TCREUR_Public/080702.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

             Wednesday, July 2, 2008, Vol. 9, No. 130

                            Headlines


A U S T R I A

LEOPOLD HAUER: Claims Registration Period Ends July 21
TANK- UND WASCHANLAGEN: Claims Registration Period Ends July 15
WIGO DRUCK: Claims Registration Period Ends July 14
YAMINO PROMOTION: Claims Registration Period Ends July 24


F R A N C E

* Moody's Says Islamic Finance in France Offers Strong Potential


G E R M A N Y

ACN BAU: Claims Registration Period Ends July 16
ADEK HANDELSGESELLSCHAFT: Creditors Meeting Slated for July 16
AROHRA GMBH: Claims Registration Period Ends July 15
ARQUANA TECHNOLOGY: Claims Registration Period Ends July 15
AS PLANWERKSTATT: Creditors Meeting Slated for July 16

BROOKMERLANDER WOHNUNGSBAU: Claims Registration Ends July 15
DIE AUTOWERKSTATT: Claims Registration Period Ends July 15
DUKE 2002: S&P Lifts Rating on Class E Notes to BB
ELEKTRO MEIER: Claims Registration Period Ends July 15
FEST- UND VERANSTALTUNGSLOGISTIK: Creditors' Meeting Set July 17

PREGIS CORP: Moody's Cuts Corporate Family Rating to B3
PSM GMBH: Claims Registration Period Ends July 15
RATIOSCREEN GMBH: Claims Registration Period Ends July 15
ROEHM BAU: Claims Registration Period Ends July 15
SMOBY DEUTSCHLAND: Claims Registration Period Ends July 15

SUPER SPORT: Claims Registration Period Ends July 15
TE-BAU GMBH: Claims Registration Period Ends July 15
TOMMYS DRESS: Claims Registration Period Ends July 15
XIRANET COMMUNICATIONS: Claims Registration Period Ends July 15


I R E L A N D

AQUARIUS + INVESTMENTS: Moody's Affirms Rating on RECIPES Notes
CASTLE FINANCE: Moody's Cuts Ratings on SURF CPDOs to Low-B
DUNNE GROUP: Financial Difficulties Prompt Examinership  
CISTI GUGAN: Jacob Fruitfield Acquires Business for EUR700,000
MAGNOLIA FINANCE: Moody's Lifts Rating on EUR15 Mln Notes to Ba1

THEBES CAPITAL: Moody's Cuts Rating on US$25 Mln Notes to B1


I T A L Y

ALITALIA SPA: Group Net Debt at EUR1.21 Billion at May 31, 2008
ALITALIA SPA: Carlo Santini Quits as Independent Director
ALITALIA SPA: Shareholder Names Two Nominees to Board


K A Z A K H S T A N

ALKO-BASIS LLP: Creditors Must File Claims by Aug. 12
ALTYN DALA: Claims Deadline Slated for Aug. 6
ELECTRO TECH: Claims Filing Period Ends Aug. 6
KAMENNOYE USTIE: Creditors' Claims Due on Aug. 8
KAZNEFTEHIM LLP: Claims Registration Ends Aug. 8

NERUDNIK: Creditors Must File Claims by Aug. 8
PROGRESS PRIS: Claims Deadline Slated for Aug. 12


K Y R G Y Z S T A N

TIME ART: Creditors Must File Claims by August 8


N E T H E R L A N D S

JUBILEE CDO VIII: Fitch Affirms Class E Notes' BB Rating
ROYAL AHOLD: Sells 73.2% Schuitema Stake to CVC Capital
WOOD STREET VI: Fitch Affirms Class E Notes' BB Rating


R U S S I A

BEL-INVEST AND CO: Creditors Must File Claims by August 7
COMSTAR-UNITED: Shareholders Approve Board Composition
COMSTAR-UNITED: To Pay RUR62.7 Million Dividend for FY 2007
INTER INVEST: Creditors Must File Claims by August 7
KIZNER-AGRO-KHIM: Creditors Must File Claims by July 7

LADA LLC: Court Names V. Lukyanov as Insolvency Manager
MARETEX LTD: S&P Affirms B- Long-Term Corporate Credit Rating
NOVATEK OAO: Deutsche Bank Unit Cuts Stake to 24.5%
PERLS OJSC: Electronic Sale Slated for July 15
SEVERSTAL OAO: CEO Mordashov May Cut Stake for Takeover Funds

SIB-INVEST-PACKING: Court Names V. Ovechkin to Manage Assets
SISTEMA-HALS OJSC: Names Felix Evtushenkov as Chairman
SNVF CJSC: Creditors Must File Claims by July 7
SREDNEVOLZHSK-SPETS-STROY: Creditors Must File Claims by Aug. 7
TRAN-MASH-SERVICE LLC:  Creditors Must File Claims by July 7

VERKH-URYUMSKOE CJSC: Creditors Must File Claims by August 7


S W I T Z E R L A N D

MGF CONSULTING: Zug Court Starts Bankruptcy Proceedings
PB & P: Zug Court Commences Bankruptcy Proceedings
UNIVERSAL INFORMATION: Zug Court Opens Bankruptcy Proceedings


U K R A I N E

* Fitch Affirms Odessa's Currency Ratings at B


U N I T E D   K I N G D O M

ARDANA PLC: Goes Into Administration; Suspends Share Trading
CABLE & WIRELESS: Revises Thus Plc Offer to 180p per Share
CABLE & WIRELESS: Thus Board Puts Forward Revised Offer
CABLE & WIRELESS: Acquires 29.9% Stake in Thus Group Plc
CANDU ENTERTAINMENT: Buyer to Close Fusion NightClub

COTSWOLDGATE: Liquidation Looms as Creditors Meeting Set
HILLSTONE DEVELOPMENTS: Goes Into Administration; 30 Jobs Axed
I PALMER: Brings In Liquidators from Tenon Recovery
MARTEDI LTD: Calls In Liquidators from Tenon Recovery
TARTAN FILMS: Goes Into Administration; 20 Jobs Affected


                            *********


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


LEOPOLD HAUER: Claims Registration Period Ends July 21
------------------------------------------------------
Creditors owed money by LLC Leopold Hauer (FN 37627i) have until
July 21, 2008, to file written proofs of claim to court-
appointed estate administrator Heinrich Nagl at:

          Dr. Heinrich Nagl
          Pfarrgasse 5
          3580 Horn
          Austria
          Tel: 02982/2278
          Fax: 02982/4479
          E-mail: nagl.ruisinger@dr-nagl.at   

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 8:30 a.m. on Aug. 6, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Krems an der Donau
          Hall A
          Second Floor
          Krems an der Donau
          Austria

Headquartered in Horn, Austria, the Debtor declared bankruptcy
on June 2, 2008 (Bankr. Case No. 9 S 38/08y).  


TANK- UND WASCHANLAGEN: Claims Registration Period Ends July 15
---------------------------------------------------------------
Creditors owed money by LLC Tank- und Waschanlagen  (FN 260390b)
have until July 15, 2008, to file written proofs of claim to
court-appointed estate administrator Guenther Hoedl at:

          Dr. Guenther Hoedl
          Schulerstrasse 18
          1010 Vienna
          Austria
          Tel: 513 16 55
          Fax: 513 16 55 33
          E-mail: Hoedl@anwaltsteam.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:45 a.m. on July 29, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1607
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on June 2, 2008 (Bankr. Case No. 28 S 81/08b).  


WIGO DRUCK: Claims Registration Period Ends July 14
---------------------------------------------------
Creditors owed money by LLC WIGO Druck (FN 109443x) have until
July 14, 2008, to file written proofs of claim to court-
appointed estate administrator Edith Wieder at:

          Dr. Edith Wieder
          Schutzenbichl 4
          4820 Bad Ischl
          Austria
          Tel: 06132/28226
          Fax: 06132/28226-6
          E-mail: kzl-wieder@ihr-rechtsanwalt.at    

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:20 a.m. on July 24, 2008, for the
examination of claims.

The meeting of creditors will be held at:

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

Headquartered in Bad Ischl, Austria, the Debtor declared
bankruptcy on June 2, 2008 (Bankr. Case No. 20 S 71/08d).  


YAMINO PROMOTION: Claims Registration Period Ends July 24
---------------------------------------------------------
Creditors owed money by LLC Yamino Promotion have until
July 24, 2008, to file written proofs of claim to court-
appointed estate administrator Matthias Schmidt at:

          Dr. Matthias Schmidt
          c/o Dr. Florian Gehmacher
          Dr. Karl Lueger-Ring 12
          1010 Vienna
          Austria
          Tel: 533 16 95
          Fax: 535 56 86
          E-mail: schmidt@preslmayr.at    

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Aug. 7, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1703
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on May 30, 2008 (Bankr. Case No. 5 S 56/08g).  Florian Gehmacher
represents Dr. Schmidt in the bankruptcy proceedings.


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


* Moody's Says Islamic Finance in France Offers Strong Potential
----------------------------------------------------------------
The French market presents a strong potential to become a
thriving market for Islamic finance but has yet to capitalize on
this opportunity, says Moody's Investors Service in a new
Special Comment.  According to the rating agency, the obstacles
relate less to the legal changes that would be necessary and
more to social and political aspects.

