 Bad Muender
         Germany
         Tel: 05042/9377-11
         Fax: 05042/937719
         E-mail: kanzlei-bm@ra-hwp.de

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

The Debtor can be reached at:

         Inforegio GmbH
         Brennerstr. 42
         31737 Rinteln
         Germany


JAHNKE BEDACHUNGEN: Claims Registration Period Ends July 9
----------------------------------------------------------
Creditors of Jahnke Bedachungen GmbH have until July 9, 2008, to
register their claims with court-appointed insolvency manager
Thomas Lauterfeld.

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

The meeting of creditors will be held at:

         The District Court of Duisburg
         Hall C205
         Second Floor
         Kardinal-Galen-Strasse 124-132
         47058 Duisburg
         Germany

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

The insolvency manager can be reached at:

         Thomas Lauterfeld
         Friedrich-Ebert-Str. 34
         45468 Muelheim an der Ruhr
         Germany

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

The Debtor can be reached at:

         Jahnke Bedachungen GmbH
         Kopernikusstrasse 63
         47167 Duisburg
         Germany


JUERGEN KOSTECKI: Claims Registration Period Ends July 9
--------------------------------------------------------
Creditors of Juergen Kostecki Transportunternehmen GmbH have
until July 9, 2008, to register their claims with court-
appointed insolvency manager Dr. Juergen Wallner.

Creditors and other interested parties are encouraged to attend
the meeting at 11:05 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 Dessau-Rosslau
         Hall 121
         Willy Lohmann Str. 33
         Dessau Rosslau
         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. Juergen Wallner
         Leipziger Chaussee 191f
         06112 Halle
         Germany
         Tel: 0345/614080
         Fax: 0345/6140810

The District Court of Dessau-Rosslau opened bankruptcy
proceedings against Juergen Kostecki Transportunternehmen GmbH
on June 2, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         Juergen Kostecki Transportunternehmen GmbH
         Ziegeleistrasse 9
         06844 Dessau-Rosslau
         Germany


KUECK UND HASLOP: Claims Registration Period Ends July 10
---------------------------------------------------------
Creditors of Kueck und Haslop Bau GmbH have until July 10, 2008,
to register their claims with court-appointed insolvency manager
Mathias P. Schlichting.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Aug. 7, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Stade
          Hall 113
          Main Building
          Wilhadikirchhof 1
          21682 Stade
          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. Mathias P. Schlichting LL.M.
          Deichtor-Center
          Oberbaumbruecke 1
          20457 Hamburg
          Germany
          Tel: 040 32507783
          Fax: 040 30 20 07 77
          E-mail: Hamburg@BVM-LAW.DE  

The District Court of Stade opened bankruptcy proceedings
against Kueck und Haslop Bau GmbH on May 19, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Kueck und Haslop Bau GmbH
          Friedrichsdorf 53 H
          27442 Gnarrenburg
          Germany


LENIA IMPORT: Claims Registration Period Ends July 9
----------------------------------------------------
Creditors of Lenia Import und Export GmbH have until July 9,
2008, to register their claims with court-appointed insolvency
manager Mirko Lehnert.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Aug. 20, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Mirko Lehnert
         Kasinostrasse 9
         64293 Darmstadt
         Germany
         Tel: 06151-3968211
         Fax: 06151-3968220

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

The Debtor can be reached at:

         Lenia Import und Export GmbH
         Teichhausstrasse 36
         64287 Darmstadt
         Germany


MALERWAPPEN DREI: Claims Registration Period Ends July 14
---------------------------------------------------------
Creditors of Malerwappen "Drei Schilde" GmbH have until July 14,
2008 to register their claims with court-appointed insolvency
manager Dr. Achim Ahrendt.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on Sept. 10, 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 Rostock
         Hall 330
         Zochstrasse
         18057 Rostock
         Germany

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

The insolvency manager can be reached at:

         Dr. Achim Ahrendt
         Lange Strasse 1a
         Haus der Schiffahrt
         18055 Rostock
         Germany

The District Court of Rostock opened bankruptcy proceedings
against Malerwappen "Drei Schilde" GmbH on June 1, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Malerwappen "Drei Schilde" GmbH
         Attn: Henry Haut, Manager
         Albert-Einstein-Strasse 18a
         18059 Rostock
         Germany


MAXDATA AG: Files for Insolvency Proceedings
--------------------------------------------
MAXDATA AG has filed for insolvency proceedings at the District
Court in Essen due to pending illiquidity.

The Management Board has decided on this step because pending
illiquidity puts continued business operations at risk.

MAXDATA AG has applied to have insolvency proceedings opened for
the subsidiaries in Germany and abroad including:

      MAXDATA Computer GmbH
      Ignaz-Kck-Strasse 10
      1210 Wien
      Austria

      MAXDATA Italia
      Strada 1
      Palazzo F1
      20090 Milanofiori
      Assago (MI)
      Italy

      MAXDATA S.A.R.L.
      7 avenue du General de Gaulle
      Batiment 4
      91090 Lisses
      France   
          
      MAXDATA Sp. z o.o.
      Ursynow Business Park
      Ul. Pulawska 303
      02-785 Warszawa
      Poland

      MAXDATA Iberia
      c / Collado Ventoso, s/n
      28230 - Las Rozas
      Madrid
      Spain

      MAXDATA UK Ltd.
      Downmill Road
      Bracknell
      Berkshire
      RG12 1QS
      United Kingdom

The sales companies in Switzerland (MAXDATA Computer AG) and and
in the Netherlands (MAXDATA Benelux B.V.) were excepted.

The high pressure of the competition and the immense fall in
prices in the IT industry have affected MAXDATA for some years.   
In consequence, the company has suffered a heavy decline in
turnover and results.

In spite of a restructuring program launched in 2006, the
turnaround could neither be achieved in the 2007 business year
nor in the first half of 2008.

The Management Board now aims at continuing business with the
support of the insolvency administrator, securing as many jobs
as possible and retaining the two brands MAXDATA and Belinea.

                         About Maxdata AG

Headquartered in Marl, Germany, Maxdata AG --
http://www.maxdata.com/-- manufactures of computer hardware and
provides built-to-order PC, notebook and server solutions.  The
Company offers servers, personal computers, laptops and
notebooks under the Maxdata brand name, as well as a range of
monitors and displays under the Belinea brand.  The Company
operates in Austria, Switzerland, France, Spain, Poland, Italy,
the Netherlands and the United Kingdom.

Maxdata has been posting net losses since 2003: EUR20.7 million
in 2003, EUR1.5 million in 2004, EUR39.6 million in 2005,
EUR465 million in 2006 and EUR33.8 million in 2007.


NEOMEDIA VERLAGSGESELLSCHAFT: Claims Registration Ends July 10
--------------------------------------------------------------
Creditors of neomedia Verlagsgesellschaft mbH have until
July 10, 2008, to register their claims with court-appointed
insolvency manager Holger Zbick.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on July 31, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court Muenster
          Meeting Hall 112 B
          First Floor
          Gerichtsstr. 2-6
          48149 Muenster
          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:

          Holger Zbick
          Marktplatz 2/4
          48712 Gescher
          Germany
          Tel: 02542/9178-0
          Fax: +492542917829

The District Court of Muenster opened bankruptcy proceedings
against neomedia Verlagsgesellschaft mbH on May 1, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          neomedia Verlagsgesellschaft mbH
          Attn: Barbara Korte, Manager
          Heltweg 20
          48734 Reken
          Germany


PLANTFACTORY GMBH: Claims Registration Period Ends July 10
----------------------------------------------------------
Creditors of plantfactory GmbH have until July 10, 2008, to
register their claims with court-appointed insolvency manager
Lucas F. Floether.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Aug. 7, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Halle-Saalkreis
          Hall 1.043
          Judicial Center
          Thueringer Str. 16
          06112 Halle (Saale)
          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
          Hansering 1
          D 06108 Halle
          Germany
          Tel: 0345/212220
          Fax: 0345/2122222

The District Court of Halle-Saalkreis opened bankruptcy
proceedings against plantfactory GmbH on May 8, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          plantfactory GmbH
          Attn: Stefan Schondey, Manager
          Eisenbahnstr. 3
          06132 Halle
          Germany


RAUMDESIGN FOELL: Claims Registration Period Ends July 10
---------------------------------------------------------
Creditors of RAUMdesign Foell GmbH have until July 10, 2008, to
register their claims with court-appointed insolvency manager
Oliver Kirschnek.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on Aug. 4, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court Heilbronn
          Hall 4
          Ground Floor
          Rollwagstr. 10a
          74072 Heilbronn
          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. Oliver Kirschnek
          Kriegerstrasse 3
          70191 Stuttgart
          Germany
          Tel: 0711/225583-0
          Fax: 0711/225583-20

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

The Debtor can be reached at:

          RAUMdesign Foell GmbH
          Rauheckstrasse 10
          74232 Abstatt
          Germany


S.A.F.T. BUEROSERVICE: Claims Registration Period Ends July 10
--------------------------------------------------------------
Creditors of S.A.F.T. Bueroservice GmbH have until July 10,
2008, to register their claims with court-appointed insolvency
manager Wolfgang Petereit.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on Aug. 7, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Mainz
          Hall 174
          Building B
          Ernst-Ludwig Strasse 7
          55116 Mainz
          Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

          Dr. Wolfgang Petereit
          Kaiserstrasse 24a
          D 55116 Mainz
          Germany
          Tel: 06131/626080
          Fax: 06131/6260813

