TCREUR_Public/080703.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Thursday, July 3, 2008, Vol. 9, No. 131

                            Headlines


A U S T R I A

C. HAUS – BAUTRAGER: Creditors' Meeting Slated for July 3
DAVUT ERDEM: Claims Registration Period Ends July 21
DONAU LLC: Claims Registration Period Ends July 24
E & J ANGERER: Creditors' Meeting Slated for July 3


B E L G I U M

CHRYSLER LLC: Reports Volume-Related Declines in Assembly Plants
CHRYSLER LLC: June 2008 Sales Drop 36% to 117,457 Units
CHRYSLER: Early 2008 Performance Exceeds Owners' Expectations


D E N M A R K

ANGIOTECH PHARMA: Moody's May Lower B3 Rating After Review
BLOCKBUSTER: Withdraws US$1.3BB Proposal to Acquire Circuit City


G E R M A N Y

ALLPACK GMBH: Claims Registration Period Ends July 31
EINBAU DESIGN: Claims Registration Period Ends July 17
ENGLISCH GMBH: Claims Registration Period Ends July 17
METALLTECHNIK HOHLFELD: Claims Filing Deadline Set July 15
MOBILCOM KIEFER: Claims Registration Period Ends July 15

NEUMEISTER ETIKETTEN: Claims Registration Period Ends July 15
O.S.T. KONZEPT: Claims Registration Period Ends July 15
PLEWA-WERK KLARDORF: Claims Registration Period Ends July 15
WESTLB AG: Sells Westdeustche Kommunal Consult Unit to DekaBank
ZEITARBEIT GMBH: Claims Registration Period Ends July 15


I R E L A N D

AVEBURY FINANCE: Moody's Cuts Three Note Classes


I T A L Y

TISCALI SPA: Fails to Meet Deadline to Select Buyer


K A Z A K H S T A N

DAR MUHENDISLIK: Creditors Must File Claims by Aug. 8
ENERGO CONTACT: Claims Deadline Slated for Aug. 12
ENERGO SVYAZ: Claims Filing Period Ends Aug. 6
GLOBAL ASTYK: Creditors' Claims Due on Aug. 12
KAZAKHSTAN ELECTRICITY: S&P Rates EUR255 Mln EBRD Loan at BB+

PAVLODAR-TECHNOLOG LLP: Claims Registration Ends Aug. 6
TARAZ-KOKSHE LLP: Claims Deadline Slated for Aug. 12
VICTORY LLP: Claims Filing Period Ends Aug. 8


K Y R G Y Z S T A N

LUCKY WAY: Creditors Must File Claims by August 8


N E T H E R L A N D S

GTB FINANCE: S&P Puts Low-B Ratings on New US$2 Bln GMTN Program


N O R W A Y

MPU OFFSHORE: Files for Bankruptcy; Keppel Stops Work on Project  


R U S S I A

AGRO-DON LLC Proofs of Claim Deadline Set August 7
AGRODOM OJSC: Proofs of Claim Deadline Set August 7
BEL-KAM-TUR-I: Creditors Must File Claims by July 7
BTA BANK: Moody's Changes Outlook on B1 Ratings to Stable
BUILDER LLC: Proofs of Claim Deadline Set August 7

COMSTAR-UNITED: Integrates Two Regional Telecom Units
ENERGY LLC: Creditors Must File Claims by July 7
ERECTOR-2 CJSC: Proofs of Claim Deadline Set August 7
KHABAROVSKIY FACTORY: Proofs of Claim Deadline Set August 7
KOMSOMOLSKIY-NA-AMURE: Proofs of Claim Deadline Set Aug. 7

LUZSKIY BUILDING: Creditors Must File Claims by July 7
REPAIR-MECHANICAL FACTORY: Proofs of Claim Deadline Set July 7
RUSSIAN UNIVERSAL: Fitch Affirms IDR at B- with Stable Outlook
SAKHA-FURNITURE: Creditors Must File Claims by July 7
SEVERSTAL OAO: US Court Denies WCI Shareholders' Motion vs Offer

SITRONICS JSC: Inks EUR150 Mln Loan Agreement with Intracom
SRENDEURALSKIY METALLURGICAL: Creditors' Claims Due July 7
SYSTEM ENGINEERING: Proofs of Claim Deadline Set July 7
VIMPEL-COMMUNICATIONS: Merges Mobile and Fixed Operations
VOLGATELECOM OJSC: Repays 10-? Series Bonds

ZLAT-INVEST: Creditors Must File Claims by July 7


S W I T Z E R L A N D

GENERAL MOTORS: June 2008 Sales in U.S. Drop 8% to 265,937
METALL-TECH LLC: Claims Registration Period Ends July 7


U K R A I N E

PRAVEX BANK: Acquisition by Intesa Cue Fitch's Ratings Upgrade


U N I T E D   K I N G D O M

AJT TRADING: Taps Joint Administrators from BDO Stoy Hayward
BEEPRINT LTD: Brings In Administrators from Tenon Recovery
BRITISH AIRWAYS: Inks GBP54 Mln Deal to Acquire France's L'Avion   
CHESAPEAKE CORP: S&P Cuts Corporate Credit Rating to B
CHILTON NEW: Appoints KPMG as Joint Administrators

FORD MOTOR: June 2008 Sales Fall 28% to 174,091 Units
GALOC GARAGE: Appoints Joint Administrators from KPMG
MELROSE RESOURCES: Inks Deal to Extend Debt Facilities Terms
MELROSE RESOURCES: S&P Lifts Rating to B on Extended Debt Terms
SCOMARK HOLDINGS: Calls In Joint Administrators from KPMG

SPARC EUROPE: Fitch Rates EUR61 Million Series D Notes at BB-
TAYLOR WIMPEY: Suffers Weak Sales for 26 Weeks Until June 30
TAYLOR WIMPEY: Confirms Equity Increase Difficulties
TAYLOR WIMPEY: Fitch Lowers IDR to BB on Equity Problems

* PricewaterhouseCoopers Brings In 58 New Partners in the U.K.  

* Upcoming Meetings, Conferences and Seminars


                            *********


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


C. HAUS – BAUTRAGER: Creditors' Meeting Slated for July 3
---------------------------------------------------------
Creditors owed money by  LLC C. Haus – Bautrager (FN 279659p)
are encouraged to attend the first creditors' meeting at
1:40 p.m. on July 3, 2008.

The creditors' meeting will be held at:

          The Land Court of Graz
          Hall K
          Room 205
          Second Floor
          Graz
          Austria

The Court will also examine the claims at 10:00 a.m. on
Aug. 5, 2008, at the same venue.

Creditors have until July 21, 2008, to file written proofs of
claim to court-appointed estate administrator Candidus
Cortolezis at:

          Candidus Cortolezis
          Hauptplatz 14
          8010 Graz
          Austria
          Tel: 0316/813973
          Fax: 0316/847797
          E-mail: office@cortolezis.com  

Headquartered in Graz, Austria, the Debtor declared bankruptcy
on June 3, 2008 (40 S 32/08s).


DAVUT ERDEM: Claims Registration Period Ends July 21
----------------------------------------------------
Creditors owed money by KEG Davut Erdem (FN 157646h) have until
July 21, 2008, to file written proofs of claim to court-
appointed estate administrator Axel Reckenzaun at:

          Dr. Axel Reckenzaun
          Annenstr. 10/1
          8020 Graz
          Austria
          Tel: 0316/713353
          Fax: 0316/713353-30
          E-mail: office@boehm-reckenzaun.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on Aug. 5, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Graz
          Hall K
          Room 205
          Second Floor
          Graz
          Austria

Headquartered in Graz, Austria, the Debtor declared bankruptcy
on June 3, 2008 (Bankr. Case No. 40 S 31/08v).  


DONAU LLC: Claims Registration Period Ends July 24
--------------------------------------------------
Creditors owed money by LLC Donau (FN 83631m) have until
July 24, 2008, to file written proofs of claim to court-
appointed estate administrator Johannes Jaksch at:

          Dr. Johannes Jaksch
          c/o Dr. Stephan Riel
          Landstrasser Hauptstrasse 1/2
          1030 Vienna
          Austria
          Tel: 713 44 33
          Fax: 713 10 33
          E-mail: kanzlei@jsr.at   

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 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 June 2, 2008 (Bankr. Case No. 5 S 57/08d).  Stephan Riel
represents Dr. Jaksch in the bankruptcy proceedings.


E & J ANGERER: Creditors' Meeting Slated for July 3
---------------------------------------------------
Creditors owed money by LLC E & J Angerer (FN 259438b) are
encouraged to attend the first creditors' meeting at 1:45 p.m.
on July 3, 2008.

The creditors' meeting will be held at:

          The Land Court of Graz
          Hall K
          Room 205
          Second Floor
          Graz
          Austria

The Court will also examine the claims at 9:15 a.m. on
Aug. 5, 2008, at the same venue.

Creditors have until July 21, 2008, to file written proofs of
claim to court-appointed estate administrator Gerhard
Petrowitsch at:

          Dr. Gerhard Petrowitsch
          Kadagasse 11
          8430 Leibnitz
          Austria
          Tel: 03452/82837
          Fax: 03452/82837-7
          E-mail: office@ra-petrowitsch.at  

Headquartered in Lang, Austria, the Debtor declared bankruptcy
on June 2, 2008 (40 S 29/08z).


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


CHRYSLER LLC: Reports Volume-Related Declines in Assembly Plants
----------------------------------------------------------------
The auto industry is going through a period of unprecedented
change.  A dramatic U.S. economic slowdown and an auto industry
contraction leaves Chrysler LLC -– like other automakers -– to
face difficult issues and decisions.  In order to meet those
market challenges, the company is announcing that it will make
volume-related manufacturing reductions at two of its North
American assembly plants.

   * Chrysler will indefinitely idle the St. Louis South
     Assembly Plant effective Oct. 31, 2008, due to volume
     declines in the total minivan vehicle segment.

   * Chrysler will also reduce operations at its St. Louis North
     Assembly Plant from two shifts to one shift, effective
     Sept. 2, 2008. St. Louis North builds full-size trucks.

   * These measures will lead to a reduction of approximately
     2,400 hourly jobs (1,500 at St. Louis South, 900 at St.
     Louis North).

   * Chrysler is committed to working with the UAW to address
     the manpower reductions in a socially responsible manner.

As we have done in the past, the UAW and management leadership
will hold employee meetings to review the special program
offerings at affected locations.

Chrysler remains committed to the Dodge Ram truck and Chrysler
Town & Country and Dodge Grand Caravan minivan markets.

"The Chrysler and Dodge minivans have held a leadership share in
a shrinking market and we believe in the long-term viability of
the pickup market," Jim Press, President and Vice Chairman –
Chrysler LLC, said.  "We are clearly in a challenging
environment, but continue to be focused on building a profitable
enterprise for the long term. These actions will help us achieve
this goal."

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

                           *     *     *

In June 2008, Moody's Investors Service affirmed the B3
Corporate Family Rating and Probability of Default Rating of
Chrysler LLC, but changed the outlook to negative from stable.

At the same time, Standard & Poor's Ratings Services is placing
its corporate credit ratings on the three U.S. automakers,
General Motors Corp., Ford Motor Co., and Chrysler LLC, on
CreditWatch with negative implications.  Included in the
CreditWatch placement are the finance units Ford Motor Credit
Co. and DaimlerChrysler Financial Services Americas LLC, as well
as GM's 49%-owned finance affiliate GMAC LLC.

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


CHRYSLER LLC: June 2008 Sales Drop 36% to 117,457 Units
-------------------------------------------------------
Chrysler LLC reported total June 2008 U.S. sales of 117,457
units, which is 36% below the same period last year.  Total June
sales reflect a continued contraction of the market, especially
of pickup trucks and SUVs, continued reductions in fleet sales,
and increases in Chrysler's newest highly fuel-efficient
vehicles. All sales figures are reported as unadjusted.

"The June results reflect the industry-wide impact of U.S.
consumer confidence being at its lowest point since 1992," Jim
Press, President and Vice-Chairman of Chrysler LLC said.  "But
Chrysler is fighting back and making progress by continuing to
invest in our products and aligning our volume with the market.

"During difficult periods like this, it is critical that we
continue to evolve our products to meet our customers' needs and
as a result, be a stronger company when the economy recovers.  
Examples of this evolution are our six vehicles that get 28
miles per gallon, and the 2009 Dodge Ram and 2009 Chrysler
Aspen/Dodge Durango Hybrids with improved fuel economy,
innovative storage, and industry-leading Internet connectivity
options."

