TCREUR_Public/080701.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Tuesday, July 1, 2008, Vol. 9, No. 129

                            Headlines


A U S T R I A

KREMSLEHNER LLC: Claims Registration Period Ends July 8
RKN EISEN: Claims Registration Period Ends July 15
RUDOLF UND MARIA: Claims Registration Period Ends July 21


G E R M A N Y

BAU-NORD GMBH: Claims Registration Period Ends July 15
BAUTRAGER UND PLANUNGS: Claims Registration Period Ends July 15
BRUGER & FISCHER: Claims Registration Period Ends July 15
CHRYSLER LLC: Borrows US$2 Bln from Owners Cerberus and Daimler
CHRYSLER LLC: Denies Rumors of Possible Bankruptcy Filing  

GLOE HOLDING: Claims Registration Period Ends July 15
GOLLAS GMBH: Claims Registration Period Ends July 15
I-WORLD GMBH: Claims Registration Period Ends July 15
K & B EDELSTAHLKONSTRUKTIONEN: Claims Registration Ends July 11
M & K HANDELS: Claims Registration Period Ends July 15

MARSWAY - FU: Claims Registration Period Ends July 15
REVENTEC GMBH: Creditors' Meeting Slated for July 4
STAR CONSULT: Claims Registration Period Ends July 11
TRG HORIZONTALBOHRTECHNIK: Claims Registration Ends July 11
TRICONCEPT GMBH: Claims Registration Ends July 14

UNITRUCK ENTERPRISES: Claims Registration Period Ends July 11
UZ - BAU GMBH: Claims Registration Period Ends July 14
WEL-HAUS GMBH: Claims Registration Period Ends July 14


I R E L A N D

DREAM HOTELS: Liquidator Seeks Buyer for Ramada Hotel
EIRLES TWO: Moody's Cuts Ratings on Tsar 11 Swaps and Notes
EIRLES TWO: Moody's Cuts Ratings on Tsar_05 Swaps and Notes


K A Z A K H S T A N

ALATAU TRANS: Creditors Must File Claims by Aug. 8
EAGLE CORPORATION: Claims Deadline Slated for Aug. 8
HAN-TENGRI JSC: Claims Filing Period Ends Aug. 12
KANTRUST LLP: Creditors' Claims Due on Aug. 12
NATURA-SHYMKENT LLP: Claims Registration Ends Aug. 8


K Y R G Y Z S T A N

EUROASIA TRAVELS: Creditors Must File Claims by July 30
JEMCHUJINA GOR: Claims Filing Period Ends July 25


N E T H E R L A N D S

EUROPEAN MORTGAGE: Moody's Rates Classes E and F Notes at Low-B
HEXION SPECIALTY: Says Huntsman Suit Against Apollo Baseless
PARKER DRILLING: S&P Keeps B+ Rating; Outlook Revised to Pos.
X5 RETAIL: Completes Formata Holding Acquisition


R U S S I A

COKE-KHIM-MONTAZH: Creditors Must File Claims by July 7
DANILOVSKIY FACTORY: Creditors Must File Claims by July 7
GENERAL ICE: Moscow Bankruptcy Hearing Slated for September 23
MINERAL WATERS: Creditors Must File Claims by July 7
SANDAL LLC: Buryatiya Bankruptcy Hearing Slated for August 20

SEVERSTAL OAO: To Distribute Dividends for Year 2007 and Q1 2008
SEVERSTAL OAO: Shareholders Elect New Board of Directors
SISTEMA JFSC: Earns US$400.8 Million for First Quarter 2008
SISTEMA JFSC: To Pay RUR2.4 Billion Annual Dividend
SISTEMA JFSC: Shareholders Elect New Board of Directors

X5 RETAIL: Completes Formata Holding Acquisition


U K R A I N E

GALON LLC: Creditors Must File Claims by July 12
LOGIC OJSC: Creditors Must File Claims by July 11
LUGANSK MINE: Creditors Must File Claims by July 11
NADBUZHANSKOYE LLC: Proofs of Claim Deadline Set July 12
RITE LLC: Creditors Must File Claims by July 12

STAR-AUTO LLC: Creditors Must File Claims by July 11
YAVOROV MILK: Proofs of Claim Deadline Set July 11


U N I T E D   K I N G D O M

AVEBURY INTERNATIONAL: Crisis Send Firm into Administration
BUNCHES UPMINSTER: Brings In Liquidators from Vantis
CAPRICORN HOMES: Credit Crunch Sends Firm into Administration
CHARLES BAILEY: Michael Young Leads Liquidation Procedure
CHESAPEAKE CORP: Moody's May Lower Ratings After Review

DALESMOOR HOMES: Credit Crunch Prompts Administration Move
FOOTLOGIC LTD: Appoints Liquidator from Mazars
HUNTSMAN CORP: Suit Against Apollo Baseless, Hexion Says  
POLAR PRINT: Calls in Administrators from KPMG
VEDANTA RESOURCES: S&P Rates Proposed Senior Unsec. Notes at BB

* Moody's Investors Service Rates 13 Static CPDO Notes

* Standard & Poor's Rates 110 European Synthetic CDOs

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

* Credit Crunch Hits UK Financial Services Industry, Survey Says

* Large Companies with Insolvent Balance Sheet


                            *********


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


KREMSLEHNER LLC: Claims Registration Period Ends July 8
-------------------------------------------------------
Creditors owed money by LLC Kremslehner (FN 110629s) have until
July 8, 2008, to file written proofs of claim to court-appointed
estate administrator Ulla Reisch at:

          Dr. Ulla Reisch   
          Kremser Gasse 4
          3100 St. Poelten
          Austria
          Tel: 02742/35 15 50
          Fax: 02742/35 15 50-5
          E-mail: office.st.poelten@ulsr.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:50 a.m. on July 29, 2008, for the
examination of claims.

The meeting of creditors will be held at:

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

Headquartered in Pressbaum, Austria, the Debtor declared
bankruptcy on May 30, 2008 (Bankr. Case No. 14 S 87/08x).  


RKN EISEN: Claims Registration Period Ends July 15
--------------------------------------------------
Creditors owed money by KG RKN Eisen (FN 224497v) have until
July 15, 2008, to file written proofs of claim to court-
appointed estate administrator Mario Kapp at:

          Mag. Mario Kapp
          LLC KAPP Rechtsanwalt
          Karntnerstrasse 525 - 527
          8054 Graz - Seiersberg
          Austria
          Tel: 0316/225955
          Fax: 0316/282013
          E-mail: kapp@kapp.at    

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 4:25 p.m. on July 31, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Graz
          Hall L
          Room 230/II
          Graz
          Austria

Headquartered in Graz, Austria, the Debtor declared bankruptcy
on May 30, 2008 (Bankr. Case No. 25 S 36/08v).  


RUDOLF UND MARIA: Claims Registration Period Ends July 21
---------------------------------------------------------
Creditors owed money by LLC Rudolf und Maria Navrkal  (FN 54406)
have until July 21, 2008, to file written proofs of claim to
court-appointed estate administrator Beate Holper at:

          Mag. Beate Holper
          c/o Dr. Susi Pariasek
          Gonzagagasse 15
          1010 Vienna
          Austria
          Tel: 533 28 55
          Fax: 533 28 55 28
          E-mail: office@anwaltwien.at    

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:45 a.m. on Aug. 4, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 2101
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on May 30, 2008 (Bankr. Case No. 38 S 29/08d).  Susi Pariasek
represents Mag. Holper in the bankruptcy proceedings.


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


BAU-NORD GMBH: Claims Registration Period Ends July 15
------------------------------------------------------
Creditors of BN BAU-NORD GmbH have until July 15, 2008, to
register their claims with court-appointed insolvency manager
Michael Hawelka.

Claims will be verified at 9:45 a.m. on Sept. 16, 2008, at:

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

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

The insolvency manager can be reached at:

         Michael Hawelka
         Friedrichstr. 204
         10117 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against BN BAU-NORD GmbH on April 15, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         BN BAU-NORD GmbH
         Eichhorster Weg 84 A
         13435 Berlin
         Germany


BAUTRAGER UND PLANUNGS: Claims Registration Period Ends July 15
---------------------------------------------------------------
Creditors of BSP Bautrager und Planungsgesellschaft fuer
Wohnbauten mbH & Co. Stephanstrasse 21/22 KG have until
July 15, 2008, to register their claims with court-appointed
insolvency manager Dr. Joachim Heitsch.

Claims will be verified at 10:25 a.m. on May 20, 2008, at:

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

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

The insolvency manager can be reached at:

         Dr. Joachim Heitsch
         Berliner Str. 117
         10713 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against BSP Bautrager und Planungsgesellschaft fuer
Wohnbauten mbH & Co. Stephanstrasse 21/22 KG on April 17, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         BSP Bautrager und Planungsgesellschaft
         fuer Wohnbauten mbH & Co.
         Stephanstrasse 21/22 KG
         Fasanenstr.63
         10719 Berlin
         Germany


BRUGER & FISCHER: Claims Registration Period Ends July 15
---------------------------------------------------------
The court-appointed insolvency manager for Bruger & Fischer
Krananlagen und Hebezeuge GmbH & Co., Knut Rebholz will present
his first report on the Company's insolvency proceedings at a
creditors' meeting at 10:45 a.m. on July 15, 2008.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 9:45 a.m. on Nov. 11, 2008, at the same
venue.

Creditors have until Sept. 10, 2008, to register their claims
with the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Knut Rebholz
         Cicerostr. 22
         10709 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Bruger & Fischer Krananlagen und Hebezeuge
GmbH & Co. on June 11, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Bruger & Fischer Krananlagen und Hebezeuge GmbH & Co.
         Buckower Chaussee 63-65
         12277 Berlin
         Germany


CHRYSLER LLC: Borrows US$2 Bln from Owners Cerberus and Daimler
---------------------------------------------------------------
Chrysler LLC's owners Cerberus Capital Management LP and Daimler
AG will provide the U.S. automaker with US$2 billion loan
payable in 2014, Josee Valcourt of The Wall Street Journal
reports.  Daimler, which holds a 19.9% stake in Chrysler,
disclosed that it will lend Chrysler US$1.5 billion, Cerberus
US$500 million.  The action, WSJ relates, was to aid Chrysler's
liquidity in the midst of the slowing U.S. economy and period of
great change in the U.S. auto industry.

As reported in the Troubled Company Reporter on June 23, 2008,
Nancy Rae, Chrysler LLC's Senior Vice President of Human
Resources and Corporate Communications, defended Chrysler's
status, insisting that despite the challenges, Chrysler is
meeting or exceeding its financial targets.  She suggested that
Chrysler is better aligned than previously for the shift towards
smaller, more fuel efficient vehicles.  Ms. Rae also said that
the automaker also believes there is a strong and viable pickup
truck market going forward.

The TCR also reported that Standard & Poor's Ratings Services on
Friday said it is placing its corporate credit ratings on the
three U.S. automakers, General Motors Corp., Ford Motor Co., and
Chrysler LLC, on CreditWatch with negative implications, citing
the need to evaluate the  financial damage being inflicted by
deteriorating U.S. industry conditions -- largely as a result of
high gasoline prices.

S&P observes that the erosion of demand for SUVs and pickups has
been troubling.  Although these segments have been weak for some
time, the exodus of demand that began in April, caused by
escalating gas prices and consumer preferences for smaller
vehicles, is gathering speed.  Despite concerted, and in some
cases successful, efforts to bolster their line-ups of smaller
vehicles and reduce costs, all three Michigan-based automakers
still rely on light trucks for a disproportionate share of
profitability and cash flow.

WSJ disclosed that a US$2 billion loan clause was included in a
deal Cerberus and Daimler reached a year ago when Cerberus,
along with co-investors, bought its 80.1% stake in Chrysler.

Chrysler did not comment on the reasons for tapping in its loan.

Headquartered in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- a unit of Cerberus Capital
Management LP, produces Chrysler, Jeep(R), Dodge and Mopar(R)
brand vehicles and products.  The company has dealers worldwide,
including Canada, Mexico, U.S., Germany, France, U.K.,
Argentina, Brazil, Venezuela, China, Japan and Australia.

                            *     *     *

In May 2008 Fitch Ratings downgraded the Issuer Default Rating
of Chrysler LLC to 'B' from 'B+', with a Negative Rating
Outlook.  Fitch has also downgraded the senior secured bank
facilities, including senior secured first-lien bank loan to
'BB/RR1' from 'BB+/RR1'; and senior secured second-lien bank
loan to 'CCC+/RR6' from 'BB+/RR1'.  The recovery rating on the
second lien was also downgraded from 'BB+/RR1' to 'CCC+/RR6'
based on lower asset value assumptions and associated recoveries
in the event of a stress scenario.


CHRYSLER LLC: Denies Rumors of Possible Bankruptcy Filing  
---------------------------------------------------------
The Deal's Maria Woehr reports that Chrysler LLC denied rumors
that it may file for Chapter 11 protection.  The Deal says a
Chrysler spokesperson told Reuters that the rumors were "without
merit" and that the third largest U.S. automaker had ample
liquidity.

According to Ms. Woehr, there have been rumors that Chrysler may
not have enough liquidity due to the downturn in auto sales, the
oil spike and the credit crunch.

Daimler AG also has said there are no signs that Chrysler LLC
will file for bankruptcy, Thomson Financial reports.

Daimler owns roughly 19% stake in Chrysler.  Cerberus Capital
Management LP borrowed roughly US$7,000,000,000 to acquire about
81% of Chrysler in August 2007.

The Deal relates that Daimler has reported that Chrysler lost
US$2.9 billion from when Cerberus Capital Management bought an
81% stake in August 2007.

"I can clearly say that there are no signs at all that Chrysler
will file for Chapter 11," Thomson Financial quotes a Daimler
spokesman as saying.

Thomson Financial relates that shares in Daimler were lower in
afternoon deals on Thursday, as traders pointed to speculation
that Chrysler may face credit problems in the near future.

Cerberus has said early this year that Chrysler was exceeding
most of its financial targets.

Executive officer Robert Nardelli has set cost-cutting
initiatives to lessen the losses this year, which he expects
will be lower than 2007's US$1.6 billion, John Lippey and Mike
Ramsey of Bloomberg News reports.

Mr. Nardelli aims to cut purchasing costs by 25% in three years,
insisting that Chrysler must buy the lowest global price for
auto parts.  He also intends to restrict new models, eyeing only
51% of new Chrysler models.

