TCREUR_Public/080704.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Friday, July 4, 2008, Vol. 9, No. 132

                            Headlines


A U S T R I A

FSG BIOSUPPORT: Claims Registration Period Ends July 22
KORNFEHL INNEN: Claims Registration Period Ends July 7
LUKAS GASTRO: Claims Registration Period Ends September 1
TH. GLASSER WINTERGARTEN: Claims Registration Ends July 22
ZARBL STIEGEN: Claims Registration Period Ends July 23


B E L G I U M

CHRYSLER LLC: To Close St. Louis Minivan Plant; Cuts 2,400 Jobs
SOLUTIA INC: Retains HSBC to Explore Nylon Biz Strategic Options
TENNECO INC: Moody's Holds Ratings on Improved Credit Metrics


F R A N C E

TEREOS: Moody's May Cut Ba2 Corporate Family Rating


G E R M A N Y

AUTOMOBIL-ZENTRALE WITTMUND: Claims Registration Ends July 17
AXEL MEICHSNER: Claims Registration Period Ends July 16
BA.-TE. GMBH: Claims Registration Period Ends July 17
FREIZEIT-GASTRONOMIE GMBH: Claims Registration Ends July 17
GEBAUT IMMOBILIEN: Claims Registration Period Ends July 16

IKB DEUTSCHE: Posts EUR24 Million Loss for Year Ended March 31
IKB DEUTSCHE: Int'l Unit Posts EUR533MM Loss for FY Ended March
KCCM GMBH: Creditors' Meeting Slated for July 17
KSH GASTRONOMIE: Claims Registration Period Ends July 17
MECKLENBURGER WERBETECHNIK: Claims Registration Ends July 17

OPTIK ELSWEILER: Claims Registration Period Ends July 16
OST-WEST MEDIEN: Claims Registration Period Ends July 17
PFLEIDERER AG: Commences 1,000,000 Share Repurchase Program
PLANUNGSGESELLSCHAFT TECHNISCHER: Claims Filing Ends July 16
RADLMAIR GMBH: Claims Registration Period Ends July 16

SCHATZ BETEILIGUNGS: Claims Registration Period Ends July 7
SKM ELEKTROINSTALLATION: Claims Registration Period Ends July 16


I T A L Y

FIAT SPA: Keeps Italian Market Share Above 30% in June 2008


K A Z A K H S T A N

ALLIANCE BANK: Fitch Downgrades Individual Rating to D/E
ALMATY LEGAL: Creditors Must File Claims by Aug. 8
BTA Bank: Fitch Holds BB+ IDR on Moderate Probability Support
COMTECH-T LLP: Claims Deadline Slated for Aug. 6
KAZKOMMERTSBANK: Fitch Affirms IDRs and Support Ratings

LIGA-STROY-PV LLP: Claims Filing Period Ends Aug. 6
MEGA-TRADE PAVLODAR: Creditors' Claims Due on Aug. 6
MERIDIAN LLP: Claims Registration Ends Aug. 12
MIR COMPUTERNOI: Creditors Must File Claims by Aug. 12
SERVICE-TRADE PV: Claims Deadline Slated for Aug. 6

TABYS-KARGANDA LLP: Claims Filing Period Ends Aug. 6
TEMIRBANK: Fitch Affirms Long-term IDR at BB-


K Y R G Y Z S T A N

ADIS OJSC: Creditors Must File Claims by August 8


L U X E M B O U R G

IKB DEUTSCHE: Int'l Unit Posts EUR533MM Loss for FY Ended March


R U S S I A

ALFA MTN: Fitch Rates US$400 Million 9.25% Notes at BB
ENGELS-VOD-STROY: Saratove Bankruptcy Hearing Slated for Oct. 6
MIR OJSC: Creditors Must File Claims by July 7
OGK-5 OAO: Board Approves RUR8-Billion Bond Issue
OPIN JSC: Moody's Puts Corporate Family Rating at B1

REAL-STROY-SERVICE: Creditors Must File Claims by July 7
ROSTA CJSC: Creditors Must File Claims by August 7
RUBIN-M LLC: Creditors Must File Claims by July 7
RUS' INFRA: Ulyanovsk Bankruptcy Hearing Slated for September 29
SEVER-UGOL LLC: Creditors Must File Claims by July 7

SEVERSTAL OAO: Commences Preparatory Work for Balakovo Plant
SISTEMA JSFC: Approves New Management Board
SOVCOMBANK: Moody's Assigns E+ Financial Strength Rating


S L O V A K   R E P U B L I C

SLOVGLASS POLTAR: Goes Bankrupt; Submits Sell-Off Proposal


S P A I N

TDA UNICAJA 1: Fitch Junks EUR19.6 Million Class D Notes


S W I T Z E R L A N D

ABS JSC: Creditors Must File Proofs of Claim by July 13
BIOKOSMA JSC: July 12 Set as Deadline to File Proofs of Claim
FULFILLMENT DIRECTMARKETING: Claims Filing Deadline is July 11
GENERAL MOTORS: Bankruptcy 'Not Impossible,' Merrill Says
HUNSECKER HOLDING: Deadline to File Proofs of Claim Set July 11

INTROTECH JSC: Creditors Must File Proofs of Claim by July 11
PIZZA PROMOT: Proofs of Claim Filing Period Ends July 13
WESTON VENTURES: Proofs of Claim Filing Deadline is July 11
ZAN ASSET: Creditors Have Until July 12 to File Proofs of Claim


U K R A I N E

ENERGYRESOURCE LLC: Creditors Must File Claims by July 13
GRAND CAREER: Creditors Must File Claims by July 13
HARIBDA LLC: Creditors Must File Claims by July 13
LEB SERVICE: Creditors Must File Claims by July 13
METAL-INVEST-LTD: Creditors Must File Claims by July 13

PRAVEX-BANK: Moody's Lifts Deposit and Debt Ratings to Ba2
SIDIS LLC: Creditors Must File Claims by July 13
SOUTH AVIA: Creditors Must File Claims by July 13
SPECIAL TECHNICAL: Creditors Must File Claims by July 13
VEREMIYA SOUTH: Creditors Must File Claims by July 13

VKF-ARMIT: Creditors Must File Claims by July 13
VOLINECOVTORMA LLC: Creditors Must File Claims by July 13
VV ELCOM: Creditors Must File Claims by July 13


U N I T E D   K I N G D O M

BAA LTD: British Airways Retracts Split-Up Proposal
BRITISH AIRWAYS: Changes Stance on Proposed BAA Limited Breakup
CAPITAL PRINT: London Development Agency Probes Collapse
CITY LOFTS: Bank of Scotland Designates Allsop as Receiver
DOLGARROG ALUMINIUM: KPMG Concludes Sale of Assets to Ainscough

ELUMIN8 SYSTEMS: Appoints BDO Stoy as Joint Administrators
EUGENA LTD: Calls In Joint Administrators from BDO Stoy Hayward
FITNESS JYMS: Taps Joint Administrators from Vantis
GLO HIRE: Brings In Vantis to Administer Assets
HOLROYD CONSTRUCTION: Taps Joint Administrators from PwC

INEOS GROUP: Fitch Affirms and Withdraws BB- Long-term IDR
INNOVATE LOGISTICS: Stobart Acquires Chilled Goods Operations
PETER HUNT: Appoints Joint Administrators from BDO Stoy Hayward
SCOTTISH MUTUAL: Moody's Cuts Debt Ratings to Ba1 & Withdraws
STELLING FARM: Appoints Joint Administrators from Ernst & Young

TAYLOR WIMPEY: Finance Chief Peter Johnson Quits from Board
TEAMSPIRIT HOLDINGS: Taps Administrators from Smith & Williamson
VEDANTA RESOURCES: Moody's Keeps Ba1 Rating on Senior Bonds
WINDERMERE VIII: S&P's BB Rating on Class E Notes on Watch Neg.

* Fund Management Industry Faces Skills Gap, KPMG Survey Says

BOOK REVIEW: Cardozo and Frontiers of Legal Thinking


                            *********


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A U S T R I A
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FSG BIOSUPPORT: Claims Registration Period Ends July 22
-------------------------------------------------------
Creditors owed money by LLC FSG Biosupport Forschung (FN
226997w) have until July 22, 2008, to file written proofs of
claim to court-appointed estate administrator Peter Sommerer at:

          Dr. Peter Sommerer
          Nottendorfer Gasse 11
          1030 Vienna
          Austria
          Tel: 503 17 90
          Fax: 503 17 90 444
          E-mail: office@sommerer.co.at    

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:15 a.m. on Aug. 5, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1606
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on June 4, 2008 (Bankr. Case No. 4 S 79/08g).  


KORNFEHL INNEN: Claims Registration Period Ends July 7
------------------------------------------------------
Creditors owed money by LLC Kornfehl Innen- und
Aussenputzarbeiten  (FN 180018h) have until July 7, 2008, to
file written proofs of claim to court-appointed estate
administrator Willibald Stampf at:

          Dr. Willibald Stampf
          Brunnenplatz 5b
          7210 Mattersburg
          Austria
          Tel: 02626/62652
          Fax: 02626/65326
          E-mail: ma@rss.at   

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:45 a.m. on July 21, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Eisenstadt
          Hall F
          Eisenstadt
          Austria

Headquartered in Marz, Austria, the Debtor declared bankruptcy
on June 4, 2008 (Bankr. Case No. 26 S 48/08y).  


LUKAS GASTRO: Claims Registration Period Ends September 1
---------------------------------------------------------
Creditors owed money by LLC Lukas Gastro (FN 197581k) have until
Sept. 1, 2008, to file written proofs of claim to court-
appointed estate administrator Herwig Ernst at:

          Dr. Herwig Ernst
          c/o Dr. Robert Zauchinger
          Hauptplatz 32
          2100 Korneuburg
          Austria
          Tel: 02262/723 17
          Fax: 02262/756 57
          E-mail: lawoffice@mack-ernst.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:00 a.m. on Sept. 17, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Korneuburg
          Room 204
          Second Floor
          Korneuburg
          Austria

Headquartered in Stockerau, Austria, the Debtor declared
bankruptcy on June 3, 2008 (Bankr. Case No. 36 S 69/08a).  
Robert Zauchinger represents Dr. Ernst in the bankruptcy
proceedings.


TH. GLASSER WINTERGARTEN: Claims Registration Ends July 22
----------------------------------------------------------
Creditors owed money by KEG Th. Glasser Wintergarten - Bau (FN
275624f) have until July 22, 2008, to file written proofs of
claim to court-appointed estate administrator Georg Getreuer at:

          Dr. Georg Getreuer
          c/o Dr. Martin Getreuer
          Weyrgasse 6
          1030 Vienna
          Austria
          Tel: 713 14 25-0
          Fax: 713 14 25-17
          E-mail: office@getreuer.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on Aug. 5, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1606
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on June 3, 2008 (Bankr. Case No. 4 S 78/08k).  Martin Getreuer
represents Dr. Getreuer in the bankruptcy proceedings.


ZARBL STIEGEN: Claims Registration Period Ends July 23
------------------------------------------------------
Creditors owed money by LLC ZARBL Stiegen- und Treppenbau (FN
34346i) have until July 23, 2008, to file written proofs of
claim to court-appointed estate administrator Josef Strasser at:

          Dr. Josef Strasser
          c/o Dr. Maria Weidlinger
          Rossmarkt 1
          4910 Ried im Innkreis
          Austria
          Tel: 07752/820 38
          Fax: 07752/820 38 20
          E-mail: ra-has-stra@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 8:45 a.m. on July 30, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Ried im Innkreis
          Hall 101
          First Floor
          Ried im Innkreis
          Austria

Headquartered in St. Marienkirchen, Austria, the Debtor declared
bankruptcy on June 3, 2008 (Bankr. Case No. 17 S 22/08d).   
Maria Weidlinger represents Dr. Strasser in the bankruptcy
proceedings.


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


CHRYSLER LLC: To Close St. Louis Minivan Plant; Cuts 2,400 Jobs
---------------------------------------------------------------
Chrysler LLC intends to idle a St. Louis minivan plant, The Wall
Street Journal reports.  In addition, it will also remove a work
shift at a nearby truck plant during the last quarter of this
year.

These moves are line with the majority interest holder Cerberus
Capital Management L.P.'s business plans, which expects Chrysler
to lose money during 2007 and 2008, WSJ cites sources who know
about the matter.  The company's vehicle sales forecasts are
expected to drop to a rate of 12.8 million compared to an annual
rate of 16.3 million the previous year.

Chrysler also revealed that around 2,400 employees will be laid-
off.

"The market is at a fairly slow point. . . . [If] we want to
continue to meet or exceed our financial targets, we have to
move responsibly," the WSJ quotes Chrysler vice-chairman, Jim
Press, as saying.  WSJ notes that minivan sales have dropped for
several consecutive years.

                        About Chrysler LLC

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.


SOLUTIA INC: Retains HSBC to Explore Nylon Biz Strategic Options
----------------------------------------------------------------
Solutia Inc. has retained HSBC Securities (USA) Inc. to explore
strategic alternatives with respect to its nylon business,
including a possible sale.

"We have transformed our nylon business from a North American-
focused fiber business into the world's second-largest producer
of nylon 66 plastics," commented Jeffry N. Quinn, chairman,
president and chief executive officer of Solutia Inc.  "The
nylon business is on a path for further growth and improvement
in financial performance, and we believe strongly in the
strategic course we have set for the business.  However, given
the strength of our high-margin specialty chemical and
performance materials businesses and the current industry
dynamic in the nylon segment, it is an appropriate time to
explore strategic alternatives available with respect to the
nylon business that would better position both the nylon
business and the rest of Solutia for reaching their ultimate
potential."

In 2007, the nylon business generated net sales of US$1,892
million or approximately 51% of Solutia's total revenue, and
adjusted EBITDAR of US$106 million, or 28% of Solutia's total
pro forma adjusted EBITDAR.  In 2008, first quarter net sales
for the nylon business were US$468 million, an increase of 10%
when compared to the first quarter of 2007; however, the
business' adjusted EBITDAR was a loss of US$7 million for the
quarter, a decrease of US$35 million year-over-year, largely due
to higher raw material costs that were only partially recovered
with higher selling prices in the quarter.  In contrast,
Solutia's other three business platforms -- Saflex(r),
CPFilms(r), and Technical Specialties, which generated net sales
of US$1,850 million and adjusted EBITDAR of US$270 million in
2007, generated US$108 million in adjusted EBITDAR in the first
quarter 2008, an increase of 23% over the same period in 2007.