Chrysler's Let's Refuel America US$2.99 Gas Guarantee Plus Cash
program has been extended through July 31.  The program
continues to help improve showroom traffic and drive sales of
the company's most fuel-efficient vehicles. For July, the
program will offer the unique opportunity for customers to lock
in their gas prices at US$2.99 for three years and get cash back
(on the majority of vehicles).  The other two incentive choices
offered are cash back alone or 0% APR financing.  Since the
program began in May, the vehicles in Chrysler's lineup with the
highest gas program take rate were the Chrysler Sebring Sedan,
Dodge Journey, Dodge Caliber and Dodge Avenger.

The Dodge Journey is making its mark in the crossover segment
with best-in-class fuel economy (19 city/25 mpg highway) and
award-winning seven- passenger interior utility.  The Dodge
Journey reached 5,162 units in its fifth month of sales to
become one of the most popular mid-size crossovers in the
market.

                     Compact Vehicles Growth

The all-new Jeep(R) Patriot posted sales for June with 4,889
units, up 6% compared with June 2007 sales of 4,633 units.  
Combined year-to-date total sales of the fuel-efficient Dodge
Caliber, Jeep Compass and Jeep Patriot compact vehicles which
each achieve 28 miles per gallon or better in highway driving,
reached 114,188 units, up 18 percent from YTD 2007 combined
sales of 96,553 units.

                          Minivan Highlights

The Dodge Grand Caravan posted total June sales of 14,214 units,
an increase of 52% versus June 2007 sales of 9,342 units.  The
Chrysler Town & Country also saw strong sales in June with 9,833
units, up 21% compared with June 2007 sales of 8,151 units.  
Through June YTD, new customer sales increased (retail only) 27%
for Chrysler's two, new long-wheelbase minivans, the Chrysler
Town & Country and Dodge Grand Caravan, compared with the same
two long-wheelbase models last year.  Minivans remain a fuel-
efficient option over large SUVs for transporting seven
passengers and cargo, getting up to 24 miles per gallon on the
highway (3.3L engine).

Despite slow industry sales, the company finished the month with
440,075 units of inventory, or a 90-day supply.  As part of a
planned reduction, inventory is down 9% compared with June 2007
when it totaled 485,429 units.

                     Cars and Compact Vehicles

Sales of these cars and car-based compact vehicles represent 40
percent of Chrysler's lineup through June, an increase from 35%
of the lineup a year ago.  Chrysler's lineup of cars and compact
vehicles continue to connect well with consumers, led by six
vehicles which achieve 28 miles per gallon or better in highway
driving.

Chrysler's lineup of cars and compact vehicles includes:
Dodge Caliber, Dodge Avenger, Dodge Charger, Dodge Magnum, Dodge
Challenger, Dodge Viper, Chrysler 300, Chrysler Sebring,
Chrysler PT Cruiser, Chrysler Crossfire, Jeep Patriot and the
Jeep Compass.

Minivans and Crossovers:

Sales of these car-like vehicles represent 20% of Chrysler's
sales through June, an increase from 19 percent of the lineup a
year ago.  Chrysler's all-new long-wheelbase minivans continue
to build on its segment dominance by offering exclusive features
like Swivel 'n Go(TM) seating system and Sirius Backseat TV
along with excellent fuel efficiency.  Chrysler's crossover
vehicles combine the versatility of a large sport-utility
vehicle with the efficiency of a passenger car.  The Dodge
Journey gets best-in-class fuel economy (19 city/25 mpg
highway).

Chrysler's lineup of minivans and crossovers includes:
Dodge Grand Caravan, Chrysler Town & Country, Dodge Journey and
the Chrysler Pacifica.

Pickup Trucks and mid and Large SUVs:

Sales of these vehicles represent 40% of Chrysler's sales
through June, a decrease from 46% of the lineup a year ago.  
This fall, Chrysler will launch a more fuel-efficient 2009 Dodge
Ram and hybrid versions of the Dodge Durango and Chrysler Aspen.  
The new 2009 Chrysler Aspen Hybrid and Dodge Durango Hybrid will
deliver fuel economy up to 20 miles per gallon -- a 40%
improvement in the city and 25% overall.  Hybrid and light-duty
diesel versions of the new Dodge Ram will be available in the
future.

Chrysler's lineup of pickup trucks and mid and large SUVs
includes:

Dodge Ram; Dodge Dakota, Dodge Durango, Dodge Nitro, Dodge
Sprinter, Chrysler Aspen, Jeep Liberty, Jeep Wrangler, Jeep
Grand Cherokee and the Jeep Commander.

                           *     *     *

In June 2008, Moody's Investors Service affirmed the B3
Corporate Family Rating and Probability of Default Rating of
Chrysler LLC, but changed the outlook to negative from stable.

At the same time, Standard & Poor's Ratings Services is placing
its corporate credit ratings on the three U.S. automakers,
General Motors Corp., Ford Motor Co., and Chrysler LLC, on
CreditWatch with negative implications.  Included in the
CreditWatch placement are the finance units Ford Motor Credit
Co. and DaimlerChrysler Financial Services Americas LLC, as well
as GM's 49%-owned finance affiliate GMAC LLC.

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


CHRYSLER: Early 2008 Performance Exceeds Owners' Expectations
-------------------------------------------------------------
Chrysler LLC disclosed that it had an operating loss of
US$300 million for the first four months of 2008, Bloomberg News
reports.

The figure is considerably less than the US$700 million
operating loss prediction made by majority owner Cerberus
Capital management L.P.  The largest interest holder, in
accordance with its business plans, expected a drop in
Chrysler's incoming cash for 2007 and 2008, says Bloomberg.

"They have clearly been very, very aggressive on the cost
fronts. . .  [T]he challenge is to keep cutting costs at the
same pace and exceed the revenue declines," Bloomberg quotes
Fitch analyst Mark Oline as saying.  Chrysler already planned to
close a St. Louis minivan factory on October 2008 and cut
production of pickup trucks.

Shareholders harped about how Chrysler's performance exceeded
their expectations.  "We'd assumed several years of operating
losses for Chrysler," Cerberus partner Timothy Price told
Bloomberg in a phone interview.  "They're ahead of their plan,
and doing a good job despite one of the most adverse economic
environments in our lifetime."

                        About Chrysler LLC

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

                           *     *     *

In June 2008, Moody's Investors Service affirmed the B3
Corporate Family Rating and Probability of Default Rating of
Chrysler LLC, but changed the outlook to negative from stable.

At the same time, Standard & Poor's Ratings Services is placing
its corporate credit ratings on the three U.S. automakers,
General Motors Corp., Ford Motor Co., and Chrysler LLC, on
CreditWatch with negative implications.  Included in the
CreditWatch placement are the finance units Ford Motor Credit
Co. and DaimlerChrysler Financial Services Americas LLC, as well
as GM's 49%-owned finance affiliate GMAC LLC.

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


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


ANGIOTECH PHARMA: Moody's May Lower B3 Rating After Review
----------------------------------------------------------
Moody's Investors Service placed the ratings (B3 Corporate
Family Rating and B2 Probability of Default Rating) of Angiotech
Pharmaceuticals, Inc. under review for possible downgrade.

At the same time, Moody's changed the company's Speculative
Grade Liquidity assessment to SGL-4 from SGL-3, reflecting
Angiotech's weak liquidity profile.

The rating review is driven primarily by concerns regarding
Angiotech's ongoing negative cash flow generation, which has
resulted in lower cash balances and impaired liquidity.  
Although the company is taking steps to lower its R&D expenses,
a reduction in TAXUS royalty revenues is expected to occur later
this year.

Moody's review will consider:

   (1) progress in reducing R&D and SG&A spend;

   (2) the extent to which these remedies can offset expected
       declines in TAXUS royalty revenues once the Xience stent
       is approved in the US; and

   (3) actions the company may take to improve its capital
       structure.

If the company's capital structure changes, Moody's would
reassess the Corporate Family as well as the Probability of
Default Ratings.  As part of the review, LGD assessments and
point estimates are also subject to change.

Ratings placed under review for possible downgrade:

Angiotech Pharmaceuticals, Inc.

   -- Corporate Family Rating at B3

   -- US$325 Million Senior Unsecured Notes at B2, LGD3, 46%

   -- US$250 Million Senior Subordinated Notes at Caa1, LGD6,
      91%

   -- Probability of Default Rating at B2

Rating changed:

   -- Speculative Grade Liquidity Rating to SGL-4 from SGL-3.

Angiotech Pharmaceuticals, Inc., founded in 1992, based in
Vancouver, Canada, is a specialty pharmaceutical company that
focuses on drug-device combinations and drug-loaded surgical
biomaterial implants.


BLOCKBUSTER: Withdraws US$1.3BB Proposal to Acquire Circuit City
----------------------------------------------------------------
Blockbuster Inc. has decided to withdraw a proposal to acquire
Circuit City Stores Inc. after taking a closer look at the
finances of Circuit City.

As reported in the Troubled Company Reporter on April 15, 2008,
Blockbuster publicly stated its offer to acquire Circuit City
for at least US$6 per share in cash, or roughly US$1.3 billion,
subject to due diligence.

TCR said that the offer was initially made in a letter sent to
Circuit City chairman and chief executive officer Philip
Schoonover on Feb. 17, 2008, on behalf of the Blockbuster board
of directors.

"Based on market conditions and the completion of our initial
due diligence process, we have determined that it is not in the
best interest of Blockbuster's shareholders to proceed with an
acquisition of Circuit City," Jim Keyes, Blockbuster chairman
and CEO, said.  

"We continue to believe in the strategic merits of a consumer
retail proposition that would bring media content and electronic
devices together under one brand," Mr. Keyes added.  "We will
pursue this strategy through our Blockbuster stores as a way to
diversify the business and better serve the entertainment retail
segment."

                      Circuit City Responds

The Wall Street Journal related that Circuit City insisted it
was making progress and that its results would start improving
later this year.

In a press statement, Circuit City reiterated that its
exploration of strategic alternatives to enhance shareholder
value is an active and ongoing process.

"Our exploration of strategic alternatives is intended to serve
the interests of our shareholders by considering every possible
alternative to enhance shareholder value, Mr. Schoonover
commented.  

"The board's review was not dependent on Blockbuster's
participation," Mr. Schoonover related.  "We are diligently
working with the parties involved in the process, and intend to
continue our thorough approach until the point as the board
determines upon a particular strategic course of action.  The
board has not established a deadline for completing the review."

Circuit City does not intend to disclose further developments
unless and until the board has approved a course of action.

Blockbuster's shares jumped 7.6% in July 1 after-hours trading
while Circuit City's shares fell another 1.6% to US$2.51, WSJ
indicated.  During the day, Circuit City's stock dropped 12%,
WSJ added.

                  About Circuit City Stores Inc.

Headquartered in Richmond, Virginia, Circuit City Stores Inc.
(NYSE: CC) -- http://www.circuitcity.com/-- is a specialty     
retailer of consumer electronics, home office products,
entertainment software and related services.  The company has
two segments: domestic and international.  

                      About Blockbuster Inc.

Blockbuster Inc. -- http://www.blockbuster.com/-- (NYSE: BBI,   
BBI.B) is a global provider of in-home movie and game
entertainment, with over 7,800 stores throughout the Americas,
Europe, Asia and Australia.  The company maintains operations in
Brazil, Mexico, Denmark, Italy, Taiwan, Thailand, Australia,
among others.

                          *     *     *

Blockbuster Inc. carries Fitch Ratings' 'CCC' long-term Issuer
Default Rating.  The company's senior subordinated notes is
rated 'CC/RR6' by Fitch.  The rating outlook is stable.


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


ALLPACK GMBH: Claims Registration Period Ends July 31
-----------------------------------------------------
Creditors of Allpack GmbH & Co. KG have until July 31, 2008, to
register their claims with court-appointed insolvency manager
Dirk-Henning Toennesmann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Sept. 9, 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 Aachen
         Meeting Hall D 1.409
         First Floor
         Adalbertsteinweg 92
         52070 Aachen
         Germany
          
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dirk-Henning Toennesmann
         Josef-Ruhr-Str. 30
         53879 Euskirchen
         Germany
         Tel: 02251 650810
         Fax: 022516508120

The District Court of Aachen opened bankruptcy proceedings
against Allpack GmbH & Co. KG on June 12, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Allpack GmbH & Co. KG
         Attn: Franz Wolfgang Schmitz, Manager
         Bahnhofstr. 5 c
         53945 Blankenheim
         Germany


EINBAU DESIGN: Claims Registration Period Ends July 17
------------------------------------------------------
Creditors of Einbau Design Kolbuc GmbH have until July 17, 2008,
to register their claims with court-appointed insolvency manager
Ulrich Bert.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Aug. 28, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Darmstadt
         Hall 4.326
         Fourth Floor
         Building D
         Mathildenplatz 15
         64283 Darmstadt
         Germany

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

The insolvency manager can be reached at:

         Ulrich Bert
         Birkenweg 24
         64295 Darmstadt
         Germany
         Tel: 06151/66 72 9-0
         Fax: 06151/66 72 9-20
         E-mail: darmstadt@ltb-anwaelte.de

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

The Debtor can be reached at:

         Einbau Design Kolbuc GmbH
         Bahnstrasse 7
         64291 Darmstadt
         Germany

         Attn: Miroslaw Kolbuc, Manager
         Bahnstrasse 7
         64291 Darmstadt
         Germany


ENGLISCH GMBH: Claims Registration Period Ends July 17
------------------------------------------------------
Creditors of Englisch GmbH have until July 17, 2008, to register
their claims with court-appointed insolvency manager Daniel
Bauch.