"France's Muslims constitute the biggest Islamic community in
the Western world and the major French banks have strong roots
in the Muslim world.  However, despite this, these institutions'
share of the burgeoning Islamic financial industry remains
negligible," says Anouar Hassoune, a Moody's Vice-
President/Senior Credit Officer and author of the report.  "The
French financial and banking system does not, as yet, offer
access to a range of alternative products and services in line
with Islamic principles, despite offering the necessary
advantages to develop a thriving market as well as the potential
to become a testbed for innovative ideas and techniques."

Moody's believes that the introduction of Islamic financial
services would offer obvious benefits for the French economy in
general and for French banks and businesses, not only as a
source of liquidity and finance but also as a springboard for
targeted growth and increased diversification.  "In addition,
French law appears to be sufficiently flexible and open -- give
or take a few adjustments -- to accommodate Islamic financial
principles and products without any major upheaval.  The example
of the UK -- and moves from foreign Islamic banks to apply for
licences in France -- shows that legal and fiscal adjustments
can give rise to a thriving Islamic finance market," Mr.
Hassoune observes.

Moody's explains that the main area of hindrance relates more to
symbolic social and political aspects that, to date, mean that
France has been unable to develop an 'industrial' version of
Islamic finance.  "On the one hand, France is seeking to attract
surplus oil wealth from the Gulf region, but at the same time is
running the risk of erecting barriers to establishing its own
market for Islamic finance," Mr. Hassoune concludes.

The new Special Comment -- entitled "Islamic Finance in France:
Strong Potential, But Key Obstacles Persist" -- describes the
key legislative, regulatory, technical and commercial changes
that would be necessary for the successful introduction of
Islamic finance in France, as well as examining the social and
political obstacles to be overcome and the lessons to be drawn
from the UK's experience in this area.


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


ACN BAU: Claims Registration Period Ends July 16
------------------------------------------------
Creditors of ACN Bau- und Handelsgesellschaft mbH have until
July 16, 2008, to register their claims with court-appointed
insolvency manager Bettina Schmudde.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Aug. 27, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Bettina Schmudde
         Koenigstrasse 1
         01097 Dresden
         Website: www.whitecaseinso.de

The District Court of Dresden opened bankruptcy proceedings
against ACN Bau- und Handelsgesellschaft mbH on June 16, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         ACN Bau- und Handelsgesellschaft mbH
         Attn: Gudrun Schenk, Manager
         Koenigshainer Str. 5
         02906 Niesky
         Germany


ADEK HANDELSGESELLSCHAFT: Creditors Meeting Slated for July 16
--------------------------------------------------------------
The court-appointed insolvency manager for ADEK
Handelsgesellschaft mbH, Dr. Juergen Spliedt, will present his
first report on the Company's insolvency proceedings at a
creditors' meeting at 12:15 p.m. on July 16, 2008.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 11:30 a.m. on Nov. 5. 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:

         Dr. Juergen Spliedt
         Uhlandstr. 165/166
         10719 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against ADEK Handelsgesellschaft mbH on June 11,
2008. Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         ADEK Handelsgesellschaft mbH
         Alt-Blankenburg 65
         13129 Berlin
         Germany


AROHRA GMBH: Claims Registration Period Ends July 15
----------------------------------------------------
Creditors of Arohra GmbH - Industriemontagen und Personalleasing
have until July 15, 2008, to register their claims with court-
appointed insolvency manager Dr. Rainer Eckert.

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

The meeting of creditors will be held at:

         The District Court of Leipzig
         Hall 056
         Ground Floor
         Enforcement Court
         Bernhard Goering Strasse 64
         04275 Leipzig
         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. Rainer Eckert
         Kathe-Kollwitz-Strasse 9
         04109 Leipzig
         Germany
         Tel: 0341/910470
         Fax: 0341/9104710
         E-mail: eckert-leipzig@rae-eckert.de

The District Court of Leipzig opened bankruptcy proceedings
against Arohra GmbH - Industriemontagen und Personalleasing on
May 16, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Arohra GmbH - Industriemontagen und Personalleasing
         Karl-Heine-Strasse 27
         04229 Leipzig
         Germany


ARQUANA TECHNOLOGY: Claims Registration Period Ends July 15
-----------------------------------------------------------
Creditors of Arquana Technology GmbH have until July 15, 2008,
to register their claims with court-appointed insolvency manager
Jens-Soeren Schroeder.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 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:

         Jens-Soeren Schroeder
         Johannes-Brahms-Platz 1
         20355 Hamburg
         Germany

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

The Debtor can be reached at:

         Arquana Technology GmbH
         Gadelander Strasse 77
         24539 Neumuenster
         Germany


AS PLANWERKSTATT: Creditors Meeting Slated for July 16
------------------------------------------------------
The court-appointed insolvency manager for AS Planwerkstatt
GmbH, Michael C. Frege, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
12:20 p.m. on July 16, 2008.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 11:35 a.m. on Nov. 5, 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:

         Michael C. Frege
         Lennestr. 7
         10785 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against AS Planwerkstatt GmbH on June 12, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         AS Planwerkstatt GmbH
         Geneststr. 5
         10829 Berlin
         Germany


BROOKMERLANDER WOHNUNGSBAU: Claims Registration Ends July 15
------------------------------------------------------------
Creditors of Brookmerlander Wohnungsbau GmbH have until July 15,
2008, to register their claims with court-appointed insolvency
manager Stefan Hinrichs.

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

The meeting of creditors will be held at:

         The District Court of Aurich
         Hall 018
         Schlossplatz 2
         26603 Aurich
         Germany

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

The insolvency manager can be reached at:

         Stefan Hinrichs
         Heiligengeiststr. 29
         26121 Oldenburg
         Germany
         Tel: 0441/21891-0
         Fax: 0441 21891-39

The District Court of Aurich opened bankruptcy proceedings
against Brookmerlander Wohnungsbau GmbH on April 14, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Brookmerlander Wohnungsbau GmbH
         Leezdorfer Str. 68
         26529 Leezdorf
         Germany


DIE AUTOWERKSTATT: Claims Registration Period Ends July 15
----------------------------------------------------------
Creditors of Die Autowerkstatt im Hafen GmbH have until July 15,
2008, to register their claims with court-appointed insolvency
manager Dr. Winfrid Andres.

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

The meeting of creditors will be held at:

         The District Court of Duesseldorf
         Meeting Hall A 409
         Fourth Floor
         Muehlenstrasse 34
         40213 Duesseldorf
         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. Winfrid Andres
         Neuer Zollhof 3
         40221 Duesseldorf
         Germany

The District Court of Duesseldorf opened bankruptcy proceedings
against Die Autowerkstatt im Hafen GmbH on June 10, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Die Autowerkstatt im Hafen GmbH
          Fringsstrasse 5
          40221 Duesseldorf
          Germany


DUKE 2002: S&P Lifts Rating on Class E Notes to BB
--------------------------------------------------
Standard & Poor's Ratings Services has raised its ratings on
four classes of commercial mortgage-backed securities issued by
DUKE 2002 Ltd.  At the same time, it has affirmed the rating on
the remaining note.
  
The upgrades follow the ongoing prepayment of loans backing the
notes and the subsequent increase in relative credit enhancement
available for the remaining notes.  The class A3 notes are the
latest class to have fully paid down and we withdrew the rating
on this class of notes on June 12, 2008.
  
This partially funded synthetic transaction was arranged by the
former Westfaelische Hypothekenbank AG, now Hypo Real Estate
Bank AG.  When it closed on Sept. 30, 2002, the EUR814.35
million notes that were issued were initially supported by a
reference pool of 77 commercial and residential real estate
loans.  Since then, 61 loans have prepaid.
  
The loan prepayments have caused the notes to amortize, reducing
the current note balance outstanding to EUR114.09 million.  The
issuer can replenish loans in the reference pool until November
2008.
  
Following the prepayment of the loans, the overall
characteristics of the underlying reference pool have improved.
The weighted-average loan-to-value (LTV) ratio has decreased to
63.0% from 71.7% at closing, while over the same period the
weighted-average debt service coverage ratio (DSCR) has
increased to 1.84x from 1.67x.  As of the February 2008 interest
payment date, one loan, accounting for 1.2% of the total
balance, is in arrears.
    
                         Ratings List
                         DUKE 2002 Ltd.
EUR814.35 Million Floating-Rate Amortizing Credit-Linked Notes
  
               Class           To              From
               -----           --              ----
Ratings Raised
  
                B               AAA             AA
                C               AAA             A
                D               A               BBB
                E               BB              BB-
              
Rating Affirmed
  
Funding notes   AAA


ELEKTRO MEIER: Claims Registration Period Ends July 15
------------------------------------------------------
Creditors of Elektro Meier GmbH have until July 15, 2008, to
register their claims with court-appointed insolvency manager
Dr. Hubert Ampferl.

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

The meeting of creditors will be held at:

         The District Court of Nuremberg
         Meeting Hall 152/I
         Flaschenhofstr. 35
         Nuremberg
         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. Hubert Ampferl
         Stahlstr. 17
         90411 Nuremberg
         Germany
         Tel: 0911/951285-0
         Fax: 0911/951285-10

The District Court of Nuremberg opened bankruptcy proceedings
against Elektro Meier GmbH on June 12, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Elektro Meier GmbH
         Huegelmuehle 1
         91174 Spalt
         Germany


FEST- UND VERANSTALTUNGSLOGISTIK: Creditors' Meeting Set July 17
----------------------------------------------------------------
The court-appointed insolvency manager for Fest- und
Veranstaltungslogistik GmbH, Dr. Robert Schiebe, will present
his first report on the Company's insolvency proceedings at a
creditors' meeting at 10:30 a.m. on July 17, 2008.