Solutia's nylon business is one of only two world wide
businesses that own the complete range of technology to produce
nylon 66.  The business is able to efficiently serve global
markets from its integrated set of world-scale, flexible assets
located in North America.  During 2007, 28% of the business'
sales came from Asia.  With its 2008 addition of 68,000 metric
tons of capacity for Vydyne(r) and Ascend(r) nylon 66 resins and
polymers, that percentage is expected to rise further, driven by
rapidly growing demand among Asian producers of automotive,
electrical, and consumer goods.

                       About Solutia Inc.

Based in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ) --
http://www.solutia.com/-- and its subsidiaries, engage in the
manufacture and sale of chemical-based materials, which are used
in consumer and industrial applications worldwide.  Solutia
has operations in Malaysia, China, Singapore, Belgium, and
Colombia.

The company and 15 debtor-affiliates filed for chapter 11
protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949).
When the Debtors filed for protection from their creditors, they
listed US$2,854,000,000 in assets and US$3,223,000,000 in debts.

Solutia is represented by Richard M. Cieri, Esq., Jonathan S.
Henes, Esq., and Michael A. Cohen, Esq., at Kirkland & Ellis
LLP, in New York, as lead bankruptcy counsel, and David A.
Warfield, Esq., and Laura Toledo, Esq., at Blackwell Sanders
LLP, in St. Louis Missouri, as special counsel.  Trumbull Group
LLC is the Debtor's claims and noticing agent.  Daniel H.
Golden, Esq., Ira S. Dizengoff, Esq., and Russel J. Reid, Esq.,
at Akin Gump Strauss Hauer & Feld LLP represent the Official
Committee of Unsecured Creditors, and Derron S. Slonecker at
Houlihan Lokey Howard & Zukin Capital provides the Creditors'
Committee with financial advice.  The Official Committee of
Retirees of Solutia, Inc., et al., is represented by Daniel D.
Doyle, Esq., Nicholas A. Franke, Esq., and David M. Brown, Esq.,
at Spencer Fane Britt & Browne, LLP, in St. Louis, Missouri, and
Frank M. Young, Esq., Thomas E. Reynolds, Esq., R. Scott
Williams, Esq., at Haskell Slaughter Young & Rediker, LLC, in
Birmingham, Alabama.

On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement.  On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan.  The Bankruptcy Court approved the Debtors'
amended Disclosure Statement on Oct. 19, 2007.  On Oct. 22,
2007, the Debtor re-filed a Consensual Plan & Disclosure
Statement and on Nov. 29, 2007, the Court confirmed the Debtors'
Consensual Plan.  (Solutia Bankruptcy News, Issue No. 118;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).

                         *     *     *

Solutia Inc. continues to carry a corporate credit rating of B+
with stable outlook from Standard & Poor's Ratings Services.  
The rating was raised to its current level from D in March 2008
following the company's emergence from bankruptcy on Feb. 28,
2008, and the implementation of its financing plan.


TENNECO INC: Moody's Holds Ratings on Improved Credit Metrics
-------------------------------------------------------------
Moody's Investors Service has affirmed the ratings of Tenneco
Inc.:

Corporate Family Rating, B1;

   -- first-lien senior secured credit facilities, Ba1;
   -- senior secured second lien debt, Ba3;
   -- senior unsecured note, B2; and
   -- senior subordinated notes, B3.

In a related action the outlook was changed to Stable from
Positive.

The affirmation of the B1 corporate family rating incorporates
Tenneco's competitive position in its emissions controls
business, which has resulted in generally improved credit
metrics through the first quarter of 2008.  The company's
geographic diversity and market position within its product
markets are expected to continue to support the company's
position within the assigned rating.

However, the outlook change to stable reflects automotive
industry pressures including general economic conditions which
have weakened consumer demand, high fuel costs, and decreasing
market share of the Detroit-3.  These factors have resulted in
announcements of North American monthly sales declines from
Tenneco's largest North American customers.  The recent monthly
sales declines come after announcements from North American OEMs
of lowered production forecasts for the remainder of 2008 and
delays in the launch of new SUV and light truck models.  These
pressures are expected to continue into 2009.  Approximately 25%
of Tenneco's revenues are to the North American operations of
the Big 3 OEMs and a significant portion of revenue relates to
light truck and SUV platforms.  Tenneco's performance is
expected to continue to benefit from its geographic diversity
(53% of revenues coming from outside North America) and growth
in its emission control business.

Nevertheless, ongoing pricing pressures and increasing raw
material costs will also add to industry headwinds.  As of March
31, 2008, Tenneco maintained cash and cash equivalents of US$161
million and availability under its revolving credit facility of
approximately US$256 million and is expected to maintain
sufficient cushion under the financial covenants to access the
complete facility over the near-term.

These ratings were affirmed:

   -- B1 Corporate Family rating;

   -- B1 Probability of Default rating;

   -- B2 (LGD4, 64%) rating for the 8.125% guaranteed senior
      unsecured notes due 2015

   -- Ba3 (LGD3, 32%) rating for the 10.25% guaranteed senior
      secured second-lien notes due 2013

   -- Ba1 (LGD2, 12%) rating for the US$550.0 million first lien
      senior secured revolving credit facility;

   -- Ba1 (LGD2, 12%) rating for the US$150 million first lien
      senior secured term loan A;

   -- Ba1 (LGD2, 12%) rating for the US$130 million first lien
      senior secured letter of credit / revolving loan facility;

   -- B3 (LGD6, 92%) rating for the 8.625% guaranteed senior
      subordinated notes due November 2014

The last rating action was on Nov. 1, 2007 when the company's
Corporate Family Rating was affirmed and the outlook changed to
Positive.

Future events that have potential to drive Tenneco's outlook or
ratings higher include a stabilization of conditions in North
American automotive market, including increased production and a
profitable product mix that would complement the profits from
emission control revenues; and higher levels of free cash flow
over the intermediate term resulting in debt reduction.
Consideration for a higher rating could arise if any combination
of these factors were to lead to EBIT/Interest coverage
approaching 2.0x or a reduction in leverage consistently below
4.0x.

Future events that have potential to drive Tenneco's outlook or
ratings lower include additional declines in North American OEM
production; the inability to manage working capital usage
supporting increased emission control sales resulting in
continuing negative free cash flow; or deteriorating liquidity.
Consideration for a lower outlook or rating could arise if any
combination of these factors were to increase leverage over 5.0x
or result in EBIT/Interest coverage approaching 1.5x times.

Tenneco, headquartered in Lake Forest, Illinois, is a leading
manufacturer of automotive ride control (approximately 30% of
sales) and emissions control (approximately 70% of sales)
products and systems for both the worldwide original equipment
market and aftermarket.  Leading brands include Monroe®,
Rancho®, Clevite®, and Fric Rot ride control products and
Walker®, Fonos, and Gillet emission control products.  Net sales
in 2007 were approximately US$6.2 billion.


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TEREOS: Moody's May Cut Ba2 Corporate Family Rating
---------------------------------------------------
Moody's Investors Service placed under review for possible
downgrade the Ba2 Corporate Family Rating of Tereos and the Ba3
senior secured rating of Tereos Europe's EUR500 million bond
issue.

This rating action reflects Moody's concern that Tereos is
unlikely to be able to meet the initially set target credit
metrics (i.e. retained cash flow to net debt above 10% and gross
debt to EBITDA around 3.5x) over the medium term.  More
specifically, Moody's notes that the company's revised guidance
at the time of the first half 2007/2008 results announcement
suggested that EBITDA would not reach more than EUR350 million
for fiscal year 2007/2008 and that net debt was expected to be
around EUR1.5 billion, which would translate into a leverage
figure of around 4.3x on a net debt basis.

Moody's considers that the higher than expected leverage is due
to the pressure on operating performance resulting from the
sugar market conditions that have continued to be challenging in
FY2007/2008, and certain technical problems at BENP Lillebonne
factory.  These operational challenges coincide with the
company's high indebtedness level after the TALFIIE and Andrade
acquisitions that were completed in 2007.  However, the rating
agency recognises that the market situation ought to improve in
the next financial year due to the recent amendments to the
European Sugar Market reform, which should result in a better
balanced market and consequently a better pricing environment.

More cautiously, Moody's notes that Tereos has communicated that
it is unlikely to meet the leverage and interest cover covenants
(net debt to EBITDA below 4x and EBITDA to net interest above
3.75x) under its bank facilities and, as a consequence, has
sought for these levels to be reset for FY2007/2008 and
FY2008/2009.  However, Moody's further notes that Tereos has
also stated that it has received acceptance for the new levels
from the majority of its banks.

Moody's rating review will focus on:

   (i) Tereos's ability to deliver improvements in operating
       performance in FY2008/09;

  (ii) the anticipated debt protection metrics over the medium
       term; and

(iii) the finalization of the amendments to the senior credit
       facility agreements.

The potential downgrade of the CFR, if any, is expected to be
limited to one notch.

Tereos Europe's EUR500 million bonds continue to benefit from a
downstream guarantee from Tereos, which accounts for
approximately half of the cooperative's assets and EBITDA, and
are secured on a second-ranking pledge over the shares of
Tereos's subsidiaries.  The senior bank facilities have a first
lien pledge over the shares of Tereos's subsidiaries as well as
a security interest on the stock and receivables of Tereos.

Headquartered in Lille, France, Tereos was created in 2004 as a
result of the merger of Beghin Say and a beet sugar cooperative,
Union SDA.  In January 2006, the company merged with another
French cooperative, Sucreries & Distilleries des Hauts de
France, creating the second-largest sugar producer in Europe.
Tereos also holds a 62% stake in Syral, one of the largest
European companies in starch and starch based sweeteners and
holds a number two position in Brazil through Guarani.  Tereos
is an agro-industrial cooperative group that combines a total of
14,000 growers, or almost half of France's sugar beet producers.
Tereos processes its growers' crops -- mainly sugar beets but
also sugar cane and cereals -- into consumer and industrial
sugars, alcohol and ethanol.


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G E R M A N Y
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AUTOMOBIL-ZENTRALE WITTMUND: Claims Registration Ends July 17
-------------------------------------------------------------
Creditors of Automobil-Zentrale Wittmund Henri Wessels GmbH &
Co. KG have until July 17, 2008 to register their claims with
court-appointed insolvency manager Christian Hanken.

Creditors and other interested parties are encouraged to attend
the meeting at 11:45 a.m. on Aug. 14, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Christian Hanken
         Wallstrasse 3, D
         26409 Wittmund
         Germany
         Tel: 04462/919114
         Fax: 04462/919191

The District Court of Aurich opened bankruptcy proceedings
against Automobil-Zentrale Wittmund Henri Wessels GmbH & Co. KG
on June 1, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:
         
         Automobil-Zentrale Wittmund Henri Wessels
         GmbH & Co. KG
         Attn: Georg Arnz, Manager
         Auricher Strasse 23-27
         26409 Wittmund
         Germany


AXEL MEICHSNER: Claims Registration Period Ends July 16
-------------------------------------------------------
Creditors of Axel Meichsner Hallenbau GmbH have until July 16,
2008, to register their claims with court-appointed insolvency
manager Falk Eppert.

Creditors and other interested parties are encouraged to attend
the meeting at 9:55 a.m. on Aug. 20, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Friedberg (Hessen)
         Hall 20a
         Homburger Strasse 18
         61169 Friedberg (Hessen)
         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:

         Falk Eppert
         Vietmannsdorfer Str. 23
         17268 Templin
         Germany

The District Court of Frankfurt (Oder) opened bankruptcy
proceedings against Axel Meichsner Hallenbau GmbH on June 4,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         Axel Meichsner Hallenbau GmbH
         August-Bebel-Strasse 32
         15324 Letschin
         Germany


BA.-TE. GMBH: Claims Registration Period Ends July 17
------------------------------------------------------
Creditors of ba.-te. GmbH have until July 17, 2008 to register
their claims with court-appointed insolvency manager Dr. Urte
Wellbrock.

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 Delmenhorst
         Hall 2
         Branch 1
         Cramerstrasse 183
         27749 Delmenhorst
         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. Urte Wellbrock
         Rembertistrasse 32
         28203 Bremen
         Germany
         Tel: 0421 1783271
         Fax: 0421 1783270

The District Court of Delmenhorst opened bankruptcy proceedings
against ba.-te. GmbH on April 29, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         ba.-te. GmbH
         Nelkenstrasse 2 c
         27793 Wildeshausen
         Germany

         Attn: Sandra Loeffel, Manager
         Jasminweg 33
         27801 Doetlingen
         Germany


FREIZEIT-GASTRONOMIE GMBH: Claims Registration Ends July 17
-----------------------------------------------------------
Creditors of Freizeit-Gastronomie GmbH have until July 17, 2008,
to register their claims with court-appointed insolvency manager
Christian Hanken.

Creditors and other interested parties are encouraged to attend
the meeting at 11:15 a.m. on Aug. 14, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Christian Hanken
         Wallstrasse 3
         D 26409 Wittmund
         Germany
         Tel: 04462/919114
         Fax: 04462/919191

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

The Debtor can be reached at:

         Freizeit-Gastronomie GmbH
         Doerper Weg 22
         26506 Norddeich
         Germany

         Attn: Christoph Hoehmann, Manager
         Prozessionsweg 36
         47608 Geldern
         Germany


GEBAUT IMMOBILIEN: Claims Registration Period Ends July 16
----------------------------------------------------------
Creditors of GEbaut Immobilien & Projektbetreuung GmbH have
until July 16, 2008, to register their claims with court-
appointed insolvency manager Dr. Frank Nikolaus.

Creditors and other interested parties are encouraged to attend
the meeting at 12:50 p.m. on July 30, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Essen
         Meeting Hall 293
         Second Floor
         Zweigertstr. 52
         45130 Essen
         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. Frank Nikolaus
         Alfredstr. 108-112
         45131 Essen
         Germany

The District Court of Essen opened bankruptcy proceedings
against GEbaut Immobilien & Projektbetreuung GmbH on June 3,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         GEbaut Immobilien & Projektbetreuung GmbH
         Schulstr. 35
         45891 Gelsenkirchen
         Germany


IKB DEUTSCHE: Posts EUR24 Million Loss for Year Ended March 31
--------------------------------------------------------------
The board of managing directors of IKB Deutsche Industriebank AG
has prepared the group figures and finalized the preparation of
the Bank's unconsolidated annual financial statements pursuant
to the German Commercial Code (HGB) for the 2007/08 fiscal year
which ended on March 31, 2008.