The District Court of Mainz opened bankruptcy proceedings
against S.A.F.T. Bueroservice GmbH on June 2, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          S.A.F.T. Bueroservice GmbH
          Wilhelm-Theodor-Roemheld-Str. 14
          55130 Mainz
          Germany


S.N.K.F. BAUTRZGER: Claims Registration Period Ends July 14
-----------------------------------------------------------
Creditors of S.N.K.F. Bautrzger- und Beteiligungs-GmbH have
until July 14, 2008, to register their claims with court-
appointed insolvency manager Peter Scholl.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Aug. 26, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Dresden
         Hall D131
         Olbrichtplatz 1
         01099 Dresden
         Germany

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

The insolvency manager can be reached at:

         Peter Scholl
         Theresienstr. 8
         01097 Dresden
         Germany
         Website: www.wellensiek.de

The District Court of Dresder opened bankruptcy proceedings
against S.N.K.F. Bautrzger- und Beteiligungs-GmbH on
June 3, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         S.N.K.F. Bautrzger- und
         Beteiligungs-GmbH
         Attn: Sebastian Stampfl, Manager
         Innere Weberstr. 6
         02763 Zittau
         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 31, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

          Joachim Walterscheid
          Am Kurpark 2
          32545 Bad Oeynhausen
          Germany

The District Court of Bielefeld opened bankruptcy proceedings
against 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
          Bergkirchener Str. 307
          32429 Minden
          Germany


VOLLKORNBACKERIE BERTHOLD: Claims Filing Period Ends July 14
------------------------------------------------------------
Creditors of Vollkornbackerei Berthold Dennerlein GmbH have
until July 14, 2008, to register their claims with court-
appointed insolvency manager Tanja Kondert.

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

The meeting of creditors will be held at:

         The District Court of Fuerth
         Hall 3
         Ground Floor
         Baumenstrasse 32
         Fuerth
         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:

         Tanja Kondert
         Moststr. 33
         90762 Fuerth
         Germany
         Tel: 0911/76675-0
         Fax: 0911/76675-29

The District Court of Fuerth opened bankruptcy proceedings
against Vollkornbackerei Berthold Dennerlein GmbH on May 20,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         Vollkornbackerei Berthold Dennerlein GmbH
         Gutenbergstr. 1
         91058 Erlangen
         Germany


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


TITAN EUROPE: S&P Cuts Rating on Loan Special Servicing to CCC-
---------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its rating on the
class J notes issued by Titan Europe 2006-2 PLC.  At the same
time, S&P affirmed the ratings on the other classes in the
transaction.
  
This rating action is due to the transfer into special servicing
of the Labrador loan, which was communicated by the Servicer to
the Irish Stock Exchange on June 24, 2008.  The debt service
cover ratio has been below the covenant of 1x for the last two
quarters, and although the sponsor has injected equity to avoid
payment default, there is still a breach of covenant.
  
S&P still has concerns regarding the ongoing ability to pay
timely debt service and also to repay the principal balance at
loan maturity in April 2011.  To address our immediate concerns,
however, S&P has lowered our rating on the class J notes to
'CCC-'.
  
In addition, special servicing fees will be due on the July 2008
interest payment date, at a rate of 0.25% per year of the
outstanding loan amount for the number of days the loan has been
in special servicing.  These fees are not covered by the
liquidity facility and it is uncertain whether the borrower
will pay this additional fee.  This results in an increased
uncertainty about the timely payment of interest for the lowest
rated class of notes and the rating on these notes could be
lowered to 'D' as a result.
  
The rating on the class J notes was lowered to 'B-' on April 25,
2008 due to concerns regarding the term risk for the Labrador
Portfolio Loan.
  
The transaction, which was arranged by Credit Suisse
International, closed on May 31, 2006.  The EUR862.17 million
commercial mortgage-backed floating-rate notes issued at closing
were backed by a pool of seven commercial real estate loans
originated by CSI.  The balance has now reduced to EUR672.58
million, following three loans prepaying at the January 2008
interest payment date and scheduled amortization.
  
Ratings List
  
                   Titan Europe 2006-2 PLC
EUR862.17 Million Commercial Mortgage-Backed Floating-Rate Notes
  
              Class      To                  From
  
Rating Lowered
  
              J          CCC-                B-
  
Ratings Affirmed
  
              A          AAA
              X          AAA
              B          AAA
              C          AAA
              D          AA
              E          A
              F          BBB+
              G          BBB
              H          BB


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


ALITALIA SPA: Italy Gives Adviser Two Months to Draft Plan
----------------------------------------------------------
The Italian government has given Intesa Sanpaolo S.p.A. two
months to complete a rescue plan for Alitalia S.p.A., Marco
Bertacche and Flavia Krause-Jackson of Bloomberg News report
citing Finance Minister Giulio Tremonti.

According to Mr. Tremonti, Bloomberg News relates, the
government expects a solid business solution within next month.  
Italy tapped Intesa as its adviser for the sale of its 49.9%
stake in Alitalia.

"There isn't any more time for transitory fixes and delays,"
Mr. Tremonti told Bloomberg News.

Alitalia Chairman Aristide Police was quoted by Agenzia
Giornalistica Italia as saying that Alitalia's rescue plan will
involve first a capital increase followed by a search for an
international partner.  

                         About Alitalia

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

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


MAXDATA ITALIA: Files for Insolvency Proceedings
------------------------------------------------
MAXDATA Italia has applied for opening of insolvency proceedings
due to pending illiquidity.  Parent MAXDATA AG has filed for
insolvency proceedings at the District Court in Essen, Germany,
due to pending illiquidity.

The company can be reached at:

      MAXDATA Italia
      Strada 1
      Palazzo F1
      20090 Milanofiori
      Assago (MI)
      Italy

The Management Board has decided on this step because pending
illiquidity puts continued business operations at risk.

MAXDATA AG has also applied to have insolvency proceedings
opened for the subsidiaries in Germany and abroad including:

      MAXDATA Computer GmbH
      Ignaz-Kck-Strasse 10
      1210 Wien
      Austria

      MAXDATA S.A.R.L.
      7 avenue du General de Gaulle
      Batiment 4
      91090 Lisses
      France   

      MAXDATA Sp. z o.o.
      Ursynow Business Park
      Ul. Pulawska 303
      02-785 Warszawa
      Poland

      MAXDATA Iberia
      c / Collado Ventoso, s/n
      28230 - Las Rozas
      Madrid
      Spain

      MAXDATA UK Ltd.
      Downmill Road
      Bracknell
      Berkshire
      RG12 1QS
      United Kingdom

The sales companies in Switzerland (MAXDATA Computer AG) and and
in the Netherlands (MAXDATA Benelux B.V.) were excepted.

The high pressure of the competition and the immense fall in
prices in the IT industry have affected MAXDATA for some years.   
In consequence, the company has suffered a heavy decline in
turnover and results.

In spite of a restructuring program launched in 2006, the
turnaround could neither be achieved in the 2007 business year
nor in the first half of 2008.

The Management Board now aims at continuing business with the
support of the insolvency administrator, securing as many jobs
as possible and retaining the two brands MAXDATA and Belinea.

                         About Maxdata AG

Headquartered in Marl, Germany, Maxdata AG --
http://www.maxdata.com/-- manufactures of computer hardware and
provides built-to-order PC, notebook and server solutions.  The
Company offers servers, personal computers, laptops and
notebooks under the Maxdata brand name, as well as a range of
monitors and displays under the Belinea brand.  The Company
operates in Austria, Switzerland, France, Spain, Poland, Italy,
the Netherlands and the United Kingdom.

Maxdata has been posting net losses since 2003: EUR20.7 million
in 2003, EUR1.5 million in 2004, EUR39.6 million in 2005,
EUR465 million in 2006 and EUR33.8 million in 2007.


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


ERMA PLUS: Creditors Must File Claims by Aug. 1
-----------------------------------------------  
The Tax Committee of Almaty has ordered the compulsory
liquidation of LLP Erma Plus (RNN 090500034318).

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

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


EUROASIA MODEL: Claims Deadline Slated for Aug. 5
-------------------------------------------------  
LLP Euroasia Model Design has declared insolvency.  Creditors
have until Aug. 5, 2008, to submit written proofs of claim to:

         LLP Euroasia Model Design
         Office 23
         Djandosov Str. 9
         Almaty
         Kazakhstan


INTERGAS CENTRAL: Fitch Affirms IDR at BB+ with Stable Outlook
--------------------------------------------------------------
Fitch Ratings affirms 100% KazTransGas subsidiary, JSC Intergas
Central Asia's Long-term foreign and local currency IDR at
'BB+', senior unsecured 'BB+' and Short-term foreign currency
IDR 'B'.  The Outlooks for the Long-term IDRs are Stable.

ICA is a monopoly operator of the national gas transportation
network.  Furthermore, ICA operates a crucial part of the main
route for central Asian gas transit to Europe, which expands the
group's significance beyond national borders.  

The company is well-placed compared with its peers in terms of
profitability, with their strong revenue growth and healthy
margins underpinned by rising tariffs for international gas
transit and an increase in total gas volumes transported by ICA.

At the same time, the ratings factor in ICA's rising leverage
relative to its peer group and other subsidiaries of KazMunaiGaz
National Company.  Despite solid cash flow, intensive capital
expenditure raises the need for external financing, and results
in weak cash flow from operations/capital expenditure ratios for
both companies.  Although the ratings incorporate the potential
for a more aggressive financial policy, Fitch notes that the
headroom for significant future debt-funded activities is
declining.