As disclosed in the Troubled Company Reporter on June 12, 2008,
Mr. Nardelli insisted the company is in good shape with US$9
billion in cash at the end of 2007, Mike Ramsey of Bloomberg
News, citing a CNBC interview, reports.  Mr. Nardelli says he is
leading to get the automaker through 2008 and make it better
positioned to 2009.

Bloomberg News say Chrysler had reported a US$1.6 billion
operating loss for 2007 and a US$650 million net loss for 2006.

As related in the Troubled Company Reporter in December 2007,
the Wall Street Journal quoted Mr. Nardelli describing Chrysler
LLC as "operationally" bankrupt.   The only thing, Mr. Nardelli
relates, that is keeping Chrysler from going into bankruptcy is
the US$10 billion investors entrusted the automaker with.

Bloomberg reports that shareholder Cerberus Capital Management
LP is not regretting its investment in Chrysler, stating that
the company is hitting its financial targets.

Headquartered in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- a unit of Cerberus Capital   
Management LP, produces Chrysler, Jeep(R), Dodge and Mopar(R)
brand vehicles and products.  The company has dealers worldwide,
including Canada, Mexico, U.S., Germany, France, U.K.,
Argentina, Brazil, Venezuela, China, Japan and Australia.

                            *     *     *

In June 2008 Moody's Investors Service affirmed the B3 Corporate
Family Rating and Probability of Default Rating of Chrysler LLC,
but changed the outlook to negative from stable.  The change in
outlook reflects the increasingly challenging environment faced
by Chrysler as the outlook for U.S. vehicle demand falls, and as
high fuel costs drive U.S. consumers away from light trucks and
SUVs, and toward more fuel efficient vehicles.

At the same time, Standard & Poor's Ratings Services is placing
its corporate credit ratings on the three U.S. automakers,
General Motors Corp., Ford Motor Co., and Chrysler LLC, on
CreditWatch with negative implications, citing the need to
evaluate the financial damage being inflicted by deteriorating
U.S. industry conditions--largely as a result of high gasoline
prices.  Included in the CreditWatch placement are the finance
units Ford Motor Credit Co. and DaimlerChrysler Financial
Services Americas LLC, as well as GM's 49%-owned finance
affiliate GMAC LLC.

In May 2008 Fitch Ratings downgraded the Issuer Default Rating
of Chrysler LLC to 'B' from 'B+', with a Negative Rating
Outlook.  Fitch has also downgraded the senior secured bank
facilities, including senior secured first-lien bank loan to
'BB/RR1' from 'BB+/RR1'; and senior secured second-lien bank
loan to 'CCC+/RR6' from 'BB+/RR1'.  The recovery rating on the
second lien was also downgraded from 'BB+/RR1' to 'CCC+/RR6'
based on lower asset value assumptions and associated recoveries
in the event of a stress scenario.


GLOE HOLDING: Claims Registration Period Ends July 15
-----------------------------------------------------
Creditors of GLOE Holding GmbH have until July 15, 2008, to
register their claims with court-appointed insolvency manager
Dr. Thomas Kaiser.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on July 28, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Thomas Kaiser
         LG-Fach 37
         Wilhelmstr. 1b
         79098 Freiburg
         Germany
         Tel: 0761/703940
         Fax: 0761/7039410

The District Court of Freiburg opened bankruptcy proceedings
against GLOE Holding GmbH on June 16, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         GLOE Holding GmbH
         Attn: Angela Nicole Gloe, Manager
         Schreiberstr. 8
         79098 Freiburg
         Germany


GOLLAS GMBH: Claims Registration Period Ends July 15
----------------------------------------------------
Creditors of Gollas GmbH & Co. KG have until July 15, 2008, to
register their claims with court-appointed insolvency manager
Dr. Michael Krebs.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Aug. 19, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Aschaffenburg (Nebenstelle)
         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:

         Dr. Michael Krebs
         Frohsinnstr. 15
         63739 Aschaffenburg
         Germany
         Tel: 06021/30880
         Fax: 06021/3987-60

The District Court of Aschaffenburg (Nebenstelle) opened
bankruptcy proceedings against Gollas GmbH & Co. KG on
May 27, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Gollas GmbH & Co. KG
         Einsteinstr. 2
         63868 Grosswallstadt
         Germany


I-WORLD GMBH: Claims Registration Period Ends July 15
-----------------------------------------------------
Creditors of i-world GmbH have until July 15, 2008, to register
their claims with court-appointed insolvency manager Rolf
Rattunde.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 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 Hagen
         Meeting Hall 252
         Heinitzstrasse 42/44
         58097 Hagen
         Germany   

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

The insolvency manager can be reached at:

         Rolf Rattunde
         Neumarktstr. 2c
         58095 Hagen
         Germany

The District Court of Hagen opened bankruptcy proceedings
against i-world GmbH on June 13, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         i-world GmbH
         Heydastr. 15
         58093 Hagen
         Germany

         Attn: Ulla-Britta Reichberg, Manager
         Brauerriege 2
         58339 Breckerfeld
         Germany


K & B EDELSTAHLKONSTRUKTIONEN: Claims Registration Ends July 11
---------------------------------------------------------------
Creditors of K & B Edelstahlkonstruktionen GmbH & Co. KG have
until July 11, 2008, to register their claims with court-
appointed insolvency manager Jan H. Wilhelm.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Aug. 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 Syke
         Hall 112
         Hauptstr. 5A
         28857 Syke
         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:

         Jan H. Wilhelm
         Am Markt 1
         28195 Bremen
         Germany
         Tel: 0421/178765
         Fax: 0421/1787665

The District Court of Syke opened bankruptcy proceedings against
K & B Edelstahlkonstruktionen GmbH & Co. KG on June 1, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

        K & B Edelstahlkonstruktionen GmbH & Co. KG
        Schulstrasse 81
        28816 Stuhr
        Germany


M & K HANDELS: Claims Registration Period Ends July 15
------------------------------------------------------
Creditors of M. & K. Handels-, Vermietungs- have until
July 15, 2008, to register their claims with court-appointed
insolvency manager Bert Buske.

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

The meeting of creditors will be held at:

         The District Court of Frankfurt (Oder)
         Hall 401
         Muellroser Chaussee 55
         15236 Frankfurt (Oder)
         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:

         Bert Buske
         Alt Nowawes 67
         14482 Potsdam
         Germany

The District Court of Frankfurt (Oder) opened bankruptcy
proceedings against M. & K. Handels-, Vermietungs- on June 9,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         M. & K. Handels-, Vermietungs-
         Verpachtungs- und Leasing GmbH
         Holzstrasse 5
         15517 Fuerstenwalde
         Germany


MARSWAY - FU: Claims Registration Period Ends July 15
-----------------------------------------------------
Creditors of Marsway - Fu Bang GmbH have until July 15, 2008, to
register their claims with court-appointed insolvency manager
Steuerberaterin Gisela Ansorge.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Aug. 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 Neumuenster
         Meeting Hall B.126
         Law Courts
         Boostedter Strasse 26
         Neumuenster
         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:

         Steuerberaterin Gisela Ansorge
         Faehrhausstrasse 8
         22085 Hamburg
         Germany

The District Court of Neumuenster opened bankruptcy proceedings
against Marsway - Fu Bang GmbH on July 4, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Marsway - Fu Bang GmbH
         Attn: Shiqiang Qin und
               Daniel Bruegemann, Managers
         Gadelander Strasse 151-155
         24539 Neumuenster
         Germany


REVENTEC GMBH: Creditors' Meeting Slated for July 4
---------------------------------------------------
The court-appointed insolvency manager for ReVenTec GmbH, Dr.
Christian Willmer, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
9:15 a.m. on July 4, 2008.

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

         The District Court of Verden (Aller)
         Hall 214
         Main Building
         Johanniswall 8
         27283 Verden (Aller)
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 9:00 a.m. on Sept. 5, 2008, at the same
venue.

Creditors have until July 10, 2008, to register their claims
with the court-appointed insolvency manager.

The insolvency manager can be reached at:

          Dr. Christian Willmer
          Georgstr. 5
          27283 Verden (Aller)
          Germany
          Tel: 04231/884-45
          Fax: 04231/884-55

The District Court of Verden (Aller) opened bankruptcy
proceedings against ReVenTec GmbH on June 4, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         ReVenTec GmbH
         Wickenweg 9
         27308 Kirchlinteln
         Germany


STAR CONSULT: Claims Registration Period Ends July 11
-----------------------------------------------------
Creditors of STAR Consult GmbH have until July 11, 2008, to
register their claims with court-appointed insolvency manager
Fabio Algari.

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 Hanau
         Area E03
         Engelhardstrasse 21
         63450 Hanau
         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:

         Fabio Algari
         Oppenheimer Landstrasse 3
         60594 Frankfurt
         Germany
         Tel: 069 913092 750
         Fax: 069 913092 755

The District Court of Hanau opened bankruptcy proceedings
against STAR Consult GmbH on May 27, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         STAR Consult GmbH
         Leipzigerstr. 36
         63571 Gelnhausen
         Germany


TRG HORIZONTALBOHRTECHNIK: Claims Registration Ends July 11
-----------------------------------------------------------
Creditors of TRG Horizontalbohrtechnik GmbH have until
July 11, 2008, to register their claims with court-appointed
insolvency manager Martin Abegg.

Creditors and other interested parties are encouraged to attend
the meeting at 8:40 a.m. on Aug. 1, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Saarbruecken
         Area Hall 13
         First Floor
         Vopeliusstrasse 2
         66280 Sulzbach
         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:

         Martin Abegg
         Bahnhofstr. 101
         66111 Saarbruecken
         Germany
         Tel: (0681) 976 1900
         Fax: (0681) 976 190 111

The District Court of Saarbruecken opened bankruptcy proceedings
against TRG Horizontalbohrtechnik GmbH on Jan. 25, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         TRG Horizontalbohrtechnik GmbH
         Am Kirschenwaldchen 38
         66333 Voelklingen
         Germany


TRICONCEPT GMBH: Claims Registration Ends July 14
-------------------------------------------------
Creditors of TriConcept GmbH have until July 14, 2008, to
register their claims with court-appointed insolvency manager
Uta Plischkaner.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Aug. 25, 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 Schwerin
         Hall 7
         Demmlerplatz 14
         19053 Schwerin
         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:

         Uta Plischkaner
         Joh.Stelling - Str. 1
         19053 Schwerin
         Germany

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

The Debtor can be reached at:

         TriConcept GmbH
         Attn: Gerhold Wien, Manager
         Bahnhofstrasse 42
         19230 Hagenow
         Germany


UNITRUCK ENTERPRISES: Claims Registration Period Ends July 11
-------------------------------------------------------------
Creditors of Unitruck Enterprises Verwaltung GmbH have until
July 11, 2008, to register their claims with court-appointed
insolvency manager Dirk Eichelbaum.

Creditors and other interested parties are encouraged to attend
the meeting at 11:15 a.m. on July 23, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Stuttgart
         Hall 13
         Ground Floor
         Hauffstr. 5 (Am Neckartor)
         70190 Stuttgart
         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:

         Dirk Eichelbaum
         Gerhard-Kindler-Str. 8
         72770 Reutlingen
         Germany
         Tel/Fax: 07121/51497-29

The District Court of Stuttgart opened bankruptcy proceedings
against Unitruck Enterprises Verwaltung GmbH on June 3, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Unitruck Enterprises Verwaltung GmbH
         Lindenstrasse 5
         72475 Bitz
         Germany


UZ - BAU GMBH: Claims Registration Period Ends July 14
------------------------------------------------------
Creditors of UZ - Baugesellschaft mbH + Co. KG have until
July 14, 2008, to register their claims with court-appointed
insolvency manager Dr. Martin Prager.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 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 Munich
         Meeting Hall 102
         Infanteriestr. 5
         80097 Munich
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. Martin Prager
         Barthstr. 16
         80339 Munich
         Germany
         Tel: 089-8589633
         Fax: 089-85896350

The District Court of Munich opened bankruptcy proceedings
against UZ - Baugesellschaft mbH + Co. KG on May 29, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         UZ - Baugesellschaft mbH + Co. KG
         Sebastian-Bauer-Str. 16 a
         81737 Munich
         Germany


WEL-HAUS GMBH: Claims Registration Period Ends July 14
------------------------------------------------------
Creditors of WEL-HAUS GmbH have until July 14, 2008, to register
their claims with court-appointed insolvency manager Stefan
Meyer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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:

         Stefan Meyer
         Ostertorstr. 7
         32312 Luebbecke
         Germany

The District Court of Bielefeld opened bankruptcy proceedings
against  WEL-HAUS GmbH on May 26, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         WEL-HAUS GmbH
         Hindenburgstr. 4
         32257 Buende
         Germany

         Attn: Karl-Hermann Gerber, Manager
         Trockene Wiese 3
         32120 Hiddenhausen
         Germany


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


DREAM HOTELS: Liquidator Seeks Buyer for Ramada Hotel
-----------------------------------------------------
The Ramada Hotel and Suites Lough Allen, Drumshanbo in Leitrim,  
Ireland will continue to operate while its provisional
liquidator seeks a buyer for operator Dream Hotels Ltd., Leitrim
Observer reports.

Leitrim Observer disclosed Justice Liam McKechnie appointed
Kieran Wallace of KPMG as provisional liquidator to its operator
Dream Hotels, which has debts of around EUR5 million.

Dream Hotels, Leitrim Observer adds, also owed the Revenue
Commissioners more than EUR300,000.

Leitrim Observer says The Ramada Hotel and Suites is Dream
Hotels' only asset of real value.


EIRLES TWO: Moody's Cuts Ratings on Tsar 11 Swaps and Notes
-----------------------------------------------------------
Moody's Investors Service downgraded four swaps entered into by
Deutsche Bank AG (London Branch) and four classes of notes
issued by Eirles Two Limited, each referencing the TSAR_11
portfolio.  Two of the tranches remain on review for downgrade.
The four classes of notes are repacks of the four classes of
swaps.  

These rating actions are a response to credit deterioration in
the underlying portfolio.  The transactions are synthetic CDOs
referencing RMBS and ABS CDOs, containing 56% RMBS and 14% ABS
CDOs of the 2005, 2006, and 2007 vintages.  The percentage of
C and Ca rated assets in the portfolio is currently 9.5%, with
the Class B attaching at 11% and detaching at 16%.