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

         The District Court of Mainz
         Hall 174
         Building B
         Ernst-Ludwig Strasse 7
         55116 Mainz
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 10:00 a.m. on Sept. 1, 2008, at the same
venue.

Creditors have until July 15, 2008, to register their claims
with the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Dr. Robert Schiebe
         Hindenburgstrasse 32
         55118 Mainz
         Germany
         Tel: 06131/61923-0
         Fax: 06131/61923-11

The District Court of Mainz opened bankruptcy proceedings
against Fest- und Veranstaltungslogistik GmbH on June 1, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Fest- und Veranstaltungslogistik GmbH
         Wilhelm-Maybach-Str. 8
         55129 Mainz-Hechtsheim
         Germany


PREGIS CORP: Moody's Cuts Corporate Family Rating to B3
-------------------------------------------------------
Moody's Investors Service downgraded the ratings of Pregis
Corporation - Corporate Family to B3 from B2.  The outlook is
stable.

The downgrade of the Corporate Family Rating to B3 reflects the
deterioration in the company's credit metrics stemming from an
adverse operating and competitive environment and an expectation
of limited improvement over the near term.  Credit statistics
have deteriorated as rising input costs and economic softness
negatively impacted volumes, margins and cash flow.

Concurrently, the competitive environment in the industry has
made it difficult for Pregis to institute price increases as the
industry remains highly fragmented and intensely competitive.
Moody's believes credit metrics are not likely to improve in the
near term due to ongoing economic weakness, persistent high
input costs and a continuing competitive industry environment.

The ratings benefit from Pregis's diverse product line, long
standing customer relationships and low concentration of sales.
The company is also geographically diversified with a
significant international presence and some exposure to faster
growing emerging markets.

Moody's took these ratings:

   -- Corporate Family Rating, downgraded to B3 from B2

   -- Probability of Default Rating, downgraded to B3 from B2

   -- US$50 million senior secured first lien revolver due 2011,
      downgraded to Ba3 (LGD2, 19%) from Ba2 (LGD2, 16%)

   -- US$87 million senior secured first lien term loan B-1 due
      2012, downgraded to Ba3 (LGD2, 19%) from Ba2 (LGD2, 16%)

   -- EUR68 million senior secured first lien term loan B-2 due
      2012, downgraded to Ba3 (LGD2, 19%) from Ba2 (LGD2, 16%)

   -- EUR100 million senior secured second lien notes due 2013,
      downgraded to B3 (LGD4, 54%) from B2 (LGD4, 51%)

   -- US$150 million senior subordinated notes due 2013,
      downgraded to Caa2 (LGD5, 85%) from Caa1 (LGD5, 83%)

   -- Speculative Grade Liquidity Rating, affirmed SGL-3

The ratings outlook is changed to stable from negative.

Headquartered in Deerfield, Illinois, Pregis manufactures,
markets, and distributes various packaging products including
protective packaging, foodservice packing, flexible barrier
packaging and hospital supplies.  Pregis generated sales of
approximately US$1 billion for the twelve months ended March 31,
2008.


PSM GMBH: Claims Registration Period Ends July 15
-------------------------------------------------
Creditors of PSM GmbH & Co.KG Projekt- und Sanierungsmanagement
have until July 15, 2008 to register their claims with court-
appointed insolvency manager Ruediger Wienberg.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Aug. 19, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Ruediger Wienberg
         Wasastrasse 15
         01219 Dresden
         Germany
         Web site: http://www.hww-kanzlei.de.

The District Court of Dresden opened bankruptcy proceedings
against PSM GmbH & Co.KG Projekt- und Sanierungsmanagement on
June 11, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         PSM GmbH & Co.KG Projekt- und Sanierungsmanagement
         Grillenburger Strasse 6
         01159 Dresden
         Germany

         Attn: Michaela Wenske, Manager
         Am Bundleshof 7,
         96049 Bamberg
         Germany


RATIOSCREEN GMBH: Claims Registration Period Ends July 15
---------------------------------------------------------
Creditors of ratioscreen GmbH have until July 15, 2008 to
register their claims with court-appointed insolvency manager
Susanne Fittkau.

Creditors and other interested parties are encouraged to attend
the meeting at 8:45 a.m. on Aug. 5, 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 Weilheim
         Meeting Hall E 007
         Waisenhausstr. 5
         Weilheim
         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:

         Susanne Fittkau
         Barthstr. 16
         80339 Munich
         Germany
         Tel: 089/858963-3
         Fax: 089/858963-50

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

The Debtor can be reached at:

         ratioscreen GmbH
         Am Neuland 1
         82347 Bernried
         Germany


ROEHM BAU: Claims Registration Period Ends July 15
--------------------------------------------------
Creditors of Roehm Bau GmbH have until July 15, 2008 to register
their claims with court-appointed insolvency manager Tanja
Kreimer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on Aug. 5, 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 Muenster
         Meeting Hall 119 B
         First Floor
         Gerichtsstr. 2-6
         48149 Muenster
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Tanja Kreimer
         Klosterstrasse 33
         48703 Stadtlohn
         Germany
         Tel: 02563/2083-0
         Fax: +492563208320

The District Court of Muenster opened bankruptcy proceedings
against Roehm Bau GmbH on May 29, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Roehm Bau GmbH
         Frauenstrasse 24
         48683 Ahaus
         Germany

         Attn: Michael Roehm, Manager
         Frauenstrasse 24
         48683 Ahaus
         Germany


SMOBY DEUTSCHLAND: Claims Registration Period Ends July 15
----------------------------------------------------------
Creditors of Smoby Deutschland GmbH have until July 15, 2008 to
register their claims with court-appointed insolvency manager
Dr. Georg Bernsau.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Aug. 5, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Offenbach am Main
         Hall 166N
         First Floor
         Kaiserstrasse 16-18
         63065 Offenbach am Main
         Germany

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

The insolvency manager can be reached at:

         Dr. Georg Bernsau
         Zeilweg 42, D
         60439 Frankfurt am Main
         Germany
         Tel: 069/963761-130
         Fax: 069/963761-145

The District Court of Offenbach am Main opened bankruptcy
proceedings against Smoby Deutschland GmbH on May 16, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Smoby Deutschland GmbH
         Senefelder Str. 1
         63110 Rodgau
         Germany


         Attn: Marc Eyer, Manager
         sous la frairie 143
         39310 Lamoura
         France


SUPER SPORT: Claims Registration Period Ends July 15
----------------------------------------------------
Creditors of Super Sport, Sport - und Recreation Gross- u.
Einzelhandels GmbH have until July 15, 2008 to register their
claims with court-appointed insolvency manager Andreas Fischer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Aug. 26, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Karlsruhe
         Hall IV
         Schlossplatz 23
         76131 Karlsruhe
         Germany

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

The insolvency manager can be reached at:

         Andreas Fischer
         Erbprinzenstr. 27
         76133 Karlsruhe
         Germany
         Tel: (07 21)93 38 060

The District Court of Karlsruhe opened bankruptcy proceedings
against Super Sport, Sport - und Recreation Gross- u.
Einzelhandels GmbH on May 30, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Super Sport, Sport - und Recreation
         Gross- u. Einzelhandels GmbH
         Attn: Oliver Walter, Manager
         Gewerbering 19
         76287 Rheinstetten
         Germany
         

TE-BAU GMBH: Claims Registration Period Ends July 15
----------------------------------------------------
Creditors of TE-BAU GmbH & Co. Kommanditgesellschaft have until
July 15, 2008 to register their claims with court-appointed
insolvency manager Ulrich Zerrath.

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

The meeting of creditors will be held at:

         The District Court Muenster
         Meeting Hall 101 B
         Gerichtsstr. 2-6
         48149 Muenster
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Ulrich Zerrath
         Lange Wanne 57
         45665 Recklinghausen
         Germany
         Tel: 02361/4884-0
         Fax: +492361488499

The District Court of Muenster opened bankruptcy proceedings
against TE-BAU GmbH & Co. Kommanditgesellschaft on May 15, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         TE-BAU GmbH & Co. Kommanditgesellschaft
         Kurfuerstenstrasse 111
         46399 Bocholt
         Germany

         Attn: Hans-Juergen Te Strote, Manager
         Casinowall 29
         46399 Bocholt
         Germany


TOMMYS DRESS: Claims Registration Period Ends July 15
-----------------------------------------------------
Creditors of Tommys Dress Systems GmbH have until July 15, 2008,
to register their claims with court-appointed insolvency manager
Ado Nika.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Aug. 6, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Pforzheim
         Hall 242 N
         Lindenstr. 8
         75179 Pforzheim
         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:

         Ado Nika
         Uhlandstr. 57 - 61
         74072 Heilbronn
         Germany

The District Court of Pforzheim opened bankruptcy proceedings
against Tommys Dress Systems GmbH on June 2, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Tommys Dress Systems GmbH
         Attn: Tommy Oernos und
               Kristina Oernos, Managers
         Theodor-Schweitzer-Str. 1 - 3
         75447 Sternenfels
         Germany


XIRANET COMMUNICATIONS: Claims Registration Period Ends July 15
---------------------------------------------------------------
Creditors of Xiranet Communications GmbH have until July 15,
2008, to register their claims with court-appointed insolvency
manager Mirko Benz.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on Aug. 26, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Dresden
         Hall D132
         Olbrichtplatz 1
         01099 Dresden
         Germany

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

The insolvency manager can be reached at:

         Mirko Benz
         Bergahornweg 34
         01328 Dresden
         Germany

The District Court of Dresden opened bankruptcy proceedings
against Xiranet Communications GmbH on June 12, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Xiranet Communications GmbH
         Bertolt-Brecht-Allee 24
         01309 Dresden
         Germany


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


AQUARIUS + INVESTMENTS: Moody's Affirms Rating on RECIPES Notes
---------------------------------------------------------------
Moody's Investors Service has taken rating actions on 13 series
of static constant proportion debt obligations (CPDOs) 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 (NAV) 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.