ICA's ratings are one notch above its parent company
KazTransGas, reflecting the former's role as the group's main
operating entity and profit center.  As such, creditors to ICA
will benefit from direct access to its cash flow and tangible
assets in the event of liquidation.  In addition, ICA has
stronger credit metrics (fiscal year 2007 EBITDAR margin of
47.3% and gross leverage of 2.8x) than KTG (fiscal year 2007:
28.4% and 3.1x respectively), due to the consolidation of the
results.


INTERMEDIA SYSTEMS: Claims Filing Period Ends Aug. 5
----------------------------------------------------  
Representation of the Company Intermedia Systems Limited has
declared insolvency.  Creditors have until Aug. 5, 2008, to
submit written proofs of claim to:

         Representation of the Company
         Intermedia Systems Limited
         Klochkov Str. 115-3
         Almaty
         Kazakhstan


KAZTRANSGAS: Fitch Affirms IDR at BB with Stable Outlook
--------------------------------------------------------
Fitch Ratings has affirmed Kazakhstan-based KazTransGas's
ratings at Long-term foreign and local currency Issuer Default  
'BB' and Short-term foreign currency IDR 'B'.  The Outlook for
the Long-term IDR is Stable.

The ratings of KTG reflect its importance to the country's gas
transportation and distribution network.  KTG is ultimately
owned by the Kazakh government through KazMunaiGaz National
Company ('BBB'/Negative).

The company is well-placed compared with its peers in terms of
profitability, with their strong revenue growth and healthy
margins underpinned by rising tariffs for international gas
transit and an increase in total gas volumes transported by ICA.

At the same time, the ratings factor in KTG's rising leverage
relative to peer group and other subsidiaries of NC KMG.  
Despite solid cash flow, intensive capital expenditure raises
the need for external financing, and results in weak cash flow
from operations/capital expenditure ratios.  Although the
ratings incorporate the potential for a more aggressive
financial policy, Fitch notes that the headroom for significant
future debt-funded activities is declining.

The ratings also take into account KTG's intensive investment
strategy aimed at pipeline infrastructure expansion and upgrade
amid the rapid development of Kazakhstan's oil and gas industry.
Nevertheless, Fitch notes the group's cautious approach to its
investments; as it strives to secure gas transportation
contracts before embarking on a project.  Fitch believes the
credit impact of the three projects the group plans to implement
over the next three to five years (including the construction of
the West-South pipeline, China pipeline and By-Caspian pipeline)
is unlikely to be negative in the medium-term based on current
funding plans, although leverage may rise in the short-term. The
agency will closely monitor the execution of the above mentioned
pipeline projects, especially in terms of financing
arrangements.


KOSTANAI AGRO: Creditors' Claims Due by Aug. 5
----------------------------------------------  
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Kostanai Agro Company insolvent.

Creditors have until Aug. 5, 2008, to submit written proofs of
claim to:

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Gogol Str. 177a
         Kostanai
         Kazakhstan


KOSTANAI RTI: Claims Registration Ends Aug. 5
---------------------------------------------  
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Kostanai RTI Sbyt insolvent.

Creditors have until Aug. 5, 2008, to submit written proofs of
claim to:

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Gogol Str. 177a
         Kostanai
         Kazakhstan


NEFTE PROM: Creditors Must File Claims by Aug. 5
------------------------------------------------  
The Specialized Inter-Regional Economic Court of Atyrau has
declared LLP Nefte Prom Oborudovaniye insolvent.

Creditors have until Aug. 5, 2008, to submit written proofs of
claim to:

         The Specialized Inter-Regional
         Economic Court of Atyrau
         Floor 3
         Abai Str. 10a
         Atyrau
         Kazakhstan
         Tel: 8 (71222) 32-90-02


NOV TECH-2: Claims Deadline Slated for Aug. 1
---------------------------------------------  
The Specialized Inter-Regional Economic Court of Karaganda has
declared LLP Nov Tech-2 insolvent.

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

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


TALINA LLP: Claims Filing Period Ends Aug. 1
--------------------------------------------  
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Firm Talina insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         Zelenaya Str. 40
         Baiserke
         Ilyisky
         Almaty
         Kazakhstan
         Tel: 8 777 215 94-40
              8 701 668 13-30


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


DRAGON LION: Creditors Must File Claims by July 25
--------------------------------------------------
Branch of LLC Dragon Lion International Group has declared
insolvency.  Creditors have until July 25, 2008, to submit
written proofs of claim.

Inquiries can be addressed to (0-543) 98-24-27.


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


MAXDATA SP ZOO: Files for Insolvency Proceedings
------------------------------------------------
MAXDATA Sp. z o.o. has applied for opening of insolvency
proceedings due to pending illiquidity.  Parent MAXDATA AG has
filed for insolvency proceedings at the District Court in Essen,
Germany, due to pending illiquidity.

The company can be reached at:

      MAXDATA Sp. z o.o.
      Ursynow Business Park
      Ul. Pulawska 303
      02-785 Warszawa
      Poland

The Management Board has decided on this step because pending
illiquidity puts continued business operations at risk.

MAXDATA AG has also applied to have insolvency proceedings
opened for the subsidiaries in Germany and abroad including:

      MAXDATA Computer GmbH
      Ignaz-Kck-Strasse 10
      1210 Wien
      Austria

      MAXDATA S.A.R.L.
      7 avenue du General de Gaulle
      Batiment 4
      91090 Lisses
      France   

      MAXDATA Italia
      Strada 1
      Palazzo F1
      20090 Milanofiori
      Assago (MI)
      Italy

      MAXDATA Iberia
      c / Collado Ventoso, s/n
      28230 - Las Rozas
      Madrid
      Spain

      MAXDATA UK Ltd.
      Downmill Road
      Bracknell
      Berkshire
      RG12 1QS
      United Kingdom

The sales companies in Switzerland (MAXDATA Computer AG) and and
in the Netherlands (MAXDATA Benelux B.V.) were excepted.

The high pressure of the competition and the immense fall in
prices in the IT industry have affected MAXDATA for some years.   
In consequence, the company has suffered a heavy decline in
turnover and results.

In spite of a restructuring program launched in 2006, the
turnaround could neither be achieved in the 2007 business year
nor in the first half of 2008.

The Management Board now aims at continuing business with the
support of the insolvency administrator, securing as many jobs
as possible and retaining the two brands MAXDATA and Belinea.

                         About Maxdata AG

Headquartered in Marl, Germany, Maxdata AG --
http://www.maxdata.com/-- manufactures of computer hardware and
provides built-to-order PC, notebook and server solutions.  The
Company offers servers, personal computers, laptops and
notebooks under the Maxdata brand name, as well as a range of
monitors and displays under the Belinea brand.  The Company
operates in Austria, Switzerland, France, Spain, Poland, Italy,
the Netherlands and the United Kingdom.

Maxdata has been posting net losses since 2003: EUR20.7 million
in 2003, EUR1.5 million in 2004, EUR39.6 million in 2005,
EUR465 million in 2006 and EUR33.8 million in 2007.


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


AVGUR CJSC: Creditors Must File Claims by July 7
------------------------------------------------
Creditors of CJSC Avgur have until July 7, 2008, to submit
proofs of claim to:

         S. Papenko
         Insolvency Manager
         Post User Box 7
         390029 Ryazan
         Russia

The Arbitration Court of Vladimir commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A11-1087/2008-K1-70B.

The Court is located at:

         The Arbitration Court of Vladimir
         Oktyabrskiy Pr. 14
         600025 Vladimir
         Russia

The Debtor can be reached at:

         CJSC Avgur
         B. Nizhegoroskaya Str. 77-3
         Vladimir
         Russia


COMBINE MGM: Creditors Must File Claims by August 24
----------------------------------------------------
Creditors of CJSC Combine MGM (TIN 7417009168) have until
Aug. 24, 2008, to submit proofs of claim to:

         A. Fazlyev
         Insolvency Manager
         Post User Box 220
         Ufa
         450080 Bashkortostan
         Russia

The Arbitration Court of Chelyabinsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A76-24556/2007-52-80.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Combine MGM
         Bocharova Str. 11
         Satka
         Russia


FIRST GRAIN: Creditors Must File Claims by August 7
---------------------------------------------------
Creditors of LLC First Grain Company have until Aug. 7, 2008, to
submit proofs of claim to:

         A. Perelygin
         Insolvency Manager
         Office 602
         Chernyshevskogo Str. 10
         410056 Saratov
         Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A40-34850/07-124-123B.

The Court is located at:

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

The Debtor can be reached at:

         LLC First Grain Company
         Building 2
         Storozhevaya Str. 30
         Moscow
         Russia


GLENTON CJSC: Creditors Must File Claims by July 7
--------------------------------------------------
Creditors of CJSC Glenton have until July 7, 2008, to submit
proofs of claim to:

         A. Povolotskiy
         Insolvency Manager
         Building 15
         Nizhegorodskaya Str. 32
         109029 Moscow
         Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A40-18642/08-38-52B.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Glenton
         Building 1
         Kutuzovskiy Pr. 26
         121165 Moscow
         Russia


MOBILE TELESYSTEMS: Fitch Rates RUB10 Bln. Domestic Bond at BB+
---------------------------------------------------------------
Fitch Ratings has assigned OJSC Mobile TeleSystems' debut
domestic bond issue (series 03), totaling RUB10 billion and
maturing in 2018, a final senior unsecured foreign currency
rating of 'BB+' and National Long-term rating of 'AA(rus)'.  