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

The meeting of creditors will be held at:

         The District Court of Landshut
         Meeting Hall 8/I
         Maximilianstrasse 22-24
         Landshut
         Germany

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

The insolvency manager can be reached at:

         Daniel Bauch
         Steinmetzstrasse 10
         85435 Erding
         Germany
         Tel: 08122/22960-83
         Fax: 08122/22960-84

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

The Debtor can be reached at:

         Englisch GmbH
         Unterhofkirchen 19
         84416 Taufkirchen
         Germany


METALLTECHNIK HOHLFELD: Claims Filing Deadline Set July 15
----------------------------------------------------------
Creditors of Metalltechnik Hohlfeld GmbH have until
July 15, 2008, to register their claims with court-appointed
insolvency manager Christina Siegert.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Aug. 19, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Munich
         Meeting Hall 102
         Infanteriestr. 5
         80097 Munich
         Germany

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

The insolvency manager can be reached at:

         Christina Siegert
         Oskar-von-MillerRing 34-36
         80333 Munich
         Germany
         Tel: 089-24440930
         Fax: 089-244409365

The District Court of Munich opened bankruptcy proceedings
against Metalltechnik Hohlfeld GmbH on May 20, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Metalltechnik Hohlfeld GmbH
         Fichtenstr. 4
         82061 Neuried
         Germany


MOBILCOM KIEFER: Claims Registration Period Ends July 15
--------------------------------------------------------
Creditors of Mobilcom Kiefer GmbH have until July 15, 2008, to
register their claims with court-appointed insolvency manager
Thomas Kind.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 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 Karlsruhe
         Hall IV
         First Floor
         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:

         Thomas Kind
         Eisenbahnstr. 19-23
         77855 Achern
         Germany

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

The Debtor can be reached at:

        Mobilcom Kiefer GmbH
        Ostendorfstr. 6
        76199 Karlsruhe
        Germany


NEUMEISTER ETIKETTEN: Claims Registration Period Ends July 15
-------------------------------------------------------------
Creditors of Neumeister Etiketten GmbH have until July 15, 2008,
to register their claims with court-appointed insolvency manager
Hans-Albrecht Brauer.

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

The meeting of creditors will be held at:

         The District Court of Wittlich
         Hall 3
         Kurfuerstenstrasse 63
         54516 Wittlich
         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:

        Hans-Albrecht Brauer
        Jahnstr. 1
        54550 Daun
        Germany
        Tel: 06592/985604
        Fax: 06592/7344

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

The Debtor can be reached at:

         Neumeister Etiketten GmbH
         Otto-Hahn-Str. 33
         54516 Wittlich
         Germany


O.S.T. KONZEPT: Claims Registration Period Ends July 15
-------------------------------------------------------
Creditors of O.S.T. Konzept GmbH have until July 15, 2008, to
register their claims with court-appointed insolvency manager
Dr. Heinz-Joerg Engels.

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 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:

         Dr. Heinz-Joerg Engels
         Schillerplatz 6
         01309 Dresden
         Germany

The District Court of Dresden opened bankruptcy proceedings
against O.S.T. Konzept GmbH on June 3, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         O.S.T. Konzept GmbH
         Maxim-Gorki-Str. 17
         01796 Pirna
         Germany


PLEWA-WERK KLARDORF: Claims Registration Period Ends July 15
------------------------------------------------------------
Creditors of Plewa-Werk Klardorf GmbH have until July 15, 2008,
to register their claims with court-appointed insolvency manager
Jens Lieser.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on Aug. 11, 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 Bitburg
         Hall 128
         Gerichtsstrasse 2/4
         54634 Bitburg
         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 Lieser
        Metzelstrasse 30
        54290 Trier
        Germany
        Tel: 0651/1708424
        Fax: 0651/1708425

The District Court of Bitburg opened bankruptcy proceedings
against Plewa-Werk Klardorf GmbH on May 1, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Plewa-Werk Klardorf GmbH
         Attn: Michael Jakob Plein, Manager
         Tongrubenstrasse 10
         92421 Schwandorf
         Germany


WESTLB AG: Sells Westdeustche Kommunal Consult Unit to DekaBank
---------------------------------------------------------------
DekaBank has acquired Westdeutsche Kommunal Consult GmbH from
WestLB AG.

WestKC, which currently employs 15 staff, offers municipalities
and public enterprises a comprehensive range of advisory and
consulting services which are tailored to the strategic
reorientation of cities, municipalities, rural districts and
local authorities.  It focuses on topics such as modernization
of the administration, budget consolidation, the organization of
investment portfolios as well as economic and location
development issues.  Municipal real estate management and
strategic advice for hospitals are also covered.

In providing advice and support for municipal and governmental
public-private partnership projects, WestKC is one of the top
consultancies in Germany for economic feasibility studies as
well as economic advice and project management in connection
with Europe-wide tender procedures.  WestKC has been managed by
Hans-Joachim Wegner since 2005.

"We very much welcome this move, because competent consulting
services will now be available to the partner institutions of
the Sparkassen-Finanzgruppe in their business with municipal
entities," said Werner Netzel, Managing Director of the German
Savings Banks and Giro Association.

"WestKC is currently focused largely on North Rhine-Westphalia
and Brandenburg," Hubert Beckmann, the WestLB Managing Board
member responsible for WestKC.  "Under DekaBank, which is
supported by all savings banks and Landesbanks throughout
Germany, WestKC will have better growth prospects than was
previously the case."

"Everyone stands to benefit," added Walter Groll, who will in
future have responsibility for WestKC on the Managing Board of
DekaBank.  "It is planned to offer our consulting services
successively to municipalities, savings banks and customers
throughout Germany."  For this reason an office will be opened
in Berlin in addition to the existing location of
Cologne/Duesseldorf.


                           About WestLB

Hearquartered in Duesseldorf, Germany, WestLB AG (DAX:WESTLB)
-- http://www.westlb.com/-- provides financial advisory,
lending, structured finance, project finance, capital markets
and private equity products, asset management, transaction
services and real estate finance to institutions.

In the United States, certain securities, trading, brokerage and
advisory services are provided by WestLB AG's wholly owned
subsidiary WestLB Securities Inc., a registered broker-dealer
and member of the NASD and SIPC.

WestLB's shareholders are the two savings banks associations in
NRW (25.15% each), two regional associations (0.52% each), the
state of NRW (17.47%) and NRW.BANK (31.18%), which is owned by
NRW (64.7%) and two regional associations (35.3%).

                          *     *     *

West LB AG continues to carry Fitch's 'F' Individual Rating.  
The rating was previously at 'D/E' and was downgraded by Fitch
to its current level in January 2008.


ZEITARBEIT GMBH: Claims Registration Period Ends July 15
--------------------------------------------------------
Creditors of Zeitarbeit GmbH have until July 15, 2008, to
register their claims with court-appointed insolvency manager
Nermin Sahin.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 a.m. on Aug. 13, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hannover
         Hall 226
         Second Upper Floor
         Service Bldg.
         Hamburger Allee 26
         30161 Hannover
         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:

         Nermin Sahin
         Theaterstr. 6
         30159 Hannover
         Germany
         Tel: 0511 35771030
         Fax: 0511 35771059

The District Court of Hannover opened bankruptcy proceedings
against Zeitarbeit GmbH on May 21, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Zeitarbeit GmbH
         Walsroder Strasse 78
         30853 Langenhagen
         Germany


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


AVEBURY FINANCE: Moody's Cuts Three Note Classes
------------------------------------------------
Moody's Investors Service downgraded three classes of notes
issued by Avebury Finance CDO Plc.  One class remains on review
for downgrade.  These rating actions are a response to severe
credit deterioration in the underlying portfolio.  The
transaction is a managed cash CDO containing 45% subprime RMBS
and 18% ABS CDOs of the 2004, 2005, 2006, and 2007 vintages.

These rating actions are:

Avebury Finance CDO Plc:

    * US$879,500,000 Class A-1A Revolving Floating Rate Notes
      due 2051

   -- Current Rating: Ba3, on review for downgrade
   -- Prior Rating: Aa1, on review for downgrade

    * US$55,000,000 Class A-2 Floating Rate Notes due 2051

   -- Current Rating: Ca
   -- Prior Rating: Ba2, on review for downgrade

    * US$37,000,000 Class B Floating Rate Notes due 2051

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


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


TISCALI SPA: Fails to Meet Deadline to Select Buyer
---------------------------------------------------
Tiscali S.p.A. fails to meet its goal of selecting a buyer for
its business and assets by June 30, 2008, Steve Scherer writes
for Bloomberg News.

Tiscali said is is still reviewing several options after
receiving several indications of interest from "important
industrial operators," Bloomberg News relates.

"Several hypotheses are still being analyzed and it therefore
intends to continue the evaluation process," Tiscali added.

As previously reported in the TCR-Europe, right interested
parties have submitted non-binding offers to acquire the entire
operations of Tiscali:

    * Vodafone Group Plc,
    * FastWeb S.p.A.,
    * British Sky Broadcasting Group Plc,
    * Carphone Warehouse Group Plc,
    * BT Group Plc,
    * Virgin Media Inc.,
    * Wind Telecomunicazioni S.p.A., and
    * Telecom Italia S.p.A.

According to FT, four interested buyers for Tiscali remain:

    * BSkyB,
    * Carphone Warehouse;
    * Wind, and
    * Fastweb.

Wind chairman Naguib Sawiris had told Bloomberg News that his
company is only interested in acquiring Tiscali's Italian
assets; the Internet provider also operates in the U.K.

                         About Tiscali

Headquartered in Cagliari, Italy, Tiscali S.p.A. --
http://www.tiscali.com/-- offers Internet access in the
country.  The group also operates in other European countries,
serving more than seven million subscribers, of which over 1.5
million are broadband users.

Tiscali posted consecutive net losses for the past years: EUR5.5
million in 1999, EUR101 million in 2000, EUR1.66 billion in
2001, EUR593.1 million in 2002, EUR242.4 million in 2003,
EUR131.8 million in 2004, EUR12.9 million in 2005, and EUR103.6
million in 2006.  It posted EUR3.88 million in net losses on
EUR614.33 million in net revenues for the nine months ended
Sept. 30, 2007.

                         *     *     *

Tiscali S.p.A. continues to carry Standard & Poor's Ratings
Services' B+ long-term corporate credit rating.  The rating was
previously at B and was raised by S&P to its current level in
February 2008.


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


DAR MUHENDISLIK: Creditors Must File Claims by Aug. 8
-----------------------------------------------------  
Representation of Joint Stock Company Dar Muhendislik
Mushavirlik Anonim Shirketi has declared insolvency.  Creditors
have until Aug. 8, 2008, to submit written proofs of claims to:

         Representation of Joint Stock Company
         Dar Muhendislik Mushavirlik Anonim Shirketi
         Office 2
         Abai ave. 47/49
         Almaty
         Kazakhstan


ENERGO CONTACT: Claims Deadline Slated for Aug. 12
--------------------------------------------------  
LLP Energo Contact has declared insolvency.  Creditors have
until Aug. 12, 2008, to submit written proofs of claims to:

         LLP Energo Contact
         Korchagin Str. 100-99
         Rudny
         Kostanai
         Kazakhstan


ENERGO SVYAZ: Claims Filing Period Ends Aug. 6
----------------------------------------------  
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Energo Svyaz Montage 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


GLOBAL ASTYK: Creditors' Claims Due on Aug. 12
----------------------------------------------  
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Global Astyk 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


KAZAKHSTAN ELECTRICITY: S&P Rates EUR255 Mln EBRD Loan at BB+
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' long-term
debt rating to a EUR255 million loan provided by the European
Bank for Reconstruction and Development (AAA/Stable/A-1+) to
Kazakhstan Electricity Grid Operating Co. (JSC) (KEGOC;
BB+/Negative/--).