Rating actions:

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 US$100,000,000 SURF CPDO Issued by Castle
      Finance I Limited

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

   -- Series 2 US$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 US$25,000,000 Credit Linked Notes Issued by
      Thebes Capital PLC

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

   -- Series 2007-2 US$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 US$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 US$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 JPY10,000,000,000 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.


CASTLE FINANCE: Moody's Cuts Ratings on SURF CPDOs to Low-B
-----------------------------------------------------------
Moody's Investors Service has taken rating actions on 13 series
of static constant proportion debt obligations (CPDOs) 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 (NAV) 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.

Rating actions:

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 US$100,000,000 SURF CPDO Issued by Castle
      Finance I Limited

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

   -- Series 2 US$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 US$25,000,000 Credit Linked Notes Issued by
      Thebes Capital PLC

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

   -- Series 2007-2 US$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 US$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 US$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 JPY10,000,000,000 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.


DUNNE GROUP: Financial Difficulties Prompt Examinership  
-------------------------------------------------------
Dunne Group Hotels has filed for commencement of examinership
procedure at the High Court of Ireland after suffering from  
major financial difficulties, Ian Kehoe writes for the Sunday
Business Post.

The High Court, the Post discloses, has appointed an interim
examiner, who has 66 days to draw up a financial rescue plan for
the company.

Dunne Group runs a chain of five hotels, including Shannon
Shamrock Hotel, the Two Mile Inn Hotel, and Clybaun Hotel.  The
hotel chain incurred a a pre-tax loss of EUR1.1 million in 2006
compared to a profit of EUR1.1 million in 2005, the Post
reveals.


CISTI GUGAN: Jacob Fruitfield Acquires Business for EUR700,000
--------------------------------------------------------------
Jacob Fruitfield has agreed to acquire Cisti Gugan Barra for
EUR700,000, Ian Kehoe writes for the Sunday Business Post.  
Cisti Gugan, went into examinership in April 2008 following
cashflow difficulties.

The High Court and the company's creditors has approved the
takeover deal, which was negotiated by examiner Kieran Wallace
of KPMG.

Jacob Fruitfield, which has annual sales of EUR110 million,
intends to retain certain elements of Cisti Gugan Barra's Katies
range of products, the Post says.

Cisti Gugan Barran, the Post reveals, had accumulated losses of
EUR550,000 on turnover of EUR1.4 million.  Its liabilities stood
at EUR1.1 million.


MAGNOLIA FINANCE: Moody's Lifts Rating on EUR15 Mln Notes to Ba1
----------------------------------------------------------------
Moody's Investors Service has taken rating actions on 13 series
of static constant proportion debt obligations (CPDOs) 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 (NAV) 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.

Rating actions:

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 US$100,000,000 SURF CPDO Issued by Castle
      Finance I Limited

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

   -- Series 2 US$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 US$25,000,000 Credit Linked Notes Issued by
      Thebes Capital PLC

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

   -- Series 2007-2 US$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 US$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 US$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 JPY10,000,000,000 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.


THEBES CAPITAL: Moody's Cuts Rating on US$25 Mln Notes to B1
------------------------------------------------------------
Moody's Investors Service has taken rating actions on 13 series
of static constant proportion debt obligations (CPDOs) 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 (NAV) 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.

Rating actions:

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 US$100,000,000 SURF CPDO Issued by Castle
      Finance I Limited

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

   -- Series 2 US$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 US$25,000,000 Credit Linked Notes Issued by
      Thebes Capital PLC

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

   -- Series 2007-2 US$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 US$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 US$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 JPY10,000,000,000 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.


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


ALITALIA SPA: Group Net Debt at EUR1.21 Billion at May 31, 2008
---------------------------------------------------------------
The Alitalia Group's net debt as of May 31, 2008, amounted to
EUR1.121 billion, showing a decrease in net indebtedness of
EUR237 million (-17.5%) compared to the situation on
April 30, 2008, announced on May 30, 2008.

Regarding the EUR300 million cashed according to legislative
decree no. 80 of April 23, 2008, and the subsequent legislative
decree no. 93 of May 27, 2008, it should be noted that this
amount is not included in the indebtedness, since it is not
possible to determine at present how much will be used according
to decree no. 93 of May 27, 2008.

The net debt of Alitalia S.p.A. on May 31, 2008, including
short-term financial credits for subsidiaries, amounted to
EUR1.108 billion, showing a decrease of EUR232 million (-17.3%)
compared to net debt as of April 30, 2008.

Regarding the EUR300 million cashed according to legislative
decree no. 80 of April 23, 2008, and the subsequent legislative
decree no. 93 of May 27, 2008, it should be noted that this
amount is not included in the indebtedness mentioned above,
since it is not possible to determine at present how much will
be used according to decree no. 93 of May 27, 2008.

The Group's cash-to-hand and short-term financial credits as of
May 31, 2008, at the Group level and for Alitalia, amounted to
EUR388 million and EUR401 million respectively; the increase is
mainly due to cashing the mentioned amount.

Group's short-term financial indebtedness, as of May 31, 2008,
amounted to EUR173 million.

It should be noted that as of May 31, 2008, there were several
leasing contracts at the Group level -- referring almost
entirely to fleet aircraft mostly held by the parent company
amounting to EUR78 million -- whose capital share, including
lease closure value, amounted to EUR90 million, of which
EUR12 million represent the current capital share falling due
within twelve months of the reference date, with EUR9 million
held by the parent company.

By comparison, the same figure as of April 30, 2008, amounted
to EUR91 million, of which EUR12 million falling due in the 12
months from the reference date; the corresponding figures for
the parent company on April 30, 2008, amounted to EUR79 million
and EUR9 million respectively.

It should also be noted that existing debts to banks are almost
entirely backed up by real guarantees (mortgages on aircraft) or
by personal guarantees (mainly guarantees issued by banks for
export credit).  The relative financing contracts contain
standard legal clauses relating to withdrawal.  None of the
contracts refer to specific requirements regarding assets or
economic/financial aspects, in order to maintain the credit
line.

During May 2008, repayments were made of medium/long-term
financing amounting to about EUR23 million.  

Regarding debts of a financial, fiscal and social welfare
nature, there were no outstanding sums or payment irregularities
on May 31, 2008, both for the parent company and for
the other companies in the Group.

As far as debts of a commercial nature are concerned, decisions
are still pending for the petitions filed by Alitalia regarding:

   a) an injunction related to supposed different pricing
      policies, issued by a carrier for EUR6 million (two
      decrees;

   b) another injunction issued by a supplier of on-board movies
      for EUR1.2 million (two decrees);

   c) an injunction has been issued by an IT services supplier
      for EUR812,000;

   d) an injunction has been issued by an Italian subsidiary of
      an air carrier bankruptcy for EUR288,000;

   e) another injunction has been issued by a maintenance
      services supplier for EUR492,000;

   f) a further injunction has been issued by the special
      manager of a firm for presumed debts relating to air
      ticket sales, for EUR3.2 million;

   g) one injunction issued by a fuel supplier (airport rights)
      for about EUR1 million;

   h) another injunction has been issued by an airport
      management company for limited failure to pay
      handling fees for about EUR375,000;

   i) an injunction has been issued by four suppliers, for
      EUR188,000.

There are no other injunction orders or executive actions
undertaken by creditors notified as of May 31, 2008, nor are
there any threats by suppliers to suspend operations.

It should be pointed out that, as part of ordinary management
practices, the Company is committed to maintaining commercial
relations with its customers and suppliers who guarantee -– in
the absence of critical situations or operational emergencies

                         About Alitalia

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

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


ALITALIA SPA: Carlo Santini Quits as Independent Director
---------------------------------------------------------
Carlo Santini has resigned from his post as a Director of
Alitalia S.p.A.

Mr. Santini was an independent non-executive Director, and it
should be noted that, on the basis of available information, he
does not hold participation in Alitalia’s capital.

                         About Alitalia

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

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


ALITALIA SPA: Shareholder Names Two Nominees to Board
-----------------------------------------------------
The Shareholders' Meeting of Alitalia S.p.A. has approved the
ALITALIA balance sheet as of Dec. 31, 2007, carrying forward the
loss of EUR483,269,037.

Regarding corporate bodies, these decisions were taken:

    * at the proposal of the majority shareholder, the Ministry
      of Economy and Finance, the Shareholders’ Meeting
      nominated as Company Directors, to complete the current
      Board of Directors, these people:

      1) Nunzio Guglielmino, and
      2) Tommaso Vincenzo Milanese.