The group annual after tax loss for the fiscal year 2007/08 --  
April 1, 2007, to March 31, 2008, totaled EUR24 million.  The
positive difference as compared to the management board's
expectation at the end of April 2008 of EUR200 million results
from significantly lower deferred taxes than initially expected.

Losses on portfolio investments resulted in a negative fair
value result of EUR1.8 billion (fiscal year 2006/07:
-EUR38 million).  This result comprises a positive fair-value
effect from liabilities amounting to EUR1.7 billion.  Net income
from investment securities came in at -EUR1.0 billion
(-EUR12 million). These figures stand in contrast to the
positive result from the assumption of risks by the banking pool
amounting to EUR2.4 billion.

Net interest income of EUR450 million in 2007/08 was down 33.2%
on the same period of the previous year (EUR673 million).   
EUR90 million of this decrease resulted from the first
reclassification of amortization from hedging relationships
(IG60A and IG60B) in the interest income, and EUR50 million stem
from the segment Portfolio Investments.  The remaining decrease
of EUR83 million resulted from lower income from interest rate
management, and from increased refinancing costs.

The provisions for possible loan losses of EUR255 million are
higher than in the same period of the previous year
(EUR240 million).  An increase in risk provisions in the
business segments contributed to this rise, while risk
provisions in the head office / consolidation segment decreased
as a result of the cutting of old risks.  The NPL ratio, ie. the
portion of loans within the credit volume classified as non-
performing, decreased to 5.0% as of March 31, 2008
(March 31, 2007: 5.6 %).

Net commission income increased slightly to EUR55 million (2007:
EUR52 million).  The significant factor in the result was stable
commission income from the structured financing segment.  

General administrative expenses rose by 19.1 % to EUR377 million
(EUR316  million).  Although personnel expenses declined
slightly by 2.5 %, other administrative expenses rose by 49.8 %.
This can be primarily attributed to increased expenses -– in
particular consultant costs -– in order to resolve the critical
developments at IKB.  The average number of staff during the
reporting period totaled 1,853 (1,728), as of the end of the
fiscal year, IKB had 1,839 employees (1,788).

The occurrence of extraordinary effects resulting from the IKB
crisis in particular caused a final operating result for the IKB
Group in fiscal year 2007/08 of EUR140 million, in comparison
with EUR115 million in the same period of the previous year.

As regards the tax position, active deferred taxes on losses
carried forward from previous years were written down as they
will cease to apply as a result of the anticipated change of
ownership.  Deferred tax liabilities on these positive result
effects were also created out of the valuation of the
liabilities, in so far as these valuation effects contain no
immediately tax-attracting earnings.  The group loss after
allowing for the tax liability of EUR165 million stands at
-EUR24 million.

                           Core Segments

It was possible to continue customer business in IKB's core
segments, corporate clients, real estate clients and structured
financing, despite the crisis and overall, they delivered a
positive operative contribution to earnings.

In the corporate clients segment, new business volume increased
to EUR4.6 billion, matching  the high level from the previous
year.

For the first time, IKB Leasing paid out over EUR1 billion.  
More than a third of the new disbursements were to new clients.
The operating result totaled EUR21 million (EUR93 million).  The
result is impacted -– due to some particular cases -– by the
significant increase in risk provisions in the credit business
and the reported valuation losses in the fair-value result. In
addition, the new business margin fell to 1.02% (1.12%).

The real estate clients business segment achieved an operating
result of EUR11 million (previous year: EUR23 million ). It was
possible to increase the volume of new business to EUR1.4
billion (EUR1.3 billion).  The margin on new business fell – due
to the higher refinancing costs – to 1.07 % (1.32 %).

The structured financing segment showed an operating result of
-EUR3 million (EUR91 million).  New business in fiscal year
2007/08 decreased in fiscal year 2007/08 as a result of the
market situation to EUR3.8 billion, in comparison with
EUR5.3 billion in the previous year. It was possible to increase
the margin on new business to 2.09 % (2.01 %).  

Risk provisions increased to EUR63 million (previous year: EUR35
million ), due to additional individual value write-downs and
portfolio value adjustments.  In investments securities, in
accordance with the general development of the market, which has
lead to a significant widening of the spread, especially for
subordinate tranches, value adjustments totaling EUR35 million
were formed on the first loss pieces from the structuring of our
own credits.

The portfolio investments segment shows an operating result of
-EUR1,627 million (previous year: EUR11 million), reflecting in
particular IKB's losses following the credit crisis.
Specifically, the net income from financial instruments at fair
value fell to -EUR3,190 million and net income from investment
securities to -EUR904 million.  This stood in contrast to the
positive result from risk assumption by the KfW with support
from the banking pool of EUR2,401 million.

                First Portfolio Investments Sold

As of June 2008, IKB began to implement the planned sale of
securities from the higher-risk component of its portfolio
investments.  To date, tranches with a nominal value of
EUR450 million, slightly over the book value as of March 31,
2008, have been sold.

              Bidding Process in the Decisive Phase

The process of the sale of the KfW shares to IKB (45.5 %) is in
the decisive phase.  IKB fully supports the sales process.

                             Outlook

The 2008/09 financial year will still be substantially affected
by the effects of the crisis.  This includes particularly the
restriction in new business since August 2007, the large
increase in refinancing costs and the high consultant costs.

Once restructuring is complete, the Bank is expected to have a
substantially different earnings structure and lower earnings
level overall, because the income from portfolio investments
will decline significantly.  The medium term objective is to
achieve a reasonable return from operating business on the
capital deployed.  The result of the sales process will be of
great importance to the future of the Bank.

                       About IKB Deutsche

Headquartered in Dusseldorf, Germany, IKB Deutsche Industriebank
AG -- http://www.ikb.de/-- provides medium-sized companies with
long-term financing.  The bank operates in several German
locations, as well as branches in the United Kingdom,
Luxembourg, Spain and France.

IKB had previously invested in securitized loans on the US
market for subprime mortgages, which are now almost worthless.
This resulted in a deep-seated crisis within the bank, pushing
it on the brink of bankruptcy.

                         *     *     *

Moody's Investors Service currently rates IKB Deutsche
Industriebank AG's bank financial strength at E; subordinated
debt at Ba2; junior subordinated securities at Ca and hybrid
capital instruments eligible for Tier 1 capital and the
preferred securities of IKB Funding Trust I & II at Caa3.  The
ratings, which were downgraded to their current level in
April 2008, have stable outlook.


IKB DEUTSCHE: Int'l Unit Posts EUR533MM Loss for FY Ended March
---------------------------------------------------------------
IKB International S.A., a unit of IKB Deutsche Industriebank AG,
posted EUR533 million in losses for the fiscal year ended
March 31, 2008.

IKB International posted a EUR679 million in losses before
allocation to silent partnerships.  The silent partnerships'
share in the loss totals EUR126 million.

As a result of the loss, the profit participation payments on
the silent partnership interests in IKB International S.A.
scheduled for Nov. 17, 2008 will be canceled.

The cancellation of profit participation payments on the silent
partnership interests also leads to a cancellation of the
corresponding distribution payments under the Capital
Contribution Certificates.

                       About IKB Deutsche

Headquartered in Dusseldorf, Germany, IKB Deutsche Industriebank
AG -- http://www.ikb.de/-- provides medium-sized companies with
long-term financing.  The bank operates in several German
locations, as well as branches in the United Kingdom,
Luxembourg, Spain and France.

IKB had previously invested in securitized loans on the US
market for subprime mortgages, which are now almost worthless.
This resulted in a deep-seated crisis within the bank, pushing
it on the brink of bankruptcy.

                         *     *     *

Moody's Investors Service currently rates IKB Deutsche
Industriebank AG's bank financial strength at E; subordinated
debt at Ba2; junior subordinated securities at Ca and hybrid
capital instruments eligible for Tier 1 capital and the
preferred securities of IKB Funding Trust I & II at Caa3.  The
ratings, which were downgraded to their current level in
April 2008, have stable outlook.


KCCM GMBH: Creditors' Meeting Slated for July 17
------------------------------------------------
The court-appointed insolvency manager for KCCM GmbH, Haro Helms
will present his first report on the Company's insolvency
proceedings at a creditors' meeting at 9:30 a.m. on July 17,
2008.

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

         The District Court of Bremen
         Hall 115
         Ostertorstr. 25-31
         28195 Bremen
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 11:45 a.m. on Sept. 18, 2008 at the same
venue.

Creditors have until Aug. 5, 2008 to register their claims with
the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Haro Helms
         Schillerstr. 10
         28195 Bremen
         Germany
         Tel: 0421/337790
         Fax: 0421/3377933
         E-mail: helms@dr-stankewitz.de
         Web site: www.dr-stankewitz.de  

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

The Debtor can be reached at:

         KCCM GmbH
         Verdener Str. 21
         28205 Bremen
         Germany


KSH GASTRONOMIE: Claims Registration Period Ends July 17
--------------------------------------------------------
Creditors of KSH Gastronomie Consulting GmbH have until July 17,
2008, to register their claims with court-appointed insolvency
manager Dr. Michael Jaffe.

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 Munich
         Meeting Room 102
         Infanteriestr. 5
         80097 Munich
         Germany

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

The insolvency manager can be reached at:

         Dr. Michael Jaffe
         Franz-Joseph-Str. 8
         80801 Muenchen
         Germany
         Tel: 089/255487-00
         Fax: 089/255487-10

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

The Debtor can be reached at:

         KSH Gastronomie Consulting GmbH
         Attn: Olaf Radloff, Manager
         Johann-Clanze-Str. 112
         81369 Muenchen
         Germany


MECKLENBURGER WERBETECHNIK: Claims Registration Ends July 17
------------------------------------------------------------
Creditors of Mecklenburger Werbetechnik und Systembau GmbH have
until July 17, 2008, to register their claims with court-
appointed insolvency manager Sabine Fochler.

Creditors and other interested parties are encouraged to attend
the meeting at 1:00 p.m. on Aug. 18, 2008, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Neubrandenburg
         Hall 1
         Fr.-Engels-Ring 15-18
         Neubrandenburg
         Germany

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

The insolvency manager can be reached at:

         Sabine Fochler
         Schwedenstrasse 11
         17033 Neubrandenburg
         Germany

The District Court of Neubrandenburg opened bankruptcy
proceedings against Mecklenburger Werbetechnik und Systembau
GmbH on May 20, 2008.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Mecklenburger Werbetechnik und
         Systembau GmbH
         Muehlenblick 5
         17348 Woldegk
         Germany


OPTIK ELSWEILER: Claims Registration Period Ends July 16
--------------------------------------------------------
Creditors of Optik Elsweiler GmbH have until July 16, 2008, to
register their claims with court-appointed insolvency manager
Dr. Johannes Graute .

Creditors and other interested parties are encouraged to attend
the meeting at 1:10 p.m. on July 30, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Essen
         Meeting Hall 293
         Second Floor
         Zweigertstr. 52
         45130 Essen
         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. Johannes Graute
          III Hagen 30
          45127 Essen
          Germany

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

The Debtor can be reached at:

         Optik Elsweiler GmbH
         Zweigertstrasse 1
         45130 Essen
         Germany


OST-WEST MEDIEN: Claims Registration Period Ends July 17
--------------------------------------------------------
Creditors of Ost-West Medien GmbH have until July 17, 2008, to
register their claims with court-appointed insolvency manager
Dr. Andreas Roepke.

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 Duisburg
         Hall C315
         Kardinal-Galen-Strasse 124-132
         47058 Duisburg
         Germany

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

The insolvency manager can be reached at:

         Dr. Andreas Roepke
         Muelheimer Strasse 100
         47057 Duisburg
         Germany

The District Court of Duisburg opened bankruptcy proceedings
against Ost-West Medien GmbH on May 15, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Ost-West Medien GmbH
         Philipp-Reis-Str. 7-9
         46485 Wesel
         Germany

         Attn: Viktor Sawatzki, Manager
         Konrad-Duden-Str. 77
         46485 Wesel
         Germany


PFLEIDERER AG: Commences 1,000,000 Share Repurchase Program
-----------------------------------------------------------
The Executive Board of Pfleiderer AG has resolved to purchase up
to 1,000,000 shares of the Company via the stock exchange in the
period up to July 25, 2008.

This corresponds to approximately 1.87% of the share capital.   
Pfleiderer AG is thus exercising the authorization by the annual
shareholders' meeting on June 12, 2008, to acquire own shares.

The primary purpose of the share buyback is to use the own
shares acquired to settle the subscription rights for shares of
the company from stock options issued in conjunction with
Pfleiderer stock option plans, or to be issued under future
plans.  The shares will also be purchased for the purpose of
using them to acquire companies, parts of companies, or
interests in companies.

The share buyback will be executed under the lead management of
one or more credit institutions whose decisions about the timing
of the purchase of own shares will be independent of and not
influenced by the Company.

The shares will be acquired exclusively via Xetra trading on the
stock exchange.  No more than 25% of the average daily trading
volume on the 20 trading days prior to the purchase date may be
purchased on any single day.

                         About Pfleiderer

Headquartered in Neumarkt, Germany, Pfleiderer AG --
http://www.pfleiderer.com/-- manufactures engineered woods and
infrastructure products through its subsidiaries.  The Company
produces wood-based panels for furniture and interior fittings,
track systems for urban and intercity rail networks, and a range
of poles and towers for energy and commercial infrastructures.

                          *     *     *

Pfleiderer AG continues to carry Ba2 Corporate Family rating
with stable outlook from Moody's Investor Service.

The company also continues to carry BB+ Issuer Default and B
short-term ratings from Standard & Poor's.


PLANUNGSGESELLSCHAFT TECHNISCHER: Claims Filing Ends July 16
------------------------------------------------------------
Creditors of Planungsgesellschaft technischer Gebaudeausrüstung
mbH have until July 16, 2008, to register their claims with
court-appointed insolvency manager Sandra Heuer.

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

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Sandra Heuer
         Brueckenstrasse 60
         66763 Dillingen
         Germany
         Tel: (06831) 769980
         Fax: (06831) 7699870

The District Court of Saarbruecken opened bankruptcy proceedings
against Planungsgesellschaft technischer Gebaudeausrüstung mbH
on June 1, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         Planungsgesellschaft technischer Gebaudeausrüstung mbH
         Hauptstrasse 56
         66780 Rehlingen-Siersburg
         Germany


RADLMAIR GMBH: Claims Registration Period Ends July 16
------------------------------------------------------
Creditors of Radlmair GmbH have until July 16, 2008, to register
their claims with court-appointed insolvency manager Dr. Helmut
Eisner.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on Aug, 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 Mosbach
         Meeting Hall 12
         Lohrtalweg 2
         74821 Mosbach
         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. Helmut Eisner
         Josef-Schmitt-Str. 10
         97922 Lauda-Koenigshofen
         Germany
         Tel: 09343/627590

The District Court of Mosbach opened bankruptcy proceedings
against Radlmair GmbH on May 28, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Radlmair GmbH
         Attn: Alfons Radlmair, Manager
         Brunnenstr. 45
         97922 Lauda-Koenigshofen
         Germany


SCHATZ BETEILIGUNGS: Claims Registration Period Ends July 7
-----------------------------------------------------------
Creditors of Schatz Beteiligungsgesellschaft mbH have until
July 7, 2008, to register their claims with court-appointed
insolvency manager Jens Fahnster.