The loan has a floating interest rate and consists of two parts:

     -- A loan of up to EUR127.5 million maturing in 15 years;
        and

     -- A loan of up to EUR127.5 million including three
        tranches:

         (a) EUR75 million maturing in 15 years;
         (b) EUR47.5 million maturing in 12 years; and
         (c) EUR5 million maturing in nine years.

Under the loan's terms KEGOC, is subject to several financial
covenants including:

     -- Total debt to total capital of not more than 50%;
     -- Total debt to EBITDA not exceeding 5x;
     -- EBITDA interest coverage not less than 3x; and
     -- A current ratio of above 1x.

"The proceeds from the loan will be used to finance the
modernization and rehabilitation of KEGOC's substations and
high-voltage equipment to ensure the efficiency, reliability,
and safety of Kazakhstan's transmission system," said Standard &
Poor's credit analyst Eugene Korovin.

The loan ranks at least pari passu with the present and future
claims of all of KEGOC's other creditors and the rating on the
loan is on a par with the 'BB+' long-term corporate credit
rating on KEGOC.

The rating on KEGOC is based on a top-down approach. The rating
is two notches below the local currency rating on the sovereign,
because of KEGOC's strategic importance to the Republic of
Kazakhstan (foreign currency BBB-/Negative/A-3; local currency
BBB/Negative/A-3).

The rating on KEGOC is constrained by the company's aggressive
financial policy, large grid investment program and associated
construction risk, and high foreign currency and floating
interest risk exposure, as well as by Kazakhstan's relatively
weak power sector characteristics.

These risks are mitigated by state support to KEGOC in the form
of guarantees on most of its debt, supportive tariffs, and
potential extraordinary support.

In addition, KEGOC benefits from its monopoly position in a
stable and low-operating-risk electricity transmission business.

Standard and Poor's estimates KEGOC's stand-alone credit quality
at 'B+'.


PAVLODAR-TECHNOLOG LLP: Claims Registration Ends Aug. 6
-------------------------------------------------------  
the Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Pavlodar-Technolog 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


TARAZ-KOKSHE LLP: Claims Deadline Slated for Aug. 12
----------------------------------------------------  
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Taraz-Kokshe 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


VICTORY LLP: Claims Filing Period Ends Aug. 8
---------------------------------------------  
The Specialized Inter-Regional Economic Court of Mangistau has
declared LLP Victory insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Mangistau
         Building of Auto Station
         Micro District 28
         Aktau
         Mangistau
         Kazakhstan
         Tel: 8 (7292) 41-14-58


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


LUCKY WAY: Creditors Must File Claims by August 8
-------------------------------------------------
LLC Lucky Way Star has declared insolvency.  Creditors have
until Aug. 8, 2008, to submit written proofs of claim to:

         LLC Lucky Way Star
         Micro District 5, 55-37
         Bishkek
         Kyrgyzstan
         Tel: (0-555) 82-98-05


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


GTB FINANCE: S&P Puts Low-B Ratings on New US$2 Bln GMTN Program
----------------------------------------------------------------
(Netherlands)
Standard & Poor's Ratings Services assigned its 'BB-' long-term
rating to senior unsecured notes and its 'B' short-term rating
to notes that can be issued under a new US$2 billion Global
Medium Term Note program to be issued by GTB Finance B.V., where
debt issued under the program will be unconditionally and
irrevocably guaranteed by Guaranty Trust Bank PLC (GTBank; BB-
/Stable/B).

At the same time, it assigned its 'B' long-term debt rating to
dated subordinated notes that can be issued under the program.
The rights of such note holders are subordinate to those of
senior creditors, thereby determining a lower rating than that
on the senior unsecured debt.  The two-notch differential
between the long-term senior unsecured debt rating and the dated
subordinated debt rating reflects the greater risk to investors
of subordinated debt for speculative-grade issuers in a
liquidation scenario.

The ratings on the notes mirror the counterparty credit ratings
on Guaranty Trust Bank PLC, which reflect the high economic and
industry risks associated with operating in the Federal Republic
of Nigeria (foreign currency BB-/Stable/B, local currency
BB/Stable/B), limited business and geographic diversification,
and increasing competition.  GTBank's strong capitalization,
good asset quality, solid market position, and robust funding
and liquidity somewhat mitigate constraints, however.

The GMTN program is a first by any Nigerian financial
institution and follows two other international debt issuances
for Nigerian banks rated by Standard & Poor's.


===========
N O R W A Y
===========


MPU OFFSHORE: Files for Bankruptcy; Keppel Stops Work on Project  
----------------------------------------------------------------
Keppel Verolme B.V., Keppel Corporation Limited's wholly owned
subsidiary, has received a notice from MPU Offshore Lift ASA
that it has decided to submit a petition for bankruptcy in
Norway.

Keppel Verolme has ceased work on the MPU Heavy Lifter project
with immediate effect.  The project was contracted with MPU in
December 2006 at EUR140 million for the construction of a
floating heavy lifter (with a concrete hull) for the
decommissioning of offshore structures.

Keppel Verolme has received payments from MPU to meet all costs
it has incurred to-date on the project and is taking all the
necessary actions to preserve its contractual rights.

The matter is not expected to have any material financial impact
on the Company in the current financial year.

Headquartered in Lysaker, Norway, MPU Offshore Lift ASA --
http://www.mpu.no/-- offers services related to offshore heavy  
lifts and transport using single lift technology.  The company
has the full ownership of the MPU Heavy Lifter.


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


AGRO-DON LLC Proofs of Claim Deadline Set August 7
--------------------------------------------------
Creditors of LLC Agro-Don have until Aug. 7, 2008, to submit
proofs of claim to:

         S. Strelnikov, Insolvency Manager
         Office 606
         Svobody Str. 75
         394006 Voronezh
         Russia

The Arbitration Court of Voronezh has commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed as A14-13014-2007/39/20?.

The Court is located at:

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

The Debtor can be reached at:

         LLC Agro-Don
         Pochtovaya Str. 1
         Bogdanovo
         Ramonskiy
         Voronezh
         Russia


AGRODOM OJSC: Proofs of Claim Deadline Set August 7
---------------------------------------------------
Creditors of OJSC Agrodom (TIN 3906135612) have until
Aug. 7, 2008, to submit proofs of claim to:

         A.Polonyankin, Insolvency Manager
         Apt. 64
         G.Lizyukova Str. 3
         394053 Voronezh
         Russia

The Arbitration Court of Kaliningrad has commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed as A21-7304/2007.

The Court is located at:  

         The Arbitration Court of Kaliningrad
         Rokossovskogo Str. 2
         Kaliningrad
         Russia

The Debtor can be reached at:

         OJSC Agrodom
         Moskovskiy Pr. 161
         236000 Kaliningrad
         Russia


BEL-KAM-TUR-I: Creditors Must File Claims by July 7
---------------------------------------------------
Creditors of LLC Bel-Kam-Tur-I (TIN 4106005415) have until
July 7, 2008, to submit proofs of claim to:  683003

The Arbitration Court of Kamchatka has commenced bankruptcy
supervision procedure on the company.  The case was docketed as
A24-739/2008.

The Debtor can be reached at:

         LLC Bel-Kam-Tur-I
         Sovetskaya Str. 66.
         Milkovo
         684300 Kamchatka
         Russia


BTA BANK: Moody's Changes Outlook on B1 Ratings to Stable
---------------------------------------------------------
Moody's Investors Service affirmed the B1 long-term local and
foreign currency deposit ratings and B1 foreign currency senior
unsecured debt rating of BTA Bank (Russia) and changed the
outlook on the ratings to stable from positive.

At the same time, Moody's affirmed BTA Bank (Russia)'s E+ bank
financial strength rating with its existing stable outlook, as
well as its Not Prime short-term local and foreign currency
deposit ratings.  Concurrently, Moody's Interfax Rating Agency
affirmed the bank's A1.ru National Scale Rating, which carries
no specific outlook.  Moscow-based Moody's Interfax is majority-
owned by Moody's, a leading global rating agency.

The rating action is a result of the alignment of BTA Bank
(Russia)'s ratings with those of its support provider, BTA Bank
(Kazakhstan), which owns a controlling interest in the Russian
bank, in accordance with Moody's JDA methodology for banks.  BTA
Bank (Kazakhstan) currently has a D- BFSR, with a negative
outlook, which maps to a Ba3 baseline credit assessment.
Reflecting Moody's assessment of a high probability of parental
support for BTA Bank (Russia) from BTA Bank (Kazakhstan), the
Russian subsidiary's deposit ratings of B1 benefit from a one-
notch uplift from its own B2 baseline credit assessment (mapped
in turn from its E+ BFSR).

Moody's noted that the assessment of a high probability of
parental support encompasses BTA Bank (Kazakhstan)'s majority
control of BTA Bank (Russia), which it exercises through its
representatives on the Board of Directors, as well as its close
strategic and managerial oversight of the subsidiary's business
activities.

In addition, the association between the two banks was
strengthened through the recently completed re-branding program
under which the Russian subsidiary changed its legal name from
LLS "Slavinvestbank" to BTA Bank LLS.

According to Moody's, the stable outlook on BTA Bank (Russia)'s
ratings is indicative of the firm positioning of the bank's
stand-alone credit quality, which is supported by its stable,
albeit not sizeable, franchise in both the corporate and retail
market segments in Russia, its growing geographic
diversification, as well as good financial performance, sound
liquidity position and good asset quality to date.

BTA Bank (Russia) is headquartered in Moscow and had total IFRS
assets of US$1.4 billion at year-end 2007.  The bank's
distribution network comprises nine branches and 21 additional
offices located in a number of large cities in Russia.

BTA Bank (Kazakhstan) is domiciled in Almaty and reported total
IFRS assets of US$D25.5 billion at year-end 2007.  The bank has
22 branches and 289 additional offices throughout Kazakhstan, as
well as a network of partner banks in Ukraine, Russia, Belarus,
Georgia, Armenia, Kyrgyzstan and Turkey and representative
offices in Russia, Ukraine, China and the UAE.


BUILDER LLC: Proofs of Claim Deadline Set August 7
--------------------------------------------------
Creditors of LLC Builder (TIN 0270014540) have until
Aug. 7, 2008, to submit proofs of claim to:

         M. Snarskiy, Insolvency Manager
         Komsomolskaya Str. 161/3-9.
         Ufa
         450096 Bashkortostan Republic
         Russia

The Arbitration Court of Bashkortostan Republic has commenced
bankruptcy proceedings against the company after finding it
insolvent.  The case is docketed as A07-15436/07-G-ShAB.

The Debtor can be reached at:

         LLC Builder
         K. Marksa Str. 2.
         Uchaly
         453700 Bashkortostan Republic
         Russia


COMSTAR-UNITED: Integrates Two Regional Telecom Units
-----------------------------------------------------
Comstar–United Telesystems JSC has completed the reorganization
of CJSC Sochitelecomservice and CJSC PortTelecom in the form of
merger into the parent.
   
This merger of the 100% owned subsidiaries Sochitelecomservice
and  PortTelecom into the JSC Comstar-UTS has been approved by a
resolution of the extraordinary general meeting of shareholders
of JSC Comstar-UTS.

Presently, the telecommunication services in the city of Sochi
are being rendered by the South Branch of JSC Comstar-UTS, while
the Moscow suburbs are served by the Moscow Region Branch.
Comstar-UTS also owns a 100% of the equity interest in LLC
Unitel, which subsequently will be merged into JSC Comstar-UTS
as well.

In future, all the Russian subsidiaries of JSC Comstar-UTS Group
are planned to merge with JSC Comstar-UTS and turn into branches
operating in respective federal districts of Russia.

                      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.

ENERGY LLC: Creditors Must File Claims by July 7
------------------------------------------------
Creditors of LLC Building Company Energy have until
July 7, 2008, to submit proofs of claim to:  

         M. Bitenbaev, Temporary Insolvency Manager
         Post User Box 3073
         644070 Omsk
         Russia

The Arbitration Court of Omsk will convene on Sept. 2, 2008, to
hear the bankruptcy supervision procedure on the company. The
case is docketed as A46-5597/2008.

The Debtor can be reached at:

         LLC Building Company Energy
         20 Partsyezda Str. 51
         644053 Omsk
         Russia


ERECTOR-2 CJSC: Proofs of Claim Deadline Set August 7
-----------------------------------------------------
Creditors of CJSC Erector-2 have until Aug. 7, 2008, to submit
proofs of claim to:

         V. Kurdyukov, Insolvency Manager
         P.Zykina Str. 26, 129
         Revda
         623281 Sverdlovsk
         Russia

The Arbitration Court of Kurgan has commenced bankruptcy
proceedings against the company after finding it insolvent. The
case is docketed as A34-2861/2007.