These rating actions are:

Deutsche Bank AG (London Branch) - Tsar 11:

   (1) US$37,500,000 Class B Swap due 2039

   -- Current Rating: Caa3, on review for downgrade
   -- Prior Rating: A1, on review for downgrade

   (2) US$22,500,000 Class C Swap due 2039

   -- Current Rating: Ca
   -- Prior Rating: Ba1, on review for downgrade

   (3) US$16,875,000 Class D Swap due 2039

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

   (4) US$20,625,000 Class E Swap due 2039

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

Eirles Two Limited - Series 134, 135, 136, 137:

   (1) US$37,500,000 Series 137 Floating and Variable Rate
Secured Notes due 2039

    -- Current Rating: Caa3, on review for downgrade
    -- Prior Rating: A1, on review for downgrade

   (2) US$22,500,000 Series 136 Floating and Variable Rate
Secured Notes due 2039

    -- Current Rating: Ca
    -- Prior Rating: Ba1, on review for downgrade

   (3) US$16,875,000 Series 135 Floating and Variable Rate
Secured Notes due 2039

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

   (4) US$20,625,000 Series 134 Floating and Variable Rate
Secured Notes due 2039

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


EIRLES TWO: Moody's Cuts Ratings on Tsar_05 Swaps and Notes
-----------------------------------------------------------
Moody's Investors Service downgraded and left on review for
further downgrade nine classes of notes issued by Eirles Two
Limited, seven classes of notes issued by Eirles Four Limited
and seventeen credit default swaps entered into by Deutsche Bank
AG referencing the TSAR_05 transaction.  

These credit-linked notes issued by the Eirles Two and Eirles
Four program are repacks of various credit default swaps entered
into by Deutsche Bank AG, London Branch.

The TSAR05 transaction contains subprime RMBS bonds and ABS
CDOs, particularly of the 2004, 2005 and 2006 vintages.  2.04%
of the pool is currently rated Caa1 or below with the junior
most rated tranche attaching at 0.95%.

All of these notes and credit default swaps reference the same
TSAR 05 portfolio.

These rating actions are:

Eirles Two Limited:

   (1) The JPY1000,000,000 Series 66 Floating and Variable Rate
       Secured Notes

    -- Current Rating: Ba1, on review for downgrade
    -- Prior Rating: Aa1

   (2) The JPY2000,000,000 Series 68 Floating and Variable Rate
       Secured Notes

    -- Current Rating: A1, on review for downgrade
    -- Prior Rating: Aaa

   (3) The JPY3000,000,000 Series 69 Floating and Variable Rate
       Secured Notes

    -- Current Rating: A1, on review for downgrade
    -- Prior Rating: Aaa

   (4) The JPY1000,000,000 Series 75 Floating and Variable Rate
       Secured Notes

    -- Current Rating: A1, on review for downgrade
    -- Prior Rating: Aaa

   (5) The JPY1000,000,000 Series 81 Floating and Variable Rate
       Secured Notes

    -- Current Rating: Caa3, on review for downgrade
    -- Prior Rating: Baa3, on review for downgrade

   (6) The JPY500,000,000 Series 82 Floating and Variable Rate
       Secured Notes

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

   (7) The US$15,000,000 Series 85 Floating and Variable Rate
       Secured Notes

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

   (8) The EUR10,000,000 Series 110 Floating and Variable Rate
       Secured Notes

    -- Current Rating: Baa1, on review for downgrade
    -- Prior Rating: Aaa

   (9) The EUR50,000,000 Series 118 Floating and Variable Rate
       Secured Notes

    -- Current Rating: Baa1, on review for downgrade
    -- Prior Rating: Aaa

Eirles Four Limited:

   (1) The US$126,000,000 Series 9 Floating Rate Secured Notes

    -- Current Rating: Caa1, on review for downgrade
    -- Prior Rating: Baa1, on review for downgrade

   (2) The US$15,000,000 Series 11 Floating and Variable Rate
       Secured Notes

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

   (3) The US$5,000,000 Series 15 Floating and Variable Rate
       Secured Notes

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

   (4) The US$5,000,000 Series 16 Floating and Variable Rate
       Secured Notes

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

   (5) The US$5,000,000 Series 54 Floating and Variable Rate
       Secured Notes

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

   (6) The EUR10,000,000 Series 82 Floating and Variable Rate
       Secured Notes

    -- Current Rating: Caa3, on review for downgrade
    -- Prior Rating: Baa3, on review for downgrade

   (7) The EUR5,000,000 Series 86 Floating and Variable Rate
       Secured Notes

    -- Current Rating: Baa1, on review for downgrade
    -- Prior Rating: Aaa

Deutsche Bank AG (London) TSAR_05 Swaps 2005 (Class B to E):

   (1) The US$15,910,000 TSAR_05 (DB) Class B Portfolio Credit
       Default Swap

    -- Current Rating: Baa1, on review for downgrade
    -- Prior Rating: Aaa

   (2) The US$7,160,000 TSAR_05 (DB) Class C Portfolio Credit        
       Default Swap

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

   (3) The US$7,160,000 TSAR_05 (DB) Class D Portfolio Credit
       Default Swap

    -- Current Rating: Caa3, on review for downgrade
    -- Prior Rating: Baa3, on review for downgrade

   (4) The US$4,770,000 TSAR_05 (DB) Class E Portfolio Credit
       Default Swap

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

Deutsche Bank AG, London BRANCH - TSAR_05:

   (1) The Class A- (2) Swap with a maximum exposure of
       US$86,001,816.69

    -- Current Rating: A1, on review for downgrade
    -- Prior Rating: Aaa

   (2) The Class B Swap with a maximum exposure of
       US$114,669,088.92

    -- Current Rating: Baa1, on review for downgrade
    -- Prior Rating: Aaa

   (3) The Class B (1) Swap with a maximum exposure of
       US$114,669,088.92

    -- Current Rating: Baa1, on review for downgrade
    -- Prior Rating: Aaa

   (4) The Class B (2) Swap with a maximum exposure of
       US$71,668,180.58

    -- Current Rating: Ba1, on review for downgrade
    -- Prior Rating: Aa1

   (5) The Class C Swap with a maximum exposure of
       US$51,601,090.01

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

   (6) The Class D Swap with a maximum exposure of
       US$51,601,090.01

    -- Current Rating: Caa3, on review for downgrade
    -- Prior Rating: Baa3, on review for downgrade

   (7) The Class E Swap with a maximum exposure of
       US$34,400,726.68

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

   (8) The Class F Swap with a maximum exposure of
       US$17,200,363.34

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

Deutsche Bank AG, London Branch - Tsar_05 Credit Default Swap:

   (1) The Class B(3) Swap with a maximum exposure of
       US$12,180,000

    -- Current Rating: Baa1, on review for downgrade
    -- Prior Rating: Aaa

   (2) The US$Class D(2) Swap with a maximum exposure of
       US$51,601,090.01

    -- Current Rating: Caa3, on review for downgrade
    -- Prior Rating: Baa3, on review for downgrade

   (3) The Class D(3) Swap with a maximum exposure of
       US$51,601,090.01

    -- Current Rating: Caa3, on review for downgrade
    -- Prior Rating: Baa3, on review for downgrade

   (4) The Class E(2) Swap with a maximum exposure of
       US$34,400,726.68

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

   (5) The Class F(2) Swap with a maximum exposure of
       US$17,200,363.34

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


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


ALATAU TRANS: Creditors Must File Claims by Aug. 8
--------------------------------------------------  
The Specialized Inter-Regional Economic Court of South
Kazakhstan has declared LLP Alatau Trans Service insolvent on
May 14, 2008.

Creditors have until Aug. 8, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan
         Shymkent, Ilyaev Str. 24
         South Kazakhstan
         Kazakhstan


EAGLE CORPORATION: Claims Deadline Slated for Aug. 8
----------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Eagle Corporation insolvent on May 13, 2008.

Creditors have until Aug. 8, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Ushanov Str. 78-27
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan
         Tel: 8 (7232) 26-24-41


HAN-TENGRI JSC: Claims Filing Period Ends Aug. 12
-------------------------------------------------  
JSC Joint Stock Fund of Risk Investment Han-Tengri has declared
insolvency.  Creditors have until Aug. 12, 2008, to submit
written proofs of claims to:

         JSC Joint Stock Fund of
         Risk Investment Han-Tengri
         Furmanov Str. 240b
         050059, Almaty
         Germany


KANTRUST LLP: Creditors' Claims Due on Aug. 12
----------------------------------------------  
The Specialized Inter-Regional Economic Court of West Kazakhstan
has declared LLP Kantrust insolvent.

Creditors have until Aug. 12, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of West Kazakhstan
         Tsvetochnaya Str. 36
         Uralsk
         West Kazakhstan
         Kazakhstan
         Tel: 8 (7112) 25-71-83
              8 777 288 69-30


NATURA-SHYMKENT LLP: Claims Registration Ends Aug. 8
----------------------------------------------------  
The Specialized Inter-Regional Economic Court of South
Kazakhstan has declared LLP Natura-Shymkent insolvent on
May 14, 2008.

Creditors have until Aug. 8, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan
         Shymkent, Ilyaev Str. 24
         South Kazakhstan
         Kazakhstan


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


EUROASIA TRAVELS: Creditors Must File Claims by July 30
-------------------------------------------------------
LLC Euroasia Travels Ltd. Co. has declared insolvency.  
Creditors have until July 30, 2008, to submit written proofs of
claim.

Inquiries can be addressed to (+996 312) 61-15-49.


JEMCHUJINA GOR: Claims Filing Period Ends July 25
-------------------------------------------------
LLC Center of Tourism and Rest Jemchujina Gor has declared
insolvency.  Creditors have until July 25, 2008, to submit
written proofs of claim to:

         Ak-Suu
         Jayilsky
         Chui
         Kyrgyzstan


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


EUROPEAN MORTGAGE: Moody's Rates Classes E and F Notes at Low-B
---------------------------------------------------------------
Moody's Investors Service has assigned definitive long-term
credit ratings to seven classes of notes issued by European
Mortgage Securities (E.M.S.) VII B.V.  The ratings assigned are:

   -- Aaa to EUR925,650,000 Senior Class A1 Notes due 2092;
   -- Aaa to EUR6,325,250,000 Senior Class A2 Notes due 2092;
   -- Aa3 to EUR123,400,000 Mezzanine Class B Notes due 2092;
   -- A3 to EUR146,600,000 Mezzanine Class C Notes due 2092;
   -- Baa2 to EUR46,250,000 Mezzanine Class D Notes due 2092;
   -- Ba2 to EUR84,850,000 Junior Class E Notes due 2092; and
   -- B2 to EUR61,750,000 Subordinated Class F Notes due 2092.

This transaction represents the securitization of Dutch
residential mortgage loans originated by ABN AMRO Hypotheken
Groep B.V., WoonNexxt Hypotheken B.V. and MoneYou B.V., all
three wholly owned subsidiaries of ABN AMRO Bank N.V. (Aa2/P-1).  
The collateral pool of approximately EUR7,714 million contains
first lien mortgage loans secured on residential properties
located in the Netherlands.  Stater Nederland B.V., a wholly
owned subsidiary of ABN AMRO, has been sub-contracted to service
the mortgage loans.

It is the tenth securitization using the E.M.S. platform.  The
Notes are issued out of the fifth compartment (Compartment 2008-
I) of issuer EMS VII B.V. The Issuer may in the future issue
notes out of different compartments.  All compartments will be
bankruptcy-remote, ring-fenced from each other and the assets in
each compartment will be fully segregated.

The transaction is revolving until the first optional redemption
date in August 2015.

The ratings of the notes is based upon the analysis of the
characteristics of the mortgage pool backing the note, the
protection the note receives from credit enhancement against
defaults and arrears in the mortgage pool, the legal and
structural integrity of the issue and the credit quality of the
parties involved in the transaction.

The transaction benefits from a swap agreement with ABN AMRO to
hedge the interest rate risk over the entire term of the
transaction.  An excess margin of 25 bps in the transaction is
guaranteed through the operation of the interest rate swap.  The
1.5 per cent liquidity facility and the GIC are provided by ABN
AMRO.

The interest rate swap does not comply with Moody's swap de-
linkage guidelines, as the swap collateral agreement allows
asset backed securities to be used as collateral.  This results
in linkage between the rating on the notes and the credit
strength of the swap counterparty, which may lead to rating
volatility.  Currently the swap counterparty, ABN AMRO is rated
Aa2/P-1.

The definitive ratings address the expected loss posed to
investors by the legal final maturity.  In Moody's opinion, the
structure allows for the timely payment of interest and ultimate
payment of principal by the legal final maturity.


HEXION SPECIALTY: Says Huntsman Suit Against Apollo Baseless
------------------------------------------------------------
Hexion Specialty Chemicals Inc. issued a statement in response
to a suit filed by Huntsman Corp. in Texas:

"It is unfortunate that Huntsman has chosen to file a baseless
lawsuit against Apollo and to personally sue two of its
principals.  Huntsman's Texas suit violates a clear provision of
the merger agreement which requires that any litigation be
brought exclusively in the State of Delaware.  As we alleged in
our suit, primarily due to Huntsman's underperformance, we
believe that consummating the merger on the basis of the capital
structure agreed to with Huntsman would render the combined
company insolvent.  In fact, Huntsman's suit does not dispute
that the combined company would be insolvent.  We believe
Huntsman's lawsuit is wholly without merit."

As reported in the Troubled Company Reporter-Europe on
June 24, 2008, Huntsman Corp. filed a suit against Apollo
Management L.P. and partners Leon Black and Joshua Harris in
Conroe, Texas, for fraud and tortuous interference in connection
with inducing Huntsman to terminate its merger agreement with
Basell AF, a Dutch manufacturer, to enter into a merger
agreement with Apollo affiliate Hexion Specialty Chemicals
instead.  

The TCR disclosed on June 20, 2008, that Hexion Specialty and
related entities filed a suit in the Delaware Court of Chancery
to declare its contractual rights with respect to a US$10.6
billion merger agreement, which includes the assumption of debt,
with Huntsman.

In the petition filed, Huntsman seeks a jury trial to determine
the defendants' liability to Huntsman for actual damages
exceeding US$3 billion, plus exemplary damages.

                     About Huntsman Corp.