MTS is rated Long-term Issuer Default 'BB+' with a Stable
Outlook, Short-term IDR 'B' and National Long-term 'AA(rus)'
with a Stable Outlook.

The decision follows the receipt of final documentation with
terms and conditions conforming to the information already
received by Fitch.  The bond is registered as a series 03
domestic issue.  The bond constitutes senior unsecured
obligations of MTS.  There are no financial or other covenants
attached.  Bondholders have a put option two years after
placement, which reduces the effective maturity of this bond to
two years.

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


NEMANSKIY PULP: Creditors Must File Claims by July 7
----------------------------------------------------
Creditors of LLC Nemanskiy Pulp and Paper Mill have until
July 7, 2008, to submit proofs of claim to:

         D. Shurakov
         Insolvency Manager
         Office 2
         Building 2
         Lomonosova Pr. 92
         163000 Arkhangelsk
         Russia

The Arbitration Court of Kaliningrad commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A21-2012/2008.

The Court is located at:  

         The Arbitration Court of Kaliningrad
         Rokossovskogo Str. 2
         Kaliningrad
         Russia

The Debtor can be reached at:

         LLC Nemanskiy Pulp and Paper Mill
         Podgornaya Str. 3
         Neman
         238710 Kaliningrad
         Russia


PROMSVYAZBANK JSCB: S&P Lifts Rating to BB- on Good Performance
---------------------------------------------------------------
Standard & Poor's Ratings Services had raised its long-term
counterparty credit rating on Russian Promsvyazbank JSCB to
'BB-' from 'B+'.  At the same time, 'B' short-term rating was
affirmed.  The outlook is now stable.

"The upgrade reflects Promsvyazbank's consistent track record in
maintaining an adequate financial performance, and its success
in improving and diversifying its commercial franchise,
particularly through regional expansion," said Standard & Poor's
credit analyst Eugene Tarzimanov.

"Promsvyazbank's committed shareholders are also positive rating
factors."

The ratings continue to be pressured by the bank's tight
capitalization, high single-party concentrations in loans, and
our concerns as to its reliance on wholesale funding for growth.

The ratings on Promsvyazbank reflect its stand-alone credit
quality, and do not include any uplift for extraordinary
support.

S&P expects the bank to evolve in line with its aggressive
strategy, while increasing its customer base and expanding in
the regions.

"An upgrade would depend on Promsvyazbank's ability to manage
its rapid growth in the medium term, while maintaining an
adequate level of profitability, asset quality, and
capitalization," said Mr. Tarzimanov.

"Improvements in the funding profile would also be positive for
the ratings."

A negative rating action might follow if Promsvyazbank's
aggressive growth spins out of control and its commercial and
financial profiles deteriorate to a significant degree.


SEVERSTAL OAO: Fitch Stays Ratings Despite Esmark Acquisition
-------------------------------------------------------------
Fitch Ratings said that OAO Severstal's Long-term Issuer Default
and senior unsecured 'BB', Short-term IDR 'B' and National
'AA-(rus)' ratings are unaffected by its agreement to acquire
West Virginia-based steel products maker, Esmark Inc., for
approximately US$775 million plus assumed debt.  The Outlook on
the Long-term IDR is Stable.

The planned acquisition is in line with Severstal's strategy to
acquire production assets in the US to enhance its scale, to
diversify its output, both geographically and product-wise, and
to avoid US import duties.  Fitch believes that Esmark's
operations are a good fit with its current US assets in Dearborn
and Columbus, and with the more recently acquired Sparrows Point
mill.  Sparrows Point would also benefit from access to Esmark's
network of US Midwest distribution centers.

Fitch recognizes the benefits of Severstal's US expansion
strategy but notes that, despite the implementation of cost-
cutting and operational efficiency programs, it has historically
struggled to improve the performance of the assets under its
Severstal North America division, in part due to a lack of
vertical integration in key steel-making raw materials.  In this
respect Fitch notes comments made during the current bond
roadshow regarding the potential purchase of coal-mining assets
in the US.  While the company has only indicated a general
intent and there can be no certainty that a transaction will be
concluded, from a strategic perspective Fitch would take a
positive view of an improvement in the raw material self-
sufficiency of Severstal's North American operations.

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

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


SITRONICS JSC: Shareholders Approve Non-Payment of Dividends
------------------------------------------------------------
At the Annual General Meeting of JSC SITRONICS shareholders on
June 26, 2008, the AGM approved the proposal of the Board of
Directors not to pay an annual dividend for the twelve months
ended December 31, 2007.

The AGM also approved the allocation of 5% of the Company's net
profit in 2007 to set up a reserve fund, the rest of the net
profit is to remain at the Company's disposition.  

Additionally, the shareholders elected nine members of the Board
of Directors:

   1. Yuval Almog - Founder and Senior Managing Director, Coral
      Capital Management

   2. Sergey Aslanian - President, SITRONICS

   3. Igor Busarov - Deputy Director of Finance Unit, Head of
      Active Operations of the Finance and Investment Division,
      Sistema

   4. Dmitry Gaev - Head of the Moscow Subway

   5. Rudolf Lamprecht - Executive Advisor to the CEO of Siemens
      AG

   6. Evgeny Madorsky - Director of the Corporate Development
      Unit of the Strategy and Development Division, Sistema

   7. Denis Muratov - Vice President, Head of Innovations and
      Science, Sistema

   8. Evgeny Utkin - Member of the Board of Directors of NIIME &
      Micron and SITRONICS Nanotechnology, Member of the
      Management Board of Kvazar-Micro

   9. Nikhad Hurem - First Vice President for New Products and
      Technology Development, SITRONICS

The shareholders further elected three members of the Company's
Audit Committee:

   1. Vasily Platoshin - Chief Accountant, Sistema

   2. Artyom Popov - Executive Director of Finance Planning and
      Budget Unit of the Finance and Investment Division,
      Sistema

   3. Mikhail Tokun - Head of the Expertise and Methodology
      Directorate of Sistema's Internal Control and Audit
      Department

                      About JSC Sitronics

Headquartered in Moscow, Russia, JSC Sitronics (LSE: SITR) --
http://www.sitronics.com/-- provides telecommunications
solutions, IT solutions and microelectronic solutions in the CIS
region with a rapidly growing presence in other EEMEA markets.
Sistema controls the company.

                          *     *     *

JSC Sitronics still carries Fitch Ratings' Long-term Issuer
Default Rating of 'B-' with a Stable Outlook.


STROY-SPETS-MONTAZH: Creditors Must File Claims by July 7
---------------------------------------------------------
Creditors of LLC Stroy-Spets-Montazh (TIN 5834027457) have until
July 7, 2008, to submit proofs of claim to:

         A. Martsenyuk
         Insolvency Manager
         Post User Box 1972
         440066 Penza
         Russia

The Arbitration Court of Penza commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A49-2023/2008-19B/26.

The Court is located at:

         The Arbitration Court of Penza
         Belinskogo Str. 2
         440600 Penza
         Russia

The Debtor can be reached at:

         LLC Stroy-Spets-Montazh
         Baydukova Str. 102
         400008 Penza
         Russia


TATNEFT OAO: Board of Directors Approve Third Quarter Budget
------------------------------------------------------------
OAO Tatneft's newly approved Board of Directors, chaired by R.N.
Minnikhanov, considered execution of the budget for the five
months of 2008 and approved the budget for July and the third
quarter of the current year.

The Board of Directors also considered and approved the
composition of the Board of Directors' Committees:

    * Audit Committee chaired by S. Ghosh;

    * Corporate Governance Committee chaired by V.I. Gorodny;

    * Committee on Personnel and Remuneration chaired by
      D. W. Waygood; and

    * Committee on Information Disclosure chaired by
      V. P. Lavushchenko.

The Board also reviewed certain other issues relating to OAO
TATNEFT activities.

                       About Tatneft

Headquartered in Tatartan, Russia, OAO Tatneft --
http://www.tatneft.ru/eng/-- explores for, produces, refines
and markets crude oil.  The company operates a chain of retain
gasoline filling stations and exports some of its petrochemical
products to former Soviet Union countries and Europe.

                          *     *     *

OAO Tatneft continues to carry Fitch Ratings' B+ Issuer Default
rating.  Its Short-Term rating stands at B.  Fitch said the
outlook is positive.


TATNEFT OAO: Earns RUR43.28 Billion for Year Ended Dec. 31, 2007
----------------------------------------------------------------
OAO Tatneft published its audited consolidated U.S. GAAP
financial statements for the year ended Dec. 31, 2007.

Tatneft's consolidated revenues in 2007 were RUR356.276 billion,
as compared to RUR318.284 billion in 2006.  The consolidated net
income for 2007 was RUR43.279 billion as compared to RUR29.773
billion in 2006.

Total consolidated assets of the Company increased from
RUR319.424 billion as of Dec. 31, 2006, to RUR370.219 billion as
of Dec. 31, 2007.

Total consolidated liabilities of the Company increased from
RUR84.547 billion as of Dec. 31, 2006, to RUR101.661 billion as
of Dec. 31, 2007.

Total consolidated shareholders’ equity increased from
RUR231.703 billion as of Dec. 31, 2006, to RUR264.059 billion as
of Dec. 31, 2007.