    * the Shareholders’ Meeting nominated the Board of Auditors
      for the period 2008-2010, consisting of:

      1) Enrico Laghi (Chairman),
      2) Maria Berruti (auditor),
      3) Marcellino BOrtolomiol (auditor),
      4) Nicandro Mancini (auditor),
      5) Pompeo Cosimo PEPE (auditor),
      6) Pietro Floriddia (deputy auditor), and
      7) Gianfranco Tanzi (deputy auditor).

The annual remuneration for the Chairman of the Board of
Auditors and for each effective member was confirmed according
to the amount already acknowledged by the outgoing Board.

The Shareholders’ Meeting also approved the appointment of KPMG
S.p.A., for the period 2008-2016, as external auditors, in
compliance with article 155 and following articles of
Legislative Decree no. 58 of Feb. 24, 1998, also for the
abbreviated six-monthly balance sheet.

                         About Alitalia

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

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


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


ALKO-BASIS LLP: Creditors Must File Claims by Aug. 12
-----------------------------------------------------  
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Alko-Basis insolvent.

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

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


ALTYN DALA: Claims Deadline Slated for Aug. 6
---------------------------------------------  
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Altyn Dala International insolvent.

Creditors have until Aug. 6, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Tolstoi Str. 74
         Kostanai
         Kazakhstan


ELECTRO TECH: Claims Filing Period Ends Aug. 6
----------------------------------------------  
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Electro Tech Snab-PV insolvent on May 13, 2008.

Creditors have until Aug. 6, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Pavlodar
         Parkovaya Str. 17
         Pavlodar
         Kazakhstan
         Tel: 8 (7182) 34-70-34


KAMENNOYE USTIE: Creditors' Claims Due on Aug. 8
------------------------------------------------  
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Kamennoye Ustie insolvent on May 21, 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


KAZNEFTEHIM LLP: Claims Registration Ends Aug. 8
------------------------------------------------  
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Kazneftehim insolvent on May 19, 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


NERUDNIK: Creditors Must File Claims by Aug. 8
----------------------------------------------  
JSC Nerudnik has declared insolvency.  Creditors have until Aug.
8, 2008, to submit written proofs of claims to:

         JSC Nerudnik
         312 Strelkovaya diviziya ave. 10a
         Aktobe
         Aktube
         Kazakhstan


PROGRESS PRIS: Claims Deadline Slated for Aug. 12
-------------------------------------------------  
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Progress Pris insolvent.

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

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



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


TIME ART: Creditors Must File Claims by August 8
------------------------------------------------
LLC Time Art Ltd. has declared insolvency.  Creditors have until
Aug. 8, 2008 to submit written proofs of claim to:

         LLC Time Art Ltd.
         Gvardeisky Side Street 31
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 44-34-71


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


JUBILEE CDO VIII: Fitch Affirms Class E Notes' BB Rating
--------------------------------------------------------
Fitch Ratings has affirmed six tranches of Jubilee CDO VIII B.V.
notes due 2024:

    * EUR240 million Class A-1 (ISIN: XS0331559640): affirmed at
      'AAA';

    * EUR24 million Class A-2 (ISIN: XS0331560572): affirmed at
      'AAA';

    * EUR42 million Class B (ISIN: XS0331560655): affirmed at
      'AA';

    * EUR20 million Class C (ISIN: XS0331560903): affirmed at
      'A';

    * EUR18 million Class D (ISIN: XS0331561208): affirmed at
      'BBB';

    * EUR16 million Class E (ISIN: XS0331561463): affirmed at
      'BB.'

Jubilee CDO VIII B.V. is a securitization of mainly European
senior secured loans with the total note issuance of EUR400
million invested in a target portfolio of EUR388 million.  The
portfolio is actively managed by Alcentra Limited (rated 'CAM 1-
(minus)').

As of the review date, the portfolio contained loans from 56
obligors, with the largest exposure making 3.49% of the
outstanding portfolio amount, and the three largest obligors
counting for 9.63% of the outstanding portfolio amount.  The
weighted average portfolio quality is 'B', with no assets rated
CCC or below.  None of the assets in the portfolio are on Rating
Watch Negative, 21.05% is on Outlook Negative.  The largest
single industry is cable with 11.67% of the portfolio volume.

For all the rated tranches, the current credit enhancement
levels are deemed sufficient to justify their ratings under both
Fitch's revised corporate CDO rating methodology and its new
Global Criteria for Cash Flow Analysis.  However, the Class E
notes are particularly sensitive to scenarios where defaults
occur at the end of the transaction life, when assets are due to
mature and there is limited opportunity for the structure to
capture excess spread to protect the tranches.


ROYAL AHOLD: Sells 73.2% Schuitema Stake to CVC Capital
-------------------------------------------------------
Ahold has successfully completed the sale of its 73.2% interest
in Schuitema N.V. to private equity firm CVC Capital Partners.  

As part of the transaction, Ahold obtains stores, real estate, a
cash amount and a 20% indirect interest in Schuitema in
preference shares, without supervisory board representation.

Stores will be transferred in several tranches and converted to
Albert Heijn stores.  This process is expected to be completed
by the end of 2008.

Schuitema N.V. supplies groceries & services to supermarket
chains in the Netherlands.  The Group operates in three
segments: Wholesale and Retail, Real Estate Rental and Retail
Sale Automation Equipment Rental.  The Group operates over 450
supermarkets and owns over 80 supermarkets.  The Group employs
9,500 people.

Headquartered in Amsterdam, Netherlands, Koninklijke Ahold N.V.
(fka Royal Ahold) -- http://www.ahold.com/-- retails food   
through supermarkets, hypermarkets and discount stores in North
and South America, Europe.  It has operations in Argentina.  The
company's chain stores include Stop & Shop, Giant, TOPS, Albert
Heijn and Bompreco.  Ahold also supplies food to restaurants,
hotels, healthcare institutions, government facilities,
universities, stadiums, and caterers.

                          *     *     *

Koninklijke Ahold carries a BB+ issuer default and
senior unsecured ratings with positive outlook from Fitch.  The
company also carries a short-term rating of B from Fitch.


WOOD STREET VI: Fitch Affirms Class E Notes' BB Rating
------------------------------------------------------
Fitch Ratings has affirmed these ratings of Wood Street CLO VI
B.V.:

    * EUR210 million Class A-1 (ISIN: XS0315358084): affirmed at
      'AAA';

    * EUR15 million Class A-2 (ISIN: XS0315362433): affirmed at
      'AAA';

    * EUR23.7 million Class B (ISIN: XS0315364991): affirmed at
      'AA';

    * EUR18.4 million Class C (ISIN: XS0315365451): affirmed at
      'A';

    * EUR15.5 million Class D (ISIN: XS0315365618): affirmed at
      'BBB'; and

    * EUR13.2 milliom Class E (ISIN: XS0315366186): affirmed at
      'BB.'

Wood Street CLO VI B.V. is a securitization of mainly European
senior secured loans with the total note issuance of EUR325.8
million invested in a target portfolio of EUR317.05 million.  
The portfolio is actively managed by Alcentra Limited (rated
'CAM 1- (minus)').

As of the review date, the portfolio contained loans from 55
obligors, with the largest exposure making 3.1% of the
outstanding portfolio amount, and the three largest obligors
counting for 8.3% of the outstanding portfolio amount. The
weighted average portfolio quality is B, with no assets rated
CCC or below.  None of the assets in the portfolio are on Rating
Watch Negative (RWN) but 18.8% is on Outlook Negative. The
largest single industry is healthcare with 11.7% of the
portfolio volume.

For all the rated tranches, the current credit enhancement
levels are deemed sufficient to justify their ratings under both
Fitch's revised corporate CDO rating methodology and its new
Global Criteria for Cash Flow Analysis.  However, the Class D
and E notes are particularly sensitive to scenarios where
defaults occur at the end of the transaction life, when assets
are due to mature and there is limited opportunity for the
structure to capture excess spread to protect the tranches.


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


BEL-INVEST AND CO: Creditors Must File Claims by August 7
---------------------------------------------------------
Creditors of LLC Bel-Invest and Company (TIN 7729407044) have
until Aug. 7, 2008, to submit proofs of claim to:

         Sh. Tskhovrebov
         Insolvency Manager
         Volkovskaya Str. 49a
         Lyubertsy
         Moscow
         Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A40-28603/07-74-103 B.

The Court is located at:

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

The Debtor can be reached at:

         LLC Bel-Invest and Company
         Ulofa Palme Str. 3
         119590 Moscow
         Russia


COMSTAR-UNITED: Shareholders Approve Board Composition
------------------------------------------------------
Comstar - United TeleSystems JSC's Annual General Meeting of its
shareholders on June 30, 2008, approved the election of the
members of the Board of Directors:

    * Anatoly Akimenko, Vice President of Access Industries;

    * Anna Goldin, Vice President for Legal Issues and Head of
      Legal Group of Sistema;

    * Jan Victor Dauman , Executive Director of InterMatrix
      Global Strategy Ltd;

    * Sergey Drozdov, Senior Vice President, Head of Property
      Group of Sistema;

    * Andrey Matyukhov, Director of Portfolio Strategy
      Department of Strategy and Development Division of
      Sistema;

    * Sergey Pridantsev, President and CEO of Comstar UTS;

    * Yngve Redling, Chairman of the Swedish-Russian bilateral
      working group for Information Technology, Chairman of the
      Swedish-Russian/ CIS Chamber of Commerce;

    * Vitaly Savelyev, First Vice President, Head of
      Telecommunications Asset Management Division of Sistema;

    * Dmitry Ustinov, Head of Financial Department of Finance
      and Investments Division of Sistema

Mr. Savelyev was elected as Chairman of Comstar's Board of
Directors.