Huntsman Corp. (NYSE:HUN) -- http://www.huntsman.com/--  
manufactures and markets differentiated and commodity chemicals.  
Its operating companies manufacture products for a variety of
global industries including chemicals, plastics, automotive,
aviation, textiles, footwear, paints and coatings, construction,
technology, agriculture, health care,  detergent, personal care,
furniture, appliances and packaging.  Originally known for
pioneering innovations in packaging and, later for rapid and
integrated growth in petrochemicals, Huntsman today has 13,000
employees and operates from multiple locations worldwide,
including Argentina, Belarus, Japan, Luxembourg, Malaysia, Spain
and the United Kingdom, among others.  The Company had 2007
revenues of approximately US$10 billion.

                     About Hexion Specialty

Based in Columbus, Ohio, Hexion Specialty Chemicals Inc. --
http://www.hexionchem.com/-- is a producer of thermosetting      
resins, or thermosets.  Thermosets are a critical ingredient in
virtually all paints, coatings, glues and other adhesives
produced for consumer or industrial uses.   Hexion Specialty
Chemicals is controlled by an affiliate of Apollo Management
L.P.

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

Hexion Specialty Chemicals Inc.'s balance sheet at March 31,
2008, showed  the company had total assets of US$4.2 billion and
total liabilities of US$5.5 billion, resulting in a
shareholders' deficit of US$1.3 billion.  


PARKER DRILLING: S&P Keeps B+ Rating; Outlook Revised to Pos.
-------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Houston-based oil and gas contract driller Parker Drilling Co.
to positive from stable and affirmed its ratings, including the
'B+' corporate credit rating on the company.

"The outlook revision is based on the company's strong operating
performance and improved credit measures," said Standard &
Poor's credit analyst Aniki Saha-Yannopoulos.  "We expect
further improvement in operating performance from Parker's
recent capital expenditure program and favorable industry
conditions."

The receipt of the letter of intent from BP PLC's subsidiary for
a drilling contract in Alaska also improves Parker's outlook.
Standard and Poor's also expects that the resolution of the
Kazakhstan tax issue and Parker's exit from the Saudi Arabian
Joint Venture will allow Parker to focus on expanding its
operations.

The rating on Parker reflects the company's participation in a
highly competitive, cyclical industry; its capital spending
program; and operations in international markets and areas that
can expose it to geopolitical risks.  Business segment and
geographic diversity partially mitigate these weaknesses.

As of March 31, 2008, Parker had about US$396 million in debt,
adjusted for operating leases.


X5 RETAIL: Completes Formata Holding Acquisition
------------------------------------------------
X5 Retail Group N.V. has completed the acquisition of the entire
issued share capital of Formata Holding B.V., the owner of the
Karusel hypermarket chain and is ready to proceed to its  
integration.

In accordance with the share purchase agreement between X5 and
the shareholders of Formata as of June 25, 2008, X5 has
completed the acquisition of the entire issued share capital of
Formata on June 26, 2008, and the operational control over
Karusel has passed to X5 Retail Group.  

"We are happy to announce the completion of this strategic
transaction," Lev Khasis, the CEO of X5 Retail Group said.  "The
key focus for us now is integration and our efforts will be
concentrated on making this process as smooth and efficient as
possible."

                       About X5 Retail

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

                          *     *     *

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

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


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


COKE-KHIM-MONTAZH: Creditors Must File Claims by July 7
-------------------------------------------------------
Creditors of OJSC Coke-Khim-Montazh Magnitogorsk (TIN
7414001499) have until July 7, 2008, to submit proofs of claim
to:

         G. Mufazalov
         Temporary Insolvency Manager
         Apt. 84
         Shafieva Str. 10
         Ufa
         450083 Bashkortostan
         Russia
         Tel/Fax: (347) 248-81-17

The Arbitration Court of Chelyabinsk commenced bankruptcy
supervision procedure on the company.   The case is docketed
under Case No. A40-13574/08-74-44 B.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Coke-Khim-Montazh Magnitogorsk
         Building 1
         Stalevarov Str. 11
         Magnitogorsk
         455038 Chelyabinsk
         Russia


DANILOVSKIY FACTORY: Creditors Must File Claims by July 7
---------------------------------------------------------
Creditors of LLC Danilovskiy Factory of Wood Processing Machines
have until July 7, 2008, to submit proofs of claim to:

         S. Ilyushechkin
         Temporary Insolvency Manager
         Post User Box 17
         127106 Moscow
         Russia

The Arbitration Court of Yaroslavl will convene at 10:00 a.m. on
Aug. 5, 2008, to hear the company's bankruptcy supervision
procedure.  The case is docketed under Case No. A82-2910/
2008-30-B/23.

The Debtor can be reached at:

         LLC Danilovskiy Factory of Wood Processing Machines
         Zavodskaya Str. 7
         152070 Danilov
         Russia


GENERAL ICE: Moscow Bankruptcy Hearing Slated for September 23
--------------------------------------------------------------
The Arbitration Court of Moscow will convene on Sept. 23, 2008,
to hear the bankruptcy supervision procedure on CJSC General Ice
(TIN 7726257810).  The case is docketed under Case No. A40-7968/
08-38-24B.

The Temporary Insolvency Manager is:

         I. Zaytsev
         Post User Box 79
         119607 Moscow
         Russia

The Court is located at:

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

The Debtor can be reached at:

         CJSC General Ice
         Room 201
         Elektrolitnyj Pr. 5
         115230 Moscow
         Russia


MINERAL WATERS: Creditors Must File Claims by July 7
----------------------------------------------------
Creditors of LLC Mineral Waters (TIN 5405279416, OGRN
1045401939186) have until July 7, 2008, to submit proofs of
claim to:

         T. Sukhosyrova
         Temporary Insolvency Manager
         Nizhegorodskaya Str. 270/1
         630063 Novosibirsk
         Russia

The Arbitration Court of Novosibirsk commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A45-6128/2008.

The Court is located at:

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

The Debtor can be reached at:

         T. Sukhosyrova
         Temporary Insolvency Manager
         Nizhegorodskaya Str. 270/1
         630063 Novosibirsk
         Russia


SANDAL LLC: Buryatiya Bankruptcy Hearing Slated for August 20
-------------------------------------------------------------
The Arbitration Court of Buryatiya will convene at 4:20 p.m. on
Aug. 20, 2008, to hear the bankruptcy supervision procedure on
LLC Sandal.  The case is docketed under Case No. A10-2979/07.

The Temporary Insolvency Manager is:

         D .Badmazhapova
         Klyuchevskaya Str. 26-36
         Ulan-Ude
         670013 Buryatiya
         Russia

The Debtor can be reached at:

         LLC Sandal
         Apt. 41
         Karla Marksa Avenue 33
         Ulan Ude
         670031 Buryatiya
         Russia


SEVERSTAL OAO: To Distribute Dividends for Year 2007 and Q1 2008
----------------------------------------------------------------
The Annual General Meeting of Shareholders of OAO Severstal has
voted to distribute profit according to the fiscal year 2007 and
first quarter 2008 results, following approval of the annual
report and annual accounting statements, including profit and
loss statement.

Shareholders approved to pay dividends in the amount of RUR4 per
one ordinary registered share according to 2007 results, and
RUR5.20 per one ordinary registered share according to fist
quarter results.

                         About Severstal

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

                         *     *     *

As reported in the TCR-Europe on June 30, 2008, Fitch Ratings
said 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.

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

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


SEVERSTAL OAO: Shareholders Elect New Board of Directors
--------------------------------------------------------
The Annual General Meeting of Shareholders of OAO Severstal has
elected  a new Board of Directors:

   1. Alexey Mordashov,
   2. Mikhail Noskov,
   3. Anatoly Kruchinin,
   4. Vadim Makhov,
   5. Christopher Clark,
   6. Ronald Freeman,
   7. Peter Kraljic,
   8. Martin Angle,
   9. Rolf Stomberg, and
   10. Gregory Mason.

The AGM also elected an Audit Commission:

   1. Roman Antonov,
   2. Timur Bayazitov,
   3. Alexey Guryev.

The shareholders approved ZAO KPMG as OAO Severstal Auditor.  

                         About Severstal

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

                         *     *     *

As reported in the TCR-Europe on June 30, 2008, Fitch Ratings
said 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.

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

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


SISTEMA JFSC: Earns US$400.8 Million for First Quarter 2008
-----------------------------------------------------------
JSFC Sistema has published its unaudited consolidated U.S. GAAP
financial results for the three months ended March 31, 2008.

Sistema posted a 79.7% hike in net income to US$400.8 million
for the first three months 2008.  The company also posted a
39.7% increase in net consolidated revenues to US$3.8 billion
for the same period.

"Sistema delivered solid financial results in the first quarter
of 2008 which demonstrate strong fundamentals of the Group and
its underlying businesses. We intend to further strengthen
Sistema's position in the Russian and international markets as a
preeminent consumer services corporation," Leonid Melamed,
President and Chief Executive Officer, said.

"Our goal, which is branded "5 X 5 > 25," is to achieve Return
on Invested Capital for the Sistema Group of above 25% within
the 5-year period and maintain it at this level beyond."

The company's tools for achieving this goal are:

    * continued increase in the value of all assets of the Group
      justified by:

      -- delivering robust and transparent financial results;

      -- demonstrating excellent management of assets, including
         through partnerships with leading companies in
         respective sectors; and

      -- Diversifying risks and attracting capital, including
         through established partnerships with market leaders.

    * maintaining a strict fiscal discipline based on our TSR
      and ROIC-driven philosophy, as well as transparent KPIs
      for all public and non-public companies;

    * simplifying the Group's corporate structure;

    * demonstrating leadership in the execution of our portfolio
      strategy and management of daughter companies; and

    * becoming best in class in investor relations and corporate
      governance areas, and continuing to work with our minority
      shareholders in an open and transparent manner.

                        About Sistema

Headquartered in Moscow, Russia, Sistema JSFC
-- http://www.sistema.com/-- develops and manages market-
leading businesses in selected service-based industries,
including telecommunications, technology, insurance,
banking, real estate, retail and media.

                         *     *     *

Sistema JSFC currently carries a Ba3 long-term corporate family
rating and a B2 senior unsecured debt rating from Moody's, with
positive outlook.

The company also carries Standard & Poor's BB- long-term foreign
and local issuer credit ratings.  S&P said the outlook is
negative.

Sistema JSFC carries BB- Issuer Default rating from Fitch, which
said the outlook is stable.


SISTEMA JFSC: To Pay RUR2.4 Billion Annual Dividend
---------------------------------------------------
The Annual General Meeting of Shareholders of Sistema JSFC has
approved an annual dividend of RUR0.25 per ordinary share, or
around US$0.21 per Global Depositary Receipt, for the 12 months
ended Dec. 31, 2007, to be paid to holders of Sistema's shares
as at the record date of May 17, 2008.

The dividend payment amounts to over RUR2.4 billion or around
US$102 million.

Audit-Garantia-M was appointed as Sistema's Russian Accounting
Standards auditor for 2008, and Deloitte & Touche Regional
Consulting Services Limited was appointed as Sistema's U.S. GAAP
auditor for 2008.

                        About Sistema

Headquartered in Moscow, Russia, Sistema JSFC
-- http://www.sistema.com/-- develops and manages market-
leading businesses in selected service-based industries,
including telecommunications, technology, insurance,
banking, real estate, retail and media.

                         *     *     *

Sistema JSFC currently carries a Ba3 long-term corporate family
rating and a B2 senior unsecured debt rating from Moody's, with
positive outlook.

The company also carries Standard & Poor's BB- long-term foreign
and local issuer credit ratings.  S&P said the outlook is
negative.

Sistema JSFC carries BB- Issuer Default rating from Fitch, which
said the outlook is stable.


SISTEMA JFSC: Shareholders Elect New Board of Directors
-------------------------------------------------------
The Annual General Meeting of Shareholders of Sistema JSFC has
approved the election of two new members to the Board of
Directors.  The Board of Directors comprises four independent
non-executive directors and consists of 10 members.

Members of the Board of Directors are:

   1. Vladimir Evtushenkov, Chairman

   2. Alexander Goncharuk, Non-executive Director

   3. Vyacheslav Kopiev, Non-executive Director

   4. Dmitry Zubov, Non-executive Director

   5. Evgeny Novitsky, Non-executive Director

   6. Sergey Cheremin, Vice President, Head of External
      Relations

   7. Alexander Gorbatovsky, Non-executive and Independent
      Director

   8. Ron Sommer, Non-executive and Independent Director

   9. Stephan Newhouse, Non-executive and Independent Director,
      and

   10. Robert Skidelsky, Non-executive and Independent Director

                        About Sistema

Headquartered in Moscow, Russia, Sistema JSFC
-- http://www.sistema.com/-- develops and manages market-
leading businesses in selected service-based industries,
including telecommunications, technology, insurance,
banking, real estate, retail and media.

                         *     *     *

Sistema JSFC currently carries a Ba3 long-term corporate family
rating and a B2 senior unsecured debt rating from Moody's, with
positive outlook.

The company also carries Standard & Poor's BB- long-term foreign
and local issuer credit ratings.  S&P said the outlook is
negative.

Sistema JSFC carries BB- Issuer Default rating from Fitch, which
said the outlook is stable.


X5 RETAIL: Completes Formata Holding Acquisition
------------------------------------------------
X5 Retail Group N.V. has completed the acquisition of the entire
issued share capital of Formata Holding B.V., the owner of the
Karusel hypermarket chain and is ready to proceed to its  
integration.

In accordance with the share purchase agreement between X5 and
the shareholders of Formata as of June 25, 2008, X5 has
completed the acquisition of the entire issued share capital of
Formata on June 26, 2008, and the operational control over
Karusel has passed to X5 Retail Group.  

"We are happy to announce the completion of this strategic
transaction," Lev Khasis, the CEO of X5 Retail Group said.  "The
key focus for us now is integration and our efforts will be
concentrated on making this process as smooth and efficient as
possible."

                       About X5 Retail

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

                          *     *     *

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

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


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


GALON LLC: Creditors Must File Claims by July 12
------------------------------------------------
Creditors of LLC Galon (code EDRPOU 24926831) have until
July 12, 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 has commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 15/111-b.