                       About Tatneft

Headquartered in Tatartan, Russia, OAO Tatneft --
http://www.tatneft.ru/eng/-- explores for, produces, refines
and markets crude oil.  The company operates a chain of retain
gasoline filling stations and exports some of its petrochemical
products to former Soviet Union countries and Europe.

                          *     *     *

OAO Tatneft continues to carry Fitch Ratings' B+ Issuer Default
rating.  Its Short-Term rating stands at B.  Fitch said the
outlook is positive.


UNIASTRUM: Moody's May Lift B2 Deposit Ratings After Review
-----------------------------------------------------------
(Russia)
Moody's Investors Service placed on review for possible upgrade
the B2 long-term global scale local and foreign currency deposit
ratings of Bank Uniastrum.  Uniastrum's bank financial strength
rating of E+ was affirmed with a stable outlook and its Not-
Prime short-term global scale local and foreign currency deposit
ratings were also affirmed.  

Concurrently, Moody's Interfax Rating Agency placed Uniastrum's
Baa1.ru National Scale Rating on review for possible upgrade.  
Moscow-based Moody's Interfax is majority-owned by Moody's, a
leading global rating agency.

Moody's notes that the review for possible upgrade was prompted
by the announcement on June 26, 2008 that Bank of Cyprus -- the
largest Cypriot financial institution rated A2/Prime-1(stable
outlook) -- has entered into an agreement for the acquisition of
an 80% stake in Uniastrum for a total consideration of USD576
million (EUR371 million).  The transaction is expected to be
completed in the fourth quarter of 2008 following the receipt of
the relevant approvals from regulatory authorities in Cyprus and
Russia.  Bank of Cyprus has announced that, once the transaction
is closed, shareholders will inject additional capital into
Uniastrum amounting to US$50 million.

Moody's understands that, in agreement with Bank of Cyprus, the
two founding shareholders currently leading the management of
Uniastrum -- Mr. George Piskov and Mr. Gagik Zakarian -- will
each retain a 10% interest in the bank subject to a put/call
arrangement over a three-year period, payable in cash, depending
on the financial performance of Uniastrum during this period.
Mr. Piskov and Mr. Zakarian will remain in their capacities as
Chairman and President, respectively, of Uniastrum, whereas the
new board of directors will be controlled by Bank of Cyprus. The
latter's announcement explained that Uniastrum will continue to
focus on retail and SME clientele and will operate independently
from, and complement, Bank of Cyprus's existing operations in
Russia, which focus on corporate clients.

"Moody's review for possible upgrade of Uniastrum's long-term
deposit and national scale ratings will mainly consider the
extent of support from the new parent to be imputed, in case of
need," said Olga Ulyanova, Moody's lead analyst for Uniastrum.
"The review will also address the financial and operational
support that Bank of Cyprus can be expected to provide to
Uniastrum, as well as oversight of the Russian bank's strategy,
corporate governance and risk management practices," Ms.
Ulyanova added.  Moody's expects to complete its review upon
finalization of the transaction.

These ratings of Uniastrum were placed on review for possible
upgrade:

   -- B2 long-term local and foreign currency deposit ratings
   -- Baa1.ru National Scale Rating

These ratings were affirmed:

   -- E+ Bank Financial Strength Rating (stable outlook)
   -- Not-Prime short-term local and foreign currency deposit
      ratings

Bank of Cyprus is headquartered in Nicosia, Cyprus, and reported
total IFRS assets of EUR30.9 billion as of end-March 2008.

Uniastrum is headquartered in Moscow, Russia, and reported -- as
at Dec. 31, 2007 -- total IFRS assets of US$2 billion (2006:
US$1.3 billion), total capital of US$188.7 million (2006:
US$189.4 million) and a net loss of US$3.6 million (2006: US$7.3
million).  The bank operates a distribution network of 222
branches and sales offices.


VELES CAPITAL: S&P Lifts Rating to B- on Good Performance
---------------------------------------------------------
Standard & Poor's Ratings Services had raised its long-term
counterparty credit rating on Russian securities firm Investment
Company Veles Capital LLC to 'B-' from 'CCC' and affirmed the
short-term 'C' rating.  The outlook is stable.  At the same
time, the Russia national scale rating was raised to 'ruBBB'
from 'ruBB-'.

"The upgrade reflects Veles' longer track record of adequate
financial performance and its decreased credit exposure to
financing related-party investment projects, alleviating high
credit and information risks," said Standard & Poor's credit
analyst Eugene Tarzimanov.  "Other supportive factors include
the company's leading position in the veksel, or domestic
promissory note trading market, and stable management."

The ratings remain constrained by the company's high exposure to
the volatile Russian capital markets, relatively weak revenue
diversification, barely adequate capitalization, and opaque
profit allocation among unconsolidated group entities.  The risk
management function is strengthening, but still remains weak by
international standards.

The ratings on the company mirror its stand-alone credit
quality, and do not include any uplift for extraordinary
support.

S&P expects Veles to maintain its strategy, focusing on its core
competencies in securities trading and brokerage.

"The company could be upgraded if it strengthens and diversifies
its revenue base while posting adequate financial performance
and improving risk management," said Mr. Tarzimanov.  "An
upgrade might also follow a material capital increase, which
could better protect the company in a volatile market
environment."

Failure to diversify business flows and revenues, and a reversal
of its policy to stop financing related-party projects could
lead to negative rating actions.


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


HIPOTECARIO 3: Moody's Cuts Rating to Ba3 on Class E Notes
----------------------------------------------------------
Moody's Investors Service downgraded and placed on review for
downgrade the ratings of Classes D and E Notes issued by FTA
Santander Hipotecario 3:

   -- Class D, EUR72.0 Million, Current Rating Baa1, downgraded
      to Baa2 and on review for downgrade.

   -- Class E, EUR28.0 Million, Current Rating Ba2, downgraded
      to Ba3 and on review for downgrade.

The rating actions have been prompted by worse-than-expected
collateral performance leading to above market average
delinquencies.  After almost thirteen months since issuance, the
delinquencies 90+ days corresponded to approximately 1.64% of
the current pool balance.  Furthermore, the excess spread was
insufficient on the last interest payment date to replenish the
reserve fund up to the required level, reserve fund currently
being at 84.15% of target level.  On the basis of the
performance experienced by the portfolio so far, Moody's has
revised its loss expectations for this portfolio.

The draw on reserve fund mainly resulted from high excess spread
usage to cover loans artificially written-off. The artificial
write-off mechanism is envisioned to minimize t he exposure of
note holders to non-performing loans as a natural write-off is
expected to happen much later in the life of the transaction.
The other benefit is that the amount of excess spread trapped in
the structure is larger as it is captured for the total
defaulted loan balance excluding future recoveries.  Moody's has
considered this feature also in its current rating review and
rating actions.

All the write-offs in the last period corresponded to property
acquisitions which were equal to an amount of EUR7.39 million as
of the last reporting date.  The review for downgrade will be
concluded upon Moody's assessment of a) the continued
performance of the portfolio and b) of the property acquisitions
and its effect on the transaction.  It may be the case that a
conclusion is not reached by the next payment date.

FTA Santander Hipotecario 3 closed in March 2007.  In this
transaction, the Originator (Banco Santander S.A. (Aa1/P-1))
securitized a portfolio of 16,890 first ranking mortgage loans
secured on residential properties located in Spain, for an
overall amount of EUR2,800.0 million. The collateral consists
exclusively of loans with a loan-to-value over 80%.

The transaction includes an interest rate swap to hedge interest
rate risk in the transaction, securing weighted average interest
rate on the notes plus 75 bps excess spread and covering the
servicing fee in case of replacement of Banco Santander as
servicer.

Moody's ratings address the expected loss posed to investors by
the legal final maturity of the notes.  Moody's ratings address
only the credit risks associated with the transaction.  Other
non-credit risks have not been addressed, but may have a
significant effect on yield to investors.


MAXDATA IBERIA: Files for Insolvency Proceedings
------------------------------------------------
MAXDATA Iberia has applied for opening of insolvency proceedings
due to pending illiquidity.  Parent MAXDATA AG has filed for
insolvency proceedings at the District Court in Essen, Germany,
due to pending illiquidity.

The company can be reached at:

      MAXDATA Iberia
      c / Collado Ventoso, s/n
      28230 - Las Rozas
      Madrid
      Spain

The Management Board has decided on this step because pending
illiquidity puts continued business operations at risk.

MAXDATA AG has also applied to have insolvency proceedings
opened for the subsidiaries in Germany and abroad including:

      MAXDATA Computer GmbH
      Ignaz-Kck-Strasse 10
      1210 Wien
      Austria

      MAXDATA S.A.R.L.
      7 avenue du General de Gaulle
      Batiment 4
      91090 Lisses
      France   

      MAXDATA Italia
      Strada 1
      Palazzo F1
      20090 Milanofiori
      Assago (MI)
      Italy

      MAXDATA Sp. z o.o.
      Ursynow Business Park
      Ul. Pulawska 303
      02-785 Warszawa
      Poland

      MAXDATA UK Ltd.
      Downmill Road
      Bracknell
      Berkshire
      RG12 1QS
      United Kingdom

The sales companies in Switzerland (MAXDATA Computer AG) and and
in the Netherlands (MAXDATA Benelux B.V.) were excepted.