The Debtor can be reached at:

         CJSC Erector-2
         Lomonosova Str. 45
         640011 Kurgan
         Russia


KHABAROVSKIY FACTORY: Proofs of Claim Deadline Set August 7
-----------------------------------------------------------
Creditors of OJSC Khabarovskiy Factory of Heating Equipment have
until Aug. 7, 2008, to submit proofs of claim to:

         T. Semenova, Insolvency Manager
         Post User Box 4227.
         680013 Khabarovsk GOS-13
         Russia

The Arbitration Court of Khabarovsk has commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed as A73-17766/2006.


KOMSOMOLSKIY-NA-AMURE: Proofs of Claim Deadline Set Aug. 7
----------------------------------------------------------
Creditors of OJSC Komsomolskiy-Na-Amure Accumulator Factory  
have until Aug. 7, 2008, to submit proofs of claim to:

         A. Baranov, Insolvency Manager
         Dzerzhinskogo Str. 28
         680000 Khabarovsk
         Russia

The Arbitration Court of Khabarovsk has commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed as A73-2601/2007-9.

The Debtor can be reached at:

         OJSC Komsomolskiy-Na-Amure Accumulator Factory
         Kirova Str. 54.
         Komsomolsk-na-Amure
         Russia


LUZSKIY BUILDING: Creditors Must File Claims by July 7
------------------------------------------------------
Creditors of OJSC Luzskiy Building Site (4316000237) have until
July 7, 2008, to submit proofs of claim to:  

         P. Krygin, Temporary Insolvency Manager
         Post User Box 1836
         610020 Kirov
         Russia

The Arbitration Court of Kirov will convene at 1:30 p.m. on Aug.
28, 2008, to hear bankruptcy supervision procedure on the
company.  The case is docketed as  28-2683/2008-88/24.

The Court is located at:

         The Arbitration Court of Kirov
         K-Libknekhta Str. 102
         610017 Kirov
         Russia

The Debtor can be reached at:

         OJSC Luzskiy Building Site
         D.Bednogo Str. 1.
         Lalsk
         Lizskiy
         Kirov
         Russia


REPAIR-MECHANICAL FACTORY: Proofs of Claim Deadline Set July 7
--------------------------------------------------------------
Creditors of CJSC Repair-Mechanical Factory have until
Aug. 7, 2008, to submit proofs of claim to:

         V. Krotov, Insolvency Manager
         Promyshlennyj Proezd 3
         308023 Belgorod
         Russia

The Arbitration Court of Belgorod has commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed as A08-365/08-24B.

The Court is located at:

         The Arbitration Court of Belgorod
         Narodnyj Avenue 135
         308600 Belgorod
         Russia

The Debtor can be reached at:

         CJSC Repair-Mechanical Factory
         Lenina Str. 1
         Volokonovka
         Belgorod
         Russia


RUSSIAN UNIVERSAL: Fitch Affirms IDR at B- with Stable Outlook
--------------------------------------------------------------
Fitch Ratings has affirmed the ratings of Russia's Russian
Universal Bank at Long-term Issuer Default 'B-', Short-term IDR
'B', Individual 'D/E', Support '5', National Long-term 'BB-
(rus)' and Support Rating Floor 'No Floor'.  The Outlooks for
the Long-term IDR and National Long-term rating are Stable.

The ratings reflect the very small size of the bank and its
limited franchise, risks associated with high concentrations on
both sides of the balance sheet and potentially vulnerable
liquidity.  However, they also consider Rusuniversal's sound
profitability, good asset quality, moderate risk appetite
outside the core defense sector to which the bank lends and
adequate capitalization.

The bank's loan portfolio remains focused on clients in the
defense sector (40% of the loan portfolio at end-2007).  Loan
concentration remained extremely high by borrower (top 20
borrowers accounted for 94% of the total book at end-2007), but
less excessive in relation to equity (156% of end-2007 equity).
Reported asset quality remained good, with no overdue loans at
end-2007.  Rusuniversal is funded by short-term and highly
concentrated customer accounts (the top 20 balances accounted
for 56% of total liabilities at end-2007).  Liquidity is
potentially vulnerable, given concentrated funding and the fact
that current accounts represented 65% of total funding.  Capital
ratios are high, but capitalization only adequate due to the
highly concentrated structure of the balance sheet.

Upward pressure on the bank's ratings is unlikely in the near-
term.  Default by some of the largest borrowers or worsening of
the liquidity position could result in downward rating pressure.

Rusuniversal is a small-sized Russian bank and has been
operating since 1996 as a captive bank, primarily serving
defense sector corporates.  The bank is owned by the bank's top
management and managers of some of its corporate customers.


SAKHA-FURNITURE: Creditors Must File Claims by July 7
-----------------------------------------------------
Creditors of OJSC Sakha-Furniture Named After V.G. Pavlov have
to submit proofs of claim to:  

         V. Popov, Temporary Insolvency Manager
         P.Alekseeva Str. 75
         Yakitsk,
         677000 Sakha Republic – Yakutiya
         Russia

The Court is located at:

         The Arbitration Court of Sakha-Yakutiya
         Kurashova Str. 28
         677000 Sakha-Yakutiya
         Russia

The Debtor can be reached at:

         OJSC Sakha-Furniture Named After V.G. Pavlov
         50 let Sovetskoy Armii Str. 5.
         Yakutsk
         677000 Sakha Republic – Yakutiya
         Russia


SEVERSTAL OAO: US Court Denies WCI Shareholders' Motion vs Offer
----------------------------------------------------------------
The Hon. Stephen P. Lamb of the Delaware Chancery Court in
Wilmington has denied a request by shareholders of WCI Steel
Inc. to issue an injunction order against OAO Severstal's
US$140 million offer for the Ohio-based firm, Phil Milford
writes for Bloomberg News.

WCI shareholders -- CVI GVF (Lux) Master S.a.R.L., Eagle Rock
Master Fund LP and Wilfrid Aubrey International Ltd. -- had
claimed that the firm's board of directors should have accepted
a US$172 million offer from Optima International, Bloomberg News
relates.  Shareholders also claimed that WCI directors were
influenced by a steelworkers union to prefer Severstal's offer.

Judge Lamb said in his ruling that WCI was "under pressure to
complete a deal or face the prospect of a second bankruptcy" and
its board exercised a "very thorough judgment" in accepting
Severstal's offer.

As reported in the TCR-Europe in May 2008, Severstal reached a
binding agreement to acquire all outstanding equity of WCI Steel
Inc. for a total cash consideration of US$140 million, implying
an enterprise value of US$331 million based on outstanding net
debt as of April 30, 2008.  

Parties expect to complete the deal in July 2008.

Citi and Raymond James are acting as financial advisors to
Severstal on this transaction.  Skadden, Arps, Slate, Meagher &
Flom LLP is acting as legal counsel to Severstal.


                         About WCI Steel

Headquartered in Warren, Ohio, WCI Steel Inc. (OTC: WCIS.PK) --
http://www.wcisteel.com/-- is an integrated steel maker    
producing 185 grades of flat-rolled custom and commodity steel
products.  Its products include high carbon, alloy, ultra high
strength, and heavy-gauge galvanized steel.  Major customers are
steel converters, processors, service centers, construction
product companies, and to a lesser extent, automobile
manufacturers

                         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.

                        *     *     *

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

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

Severstal carries BB- Issuer Default and Senior Unsecured
ratings from Fitch, which said the outlook is positive.


SITRONICS JSC: Inks EUR150 Mln Loan Agreement with Intracom
-----------------------------------------------------------
Intracom Telecom, a part of JSC Sitronics' Sitronics Telecom
Solutions business division, has signed a EUR150 million
bond loan agreement arranged jointly by Alpha Bank, HSBC, Geniki
bank, National Bank of Greece and Piraeus Bank.

The proceeds of the loan will be used to refinance existing bank
indebtedness of Intracom Telecom and also to finance the
company's development plans which mainly include investments for
undertaking new projects and its expansion to new markets.

Alpha Bank acted as Lead Arranger, HSBC and Geniki Bank acted as
Co-Lead Arrangers, National Bank of Greece and Piraeus Bank
acted as Arrangers and E.F.G. Eurobank, FBB, Aspis Bank and
Millennium Bank acted as Managers.
                                 
                     About JSC Sitronics

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

                          *     *     *

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


SRENDEURALSKIY METALLURGICAL: Creditors' Claims Due July 7
----------------------------------------------------------
Creditors of OJSC Srendeuralskiy Metallurgical Works (TIN
6606012478) have until July 7, 2008, to submit proofs of claim
to:  

         E. Klochko
         Temporary Insolvency Manager
         620034 Sverdlovsk Russia
         Ekaterinburg
         Opalikhinskaya Str. 16

The Arbitration Court of Sverdlovsk has commenced bankruptcy
supervision procedure on the company.  The case is docketed as
A60-8679/2008-S11.

The Court is located at:

         The Arbitration Court of Sverdlovsk
         Lenina Pr. 34
         620151 Ekaterinburg
         Russia  

The Debtor can be reached at:

         OJSC Srendeuralskiy Metallurgical Works
         Lenina Str. 1.
         Sredneuralsk
         624070 Sverdlovsk
         Russia


SYSTEM ENGINEERING: Proofs of Claim Deadline Set July 7
-------------------------------------------------------
Creditors of CJSC System Engineering (TIN 6154101881) have until
July 7, 2008, to submit proofs of claim to:

         M. Karpekina, Insolvency Manager
         Post User Box 149
         344002 Rostov-na-Donu
         Russia

The Arbitration Court of Rostov has commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed as A55-2415/2008.

The Court is located at:

         The Arbitration Court of Rostov
         Stanislavskogo Str. 8a
         344008 Rostov-na-Donu
         Russia

The Debtor can be reached at:

         CJSC System Engineering
         F.Engelsa Str. 1G
         Taganrof
         Rostov
         Russia


VIMPEL-COMMUNICATIONS: Merges Mobile and Fixed Operations
---------------------------------------------------------
OJSC Vimpel-Communications has made changes in its
organizational structure to more closely align the structure
with its strategic goals and to boost the integration of its
fixed-line operations.  The role of the new business unit is to
combine the mobile and fixed business segments in Russia into
one business unit.

Jean-Pierre Vandromme, Executive Vice-President of VimpelCom,
will lead the Russian business unit, which will include the
business-to-business segment, consumer segment and network
resources.

Nikolai N. Pryanishnikov, Executive Vice-President of VimpelCom,
will manage VimpelCom's business outside of Russia and the CIS.
Business Development in the CIS will remain under the management
of Dmitry Pleskonos, Executive Vice-President of VimpelCom.

"Our strategy is focused on capitalizing on growth opportunities
in three geographic segments: Russia, CIS and the rest of the
world," Alexander Izosimov, Chief Executive Officer of
VimpelCom, said.  "We believe that our growth opportunities in
Russia depend on the development of VimpelCom as an integrated
player.  The creation of a single center to manage all business
segments in Russia is a logical step to strengthen our
competitive advantages as a leading integrated
telecommunications operator."

                         About VimpelCom

Headquartered in Moscow, Russia, OJSC Vimpel-Communications
(NYSE: VIP) -- http://www.vimpelcom.com/-- provides mobile
telecommunications services in Russia and Kazakhstan with newly
acquired operations in Ukraine, Tajikistan and Uzbekistan.  The
Company operates under the 'Beeline' brand in Russia and
Kazakhstan.  In addition, VimpelCom is continuing to use 'K-
mobile' and 'EXCESS' brands in Kazakhstan.  The group wholly
owns Mobitel in Georgia.

                          *     *     *

OJSC Vimpel-Communications continues to carry Ba2 Corporate
Family, Probability-of-Default and Senior Unsecured Debt Ratings
with stable outlook from Moody's Investors Service.  The agency
affirmed the ratings in April 2008.

The company also continues to carry BB+ long-term corporate
credit and unsecured senior debt ratings with stable outlook
from Standard & Poor's Ratings Services.


VOLGATELECOM OJSC: Repays 10-? Series Bonds
-------------------------------------------
OJSC VolgaTelecom paid off and paid accrued interest on
registered interest bearing uncertified bonds of 10-? series on
June 30, 2008.  The total payment to the bonds holders amounted
to RUR2,993.84.  The total size of 10-? series bonds yield
amounted to RUR3,810 and the yield per a bond RUR7.62.

Partial performance of the Company's obligation is due to non-
appearance of the bonds holders to VolgaTelecom's office to get
the par value and yield on the bonds in cash (RUR398,816.16 were
not paid).