The Debtor can be reached at:

         LLC Galon
         Krasnoarmeyskaya Str. 94
         03150 Kiev
         Ukraine


LOGIC OJSC: Creditors Must File Claims by July 11
-------------------------------------------------
Creditors of OJSC Rodon Subsidiary Company Production Enterprise
of Integral Chips Logic (code EDRPOU 25569209) have until
July 11, 2008, to submit proofs of claim to:

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

The Economic Court of Ivano-Frankovsk commenced bankruptcy
supervision procedure on the company after finding it insolvent
on May 27, 2008.  The case is docketed as B-21/62.

The Debtor can be reached at:

         OJSC Rodon Subsidiary Company Production Enterprise of
         Integral Chips Logic
         Vovchinetskaya Str. 225
         76000 Ivano-Frankovsk
         Ukraine


LUGANSK MINE: Creditors Must File Claims by July 11
---------------------------------------------------
Creditors of Lugansk Mine Building (code EDRPOU 05432402) have
until July 11, 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 20/32b.

The Debtor can be reached at:

         Lugansk Mine Building
         Sverdlovsk
         Lugansk
         Ukraine


NADBUZHANSKOYE LLC: Proofs of Claim Deadline Set July 12
--------------------------------------------------------
Creditors of Agricultural LLC Nadbuzhanskoye (code EDRPOU
21345252)have until July 12, 2008, to submit proofs of claim to:

         The Economic Court of Hmelnitskij
         Nezalezhnosti Square 1
         29000 Hmelnitskij
         Ukraine

The Economic Court of Hmelnitskij commenced bankruptcy
proceedings against the company after finding it insolvent on
May 27, 2008.  The case is docketed as 2/107-B.

The Debtor can be reached at:

         Agricultural LLC Nadbuzhanskoye
         Gorbasov
         Letichiv District
         Hmelnitskij
         Ukraine


RITE LLC: Creditors Must File Claims by July 12
-----------------------------------------------
Creditors of LLC Company Rite (code EDRPOU 33817178) have until
July 12, 2008, to submit proofs of claims to:

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

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent on June 4, 2008.
The case is docketed as B-50/77-08.

The Debtor can be reached at:

         LLC Company Rite
         Krasnoarmeyskaya Str. 11-a
         61052 Kharkov
         Ukraine


STAR-AUTO LLC: Creditors Must File Claims by July 11
----------------------------------------------------
Creditors of LLC Star-Auto (code EDRPOU 31085220) have until
July 11, 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 3, 2008.
The case is docketed as 28/469-b.

The Debtor can be reached at:

         LLC Star-Auto
         1st May Str. 1-A
         02088 Kiev
         Ukraine


YAVOROV MILK: Proofs of Claim Deadline Set July 11
--------------------------------------------------
Creditors of OJSC Yavorov Milk Plant (code EDRPOU 02773367) have
until July 11, 2008, to submit proofs of claim to:

         The Economic Court of Lvov
         Lichakivska Str. 81
         79010 Lvov
         Ukraine

The Economic Court of Lvov commenced bankruptcy proceedings
against the company after finding it insolvent on May 27, 2008.  

The Debtor can be reached at:

         OJSC Yavorov Milk Plant
         Velike Peredmistia Str. 1
         Yavorov
         81000 Lvov
         Ukraine


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


AVEBURY INTERNATIONAL: Crisis Send Firm into Administration
-----------------------------------------------------------
Avery International has gone into administration due to
difficult trading conditions, Alastair Craig writes for Evening
Chronicle.

Avebury, hit by the downturn in the construction industry, has
ceased trading with redundancies expected in the immediate
future, Evening Chronicle relates citing joint administrator
Steve Wood of Mazars LLP.

"Contracts with value in excess of GBP60 million have been
canceled or delayed in the last four months leaving the Group
with no option but to cease trading," Mr. Wood was quoted by
Evening Chronicle as saying.

Avery, Evening Chronicle discloses, was tapped to oversee
construction of Live Smart@Home's BoKlok development in
Gateshead.  

"The sub-contractors who were being managed by Avebury are now
being managed by Live Smart@Home and we have taken overall
project management of the scheme," a spokesman for Lve Smart @
Home told Evening Chronicle.


BUNCHES UPMINSTER: Brings In Liquidators from Vantis
----------------------------------------------------
G. Mummery and P. Atkinson of Vantis Business Recovery Services
were appointed joint liquidators of Bunches (Upminster) Ltd. on
June 11, 2008, for the creditors' voluntary winding-up  
proceeding.

The joint liquidators can be reached at:

         Vantis Business Recovery Services
         43-45 Butts Green Road
         Hornchurch
         Essex
         RM11 2JX
         England


CAPRICORN HOMES: Credit Crunch Sends Firm into Administration
-------------------------------------------------------------
Guernsey-based housebuilder Capricorn Homes has gone into
administration after being hit by the credit crunch, Michael
Glackin writes for building, citing administrator KPMG.

building adds accounts filed at Companies House showed that the
company made a profit of GBP1.1 million in 2005 on a turnover of
over GBP7 million.


CHARLES BAILEY: Michael Young Leads Liquidation Procedure
---------------------------------------------------------
Michael Young of Vantis was appointed liquidator of Charles
Bailey Ltd. on June 20 for the creditors' voluntary winding-up
procedure.

The liquidator can be reached at:

         Vantis
         Torrington House
         47 Holywell Hill
         St. Albans
         Herts
         AL1 1HD
         England


CHESAPEAKE CORP: Moody's May Lower Ratings After Review
-------------------------------------------------------
Moody's Investors Service placed all the credit ratings of
Chesapeake Corporation on review for possible downgrade.

This rating action follows Chesapeake's announcement on
June 27, 2008 that the completion of a proposed new credit
facility will not be completed prior to the expiration of the
commitment letter on July 1, 2008.  

Chesapeake further announced it is reviewing its balance sheet
and exploring other alternatives for reducing leverage and
improving its capital structure, in addition to the continued
pursuit of asset sales to reduce debt. The existing credit
facility matures in February 2009 and had an outstanding balance
of US$185 million as of March 30, 2008.

Moody's review for possible downgrade will primarily focus on
the company's near-term liquidity pressures.  Despite a recent
amendment to the existing credit agreement that relaxed
financial covenant levels through the end of 2008, Moody's is
concerned that Chesapeake may breach its financial covenants at
June 30, 2008.  Regardless, Moody's estimates that effective
availability under the revolver has been significantly
diminished due to covenant constraints.

Furthermore, an amendment to the current U.K. pension recovery
plan has not yet been finalized; unless an amended recovery plan
is completed beforehand, Chesapeake is obligated to make a
GBP35.6 million supplementary contribution to the plan on July
15, 2008.

Moody's placed these ratings of Chesapeake Corporation on review
for possible downgrade:

   -- US$18.75 million 6.375% senior unsecured revenue bonds due
      2019, B3/LGD3 (48%)

   -- US$31.25 million 6.25% senior unsecured revenue bonds due
      2019, B3/LGD3 (48%)

   -- GBP67.1 million 10.375% senior subordinated notes due
      2011, Caa1/LGD5 (72%)

   -- EUR100 million 7% senior subordinated eurobonds due 2014,
      Caa1/LGD5 (72%)

   -- Corporate Family Rating, B2

   -- Probability of Default Rating, B3

Headquartered in Richmond, Virginia, Chesapeake Corporation is a
leading international supplier of specialty paperboard and
plastic packaging. Revenues for the 12-month period ended
March 30, 2008, were US$1.04 billion.


DALESMOOR HOMES: Credit Crunch Prompts Administration Move
----------------------------------------------------------
Lancaster-based housebuilder Dalesmoor Homes has gone into
administration, blaming the credit crunch, Michael Glackin of
building reports.  The company has assets of GBP2.5 million,
building adds.


FOOTLOGIC LTD: Appoints Liquidator from Mazars
----------------------------------------------
Timothy Colin Hamilton Ball of Mazars LLP was appointed
liquidator of Footlogic Ltd. on May 28 for the creditors'
voluntary winding-up procedure.

The liquidator can be reached at:

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


HUNTSMAN CORP: Suit Against Apollo Baseless, Hexion Says  
--------------------------------------------------------
Hexion Specialty Chemicals Inc. issued a statement in response
to a suit filed by Huntsman Corp. in Texas:

"It is unfortunate that Huntsman has chosen to file a baseless
lawsuit against Apollo and to personally sue two of its
principals.  Huntsman's Texas suit violates a clear provision of
the merger agreement which requires that any litigation be
brought exclusively in the State of Delaware.  As we alleged in
our suit, primarily due to Huntsman's underperformance, we
believe that consummating the merger on the basis of the capital
structure agreed to with Huntsman would render the combined
company insolvent.  In fact, Huntsman's suit does not dispute
that the combined company would be insolvent.  We believe
Huntsman's lawsuit is wholly without merit."

As reported in the Troubled Company Reporter-Europe on
June 24, 2008, Huntsman Corp. filed a suit against Apollo
Management L.P. and partners Leon Black and Joshua Harris in
Conroe, Texas, for fraud and tortuous interference in connection
with inducing Huntsman to terminate its merger agreement with
Basell AF, a Dutch manufacturer, to enter into a merger
agreement with Apollo affiliate Hexion Specialty Chemicals
instead.  

The Troubled Company Reporter disclosed on June 20, 2008, that
Hexion Specialty and related entities filed a suit in the
Delaware Court of Chancery to declare its contractual rights
with respect to a US$10.6 billion merger agreement, which
includes the assumption of debt, with Huntsman.

In the petition filed, Huntsman seeks a jury trial to determine
the defendants' liability to Huntsman for actual damages
exceeding US$3 billion, plus exemplary damages.

                     About Huntsman Corp.

Huntsman Corp. (NYSE:HUN) -- http://www.huntsman.com/--  
manufactures and markets differentiated and commodity chemicals.  
Its operating companies manufacture products for a variety of
global industries including chemicals, plastics, automotive,
aviation, textiles, footwear, paints and coatings, construction,
technology, agriculture, health care,  detergent, personal care,
furniture, appliances and packaging.  Originally known for
pioneering innovations in packaging and, later for rapid and
integrated growth in petrochemicals, Huntsman today has 13,000
employees and operates from multiple locations worldwide,
including Argentina, Belarus, Japan, Luxembourg, Malaysia, Spain
and the United Kingdom, among others.  The Company had 2007
revenues of approximately US$10 billion.

                     About Hexion Specialty

Based in Columbus, Ohio, Hexion Specialty Chemicals Inc. --
http://www.hexionchem.com/-- is a producer of thermosetting      
resins, or thermosets.  Thermosets are a critical ingredient in
virtually all paints, coatings, glues and other adhesives
produced for consumer or industrial uses.  Hexion Specialty
Chemicals is controlled by an affiliate of Apollo Management
L.P.

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

Hexion Specialty Chemicals Inc.'s balance sheet at March 31,
2008, showed  the company had total assets of US$4.2 billion and
total liabilities of US$5.5 billion, resulting in a
shareholders' deficit of US$1.3 billion.  


POLAR PRINT: Calls in Administrators from KPMG
----------------------------------------------
Polar Print Group has called in joint administrators from KPMG
LLP, William Mitting writes for the PrintWeek.

According to Polar Print Managing director David Gask, PrintWeek
reports, the company's collapse was due to shortened credit term
and lower credit limits.

Polar Print ran into financial trouble starting March 2008 when
its bank facility was not renewed.

Richard Philpott of KPMG said that during the past 12 months,
the company lost two major contracts and was unable to recover
the loss.

The company's credit report from ICSM says that Polar Print
received two County Court Judgments in April and May 2008,
totaling almost GBP60,000.

Headquartered in Leicester, U.K., Polar Print Group --
http://www.polargroup.co.uk/-- is an environment friendly  
printer with 45 personnel manning it's business.


VEDANTA RESOURCES: S&P Rates Proposed Senior Unsec. Notes at BB
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' rating to
the proposed two-tranche senior unsecured notes (comprising of a
five-and-a-half-year US$500 million tranche due 2014, and a 10-
year US$750 million tranche due 2018) of Vedanta Resources PLC
(foreign currency rating BB/Positive/--).


* Moody's Investors Service Rates 13 Static CPDO Notes
------------------------------------------------------
Moody's Investors Service has taken rating actions on 13 series
of static constant proportion debt obligations based on the
application of updated surveillance tools that take into account
the new dynamics brought about by the current market crisis.

The resulting rating actions include eight downgrades of one to
three notches, which reflect ongoing vulnerability in light of
underlying fundamentals.  There were also two upgrades of one
notch and three confirmations, reflecting relatively better
transaction performance since the last rating actions taken. All
13 CPDO transactions were previously downgraded on March 10,
2008 and left under review for further possible downgrade.

"The dramatic widening of spreads that started in summer 2007
and developed into the first half of 2008 has introduced
exceptional volatility," says Nicolas Weill, Group Managing
Director and Chief Credit Officer.

Moody's approach relies on two different tests that the
monitored transaction must pass.  These tests assess the
performance of the CPDO both in the short term and in the long
term and are based on parameters that vary according to the
rating level.  A special report fully describing the two tests
and their parameters will be published in the coming weeks.

Accounting for Increased Volatility

When monitoring CPDO transactions, Moody's has identified two
main risks.  The near-term risk is that of a cash-out event due
to a rapid and significant spread widening. The second is a
long-term risk that the CPDO proves unable  to rebuild its net
asset value and consequently to repay principal and interest due
at or before maturity.

A CPDO typically involves a special purpose vehicle (SPV) that
issues notes, the proceeds of which are used to invest in non-
risky, liquid assets (typically a cash deposit).  In parallel,
the SPV enters into an agreement that replicates the sale of
protection on a portfolio of investment-grade names, such as
indexes that are widely traded like Itraxx or Globox, or bespoke
portfolios.

The notional amount of the risk exposure is significantly larger
than the outstanding amount of the notes -- that is, the
transaction is highly leveraged.  Since the CPDO investor takes
on a leveraged exposure to synthetic credit indices or bespoke
portfolios, the evolution of credit spreads can significantly
affect the transaction.

A cash-out event occurs when the net asset value of the
transaction falls below a certain threshold and causes the
transaction to unwind, exposing noteholders to loss.  The NAV is
the aggregate value of the assets of the SPV -- that is, the sum
of the cash deposit account and the mark-to-market value of the
leveraged credit default swap position.