The high pressure of the competition and the immense fall in
prices in the IT industry have affected MAXDATA for some years.   
In consequence, the company has suffered a heavy decline in
turnover and results.

In spite of a restructuring program launched in 2006, the
turnaround could neither be achieved in the 2007 business year
nor in the first half of 2008.

The Management Board now aims at continuing business with the
support of the insolvency administrator, securing as many jobs
as possible and retaining the two brands MAXDATA and Belinea.

                         About Maxdata AG

Headquartered in Marl, Germany, Maxdata AG --
http://www.maxdata.com/-- manufactures of computer hardware and
provides built-to-order PC, notebook and server solutions.  The
Company offers servers, personal computers, laptops and
notebooks under the Maxdata brand name, as well as a range of
monitors and displays under the Belinea brand.  The Company
operates in Austria, Switzerland, France, Spain, Poland, Italy,
the Netherlands and the United Kingdom.

Maxdata has been posting net losses since 2003: EUR20.7 million
in 2003, EUR1.5 million in 2004, EUR39.6 million in 2005,
EUR465 million in 2006 and EUR33.8 million in 2007.


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


ASYA KATILIM: Fitch Affirms Individual Ratings at D
---------------------------------------------------
Fitch Ratings has changed all of Turkey-based Asya Katilim
Bankasi A.S.'s Outlooks to Stable from Positive.  Its ratings
are affirmed at Long-term foreign and local currency IDR 'B',
National Long-term 'BBB+(tur)' and Short-term foreign and local
currency IDR 'B', Individual 'D' , Support '5' and Support
Rating Floor 'No Floor'.

The Outlook change reflects the increase in non-performing loans
and also a more challenging operating environment.  The ratings
reflect the bank's expanding franchise, the improving
diversification of its product offering and better efficiency.  
These are balanced by the bank's rapid loan growth and
concentrations in the loan portfolio that might lead to
additional asset quality problems, and a volatile operating
environment.

Bank Asya was incorporated in 1996 as a financial institution
providing interest-free banking services.  The bank carried out
an IPO in 2006; 43.51% of the shares were publicly traded as of
end-2007.  Apart from publicly traded shares, Bank Asya has 246
shareholders from various industries.  Bank Asya has
strengthened and diversified its customer base and product
range, and improved its market position and franchise.  At end
on 2007, Bank Asya was the largest of Turkey's four
participation banks despite being the youngest, with a 32.1%
share in total assets (2006: 30.4%), and the 14th-largest of the
50 Turkish banks (including participation banks), with a 1.1%
share in total assets (2006: 0.8%).

Bank Asya provides banking services though its 118 branches, in
corporate, commercial, SME and retail banking, with a focus on
international trade finance.


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


ANTHRACITE COAL: Creditors Must File Claims by July 9
-----------------------------------------------------
Creditors of State Enterprise Anthracite Coal Resources have
until July 9, 2008, to submit proofs of claim to:

         The Economic Court of Lugansk
         Geroiv VVV Square 3a
         91000 Lugansk
         Ukraine

The Economic Court of Lugansk commenced bankruptcy proceedings
against the company after finding it insolvent on May 5, 2008.
The case is docketed as 12/39b.

The Debtor can be reached at:

         State Enterprise Anthracite Coal Resources
         Petrovsky Str. 15/16
         Anthracite
         Lugansk
         Ukraine
        

BASIS-ELECTRO LLC: Creditors Must File Claims by July 9
-------------------------------------------------------
Creditors of LLC Basis-Electro (code EDRPOU 33943718) have until
July 9, 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 26, 2008.
The case is docketed as 23/156-b.

The Debtor can be reached at:

         LLC Basis-Electro
         Berkovetskaya Str. 6
         04128 Kiev
         Ukraine


SATURN LLC: Creditors Must File Claims by July 9
------------------------------------------------
Creditors of LLC Saturn (code EDRPOU 03889445) have until
July 9, 2008, to submit proofs of claim to:

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

The Economic Court of Herson has commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed as 5/170-B-07.

The Debtor can be reached at:

         LLC Saturn
         Kahovka         
         Herson
         Ukraine


TONDEM-STANDARD LLC: Creditors Must File Claims by July 9
---------------------------------------------------------
Creditors of LLC Trading Company Tondem-Standard (code EDRPOU
34625249) have until July 9, 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 24/100-b.

The Debtor can be reached at:

         LLC Trading Company Tondem-Standard
         Bratislavskaya Str. 8
         02156 Kiev
         Ukraine


TROSTIANETS INTERECONOMY: Creditors Must File Claims by July 9
--------------------------------------------------------------
Creditors of LLC Trostianets Intereconomy Mixed Fodder Plant
(code EDRPOU 00686492) have until July 9, 2008, to submit proofs
of claim to:

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

The Economic Court of Vinnica commenced bankruptcy proceedings
against the company after finding it insolvent on June 5, 2008.
The case is docketed as 5/25-08.

The Debtor can be reached at:

         LLC Trostianets Intereconomy Mixed Fodder Plant
         Nakonechny Str. 31
         Trostianets
         Vinnica
         Ukraine


UKRINDUSTRIALSERVICE LLC: Proofs of Claim Deadline Is July 9
------------------------------------------------------------
Creditors of LLC Production-Finance Company Ukrindustrialservice
(code EDRPOU 32420109) have until July 9, 2008, to submit proofs
of claim to:

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

The Economic Court of Zaporozhje commenced bankruptcy
proceedings against the company on May 20, 2008.  The case is
docketed as 21/95/08.

The Debtor can be reached at:

         LLC Production-Finance Company Ukrindustrialservice
         Mayakovsky Avenue 4
         69035 Zaporozhje
         Ukraine


UKRSPECIALDELIVERY LLC: Creditors Must File Claims by July 9
------------------------------------------------------------
Creditors of LLC Ukrspecialdelivery (code EDRPOU 34617112) have
until July 9, 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 on May 13, 2008.
The case is docketed as B 13/158-08.

The Debtor can be reached at:

         LLC Ukrspecialdelivery
         Pavlichenko Str. 37
         Belaya Tserkov
         09100 Kiev
         Ukraine


VEKTR LLC: Creditors Must File Claims by July 9
-----------------------------------------------
Creditors of LLC Foreign-Trade Enterprise Vektr (code EDRPOU
31970980) have until July 9, 2008, to submit proofs of claim to:

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

The Economic Court of Donetsk commenced bankruptcy proceedings
against the company after finding it insolvent on May 20, 2008.
The case is docketed as 27/309B.

The Debtor can be reached at:

         LLC Foreign-Trade Enterprise Vektr
         Vysotnaya Str. 2
         83030 Donetsk
         Ukraine


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


CRAFTS @ CARDEW: Colin Prescott Leads Liquidation Procedure
-----------------------------------------------------------
Colin Prescott of Moore Stephens LLP was appointed as liquidator
of Crafts @ Cardew Ltd. on June 12 for the creditors' voluntary
winding-up proceeding.

The liquidator can be reached at:

         Moore Stephens LLP
         1-2 Little King Street
         Bristol
         BS1 4HW
         England


DINING ROOM: Joint Liquidators Take Over Operations
---------------------------------------------------
Edward T. Kerr and Ian J. Gould of PKF (UK) LLP were appointed
joint liquidators of Dining Room (Oakham) Ltd. on June 17 for
the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         PKF (UK) LLP
         Pannell House
         159 Charles Street
         Leicester
         LE1 1LD
         England


HENDERSON CASTLE: Brings In Liquidators From Vantis
---------------------------------------------------
Christopher David Stevens and Colin Ian Vickers of Vantis
Business Recovery Services were appointed joint liquidators of
Henderson Castle Homes Ltd. on June 16 for the creditors'
voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Vantis Business Recovery Services
         Fourth Floor
         Southfield House
         11 Liverpool Gardens
         Worthing
         West Sussex
         BN11 1RY
         England


ILVA FURNITURE: Poor Trading Prompts Administration
---------------------------------------------------
Ilva Furniture Ltd. has gone into administration, putting 400
jobs at risk, James Chapelard writes for Crain's Manchester
Business.

Peter Saville, Simon Appell and Anne O'Keefe, partners at
Kroll's Corporate Advisory and Restructuring Group, have been
appointed as joint administrators of the furniture retailer,
Crain's Manchester Business relates.

Ilva, which is owned by Iceland-based company Lagerinn, called
in administrators after suffering from poor trading conditions,
Crain's Manchester Business discloses.  Crain's Manchester
Business, citing accounts filed at Companies House, reveals Ilva
posted a GBP62 million loss on GBP26 million of sales in the
year to April 2007.  Ilva, however, said in its Web site that
the business is still trading as usual and that all customer
orders placed and paid for will be honored in full.  

Headquartered in Reading, England, Ilva Furniture Ltd. --
http://www.ilva.co.uk/-- operates stores in Thurrock, Manchster  
and Gateshead.


MB DESIGNS: Goes Into Liquidation; Faces Consumer Complaints
------------------------------------------------------------
Directors of MB Designs (Scotland) Ltd. have decided to put the
company into liquidation, leaving a number of outstanding
consumer complaints, Lynda Nicol writes for East Kilbride News.

East Kilbride News relates Ken Pattullo of Begbies Traynor has
been appointed liquidator of MB Designs, which, according to
South Lanarkshire Council's Trading Standards Service manager
Peter Sherry, may be insolvent.