Deloitte & Touch CIS was appointed as Comstar's U.S. GAAP
auditor for 2008.

                      About Comstar-UTS

Headquartered in Moscow, Russia, Comstar-UTS JSC --
http://www.Comstar-uts.com/en/-- provides fixed line
telecommunication services in the Moscow metropolitan area with
a population of over 10 million, and to five regions of Russia,
Ukraine and Armenia.  As at Dec. 31, 2006, Comstar had US$1.12
billion in revenues and US$428.6 million in EBITDA (excluding
US$62 million stock bonus awards).

                           *    *    *

Comstar-United TeleSystems carries Moody's long-term corporate
family rating of Ba3 with positive outlook.

The company also carries a BB- long-term foreign
issuer credit rating and a BB- long-term local issuer credit
rating with positive outlook from Standard & Poor's.


COMSTAR-UNITED: To Pay RUR62.7 Million Dividend for FY 2007
-----------------------------------------------------------
Comstar - United TeleSystems JSC's Annual General Meeting of its
shareholders approved an annual dividend of approximately
RUR62.7 million, or around US$2.7 million, for the 12 months
ended Dec. 31, 2007, to be paid to holders of Comstar's shares
as at the record date of May 23, 2008.  

The dividend, which amounts to a payment of RUR0.15 per ordinary
share, or approximately US$ 0.0064 per Global Depositary
Receipt, is due to be paid within 60 days after June 30, 2008.

                      About Comstar-UTS

Headquartered in Moscow, Russia, Comstar-UTS JSC --
http://www.Comstar-uts.com/en/-- provides fixed line
telecommunication services in the Moscow metropolitan area with
a population of over 10 million, and to five regions of Russia,
Ukraine and Armenia.  As at Dec. 31, 2006, Comstar had US$1.12
billion in revenues and US$428.6 million in EBITDA (excluding
US$62 million stock bonus awards).

                           *    *    *

Comstar-United TeleSystems carries Moody's long-term corporate
family rating of Ba3 with positive outlook.

The company also carries a BB- long-term foreign
issuer credit rating and a BB- long-term local issuer credit
rating with positive outlook from Standard & Poor's.


INTER INVEST: Creditors Must File Claims by August 7
----------------------------------------------------
Creditors of LLC Inter Invest Instrument have until Aug. 7,
2008, to submit proofs of claim to:

         N. Prilepin
         Insolvency Manager
         Post User Box 30
         123308 Moscow
         Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A40-62560/07-135B.

The Court is located at:

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

The Debtor can be reached at:

         LLC Inter Invest Instrument
         Lesnaya Str. 45A
         103055 Moscow
         Russia


KIZNER-AGRO-KHIM: Creditors Must File Claims by July 7
------------------------------------------------------
Creditors of OJSC Kizner-Agro-Khim have until July 7, 2008, to
submit proofs of claim to:

         S. Evstigneev
         Insolvency Manager
         Post User Box 2150
         Izhevsk
         426063 Udmurtiya
         Russia

The Arbitration Court of Udmurtiya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A71-3423/2008-G2.

The Court is located at:

         The Arbitration Court of Udmurtiya
         Lomonosova Str. 5
         Izhevsk
         426004 Udmurtiya
         Russia

The Debtor can be reached at:

         OJSC Kizner-Agro-Khim
         Pervomayskaya Str. 49
         Kizner
         Udmurtiya
         Russia


LADA LLC: Court Names V. Lukyanov as Insolvency Manager
-------------------------------------------------------
The Arbitration Court of Volgograd appointed V. Lukyanov as
Insolvency Manager for LLC Lada.  He can be reached at:

         V. Lukyanov
         7th Gvardeyskaya Str. 2-215
         Volgograd-5
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A12-5145/08-s57.

The Debtor can be reached at:

         LLC Lada
         Polegalova Str. 3
         Kotelnikova
         404350 Volgograd
         Russia


MARETEX LTD: S&P Affirms B- Long-Term Corporate Credit Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services had affirmed its 'B-' long-
term corporate credit rating and 'ruBBB' Russia national scale
rating on Russian metal distributor Maretex Ltd., which operates
under the OJSC Comtech brand.  The outlook is stable.
     
The rating is constrained by the group's high leverage, tight
covenants on its US$150 credit-linked notes issued by special
purpose vehicle C.R.R. B.V. ('B-' senior-unsecured debt rating)
that pressure liquidity, and the volatile and competitive nature
of the metal distribution business.

"The rating is supported by Maretex's fair market position,
improving product mix, and by the currently favorable conditions
in the Russian steel market," said Standard & Poor's credit
analyst Andrey Nikolaev.

S&P expects Maretex's liquidity to remain constrained, but that
the company will increase EBITDA from the steel service centers
and processing facilities in which it invested in 2007.  The
company should also manage its working-capital fluctuations to
maintain its financial ratios in line with covenants in 2008.

"The outlook could be revised to positive or the rating could be
raised if Maretex further increases its cash flows from steel
distribution and processing facilities," said Mr. Nikolaev.  
"The company must also successfully address a one-time stress
for liquidity caused by a put option on its CLNs in June 2009 by
securing committed financing one or two quarters in advance."
The balance between the company's investment ambitions and the
need to keep the leverage within covenant guidelines will also
be important.

Conversely, if the company cannot secure financing for the put
option on the CLNs, or comply with covenants, the ratings are
likely to be lowered.


NOVATEK OAO: Deutsche Bank Unit Cuts Stake to 24.5%
---------------------------------------------------
OAO Novatek has received a notification from Deutsche Bank AG,
London, regarding the change of the holdings of Deutsche Bank AG
and its subsidiary in the shares of the company.

The holding of Deutsche Bank Trust Company Americas, a
subsidiary of Deutsche Bank AG, has been reduced from 29.49% to
24.50%.

Deutsche Bank Trust Company Americas serves as the custodian of
the global depository receipts (GDRs).


                          About Novatek

Headquartered in Tarko-Sale, Russia, OAO Novatek --
http://www.novatek.ru/ -- engages in the exploration,   
production and processing of natural gas and liquid
hydrocarbons.  The company's upstream activities are
concentrated in the prolific Yamal-Nenets Region in Western
Siberia.

                         *     *     *

OAO Novatek carries Ba2 Corporate Family rating from Moody's
Investors Service, which said the outlook is stable.  Ratings
apply to date.

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


PERLS OJSC: Electronic Sale Slated for July 15
----------------------------------------------
The insolvency manager and bidding organizer for OJSC Factory
Perls, will open an electronic auction sale for the company's
properties at 1:00 p.m. on July 15, 2008.

The company has set a RUR12 Million starting price for the
assets in auction.

Interested participants have until noon on July 14, 2008, to
deposit an amount equivalent to 10% of the starting price to:

         OJSC Factory Perls
         Settlement Account 40702810942410004104
         Correspondent Account 30101810900000000603
         BIK 042202603
         Volgo-Vyatskiy bank of Sberbank of RF
         Saratovskoe OSB 7695/035
         Russia

Bidding documents must be submitted to:

         The Insolvency Manager
         Web site: http://www.fabrikant.ru
         Tel:  Tel.: 8 (831 78) 621 05

The Debtor can be reached at:

         OJSC Factory Perls
         Vostochnaya Str. 1
         Voznesenskoe
         Nizhniy Novgorod
         Russia


SEVERSTAL OAO: CEO Mordashov May Cut Stake for Takeover Funds
-------------------------------------------------------------
OAO Severstal CEO Alexei Mordashov might allow his 82% stake in
the company to be diluted to between 40% and 45% to help finance
acquisitions, Dale Crofts and Stewart Bailey write for Bloomberg
News.

Mr. Mordashov said his stake could be used as "an acquisition
currency," to build up Severstal's portfolio.  The CEO added
that a 40%-45% stake is sufficient to have significant control
of the company.

As recently reported in the TCR-Europe, Severstal said its
acquisition strategy is primarily focused on the CIS and the
United States, with US$16.3 billion in funds for its 2008-2012
capital expenditure program.

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

                        About Severstal

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

                         *     *     *

As reported in the TCR-Europe on June 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.


SIB-INVEST-PACKING: Court Names V. Ovechkin to Manage Assets
------------------------------------------------------------
The Arbitration Court of Novosibirsk appointed V. Ovechkin as
Insolvency Manager for CJSC Sib-Invest-Packing.  He can be
reached at:

         V. Ovechkin
         Mira Str. 28
         Ordynskoe
         633261 Novosibirsk
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A45-2037/2008-39/6.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Sib-Invest-Packing
         Frunze Str. 4
         630091 Novosibirsk
         Russia


SISTEMA-HALS OJSC: Names Felix Evtushenkov as Chairman
------------------------------------------------------
Sistema-Hals OJSC has appointed Felix Evtushenkov as Chairman of
the Board of Directors of Sistema-Hals.  At the same time,
Sergey Shmakov has been promoted to the position of President of
Sistema-Hals, replacing Mr. Evtushenkov who has held the
position since 2003.

"In my new position as Chairman of the Board of Directors, I am
delighted to be taking over the strategic management of Sistema-
Hals and I look forward to my role in developing the company's
operational and financial transparency and fulfilling our goal
of continuing to increase shareholder value," Mr. Evtushenkov
said.