Creditors and other interested parties are encouraged to attend
the meeting at 10:25 a.m. on July 17, 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 Limburg
         Hall D 219
         Walderdorffstrasse 12
         65549 Limburg
         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 Fahnster
         Koelnstr. 135
         53757 Sankt Augustin
         Germany
         Tel: 02241/90600
         Fax: 02241/906090
         E-mail: kanzlei@kalker-fahnster.de

The District Court of Limburg opened bankruptcy proceedings
against Schatz Beteiligungsgesellschaft mbH on June 5, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Schatz Beteiligungsgesellschaft mbH
         Attn: Horst Schatz, Manager
         Industriestrasse 2c
         35781 Weilburg
         Germany


SKM ELEKTROINSTALLATION: Claims Registration Period Ends July 16
----------------------------------------------------------------
Creditors of SKM Elektroinstallation GmbH Sprenger, Kowarz,
Meinert, OT Bellwitz have until July 16, 2008, to register their
claims with court-appointed insolvency manager Olaf Seidel.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 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:

         Olaf Seidel
         Am Schiesshaus 1-3
         01067 Dresden
         Germany
         E-mail: http://www.worako.de  

The District Court of Dresden opened bankruptcy proceedings
against SKM Elektroinstallation GmbH Sprenger, Kowarz, Meinert,
OT Bellwitz on June 2, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

          SKM Elektroinstallation GmbH Sprenger, Kowarz,
          Meinert, OT Bellwitz
          Buschmuehlenweg 13
          02708 Loebau
          Germany


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


FIAT SPA: Keeps Italian Market Share Above 30% in June 2008
-----------------------------------------------------------
Fiat S.p.A. confirmed it still holds over 30% of the Italian car
market, despite a 17% drop in sales in June 2008, Reuters
reports, citing CEO Sergio Marchionne.

According to Mr. Marchionne, Reuters relates, Fiat also held an
8% share in the European car market.

Based in Turin, Italy, Fiat SpA -- http://www.fiatgroup.com/--
designs, manufactures, and sells automobiles, trucks, wheel
loaders, excavators, telehandlers, tractors and combine
harvesters.  Outside Europe, the company has subsidiaries in the
United States, Japan, India, China, Mexico, Brazil, and
Argentina.

                         *     *     *

The company continues to carry Standard & Poor's Ratings
Services' BB long-term corporate credit rating.  The company
also carries B short-term rating.  S&P said the outlook is
stable.


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


ALLIANCE BANK: Fitch Downgrades Individual Rating to D/E
--------------------------------------------------------
Fitch Ratings has downgraded Kazakhstan-based Alliance Bank's
Individual rating to 'D/E' from 'D'.

At the same time, the agency notes that deteriorating asset
quality is continuing to exert downward pressure on the ratings
of Kazakh banks.  Increased loan impairment at Alliance is
compounded by the bank's limited funding flexibility and
considerable franchise erosion.  Additional concerns at BTA
relate to weaknesses in corporate governance and a potentially
marked increase in related-party lending.

Data supplied by banks to Fitch on 60-day and/or 90-day overdue
loans, where available, are also showing similar deterioration
of asset quality during the first half of this year.

Furthermore, Fitch is concerned that considerable volumes of
loans, in particular to the construction/real estate sector, are
currently being restructured or will need to be restructured
because of the liquidity and/or solvency constraints of
borrowers.  Where these loans are performing in accordance with
their revised schedules, they may not be captured in loan
impairment numbers reported to the regulator or in overdue loan
data disclosed by the banks.

In Fitch's view, most Kazakh banks have capacity to absorb
significant loan losses in the form of pre-impairment profit and
capital.  However, a continuation or acceleration of current
asset quality trends could significantly reduce that capacity.

Rating actions are:

Alliance Bank:

   -- Long-term IDR: affirmed at 'BB-'; Outlook remains Negative

   -- Short-term IDR: affirmed at 'B'

   -- Support rating: affirmed at '3'

   -- Individual rating: downgraded to 'D/E' from 'D'

   -- Support Rating Floor: affirmed at 'BB-'


ALMATY LEGAL: Creditors Must File Claims by Aug. 8
--------------------------------------------------  
LLP Almaty Legal Consulting has declared insolvency.  Creditors
have until Aug. 8, 2008, to submit written proofs of claims to:

         LLP Almaty Legal Consulting
         Micro District 12, 7-25
         Auezovsky
         Almaty
         Kazakhstan


BTA Bank: Fitch Holds BB+ IDR on Moderate Probability Support
-------------------------------------------------------------
Fitch Ratings has affirmed Kazakhstan-based BTA Bank's ratings
at foreign currency Long-term Issuer Default rating 'BB+',
foreign currency Short-term IDR 'B', local currency Long-term
IDR 'BBB-', Short-term local currency IDR 'F3', Individual
'C/D', Support '3' and Support Rating Floor 'BB+'.  The Outlook
on the both Long-term IDRs remains Negative.

BTA's Long-term and Short-term IDRs and Support rating reflect
the moderate probability that support would be forthcoming from
the Kazakhstani authorities in case of need, given the bank's
substantial domestic franchise.  The Negative Outlooks on the
Long-term IDRs reflect those on the ratings of the Kazakh
sovereign (local currency 'BBB+', foreign currency 'BBB').

Although affirmed at present, BTA's Individual rating is now
under significant downward pressure. This reflects the ongoing
increase in loan impairment levels and generally heightened
level of credit risk currently faced by the bank, as a result of
high construction sector and individual borrower concentrations
in a tough credit environment.  In addition, Fitch is concerned
about still weak corporate governance, considerably increased
exposure to higher risk real estate projects in Russia and a
potentially marked increase in related party lending.  Reliance
on external funding is also high, although near-term refinancing
risk is moderate, in Fitch's view, and liquidity is currently
adequate.  The rating also considers BTA's strong franchise and
sound pre-impairment performance to date.

Fitch is also concerned by ongoing deficiencies in the data
supplied by BTA to Fitch, with the most critical data on asset
quality being not always being reliable, in the agency's view,
and not up-to-date.  According to the publicly available data
provided to the local regulator, the share of Doubtful 5 and
Loss categories (which should capture most loans overdue by 60
days or more) in individually assessed gross loans (on an
unconsolidated basis) jumped from 1.2% at end of 2007 to 4.6% at
end of May 2008, while the share of Doubtful 2,4,5 and Loss
categories in individually assessed loans rose from 1.6% to 8%
over the same period.  The latter indicator is the best proxy
for all loans overdue by more than 7 days and a sharp spike may
suggest a likely further increase in the proportion of deeply
impaired loans in the future.  In addition, Fitch notes that BTA
tends to be somewhat less conservative than some other Kazakh
banks in its regulatory classification of loans.

Fitch also notes the very rapid increase in BTA's exposure to
the Russian construction and real estate sector since 2006, and
in particular during 2007 when total exposure to CIS and other
non-OECD borrowers grew 2.5x to 1.7x equity.  Most of the
Russian construction/real estate lending is collateral-driven
and to projects at an early stage of development.  Although
diversification outside Kazakhstan appears to be beneficial for
BTA in the current environment, its enhanced focus on an
intrinsically cyclical and typically highly leveraged sector is
negative for the bank's credit profile in the longer-term.  
Fitch also believes that a considerable portion of new loans in
Russia may be to companies affiliated with BTA's current
shareholders, although the share of related party business is
impossible to identify properly given the bank's untransparent
shareholder structure and inadequate disclosure on ownership of
borrowers.

At the same time, BTA's Basel I Tier I capital adequacy ratio
stood at a relatively high 16.9% at end on 2007.  Fitch
estimates that, given certain simplifying assumptions (zero
growth in 2008; 2008 pre-impairment profit equal to that in
2007; no capital injections or distributions in 2008), BTA could
take a provision charge through its 2008 income statement equal
to 13.4% of end-2007 gross loans before the Basel I tier I
capital ratio fell below 10%.  This represents significant loss
absorption capacity, in the agency's view, and the currently
relatively strong capitalization is a key factor supporting
BTA's Individual rating at present, notwithstanding asset
quality and corporate governance concerns.

BTA is one of the two largest banks in Kazakhstan, with top
three positions in all major market segments.  It has also
developed a network of affiliate banks in other CIS countries
and acquired a minority stake in Turkey's Sekerbank.  BTA'a
shareholder structure is not transparent, but Fitch understands
that the bank is controlled by a number of Kazakhstani
investors.


COMTECH-T LLP: Claims Deadline Slated for Aug. 6
------------------------------------------------  
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Comtech-T insolvent on May 14, 2008.

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

         The Specialized Inter-Regional
         Economic Court of Pavlodar
         Katayev Str. 24-8
         Pavlodar
         Kazakhstan
         Tel: 8 (7182) 46-53-60


KAZKOMMERTSBANK: Fitch Affirms IDRs and Support Ratings
-------------------------------------------------------
Fitch Ratings has affirmed Kazakhstan-based Kazkommertsbank's
ratings at Long-term foreign currency Issuer Default rating
'BB+', Short-term IDR 'B', Long-term local currency 'BBB-',
Short-term local currency IDR 'F3', Individual 'C/D', Support
'3' and Support Rating Floor 'BB+'.  The Outlooks for both Long-
term IDRs remain Negative.

KKB's IDRs and Support rating reflect the moderate probability
that support would be forthcoming from the Kazakhstani
authorities in case of need, given the bank's substantial
domestic franchise.  The Negative Outlooks on the Long-term IDRs
reflect those on the ratings of the Kazakh sovereign (local
currency 'BBB+', foreign currency 'BBB').

Although affirmed at present, KKB's Individual rating is now
under significant downward pressure.  This reflects the ongoing
increase in loan impairment levels and generally heightened
level of credit risk currently faced by the bank, as a result of
high construction sector and individual borrower concentrations
in a tough credit environment.  Reliance on external funding is
also high, although near-term refinancing risk is moderate, in
Fitch's view, and liquidity is currently adequate. The rating
also considers KKB's strong franchise and sound pre-impairment
performance to date.

The agency notes significant asset quality deterioration in the
bank's loan book, beginning in first half of 2007.  The
proportion of individually-assessed loans falling into the
Doubtful 5 and Loss regulatory categories (which should capture
most loans overdue by 60 days or more) has increased to 6.8% at
end-May 2008 from 2.1% at end of June 2007 (6.1% at end of first
quarter of 2008 and 4.8% at end-2007). The proportion of loans
overdue by more than 90 days was 3.7% at end-March 2008, up from
0.9% at end-June 2007 (2.9% at end of 2007).  

Fitch also notes the sharp increase in the proportion of
individually-assessed loans falling into the Doubtful 2/4/5 and
Loss regulatory categories (which should capture most loans
overdue by seven days or more): these loans rose to 16.9% at end
of May 2008 from 12.1% at end of first quarter of 2008 and 7.6%
at end of 2007 (end of first half of 2007: 4.4%).  While some of
these loans may only be technically overdue and soon become
current again, the sharp rise in this ratio suggests a likely
further increase in the proportion of deeply impaired loans in
the future.  Generally, the increase in loan impairment,
initially driven mainly by seasoning, is now apparently stemming
primarily from problems in the troubled local construction and
real estate sectors, as well as the overall weakening of growth
rates in the Kazakh economy.

"Although KKB has some capital and earnings capacity to absorb
additional loan impairment charges," says Alexei Kechko,
Director in Fitch's Financial Institutions Group, "a
continuation of the current negative asset quality trends would
likely lead to a downgrade of the bank's Individual rating."

KKB's Basel I tier I capital ratio was a reasonable 11.7% at end
of 2007, but was still significantly lower than some of its
peers (BTA:16.9%; Alliance: 17%).  Fitch estimates that, given
certain simplifying assumptions (zero growth in 2008; 2008 pre-
impairment profit equal to that in 2007; no capital injections
or distributions in 2008), KKB could take a provision charge
through its 2008 income statement equal to 7.7% of end of 2007
gross loans before the Basel I tier I capital ratio falls below
10%.

KKB is one of the two largest commercial banks in Kazakhstan,
with a core franchise in the large corporate segment.  It has
been gradually increasing the proportion of SME and retail
business.  The current Chairman of the Board of Directors and
former CEO, Nurzhan Subkhanberdin, controls a large 40.6%
minority stake.  Alnair Capital Holding, a private equity fund
established with the capital of a member of the Abu Dhabi royal
family, recently acquired an 8.0% stake and entered into legally
binding agreements to acquire an additional 17.1% stake subject
to necessary regulatory approvals.  The European Bank for
Reconstruction and Development also has a minority 8.5% stake.
Most of the remaining shares are held by portfolio investors.


LIGA-STROY-PV LLP: Claims Filing Period Ends Aug. 6
---------------------------------------------------  
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Liga-Stroy-PV insolvent on May 14, 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


MEGA-TRADE PAVLODAR: Creditors' Claims Due on Aug. 6
----------------------------------------------------  
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Mega-Trade Pavlodar insolvent on May 14, 2008.

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

         The Specialized Inter-Regional
         Economic Court of Pavlodar
         Katayev Str. 24-8
         Pavlodar
         Kazakhstan
         Tel: 8 (7182) 46-53-60


MERIDIAN LLP: Claims Registration Ends Aug. 12
----------------------------------------------  
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Meridian 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


MIR COMPUTERNOI: Creditors Must File Claims by Aug. 12
------------------------------------------------------  
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP World of Computer Technics Mir Computernoi Techniki
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


SERVICE-TRADE PV: Claims Deadline Slated for Aug. 6
---------------------------------------------------  
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Service-Trade PV insolvent on May 13, 2008.

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

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


TABYS-KARGANDA LLP: Claims Filing Period Ends Aug. 6
----------------------------------------------------  
The Specialized Inter-Regional Economic Court of Karaganda has
declared LLP Tabys-Karganda insolvent.