The 10-? series bonds of the par value of RUR2,000 each were
registered by Russia's Federal commission for securities market
on Oct. 25, 2002; state registration number 4-42-00137-?. The
quantity of issued securities is 500 bonds.  The repayment
period was from April 1, 2008, to June 30, 2008.

The bonds were placed within the framework of regional
communication operators' affiliation to VolgaTelecom by
converting registered uncertified bonds of 12 series of OJSC
Electrosvyaz of Ulyanovsk oblast into 10-? series bonds; the
bonds were converted with 1 to 1 ratio.

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

                         *     *     *

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

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


ZLAT-INVEST: Creditors Must File Claims by July 7
-------------------------------------------------
Creditors of LLC Zlat-Invest (TIN 7404040509) have until
July 7, 2008, to submit proofs of claim to:

         A. Stupin, Temporary Insolvency Manager
         Gogolya Str. 33 A-1
         450076 Ufa
         Russia

The Arbitration Court of Chelyabinsk has commenced bankruptcy
supervision procedure on the company.  The case was docketed as
A76-2327/2008-52-23.

The Court is located at:

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

The Debtor can be reached at:

         LLC Zlat-Invest
         Gorkogo Str. 3
         Zlatoust
         Chelyabinsk
         Russia


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


GENERAL MOTORS: June 2008 Sales in U.S. Drop 8% to 265,937
----------------------------------------------------------
General Motors Corp. disclosed June sales results, highlighted
by an 8% rise in retail car sales and continued strong
performance in crossovers.  Despite the significant decline of
industry market volume and the limited availability of some of
GM's most popular models, GM dealers in the United States
delivered 265,937 vehicles in June, down 8% (18.5% unadjusted).  
Truck sales declined 6%.

"We're doing all we can to meet customer demand for our popular
crossovers and cars, including increasing overtime or adding
Saturday shifts at the plants where we build the Malibu, Aura,
G6, Enclave, Outlook, Acadia and our full-size vans," Mark
LaNeve, vice president, GM North America Vehicle Sales, Service
and Marketing, said.  "Hybrid demand and availability continues
to build, and we're seeing really positive momentum with the
Chevrolet Tahoe and GMC Yukon 2-mode hybrids.  While the truck
market continues to be impacted by the sudden rise in fuel
prices, our offerings from Chevrolet, GMC and Cadillac continue
to lead their respective segments in fuel economy and that is a
decided advantage for those shopping for those vehicles.  We
expect our market share performance to be very strong compared
with April and May."

Chevrolet Malibu total sales were up 95% with retail sales up
129%, Cobalt sales were up 37% total and 27% retail, HHR was up
39% total and 70% retail, Equinox was up 64% total and 42%
retail, while Suburban and Tahoe were both up in total sales --
13% and 1% respectively.

Pontiac retail sales were up 14% led by G6 up 27%, Vibe up 24%,
G5 and Solstice were up 6% compared with June 2007.

The Saturn division had strong sales in June with Sky total
sales up 62%, Aura up 41% and Vue up 40%. The Astra had sales of
nearly 900 vehicles.

Cadillac had a strong performance with CTS total sales
increasing 31% and a retail increase of 10%, compared with the
same month a year ago.  SRX and STS both had 26% total sales
increases.

GM's popular crossover Buick Enclave, GMC Acadia and Saturn
Outlook together accounted for more than 8,800 vehicle sales in
the month as demand for the vehicles continues to strain
available supply.

GM hybrid vehicles continue to gain in popularity in the
marketplace with 547 hybrid Chevrolet Tahoe and GMC Yukon 2-mode
SUVs delivered.  There were 295 Chevrolet Malibu, 30 Saturn Aura
and 277 Vue hybrids sold in June.  For the month, a total of
1,149 hybrid vehicles were delivered, with 4,376 hybrids sold so
far this year.

"Make no mistake about this ... Asian automakers do not have a
monopoly on fuel efficient vehicles.  We have a full lineup of
vehicles – including five hybrid models -- that provide
industry-leading value, great fuel economy and the best warranty
coverage of any full-line automaker," Mr. LaNeve added.  "Every
month, more and more customers are choosing our brands when
shopping for a high value, fuel efficient vehicle."

GM has aggressively managed inventories to low levels.  In June,
only about 788,000 vehicles were in stock, down about 267,000
vehicles compared with last June.  The 72 Hour Sale at the end
of June was targeted at the 2008 vehicles left in inventory.
Combined full-size pickup and utility inventory is down about
124,000 vehicles compared with June a year ago.  The sale helped
rebalance inventory to a stronger car mix.  There were about
238,000 cars and 550,000 trucks in inventory at the end of June.  
GM also revised its 2008 industry annual sales forecast to
approximately 15.0 million total vehicle SAAR, down from the
mid-15 million total vehicle SAAR range estimated earlier this
year.  The continuing impact of higher fuel prices and lack of
robust economic growth led to the revision.

                   Certified Used Vehicles

June 2008 sales for all certified GM brands, including GM
Certified Used Vehicles, Cadillac Certified Pre-Owned Vehicles,
Saturn Certified Pre-Owned Vehicles, Saab Certified Pre-Owned
Vehicles, and HUMMER Certified Pre-Owned Vehicles, were 41,857
vehicles, down nearly 9% from June 2007.  Year-to-date sales are
256,543 vehicles, down 6% from the same period last year.

GM Certified Used Vehicles, the industry's top-selling certified
brand, posted June sales of 36,445 vehicles, down 10% from a
strong June 2007 sales performance.  Cadillac Certified Pre-
Owned Vehicles sold 3,270 vehicles, up 5%.  Saturn Certified
Pre-Owned Vehicles sold 1,168 vehicles, down 21%.  Saab
Certified Pre-Owned Vehicles sold 841 vehicles, up 10%, and
HUMMER Certified Pre-Owned Vehicles sold 133 vehicles, up 37%.

"The Cadillac, Saab and HUMMER Certified Pre-Owned Vehicle
programs posted solid sales increases in June, while GM
Certified Used Vehicles continued its sales leadership in the
category," Mr. LaNeve said.  "We expect growing consumer
consideration in coming months for the value and peace-of-mind
assurances that come standard on all certified GM vehicles."

             June and Second-Quarter 2008 Production

In June, GM North America produced 342,000 vehicles (136,000
cars and 206,000 trucks).  This is down 62,000 vehicles or 15%
compared with June 2007 when the region produced 404,000
vehicles (142,000 cars and 262,000 trucks).  (Production totals
include joint venture production of 16,000 vehicles in June 2008
and 21,000 vehicles in June 2007.)  For the second quarter, GM
produced 835,000 vehicles (381,000 cars and 454,000 trucks).  
This is down 307,000 vehicles or 27% compared with the second
quarter 2007 when the region produced 1,142,000 vehicles
(402,000 cars and 740,000 trucks).

The GM North America third-quarter production forecast of
900,000 vehicles (456,000 cars and 444,000 trucks) is down about
12%, compared with a year ago, due to recent production
adjustments that will reduce the number of trucks produced by
about 209,000 and increase the number of cars by about 89,000.  
GM North America built 1.020 million vehicles (367,000 cars and
653,000 trucks) in the third-quarter of 2007.

                         About GM

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908.  GM employs
about 266,000 people around the world and manufactures cars and
trucks in 35 countries.  In 2007, nearly 9.37 million GM cars
and trucks were sold globally under the following brands: Buick,
Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel,
Pontiac, Saab, Saturn, Vauxhall and Wuling.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security
and information services.

At March 31, 2008, GM's balance sheet showed total assets of
US$145,741,000,000 and total debts of US$186,784,000,000,
resulting in a stockholders' deficit of US$41,043,000,000.  
Deficit, at Dec. 31, 2007, and March 31, 2007, was
US$37,094,000,000 and US$4,558,000,000, respectively.

                          *     *     *

As related in the Troubled Company Reporter on June 5, 2008,
Standard & Poor's Ratings Services said that its ratings on
General Motors Corp. (B/Negative/B-3) are not immediately
affected by the company's announcement that it will cease
production at four North American truck plants over the next two
years.  These closures are in response to the re-energized shift
in consumer demand away from light trucks.  GM previously said
only one shift was being eliminated at each of the four truck
plants.  Production is being increased at plants producing small
and midsize cars, but the cash contribution margin from these
smaller vehicles is far less than that of light trucks.


METALL-TECH LLC: Claims Registration Period Ends July 7
-------------------------------------------------------
The Bankruptcy Service of St. Gallen commenced bankruptcy
proceedings against LLC Metall-Tech on April 7, 2008.

Creditors have until July 7, 2008, to file their written proofs
of claim.

The Bankruptcy Service of St. Gallen can be reached at:

         Bankruptcy Service of St. Gallen
         Branch Buchs
         Urs Hartmann
         9471 Buchs
         Werdenberg SG
         Switzerland

The Debtor can be reached at:

         LLC Metall-Tech
         Mittelaustrasse 8
         9466 Sennwald
         Werdenberg SG
         Switzerland


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


PRAVEX BANK: Acquisition by Intesa Cue Fitch's Ratings Upgrade
--------------------------------------------------------------
Fitch Ratings has upgraded Ukraine-based Pravex Bank's ratings
to Long-term foreign currency Issuer Default to 'BB-' from 'B-',
Support '3' from '5' and National Long-term 'AAA(ukr)' from
'BBB(ukr)'.  

The ratings are removed from Rating Watch Positive where they
were originally placed on Feb. 5, 2008.  This follows the
recently completed 100% acquisition of by Intesa Sanpaolo (rated
'AA-'/'F1'/Outlook Stable).

Fitch has also assigned Pravex Bank a Long-term local currency
IDR of 'BB'.  A Stable Outlook is assigned to the Long-term IDRs
and National Long-term rating.  The Short-term foreign currency
IDR and Individual rating are affirmed at 'B' and 'D/E',
respectively.  The sovereign-driven Support Rating Floor of 'No
Floor' is withdrawn as the ratings are now driven by
institutional support.  Pravex Bank's UAH250 million Series D
bonds - which are being placed - with three-year maturity, and
one- and two-year put options, are upgraded to National Long-
term 'AAA(ukr)' from 'BBB(ukr)'.

The upgrade reflects Fitch's view of Intesa Sanpaolo's greater
ability -- as indicated by its Long-term IDR of 'AA-' --
compared with that of Pravex Bank's previous owners, to provide
the bank with support in case of need. However, Pravex Bank's
Long-term foreign currency IDR is constrained by Ukraine's 'BB-'
Country Ceiling.

Pravex Bank's Individual rating reflects its small size by
international standards, operational and credit risk stemming
from rapid loan growth, lending to high-risk retail segments,
moderate liquidity and weak capitalization.  The rating also
acknowledges the bank's satisfactory profitability, moderate
concentration on both sides of the balance sheet and well-
developed branch network.

Pravex Bank was founded in 1992 by Leonid Chernovetskiy, mayor
of Kiev since April 2006.  The bank is focused on servicing
retail customers and SMEs.  The bank was the 28th. largest bank
in Ukraine by total assets, with 0.87% market share at end of
first quarter of 2008.



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


AJT TRADING: Taps Joint Administrators from BDO Stoy Hayward
------------------------------------------------------------
James B. Stephen and David J. Hill of BDO Stoy Hayward LLP were
appointed joint administrators of AJT Trading Ltd. (Company
Number 03761261) on June 24, 2008.

BDO Stoy Hayward -- http://www.bdo.co.uk/-- focuses on business  
assurance (audit), corporate advisory, tax, and investment
management services, specializing in such industries as
charities, educational institutions, family businesses,
financial services, leisure, and hospitality.  The company is
the U.K. arm of BDO International and has offices in more than
15 cities throughout the U.K.

The company can be reached at:

         AJT Trading Ltd.
         c/o BDO Stoy Hayward LLP  
         4 Atlantic Quay
         70 York Street
         Glasgow
         G2 2JX
         Scotland


BEEPRINT LTD: Brings In Administrators from Tenon Recovery
----------------------------------------------------------
Christopher Ratten and Jeremy Woodside of Tenon Recovery were
appointed joint administrators of Beeprint Limited on
June 17, 2008.

Tenon Recovery -- http://www.tenongroup.com/-- provides  
accounting and business advice to owner-managed and private
business.

The company can be reached at:

         Beeprint Ltd.
         Kevan Pilling House  
         1 Myrtle Street  
         Bolton  
         BL1 3AH
         England


BRITISH AIRWAYS: Inks GBP54 Mln Deal to Acquire France's L'Avion   
----------------------------------------------------------------
British Airways plc has reached an agreement to buy French
airline L'Avion at a cost of GBP54 million, which covers the
purchase of the airline and GBP26 million of cash in its
business.