"Sergey Shmakov's 15-year experience in real estate development
and management will be invaluable as he takes over his role as
President of Sistema-Hals and I believe that under his
management and experience the Company will continue to develop
its position as a leading real estate developer in Russia and
the CIS," Mr. Evtushenkov.

"I am grateful to the Board of Directors for the trust they have
put in me in my new role as President of Sistema-Hals,"
Mr. Shmakov.  "I believe that the Company is at an important
stage in its development and is well placed to consolidate its
position as a market leader.  I look forward to my role in
building the company for the future."

                      About Sistema-Hals

Based in Moscow, JSC Sistema-Hals -- http://www.sistema-hals.ru/     
-- is property developers in Moscow and the Moscow region,
with operations in the six regions in Russia, as well as Yalta
and Kiev, Ukraine.  The company is involved in a number of
large-scale governmental infrastructural projects in the
capacity of project manager.  Sistema-Hals is a 71.1% subsidiary
of Sistema JSFC.

                          *     *     *

JSC Sistema-Hals continues to carry B1 long-term corporate
family and probability-of-default ratings from Moody's
Investor Service.  The outlook according to Moody’s is stable.

Sistema-Hals also carries B+ Issuer Default rating from Fitch,
which said the outlook is negative.


SNVF CJSC: Creditors Must File Claims by July 7
-----------------------------------------------
Creditors of CJSC SNVF (TIN 6325025256) have until July 7, 2008,
to submit proofs of claim to:

         A. Antonov
         Insolvency Manager
         Post User Box 5082
         432980 Ulyanovsk
         Russia

The Arbitration Court of Samara commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A55-2415/2008.

The Court is located at:

         The Arbitration Court of Samara
         Avrory Str. 148
         443045 Samara
         Russia

The Debtor can be reached at:

         CJSC SNVF
         Moskovskaya Str. 25-100
         Syzran
         Russia


SREDNEVOLZHSK-SPETS-STROY: Creditors Must File Claims by Aug. 7
---------------------------------------------------------------
Creditors of OJSC Srednevolzhsk-Spets-Stroy (TIN 6454078640)  
have until Aug. 7, 2008, to submit proofs of claim to:

         R. Perepletov
         Insolvency Manager
         Post User Box 1531
         410000 Saratov
         Russia

The Arbitration Court of Saratov commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A-57-5329/08-40.

The Court is located at:

         The Arbitration Court of Saratov
         Babushkin Vvoz 1
         Saratov
         Russia

The Debtor can be reached at:

         OJSC Srednevolzhsk-Spets-Stroy
         Chernyshevskogo Str. 116
         Saratov
         Russia


TRAN-MASH-SERVICE LLC:  Creditors Must File Claims by July 7
------------------------------------------------------------
Creditors of LLC Industrial Financial Company Tran-
Mash-Service have until July 7, 2008, to submit proofs of claim
to:

         O. Dolina
         Temporary Insolvency Manager
         Apt. 39
         M. Gorkogo Str. 4/26
         248016 Kaluga
         Russia

The Arbitration Court of Moscow commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
41 K2-3445/07.

The Court is located at:

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

The Debtor can be reached at:

         LLC Industrial Financial Company Tran-Mash-Service
         Room 3
         Oktyabrskoy revolyutsii Str. 404
         Kolomna
         Moscow
         Russia


VERKH-URYUMSKOE CJSC: Creditors Must File Claims by August 7
------------------------------------------------------------
Creditors of CJSC Verkh-Uryumskoe have until Aug. 7, 2008, to
submit proofs of claim to:

         Y. Gomerov
         Insolvency Manager
         Post User Box 325
         Krasnoobsk
         630501 Novosibirsk
         Russia

The Arbitration Court of Novosibirsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A45-14087/07-43/68.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Verkh-Uryumskoe
         Verkh-Uryum
         Zdvinskiy
         Novosibirsk
         Russia


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


MGF CONSULTING: Zug Court Starts Bankruptcy Proceedings
-------------------------------------------------------
The Bankruptcy Service of Zug commenced bankruptcy proceedings
against LLC MGF Consulting on May 27, 2008.

The Bankruptcy Service of Zug can be reached at:

         The Bankruptcy Service of Zug
         6300 Zug
         Switzerland

The Debtor can be reached at:

         LLC MGF Consulting
         Gewerbestrasse 5
         6330 Cham ZG
         Switzerland


PB & P: Zug Court Commences Bankruptcy Proceedings
--------------------------------------------------
The Bankruptcy Service of Zug commenced bankruptcy proceedings
against JSC pb & p associates on May 26, 2008.

The Bankruptcy Service of Zug can be reached at:

         The Bankruptcy Service of Zug
         6300 Zug
         Switzerland

The Debtor can be reached at:

         JSC pb & p associates
         Baarerstrasse 137
         6302 Zug
         Switzerland


UNIVERSAL INFORMATION: Zug Court Opens Bankruptcy Proceedings
-------------------------------------------------------------
The Bankruptcy Service of Zug commenced bankruptcy proceedings
against LLC Universal Information Technology on May 28, 2008.

The Bankruptcy Service of Zug can be reached at:

         The Bankruptcy Service of Zug
         6300 Zug
         Switzerland

The Debtor can be reached at:

         LLC Universal Information Technology
         Metallstrasse 9a
         6304 Zug
         Switzerland


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


* Fitch Affirms Odessa's Currency Ratings at B
----------------------------------------------
Fitch Ratings has affirmed the Ukrainian City of Odessa's
ratings at International Long-term foreign and local currency
'B+', National Long-term 'AA-(AA minus)(ukr)' and Short-term
foreign currency B.  The Outlooks on the Long-term ratings are
Stable.

The ratings reflect the short horizon of Odessa's budget-
planning, caused by current high inflation and dependence on
national government decisions, and its relatively high budget
rigidity.  They also reflect its strong and diversified local
economy that allows for stable budgetary performance and high
capital spending.  

The ratings also take into account the city's moderate debt
burden. The Stable Outlook reflects Fitch's expectations that
economic growth will further drive operating revenue gains to
compensate for expected operating expenditure pressures.

Increasing needs for debt-financing associated with Odessa's
investment programs will add risk exposure, although its debt
burden is expected to remain manageable.

The city's local economy provides a broad tax base. After a
period of low margins in 2004-2005 the city demonstrated
improving budgetary performance in 2006-2007, with high
operating and current margins of 18.6% and 17%, respectively, in
2007.  

The city managed to more than double operating revenue proceeds,
far outpacing operating expenditure growth.  However, in the
near future the city could face increasing pressure from
operating expenditure due to central government initiatives to
increase public salaries.  The city significantly raised capital
expenditure in 2006-2007 to 30% of total expenditure (2005:15%)
and plans to support high capital spending.  This is in part
related to its co-hosting the UEFA EURO 2012 football
championships, which will boost the local economy but also
increase the burden on the city's infrastructure and finances.

The city's liabilities are currently moderate, with a direct
debt/current revenue ratio of 21.4% at end-2007 and a payback
(direct risk/current revenue) ratio averaging 14 months in 2006-
2007.  The bulk of its direct debt is represented by a long-term
bank loan of CHF50 million (with final redemption in 2012),
which makes the maturity profile of the city relatively long,
but exposes the city to exchange rate volatility.  Odessa plans
to increase its direct debt this year by issuing domestic bonds,
and also to guarantee the long-term credit line granted to a
municipal company, Teplosnabzhenie goroda Odessa, by European
Bank for Reconstruction and Development for infrastructure
project financing.  That would increase the city's total debt
(including guarantees) for 2008 to 35% of current revenue, which
Fitch still believes is reasonable.

The City of Odessa is the capital of Odessa region, which is
located in south-western Ukraine, on the Black Sea. The City of
Odessa is the fifth-largest city in Ukraine with population of
just over 1 million, and has the largest sea port in the
country.


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


ARDANA PLC: Goes Into Administration; Suspends Share Trading
------------------------------------------------------------
Ardana plc disclosed that, at its own request, trading in the
Company's ordinary shares was suspended with effect from 4:25
p.m. on Friday, June 27, following which the Board has agreed to
appoint David Duggins and Tom Burton of Ernst & Young LLP to act
as Administrators of the Company from Monday, June 30.

The Board of Ardana has taken these steps after it became
apparent that a possible refinancing or a possible sale or
merger under discussion could not be completed within a
timeframe during which the Board believed the Company would have
sufficient cash reserves to continue trading.  All discussions
were terminated by the afternoon of Friday, June 27.

The Company has over recent months been in a number of licensing
discussions for individual development products, however the
Board have also concluded that these potential transactions
could not be completed within the time available before
exhaustion of the Company's cash resources.

As a result, the Board of Ardana has taken advice and with great
regret no longer believes that the Company is in a position to
continue its operations.  It is expected that the appointment of
administrators will formally occur, following which the
Administrator will take such measures as they believe
appropriate including continuing to seek a buyer for the Company
and its assets.

Headquartered in Edinburgh, Scotland, Ardana plc --
http://www.ardana.co.uk/-- is an emerging pharmaceutical  
company focused on the discovery, development and marketing of
innovative products to improve human reproductive health.  Its
principal products include Emselex, Striant SR, Invicorp,
Testosterone Cream, GHS, and Teverelix LA.  The Company's
operations are located in the United Kingdom, with
commercialization and development activities being carried out
in the United Kingdom and the rest of Europe.