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

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


TEMIRBANK: Fitch Affirms Long-term IDR at BB-
---------------------------------------------
Fitch Ratings has changed the Outlook on the Long-term IDR of
Kazakhstan-based Temirbank to Evolving from Stable.  Its ratings
are affirmed at Long-term Issuer Default 'BB-', Short-term IDR
'B', Individual 'D/E' and Support '3'.

At the same time, Fitch is maintaining on Rating Watch Positive  
BTA Bank (Russia)'s Long-term IDR 'B-', National Long-term
'BB+(rus)' and Support '5' ratings.  Its other ratings are
affirmed at Short-term IDR 'B' and Individual 'D/E'.  The agency
is also keeping on RWP Russian bank BTA-Kazan's Long-term IDR
'B' and National Long-term 'BBB+(rus)' ratings.  Its Short-term
IDR 'B', Support '4' and Individual 'D/E' ratings are affirmed.

The change in Temir's Outlook to Evolving reflects the potential
for the rating to be either downgraded or upgraded in the coming
months.  If Kazakhstan-based BTA Bank ('BB+'/Outlook Negative)
continues to hold its 60% majority stake in Temir and BTA's
stand-alone credit profile deteriorates, then Temir may be
downgraded.  If, however, BTA reaches an agreement to sell Temir
to a new, highly-rated owner, then Temir's Long-term IDR could
be upgraded, potentially by several notches, reflecting the
greater ability of the new majority shareholder to support the
bank.  At the same time, Fitch also notes that the purchase of
Temir by a buyer with a weaker credit profile than BTA could
result in a downgrade of Temir.  BTA is currently in the process
of receiving non-binding offers for its stake in the bank.

Temir's Long- and Short-term IDRs and Support rating currently
reflect the moderate probability of support from BTA.  In
Fitch's view, BTA would have a high propensity to support Temir
if needed. However, BTA's Long-term IDR is driven by potential
sovereign support, which may not in all cases be available to
flow through to the bank's subsidiaries.  Taking into account
Fitch's assessment of the stand-alone credit profile of BTA, a
two-notch differential is, therefore, currently maintained
between the Long-term foreign currency IDRs of BTA and Temir.

The ratings of BTA Bank (Russia) and BTA Kazan, both affiliated
banks of BTA in Russia, are underpinned by the potential for
support from BTA, in case of need.  The RWP on the ratings of
both of the banks reflects BTA's plans to consolidate
controlling stakes in the banks in 2008.  The acquisition of BTA
Bank (Russia) is expected to be completed in the near future.

Temir was the seventh-largest bank in Kazakhstan at end of May
2008, but held a small 3% share of the system's assets.  In
2005, Temir's owners changed the bank's senior management and
refocused its strategy on aggressive growth in retail lending.

BTA Bank (Russia), formerly Slavinvest Limited, is a mid-sized
universal bank that operates through 25 offices in Russia.  BTA
currently holds a 16% stake in the bank, which is expected
shortly to rise to 53%.  BTA-Kazan is a small universal bank
based in the Republic of Tatarstan, and has been affiliated with
BTA since 2005.  BTA currently owns a 47% stake in BTA-Kazan,
but BTA-Kazan, like BTA Bank (Russia), is already controlled by
BTA and its shareholders.


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


ADIS OJSC: Creditors Must File Claims by August 8
-------------------------------------------------
OJSC Adis has declared insolvency.  Creditors have until Aug. 8,
2008 to submit written proofs of claim to:

         OJSC Adis
         Sovetskaya Str. 416
         Sadovoye
         Moskovsky
         Chui
         Kyrgyzstan


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


IKB DEUTSCHE: Int'l Unit Posts EUR533MM Loss for FY Ended March
---------------------------------------------------------------
IKB International S.A., a unit of IKB Deutsche Industriebank AG,
posted EUR533 million in losses for the fiscal year ended
March 31, 2008.

IKB International posted a EUR679 million in losses before
allocation to silent partnerships.  The silent partnerships'
share in the loss totals EUR126 million.

As a result of the loss, the profit participation payments on
the silent partnership interests in IKB International S.A.
scheduled for Nov. 17, 2008 will be cancelled.

The cancellation of profit participation payments on the silent
partnership interests also leads to a cancellation of the
corresponding distribution payments under the Capital
Contribution Certificates.

                       About IKB Deutsche

Headquartered in Dusseldorf, Germany, IKB Deutsche Industriebank
AG -- http://www.ikb.de/-- provides medium-sized companies with
long-term financing.  The bank operates in several German
locations, as well as branches in the United Kingdom,
Luxembourg, Spain and France.

IKB had previously invested in securitized loans on the US
market for subprime mortgages, which are now almost worthless.
This resulted in a deep-seated crisis within the bank, pushing
it on the brink of bankruptcy.

                         *     *     *

Moody's Investors Service currently rates IKB Deutsche
Industriebank AG's bank financial strength at E; subordinated
debt at Ba2; junior subordinated securities at Ca and hybrid
capital instruments eligible for Tier 1 capital and the
preferred securities of IKB Funding Trust I & II at Caa3.  The
ratings, which were downgraded to their current level in
April 2008, have stable outlook.


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


ALFA MTN: Fitch Rates US$400 Million 9.25% Notes at BB
------------------------------------------------------
Fitch Ratings has assigned Alfa MTN Invest Limited's US$400
million 9.25% notes due June 2013 a Long-term 'BB' rating.  The
proceeds from the issue will be on-lent to Alfa-Bank, rated
Long-term Issuer Default 'BB'/Outlook Stable, Short-term IDR
'B', Individual 'C/D', Support '4', Support Rating Floor 'B' and
National Long-term 'AA-(rus)'/Outlook Stable.

The issue is made under the US$2 billion euro medium-term note
program (rated Long-term 'BB' for notes with maturities in
excess of one year and Short-term 'B' for notes with maturities
of less than one year).  Alfa MTN Issuance Ltd., Alfa MTN
Markets Ltd., Alfa MTN Invest Limited and Alfa MTN Projects
Limited are the issuers under the program.  The terms of the
issue provide a put option to bondholders on June 24, 2011 or on
the occurrence of a put event in relation to any notes
outstanding under the program; such a put event may be triggered
by a negative rating action in respect of a change of control in
Alfa-Bank or ABH Financial Limited, the parent company of Alfa
Banking Group, of which Alfa-Bank is the main operating entity.
Issues under the program are guaranteed by Alfa-Bank and ABH
Financial Limited.

ABG is the largest privately-owned banking group in Russia by
assets, although its market shares are modest, reflecting the
fragmented nature of the sector.  The group is owned by six
individuals, with the largest stake (36.5%) held by Mikhail
Fridman.


ENGELS-VOD-STROY: Saratove Bankruptcy Hearing Slated for Oct. 6
---------------------------------------------------------------
The Arbitration Court of Saratov will convene on Oct. 6, 2008,
to hear the bankruptcy supervision procedure on OJSC Engels-Vod-
Stroy (TIN 6449000046).  The case is docketed under Case No.
A-57-3285/08-226.

The Temporary Insolvency Manager is:

         R. Perepletov
         Post User Box 1531
         410000 Saratov
         Russia

The Court is located at:

         The Arbitration Court of Saratov
         Babushkin Vvoz 1
         Saratov
         Russia

The Debtor can be reached at:

         OJSC Engels-Vod-Stroy
         2nd Studencheskiy Proezd 4A
         Engels
         Russia


MIR OJSC: Creditors Must File Claims by July 7
----------------------------------------------
Creditors of OJSC Mir have until July 7, 2008, to submit proofs
of claim to:

         S. Pupkov
         Temporary Insolvency Manager
         Post User Box 130
         Vorovskogo Str. 140
         Barnaul
         656002 Altay
         Russia

The Arbitration Court of Altay will convene on Nov. 5, 2008, to
hear the company's bankruptcy supervision procedure.  The case
is docketed under Case No. AO3-3624/2008-B.

The Debtor can be reached at:

         OJSC Mir
         Ust-Talovka
         Kuryinskiy
         Altay
         Russia


OGK-5 OAO: Board Approves RUR8-Billion Bond Issue
-------------------------------------------------
The Board of Directors of OAO OGK-5 has adopted a resolution on
the placement of documentary interest-bearing non-convertible
bearer exchange bonds with mandatory centralized custody, Series
BO-01 – BO-04, ratifying the bond ordinance and Prospectus of
the company's securities.

The four series of OGK-5's exchange bonds to be issued in 2008
will consist of 8,000,000 bonds, for a total value of
RUR8,000,000,000.

Each series of OGK-5's exchange bonds will be issued in the
amount of 2,000,000 bonds with a par value of RUR1,000 per bond
and a total nominal value of RUR2,000,000,000, placed by public
tender offering at the price of 100% of the par value of the
bonds.  The redemption period for the exchange bonds will be the
364th day from the first day of placement.

                           About OGK-5

Headquartered in Ekaterinburg, Russia, OAO OGK-5 --
http://www.ogk-5.com/-- generates electricity and heat energy.
The Company owns and operates four power plants: Konakovskaya
GRES, Nevinnomysskaya GRES, Reftinskaya GRES, and
Sredneuralskaya GRES.

                          *     *     *

OAO OGK-5 continues to carry Ba3 Corporate Family and
Probability-of-Default ratings from Moody's Investors Service.
Moody's said the Outlook is Stable.


OPIN JSC: Moody's Puts Corporate Family Rating at B1
----------------------------------------------------
Moody's Investors Service assigned a corporate family rating of
B1 to JSC OPIN, which is based in Moscow, Russia.

At the same time, Moody's Interfax Rating Agency, which is
majority owned by Moody's, assigned an A2.ru national scale
credit rating to OPIN.  The outlook on all ratings is stable.

The B1 corporate family rating for OPIN is based on:

   (i) the company's status as one of the top ten Russian
       companies specializing in residential development and, in
       particular, its strong market niche in gated communities
       in the Moscow regions;

  (ii) vertical integration through its purchase of Viceroy
       Homes, a Canadian manufacturer of partially prefabricated
       homes, which has reduced its construction and design
       risks and build costs;

(iii) its success in maintaining leverage at low levels, thanks
       in part to generous shareholder support; and

  (iv) the continuing strong real estate market conditions in
       Moscow for both residential and commercial property.

On a more cautionary note, Moody's notes that the ratings remain
constrained by:

   (i) the risks associated with a strongly growing company,
       operating in a cyclical industry;

  (ii) OPIN's relatively narrow geographic diversification;

(iii) the execution risk involved in turning Viceroy Homes into
       a profitable venture for the group; and

  (iv) the uncertainties inherent in the current operating
       environment in the Russian real estate industry, such as
       unpredictable shifts in licensing, and an evolving legal
       framework.

The outlook on the ratings is stable, balancing Moody's concern
about the inherent risks that relate to the company's activities
in real estate development with the expectation that the
positive business environment in Russia will continue for the
foreseeable future.

OPIN is a publicly quoted property development and investment
company with a focus on elite and business class residential
gated communities and Class A offices, largely in Moscow city
centre and its regions.  For the year ending Dec. 31, 2007, the
company recorded total revenues of US$165 million and total
assets of US$3.5 billion.


REAL-STROY-SERVICE: Creditors Must File Claims by July 7
--------------------------------------------------------
Creditors of LLC Real-Stroy-Service have until July 7, 2008, to
submit proofs of claim to:

         I. Bashmakova
         Temporary Insolvency Manager
         Office 307A
         Leningradskaya Str. 28m ABK-2m
         680000 Khabarovsk
         Russia

The Arbitration Court of Khabarovsk commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A73-2945/2008-38.

The Debtor can be reached at:

         LLC Real-Stroy-Service
         Pavlovicha Str. 13
         Khabarovsk
         Russia


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

         A. Tarasov
         Insolvency Manager
         Office 56
         Building 1
         K. Marksa Str. 31
         163061 Arkhangelsk
         Russia

The Arbitration Court of Murmansk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A42-4489/2007.

The Court is located at:

         The Arbitration Court of Murmansk
         Knipovicha Str. 20
         Murmansk
         Russia

The Debtor can be reached at:

         CJSC Company Rosta
         Building 17
         Lobova Str. 49
         183001 Murmansk
         Russia


RUBIN-M LLC: Creditors Must File Claims by July 7
-------------------------------------------------
Creditors of LLC Rubin-M have until July 7, 2008, to submit
proofs of claim to:

         E. Pokosov
         Temporary Insolvency Manager
         Post User Box 1980
         650000 Kemerovo
         Russia

The Arbitration Court of Tyumen will convene at 9:00 a.m. on
Sept. 30, 2008, to hear the company's bankruptcy supervision
procedure.  The case is docketed under Case No. A70-1037/3-2008.

The Court is located at:

         The Arbitration Court of Tyumen
         Khokhryakova Str. 77
         627000 Tyumen
         Russia

The Debtor can be reached at:

         LLC Rubin-M
         Kholodilnaya Str. 65
         Tyumen
         Russia


RUS' INFRA: Ulyanovsk Bankruptcy Hearing Slated for September 29
----------------------------------------------------------------
The Arbitration Court of Ulyanovsk will convene at 9:00 a.m. on
Sept. 29, 2008, to hear the bankruptcy supervision procedure on
OJSC Rus' Infra.  The case is docketed under Case No. A72-2330/
08-20/32B.

The Temporary Insolvency Manager is:

         R. Murakaev
         Office 7
         Uritskogo Str. 94
         432071 Ulyanovsk
         Russia

The Debtor can be reached at:

         OJSC Rus' Infra
         K. Marksa Str. 20
         Kuzovatovo
         Kuzovatovskiy
         Ulyanovsk
         Russia


SEVER-UGOL LLC: Creditors Must File Claims by July 7
----------------------------------------------------
Creditors of LLC Sever-Ugol (TIN 6502004708) have until July 7,
2008, to submit proofs of claim to:

         V. Veselkov
         Temporary Insolvency Manager
         Post User Box 6/12
         Central Post Office
         680000 Khabarovsk
         Russia

The Arbitration Court of Sakhalin commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A59-298/08-S4.

The Debtor can be reached at:

         LLC Sever-Ugol
         Sovetskaya Str. 58-3
         Mgachi
         Aleksandrovsk-Sakhalinskiy
         Sakhalin
         Russia


SEVERSTAL OAO: Commences Preparatory Work for Balakovo Plant
------------------------------------------------------------
OAO Severstal has began preparatory works at a future
construction site for the Balakovo Long Product Plant in
Balakovo by creating a circular greenbelt around the site.