"Consequently, consumers with outstanding complaints are likely
to be treated as unsecured creditors and accorded the lowest
financial priority," Mr. Sherry was quoted by East Kilbride News
as saying.

Customers were advised to contact the liquidator and register a
claim, East Kilbride News adds.

                          Undertakings

On January 11, 2008, following action by the Office of Fair
Trading with the assistance of South Lanarkshire Trading
Standards, MB Designs and its directors, Martin Black and Paul
Bett, gave undertakings to the Court of Session that they will
not, in the course of business, breach certain consumer
protection legislation such as to harm the collective interests
of consumers.  In particular, the undertakings broadly state in
the future they will not:

    * supply windows, doors or conservatories which are not of
      satisfactory quality, fit for the purpose for which they
      were purchased or do not correspond with their description

    * fail to exercise the requisite level of skill and care of
      a reasonable competent installer of windows, doors or   
      conservatories, or
      
    * rely on any term in their contracts, which allows them to
      exclude liability for statements which do not appear in
      the written contract.

If these undertakings are breached, it could lead to further
action for contempt of court.

On June 29, 2005, following complaints from Trading Standards
Services in Scotland, the OFT obtained interim enforcement
orders in the Court of Session under Part 8 of the Enterprise
Act 2002 against the company and its directors, Martin Black and
Paul Bett, for breaches of the Supply of Goods and Services Act
1982, the Sale of Goods Act 1979 and a contravention of the
Unfair Terms in Consumer Contracts Regulations 1999.  Although
the OFT did not take steps to enforce the interim order, it did
pursue an application for a final enforcement order.

MB Designs (Scotland) Ltd. (t/a as Quick-Fit, Quick-Trade and
Quick-Glass), is a double glazing supplier.


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

The joint liquidators can be reached at:

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


DINING ROOM: Claims Filing Period Ends July 16
----------------------------------------------
Creditors of Dining Room (Oakham) Ltd. have until July 16, 2008,
to send in their full names, their addresses and descriptions,
full particulars of their debts or claims, and the names and
addresses of their solicitors (if any) to:

         Edward T. Kerr
         Liquidator
         PKF (UK) LLP
         Pannell House
         159 Charles Street
         Leicester
         LE1 1LD
         England

Edward T. Kerr and Ian J. Gould of PKF (UK) LLP were appointed
joint liquidators of the company on June 17, 2008, by
resolutions of members and creditors.


MAXDATA UK: Files for Insolvency Proceedings
--------------------------------------------
MAXDATA UK Ltd. has applied for opening of insolvency
proceedings due to pending illiquidity.  Parent MAXDATA AG has
filed for insolvency proceedings at the District Court in Essen,
Germany, due to pending illiquidity.

The company can be reached at:

      MAXDATA UK Ltd.
      Downmill Road
      Bracknell
      Berkshire
      RG12 1QS
      United Kingdom

The Management Board has decided on this step because pending
illiquidity puts continued business operations at risk.

MAXDATA AG has also applied to have insolvency proceedings
opened for the subsidiaries in Germany and abroad including:

      MAXDATA Computer GmbH
      Ignaz-Kck-Strasse 10
      1210 Wien
      Austria

      MAXDATA S.A.R.L.
      7 avenue du General de Gaulle
      Batiment 4
      91090 Lisses
      France   

      MAXDATA Italia
      Strada 1
      Palazzo F1
      20090 Milanofiori
      Assago (MI)
      Italy

      MAXDATA Sp. z o.o.
      Ursynow Business Park
      Ul. Pulawska 303
      02-785 Warszawa
      Poland

      MAXDATA Iberia
      c / Collado Ventoso, s/n
      28230 - Las Rozas
      Madrid
      Spain

The sales companies in Switzerland (MAXDATA Computer AG) and and
in the Netherlands (MAXDATA Benelux B.V.) were excepted.

The high pressure of the competition and the immense fall in
prices in the IT industry have affected MAXDATA for some years.   
In consequence, the company has suffered a heavy decline in
turnover and results.

In spite of a restructuring program launched in 2006, the
turnaround could neither be achieved in the 2007 business year
nor in the first half of 2008.

The Management Board now aims at continuing business with the
support of the insolvency administrator, securing as many jobs
as possible and retaining the two brands MAXDATA and Belinea.

                         About Maxdata AG

Headquartered in Marl, Germany, Maxdata AG --
http://www.maxdata.com/-- manufactures of computer hardware and
provides built-to-order PC, notebook and server solutions.  The
Company offers servers, personal computers, laptops and
notebooks under the Maxdata brand name, as well as a range of
monitors and displays under the Belinea brand.  The Company
operates in Austria, Switzerland, France, Spain, Poland, Italy,
the Netherlands and the United Kingdom.

Maxdata has been posting net losses since 2003: EUR20.7 million
in 2003, EUR1.5 million in 2004, EUR39.6 million in 2005,
EUR465 million in 2006 and EUR33.8 million in 2007.


OPTIMA WORLD: Taps Liquidators from Tenon Recovery
--------------------------------------------------
T. J. Binyon and S. J. Parker of Tenon Recovery were appointed
joint liquidators of Optima World Distribution Ltd. on June 16
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


TRANSPARENT GROUP: Hires Liquidators from Tenon Recovery
--------------------------------------------------------
Steven Philip Ross and Ian William Kings of Tenon Recovery were
appointed joint liquidators of Transparent Group 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


TURNQUEST UK: Appoints Liquidators from PKF
-------------------------------------------
Edward T. Kerr and Brian J. Hamblin of PKF (UK) LLP were
appointed joint liquidators of Turnquest UK Ltd. on June 9 for
the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         PKF (UK) LLP
         Regent House
         Clinton Avenue
         Nottingham
         NG5 1AZ
         England


WEALTH ANGELS: Appoints Colin Prescott as Liquidator
----------------------------------------------------
Colin Prescott of Moore Stephens LLP was appointed liquidator of
The Wealth Angels Ltd. on June 17 for the creditors' voluntary
winding-up proceeding.

The liquidator can be reached at:

         Moore Stephens LLP
         1-2 Little King Street
         Bristol
         BS1 4HW
         England


* S&P Says Economic Downturn Will Test UK Soccer Clubs' Rating
--------------------------------------------------------------
Top-notch English Premier League football clubs could command a
'BB' long-term corporate credit rating, says a report titled
"Relegation And Financial Risks Predominate As English Football
Clubs Look To Raise Their Game," published last week by Standard
& Poor's Ratings Services.  Nevertheless, the general economic
slowdown will test the clubs' credit standings, since it will
establish the solidity of their fan bases in terms of attendance
and pricing pressure.

"Well-run, established clubs such as Manchester United and
Arsenal would likely receive a 'BB' long-term corporate credit
rating against a total debt to EBITDA of about 4x," said
Standard & Poor's credit analyst Olli Rouhiainen.

"By contrast, the same clubs with total debt to EBITDA of 6x
would be rated in the 'B' category."  "What separates the
better-run Premiership clubs is that they operate as a business,
sometimes with a dividend policy, and look to generate cash that
can be reinvested into the club through stadium improvements or
player transfers."

Although S&P does not currently rate any Premier League clubs,
S&P does take into account a club's business and financial risk
profiles when assigning a rating to securitized transactions
such as the refinancing for Arsenal Football Club's new 60,000-
seat Emirates Stadium in north London.  And with revenues for
English football leagues the strongest in Europe, S&P believes
more Premiership clubs may follow Arsenal in refinancing the
debt accumulated in upgrading their stadiums.

From a ratings perspective, the Premier League's light
regulation (with no restrictions on players' salaries, no luxury
taxes, and no fixed penalties for high borrowings), when
combined with relegation risk, is considered a credit weakness.
This results in lower financial profile scores for English
football clubs than for, say, U.S. sports franchises.

Looking forward, S&P would expect the business risk profiles of
top-tier Premiership clubs, which are currently in the mid-'BB'
category, to migrate to the upper end of this spectrum as
further evidence of the virtuous circle at the top of the league
becomes available.  A few clubs may even achieve investment-
grade ratings if their business risk profiles prove resilient
through the current economic downturn.  However, S&P is
concerned that a downturn may cause fans to drop out, adversely
affecting ticket revenues--one of the clubs' largest and most
stable revenue streams.  On average, Premier League ticket
prices have risen by 7.2% this year, well ahead of inflation
(currently 3.3%).

As the report points out, football clubs are relatively easy to
mismanage, largely because of the considerable incentive to
maintain or improve a club's ranking in the league.  But
although the perceived risk of default for football clubs is
high, actual events of default are low.  Among the 92
professional clubs that populate the English Premier League,
Championship, and Leagues One and Two, defaults typically number
one or two a year over the past 10 years.  However, this figure
will likely rise as a result of the economic slowdown, in line
with that of all corporate entities.