CABLE & WIRELESS: Revises Thus Plc Offer to 180p per Share
----------------------------------------------------------
The Boards of Cable & Wireless plc and Thus Group plc announced
the terms of a cash offer to be made by Cable & Wireless,
through its wholly owned subsidiary which is to be incorporated,
to acquire the entire issued and to be issued share capital of
Thus.  

Under the terms of the Offer, Thus Shareholders will receive
180 pence in cash for each Thus Share held.  The Offer values
the existing issued share capital of Thus at approximately
GBP329 million and represents an enterprise value of
approximately GBP361 million, including reported net debt as at
March 31, 2008 of GBP32 million.

Cable & Wireless believes strongly that its Offer is an
attractive reflection for Thus Shareholders of the value of
THUS' standalone business and the benefits of the proposed
business combination. In particular, the Offer represents:

    * a premium of approximately 64% to the closing mid-market
      price of 110 pence per Thus Share on May 27, 2008, being
      the last dealing day prior to the announcement by Cable &
      Wireless that it had made an approach to THUS, and since
      which time the stock market has fallen; and

    * a premium of around 50% to the volume weighted average
      price of 120 pence per Thus Share over the three months
      prior to and including May 27, 2008.

                     About Cable & Wireless

Headquartered in London, Cable & Wireless Plc
-- http://www.cw.com/new/-- operates through two standalone
business units:  International and Europe, Asia & U.S..  The
International unit operates integrated telecommunications
companies in 33 countries, with principal operations in the
Caribbean, Panama, Macau, Monaco and the Channel Islands.  The
Europe, Asia & U.S. business unit provides enterprise and
carrier solutions to the largest users of telecoms services
across the U.K., U.S., continental Europe and Asia -- and
wholesale broadband services in the U.K.  The company also has
operations in India, China, the Cayman Islands and the Middle
East.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on
May 26, 2008, Standard & Poor's Ratings Services has revised its
outlook on Cable & Wireless PLC to developing from stable.  The
developing outlook means ratings can be raised, lowered, or
affirmed.  The 'BB-' long-term and 'B' short-term corporate
credit ratings remain unchanged.


CABLE & WIRELESS: Thus Board Puts Forward Revised Offer
-------------------------------------------------------
The Thus Group Plc's Board of Directors considers that Cable &
Wireless' improved offer of 180 pence per share represents a
proposal worthy of consideration by shareholders in the absence
of a better proposal.

Accordingly the Thus Board, which has been so advised by
Greenhill, has agreed that the Offer be put forward to Thus
Shareholders.  However, it is the Thus Board's view that the
Offer is not such a compelling proposal that the Thus Board
could give a recommendation to Thus Shareholders to accept the
Offer at this time.

The Thus Board remains confident in the standalone prospects of
Thus.  The Board of Thus also believes that there are
significant synergies available from further consolidation
within the U.K. business telecommunications market.  As a
result, while pursuing a strategy to deliver profitable organic
growth, the Board of Thus has also actively sought to
participate in the ongoing consolidation within the UK business
telecommunications market.

                     About Cable & Wireless

Headquartered in London, Cable & Wireless Plc
-- http://www.cw.com/new/-- operates through two standalone
business units:  International and Europe, Asia & U.S..  The
International unit operates integrated telecommunications
companies in 33 countries, with principal operations in the
Caribbean, Panama, Macau, Monaco and the Channel Islands.  The
Europe, Asia & U.S. business unit provides enterprise and
carrier solutions to the largest users of telecoms services
across the U.K., U.S., continental Europe and Asia -- and
wholesale broadband services in the U.K.  The company also has
operations in India, China, the Cayman Islands and the Middle
East.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on
May 26, 2008, Standard & Poor's Ratings Services has revised its
outlook on Cable & Wireless PLC to developing from stable.  The
developing outlook means ratings can be raised, lowered, or
affirmed.  The 'BB-' long-term and 'B' short-term corporate
credit ratings remain unchanged.


CABLE & WIRELESS: Acquires 29.9% Stake in Thus Group Plc
--------------------------------------------------------
Cable & Wireless Plc confirmed it has acquired, in aggregate,
54,726,677 shares in Thus Group Plc, representing 29.9% of the
issued share capital of the firm.

                     About Cable & Wireless

Headquartered in London, Cable & Wireless Plc
-- http://www.cw.com/new/-- operates through two standalone
business units:  International and Europe, Asia & U.S..  The
International unit operates integrated telecommunications
companies in 33 countries, with principal operations in the
Caribbean, Panama, Macau, Monaco and the Channel Islands.  The
Europe, Asia & U.S. business unit provides enterprise and
carrier solutions to the largest users of telecoms services
across the U.K., U.S., continental Europe and Asia -- and
wholesale broadband services in the U.K.  The company also has
operations in India, China, the Cayman Islands and the Middle
East.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on
May 26, 2008, Standard & Poor's Ratings Services has revised its
outlook on Cable & Wireless PLC to developing from stable.  The
developing outlook means ratings can be raised, lowered, or
affirmed.  The 'BB-' long-term and 'B' short-term corporate
credit ratings remain unchanged.


CANDU ENTERTAINMENT: Buyer to Close Fusion NightClub
----------------------------------------------------
Company Time Ltd. has decided to shut down CanDu Entertainment
Ltd.'s Fusion nightclub in Workington, U.K., on financial
reasons, Safira Ali writes for Time and Star.

A spokesman for Company Time told Time and Star, Fusion will
remain with Candu, stressing "the company had the ability to
choose certain venues which it would take over.  There were a
number of clubs looked at."

Fusion's former manager John Covell, however, stated  "Company
Time have shut it down now because they had to sort things out
with the rents and rates," Time and Star notes.

The club's closure, Time and Star adds, affected 30 jobs.

Company Time, Time and Star relates, took over the assets of
CanDu after the company went into administration on March 20.

Headquartered in Banbury, England, CanDu Entertainment Ltd. --
http://www.candu.com/-- is the largest independent late night
leisure operator in the U.K.  The estate comprises 33 nightclubs
and high street bars, predominantly in regional towns across
England and Wales.

On March 20, 2008, CanDu Entertainment Ltd. and CanDu
Entertainment Group Ltd. entered Administration and Alan Hudson
and Hunter Kelly of Ernst & Young LLP were appointed as Joint
Administrators.


COTSWOLDGATE: Liquidation Looms as Creditors Meeting Set
--------------------------------------------------------
Creditors of Cotswoldgate Limited may vote to liquidate the
company liquidation almost three months after it was placed
under administration, building.co.uk reports.

Administrators from Deloitte has agreed to hold a creditors'
meeting, which could pave the way for an investigation into the
reasons behind the company's collapse, building.co.uk adds.

Cotswoldgate owes around GBP3 million to more than 30
subcontractors.  

Cotswoldgate's managing director Richard Perrill, however,
denied responsibility, "I understand the problems, but I'm
confident that I acted properly at all times."


HILLSTONE DEVELOPMENTS: Goes Into Administration; 30 Jobs Axed
--------------------------------------------------------------
Hillstone Developments Ltd., the construction and subcontracting
unit of Hillstone Group, has gone into administration, Crain's
Manchester Business reports.

PKF (U.K.) LLP, Hillstone's administrators, told Crain's
Manchester Business that current developments in Oldham, which
are owned by associated companies, are not affected by the
insolvency procedure.  Around 30 jobs were affected at its head
office.

Cllr Mohib Uddin, Oldham Metropolitan Borough Council cabinet
member, blamed the current credit crunch for the company's
collapse, saying it "has without doubt had a ripple effect on
the building industry throughout the country and this situation
is by no means unique to Oldham.

Headquartered in Oldham, England, Hillstone Developments Ltd. --
http://www.hillstonedevelopments.co.uk/company.html-- offers a  
wide range of property types from 1 bedroom apartments to 5
bedroom detached houses.  Currently it has built homes across
the northwest, in locations such as Huddersfield, Barnsley and
Oldham.  Craig Halliwell and Tony Bhatti formed the company in
2004.


I PALMER: Brings In Liquidators from Tenon Recovery
---------------------------------------------------
Patrick Ellward and Dilip Dattani of Tenon Recovery were
appointed joint liquidators of I Palmer & Son Ltd. on June 17
for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Tenon Recovery
         Charnwood House
         Gregory Boulevard
         Nottingham
         NG7 6NX
         England


MARTEDI LTD: Calls In Liquidators from Tenon Recovery
-----------------------------------------------------
Steven Philip Ross and Ian William Kings of Tenon Recovery were
appointed joint liquidators of Martedi Ltd. (t/a Polsinelli)
(formerly Maredi Ltd.) on June 11 for the creditors' voluntary
winding-up proceeding.

The joint liquidators can be reached at:

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


TARTAN FILMS: Goes Into Administration; 20 Jobs Affected
--------------------------------------------------------
Tartan Films has gone into administration after attempts to
restructure the film distributor failed, ScreenDaily.com
reports.

ScreenDaily relates that more than 20 staff of Tartan have been
made redundant.  Tartan closed its US unit Tartan Video USA
earlier this month.

In 2007, ScreenDaily, owned by Hamis McAlpine, underwent a
business restructuring process.  The company also unveiled a
GBP6 million investment package, although it did not
materialize, ScreenDaily relates.

  
                            *********

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.


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