When complete, the US$85.3-million environmental project will
provide for waste treatment facilities and nature protection
measures, including a modern gas treatment system and the
creation of a closed-circuit water circulation system.

Construction of the plant will begin upon completion of
environmental audits undertaken by the Government and
independent experts, and will create 800 new jobs for
inhabitants of the district.

"Environmental and social aspects are very important to
Severstal," Anatoly Kruchinin, Head of Severstal Russian Steel
said.  "We look forward to the results of the two environmental
audits and beginning work on this project in earnest."


                         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.


SISTEMA JSFC: Approves New Management Board
-------------------------------------------
Sistema JSFC's Board of Directors approved the election of the
members of new Management Board.

The Management Board comprises these members who have been
elected to the Board for a period of three years:
      
   1. Leonid Melamed, President and Chief Executive Officer;

   2. Anton Abugov, First Vice President, Head of Strategy and
      Development Group;

   3. Ruslan Almakaev, Vice President, Head of Economic and
      Information Security Group;

   4. Sergey Boyev, Vice President for Development of State
      Programs and Non-Public Assets;

   5. Alexey Buyanov, Senior Vice President, Head of Finance and
      Investment Group;

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

   7. Sergey Drozdov, Senior Vice President, Head of the
      Property Group;

   8. Felix Evtushenkov, Chairman of the Board of Directors of
      Sistema-Hals;

   9. Denis Muratov, Vice President, Head of Innovations and
      Science;

  10. Vitaly Savelyev, First Vice President, Head of
      Telecommunications Asset Management Division;

  11. Gennady Frolov, Head of Corporate Communications
      Department;

  12. Sergey Cheremin, Vice President, Head of External
      Relations Complex

M. Melamed was appointed as Chairman of the Management Board.

                         About Sistema

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

                         *     *     *

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

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

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


SOVCOMBANK: Moody's Assigns E+ Financial Strength Rating
--------------------------------------------------------
Moody's Investors Service assigned first-time B3/Not-Prime local
currency deposit ratings, B3/Not-Prime foreign currency deposit
ratings and an E+ Bank Financial Strength Rating to Russia's
Sovcombank.  The outlook on all ratings is stable.  At the same
time, Moody's has affirmed the bank's Baa2.ru long-term national
scale credit rating.

"Sovcombank's E+ BFSR, which translates into a Baseline Credit
Assessment of B3, is supported by the bank's entrenched position
in its domestic market in the Oblast of Kostroma, where it is
the leading lender and private deposit taker among locally
registered banks," explains Andrey Artyukhin, Vice President --
Senior Analyst at Moody's Moscow office.  Another positive
rating driver is the bank's growing penetration of the retail
segment through its relatively developed territorial network (12
regional branches, 95 outlets and around 900 points of sales).

Moody's also views positively the acquisition of a controlling
stake in Sovcombank in March 2008 by TBIF Financial Services
B.V, a subsidiary of Kardan, an international investment company
based in the Netherlands.

"TBIF's equity participation in Sovcombank has already resulted
in a significant increase in Sovcombank's capitalization and
could enhance the bank's risk management practices," notes Mr.
Artyukhin.

At the same time, Moody's cautions that Sovcombank's BFSR is
constrained by:

   (i) the bank's focus on unsecured consumer lending and a very
       rapid loan portfolio growth which could undermine the
       bank's asset quality;

  (ii) increasing pressure on profitability and operating
       efficiency from large expenditure related to branch
       network development; and

(iii) potential vulnerability of the liquidity position to
       external shocks.

"The rating also incorporates the risks associated with the
operating and regulatory environment in Russia," adds Mr.
Artyukhin.

The local currency deposit rating assigned to Sovcombank is
supported by the bank's BCA of B3 and does not factor in any
support from its shareholders.

"In Moody's view, although such support cannot be ruled out, its
scope and timeliness are rather uncertain, while systemic
support in the event of need is unlikely," says Mr. Artyukhin.  

The foreign currency deposit rating is assigned at the same
level as the bank's local currency deposit rating and is not
constrained by the foreign currency deposit ceiling for Russia.

Headquarted in Kostroma in the Russian Federation, Sovcombank
reported total assets of US$721 million under IFRS as at year-
end 2007.


=============================
S L O V A K   R E P U B L I C
=============================


SLOVGLASS POLTAR: Goes Bankrupt; Submits Sell-Off Proposal
----------------------------------------------------------
Slovglass Poltar has submitted a sell-off proposal to Banska
Bystrica District Court on July 1, 2008, after the company
declared bankruptcy, tsar reports.

According to the report, the company blamed its downfall on the
steadily-weakening dollar and the increase in energy costs.

The company will try to keep the production lines working
despite the bankruptcy, the report said.  Around 900 employees
would likely to be affected.

Based in Slovak Republic, Slovglass Poltar --
http://www.slovglass.sk/-- manufactures and exports lead  
crystal products and soda-potash glass.


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


TDA UNICAJA 1: Fitch Junks EUR19.6 Million Class D Notes
--------------------------------------------------------
Fitch Ratings has assigned expected ratings to TDA Unicaja 1,
Fondo de Titulizacion de Activos' notes, totaling EUR419.6
million, due in November 2050:

   -- EUR350.8 million Class A: 'AAA'; Outlook Stable
   -- EUR31.2 million Class B: 'A'; Outlook Stable
   -- EUR18 million Class C: 'BBB'; Outlook Stable
   -- EUR19.6 million Class D: 'CCC'; Outlook Stable

The final ratings are contingent upon the receipt of final
documents conforming to information already received.

This transaction is a cash-flow securitization of a EUR400
million static pool of mortgage loans granted by Montes de
Piedad y Caja de Ahorros de Ronda, Cadiz, Almeria, Malaga y
Antequera ('A+'/Outlook Stable/'F1').

The expected ratings are based on the quality of the collateral,
the underwriting and servicing of the mortgage loans, available
credit enhancement, the integrity of the transaction's legal and
financial structures and Titulizacion de Activos S.G.F.T, S.A's
administrative capabilities

Initial CE for the Class A to C notes is provided by
subordination and a reserve fund, which will be funded at
closing using the proceeds of the Class D notes.  The Class D
notes are uncollateralized but will benefit from cash released
from the amortization of the reserve fund.

The expected ratings address the payment of interest on the
notes according to the terms and conditions of the
documentation, subject to a deferral trigger on the Class B and
Class C, as well as the repayment of principal at legal final
maturity.  Should the deferral trigger on the Class B and C
notes be hit, interest on these notes will be deferred in the
priority of payments.  In this instance, interest payments might
not be received for a period of time, but will be received by
legal final maturity.

The fund will be regulated by Spanish Securitization Law 19/1992
and Royal Decree 926/1998.  Its sole purpose will be to convert
mortgage transmission certificates (certificados de transmision
de hipotecas or CTHs) from the seller into fixed-income
securities.  The fund will be legally represented and managed by
Titulizacion de Activos S.G.F.T, S.A, a limited liability
company incorporated under Spanish law, whose activities are
limited to the management of securitization funds.


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


ABS JSC: Creditors Must File Proofs of Claim by July 13
-------------------------------------------------------
Creditors owed money by JSC ABS are requested to file their
proofs of claim by July 13, 2008, to:

         Dr. Josef Schwerzmann
         Gotthardstrasse 31
         6304 Zug
         Switzerland

The company is currently undergoing liquidation in Zug.  The
decision about liquidation was accepted at an extraordinary
general meeting on May 14, 2008.


BIOKOSMA JSC: July 12 Set as Deadline to File Proofs of Claim
--------------------------------------------------------------
Creditors owed money by JSC Biokosma are requested to file their
proofs of claim by July 12, 2008, to:

         Alexander Kitzinger
         Liquidator
         JSC Melisana AG
         Ankerstrasse 53
         8026 Zurich
         Switzerland

The company is currently undergoing liquidation in Ebnat-Kappel.  
The decision about liquidation was accepted at an extraordinary
general meeting on May 7, 2008.


FULFILLMENT DIRECTMARKETING: Claims Filing Deadline is July 11
--------------------------------------------------------------
Creditors owed money by JSC FDS Fulfillment Directmarketing
Service are requested to file their proofs of claim by July 11,
2008, to:

         JSC Eura Treuhand
         Dorfstrasse 8
         6362 Stansstad
         Switzerland

The company is currently undergoing liquidation in Hergiswil.  
The decision about liquidation was accepted at an extraordinary
general meeting held on May 26, 2008.


GENERAL MOTORS: Bankruptcy 'Not Impossible,' Merrill Says
---------------------------------------------------------
Merrill Lynch analyst John Murphy said a bankruptcy filing for
General Motors Corp. is not impossible "if the market continues
to deteriorate and significant incremental capital is not
raised," various reports say.

Mr. Murphy, in a research note, said GM will need to raise
US$15 billion in capital to fund its operations for the next two
years.  The amount is more than the between US$5 billion and
US$10 billion analysts had previously forecast, Ed Welsch and
Cynthia Koons at Dow Jones Newswires say.

Mr. Murphy, according to the reports, warned GM is burning
through cash faster than investors realize.  Mr. Murphy said GM
may raise the US$15 billion from existing credit facilities and
through a combination of secured debt, asset sales or even by
borrowing from the United Auto Worker's independent trust
created to fund retiree health care.

In his post at MLive.com, Rick Haglund, citing an industry
expert, said GM could file for Chapter 11 for its North American
operations, similar to what Delphi Corp. did in 2005.  Mr.
Haglund said GM is profitable and growing in every other region
of the world in which it operates.

According to Dow Jones, Shelly Lombard, an auto analyst at Gimme
Credit, said while GM may need additional liquidity, some of the
money required may just be cash for an "emotional security
blanket" to assuage investors' anxiety.

Dow Jones also says GM could secure some of its more profitable
international operations to issue debt against.

According to Dow Jones, Kingman Penniman, president of KDP
Investment Advisors, pointed out that GM's existing term loans
outstanding are securitized by primarily domestic property,
plant and equipment.  

"I don't know how much is left there as a cushion.  We have the
impression most of their foreign assets have not been
securitized for a debt package," Dow Jones quotes Mr. Penniman
as saying.

David Welch, in his post at BusinessWeek, noted that GM's stock
is trading at under US$10 a share and that the company's market
capitalization is roughly US$5.7 billion.  Mr. Welch said
certain investors could buy control of GM for less than
US$3 billion, pointing out that billionaire investor Kirk
Kerkorian could come up with that money, since he tabled a
US$4.5 billion bid for Chrysler LLC last year.  Mr. Kerkorian is
already invested in Ford, and hence not a candidate for a run at
GM, Mr. Welch added.

Dow Jones notes that, in its most recent earnings report, GM's
pretax earnings from international results -- helped by growth
in Asia and Latin America -- nearly doubled to US$1 billion,
while its pretax losses in North America quadrupled to US$812
million.

                       About General Motors

Based 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 reported in the Troubled Company Reporter on June 27, 2008,
Fitch has downgraded the Issuer Default Rating of General Motors
Corporation to 'B-' from 'B', and assigned a Rating Outlook
Negative.

TCR also reported on June 24, 2008, that DBRS has placed the
ratings of General Motors and General Motors of Canada Limited
Under Review with Negative Implications.  

At the same time, Standard & Poor's Ratings Services has placed
its corporate credit ratings on the three U.S. automakers,
General Motors Corp., Ford Motor Co., and Chrysler LLC, on
CreditWatch with negative implications.   GM and its senior
unsecured notes continues to carry S&P's B corporate credit
ratings.
     

HUNSECKER HOLDING: Deadline to File Proofs of Claim Set July 11
---------------------------------------------------------------
Creditors owed money by JSC Hunsecker Holding are requested to
file their proofs of claim by July 11, 2008, to:

         Dominik A. Schwerzmann
         Gotthardstrasse 31
         6304 Zug
         Switzerland

The company is currently undergoing liquidation in Zug.  The
decision about liquidation was accepted at an extraordinary
general meeting held on May 15, 2008.


INTROTECH JSC: Creditors Must File Proofs of Claim by July 11
-------------------------------------------------------------
Creditors owed money by JSC Introtech are requested to file
their proofs of claim by July 11, 2008, to:

         JSC Eura Treuhand
         Dorfstrasse 8
         6362 Stansstad
         Switzerland

The company is currently undergoing liquidation in Stansstad.  
The decision about liquidation was accepted at an extraordinary
general meeting on May 26, 2008.


PIZZA PROMOT: Proofs of Claim Filing Period Ends July 13
--------------------------------------------------------
The Bankruptcy Service of Wetzikon commenced bankruptcy
proceedings against JSC Pizza promot on May 16, 2008.

Creditors have until July 13, 2008, to file their proofs of
claim.

The Bankruptcy Service of Wetzikon can be reached at:

         Bankruptcy Service of Wetzikon
         8622 Wetzikon
         Switzerland

The Debtor can be reached at:

         JSC Pizza promot
         Ettenhauserstrasse 3
         8620 Wetzikon
         Switzerland


WESTON VENTURES: Proofs of Claim Filing Deadline is July 11
-----------------------------------------------------------
Creditors owed money by JSC Weston Ventures are requested to
file their proofs of claim by July 11, 2008, to:

         Dominik A. Schwerzmann
         Gotthardstrasse 31
         6304 Zug
         Switzerland

The company is currently undergoing liquidation in Zug.  The
decision about liquidation was accepted at an extraordinary
general meeting held on May 16, 2008.


ZAN ASSET: Creditors Have Until July 12 to File Proofs of Claim
---------------------------------------------------------------
Creditors owed money by JSC Zan Asset Management are requested
to file their proofs of claim by July 12, 2008, to:

         JSC Interhold
         Othmarstrasse 8
         8008 Zurich
         Switzerland

The company is currently undergoing liquidation in Zurich.  The
decision about liquidation was accepted at an extraordinary
general meeting held on May 19, 2008.


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


ENERGYRESOURCE LLC: Creditors Must File Claims by July 13
---------------------------------------------------------
Creditors of LLC Energyresource (code EDRPOU 30049836) have
until July 13, 2008, to submit proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on June 11, 2008.
The case is docketed as 24/108-b.

The Debtor can be reached at:

         LLC Energyresource
         Shamrilo Str. 6-A
         04112 Kiev
         Ukraine


GRAND CAREER: Creditors Must File Claims by July 13
---------------------------------------------------
Creditors of LLC Grand Career (code EDRPOU 32997390) have until
July 13, 2008, to submit proofs of claim to:

         Michael Tsurika, Liquidator
         Apartment 41
         General Karpenko Str. 2/1
         54038 Nikolaev
         Ukraine

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent on June 11, 2008.
The case is docketed as 5/284/08.