Moody's surveillance of CPDOs considers the degree of spread
widening, occurring over periods of one day, one week and one
month, that the transaction is able to sustain without cashing
out.  Moody's applies these levels of widening starting from the
current NAV level of the transaction.  Moody's also takes into
account the specific leverage formula of the deal.  
Consequently, any relevant de-leveraging transaction-specific
feature that would kick in during the week or the month has been
accounted for in the analysis.

In addition, those transactions that have incurred reductions in
NAV are exposed to risk of not rebuilding it to par.  When
analyzing the long-term risk that the transaction fails to pay
all amounts due at or before maturity, Moody's models the future
evolution of the NAV from the current level under specific
scenarios consistent with various ratings.  The scenarios used
for this test were devised to simulate two extreme paths in
which spreads either tighten or widen sharply.

The resulting ratings are usually based on the worst outcome of
the three scenarios (short term cash out, long term spread
widening and long term spread tightening).

13 CPDO Ratings Affected

Following the implementation of the above-described monitoring
approach, Moody's has downgraded the ratings of eight series of
Globox-based CPDO notes, upgraded two, and confirmed the ratings
of three.

The rating actions are as follows:

Downgrades

    * Series 7 EUR325,000,000 SURF CPDO Issued by Castle Finance
      I Limited

   -- Current rating: Ba3
   -- Prior rating: Ba2, on review for downgrade

    * Series 8 USD 100,000,000 SURF CPDO Issued by Castle
      Finance I Limited

   -- Current rating: Ba3
   -- Prior rating: Ba2, on review for downgrade

    * Series 2 USD 25,000,000 SURF CPDO Issued by Castle Finance
      II Limited

   -- Current rating: Ba2
   -- Prior rating: Baa2, on review for downgrade

    * Series 9 EUR60,000,000 SURF CPDO Issued by Castle Finance
      I Limited

   -- Current rating: B1
   -- Prior rating: Ba2, on review for downgrade

    * Series 2006-1 USD 25,000,000 Credit Linked Notes Issued by       
      Thebes Capital PLC

   -- Current rating: B1
   -- Prior rating: Ba2, on review for downgrade

    * Series 2007-2 USD 10,000,000 R Evolution Credit Linked
      Notes issued by SEA CDO Ltd

   -- Current rating: Baa2
   -- Prior rating: A2, on review for downgrade

    * Series 2007-3 EUR50,000,000 R Evolution Credit Linked
      Notes issued by SEA CDO Ltd

   -- Current rating: Baa1
   -- Prior rating: A1, on review for downgrade

    * Series 2007-5 USD 10,000,000 R Evolution Credit Linked
      Notes issued by SEA CDO Ltd

   -- Current rating: Baa1
   -- Prior rating: A2, on review for downgrade

Upgrades

    * Series 2007-1 USD 25,000,000 "Artemis" DPI Notes issued by
      Thebes Capital PLC

   -- Current rating: Baa3
   -- Prior rating: Ba1, on review for downgrade

    * Series 2006-3 EUR50,000,000 RIDERS Notes due 2017 issued
      by Magnolia Finance IV plc

   -- Current rating: Ba1
   -- Prior rating: Ba2, on review for downgrade

Confirmations

    * Series DE EUR10,000,000 RECIPES Notes Issued by Aquarius +
      Investments PLC

   -- Current rating: Ba1
   -- Prior rating: Ba1, on review for downgrade

    * Series 2007-2 EUR4,000,000 "Artemis" DPI Notes issued by
      Thebes Capital PLC

   -- Current rating: Ba1
   -- Prior rating: Ba1, on review for downgrade

    * Series 2006-18 JPY 10,000,000,000 Riders Notes issued by
      Magnolia Finance IV plc

   -- Current rating: Ba2
   -- Prior rating: Ba2, on review for downgrade

The managed CPDO's remain under review for possible downgrade.


* Standard & Poor's Rates 110 European Synthetic CDOs
-----------------------------------------------------
Standard & Poor's Ratings Services has taken credit rating
actions on 110 European synthetic collateralized debt obligation
tranches.
  
Specifically, the ratings on:

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

   -- 20 tranches were lowered and remain on CreditWatch
      negative; and

   -- One tranche was removed from CreditWatch with positive
      implications and affirmed.
  
Of the 109 tranches lowered:

   -- 29 reference U.S. residential mortgage-backed securities
      and U.S. CDOs that are exposed to U.S. RMBS, which have
      experienced recent negative rating actions; and

   -- 80 have experienced corporate downgrades in their
      portfolios.
  
Rating Action Summary
  
         Downgrades  Upgrades  Key corporate
         (no. of     (no. of   downgrades*
         tranches)   tranches)
  
Jan. 8   57          8         United Parcel Service Inc.
                               (AAA/Watch Neg to AA-/Stable)
                               Jan. 9, 2008
                               Quebecor World Inc.
                               (CCC/Watch Neg to D)
                               Jan. 16, 2008
Feb. 8   90          9         GMAC LLC
                               (BB+/Negative to B+/Negative)
                               Feb. 22, 2008
                               Residential Capital, LLC
                               (BB+/Negative to B/Negative)
                               Feb. 22, 2008
Mar. 8   79          2         FGIC Corp.
                               (BBB/Watch Neg to B/Negative)
                               March 28, 2008
                               FGIC UK Ltd.
                               (A/Watch Neg to BB/Negative)
                               March 28, 2008
Apr. 8  118          9         Royal Caribbean Cruises Ltd.
                               (BBB-/Negative to BB+/Stable)
                               April 3, 2008
                               Residential Capital, LLC
                               (B/Negative to CCC+/Watch Neg)
                               April 24, 2008
May 8   152          1         Countrywide Home Loans, Inc.
                               (BBB+/Watch Pos to BB+/Watch Dev)
                               May 2, 2008
                               Residential Capital, LLC
                               (CCC+/Watch Neg to CC/Watch Neg)
                               May 2, 2008
June 8  109          0         Ambac Assurance Corp.
                               (AAA/Negative to AA/Watch Neg)
                               June 5, 2008
                               MBIA Inc.
                               (AA-/Negative to A-/Watch Neg)
                               June 5, 2008
*Those corporate names that have experienced a significant notch
downgrade as well as being highly referenced within European
synthetic CDOs.

NR—Not rated.
  
For those transactions that have been on CreditWatch negative
for longer than 90 days, where we have either not received
material levels of information or relative portfolio credit
quality has not improved since the CreditWatch placement to a
level sufficient to affirm the rating, S&P has modeled recovery
rates in accordance with our criteria and assessed portfolio
quality based on its credit quality today.

These rating actions and the CreditWatch updates follow two
reviews.  The first review was of the CreditWatch placements
made on June 12, 2008.  The second review was of the ratings on
tranches that have been on CreditWatch negative for more than 90
days.
  
Where SROC (synthetic rated overcollateralization) is less than
100%, S&P runs scenarios that project the current portfolio 90
days into the future, assuming no asset rating migration. Where
this projection indicates that the SROC would return to a level
above 100% at that time, the rating is maintained, but S&P
places it on CreditWatch negative.  If, on the other hand, the
projection indicates that the SROC would remain below 100%, we
immediately lower the rating.
  
                          Ratings List
  
Class (where applicable)
To                From               Rating     SROC  Projected
                                     scenario  today    90 day+
                                                 (%)    SROC(%)
  
ABN AMRO Bank N.V.
EUR100 million Rente Plus notes 5
BBB+              A-/Watch Neg       A-      99.8882    99.9673
                                     BBB+   100.7018   100.8169
  
Aldersgate Finance Ltd.
EUR249.5 million floating-rate credit-linked notes
B
A-                A/Watch Neg        A       99.8127    99.9587
                                     A-     100.1868   100.3479
  
Alexandria Capital PLC
EUR212 million secured floating-rate credit-linked notes series
2004-12 (Karnak)
A2b
AA+/Watch Neg     AAA/Watch Neg      AAA     99.5665    99.9455
                                     AA+     99.9989   100.5796
  
Angel Court CDO PLC
EUR60 million tranche B secured floating-rate notes series 2006-
1
B
BBB+              A+/Watch Neg       A+      99.4802    99.4689
                                     A       99.6254    99.6110
                                     A-      99.8736    99.8657
                                     BBB+   100.2273   100.2324
  
Angel Court CDO PLC
US$2 million tranche B secured fixed-rate notes series 2006-2
B
BBB+              A+/Watch Neg       A+      99.4802    99.4689
                                     A       99.6254    99.6110
                                     A-      99.8736    99.8657
                                     BBB+   100.2273   100.2324
  
Angel Court CDO PLC
EUR15 million tranche B secured floating-rate notes series 2006-
3
A-                AA/Watch Neg       AA      99.4530    99.4619
                                     AA-     99.6194    99.6128
                                     A+      99.7953    99.7841
                                     A       99.9410    99.9267
                                     A-     100.1900   100.1822
  
Angel Court CDO PLC
US$10 million tranche B secured floating-rate notes series 2006-
4
A-                AA/Watch Neg       AA      99.4530    99.4619
                                     AA-     99.6194    99.6128
                                     A+      99.7953    99.7841
                                     A       99.9410    99.9267
                                     A-     100.1900   100.1822
  
Angel Court CDO PLC
US$30 million secured tranche B floating-rate notes series 2006-
5
BBB+              A+/Watch Neg       A+      99.4801    99.4689
                                     A       99.6253    99.6110
                                     A-      99.8735    99.8657
                                     BBB+   100.2272   100.2324
  
Angel Court CDO PLC
EUR20 million tranche A secured floating-rate notes series 2006-
6
A
A+                AA/Watch Neg       AA      99.7691    99.7780
                                     AA-     99.9360    99.9294
                                     A+     100.1125   100.1012
  
Angel Court CDO PLC
US$10 million tranche B secured floating-rate notes series 2006-
7
BBB+              A+/Watch Neg       A+      99.4801    99.4689
                                     A       99.6253    99.6110
                                     A-      99.8735    99.8657
                                     BBB+   100.2272   100.2324
  
Angel Court CDO PLC
US$25 million tranche A secured floating-rate notes series 2006-
11
AA-/Watch Neg     AA+/Watch Neg      AA+     98.7802    99.4973
                                     AA      99.2026    99.9877
                                     AA-     99.3685   100.0974
  
Argon Capital PLC
US$10 million Gansevoort CDO limited recourse secured floating-
rate
credit-linked class B notes series 36
B
A-                AA/Watch Neg       AA      98.9523    98.9523
                                     AA-     99.0499    99.0499
                                     A+      99.8018    99.8018
                                     A       99.8807    99.8807
                                     A-     100.0561   100.2008
  
Argon Capital PLC
US$10 million Gansevoort CDO limited recourse secured floating-
rate
credit-linked class A notes series 37
A
AA+               AAA/Watch Neg      AAA     98.7239    98.8802
                                     AA+    100.0505   100.0505
  
Argon Capital PLC
US$51 million limited-recourse secured credit-linked floating-
rate notes series
60
B                 BBB+/Watch Neg     BBB+    96.0861    96.0861
                                     BBB     96.8639    96.8639
                                     BBB-    97.9095    97.9095
                                     BB+     98.4675    98.4675
                                     BB      99.0105    99.0105
                                     BB-     99.4761    99.4761
                                     B+      99.9748    99.9748
                                     B      100.5358   100.5358
  
Astir B.V.
EUR150 million and EUR100 million Tap issuance floating-rate
variable coupon
amount credit-linked notes series 14 (Regatta)
A/Watch Neg       A+/Watch Neg       A+      99.8745    99.9705
                                     A       99.9770   100.0743
  
Astir B.V.
EUR10 million fixed-rate variable coupon amount credit-linked
notes series 15
(Regatta)
A/Watch Neg       A+/Watch Neg       A+      99.8745    99.9705
                                     A       99.9770   100.0743
  
Baker Street Finance Ltd.
EUR519.2 million floating-rate credit-linked notes
A-2
AA+               AAA/Watch Neg      AAA     99.4618    99.7450
                                     AA+    100.8339   101.0830
B
A+/Watch Neg      AA+/Watch Neg      AA+     97.1581    97.3981
                                     AA      98.5775    98.7893
                                     AA-     99.1844    99.3954
                                     A+      99.8269   100.0295
  
Bassi Co. Ltd.
EUR15 million floating-rate secured portfolio callable credit-
linked notes
series 3
A
AA                AA+/Watch Neg      AA+     98.8113
                                     AA     131.6526
  
Brooklands Euro Referenced Linked Notes 2004-1 Ltd.
EUR182.5 million and ¥677.5 million fixed- and floating-rate
notes
C-Y
A-                A/Watch Neg        A       99.6513    99.7372
                                     A-     100.0371   100.1187
D
BB+               BBB/Watch Neg      BBB     99.0924    99.1682
                                     BBB-    99.7208    99.8034
                                     BB+    100.6108   100.7025
E
B                 BB/Watch Neg       BB      99.1748    99.2580
                                     BB-     99.4350    99.5052
                                     B+      99.8534    99.9109
                                     B      100.2066   100.2638
  
Brooklands Euro Referenced Linked Notes 2005-1 Ltd.
EUR200 million fixed- and floating-rate notes
C
A-/Watch Neg      A/Watch Neg        A       99.5051    99.6816
                                     A-      99.9051   100.0757
D
BBB-              BBB/Watch Neg      BBB     99.8000    99.9551
                                     BBB-   100.6845   100.8328
  
Calyon and Citibank N.A.
US$5 million tranche C unfunded credit default swap (Piccadilly
II)
BBB-              BBB/Watch Neg      BBB     99.9036    99.9935
                                     BBB-   100.5281   100.6138
  
Cerigo Capital Ltd.
EUR49 million and US$1 million denominated secured floating-rate
credit-linked
notes series 2007-1 (Dolomite)
A-e1
A+/Watch Neg      AA-/Watch Neg      AA-     99.7439    99.8465
                                     A+      99.9357   100.0369
  
Chiswell Street Finance Ltd.
EUR135.5 million floating-rate credit-linked notes
A Senior
AA-               AA/Watch Neg       AA      99.9556    99.9663
                                     AA-    100.4248   100.4743
  
Claris III Ltd.
EUR100 million floating-rate credit-linked notes series 09/2007
BBB+              A-/Watch Neg       A-      99.8964    99.9840
                                     BBB+   100.1662   100.2616
  