* BOND PRICING: For the Week June 23 to June 27, 2008
-----------------------------------------------------
Issuer                    Coupon   Maturity   Currency   Price
------                    ------   --------   --------   -----

AUSTRIA
-------
Kommunal Kredit
  Austria AG              0.500    03/15/19     CAD      64.47
                          0.250    10/14/26     CAD      40.24
HTM Sport Freize          8.500    02/01/14     EUR      64.63
Immofinanz Immob          2.750    01/20/14     EUR      71.90

BELGIUM
-------
Fortis Bank               8.750    12/07/10     EUR      62.50               
          

FINLAND
-------
M-Real Serla              7.250    04/01/13     EUR      74.45
Muni Finance Ltd          1.000    03/19/13     AUD      73.04
Muni Finance PLC          0.500    04/26/13     AUD      70.44
                          1.000    10/30/17     AUD      57.76
                          1.000    02/27/18     AUD      57.08
                          1.000    11/21/16     NZD      60.58
                          0.250    06/28/40     CAD      21.11
                          0.500    09/24/20     CAD      61.67

FRANCE
------
Alcatel S.A.              4.750    01/01/11     EUR      14.76
Altran Technologies S.A.  3.750    01/01/09     EUR      12.58
BNP Paribas               0.250    12/20/14     US$      74.84
Calyon                    6.000    06/18/47     EUR      43.75
CAP Gemini S.A.           2.500    01/01/10     EUR      51.72
                          1.000    01/01/12     EUR      44.30
Cie Fin Foncier           3.875    04/25/55     EUR      77.52
Club Mediterranee S.A.    3.000    11/01/08     EUR      66.91
                          4.375    11/01/10     EUR      46.59
Europcar Groupe           8.125    05/15/14     EUR      68.58
FCC Rome Alliance
Funding                   2.26     01/08/21     EUR      70.22
Groupe Vial               2.5      01/01/14     EUR      33.49
Havas S.A.                4.000    01/01/09     EUR      10.79
Infogrames
   Entertainment S.A.     1.500    04/01/09     EUR       0.25
Ingenico                  2.750    01/01/12     EUR      20.68
Maurel & Prom             3.500    01/01/10     EUR      21.20
Publicis Group            0.750    07/17/08     EUR      28.88
                          1.000    01/18/18     EUR      41.52
Rhodia S.A.               0.500    01/01/14     EUR      34.35
Scor S.A.                 4.125    01/01/10     EUR       2.05
Soc Air France            2.750    04/01/20     EUR      20.83
Theolia S.A.              2.000    01/01/14     EUR      20.79
Valeo                     2.38     01/01/11     EUR      42.00
Wavecom S.A.              1.750    01/01/14     EUR      19.13
Wendel Invest S.A.        2.000    06/19/09     EUR      42.40
                          4.875    09/21/15     EUR      87.83
                          4.375    08/09/17     EUR      65.96

GERMANY
-------
Callahan NRH             16.000    07/15/10     US$       0.01
Deutsche Schifbk          4.200    01/23/09     EUR      99.45
IKB Deut Industriebank    4.080    12/20/35     EUR      74.03
KfW Bankengruppe          0.500    10/30/13     AUD      68.26
                          0.500    12/19/17     EUR      67.27
                          1.250    05/23/20     EUR      74.95
                          1.250    07/07/20     EUR      73.68
                          1.250    07/29/20     EUR      72.85
                          5.000    09/01/25     EUR      70.25
                          5.000    08/10/30     EUR      71.57
Landeskreditbank Baden-
   Wuerttemberg Foerderbk 0.500    05/10/27     CDN      44.97
Landwirtschaftliche
   Rentenbank AG          1.000    03/29/17     NZD      59.10
Westlb AG                 3.350    10/19/26     EUR      74.44

GREECE
------
Fage Dairy Ind            7.500    01/15/15     EUR      61.27

ICELAND
-------
Glitnir banki HF          6.000    03/05/12     GBP      76.37
Kaupthing Bank            6.500    02/03/45     EUR      41.55
                          6.125    10/04/16     US$      73.06
                          6.125    10/04/16     US$      99.56
                          7.125    05/19/16     US$      74.31
IRELAND
-------
Banesto Finance Plc       6.120    11/07/37     EUR       6.12
Depfa ACS Bank            0.500    03/03/25     CDN      49.20
                          0.250    07/08/33     CDN      28.31
Irish Nationwide
  Building Society        5.500    01/10/18     GBP      63.61
Irish Perm Plc            2.500    02/15/35     EUR      49.63
Ono Finance II            8.000    05/16/14     EUR      71.65
UT2 Funding Plc           5.320    06/30/16     EUR      74.79

ITALY
-----
Risanamento               1.000    04/17/69     EUR      39.41
Telecom Italia            5.250    03/17/55     EUR      70.12

LUXEMBOURG
----------
Beverage Pack             9.500    06/15/17     EUR      74.62
Globus Capital Finance SA 8.500    03/05/12     US$      71.17
IT Holding Fin            9.880    11/15/12     EUR      67.96
Lighthouse Intl           8.000    04/30/14     EUR      75.61
Nell AF S.A.              8.375    08/15/15     EUR      66.16

NETHERLANDS
-----------
ABN Amo Bank B.V.         6.000    03/16/35     EUR      64.31
Air Berlin Finance B.V.   1.500    04/11/27     EUR      32.44
Biopetrol Finance B.V.    4.000    02/21/12     EUR      52.99
BK Ned Gemeenten          0.500    06/27/18     CDN      68.02
                          0.500    02/24/25     CDN      49.24
BLT Finance BV            7.500    04/17/74     US$      66.61
EM.TV Finance B.V.        5.250    05/08/13     EUR       4.08
Gerling Global            6.625    08/16/21     EUR      66.75
GMAC Int'l Finance B.V.   4.850    01/15/11     EUR      71.84
                          4.900    01/15/11     EUR      71.94
                          5.100    01/15/11     EUR      72.31
Hypo Real ES Finance      5.500    08/20/08     EUR      41.41
Indah Kiat Intl          11.880    06/15/02     US$      53.00
IVG Finance B.V.          1.750    03/29/17     EUR      55.75
Kazkommerts Intl          6.875    02/13/17     EUR      75.25
KBC Ifima NV              5.880    02/07/25     US$      72.49
Lehman Bros TSY B.V.      2.000    03/18/15     EUR      71.27
                          4.169    02/16/17     EUR      69.83               
          
                          6.000    02/15/35     EUR      55.25
                          2.000    03/16/35     EUR      42.25
                          7.000    05/17/35     EUR      48.43
                          7.250    10/05/35     EUR      38.95
                          6.000    11/02/35     EUR      46.30
Montell Finance B.V.      8.100    03/15/27     US$      60.38
Natl Invester Bank       25.982    05/07/29     EUR      29.48
Ned Waterschapbk          6.000    06/01/35     EUR      64.82
                          6.500    08/15/35     EUR      58.10
                          6.000    06/30/45     EUR      56.80
NXP BV/NXP FUNDI          8.625    10/15/15     EUR      79.55
Portugal Tel Fin          4.500    06/16/25     EUR      73.24
Rabobank Groep N.V.       2.500    02/22/35     EUR      60.37
                          5.000    02/28/35     EUR      64.60
                          2.000    03/23/35     EUR      58.38
                          6.000    05/09/35     EUR      65.07
Tjiwi Kimia Finance BV    13.25    08/01/01     US$       0.43

NORWAY
------
Eksportfinans            13.000    02/25/09     US$      69.25
Kommunalbanken A.S.       0.500    02/07/13     AUD      71.32
Norske Skogindustrier ASA 7.000    06/26/17     EUR      64.92

SWEDEN
------
AB Svensk Export          0.500    03/27/13     AUD      71.88
Swedish Exp Cred          1.000    03/27/13     NZD      74.56
                         10.500    09/30/15     TRY      70.08

SWITZERLAND
-----------
S-Air Group               0.125    07/07/05     CHF      11.97
SWISS RE                  6.000    12/15/08     CHF      73.09
UBS AG Jersey             3.220    07/31/12     EUR      71.96

TURKEY
------
Turkey Govt Bond         16.000    03/07/12     TRY      86.98

UNITED KINGDOM
--------------
Allianc&Leic Bld          5.875    08/14/31     GBP      73.26
                          5.250    03/06/23     GBP      75.56
Anglian Water
   Finance Plc            2.400     04/20/35    GBP      50.85
Aspire Defence            4.670     03/31/40    GBP      70.89
Baa Plc                   5.125     02/15/23    GBP      76.15
Bank of Scotland          6.000     02/07/35    EUR      49.17
Bradford&Bin BLD          5.750     12/12/22    GBP      74.95
Britannia Building
   Society                5.875     03/28/33    GBP      72.90
                          5.750     12/02/24    GBP      73.08
F&C Asset Management plc  6.750     12/20/26    GBP      69.70
Globe Pub                 5.632     09/26/21    GBP      74.45
Grainer Plc               3.630     05/17/14    GBP      62.61
HBOS Plc                  4.500     03/18/30    EUR      71.18
HSBC Bank Plc             3.750     05/18/15    EUR      89.93
Ineos Group Holdings Plc  7.875     02/15/16    EUR      66.04
                          7.875     02/15/16    EUR      65.74
Jaztel Plc                5.000     04/29/10    EUR      69.63
Louis No1 PLC             8.500     12/01/14    EUR      74.41
                          8.500     12/01/14    EUR      74.16
National Grid Gas Plc     1.754     10/17/36    GBP      41.80
                          1.771     03/30/37    GBP      41.79
ONO Finance PLC          10.500     05/15/14    EUR      73.67
Royal BK Scotland         9.500     04/04/25    US$      66.94
                          2.791     06/29/30    EUR      48.40
Taylor Woodrow            6.380     05/24/19    GBP      68.58
Txu Eastern Funding       6.450     05/15/05    US$       0.01
Wessex Water Fin          1.369     07/31/57    GBP      21.05

  
                            *********

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, Pius Xerxes
Tovilla, and Peter A. Chapman, 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 * * *