The Court is located at:

         The Economic Court of Nikolaev
         Admiralskaya Str. 22
         54009 Nikolaev
         Ukraine


HARIBDA LLC: Creditors Must File Claims by July 13
--------------------------------------------------
Creditors of LLC Haribda (code EDRPOU 32847353) have until
July 13, 2008, to submit proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on June 11, 2008.
The case is docketed as 24/109-b.

The Debtor can be reached at:

         LLC Haribda
         Ivan Fedorov Str. 28
         03038 Kiev
         Ukraine


LEB SERVICE: Creditors Must File Claims by July 13
--------------------------------------------------
Creditors of LLC Leb Service (code EDRPOU 34566063) have until
July 13, 2008, to submit proofs of claim to:

         Michael Tsurika, Liquidator
         Apartment 41
         General Karpenko Str. 2/1
         54038 Nikolaev
         Ukraine

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent on June 11, 2008.
The case is docketed as 5/288/08.

The Court is located at:

         The Economic Court of Nikolaev
         Admiralskaya Str. 22
         54009 Nikolaev
         Ukraine


METAL-INVEST-LTD: Creditors Must File Claims by July 13
-------------------------------------------------------
Creditors of LLC Metal-Invest-Ltd (code EDRPOU 35472593) have
until July 13, 2008, to submit proofs of claim to:

         Michael Tsurika, Liquidator
         Apartment 41
         General Karpenko Str. 2/1
         54038 Nikolaev
         Ukraine

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent on June 11, 2008.
The case is docketed as 5/289/08.

The Court is located at:

         The Economic Court of Nikolaev
         Admiralskaya Str. 22
         54009 Nikolaev
         Ukraine


PRAVEX-BANK: Moody's Lifts Deposit and Debt Ratings to Ba2
----------------------------------------------------------
Moody's Investors Service upgraded the long-term global scale
local currency deposit and senior unsecured debt ratings of
Pravex-Bank to Ba2 from B2.  The rating agency also upgraded the
bank's long-term national scale rating to Aa1.ua from A3.ua.

Moody's affirmed Pravex-Bank's E+ bank financial strength rating
and the Not Prime short-term ratings.  The bank's B2 foreign
currency deposit rating was also affirmed but remains on review
for possible upgrade.  It is constrained by Ukraine's B2/Not
Prime ceiling for such deposits, which currently is on review
for possible upgrade; as a result, this rating would move in
tandem with the foreign currency deposit ceiling. The outlook on
all of the bank's other ratings is stable.

These rating actions follow Pravex-Bank's acquisition by Intesa
Sanpaolo Spa (rated Aa2/P-1/B-), announced in February 2008.
This transaction has now been completed as Intesa Sanpaolo Spa
has finalized its acquisition of 100% of the total issued share
capital of Pravex-Bank following the Ukrainian and Italian
regulators' approval of the acquisition.  The upgrade of Pravex-
Bank's local currency deposit and debt ratings and its NSR is
based on Moody's assumptions of a high probability of support to
be provided to the bank by Intesa Sanpaolo Spa in case of need.
As a result Pravex-Bank's local currency deposit and debt
ratings receive 3 notches of uplift from the bank's B2 BCA.

Moody's expects that the integration of Pravex-Bank into Intesa
Sanpaolo Spa may result in improvements in the areas of
franchise development, risk management and capitalisation.  If
such developments materialize, they could result in Pravex-
Bank's E+ BFSR strengthening within its current category and
thus potentially mapping to a higher Baseline Credit Assessment
in the medium-to-long term.

Headquartered in Kyiv, Ukraine, Pravex-Bank reported total IFRS
consolidated assets and net income of US$1.15 billion and
US$4.96 million, respectively, as of year-end 2007.

Headquartered in Milan, Italy, Intesa Sanpaolo Spa is one of the
largest banks in Europe. Its total assets under IFRS reached
EUR605.24 billion (US$959.04 billion) at end-Q1 2008.


SIDIS LLC: Creditors Must File Claims by July 13
------------------------------------------------
Creditors of LLC Sidis (code EDRPOU 35272748) have until
July 13, 2008, to submit proofs of claim to:

         The Economic Court of Nikolaev
         Admiralskaya Str. 22
         54009 Nikolaev
         Ukraine

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent on June 11, 2008.
The case is docketed as 5/287/08.


SOUTH AVIA: Creditors Must File Claims by July 13
-------------------------------------------------
Creditors of LLC South Avia (code EDRPOU 33730459) have until
July 13, 2008, to submit proofs of claim to:

         Michael Tsurika, Liquidator
         Apartment 41
         General Karpenko Str. 2/1
         54038 Nikolaev
         Ukraine

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent on June 11, 2008.
The case is docketed as 5/286/08.

The Court is located at:

         The Economic Court of Nikolaev
         Admiralskaya Str. 22
         54009 Nikolaev
         Ukraine


SPECIAL TECHNICAL: Creditors Must File Claims by July 13
--------------------------------------------------------
Creditors of LLC Special Technical Supply (code EDRPOU 33303962)
have until July 13, 2008, to submit proofs of claim to:

         Vershynin Andrew, Liquidator
         P.O. Box 151
         03110 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on June 11, 2008.
The case is docketed as 24/110-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Special Technical Supply
         Yurkovskaya/Frunze Str. 2-6/32A
         04071 Kiev
         Ukraine


VEREMIYA SOUTH: Creditors Must File Claims by July 13
-----------------------------------------------------
Creditors of LLC Veremiya South (code EDRPOU 34772814) have
until July 13, 2008, to submit proofs of claim to:
         
         The Economic Court of Nikolaev
         Admiralskaya Str. 22
         54009 Nikolaev
         Ukraine

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent on June 11, 2008.
The case is docketed as 5/287/08.


VKF-ARMIT: Creditors Must File Claims by July 13
------------------------------------------------
Creditors of LLC VKF-Armit (code EDRPOU 35288810) have until
July 13, 2008, to submit proofs of claim to:

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

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent on June 9, 2008.  
The case is docketed as B-39/22-08.

The Debtor can be reached at:

         LLC VKF-Armit
         Babai
         Officer Lane 27
         Kharkov
         Ukraine


VOLINECOVTORMA LLC: Creditors Must File Claims by July 13
---------------------------------------------------------
Creditors of LLC Volinecovtorma (code EDRPOU 32608148) have
until July 13, 2008, to submit proofs of claim to:

         The Economic Court of Volin
         Volia Avenue 54-a
         43010 Lutsk
         Volin
         Ukraine

The Economic Court of Volin commenced bankruptcy proceedings
against the company after finding it insolvent on June 9, 2008.
The case is docketed as 1/107-B.

The Debtor can be reached at:

         LLC Volinecovtorma
         Rankovaya Str. 1, b. B
         43000 Lutsk
         Volin
         Ukraine


VV ELCOM: Creditors Must File Claims by July 13
-----------------------------------------------
Creditors of LLC VV Elcom (code EDRPOU 33095115) have until
July 13, 2008, to submit proofs of claim to:

         The Economic Court of Zaporozhje
         Shaumiana Str. 4
         69001 Zaporozhje
         Ukraine

The Economic Court of Zaporozhje commenced bankruptcy
proceedings against the company after finding it insolvent on
May 20, 2008.  The case is docketed as 21/159/07.

The Debtor can be reached at:

         LLC VV Elcom
         Glazunov Str. 4/96
         69106 Zaporozhje
         Ukraine


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


BAA LTD: British Airways Retracts Split-Up Proposal
---------------------------------------------------
British Airways Plc has withdrawn its petition to the U.K.
Competition Commission calling for the  separation of ownership
of some of BAA Limited's airports, Jane Bradley writes for the
Scotsman.

British Airways, in its recent letter to the Commission, said a
breakup may "prove counterproductive" since it would divert BAA
attention away from other matters, the Scotsman discloses.

The carrier instead has called for the commission to reform the
"regulatory regime" to help remedy BAA's lack of investment,.

The commission, the paper notes, had indicated it may favor
separation of ownership, saying common ownership "adversely
affects competition" between airport and airlines."

As reported in the TCR-Europe on April 29, 2008, the commission
expects to publish its provisional findings in August 2008 and
if competition problems are identified, it intends to set out
its possible remedies at the same time, whether requiring the
sale of one or more of BAA's airports or otherwise.

                       About BAA Ltd.

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

                          *     *     *

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


BRITISH AIRWAYS: Changes Stance on Proposed BAA Limited Breakup
---------------------------------------------------------------
British Airways Plc has withdrawn its petition to the U.K.
Competition Commission calling for the  separation of ownership
of some of BAA Limited's airports, Jane Bradley writes for the
Scotsman.

British Airways, in its recent letter to the Commission, said a
breakup may "prove counterproductive" since it would divert BAA
attention away from other matters, the Scotsman discloses.

The carrier instead has called for the commission to reform the
"regulatory regime" to help remedy BAA's lack of investment,.

The commission, the paper notes, had indicated it may favor
separation of ownership, saying common ownership "adversely
affects competition" between airport and airlines."

As reported in the TCR-Europe on April 29, 2008, the commission
expects to publish its provisional findings in August 2008 and
if competition problems are identified, it intends to set out
its possible remedies at the same time, whether requiring the
sale of one or more of BAA's airports or otherwise.

                    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.


CAPITAL PRINT: London Development Agency Probes Collapse
--------------------------------------------------------
The London Development Agency has commenced an investigation
into the financial collapse of Capital Print & Display Ltd.,
Adam Hooker writes for printweek.

Capital Print, printweek relates, went into administration on
June 26, 2008, despite receiving full compensation from LDA for
its relocation to make way for London's 2012 Olympic park.  
Begbies Traynor is serving as administrator for the company.

"We have nothing else to pay them," A spokesman for LDA told
printweek.  "However, it is unclear as to why the business has
closed.  The LDA is making inquiries to establish the reason."

printweek adds the company failed to pay wages to more than 100
workers for June.


CITY LOFTS: Bank of Scotland Designates Allsop as Receiver
----------------------------------------------------------
The Bank of Scotland has appointed John Gershinson of Allsop as
receiver for the 250 unsold apartment units of City Lofts,
Reuters reports citing  Property Week magazine.

City Lofts' assets are located in Manchester, Nottingham, Leeds,
Liverpool, Cardiff, and Birmingham, the report added.

Headquartered in Harrogate, North Yorkshire, City Lofts --
www.citylofts.co.uk -- is a private company partly owned by U.S.
private equity firm JER Partners and investment bank Lehman
Brothers.


D.G.M PROPERTIES: Creditors' Meeting Slated for July 8
------------------------------------------------------
Creditors of D.G.M. Properties Ltd. will meet at 11:00 a.m. on
July 8, 2008 at:

         Queensgate Hotel
         5-7 Fletton Avenue
         Peterborough  
         PE2 8AX
         England

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on July 7, 2008, at:

         I. Best  
         Joint Administrative Receiver
         Ernst & Young LLP          
         No. 1 Colmore Square
         Birmingham  
         B4 6HQ
         England

Ernst & Young -- http://www.ey.com/-- provides broad array of  
services relating to audit and risk-related services, tax, and
transactions across all industries—from emerging growth
companies to global powerhouses—deal with a broad range of
business issues.


DOLGARROG ALUMINIUM: KPMG Concludes Sale of Assets to Ainscough
---------------------------------------------------------------
The Joint Administrators of Dolgarrog Aluminium Limited have
completed the sale of the company's property, plant and
machinery to Ainscough Strategic Land (Dolgarrog) Limited.

Over the last few months, Brian Green, Paul Flint and Myles
Halley from KPMG Restructuring have been working closely with
the Welsh Assembly Government to facilitate a sale of the assets
of Dolgarrog Aluminium.

"We are delighted to have concluded this sale, after what has
been a complex and lengthy transaction involving a number of
parties," Paul Flint, Joint Administrator and director at KPMG
Restructuring in Manchester, explained.  In particular, we have
received help and support from the Welsh Assembly Government in
facilitating an eventual sale to Ainscough."

The company can be reached at:

         Dolgarrog Aluminium Limited
         Clark Street
         Dolgarrog
         Conwy
         Gwynedd
         LL32 8JH
         United Kingdom
         Tel:  +44 (0) 1492 614260
         Fax: +44 (0) 1492 614295
         Web site: http://dolgarrog.com  


ELUMIN8 SYSTEMS: Appoints BDO Stoy as Joint Administrators
----------------------------------------------------------
Andrew Howard Beckingham and Matthew Chadwick of BDO Stoy
Hayward LLP were appointed joint administrators of Elumin8
Systems Ltd. (Company Number 4002161) on June 23, 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:

         Elumin8 Systems Ltd.  
         c/o BDO Stoy Hayward LLP
         Arcadia House
         Maritime Walk
         Ocean Village
         Southampton  
         SO14 3TL
         England


EUGENA LTD: Calls In Joint Administrators from BDO Stoy Hayward
---------------------------------------------------------------
David Harry Gilbert and Geoffrey Stuart Kinlan of BDO Stoy
Hayward LLP were appointed administrators of Eugena Ltd.
(Company Number 01228980) on June 16, 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.


FITNESS JYMS: Taps Joint Administrators from Vantis
---------------------------------------------------
Peter James Hughes-Holland and Frank Wessely of Vantis Business
Recovery Services were appointed joint administrators of Fitness
Jyms Ltd. (Company Number 05492906) on June 11, 2008.

Headquartered in United Kingdom, Vantis Plc (fka Vantis
Numerica) -- http://www.vantisplc.com/-- provides accounting,  
business and tax advisory services in the United Kingdom.

The company can be reached at:

         Fitness Jyms Ltd.
         Suite 3
         5-6 High Street
         Windsor
         Berkshire
         England


GLO HIRE: Brings In Vantis to Administer Assets
-----------------------------------------------
Peter Hollis and Michael William Young of Vantis were appointed
joint administrators of Glo Hire & Sales Ltd. (Company Number
4468839) on June 25, 2008.

Headquartered in United Kingdom, Vantis Plc (fka Vantis
Numerica) -- http://www.vantisplc.com/-- provides accounting,  
business and tax advisory services in the United Kingdom.

The company can be reached at:

         Glo Hire & Sales Ltd.
         c/o Vantis
         Torrington House
         47 Holywell Hill
         St. Albans
         Hertfordshire
         AL1 1HD
         England


HOLROYD CONSTRUCTION: Taps Joint Administrators from PwC
--------------------------------------------------------
Mark David Arthur Loftus and Ian David Green of
PricewaterhouseCoopers LLP were appointed, June 20, 2008, joint
administrators of:

-- Holroyd Construction Ltd. (Company Number 00899440);
-- Holroyd Construction Group Ltd. (Company Number 01048710);
-- Northern Fencing Contractors Ltd. (Company Number 01118741).

PricewaterhouseCoopers LLP -- http://www.pwcglobal.com/--  
provides auditing services, accounting advice, tax compliance
and consulting, financial consulting and advisory services to
clients in a variety of industries.


INEOS GROUP: Fitch Affirms and Withdraws BB- Long-term IDR
----------------------------------------------------------
Fitch Ratings has affirmed UK-based chemical company Ineos Group
Holdings plc's Long-term Issuer Default Rating at 'BB-' and
changed the Outlook to Negative from Positive.  Simultaneously,
Fitch has withdrawn the ratings, including all of Ineos's
instrument ratings.  Fitch will no longer provide ratings or
analytical coverage of Ineos.


INNOVATE LOGISTICS: Stobart Acquires Chilled Goods Operations
-------------------------------------------------------------
Stobart Group Ltd. has acquired the chilled and ambient goods
operations of Innovate Logistics Ltd. from its administrators
BDO Stoy Hayward.

This transaction significantly broadens Stobart's chilled
distribution operations in the UK.  It will further enhance its
specialist fleet capabilities and extend the range of services
it offers customers.  Under the terms of the acquisition, the
Group will take on a number of Innovate Logistics contracts,
including a warehousing operation with Nestle, an existing
Stobart customer.  It is expected that around 1,300 existing
employees of Innovate Logistics Limited will transfer to
Stobart.  The Group will license 280 tractor units, 350 trailers
and the associated warehousing from the administrators for an
initial six month period in order to service the contracts with
the option of assuming the leases thereafter.  

The enlarged Group will now have more than 1,800 trucks, 3,200
trailers and will employ over 5,300 people in 40 locations
across the UK, Ireland and Europe.

The Innovate Operations have minimal accounting book value, and
any working capital funding requirements for this transaction
will be met from existing resources and new bank facilities.  
The Innovate Operations are expected to generate turnover of
around GBP100 million per annum and the acquisition is expected
to enhance earnings in the first full year.

Andrew Tinkler, Chief Executive of Stobart Group, said:
"The Board is pleased to announce the acquisition of Innovate
Logistics' chilled distribution operations.  This is a low risk
way of increasing our presence in the chilled market, giving our
customers more choice and flexibility.  It is entirely in-line
with our strategy of building the Group."

"Our management team has a great track record of getting
logistics operations to work efficiently and profitably.  As we
have done very successfully in the past, we will apply our
operating model to these contracts and integrate the operations
fully into the Stobart Group."

"We are committed to safe-guarding the jobs of 1,300 people who
may otherwise have been unemployed and we look forward to
welcoming them to the Group."

                         Asset Write-Off

On June 11, 2008,  Eimskip disclosed that it will write-off its
interest in UK subsidiary Innovate Holding.  Eimskip's current
book value for Innovate is EUR74.1 million, which will be fully
written off in the second quarter.  Eimskip has begun a
strategic review of Innovate to divest all of Innovate's assets.


Eimskip invested in Innovate in 2006-2007 and is now the sole
owner of the company.  As part of Innovate's strategy, the
company entered into long-term lease agreements for warehouses
and transportation systems.  However, recent market conditions
have proved challenging, leading to lower than expected capacity
utilization of warehouse and transportation network assets.
Furthermore, the company's lease and financial costs have
significantly increased and the losses in recent months have
weakened the company's financial position to such extent as to
impact ongoing operations.  Given the challenging economic
outlook in the UK and following a detailed review by Eimskip's
Board of Directors in recent weeks, the Board chose not to
increase Eimskip's investment in Innovate and subsequently
decided to write off Innovate's assets and look for potential
buyers.

Headquartered in Nottingham, England, Innovate Logistics Ltd.
http://www.innovatelogistics.com/ -- is a UK reefer logistics  
company, operating 25 warehouses in 11 locations in the UK
market.


PETER HUNT: Appoints Joint Administrators from BDO Stoy Hayward
---------------------------------------------------------------
Dermot Justin Power and Toby Underwood of BDO Stoy Hayward LLP
were appointed joint administrators of Peter Hunt Ltd. (Company
Number 00340878) on June 9, 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:

         Peter Hunt Ltd.
         c/o BDO Stoy Hayward LLP
         Commercial Buildings
         11-15 Cross Street
         Manchester  
         M2 1BD
         England


PROCOOK LTD: Appoints Joint Administrators from KPMG
----------------------------------------------------
Richard Hill and Joff Pope of KPMG Restructuring have been
appointed joint administrators of ProCook Limited.

The business operates online via its Web site and through a
chain of 39 stores across the UK, both in outlet villages and
high street shops.  It was established in 1993 and now employs
261 staff, including 20 at its head office in Cheltenham.

"Unfortunately the rapid expansion of the company into the high
street has coincided with a time of tough trading for the retail
sector, which means the business has hit problems," Joint
administrator Joff Pope said.  "Trading will continue as normal
while we seek a buyer for the business as a going concern."

Based in United Kingdom, ProCook Limited --
http://www.procook.co.uk/-- retails kitchen equipment and  
cookware.


SCOTTISH MUTUAL: Moody's Cuts Debt Ratings to Ba1 & Withdraws
-------------------------------------------------------------
Moody's Investors Service had downgraded and will withdraw the
insurance financial strength and subordinated debt ratings of
Scottish Mutual Assurance Limited to Baa2 from Baa1 and to Ba1
from Baa3 respectively.  The outlook is stable.

Moody's said that the action taken concludes the review for
possible downgrade that was initiated on Nov. 26, 2007 following
the announcement and acceptance by Resolution plc of an offer by
Pearl Group for Resolution.

Scottish Mutual is now part of Pearl following the latter's
acquisition of Resolution.  The rating agency said that in its
opinion Pearl has historically operated with relatively high
usage of external borrowing, as well as modest levels of
capitalisation at operating company levels.  Going forward,
Moody's believes that Scottish Mutual's capital adequacy and
financial flexibility in particular are likely to be negatively
impacted by the Pearl acquisition.

The rating agency also announced that it will be withdrawing
Scottish Mutual's ratings because Moody's believes it lacks
adequate information to maintain the ratings.

These ratings were downgraded and assigned a stable outlook:

   -- Scottish Mutual Assurance Ltd. Insurance financial
      strength to Baa2 from Baa1

   -- Subordinated debt to Ba1 from Baa3.

Scottish Mutual, headquartered in Glasgow, United Kingdom, had
total assets of GBP14.8 billion as at end 2007.


STELLING FARM: Appoints Joint Administrators from Ernst & Young
---------------------------------------------------------------
R. H. Kelly and J. P. Sumpton of Ernst & Young LLP were
appointed joint administrators of Stelling Farm Developments
Ltd. (Company Number 05367386) on June 27, 2008.

Ernst & Young -- http://www.ey.com/-- provides a broad array of  
services relating to audit and risk-related services, tax, and
transactions across all industries—from emerging growth
companies to global powerhouses—deal with a broad range of
business issues.  

The company can be reached at:

         Stelling Farm Developments Ltd.
         The Old Church House
         Hexham Road
         Throckley
         Newcastle Upon Tyne
         Tyne and Wear
         NE15 9DY
         England


TAYLOR WIMPEY: Finance Chief Peter Johnson Quits from Board
-----------------------------------------------------------
Peter Johnson, Taylor Wimpey Plc's Finance Director, has
confirmed his intention to stand down from the Board at the end
of 2008, at which point he will leave the Company.

Mr. Johnson joined the Board in November 2002 and the Board
would like to thank him for his contribution and also wishes him
well for the future.  An external recruitment process
for a new Group Finance Director has commenced.

                       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 plc's major markets are experiencing a significant
downturn, characterized by significantly lower weekly sales
rates and lower average selling prices than in recent years.

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.


TEAMSPIRIT HOLDINGS: Taps Administrators from Smith & Williamson
----------------------------------------------------------------
Henry Anthony Shinners and Anthony Cliff Spicer of Smith &
Williamson Ltd. were appointed, June 13, 2008, joint
administrators of:

   -- Teamspirit Software Ltd. (Company Number 01417365);
   -- Headcount Services Ltd. (Company Number 04923628);
   -- Teamspirit Holdings Ltd. (Company Number 04946822).

Smith & Williamson -- http://www.smith.williamson.co.uk/--  
provides investment management, financial advisory and
accountancy services to private clients, professional practices,
mid to large corporates and non-profit organizations.  

The companies can be reached at:

         Teamspirit Holdings Ltd.
         Enterprise House
         Beesons Yard
         Rickmansworth
         Hertfordshire
         WD3 1DS
         England


VEDANTA RESOURCES: Moody's Keeps Ba1 Rating on Senior Bonds
-----------------------------------------------------------
Moody's Investors Service has affirmed the Ba1 senior unsecured
bond rating for Vedanta Resources plc with a stable outlook.  
The issuance of the US$500 million 8.75% notes due 2014 and the
US$750 million 9.5% notes due 2018 has been completed and the
rating has been removed from its provisional status.

The bond proceeds will be used for capital expenditure, working
capital, repayment of existing debt and other general corporate
purposes.

Headquartered in London, UK, Vedanta Resources plc is a metals
and mining company focusing on integrated zinc and
alumina/aluminum as well as copper smelting and refining.  Its
operations are predominantly located in India.  The company is
listed on the London Stock Exchange and is 54% owned by Volcan
Investments Ltd.


WINDERMERE VIII: S&P's BB Rating on Class E Notes on Watch Neg.
---------------------------------------------------------------
Standard & Poor's Ratings Services reported that the 'BB' rating
on the class E notes issued by Windermere VIII CMBS PLC remains
on CreditWatch with negative implications.
  
The rating on the class E notes was placed on CreditWatch
negative on April 22, 2008.  The ratings on the other classes of
notes in the transaction remain unaffected.
  
The class E notes were placed on CreditWatch negative following
further analysis of two loans that are both due to refinance in
April 2009.  These loans are Amadeus, representing 4.9% of the
current pool balance and Monument, representing 2.6%.

The Monument loan is secured against an office property in the
City of London.  S&P's concerns relate to the lease to Lloyds
Bank Ltd., which is due to expire in March 2009 and represents
98.8% of current income.  There is uncertainty as to whether
this lease will be renewed.  In addition, there continues to be
deterioration in the City of London office investment and
occupier markets.  These factors may have a negative effect on
the borrower's ability to successfully refinance the loan in
April 2009.
  
S&P is awaiting further information regarding the Monument loan
and will soon be undertaking a property inspection.  The
affected notes will remain on CreditWatch negative pending
completion of our analysis and consideration of any mitigating
circumstances.
  
If S&P considers loan performance to have declined to levels
lower than initially assumed, S&P may need to review the rating
on the affected notes.


* Fund Management Industry Faces Skills Gap, KPMG Survey Says
-------------------------------------------------------------
Fund managers have struggled to recruit and retain appropriate
talent to match the increasing demand for and sophistication in
the use of complex financial instruments found KPMG
International's latest survey into the investment management
industry, "Beyond the credit crisis: the impact and lessons
learnt for investment managers" launched at Fund Forum
International in Barcelona.

In fact, the research found that while use of complex financial
instruments is rising (57 percent of traditional fund management
firms surveyed said they use derivatives in their portfolios),
20 percent of fund manager respondents admitted to having no in-
house specialist with relevant experience of the complex
financial instruments in which they have invested.

"Staff skill sets have struggled to keep up with the growing
sophistication of the industry," Tom Brown, European Regional
Head of KPMG's Investment Management practice and partner in the
UK firm said.  These firms cannot afford to continue 'flying
blind'.  Migrating experienced people from the investment banks
to investment management firms could be one way of addressing
this issue."

Institutional investors revealed they are at greater risk still
with around one in three investing in these instruments saying
they have no in-house experience of them.

More generally, the research found that the fund management
industry now faces a significant challenge in adapting to a
radically new business environment post the credit crisis and
should focus on risk management processes and governance
structures, in addition to the skills gap.

"So far banks have largely borne the brunt of the impact of the
credit crunch but this new research shows that the fund
management industry has been damaged too and not just in terms
of performance," James Suglia, Chairman of KPMG's Global
Alternatives Advisory Committee and Partner in the US firm said.  
This industry faces a challenge to build up the bottom line and
respond in real and practical ways to the issues the credit
crunch has raised.  The time to act is now."

However, fund management firms are not sitting still and the
survey indicated that many are already responding to the new
environment with a shake-up of internal processes and controls.
Four out of ten respondents said they had already formalized
their risk frameworks in the past two years and a similar number
of respondents said that they planned to do so in the next two
years.

In addition, the KPMG study found that a renewed focus on
educating stakeholders about how complex products work and much
greater investor assurance regarding governance issues will be
vital to help restore confidence.  Reassuringly, the survey
found that valuation methods and governance arrangements had
either already been addressed or were high on the agenda for a
significant proportion of respondents.

"Investors have had a massive knock in confidence, severely
diminishing their appetite for risk," Wm David Seymour, KPMG
Partner in the US firm and Global Head of Investment Management
practice concluded.  It is not so long ago that investors were
badly burned by the tech bubble and the memories are still
fresh.  The fund management sector will need to take a hard look
at how it operates by improving skill sets, tightening risk
management and achieving industry best practice in governance
and transparency to show it can adapt to a fundamentally changed
environment."


BOOK REVIEW: Cardozo and Frontiers of Legal Thinking
----------------------------------------------------
Author:     Beryl H. Levy
Publisher:  Beard Books
Paperback:  336 pages
List Price: US$34.95

Order your personal copy at
http://www.amazon.com/exec/obidos/ASIN/1893122689/internetbankru
pt

Cardozo and Frontiers of Legal Thinking, by Beryl H. Levy
portrays Justice Cardozo, a lawyer and philosopher, as concerned
with harmonizing legal rules with social values and the demands
of stability with changes in the law.

In this scholarly but eminently readable tome, Beryl H. Levy
focuses on the law that is made by judges in the higher courts
when an appeal is taken from the trial court.

He specifically addresses closely contested cases where
convincing briefs have been presented by both sides and where
the judges on the appellate court are likely to be divided.

The point of departure is the thinking of Justice Benjamin
Cardozo, who recognized emerging trends and forces in the
country and made public law more responsive to them.


                            *********

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

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

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

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

                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
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