Claris IV Ltd.
EUR40 million Carmel Valley 2006-3 synthetic CDO of RMBS
variable-rate notes
series 5
BB-               BBB-/Watch Neg     BBB-    98.2650    98.2650
                                     BB+     98.4718    99.2302
                                     BB      99.2302    99.3106
                                     BB-    100.2758   100.2758
  
Claris IV Ltd.
EUR5 million Carmel Valley 2006-3 synthetic CDO of RMBS
variable-rate notes
series 6
B                 BB/Watch Neg       BB      98.2145    98.2941
                                     BB-     99.2494    99.2494
                                     B+      99.2494    99.2494
                                     B      100.2843   100.2843
  
Claris IV Ltd.
US$17.5 million Carmel Valley synthetic CDO of RMBS variable-
rate notes series 7
B                 BB/Watch Neg       BB      98.2145    98.2941
                                     BB-     99.2494    99.2494
                                     B+      99.2494    99.2494
                                     B      100.2843   100.2843
  
Claris IV Ltd.
US$39 million Leibnitz 2006-1 synthetic CDO of RMBS variable-
rate notes series
8/2006
CCC+              B-/Watch Neg       B-      99.9385    99.9385
                                     CCC+   103.2360   103.2360
  
Coriolanus Ltd.
EUR14.956 million floating-rate secured notes series 14
A
BBB+              A-/Watch Neg       A-      99.2793    99.2793
                                     BBB+   100.0571   100.0571
  
Coriolanus Ltd.
EUR25 million floating-rate secured notes series 62
A+/Watch Neg      AA-/Watch Neg      AA-     99.6629    99.7824
                                     A+      99.9564   100.0648
  
Coriolanus Ltd.
US$50 million class B secured floating-rate notes series 63
B
CCC+              B/Watch Neg        B       96.6798    96.7218
                                     B-      99.7847    99.8164
                                     CCC+   105.3947   105.4399
  
Corsair Finance (Ireland) No. 6 Ltd.
EUR74 million rotating SPI basket variable-rate secured
portfolio credit-linked
notes series 12
A+/Watch Neg      AA-/Watch Neg      AA-     99.7773    99.8598
                                     A+      99.9306   100.0132
  
C.L.E.A.R. PLC
JPY3 billion limited-recourse secured credit-linked variable-
rate notes series
32 (Aramis)
CCC+              B-/Watch Neg       B-      99.9829    99.9802
                                     CCC+   102.9056   102.9056
  
C.L.E.A.R. PLC
AUS$10 million limited-recourse secured credit-linked variable-
rate notes series
34 (Aramis)
CCC+              B-/Watch Neg       B-      99.9829    99.9802
                                     CCC+   102.9056   102.9056
  
C.L.E.A.R. PLC
US$25 million limited-recourse secured credit-linked variable-
rate notes series
38 (Aramis)
BBB-              BBB/Watch Neg      BBB     98.8605    98.8561
                                     BBB-   100.3777   100.3644
  
C.L.E.A.R. PLC
EUR20 million limited-recourse secured credit-linked variable-
rate notes series
39 (Aramis)
BBB               BBB+/Watch Neg     BBB+    99.9268    99.9185
                                     BBB    100.8080   100.8035
  
Curzon Funding Ltd.
US$80 million step-up notes series 2006-2 (Horizon CDO VII)
D
BBB-              BBB/Watch Neg      BBB     99.8579    99.8579
                                     BBB-   100.4016   100.4016
  
Delta CDO PLC
US$142.5 million floating-rate credit-linked secured notes
series 2005-2
C-1
A-                AA+/Watch Neg      AA+     98.7254    98.9557
                                     AA      99.5301    99.5949
                                     AA-     99.6285    99.7231
                                     A+      99.7905    99.9217
                                     A       99.9270    99.9914
                                     A-     100.1419   100.2541
E-1
BB+               BBB-/Watch Neg     BBB-    99.7593    99.8007
                                     BB+    100.0545   100.0545
K-1
BBB+/Watch Neg    AA/Watch Neg       AA      98.7550    98.8192
                                     AA-     98.8525    98.9464
                                     A+      99.0133    99.1435
                                     A       99.1487    99.2127
                                     A-      99.3620    99.4733
                                     BBB+    99.9736   100.0144
  
Edam Funding One Ltd.
EUR70 million limited-recourse variable-coupon credit-linked and
inflation-linked notes series 04-02
AA+/Watch Neg     AAA/Watch Neg      AAA     98.4531   100.2701
                                     AA+     99.6941   101.2739
  
Eirles Four Ltd.
US$9.6 million variable rate secured notes, Series 61
BB+               AAA/Watch Neg      AAA     85.1188    85.2479
                                     AA+     86.9758    87.1227
                                     AA      89.6066    89.6476
                                     AA-     90.4827    90.5595
                                     A+      91.4374    91.5293
                                     A       92.2286    92.3013
                                     A-      93.1551    93.2477
                                     BBB+    94.5513    94.6542
                                     BBB     95.9824    96.0271
                                     BBB-    98.1792    98.2237
                                     BB+    100.6905   100.7631
  
Eirles Four Ltd.
US$70.4 million variable rate secured notes, Series 62
CCC-              A/Watch Neg        A       86.5970    86.6685
                                     A-      87.5221    87.5977
                                     BBB+    88.9111    89.0000
                                     BBB     90.3018    90.3516
                                     BBB-    92.4593    92.5213
                                     BB+     94.9056    94.9653
                                     BB      96.1920    96.2532
                                     BB-     96.8084    96.8624
                                     B+      97.6145    97.6780
                                     B       98.4081    98.4442
                                     B-      98.7400    98.7769
                                     CCC+    99.2302    99.2302
                                     CCC     99.5104    99.5271
                                     CCC-   100.1247   100.1473
  
Eirles Two Ltd.
US$35.7 million variable rate secured notes series 144
CCC               CCC+/Watch Neg     CCC+    99.9998    99.9998
                                     CCC    100.3564   100.3573
  
Eirles Two Ltd.
US$18 million class C variable-rate secured notes series 270
C
CCC               CCC+/Watch Neg     CCC+    99.6021    99.6649
                                     CCC    100.1787   100.1819
  
Eirles Two Ltd.
US$55 million floating-rate portfolio credit-linked secured
notes series 273
BB-               BB/Watch Neg       BB      99.5923    99.7597
                                     BB-    101.4983   101.6915
  
Eirles Two Ltd.
US$25 million floating-rate portfolio credit-linked secured
notes series 274
B                 B+/Watch Neg       B+      98.7017    98.7017
                                     B      100.3271   100.3271
  
Eirles Two Ltd.
US$17 million variable-rate secured notes series 307
A-4
B                 BB-/Watch Neg      BB-     99.3390    99.4145
                                     B+      99.9156    99.9314
                                     B      100.3626   100.4261
  
Eirles Two Ltd.
EUR35 million CPPI strategy credit-linked secured notes series
309
BBB               AAA/Watch Neg      AAA     96.8162    96.9265
                                     AA+     97.2453    97.3610
                                     AA      97.7777    97.9017
                                     AA-     98.0773    98.2004
                                     A+      98.3525    98.4651
                                     A       98.5889    98.7051
                                     A-      98.9714    99.0841
                                     BBB+    99.4343    99.5501
                                     BBB    100.0487   100.1630
  
Eirles Two Ltd.
EUR35 million zero-coupon portfolio credit-linked secured notes
series 312
BBB               BBB+/Watch Neg     BBB+    99.8551    99.9682
                                     BBB    100.3656   100.4795
  
Eirles Two Ltd.
JPY3.7 billion variable-rate secured notes series 317
A-4
B                 BB-/Watch Neg      BB-     99.3390    99.4145
                                     B+      99.9156    99.9314
                                     B      100.3626   100.4261
  
Eirles Two Ltd.
US$66 million floating-rate leveraged super senior secured
credit-linked notes
series 331
A+                AA-/Watch Neg      AA-     99.0833    99.0833
                                     A+     103.1111   103.1111
  
Eirles Two Ltd.
EUR34.062 million variable- and deferrable-rate secured notes
series 336
AA                AA+/Watch Neg      AA+     99.7872    99.8616
                                     AA     100.1916   100.2759
  
Elva Funding PLC
EUR157 million, JPY4.15 billion and US$28 million floating- and
fixed-rate notes
series 2005-2
D-5
AA                AA+/Watch Neg      AA+     99.6377
                                     AA     100.5876
  
Far East Funding I SPC Ltd.
US$10 million deferrable notes series 2007-03
A                 AA/Watch Neg       AA      99.5788    99.6245
                                     AA-     99.7340    99.7732
                                     A+      99.8871    99.9203
                                     A      100.0212   100.0512
  
Far East Funding I SPC Ltd.
US$0.01 million deferrable notes series 2007-05
AA+               AAA/Watch Neg      AAA     99.8362    99.9039
                                     AA+    100.0960   100.1443
  
Far East Funding I SPC Ltd.
US$20 million deferrable notes series 2007-10
AA+               AAA/Watch Neg      AAA     99.8362    99.9039
                                     AA+    100.0960   100.1443
  
Far East Funding I SPC Ltd.
US$10 million deferrable notes series 2007-20
AA+               AAA/Watch Neg      AAA     99.8415    99.8675
                                     AA+    100.0975   100.1273
  
Herald Ltd.
US$17.2 million floating-rate credit-linked secured notes (Logan
CDO) series 27
B
CCC+              B-/Watch Neg       B-      99.8797    99.8932
                                     CCC+   100.3037   100.3115
  
Ionia Capital PLC
EUR47.5 million fixed- and floating-rate credit-linked notes
series 2006-2
Ae1
BBB+              A-/Watch Neg       A-      99.7717    99.8952
                                     BBB+   100.2158   100.3512
Ae2
BBB+              A-/Watch Neg       A-      99.7717    99.8952
                                     BBB+   100.2158   100.3512
  
Ionia Capital PLC
US$11 million floating-rate credit-linked notes series 2006-4
Au1
BBB+              A-/Watch Neg       A-      99.7717    99.8952
                                     BBB+   100.2158   100.3512
  
Ionia Capital PLC
EUR26 million secured fixed- and floating-rate credit-linked
notes series 2006-5
Ae1
A+/Watch Neg      AA-/Watch Neg      AA-     99.7228    99.8705
                                     A+      99.9796   100.1296
Ae2
A+/Watch Neg      AA-/Watch Neg      AA-     99.7228    99.8705
                                     A+      99.9796   100.1296
Ae3
A+/Watch Neg      AA-/Watch Neg      AA-     99.7228    99.8705
                                     A+      99.9796   100.1296
Be2
BBB+              A-/Watch Neg       A-      99.7599    99.9021
                                     BBB+   100.2791   100.4248
  
Linker Finance PLC
US$86.5 million class B floating-rate secured notes series 2
(Tsar 16)
B
B+                BB-/Watch Neg      BB-     99.8156    99.9540
                                     B+     100.3487   100.4376
  
Lunar Funding V PLC
US$30 million limited recourse secured floating-rate credit-
linked notes series
2006-27
CCC+              B-/Watch Neg       B-      99.5796    99.5796
                                     CCC+   106.0696   106.0696
  
Motif Capital B.V.
US$30 million floating-rate CDO notes series 2005-6
AA                AA+/Watch Neg      AA+     99.5430    99.6787
                                     AA     100.1979   100.3346
  
Omega Capital Investments PLC
CHF75 million and EUR15 million secured floating-rate notes
series 17
A
AA                AA+/Watch Neg      AA+     99.4659  
                                     AA     103.5066  
  
Omega Capital Investments PLC
US$10 million class AA-U5 secured floating-rate notes series 33
AA-U5
BBB+              A-/Watch Neg       A-      99.8495    99.9277
                                     BBB+   100.1869   100.2683
  
Prime Square CDO Ltd.
US$50 million tranche Ba & Bb PRIMO secured floating-rate notes
series 2006-1
Ba
A                 AA-/Watch Neg      AA-     99.7796    99.8455
                                     A+      99.9152    99.9803
                                     A      100.0221   100.0935
Bb
A                 AA-/Watch Neg      AA-     99.7796    99.8455
                                     A+      99.9152    99.9803
                                     A      100.0221   100.0935
Prime Square CDO Ltd.
EUR10 million tranche B PRIMO secured floating-rate notes series
2006-2
B
A                 AA-/Watch Neg      AA-     99.7796    99.8455
                                     A+      99.9152    99.9803
                                     A      100.0221   100.0935
  
Prime Square CDO Ltd.
US$5 million tranche C PRIMO secured floating-rate notes series
2006-3
C
BBB+              A-/Watch Neg       A-      99.8199    99.8858
                                     BBB+   100.1127   100.1880
  
Prime Square CDO Ltd.
EUR6 million tranche A PRIMO secured floating-rate notes series
2006-4
A
AA                AA+/Watch Neg      AA+     99.8038    99.8677
                                     AA     100.1567   100.2419
  
Prime Square CDO Ltd.
EUR20 million tranche C PRIMO secured floating-rate notes series
2006-5
BBB+              A-/Watch Neg       A-      99.8199    99.8858
                                     BBB+   100.1127   100.1880
  
Prime Square CDO Ltd.
US$20 million tranche B PRIMO secured floating-rate notes series
2006-6
A                 AA-/Watch Neg      AA-     99.7796    99.8455
                                     A+      99.9152    99.9803
                                     A      100.0221   100.0935
  
Prime Square CDO Ltd.
¥2,000 million tranche A PRIMO secured floating-rate notes
series 2006-7
AA                AA+/Watch Neg      AA+     99.8038    99.8677
                                     AA     100.1567   100.2419
  
Prime Square CDO Ltd.
¥2 billion tranche A PRIMO secured floating-rate credit-linked
notes series
2006-8
A
AA                AA+/Watch Neg      AA+     99.7883    99.8521
                                     AA     100.1411   100.2262
  
Prime Square CDO Ltd.
¥1billion tranche B PRIMO secured floating-rate credit-linked
notes series
2006-9
A                 AA-/Watch Neg      AA-     99.7641    99.8300
                                     A+      99.8997    99.9648
                                     A      100.0065   100.0780
  
Rente Plus Co. Ltd.
EUR70 million Rente Plus notes 2 series 1
A/Watch Neg       A+/Watch Neg       A+      99.4318    99.4318
                                     A       99.7727   100.9318
  
Rheinwest Credit Management
EUR15 million credit-linked floating-rate notes series 10
A-                A/Watch Neg        A       99.9173    99.9912
                                     A-     100.1263   100.1982
  