L'Avion is a privately owned airline that operates two Boeing
757 aircraft between Paris Orly and Newark airport.  Following
completion of the deal, expected this month, it will become a
British Airways' subsidiary and be integrated into OpenSkies,
the airline's new EU-U.S. subsidiary airline.

OpenSkies launched services on June 19 this year with daily
flights from Paris Orly to New York JFK that operate with a
L'Avion codeshare.  The combined airline will operate up to
three daily flights between Paris Orly and New York JFK/Newark
airports using three Boeing 757 aircraft.

British Airways' chief executive, Willie Walsh, said: "L'Avion
is a successful airline that has built up a premium business
between Orly and New York in a relatively short period of time.

"It has many synergies with OpenSkies and buying it provides
OpenSkies with a larger schedule and an established customer
base in the Paris-New York market."

Christophe Bejach, co-founder and chairman of L'Avion, said: "We
are happy to merge our operation with OpenSkies.  This
transaction will strengthen our current base and enable the
combined airline to grow faster and stronger.  Our staff will
benefit from the ambition and recognized expertise of the buyer
and our customers will have access to an even better service, on
a larger scale."

                    About British Airways

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

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

                        *     *     *

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


CHESAPEAKE CORP: S&P Cuts Corporate Credit Rating to B
------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on
Chesapeake Corp. and placed these ratings on CreditWatch with
negative implications.  The corporate credit rating was
lowered to 'B' from 'B+'.

"The downgrade and CreditWatch listing reflect EBITDA declines
during the past several quarters and our expectations that
challenging market conditions could further weaken the company's
ability to achieve targeted earnings during the next few
quarters, which could pressure the company's ability to comply
with financial covenants under its credit agreement," said
Standard & Poor's credit analyst Andy Sookram.

In addition, the company's plan to refinance its US$250 million
revolving credit facility due February 2009 has been delayed
because of certain issues relating to the Fox River
environmental matter, which has created refinancing risk.

The company's credit agreement stipulates a leverage ratio of
6.25x for the quarter ended June 30, 2008, which steps down to
5.5x for the quarter ending Dec. 31, 2008. In addition, S&P
expects the company to face limited cushion in its interest
coverage covenant, which steps up to 1.75x for the quarter
ending Sept. 30, 2008.    

In resolving the CreditWatch listing, S&P will consider the
near-term operating prospects for the company, including its
refinancing plans, the impact on its credit profile of potential
asset sales, and overall liquidity position.


CHILTON NEW: Appoints KPMG as Joint Administrators
--------------------------------------------------
Richard Dixon Fleming and Mark Granville Firmin of KPMG LLP were
appointed joint administrators of Chilton New Homes Ltd.
(Company Number 04847317)on June 17, 2008.

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

The company can be reached at:

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


FORD MOTOR: June 2008 Sales Fall 28% to 174,091 Units
-----------------------------------------------------
Total Ford Motor Company sales in June 2008 is down 28% to
174,091 units, compared to last year's June sales of 242,029.

In the first half of 2008, sales of Ford, Lincoln and Mercury
cars and crossovers to retail customers were higher than a year
ago.  Retail sales for cars increased 3% and crossovers also
were up (less than 1%).  Together, cars and crossovers accounted
for 59% of Ford's first half retail sales compared with 49% in
the first half 2007.

"In the first half, Ford outperformed the industry in both the
car and crossover segments," Jim Farley, Ford group vice
president, Marketing and Communications, said.  "This
performance is crucial to creating an exciting viable Ford
delivering profitable growth for all."

Ford's new Focus paced the increase in car sales.  In the first
half, Focus retail sales increased 53% versus a year ago, and
Focus was the top-selling domestic car to retail customers.  In
the recently released J.D. Power and Associates' 2008 APEAL
study, the Focus improved 88 index points -- the largest
improvement in the industry.

Mid-size cars also posted retail sales increases in the first
half with Ford Fusion up 7%, Mercury Milan up 2% and Lincoln MKZ
up 10%.

The Ford Edge paced crossovers with first half retail sales up
19%.

Gasoline prices increased a dollar (from US$3 to US$4 a gallon)
during the first half and this accelerated the decline in SUV
and truck sales.  In the first half, retail sales for the
company's SUVs declined 40% versus a year ago and retail sales
for trucks and vans declined 31%.

First half fleet sales declined 11% (including a 20% decline in
daily rental sales).

Overall, June sales of Ford, Lincoln and Mercury vehicles
totaled 167,090, down 28% versus a year ago.  First half sales
totaled 1.1 million, down 14%.

"Consumer fundamentals and consumer confidence deteriorated as
the first half unfolded," Mr. Farley said.  "The economy enters
the second half of the year with a notable absence of momentum
and a high degree of uncertainty."  "Clearly, the rapid rise in
gasoline prices, and the resulting shift toward fuel efficient
vehicles, has been challenging, but it also provides an
opportunity.  "In addition to adjusting our capacity and
production plans to produce more cars and crossovers, we are
introducing several new vehicles with class-leading fuel
economy."

In June, Ford introduced a new crossover, the Flex, with best-
in-class highway fuel economy of 24 miles per gallon and Lincoln
introduced the MKS.  In 2009, the MKS will be the first vehicle
equipped with Ford's new EcoBoost engine technology.

The 2009 model Ford Escape and Mercury Mariner started
production in June.  Equipped with a new 2.5-liter four-cylinder
engine and six-speed transmission, the Escape and Mariner
deliver best-in-class fuel economy in the small utility segment
with 28 highway miles per gallon.  The Escape and Mariner Hybrid
remains the most fuel-efficient utility vehicle on the planet,
delivering 34 city mpg and improved highway rating of 31 mpg –
up from 30 mpg.

Later this year, production of the redesigned Ford Fusion,
Mercury Milan and Lincoln MKZ will begin, including new Fusion
Hybrid and Milan Hybrid versions.

In addition, Ford has announced plans to bring the European
Transit Connect to North America in 2009 -– the most fuel-
efficient commercial van on the market.

                         About Ford

Ford Motor Company (NYSE: F) -– http://www.ford.com/-- a global
automotive industry leader based in Dearborn, Mich.,
manufactures or distributes automobiles in 200 markets across
six continents.  With about 244,000 employees and about 90
plants worldwide, the company's core and affiliated automotive
brands include Ford, Lincoln, Mercury, Volvo and Mazda.  The
company provides financial services through Ford Motor Credit
Company.

The company has operations in Japan in the Asia Pacific region.
In Europe, the company maintains a presence in Sweden, and the
United Kingdom.  The company also distributes its brands in
various Latin American regions, including Argentina and Brazil.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on
June 23, 2008, Standard & Poor's Ratings Services said it is
placing its corporate credit ratings on the three U.S.
automakers, General Motors Corp., Ford Motor Co., and Chrysler
LLC, on CreditWatch with negative implications, citing the need
to evaluate the  financial damage being inflicted by
deteriorating U.S. industry conditions -- largely as a result of
high gasoline prices.

At the same time, TCR-Europe reported that Moody's Investors
Service affirmed the B3 Corporate Family Rating and Probability
of Default Rating of Ford Motor Company, but changed the rating
outlook to negative from stable.  The company's Speculative
Grade Liquidity rating remains SGL-1.  The rating outlook for
Ford Credit has also been changed to negative from stable,
reflecting parent level concerns and deteriorating asset
quality.  The negative outlook for Ford reflects the
increasingly challenging environment faced by its and the other
domestic auto manufacturers as the outlook for U.S. vehicle
demand falls, and as high fuel costs drive U.S. consumers away
from light trucks and SUVs and toward more fuel efficient
vehicles.


GALOC GARAGE: Appoints Joint Administrators from KPMG
-----------------------------------------------------
Richard John Hill and Mark Jeremy Orton of KPMG LLP were
appointed joint administrators of Galoc Garage Ltd. (Company
Number 1022131) on June 16, 2008.

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

The company can be reached at:

         Galoc Garage Ltd.  
         c/o KPMG LLP
         Arlington Business Park
         Theale
         Reading
         RG7 4SD
         England


MELROSE RESOURCES: Inks Deal to Extend Debt Facilities Terms
------------------------------------------------------------
Melrose Resources plc has entered into agreements which increase
the amount of its bank borrowing facilities and extend the term
of the financing arrangements.

The amount of Melrose's senior secured borrowing facilities has
been increased from US$350 million to US$440 million.  A new
subordinated secured facility of US$70 million has been put in
place, giving total debt capacity of US$510 million.

Both the facilities are fully committed and have a final
repayment date at the end of 2014.  The loans amortize in
installments from April 2012.  A further increase in the senior
facility is planned before year-end.

A short-term loan which was obtained in October 2007 from the
Bank of Scotland has been repaid and Melrose's current net
indebtedness is US$414 million.

The interest margins payable on the new facilities have reduced
compared with the Company's previous facilities.  The margin on
the new facilities, if fully drawn, would be approximately 3.2%,
which, assuming a US$ LIBOR rate of 3%, would result in an
interest rate on the facilities of approximately 6.2%.

The principal lenders under the new facilities are the Bank of
Scotland, Mandated Lead Arranger, and BNP Paribas, Socié
Generale and the IFC as Senior Lead Arrangers.  In addition,
four banks which were previously lenders under Melrose's senior
bank borrowing facility have increased their participation in
the senior facility and one new bank has joined the syndicate.

"We are very pleased to have put these new facilities in place
at a time of considerable uncertainty in the debt markets,"
David Thomas, Chief Executive, said.  "The good support we have
received from our banks is a reflection of the strong production
and reserves base which Melrose has established over recent
years.  The new facilities provide us with substantial
borrowing headroom and we are well placed to pursue our highly
active exploration and development program."

                     About Melrose Rsources

Headquartered in Edinburgh, Uinted Kingdom, Melrose Resources
Plc -- http://www.melroseresources.com/-- is an oil and gas  
exploration and production company with interests in Egypt,
Bulgaria, United States, France and Turkey.  

                          *     *     *

Melrose Resources Plc currently carries B2 Corporate Family and
Probability-of-Default ratings from Moody's Investor Service,  
with stable outlook.


MELROSE RESOURCES: S&P Lifts Rating to B on Extended Debt Terms
---------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
corporate credit ratings on U.K.-based oil and gas exploration
and production company Melrose Resources PLC to 'B' from 'B-'.
The outlook is stable.

"The rating action reflects the company's extended debt profile
following two new credit facilities and a more established
operating track record at two major Egyptian fields, both taken
into production in 2007," said Standard & Poor's credit analyst
Per Karlsson.

"We expect Melrose's financial measures to substantially improve
in 2008 as a result of increased production and our revised oil
and gas price assumptions," Mr. Karlsson added.

Melrose has recently obtained a US$440 million senior amortizing
credit facility and a US$70 million subordinated facility, also
amortizing.  As both facilities start to amortize only from
2012, the company has successfully extended its debt duration
and S&P views the reinforced liquidity position as positive.

The stable outlook is based on our view that Melrose will have
sufficient liquidity and organic cash flow to support expected
capital spending over the medium term.  In addition, S&P views
the stability provided by fixed price contracts as supportive of
credit quality.


SCOMARK HOLDINGS: Calls In Joint Administrators from KPMG
---------------------------------------------------------
Howard Smith and Richard Dixon Fleming of KPMG LLP were
appointed June 19, 2008, joint administrators of:

   -- Scomark Holdings Ltd. (Company Number 1158215);
   -- Scomark Engineering Ltd. (Company Number 03329381);  
   -- Scomark Pipe-Fittings International Ltd.

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

The companies can be reached at:

         KPMG LLP
         1 The Embankment
         Neville Street
         Leeds  
         LS1 4DW
         England


SPARC EUROPE: Fitch Rates EUR61 Million Series D Notes at BB-
------------------------------------------------------------
Fitch Ratings has assigned Sparc Europe (Junior)(Compartment
2008)'s Series D notes totaling EUR61 million due in July 2011 a
final rating of 'BB-' with Stable Outlook.

Sparc Europe (Junior) is a compartmentalized Fonds Commun de
Creances set up by the custodian, Natixis (rated 'AA-'/Outlook
Negative), and the management company, Eurotitrisation, in 2007.  
It resulted in the Sparc Europe (Junior) Compartment 2007
issuance and Sparc Europe (Junior) Compartment 2008 consists of
the second compartment (among a maximum of four), dedicated to
the cover period 2008.  The underlying risk stems from Belgian,
German, Italian and Spanish portfolios of motor insurance
policies made to individuals and originated by AXA subsidiaries'
distribution network in those countries.

The ratings reflect the timely payment of interest and ultimate
payment of principal. They are based on the financial structure
of the transaction, credit quality of the underlying motor
insurance contract portfolios, and premium and loss appraisal
procedures of each AXA subsidiary.