Rheinwest Credit Management
EUR15 million credit-linked floating-rate notes series 14
A+/Watch Neg      AA-/Watch Neg      AA-     99.7786    99.8668
                                     A+      99.9251   100.0146
  
Rheinwest Credit Management
EUR10 million credit-linked floating-rate notes series 15
BBB+              A-/Watch Neg       A-      99.8109    99.8889
                                     BBB+   100.0915   100.1603
  
Rheinwest Credit Management
EUR10 million credit-linked floating-rate notes series 17
BBB-              BBB/Watch Neg      BBB     99.8619    99.9481
                                     BBB-   100.4555   100.5373
  
Saphir Finance PLC
EUR20 million credit-linked synthetic portfolio notes series
2004-2
AA                AA/Watch Pos       AA     101.0748
  
Saphir Finance PLC
EUR10 million class A1 Oak Harbour credit-linked synthetic
portfolio notes with
a reserve coupon linked to the global large cap ethical index
series 2006-3
A1
Ap/Watch Neg      A+p/Watch Neg      A+      93.2177    97.9917
                                     A       98.9749   103.9779
  
Saphir Finance PLC
EUR20 million class A3 Oak Harbour credit-linked synthetic
portfolio notes with
a reserve coupon linked to the global large cap ethical index
series 2006-3
A3
BBB+p             A-p/Watch Neg      A-      89.7491    94.2224
                                     BBB+   102.9773   107.8648
  
Saphir Finance PLC
EUR15 million class A4 Oak Harbour credit-linked synthetic
portfolio notes with
a reserve coupon linked to the global large cap ethical index
series 2006-3
A4
Ap/Watch Neg      A+p/Watch Neg      A+      91.3136    96.9746
                                     A       99.6356   104.9007
  
Sceptre Capital B.V.
EUR3 million secured credit-linked variable-rate notes series
2004-9
A+/Watch Neg      AA-/Watch Neg      AA-     99.6267   102.9286
                                     A+      99.8954   103.0492
  
Sceptre Capital B.V.
EUR20 million forward-starting synthetic CDO floating-rate notes
series 2006-01
A
A-                A+/Watch Neg       A+      99.7642    99.8864
                                     A       99.8944    99.9951
                                     A-     100.1028   100.1972
  
Sceptre Capital B.V.
EUR20 million forward-starting synthetic CDO variable-rate notes
series 2006-4
A
AA-/Watch Neg     AA/Watch Neg       AA      99.7949    99.9275
                                     AA-     99.9367   100.0509
  
Starling Finance PLC
EUR35 million floating-rate portfolio credit-linked notes series
2005-6
A+                AA/Watch Neg       AA      99.7636    99.8777
                                     AA-     99.8867    99.9935
                                     A+     100.0225   100.1252
  
Starling Finance PLC
EUR27.5 million floating-rate Deveron portfolio credit-linked
notes series
2005-13
A-2
A+                AA/Watch Neg       AA      99.7273    99.8536
                                     AA-     99.8787    99.9941
                                     A+     100.0313   100.1429
  
Starling Finance PLC
US$50 million floating-rate Deveron portfolio credit-linked
notes series 2006-1
A-1B
AA+               AAA/Watch Neg      AAA     99.8063    99.9328
                                     AA+    100.0792   100.1992
  
Starling Finance PLC
US$14 million floating-rate Deveron portfolio credit-linked
notes series 2006-2
A-2
A+                AA/Watch Neg       AA      99.7273    99.8536
                                     AA-     99.8787    99.9941
                                     A+     100.0313   100.1429
  
Starling Finance PLC
EUR25 million floating-rate Deveron portfolio credit-linked
notes series 2006-3
AA+               AAA/Watch Neg      AAA     99.8063    99.9328
                                     AA+    100.0792   100.1992
  
Starling Finance PLC
EUR4 million floating-rate portfolio credit-linked notes series
2006-6
AA-               AA/Watch Neg       AA      99.8926    99.9886
                                     AA-    100.0326   100.1207
  
Third Essential Public Infrastructure Capital GmbH
A2
£58 million floating-rate credit-linked notes
A                 AAA/Watch Neg      AAA     96.9554    96.9554
                                     AA+     98.0834    98.0834
                                     AA      99.3076    99.3076
                                     AA-     99.7644    99.7644
                                     A+      99.8481    99.8481
                                     A      100.4267   100.4267
  
Topaz Finance Ltd.
EUR25 million Tulip Lane CDO of CDO variable-rate credit-linked
synthetic
portfolio notes series 2005-2
BBB-              BBB/Watch Neg      BBB     94.4715    98.5176
                                     BBB-   110.1937   114.2062
  
WISE 2006-1 PLC
£63.75 million floating-rate credit-linked notes
A
AA-               AA+/Watch Neg      AA+     98.9054    98.9054
                                     AA      99.6419    99.6419
                                     AA-    100.5149   100.5149
B
A-                AA-/Watch Neg      AA-     98.9958    98.9958
                                     A+      99.0428    99.0428
                                     A       99.5466    99.5466
                                     A-      100.4870   100.4870
C
BBB+              A+/Watch Neg       A+      98.3000    98.3000
                                     A       98.8000    98.8000
                                     A-      99.7333    99.7333
                                     BBB+   100.0000   100.0000
  
Xelo PLC
EUR10 million secured limited recourse credit-linked notes
(Piccadilly 7) series
2006
BBB+              A-/Watch Neg       A-      99.7801    99.9036
                                     BBB+   100.1720   100.2938
  
Xelo PLC
EUR140 million secured limited recourse credit-linked notes
series 2007 (Ferras
CDO)
A+                AA/Watch Neg       AA      99.5286    99.5885
                                     AA-     99.7776    99.8320
                                     A+     100.0051   100.0506


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

   -- Two tranches were affirmed;

   -- Four tranches were lowered;

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

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

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


* Credit Crunch Hits UK Financial Services Industry, Survey Says
----------------------------------------------------------------
The impact of the credit crunch on the U.K. financial services
industry has worsened over the past quarter, as profitability
fell at a record pace and business volumes fell at the fastest
rate in 17 years, a survey said.

The latest Financial Services Survey from the CBI and
PricewaterhouseCoopers LLP also showed that credit remains
expensive and in short supply with the gap between lending and
borrowing rates widening more than at any time in the survey's
history.

Job cuts have continued and business has been lost across all
customer bases.  Although the credit crunch has already been
underway for ten months, nine out of ten firms (91%) think it
will take more than six months for market conditions to return
to normal.

Asked about business volume trends in the three months to early
June, 20 per cent of firms said they had risen, while 55 per
cent said they had decreased.  The resulting balance of -35% was
in line with expectations, but was the weakest result since
March 1991 (-44%).  The outlook for the coming three months is
bleaker still, with a balance of 44 per cent expecting business
volumes to fall.

Financial services firms had expected profitability in the
sector to remain stable but instead it dived sharply, with a
balance of 44% reporting a fall, compared with 18% in March.
This is the fastest rate of decline in profitability since the
survey began in late 1989, and another heavy fall is anticipated
over the next quarter.

In the last three months the value of fee, commission and
premium incomes and incomes from net interest, investment or
trading both fell for the third consecutive quarter, but at
slower rates than reported in March.  Over the coming three
months firms expect further falls at similar rates to this
quarter.

Business sentiment recorded its steepest fall since September
1990, as a balance of 57% said they are less optimistic about
the overall business situation in the financial services sector
than they were in March.

Business volumes with industrial and commercial companies, which
had been holding up so far during the credit crunch, fell for
the first time since March 2005 (a balance of -16%) and are
expected to fall more heavily over the coming three months
(-33%).  Business volumes with financial institutions and
private individuals continued to fall, (-23% and -28%
respectively) while a pick-up in volumes with overseas customers
failed to materialize.

Total operating costs fell sharply (a balance of -23%) at the
fastest rate since December 1993 (-49%), given the steep decline
in business volumes and firms' efforts to trim costs.  Total
costs are expected to fall again over the next three months at a
similar rate.  However, average operating costs per transaction
stayed flat and are expected to remain so next quarter.

Average spreads, which mark the difference between the rates at
which money is borrowed and lent, built on the strong increase
of the March survey and again widened more than expected - the
51% balance is a survey record high.  The increases in spreads
were strongest among banks and building societies.  The value of
non-performing loans, or bad debt, rose markedly (a balance of
+16%) and a similar rate is expected in the three months ahead.

Jobs were again lost in the sector, and a balance of 22%
reported a fall in numbers employed, but this outcome was not as
bad as predicted, and slightly slower than in the March survey.
A balance of 19% expects to cut jobs over the next three months.

In a sign that firms are cutting back to weather difficult
times, a balance of 16% expects to spend less on marketing in
the next 12 months than they did in the past 12 months, which is
the first planned reduction since June 2003.  Planned IT capital
expenditure is also well below its long run average.

Concern about the cost of finance as a constraint to investment
edged higher to a new record high (26%), while worries that the
ability to raise funds might limit business in the year ahead
fell back slightly from the survey high in March (40% down to
32%).

Firms expect that the most significant barrier to limit business
over the next 12 months will be the level of demand, but they
are less worried about competition or the adequacy of systems
capacity than they have been for the past few years.

Supplementary questions on the credit crunch –- asked now for a
third successive survey –- suggested that firms believe there is
a lower risk of further deterioration in financial market
conditions than there was three months ago.  However, 91%
believe it will take longer than six months for normal
conditions to resume.  The main concerns regarding the short
term effects of the credit crunch are increased funding costs
and reduced sales and revenue growth.  Asset devaluation is a
much greater worry in the medium term.

Ian McCafferty, CBI Chief Economic Adviser, said:
"The impact of the credit crunch on financial services has
deepened over the last three months, and conditions look set to
remain difficult for some time yet.

"Although credit markets have been somewhat calmer of late, the
interbank lending system is still looking gummed up, and spreads
have widened more than at any time in the past eighteen years.

"Profitability in the sector is being badly hit, so firms are
trying hard to trim costs by planning to cut back on training
and marketing for the first time in a number of years.

"The problems of the financial sector will echo throughout the
wider economy and will drag economic growth down this year and
next."

                       Analysis by Sector

* Banking

Banks raised the spread between borrowing and lending costs by a
record degree, yet still saw a further deterioration in their
profitability as a result of falls in the volume of business and
a rise in the value of non-performing loans.  These trends are
expected to continue next quarter, though spread widening will
be slightly less severe.  Numbers employed fell further, and
banks also plan to spend less on marketing in the year ahead
than they did last year.

* Building Societies

Business volumes rose in the past three months against
expectations and are expected to hold steady in the coming
quarter.  However, profitability fell on the back of lower fee
and commission incomes and a rise in the value of non-performing
loans.  Employment fell for the first time in a decade, while
investment intentions are largely positive.

John Hitchins, U.K. banking leader, PricewaterhouseCoopers LLP,
said: "Banks have made their gloomiest profitability prediction
since 1994 and sentiment in the sector has fallen the most
sharply since 1998.  Volumes of business are declining faster
than expected and economic worries are broadening from the
retail arena to include the commercial sector.  Asset write
downs continue to impact profitability.  Although the outlook
for employment remains negative, investment budgets have
stabilized and growth in compliance costs is seen as slowing to
a more manageable pace."

* Life Insurance

Business volumes fell at their fastest rate since the survey
began and are forecast to fall very rapidly again in the next
three months.  The fall in volumes was concentrated in business
with private individuals, but did not spread as feared to
companies and financial institutions.  Average spreads increased
at their fastest rate since the survey began and total operating
costs fell for a fourth successive survey.  However, lower
income values and business volumes still resulted in a sharp
fall in profitability –- the strongest in the survey history.

* General Insurance

Profitability fell over the past three months, following growth
in the previous two quarters.  Spreads continued to widen, but
business volumes and income values were down.  The fall in
business volumes was concentrated on industrial & commercial
companies and overseas customers, as business to private
individuals continued to rise.  Investment intentions for
capital and marketing were weaker than in the previous survey,
although firms continued to take on additional staff.

Andrew Kail, U.K. insurance leader, PricewaterhouseCoopers LLP,
said: "In contrast to last quarter, general insurers no longer
feel somewhat insulated from the effects of the credit crunch.
The fall in confidence was the steepest for four years, and is
accompanied by downbeat responses on volumes, revenues, customer
activity and profitability.  A re evaluation of the economic
outlook is the most likely cause and maintaining profitability
is now the sector's dominant concern."

"Life insurers have reported their steepest decline yet for
profitability.  New business is expected to continue to fall,
investment business is under threat from perceived market
volatility and demand for protection products is being affected
by the slowdown in the housing market.  The slowdown is putting
pressure on the sector's own investment and capital plans.  Life
insurers intend to commit less capital to IT projects and look
likely to reduce headcount."

* Securities Trading

Volumes of business fell sharply for a third successive survey
and the level of business was considered to be well below
normal.  Fee and commission income and the value of interest,
investment or trading income also fell for the third successive
survey, albeit by much less than expected in the case of the
former.  Profitability fell, as sharply lower levels of business
offset a first fall in total operating costs for three years.

* Fund Management

Contrary to expectations, business volumes in fund management
rose sharply for a third successive quarter, reflecting healthy
growth to overseas customers.  Fee & commission income was up,
although profitability was sharply lower.  This mainly reflected
a steep increase in total operating costs and further investment
in staff and staff training.  Marketing expenditure is expected
to be sharply increased over the next 12 months.

Robert Mellor, U.K. financial services tax leader,
PricewaterhouseCoopers LLP, said: "Securities traders'
confidence has declined further.  They tend to be one of the
industry's most pessimistic sectors in their assessment of
financial market conditions and also one of the most concerned
about the impact of falling revenues on their business.  
Although the secondary markets are busy, including derivatives
and commodities, securities traders are increasingly focused on
recalibrating their cost bases for a lower volume world and the
share of respondents reporting cuts in total operating costs is
the highest since 2002."

"Despite a successful quarter of asset gathering, predominantly
with foreign customers, and healthy activity over the past three
months, fund managers' profitability is under pressure.  
However, the sector remains upbeat in its plans for increased
headcount and higher marketing expenditure."


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

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


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


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


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

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


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

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

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

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

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


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


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


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


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


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


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


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


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


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


                            *********

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

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

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

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

                            *********


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

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Julybien Atadero, 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 * * *