Nexgen Re, as the reinsurer, and the AXA's subsidiaries have
entered into four reinsurance treaties, pursuant to which the
latter transfers to the reinsurer quota shares of premiums and
receives same quota shares of amounts to be paid under the
claims arising from the eligible motor insurance pools.

To secure its respective payment obligations, the reinsurer, on
the one hand, makes a junior cash deposit of an aggregate amount
of EUR135.3 million for the benefit of the AXA subsidiaries.  On
the other hand, the latter pledges financial instruments, in an
amount of EUR135.3 million, credited to specific accounts for
the benefit of FCC.  The constitution of such deposit is a
condition precedent to the confirmation of the ratings of the
notes issued by a senior FCC set up in parallel.

On the closing date, the reinsurer transferred to the FCC the
receivable, which corresponds to the financial obligation of the
AXA subsidiaries to repay the junior deposit, as well as
ancillary rights such as the benefit of the above-mentioned
pledge.

The risk covered by these reinsurance treaties and transferred
to noteholders reflects the evolution of the premium and claims
of the portfolios of insurance contracts; it is measured by the
global ratio of claims to premiums (the global loss ratio).  
Portfolios losses will be passed to noteholders once the global
loss ratio exceeds each note's attachment point (loss threshold
at which noteholders are affected).  Attachment points for the
Class D notes are based on the global loss ratio at 3.5% above
the budgeted global loss ratio.

Fitch has given credit to the mutualization.  Such benefit stems
from the aggregation of the insurers' portfolios and is
transposed to noteholders through structural compensation
mechanisms in place at the transaction level.  Losses
experienced are compensated by, firstly, the "excess receivable"
generated by the portfolios of subsidiaries that have over-
performed their budget and, secondly, by the use of a
subordinated portion of the joint junior deposit funded by the
issuance of a non-rated class of notes.


TAYLOR WIMPEY: Suffers Weak Sales for 26 Weeks Until June 30
------------------------------------------------------------
Taylor Wimpey plc released an update on trading in the period up
to June 30, 2008.

                          U.K. Housing

The Spring selling season has been severely impacted by the
continued constrained mortgage market and by worsening consumer
confidence; the latter affected by a weakening economy, and
reports of falling house prices.

In particular, reservation levels have declined sharply since
April, when Taylor Wimpey last updated the market on trading.

    * Private housing net reservations were approximately 45%
      lower in the 26 weeks to June 29, 2008, than in the same
      period in 2007 (on a combined basis), with lower sales
      rates being partially offset by more outlets;

    * its average cancellation rate for the 26 weeks to 29 June
      2008 was 29% compared to 19% in the comparable period in
      2007 on a combined basis;

    * its total housing completions in the first half of 2008
      were approximately one third lower than for the comparable
      period in 2007 on a combined basis;

    * its order book was 33% lower by value at June 29, 2008,
      than at the comparable point in 2007 on a combined basis.
      Within its order book, average selling prices were
      approximately 8%, and margins were approximately 5
      percentage points, lower.  The reduction in selling prices
      partly reflects a higher proportion of affordable housing;
      and

    * Unsold stock units at the end of May 2008 were broadly in
      line with the level at the end of December 2007.

Taylor Wimpey is reviewing the carrying value of its inventories
in the light of current market conditions.  Taylor Wimpey
anticipates that it will write down the value of the landbank
and work-in-progress in the U.K. by approximately GBP550 million
and will finalize this amount in its 2008 half year financial
statements.  This represents approximately 11% of its gross
inventories in the U.K. as at Dec. 31, 2007.  

While Taylor Wimpey believes that this is prudent based on
current market conditions, if the market significantly
deteriorates, the company may need to recognize further write-
downs in the future.

                      North America Housing

Overall, its U.S. housing markets remain weak.  Taylor Wimpey
continues to focus on managing costs and capital and achieving a
steady weekly sales rate.

    * its U.S. sales were approximately 13% lower in the period
      from Jan. 1, 2008, to June 29, 2008, than in the
      comparable period in 2007 on a combined basis, with
      lower sales rates being partially offset by more outlets.
      However, since the beginning of March 2008, weekly sales
      rates have been consistent and Taylor Wimpey believes that
      they may have stabilized;

    * its average cancellation rate in the U.S. for the 26 weeks
      to June 29, 2008, was 24%, in line with the comparable
      period in 2007 on a combined basis, but significantly
      below the very high rates experienced in the second half
      of 2007;

    * U.S. housing completions in the first half of 2008 were
      approximately 30% lower than for the comparable period in
      2007 on a combined basis;

    * its U.S. order book was 25% lower by value at June 29,
      2008, than at the comparable point in 2007 on a combined
      basis.  Within its order book, average selling prices were
      approximately 16% lower, and margins were approximately
      two percentage points lower, than the comparable period in
      2007 on a combined basis; and

    * Unsold stock levels have reduced significantly in the U.S.
      At June 29, 2008, unsold inventory had reduced by
      approximately 25% since the end of December 2007.

Taylor Wimpey is reviewing the value of its inventories in the
light of current market conditions.  Its anticipates that it
will need to write-down the value of the landbank and work-in-
progress in the U.S. by approximately GBP70 million and will
finalize this amount in its 2008 half year financial statements.

Taylor Wimpey's housing business in Canada, which has not
experienced the same levels of house price inflation as the U.S.
and U.K., has remained relatively stable.

Completions in first half 2008 were approximately 20% lower than
in first half 2007.

                        Other Businesses

Completions in Spain and Gibraltar in first half 2008 were
approximately 20% lower than in first half 2007.

The housing market in Spain remains weak, particularly on
the mainland. Taylor Wimpey is reviewing the value of its
inventories in the light of current market conditions.

Taylor Wimpey anticipates that it will write-down the value of
the landbank and work-in-progress in Spain by approximately
GBP40 million and will finalize this amount in its 2008 half
year financial statements.

Taylor Wimpey's construction business continues to trade in line
with expectations.

                     Dividends and Net Debt

Taylor Wimpey does not feel it is appropriate to propose an
interim dividend for 2008.  Taylor Wimpey will review its future
dividend policy at the end of 2008 in the light of prevailing
market conditions.

Net debt at the end of June was approximately GBP1.7 billion.

                             Outlook

Taylor Wimpey expects that the current weak housing market in
the U.K. will continue at least through 2008 and does not
anticipate any recovery in the short term.

Overall, while its U.S. housing markets remain weak, we believe
that they may have stabilized, although it does not anticipate
any material recovery until 2009 at the earliest.

Taylor Wimpey believes that both the U.K. and North American
housing markets remain attractive in the long-term due to
positive demographic trends in both markets, constrained land
supply in the U.K. and the ability, in an improved market, to
increase volumes profitably in the U.S.

Taylor Wimpey will announce its interim results on the
Aug. 27, 2008

                       About Taylor Wimpey

Headquartered in London, Taylor Wimpey plc --
http://www.taylorwimpey.com/-- builds homes in the U.K., North  
America, Spain and Gibraltar. Taylor Wimpey also operates in the
Construction sector under the Taylor Woodrow brand.


TAYLOR WIMPEY: Confirms Equity Increase Difficulties
----------------------------------------------------
Taylor Wimpey plc disclosed that its major markets are
experiencing a significant downturn, characterized by
significantly lower weekly sales rates and lower average selling
prices than in recent years.

Taylor Wimpeys expect that the U.K. housing market will remain
weak at least through 2008 and we do not anticipate any recovery
in the short-term.  Overall, while its U.S. housing markets
remain weak, we believe that they may have stabilized, although
the company does not anticipate any material recovery until 2009
at the earliest.

Taylor Wimpey's focus remains on cash management, cost
reductions and seeking to achieve a stable weekly sales rate.

In respect of the merger, Taylor Wimpey remains on course to
deliver its previously stated synergy run rate targets of
GBP70 million by the end of 2008 and GBP100 million in aggregate
by the end of 2009 and continue to expect future progress.

Over the last several months, Taylor Wimpey has actively
positioned the business in anticipation of weaker markets.  
Actions taken to date include:

    * tightly controlling expenditure on work-in-progress;

    * not making new commitments for land purchases;

    * renegotiating terms with all of its subcontractors, and;

    * reducing the price of its homes with the aim of achieving
      a steadier sales rate and improving cashflow.

Most recently, Taylor Wimpey reviewed its business structure in
the U.K. and will close 13 of its 39 regional offices and reduce
staffing levels across the business, with the anticipated loss
of approximately 900 jobs.  Taylor Wimpey expects this to result
in a reduction in overhead costs of approximately GBP45 million
on an annualized basis starting from the fourth quarter of 2008.  
This is consistent with its view that markets are likely to
remain weak for an extended period.

At the same time, Taylor Wimpey reviewed its capital structure
with a view to putting the business in a robust financial
position to be able to absorb further significant deterioration
in market conditions.

Taylor Wimpey remains in full compliance with its banking
covenants.  However, without an amendment to the terms of its
banking facilities, in certain negative market scenarios Taylor
Wimpey might breach one or more banking covenants at the first
testing date in 2009.

In that context, Taylor Wimpey decided it would be prudent to
agree a revised banking facility with its core lending banks
conditional on raising further equity.

Taylor Wimpey confirmed on June 30, 2008, that it is meeting
with a number of existing and potential investors with a view to
raising further equity capital.  However, in light of current
market conditions we have not been able to conclude a
satisfactory transaction.

The Board remains convinced of the fundamental attractions of
the business over the medium and long term.  Taylor Wimpey will
continue to evaluate options to secure that value for its
shareholders.

                       About Taylor Wimpey

Headquartered in London, Taylor Wimpey plc --
http://www.taylorwimpey.com/-- builds homes in the U.K., North  
America, Spain and Gibraltar. Taylor Wimpey also operates in the
Construction sector under the Taylor Woodrow brand.


TAYLOR WIMPEY: Fitch Lowers IDR to BB on Equity Problems
--------------------------------------------------------
Fitch Ratings downgraded Taylor Wimpey's Long-term Issuer
Default and senior unsecured ratings to 'BB' from 'BB+' and
affirmed its Short-term IDR at 'B'.  The Long-term IDR and
senior unsecured ratings remain on Rating Watch Negative.

The downgrade reflects increased concerns about the company's
financial flexibility following the announcement that it is
encountering difficulties in raising an appropriate level of new
equity.  TW has reached an agreement with its bankers to
renegotiate its financial covenants subject to a significant
equity-raising.  Fitch understands TW has made significant
progress towards obtaining commitments for its target new equity
amount; however, present market volatility may make this
challenging to ultimately accomplish.

A failure by TW to successfully raise new equity and improve its
financial position in the short-term could lead to a significant
deterioration in the credit profile, and therefore Fitch has
maintained its RWN status on TW's Long-term IDR and senior
unsecured ratings.  Fitch will continue to monitor TW's near-
term actions in an effort to resolve the watch over the coming
months.  Any further downgrade could be by more than one notch.

As expected, TW today reported that its land bank in the U.K.
will be written down by approximately GBP550 million in second
half of 2008, which corresponds to 15% of the total value of the
U.K. land bank.  The company also announced trading in the first
half of 2008 was down by approximately 50% in both the U.S. and
the U.K. markets.


* PricewaterhouseCoopers Brings In 58 New Partners in the U.K.  
--------------------------------------------------------------
PricewaterhouseCoopers LLP disclosed the admission of 58 new
partners with effect from July 1, 2008, in addition to 22 new
partners recruited externally during the course of the year.

The new partners span all areas of the firm's businesses and
regions with 29 partners admitted to the assurance practice, 26
partners to the advisory practice and 25 to the tax practice.  
Of the new partner intake, 29% are female bringing the total
number of female partners to 107 -- the highest number in the
ten year history of the U.K. firm.

"I am delighted to welcome so many great new partners.  As
market leader we know that we must continue to recruit and
retain the best talent.  Developing a more diverse talent pool
at all levels continues to be a priority for the firm," Ian
Powell, U.K. chairman and senior partner, PricewaterhouseCoopers
LLP, said.

"I am therefore pleased and excited that these announcements
come at a time when we are building further on the last ten
years' success to be ever more successful for our clients in the
future," Mr. Powell added.


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

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

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


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

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

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


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

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

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

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

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

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

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

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

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

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

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

Nov. 19, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Interaction Between Professionals in a
         Restructuring/Bankruptcy
            Bankers Club, Miami, Florida
               Contact: 312-578-6900; http://www.turnaround.org/  
  
Dec. 3-5, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      20th Annual Winter Leadership Conference
         Westin La Paloma Resort & Spa
            Tucson, Arizona
               Contact: http://www.abiworld.org/  

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *