TCREUR_Public/080707.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Monday, July 7, 2008, Vol. 9, No. 133

                            Headlines


A U S T R I A

GASTSTATTENBETRIEBE LLC: Claims Registration Period Ends July 22
J. BABINSKY: Claims Registration Period Ends July 30
KUJTO STEINMETZ: Claims Registration Period Ends July 30
OPTIC 96: Claims Registration Period Ends July 24


B E L G I U M

CHRYSLER LLC: International Sales Up by 4% in First Half of 2008


D E N M A R K

CLEAR CHANNEL: Terminates Tender Offer for 7.65% Senior Notes


F R A N C E

CROWN EUROPEAN: Fitch Affirms 'B+' Issuer Default Rating


G E R M A N Y

AKQUITEC AKQUISITION: Claims Registration Period Ends July 18
AMPEX CORPORATION: Wants Bankruptcy Control Until October 26
ARKUS BAUSYSTEME: Claims Registration Period Ends July 18
BACKEREI NIES: Claims Registration Period Ends July 18
BBL GMBH: Claims Registration Period Ends July 21

BEHRMANN VERWALTUNGS: Claims Registration Period Ends July 21
BERND SCHAUB: Claims Registration Period Ends July 18
ELEKTROHAUS KARL: Claims Registration Period Ends July 18
EMAX BAUTEAM: Claims Registration Period Ends July 18
EVENT & MARKETING: Claims Registration Period Ends July 18

LITHIUM TECHNOLOGY: Bakhuizen et al. Disclose 30.3% Equity Stake
MPGK GMBH: Creditors Meeting Slated for July 21
S.H.D. GEBAUDE: Claims Registration Period Ends July 20
SPIELPANORAMA: Claims Registration Period Ends July 20
SPRINT FILM: Claims Registration Period Ends July 17


I R E L A N D

AVEBURY FINANCE: Standard & Poor's Junks Two Note Classes
DUNNE GROUP: Inks 20-Year Franchise Deal with Ramada Hotels

K A Z A K H S T A N

FILE HOTEL: Creditors Must File Claims by Aug. 15
GUNEY IMPORT-EXPORT: Claims Deadline Slated for Aug. 15
HEAVEN HOUSE: Claims Filing Period Ends Aug. 15
JANAOZENSKY REMONTNO: Creditors' Claims Due on Aug. 13
POLIFACT JSC: Claims Registration Ends Aug. 15

STM AUTO: Creditors Must File Claims by Aug. 15


K Y R G Y Z S T A N

MOBI TECH: Creditors Must File Claims by August 8
RIELT-CRISTALL LLC: Claims Filing Period Ends August 8


L U X E M B O U R G

MILLICOM INTL: Names Francois-Xavier Roger as Finance Chief
PROMSVYAZBANK: Moody's Rates Loan Participation Notes at Ba2


R U S S I A

ANTSIFEROVSKIY WOOD: Names V. Dmitriev as Insolvency Manager
INVEST OIL: Court Names V. Makarov as Insolvency Manager
KAMA LLC: Creditors Must File Claims by August 7
MARAY CJSC: Creditors Must File Claims by August 7
PROMSVYAZBANK: Moody's Rates Loan Participation Notes at Ba2

RUSICH CJSC: Court Names G. Zheltikova as Insolvency Manager
TIMBER PLANNING: Creditors Must File Claims by August 7
VIMPELCOM-INVEST: Standard & Poor's Rates Proposed Bonds at BB+
WOOD PROCESSING: Court Names A. Brezhestovskiy to Manage Assets


S W I T Z E R L A N D

CINDERELLA MODE: Proofs of Claim Filing Deadline July 13
DELTACHEM JSC: Creditors' Proofs of Claim Due July 13
FMB AUTOSPORT:  Proofs of Claim Filing Deadline July 13
FRIAG FRANK: Proofs of Claim Filing Period Ends July 14
GRAFTECH INT'L: Buys 8.9% Minority Interest in Seadrift Coke

JOSEF FLUCK: Creditors Must File Proofs of Claim by July 14
MAROSA BAU: Aargau Court Commences Bankruptcy Proceedings
SMS SPECIAL: Creditors Must File Proofs of Claim by July 14
SOCIAL REFORM: Proofs of Claim Filing Period Ends July 14
XL-GENERATION JSC: Zug Court Commences Bankruptcy Proceedings


U K R A I N E

AGNI-SOUTH LLC: Creditors Must File Claims by July 17
AGRICULTURAL BREAD: Creditors Must File Claims by July 13
CONTOUR-STANDARD LLC: Creditors Must File Claims by July 13
GAZPROM NEFT: Moody's Lifts Sr. Unsec. Ratings to Baa3 from Ba1
KUPICHVOLIA LLC: Creditors Must File Claims by July 13

NOLA-INVEST LLC: Creditors Must File Claims by July 17
PARK LLC Proofs of Claim Deadline Set July 13
PERUN 06 LLC: Creditors Must File Claims by July 13
PROMIN PLANT Proofs of Claim Deadline Set July 13
SIVA LLC: Creditors Must File Claims by July 13

SUDMACHPROM OJSC Proofs of Claim Deadline Set July 13
UKRAINIAN CAPSULATION: Creditors Must File Claims by July 13
UKRAINIAN UNION: Proofs of Claim Deadline Set July 13
ZARIA LLC: Creditors Must File Claims by July 13


U N I T E D   K I N G D O M

@CTIVE IT: M. H. Abdulali Leads Liquidation Procedure
ALL TIME: Brings In Liquidators from Tenon Recovery
BRITISH AIRWAYS: Sept. 26 Hearing Set for Antitrust Suit Deal
BRITISH AIRWAYS: Blames Economy for Passenger Traffic Decline
CARRS PAINTS: Brings In Joint Administrators from KPMG

COMPANY 90: Creditors' Meeting Slated for July 15
CONTROL AIR: Taps Vantis to Administer Assets
FERNDENE DEVELOPMENTS: Taps Joint Administrators from KPMG
FIRST MINIBUSES: Taps Liquidators from Deloitte & Touche
FIRST TAXIS: Calls In Liquidators from Deloitte & Touche

FORD MOTOR: Eyes Dongfeng Motor as Partner for Volvo
GREENSTONE MANAGEMENT: Appoints Liquidators from Vantis
HOLLY'S CONTRACTORS:  Appoints Joint Administrators from PwC
MERITMILL LTD: Appoints KPMG as Joint Administrators
NORTHERN ROCK: S&P Sets Default Rating on GBP400-Mln Securities

PACEL ELECTRONICS: Appoints Joint Administrators from BDO Stoy
RYDERS AUTOSERVICE: Appoints Joint Administrators from BDO Stoy
SEFTON SERVICE: Brings In Joint Administrators from BDO Stoy
SPA SOLUTIONS: Creditors' Meeting Slated for July 15

* Moody's Sees Unfavorable Credit State for Automotive Makers

* BOND PRICING: For the Week June 30 to July 4, 2008


                            *********


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


GASTSTATTENBETRIEBE LLC: Claims Registration Period Ends July 22
----------------------------------------------------------------
Creditors owed money by LLC Gaststattenbetriebe (FN 101127t)
have until July 22, 2008, to file written proofs of claim to
court-appointed estate administrator Guenther Grassner at:

          Dr. Guenther Grassner
          c/o Dr. Norbert Mooseder
          Suedtirolerstrasse 4-6
          4020 Linz
          Austria
          Tel: 0732/77 08 15
          Fax: 770816
          E-mail: lawfirm@gltp.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 3:00 p.m. on Aug. 5, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Steyr
          Hall 7
          Second Floor
          Steyr
          Austria

Headquartered in Weyer, Austria, the Debtor declared bankruptcy
on June 4, 2008 (Bankr. Case No. 14 S 36/08d).  Norbert Mooseder
represents Dr. Grassner in the bankruptcy proceedings.


J. BABINSKY: Claims Registration Period Ends July 30
----------------------------------------------------
Creditors owed money by LLC J. Babinsky Bau (FN 133134k) have
until July 30. 2008, to file written proofs of claim to court-
appointed estate administrator Michael Lesigang at:

          Dr. Michael Lesigang
          Landstrasser Hauptstrasse 14-16/8
          1030 Vienna
          Austria
          Tel: 715 25 26
          E-mail: michael@lesigang.at   

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:15 a.m. on Aug. 13, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1707
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on June 4, 2008 (Bankr. Case No. 2 S 66/08f).  


KUJTO STEINMETZ: Claims Registration Period Ends July 30
--------------------------------------------------------
Creditors owed money by LLC KUJTO Steinmetz (FN 269481x) have
until July 30, 2008, to file written proofs of claim to court-
appointed estate administrator Georg Freimueller at:

          Dr. Georg Freimueller
          c/o Dr. Erwin Senoner
          Alser Strasse 21
          1080 Vienna
          Austria
          Tel: 406 05 51-Serie
          Fax: 406 96 01
          E-mail: kanzlei@jus.at   

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on Aug. 13, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1705
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on June 4, 2008 (Bankr. Case No. 3 S 60/08f).   Erwin Senoner
represents Dr. Freimueller in the bankruptcy proceedings.


OPTIC 96: Claims Registration Period Ends July 24
-------------------------------------------------
Creditors owed money by LLC Optic 96 (FN 232774s) have until
July 24, 2008, to file written proofs of claim to court-
appointed estate administrator Maximilian Schludermann at:

          Dr. Maximilian Schludermann
          c/o Mag. Wolfgang Winkler
          Reisnerstrasse 32/12
          1030 Vienna
          Austria
          Tel: 715 50 45
          Fax: 715 50 474
          E-mail: office@anwalt-vienna.at   

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on Aug. 7, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1703
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on June 4, 2008 (Bankr. Case No. 5 S 58/08a).  Wolfgang Winkler
represents Dr. Schludermann in the bankruptcy proceedings.


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


CHRYSLER LLC: International Sales Up by 4% in First Half of 2008
----------------------------------------------------------------
Chrysler LLC established a record for the best mid-year sales
ever outside North America as sales increased 4% (118,386 units)
compared to the same period in 2007; a result of the increased
demand for fuel-efficient models like the Jeep(R) Compass, Jeep
Patriot and Chrysler Sebring.  June 2008 sales (20,198 units)
were 12% below those of June 2007, which was a record month for
the company.

                         Regional Sales

Chrysler sales in Europe decreased 1% year-to-date (64,684
units).  

Sales in Russia grew by 69% to 4,638 units during the first six
months of 2008, the most significant growth of any market in the
region.  The increase was led by Dodge Caliber sales (1,733
units), which were up 82%, compared to the same time last year.  

Sales in the Asia Pacific region increased 45% by the mid-year
point, with 21,923 units sold.

China led all markets in growth for the first half of the year,
as sales climbed 113% to reach 10,517 units.  The significant
sales increase positioned China as Chrysler's number-two-volume
market outside North America behind Italy.

Australia and Japan, two key markets in the region, have also
achieved noteworthy growth so far in 2008.  In Australia, sales
increased 21% year-to-date (5,638 units) and Japan sales have
grown 14% (2,840 units).

Significant growth was achieved by several Latin American
markets year-to-date.

The greatest increase for Chrysler's Latin American sales was in
Argentina, where sales grew 88% to 2,245 units.

Brazilian sales increased 33% (3,096 units), fueled by demand
for the Chrysler PT Cruiser and Dodge Ram Pickup.

                           Brand Sales

The Dodge brand achieved the highest growth outside North
America, with an increase of 36% year-to-date (33,942 units).

Jeep sales grew 2% (46,541 units) during the same time period,
while Chrysler brand sales declined 13% (37,903 units).

Sales of fuel-efficient models continued to gain momentum.  
Chrysler Sebring sales more than tripled (up 229%) so far this
year to 7,602 units; and the Jeep brand vehicles in the small
SUV segment, Jeep Compass and Patriot, have achieved combined
sales of 16,365 units, an increase of 86% for sales in this
growing segment.

Chrysler offers access to its vehicles to more customers now
that there are a greater number of right-hand-drive and diesel
offerings.  In 2008, Chrysler will offer a total of 18 vehicles
in major markets outside North America, 17 of those vehicles
will be available in right-hand-drive and with a diesel
powertrain option.

                     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.


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


CLEAR CHANNEL: Terminates Tender Offer for 7.65% Senior Notes
-------------------------------------------------------------
Clear Channel Communications, Inc. terminated its tender offer
and consent solicitation for its outstanding 7.65% Senior Notes
due 2010 (CUSIP No. 184502AK8).  None of the CCU Notes were
purchased in the offer and all CCU Notes previously tendered and
not withdrawn will be promptly returned to their respective
holders.

In connection with AMFM Operating Inc.'s tender offer for its
outstanding 8% Senior Notes due 2008 (CUSIP No. 158916AL0),
Clear Channel disclosed that AMFM has extended the date on which
the AMFM tender offer is scheduled to expire from 8:00 a.m. New
York City time on July 3, 2008, to 8:00 a.m. New York City time
on July 30, 2008, and the consent payment deadline for the AMFM
Notes from 8:00 a.m. New York City time on July 3, 2008 to 8:00
a.m. New York City time on July 30, 2008.  The Offer Expiration
Date and the Consent Payment Deadline are subject to extension
by AMFM in its sole discretion, including in connection with the
terms of the settlement agreement and the amendment to the
merger agreement.

The completion of the tender offer and consent solicitation for
the AMFM Notes is conditioned upon the satisfaction or waiver of
all of the conditions precedent to the Agreement and Plan of
Merger by and among Clear Channel, CC Media Holdings, Inc., B
Triple Crown Finco, LLC, T Triple Crown Finco, LLC and BT Triple
Crown Merger Co., Inc., dated Nov. 16, 2006, as amended by
Amendment No. 1, dated April 18, 2007, Amendment No. 2, dated
May 17, 2007 and Amendment No. 3 dated May 13, 2008 and the
closing of the merger contemplated by the Merger Agreement.  The
closing of the Merger has not occurred.

On March 26, 2008, Clear Channel, joined by CC Media Holdings,
Inc., filed a lawsuit in the Texas State Court in Bexar County,
Texas, against Citigroup, Deutsche Bank, Morgan Stanley, Credit
Suisse, The Royal Bank of Scotland, and Wachovia, the banks who
had committed to provide the debt financing for the Merger.  On
May 13, 2008, Clear Channel reported that Clear Channel,
entities sponsored by Bain Capital Partners, LLC and Thomas H.
Lee Partners, L.P., and a bank syndicate had entered into a
settlement agreement in connection with the lawsuits previously
filed in the Texas and in New York.  Pursuant to the terms of
the settlement agreement, the parties entered into a third
amendment to the merger agreement.

           Special Meeting of Shareholders Set July 24

Clear Channel will hold a special meeting of its shareholders on
July 24, 2008, at which the proposed Merger will be considered.  
While the parties expect that the closing will occur on July 30,
2008, the parties to the settlement agreement have agreed to
extend the outside date for completion of the merger to Dec. 31,
2008.   AMFM intends to complete the tender offer and consent
solicitation for the AMFM Notes upon consummation of the merger.

Clear Channel previously disclosed on Jan. 2, 2008 that AMFM had
received, pursuant to its tender offer and consent solicitation
for the AMFM Notes, the requisite consents to adopt the proposed
amendments to the AMFM Notes and the indenture governing the
AMFM Notes.  As of July 1, 2008, approximately 99% of the AMFM
Notes have been validly tendered and not withdrawn.  The AMFM
tender offer and consent solicitation is being made pursuant to
the terms and conditions set forth in the AMFM Offer to Purchase
and Consent Solicitation Statement for the AMFM Notes dated Dec.
17, 2007, and the related AMFM Letter of Transmittal and
Consent.

Clear Channel has retained Citi to act as the lead dealer
manager for the tender offer and lead solicitation agent for the
consent solicitation and Deutsche Bank Securities Inc. and
Morgan Stanley & Co. Incorporated to act as co-dealer managers
for the tender offer and co-solicitation agents for the consent
solicitation.  Global Bondholder Services Corporation is the
Information Agent for the tender offer and the consent
solicitation.  Questions regarding the tender offer should be
directed to Citi at (800) 558-3745 (toll-free) or (212) 723-6106
(collect).  Requests for documentation should be directed to
Global Bondholder Services Corporation at (212) 430-3774 (for
banks and brokers only) or (866) 924-2200 (for all others toll-
free).

                About Clear Channel Communications

San Antonio, Texas-based Clear Channel Communications Inc.
(NYSE: CCU) -- http://www.clearchannel.com/-- is a diversified  
media company operating in three business segments: radio
broadcasting, Americas outdoor advertising, international
outdoor advertising, which contributed to 50%, 21%, and 26%,
respectively, during the year ended Dec. 31, 2007.  The company
owns 717 core radio stations, 288 non-core radio stations
operating in the United States.  It also owns about 209,000
Americas outdoor advertising display faces and approximately
687,000 international outdoor advertising display faces.  In
addition, it had equity interests in various international radio
broadcasting companies.  As of Feb. 13, 2008, the company sold
217 non-core radio stations.  In March 2008, the company
announced that it has completed the sale of its Television Group
to Newport Television LLC.

                         *     *     *

As reported by the Troubled Company Reporter-Europe on
June 19, 2008, Standard & Poor's Ratings Services lowered its
corporate credit rating on San Antonio, Texas-based Clear
Channel Communications Inc. to 'B' from 'B+' based on the
proposed financing of the company's pending leveraged buyout by
the private equity group co-led by Thomas H. Lee Partners L.P.
and Bain Capital Partners LLC. S&P also removed all the ratings
from CreditWatch.  The outlook is stable.

At the same time, Standard & Poor's assigned its 'B' bank loan
rating and '3' recovery rating on Clear Channel's $16.1 billion
of new senior secured credit facilities.  The '3' recovery
rating indicates S&P's expectation for meaningful (50% to 70%)
recovery of principal and pre-petition interest in the event of
a payment default.
   
S&P also assigned its 'CCC+' rating on the company's $2.3
billion of new senior unsecured notes, with a recovery rating of
'6', indicating its expectation for negligible (0% to 10%)
recovery in the event of a payment default.
   
At the same time, S&P lowered its rating on the company's $5.1
billion of existing senior unsecured notes to 'CCC+' from 'B-'
and assigned a recovery rating of '6' on these issues.

The 'B-' rating on the company's existing 8% senior notes due
November 2008 at its AMFM Operating Inc. subsidiary remains on
CreditWatch with negative implications pending the completion of
the company's tender offer for these notes.
   
S&P lowered the rating on Clear Channel's existing $750 million
of 7.65% senior notes due 2010 to 'CCC+' from 'B-' and assigned
a recovery rating of '6', reflecting the potential for this
issue to remain outstanding until maturity.


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


CROWN EUROPEAN: Fitch Affirms 'B+' Issuer Default Rating
--------------------------------------------------------
Fitch Ratings affirmed the ratings for Crown Holdings Inc., and
its subsidiaries Crown Cork & Seal Company Inc., Crown Americas,
LLC. and Crown European Holdings, S.A as:

Crown:
-- Issuer Default Rating 'B+'.

CCS:
-- IDR 'B+';
-- Senior unsecured notes 'B/RR5'.

CA:
-- IDR 'B+';
-- Senior secured dollar term facility 'BB+/RR1';
-- Senior secured dollar revolving facility 'BB+/RR1';
-- Senior unsecured notes 'B+/RR4'.

CEH:
-- IDR 'B+';
-- Senior secured euro term facility 'BB+/RR1';
-- Senior secured euro revolving facility 'BB+/RR1';
-- Senior secured euro 1st priority notes 'BB+/RR1'.

Approximately US$3.8 billion of debt is covered by the ratings.  
The Rating Outlook is Stable.

The ratings reflect Crown's leading market share across its
product categories, balanced revenue mix, geographic
diversification, improving cash flow, good liquidity, modest
near-term debt maturities, and volume growth in emerging
markets.  

Rating concerns include escalating raw materials and freight
costs, intense competition in mature markets, increasing cash
deployment toward shareholders, and to a lesser extent, asbestos
liability.

The Stable Outlook reflects the relatively steady demand in
Crown's key end-markets, consistent operating performance, and
solid cash generation.  The company's internationally balanced
asset portfolio is also a key factor lending stability to the
Outlook.

Crown has been challenged with substantially higher raw
materials costs over the past few years but continues to
successfully manage the cost structure through productivity
improvements and effective contractual price adjustments with
its customers.  Despite the robust cost inflation, Crown has
maintained stable profitability over the past several quarters,
while improving free cash flow to US$353 million in 2007.  The
company also repaid US$224 million of debt during the year.  
Leverage declined to 3.9 times at fiscal year end 2007 from 4.4x
at FYE2006, largely achieved through earnings growth as debt
repayment was partially offset by higher debt balances due to
currency translation effects.  

Leverage moved up to 4.2x at March 31, 2008, but is still down
from 4.5x over the same prior year period.  Fitch expects credit
metrics to strengthen modestly over the course of 2008, driven
by earnings growth.  The company must meet tightening financial
covenants which require 3.75x leverage and 3.1x EBITDA interest
coverage by Dec. 31, 2008.

While Crown continues to operate its business well, Fitch
remains somewhat cautious given the pronounced increase in
steel, aluminum, and energy prices in recent months.  Crown's
cost structure is largely comprised of aluminum and steel, which
represent roughly 60% of the company's costs.  Freight
distribution is also a large component of costs.  The company's
contractual arrangements have historically been effective at
limiting Crown's raw materials risk, although a lag in pass-
through pricing can periodically distort profit margins.  

Extreme run-ups in costs could present some challenge to the
conversion business model if customers become unwilling or
unable to fully absorb higher costs for their metal packaging
needs.

However, the company's global sourcing and operations should
help to mitigate some of the cost pressures, particularly those
which are amplified by the declining value of the dollar since a
large proportion of Crown's costs and revenues are in foreign
currencies.

Crown maintains debt reduction as a financial priority, although
the company continues to increase its cash deployment toward
shareholders.  In February 2008, the company announced a three-
year, US$500 million share repurchase authorization.  Crown has
accelerated its repurchases in the past and could do so again.
Share repurchases could outpace debt reduction in 2008 as a
result.  Fitch expects free cash flow to exceed US$300 million
in 2008.  The company is typically a cash user in the first one
to two quarters as it builds inventory for the seasonally strong
summer and fall months.

However, first-quarter 2008 registered a larger than usual use
of cash (operating cash flow was negative US$443 million
compared to negative US$234 million in first-quarter 2007).  
Management attributed the results to greater working capital
usage, receivables securitization funding shortfall, and
currency translation.  The company still expects free cash flow
of between US$330 million to US$370 million for the full year,
but Fitch believes the high end of this range could prove
challenging.

Other cash obligations in 2008 include pension contributions
expected to be US$67 million; asbestos settlement payments of
about US$26 million; up to US$20 million to settle retiree
benefit litigation and costs associated with minor
restructuring; and dividends to minority interests which have
historically been US$30 million to US$40 million annually.  
Modest debt maturities of $38 million and US$33 million are due
in 2008 and 2009.  As of March 31, 2008, Crown had US$282
million cash and US$398 million available under its revolver for
total liquidity of US$680 million.

Crown's recovery analysis has been updated to reflect fiscal
2007 and first-quarter 2008 results.  Fitch made certain
adjustments to the analysis to more accurately reflect the
relative position of securities within Crown's complex capital
and corporate structure.  

The concession payments to senior unsecured notes at both Crown
Americas and Crown Cork and Seal were eliminated.  The
allocation of distressed enterprise value was adjusted
accordingly, and the senior unsecured debt at CA continues to
show greater estimated recovery value due to the structural
subordination of debt at CCS.

The EBITDA discount used is 32% and the EBITDA valuation
multiple is 5.5x.  The EBITDA discount is somewhat higher than
what is indicated based on the covenant thresholds (about 18%)
because Fitch believes that a deeper discount would be needed to
represent a distressed scenario for Crown.  The updated analysis
maintains recovery estimates in line with Fitch's previous
analysis, with all senior secured debt rated 'RR1', senior
unsecured debt at CA rated 'RR4' and senior unsecured debt at
CCS rated 'RR5'.


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G E R M A N Y
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AKQUITEC AKQUISITION: Claims Registration Period Ends July 18
-------------------------------------------------------------
Creditors of AkquiTec Akquisition u. techhnische
Unternehmensberatung GmbH have until July 18, 2008, to register
their claims with court-appointed insolvency manager Volker
Dick.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Aug. 27, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bonn
         Meeting Hall S 2.18
         Second Floor
         Wilhelmstr. 23
         53111 Bonn
         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:

         Volker Dick
         Koelnstrasse 135
         53757 Sankt Augustin
         Germany
         Tel: 02241/90600
         Fax: 02241906090

The District Court of Bonn opened bankruptcy proceedings against  
AkquiTec Akquisition u. techhnische Unternehmensberatung GmbH on
May 30, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         AkquiTec Akquisition u.
         techhnische Unternehmensberatung GmbH
         Am Turm 88
         53721 Siegburg
         Germany

         Attn: Jascha Weinert, Manager
         Brueder-Busch-Str. 11
         53721 Siegburg
         Germany


AMPEX CORPORATION: Wants Bankruptcy Control Until October 26
------------------------------------------------------------
Ampex Corporation and its debtor-affiliates has asked the
Hon. Arthur J. Gonzalez of the United States Bankruptcy Court
for the Southern District of New York to extend their exclusive
periods to:

  a) file a Chapter 11 plan until Oct. 26, 2008, and

  b) solicit acceptances of that plan until Dec. 25, 2008.

The requested extension of time will permit the Debtors to
obtain confirmation of their proposed Chapter 11 plan of
reorganization, without any disruption of their restructuring
operation of their businesses.  

As previously reported on June 12, 2008, the Court approved
pursuant to Section 1125 of the Bankruptcy Code the adequacy of
the Debtors' disclosure statement dated June 8, 2008, explaining
an amended Chapter 11 plan.  The Court set a hearing on
July 31, 2008, at 10:00 a.m., to consider confirmation of the
Debtors' amended plan.

The Debtors' exclusive period to file a Chapter 11 plan
currently expires on July 28, 2008.

A hearing is set for July 23, 2008, at 10:00 a.m., to consider
the Debtors' extension request.  Objections, if any, are due
July 21, 2008, at 4:00 p.m.

                           About Ampex

Headquartered in Redwood City, California, Ampex Corp. --  
http://www.ampex.com/-- (Nasdaq:AMPX) is a licensor of visual         
information technology.  The company has two business segments:
Recorders segment and Licensing segment.  The Recorders segment
primarily includes the sale and service of data acquisition and
instrumentation recorders (which record data and images rather
than computer information), and to a lesser extent mass data
storage products.  The Licensing segment involves the licensing
of intellectual property to manufacturers of consumer digital
video products through their corporate licensing division.

On March 30, 2008, Ampex Corp. and six affiliates filed for
protection under Chapter 11 of the Bankruptcy Code with the U.S.
Bankruptcy Court for the Southern District of New York (Case
Nos. 08-11094 through 08-11100).  Matthew Allen Feldman, Esq.,
and Rachel C. Strickland, Esq., at Willkie Farr & Gallagher LLP,
represent the Debtors in their restructuring efforts.  The
Debtors have also retained Conway Mackenzie & Dunleavy as their  
financial advisors.  In its schedules of assets and liabilities
filed with the Court, Ampex Corp. disclosed total assets of
US$9,770,089 and total debts of US$82,488,054.

The Debtors have nine foreign affiliates that are incorporated
in seven countries -- one each in the United Kingdom, Japan,
Belgium, Colombia and Brazil and two each in Germany and Mexico.  
With the exception of the affiliates located in the U.K. and
Japan, none of the other foreign affiliates conduct meaningful
business activity.  As of March 30, 2008, none of the foreign
affiliates have commenced insolvency proceedings.


ARKUS BAUSYSTEME: Claims Registration Period Ends July 18
---------------------------------------------------------
Creditors of ARKUS Bausysteme GmbH have until July 18, 2008, to
register their claims with court-appointed insolvency manager
Dr. Juergen Spliedt.

Creditors and other interested parties are encouraged to attend
the meeting at 10:35 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 Potsdam
         Hall 24
         Jagerallee 10-12
         14469 Potsdam
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. Juergen Spliedt
         Uhlandstrasse 165/166
         10719 Berlin
         Germany

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

The Debtor can be reached at:

         ARKUS Bausysteme GmbH
         Attn: Jaroslaw Filip Hoffmann, Manager
         Edelweisstrasse 5
         13158 Berlin
         Germany


BACKEREI NIES: Claims Registration Period Ends July 18
------------------------------------------------------
Creditors of Backerei Nies GmbH have until July 18, 2008, to
register their claims with court-appointed insolvency manager
Dr. Klaus Ortmueller.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Aug. 22, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Betzdorf
         Hall 109
         First Floor
         Friedrichstrasse 17
         57518 Betzdorf
         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. Klaus Ortmueller
          Molzbergstrasse 1
          57518 Betzdorf
          Germany
          Tel: 02741-93400
          Fax: 02741-934033

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

The Debtor can be reached at:

         Backerei Nies GmbH
         Austrasse 11
         57518 Alsdorf
         Germany


BBL GMBH: Claims Registration Period Ends July 21
-------------------------------------------------
Creditors of BBL GmbH have until July 21, 208, to register their
claims with court-appointed insolvency manager Herbert Feigl.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Aug. 18, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Halle-Saalkreis
         Hall 1.043
         Judicial Center
         Thueringer Str. 16
         06112 Halle
         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:

         Herbert Feigl
         Hansering 1
         D 06108 Halle
         Germany
         Tel: 0345/212220
         Fax: 0345/2122222

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

The Debtor can be reached at:

         BBL GmbH
         Merseburger Str. 371
         06132 Halle
         Germany

         Attn: Frank Landgraf, Manager
         Wilhelm-Sammet-Str. 10
         04129 Leipzig
         Germany  


BEHRMANN VERWALTUNGS: Claims Registration Period Ends July 21
-------------------------------------------------------------
Creditors of Behrmann Verwaltungs-GmbH have until July 21, 2008,
to register their claims with court-appointed insolvency manager
Dr. Achim Ahrendt.

Creditors and other interested parties are encouraged to attend
the meeting at 10:20 a.m. on Aug. 19, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Tostedt
         Meeting Room I
         Area CE.02
         Linden 23
         21255 Tostedt
         Germany

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

The insolvency manager can be reached at:

         Dr. Achim Ahrendt
         Albert-Einstein-Ring 11
         22761 Hamburg
         Germany
         Tel: 040/899560
         Fax: 040/8995641

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

The Debtor can be reached at:

         Behrmann Verwaltungs-GmbH
         Klosterstr. 22
         27404 Heeslingen
         Germany

         Attn: Bernd Behrmann, Manager
         Freyerser Str. 2 A
         27404 Heeslingen-Weertzen
         Germany


BERND SCHAUB: Claims Registration Period Ends July 18
-----------------------------------------------------
Creditors of Bernd Schaub Abbrucharbeiten GmbH & Co. KG have
until July 18, 2008, to register their claims with court-
appointed insolvency manager Dr. Christian Dawe.

Creditors and other interested parties are encouraged to attend
the meeting at 9:05 a.m. on Aug. 15, 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 Hamburg
         Hall B 405
         Fourth Floor Annex
         Civil Justice Bldg.
         Sievkingplatz 1
         20355 Hamburg
         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. Christian Dawe
          Gansemarkt 50
          20354 Hamburg
          Germany

The District Court of Hamburg opened bankruptcy proceedings
against Bernd Schaub Abbrucharbeiten GmbH & Co. KG on June 2,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         Bernd Schaub Abbrucharbeiten GmbH & Co. KG
         Vogelhuettendeich 92
         21107 Hamburg
         Germany


ELEKTROHAUS KARL: Claims Registration Period Ends July 18
---------------------------------------------------------
Creditors of Elektrohaus Karl Thomas GmbH have until July 18,
2008, to register their claims with court-appointed insolvency
manager Dr. Wilhelm Denzer.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 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 Trier
         Hall 63
         Justizstrasse 2,4,6
         54290 Trier
         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. Wilhelm Denzer
         Boehmerstrasse 16
         54290 Trier
         Germany
         Tel: 0651/975900
         Fax: 0651/9759095
         E-mail: info@seibel-partner.de

The District Court of Trier opened bankruptcy proceedings
against Elektrohaus Karl Thomas GmbH on May 26, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Elektrohaus Karl Thomas GmbH
         Loebstr. 13-14
         54292 Trier
         Germany


EMAX BAUTEAM: Claims Registration Period Ends July 18
-----------------------------------------------------
Creditors of Emax Bauteam GmbH have until July 18, 2008, to
register their claims with court-appointed insolvency manager
Berthold Brinkmann.

Creditors and other interested parties are encouraged to attend
the meeting at 1:10 p.m. on Aug. 18, 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 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:

         Berthold Brinkmann
         Freiligrathstraße 1
         18055 Rostock
         Germany

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

The Debtor can be reached at:

         Emax Bauteam GmbH
         Orchideenweg 6
         17213 Malchow
         Germany


EVENT & MARKETING: Claims Registration Period Ends July 18
----------------------------------------------------------
Creditors of Event & Marketing GmbH have until July 18, 2008, to
register their claims with court-appointed insolvency manager
Dr. Steffen Koch.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 a.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 Hildesheim
         Hall 124
         Main Building
         Kaiserstrasse 60
         31134 Hildesheim
         Germany

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

The insolvency manager can be reached at:

         Dr. Steffen Koch
         Sophienstr. 1
         30159 Hannover
         Germany
         Tel: 0511/3539910
         Fax: 0511/35399110

The District Court of Hildesheim opened bankruptcy proceedings
against Event & Marketing GmbH on May 13, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Event & Marketing GmbH
         Eimser Weg 31
         31061 Alfeld
         Germany


LITHIUM TECHNOLOGY: Bakhuizen et al. Disclose 30.3% Equity Stake
----------------------------------------------------------------
Bauke Bakhuizen, Cornelis J.M. Borst, Bover B.V., Benno J.G. de
Leeuw, Benno de Leeuw Holding B.V., Robert L.O. du Chatenier,
Chadmin B.V., J.F.G.M. Heerschap, Cornelis L.M. Meeuwis,
Dreamweaver B.V., Johannes C.L. Mol, Green Desert N.V., Walter
J.M. van der Mee beneficially own an aggregate of 276,260,400
shares of Common Stock in Lithium Technology Corp., representing
approximately 30.3% of the then outstanding Common Stock.  

All computations of the percentage of outstanding Common Stock
are based on 670,924,782 shares of Common Stock outstanding as
of May 8, 2008.

As of April 28, 2008, Bakhuizen beneficially owned 36,214,000
shares of Common Stock issuable upon conversion of 14,485.6
shares of Series C Convertible Preferred Stock, par value
US$0.01 per share, representing approximately 5.1% of the then
outstanding Common Stock.

Borst beneficially owned 33,500,000 shares of Common Stock,
consisting of:

  (i) 20,750,000 shares of Common Stock;

(ii) 11,250,000 shares of Common Stock issuable upon
      conversion of 4,500 shares of Series C Preferred Stock;
      and

(iii) the right to receive 1,500,000 shares of Common Stock from
      the Foundation, collectively representing approximately
      4.9% of the then outstanding Common Stock.  

Borst disclaims beneficial ownership of any securities of the
Issuer owned, or held in accounts managed, by Fidessa Asset
Management S.A. or any of its affiliates.

De Leeuw beneficially owned 5,329,700 shares of Common Stock,
consisting of:

  (i) 105,000 shares of Common Stock (these shares are held by
      De Leeuw Holding); and

(ii) 5,224,700 shares of Common Stock issuable upon conversion
      of 2089.88 shares of Series C Preferred Stock,
      collectively representing approximately 0.8% of
      the then outstanding Common Stock.

De Leeuw Holding beneficially owned 105,000 shares of Common
Stock, representing approximately 0.0% of the then outstanding
Common Stock.

Du Chatenier beneficially owned 34,193,350 shares of Common
Stock, consisting of:

  (i) 610,000 shares of Common Stock;

(ii) 250,000 shares of Common Stock (these shares are held by
      Chadmin),

(iii) 11,983,525 shares of Common Stock issuable upon conversion
      of 4,793.41 shares of Series C Preferred Stock,

(iv) 4,683,150 shares of Common Stock issuable upon conversion
      of 1,873.26 shares of Series C Preferred Stock (these
      shares are registered in the name of Du Chatenier and
      beneficially owned by the minor children of Du
      Chatenier); and

  (v) 16,666,675 shares of Common Stock issuable upon
      conversion of 6,666.67 shares of Series C Preferred Stock
      (these shares are held by Chadmin), collectively
      representing 4.9% of the then outstanding Common Stock.

Chadmin beneficially owned 16,916,675 shares of Common Stock,
consisting of:

  (i) 250,000 shares of Common Stock and

(ii) 16,666,675 shares of Common Stock issuable upon conversion
      of 6,666.67 shares of Series C Preferred Stock,
      collectively representing approximately 2.5% of the then
      outstanding Common Stock.

Heerschap beneficially owned 61,250,000 shares of Common Stock
issuable upon conversion of 11,068.99 shares of Series C
Preferred Stock, representing approximately 8.4% of the then
outstanding Common Stock.

Meeuwis beneficially owned 36,306,675 shares of Common Stock,
consisting of:

  (i) 2,390,000 shares of Common Stock;

(ii) 27,672,475 shares of Common Stock issuable upon conversion
      of 11,068.99 shares of Series C Preferred Stock (these
      shares are held by Dreamweaver); and

(iii) 6,244,200 shares of Common Stock issuable upon conversion
      of 2,497.68 shares of Series C Preferred Stock (these
      shares are registered in the name of Dreamweaver and
      beneficially owned by the minor children of Meeuwis),
      collectively representing approximately 5.2% of the then
      outstanding Common Stock.

Dreamweaver beneficially owned 33,916,675 shares of Common
Stock, consisting of:

  (i) 27,672,475 shares of Common Stock issuable upon
      conversion of 11,068.99 shares of Series C Preferred Stock
      and

(ii) 6,244,200 shares of Common Stock issuable upon conversion
      of 2497.68 shares of Series C Preferred Stock,
      collectively representing approximately 4.8% of the then
      outstanding Common Stock.

Mol beneficially owned 50,591,675 shares of Common Stock,
consisting of:

  (i) 8,925,000 shares of Common Stock (these shares are held by
      Green Desert) and

(ii) 41,666,675 shares of Common Stock issuable upon conversion
      of 16,666.67 shares of Series C Preferred Stock (these
      shares are held by Green Desert), collectively
      representing approximately 7.1% of the then outstanding
      Common Stock.

Green Desert beneficially owned 50,591,675 shares of Common
Stock, consisting of:

  (i) 8,925,000 shares of Common Stock and

(ii) 41,666,675 shares of Common Stock issuable upon
      conversion of 16,666.67 shares of Series C Preferred
      Stock, collectively representing approximately 7.1% of the
      then outstanding Common Stock.

Van der Mee beneficially owned 4,875,000 shares of Common Stock,
consisting of:

  (i) 1,500,000 shares of Common Stock and

(ii) 3,375,000 shares of Common Stock issuable upon conversion
      of 1,350 shares of Series C Preferred Stock, collectively
      representing approximately 0.7% of the then outstanding
      Common Stock.

On May 8, 2008, Bover acquired from Fidessa 5,600 shares of
Series C Preferred Stock (convertible into 14,000,000 shares of
Common Stock) for a purchase price of EURO 959,627.12
(US$1,478,689.43 based on the average noon buying rate in New
York City for cable transfers payable in foreign currencies as
certified for customs purposes by the Federal Reserve Bank of
New York for May 8, 2008).

As a result, on May 8, 2008, Borst beneficially owned 47,500,000
shares of Common Stock, consisting of:

  (i) 20,750,000 shares of Common Stock;

(ii) 11,250,000 shares of Common Stock issuable upon conversion
      of 4,500 shares of Series C Preferred Stock,

(iii) 14,000,000 shares of Common Stock issuable upon conversion
      of 5,600 shares of Series C Preferred Stock (these shares
      are held by Bover) and

(iv) the right to receive 1,500,000 shares of Common Stock from
      the Foundation, collectively representing approximately
      6.8% of the then outstanding Common Stock.

Bover beneficially owned 14,000,000 shares of Common Stock
issuable upon conversion of 5,600 shares of Series C Preferred
Stock, collectively representing approximately 2.0% of the then
outstanding Common Stock.

                    About Lithium Technology

Lithium Technology Corporation (OTC: LTHU) --
http://www.lithiumtech.com/-- produces unique large-format   
rechargeable batteries under the GAIA brand name and trademark.  
The company supplies a variety of military, transportation and
back-up power customers in the U.S. and Europe from its two
operating locations in Plymouth Meeting, Pennsylvania and
Nordhausen, Germany.

                     Going Concern Doubt

In a letter dated May 13, 2008, Amper, Politziner & Mattia,
P.C., raised substantial doubt on the ability of Lithium
Technology Corporation to continue as a going concern after it
audited the company's financial statements for the year ended
Dec. 31, 2007.  The auditor pointed to the company's recurring
losses from operations since inception and working capital
deficiency.

The company's operating plan seeks to minimize its capital
requirements, but the expansion of its production capacity to
meet increasing sales and refinement of its manufacturing
process and equipment will require additional capital.  The
company expects that operating and production expenses will
increase significantly.  The company has recently entered into a
number of financing transactions and is continuing to seek other
financing initiatives.  The company needs to raise additional
capital to meet its working capital needs, for the repayment of
debt and for capital expenditures.  Such capital is expected to
come from the sale of securities.  The company believes that if
it raises approximately US$14,000,000 to US$20,000,000 in debt
and equity financings it would have sufficient funds to meet its
needs for working capital, repayment of debt and for capital
expenditures over the next 12 months to meet expansion plans.

                       Bankruptcy Warning

Management warned that if the company is unsuccessful in
completing these financings, it will not be able to meet its
working capital, debt repayment or capital equipment needs or
execute its business plan.  In such case, the company will
assess all available alternatives including a sale of its assets
or merger, the suspension of operations and possibly
liquidation, auction, bankruptcy, or other measures.


MPGK GMBH: Creditors Meeting Slated for July 21
-----------------------------------------------
The court-appointed insolvency manager for MPGK
Bauplanungsgesellschaft mbH, Dr. Juergen Spliedt, will present
his first report on the Company's insolvency proceedings at a
creditors' meeting at 10:55 a.m. on July 21, 2008.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 10:05 a.m. on Nov. 3, 2008, at the same
venue.

Creditors have until DEADLINE to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

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

The District Court of Charlottenburg opened bankruptcy
proceedings against MPGK Bauplanungsgesellschaft mbH on June 19,
2008. Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         MPGK Bauplanungsgesellschaft mbH
         Kaiserdamm 100
         14057 Berlin
         Germany


S.H.D. GEBAUDE: Claims Registration Period Ends July 20
-------------------------------------------------------
Creditors of S.H.D. Gebaude-Service GmbH have until July 20,
2008, to register their claims with court-appointed insolvency
manager Eberhard Stock.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 a.m. on Aug. 8, 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 Krefeld
         Meeting Room H 131
         First Floor         
         Nordwall 131
         47798 Krefeld
         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:

         Eberhard Stock
         Wilhelmshofallee 75
         47800 Krefeld
         Germany
         Tel: (02151) 5813-0
         Fax: +4921515813134

The District Court of Krefeld opened bankruptcy proceedings
against S.H.D. Gebaude-Service GmbH on May 7, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         S.H.D. Gebaude-Service GmbH
         Siemensring 5
         47877 Willich
         Germany

         Attn: Stefan Hackler, Manager
         Leidener Str. 131
         47839 Krefeld
         Germany


SPIELPANORAMA: Claims Registration Period Ends July 20
------------------------------------------------------
Creditors of Spielpanorama Spielstattenbetriebsgesellschaft mbH
have until July 20, 2008, to register their claims with court-
appointed insolvency manager Dr. Wolf-R. von der Fecht.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Aug. 8, 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 Krefeld
         Meeting Room H 131
         First Floor         
         Nordwall 131
         47798 Krefeld
         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. Wolf-R. von der Fecht
         Rheinort 1
         40213 Duesseldorf
         Germany
         Tel: 0211 13940
         Fax: +4902111394251

The District Court of Krefeld opened bankruptcy proceedings
against Spielpanorama Spielstattenbetriebsgesellschaft mbH on
May 7, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Spielpanorama Spielstattenbetriebsgesellschaft mbH
         Kirchstr. 6
         47918 Toenisvorst
         Germany

         Attn: Hans-Joachim Thiel, Manager
         Hueserheide 23
         47918 Toenisvorst
         Germany


SPRINT FILM: Claims Registration Period Ends July 17
----------------------------------------------------
Creditors of SPRINT Film GmbH have until July 17, 2008, to
register their claims with court-appointed insolvency manager
Georg Kreplin.

Creditors and other interested parties are encouraged to attend
the meeting at 9:05 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 Duesseldorf
         Meeting Hall A 341
         Third Floor
         Muehlenstrasse 34
         40213 Duesseldorf
         Germany     

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

The insolvency manager can be reached at:

         Georg Kreplin
         Breite Strasse 27
         40213 Duesseldorf
         Germany

The District Court of Duesseldorf opened bankruptcy proceedings
against SPRINT Film GmbH on June 19, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         SPRINT Film GmbH
         Oststrasse 119
         40210 Duesseldorf
         Germany

         Attn: Frank Hermann, Manager
         Zum Schluchtor 8
         40883 Ratingen
         Germany


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


AVEBURY FINANCE: Standard & Poor's Junks Two Note Classes
---------------------------------------------------------
Standard & Poor's Ratings Services removed from CreditWatch with
negative implications and lowered its credit ratings on the
class A-1A and A-2 notes issued by Avebury Finance CDO PLC.  At
the same time, S&P affirmed the remaining notes.
  
This rating action comes as a result of further negative rating
migration in the underlying portfolio.  In addition, the
breakeven default rates that each tranche can withstand have
been negatively affected by applying our revised recovery
assumptions for residential mortgage-backed securities and
collateralized debt obligation assets issued after fourth
quarter 2005.

Furthermore, the transaction is breaching overcollateralization
and interest coverage tests.
  
Loss of par in the transaction and lower recovery rates have
significantly reduced the breakeven default rates for the class
A-1A and A-2 notes, while the probability of default in the
underlying portfolio has increased across all our rating
scenarios.  S&P has lowered the ratings on these two classes to
'CCC-' to account for the increased risk that principal will not
ultimately be paid in full.
  
Avebury is a cash flow CDO, backed primarily by U.S. RMBS and
CDO assets.
  
On Jan. 30, 2008, S&P placed all rated notes in the transaction
on CreditWatch negative.  On April 2, S&P resolved this
CreditWatch placement and lowered the ratings on all but the
class X notes.  On May 7, S&P placed the ratings on the
class A-1A and A-2 notes on CreditWatch negative.
  
Ratings List
  
Avebury Finance CDO PLC
US$1.0097 Billion Secured Floating Rate Notes Due 2051
  
Class                          Rating
                     To                       From
  
Ratings Removed From CreditWatch With Negative Implications And
Lowered
A-1A                 CCC-                     BB/Watch Neg
A-2                  CCC-                     CCC+/Watch Neg
  
Ratings Affirmed
X                    AAA
B                    CCC-
C                    CCC-
D                    CCC-
E                    CCC-


DUNNE GROUP: Inks 20-Year Franchise Deal with Ramada Hotels
-----------------------------------------------------------
Dunne Group Hotels has entered into a 20-year franchise
agreement with Ramada Hotels after it was placed into
examinership, Limerick Leader reports.  

The franchise agreement, Limerick Leader adds, is part of a
financial rescue plan drawn up by a High Court-appointed
examiner for the group.

Under the franchise agreement, all Dunne hotels will operate
under the Ramada brand, Limerick relates.

Christy Power, commercial director of the Dunne Group, is
optimistic that the company will recover, saying "the High Court
wouldn't have granted us examinership if we didn't have the core
fundamental structures in place to ensure that the hotels could
continues to run as profit-making businesses for many years to
come, which I am convinced they will," Limerick Leader reveals.

A TCR-Europe on July 2, 2008, disclosed Dunne Group filed for
commencement of examinership procedure at the High Court of
Ireland after suffering from  major financial difficulties.

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


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


FILE HOTEL: Creditors Must File Claims by Aug. 15
-------------------------------------------------  
Branch of JSC File Hotel Tourism Ishletmedjilik has declared
insolvency.  Creditors have until Aug. 15, 2008, to submit
written proofs of claims to:

         JSC File Hotel Tourism Ishletmedjilik
         Hadja Mukan Str. 10-30
         Almaty
         Kazakhstan


GUNEY IMPORT-EXPORT: Claims Deadline Slated for Aug. 15
-------------------------------------------------------  
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Joint Kazakh-Turkish Enterprise Guney Import-Export
insolvent on May 27, 2008.

Creditors have until Aug. 15, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Office 8
         Kassin Str. 2/1
         Mamyr
         050052, Almaty
         Kazakhstan
         Tel: 8 (7272) 63-84-42
              8 777 559 68-31
              8 777 258 50-41


HEAVEN HOUSE: Claims Filing Period Ends Aug. 15
-----------------------------------------------  
The Specialized Inter-Regional Economic Court of Atyrau has
declared LLP Heaven House West Kazakhstan insolvent.

Creditors have until Aug. 15, 2008, to submit written proofs of
claims to:

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


JANAOZENSKY REMONTNO: Creditors' Claims Due on Aug. 13
------------------------------------------------------  
The Specialized Inter-Regional Economic Court of Mangistau has
declared LLP Janaozen Repair and Engineering Works Janaozensky
Remontno-Mehanichesky Zavod insolvent.

Creditors have until Aug. 13, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Mangistau
         Post Office Box 437
         OPS-1
         Aktau
         Mangistau
         Kazakhstan
         Tel: 8 (7292) 53-01-63


POLIFACT JSC: Claims Registration Ends Aug. 15
----------------------------------------------  
The Specialized Inter-Regional Economic Court of Kostanai has
declared JSC Polifact insolvent.

Creditors have until Aug. 15, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Kozybaev Str. 107-126
         Kostanai
         Kazakhstan


STM AUTO: Creditors Must File Claims by Aug. 15
-----------------------------------------------  
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP STM Auto insolvent.

Creditors have until Aug. 15, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Kozybaev Str. 107-126
         Kostanai
         Kazakhstan


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


MOBI TECH: Creditors Must File Claims by August 8
-------------------------------------------------
LLC Mobi Tech has declared insolvency.  Creditors have until
Aug. 8, 2008, to submit written proofs of claim.

Inquiries can be addressed to (+996 312) 78-75-13.


RIELT-CRISTALL LLC: Claims Filing Period Ends August 8
------------------------------------------------------
LLC Rielt-Cristall has declared insolvency.  Creditors have
until Aug. 8, 2008, to submit written proofs of claim.

Inquiries can be addressed to (+996 312) 51-45-65, 51-10-01.


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


MILLICOM INTL: Names Francois-Xavier Roger as Finance Chief
-----------------------------------------------------------
Millicom International Cellular S.A. disclosed that Francois-
Xavier Roger will be joining the company on Sept. 1, 2008, as
the companys Chief Financial Officer.

Francois-Xavier Roger joins Millicom from Groupe Danone where he
served as Vice-President Corporate Finance since 2006 and
previously as Chief Financial Officer for Danone Asia from 2000
to 2005.

Millicom's current Chief Financial Officer, David Sach, will be
leaving the company at the end of the calendar year to pursue
other opportunities. Francois-Xavier Roger and David Sach will
work together to ensure a smooth transition.

Marc Beuls, CEO of Millicom commented, "We are very pleased to
welcome Francois-Xavier Roger to Millicom as his wide experience
of the fast moving consumer goods sector in emerging markets
will be important to us in taking Millicom forward to the next
stage of its development.  We thank David Sach for his
contribution to Millicom over the last three years."


                     About Millicom International

Headquartered in Bertrange, Luxembourg, and controlled by
Sweden's AB Kinnevik, Millicom International Cellular S.A.
-- http://www.millicom.com/-- is a global telecommunications   
investor with cellular operations in Asia, Latin America and
Africa.  It currently has cellular operations and licenses in 16
countries.  The Group's cellular operations have a combined
population under license of around 391 million people.

The Central America Cluster comprises Millicom's operations in
El Salvador, Guatemala and Honduras.  The population under
license in Central America at December 2005 is 26.4 million.
The South America Cluster comprises Millicom's operations in
Bolivia and Paraguay.  The population under license in South
America at December 2005 is 15.2 million.

                            *     *     *

As of April 25, 2008, Millicom International Cellular S.A.
carries Ba2 corporate family rating and B1 senior debt rating
from Moody's Investors Service, which said the outlook is
stable.


PROMSVYAZBANK: Moody's Rates Loan Participation Notes at Ba2
------------------------------------------------------------
Moody's Investors Service has assigned a Ba2 rating to the
senior unsecured notes issued under the Loan Participation Notes
issuance program of Promsvyazbank (Russia).  The LPNs were
issued on a limited recourse basis by PSB Finance S.A. for the
sole purpose of funding a loan to Promsvyazbank.  The outlook
for the rating is stable.

The total maximum size of the program is US$3 billion, while the
amount of the drawdown is US$150 million.  The issue has a
coupon rate of 10.75% and matures in 2013, while it also has an
embedded 3-year put option.  The program allows for issuance of
both senior and subordinated notes; the drawdown represents a
senior class of debt.

The holders of the notes will rely for repayment solely and
exclusively on the ability of Promsvyazbank to make payments
under the loan agreement.  Promsvyazbank is rated Ba2/Not Prime
for long- and short-term foreign and local currency deposits,
and D for financial strength.  All of Promsvyazbank's ratings
carry a stable outlook.

As regards the senior class of LPNs issued under the program,
the obligations of Promsvyazbank to make payments under the loan
agreement will rank at all times at least pari passu with all
its other unsecured and unsubordinated indebtedness except as
otherwise provided by mandatory provisions of applicable law.
Moody's notes that Russia is in general a country with
individual depositor preference, which may reduce the recovery
rates for the bondholders, especially if such deposits were to
represent a sizeable proportion of the bank's liabilities in the
event of liquidation.

According to the terms and conditions of the loan agreement,
Promsvyazbank must comply with mandatory ratios and other
requirements of the Central Bank of Russia and a ratio of
capital to risk-weighted assets of either 11% or 10%, depending
on the bank's ratings.  The bank must also comply with a number
of other covenants such as negative pledge, limitations on any
reorganization (if it has a material adverse effect or a
negative rating effect), as well as on disposals and
transactions with affiliates, and some others.

The loan agreement and all matters arising from or connected
with it are governed by and shall be construed in accordance
with English law.

Promsvyazbank is headquartered in Moscow, Russia.  At the end of
2007, the bank reported total consolidated assets of US$11.9
billion (2006: US$6.9 billion) and total shareholders' equity of
US$1.1 billion (2006: US$0.7 billion), with net IFRS income for
2007 of US$151 million (2006: US$99 million).

PSB Finance S.A. is a special purpose vehicle incorporated under
the laws of Luxembourg.


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


ANTSIFEROVSKIY WOOD: Names V. Dmitriev as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Novosibirsk appointed V. Dmitriev as
Insolvency Manager for LLC Antsiferovskiy Wood-Prom-Khoz (TIN
5316004917).  He can be reached at:

         V. Dmitriev
         Post User Box 17
         150040 Yaroslavl
         Russia

The Court Court of Perm commenced bankruptcy proceedings against
the company after finding it insolvent.  The case is docketed
under Case No. A44-2603/2007.

The Court is located at:

         The Arbitration Court of Perm
         Lunacharskogo Str. 3
         Perm
         Russia

The Debtor can be reached at:

         LLC Antsiferovskiy Wood-Prom-Khoz
         Svobody Str. 4A
         Antsiferovo
         Khvoyninskiy
         Novosibirsk
         Russia


INVEST OIL: Court Names V. Makarov as Insolvency Manager
--------------------------------------------------------
The Arbitration Court of Samara appointed V. Makarov as
Insolvency Manager for LLC Invest Oil (TIN 6376014870).  He can
be reached at:

         V. Makarov
         Perovskoy 25/2-82
         450092 Ufa
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A55-13704/2007.

The Court is located at:

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

The Debtor can be reached at:

         LLC Invest Oil
         Kr. Yar
         Samara
         Russia


KAMA LLC: Creditors Must File Claims by August 7
------------------------------------------------
Creditors of LLC Shipyard Kama have until Aug. 7, 2008, to
submit proofs of claim to:

         A. Barkin
         Insolvency Manager
         G. Zvezda Str. 13
         614045 Perm
         Russia

The Arbitration Court of Perm commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A50-16577/2007-B1.

The Court is located at:

         The Arbitration Court of Perm
         Lunacharskogo Str. 3
         Perm
         Russia

The Debtor can be reached at:

         LLC Shipyard Kama
         Buksirnaya Str. 4
         614023 Perm
         Russia


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

         L. Korotaeva
         Insolvency Manager
         K. Marksa Str. 61-7
         Ishim
         Tyumen
         Russia

The Arbitration Court of Tyumen commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A70-7789/3-07.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Agricultural Company Maray
         Maray
         Abatskiy
         Tyumen
         Russia


PROMSVYAZBANK: Moody's Rates Loan Participation Notes at Ba2
------------------------------------------------------------
Moody's Investors Service has assigned a Ba2 rating to the
senior unsecured notes issued under the Loan Participation Notes
issuance program of Promsvyazbank (Russia).  The LPNs were
issued on a limited recourse basis by PSB Finance S.A. for the
sole purpose of funding a loan to Promsvyazbank.  The outlook
for the rating is stable.

The total maximum size of the program is US$3 billion, while the
amount of the drawdown is US$150 million.  The issue has a
coupon rate of 10.75% and matures in 2013, while it also has an
embedded 3-year put option.  The program allows for issuance of
both senior and subordinated notes; the drawdown represents a
senior class of debt.

The holders of the notes will rely for repayment solely and
exclusively on the ability of Promsvyazbank to make payments
under the loan agreement.  Promsvyazbank is rated Ba2/Not Prime
for long- and short-term foreign and local currency deposits,
and D for financial strength.  All of Promsvyazbank's ratings
carry a stable outlook.

As regards the senior class of LPNs issued under the program,
the obligations of Promsvyazbank to make payments under the loan
agreement will rank at all times at least pari passu with all
its other unsecured and unsubordinated indebtedness except as
otherwise provided by mandatory provisions of applicable law.
Moody's notes that Russia is in general a country with
individual depositor preference, which may reduce the recovery
rates for the bondholders, especially if such deposits were to
represent a sizeable proportion of the bank's liabilities in the
event of liquidation.

According to the terms and conditions of the loan agreement,
Promsvyazbank must comply with mandatory ratios and other
requirements of the Central Bank of Russia and a ratio of
capital to risk-weighted assets of either 11% or 10%, depending
on the bank's ratings.  The bank must also comply with a number
of other covenants such as negative pledge, limitations on any
reorganization (if it has a material adverse effect or a
negative rating effect), as well as on disposals and
transactions with affiliates, and some others.

The loan agreement and all matters arising from or connected
with it are governed by and shall be construed in accordance
with English law.

Promsvyazbank is headquartered in Moscow, Russia.  At the end of
2007, the bank reported total consolidated assets of US$11.9
billion (2006: US$6.9 billion) and total shareholders' equity of
US$1.1 billion (2006: US$0.7 billion), with net IFRS income for
2007 of US$151 million (2006: US$99 million).

PSB Finance S.A. is a special purpose vehicle incorporated under
the laws of Luxembourg.


RUSICH CJSC: Court Names G. Zheltikova as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Chelyabinsk appointed G. Zheltikova as
Insolvency Manager for CJSC Rusich.  She can be reached at:


         G. Zheltikova
         Lenina Pr. 5
         454007 Chelyabinsk
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A76-4488/2008-48-65.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Rusich
         640011 Chelyabinsk
         Russia


TIMBER PLANNING: Creditors Must File Claims by August 7
-------------------------------------------------------
Creditors of OJSC Timber Planning and Design Technological
Office have until Aug. 7, 2008, to submit proofs of claim to:

         M. Trubachev
         Insolvency Manager
         Molokova Str. 29-127
         660135 Krasnoyarsk
         Russia

The Arbitration Court of Krasnoyarsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A33-13701/2007.


The Court is located at:

         The Arbitration Court of Krasnoyarsk
         Lenina Str. 143
         660021 Krasnoyarsk
         Russia

The Debtor can be reached at:

         OJSC Timber Planning and Design Technological Office
         Krasnoyarsk
         Russia


VIMPELCOM-INVEST: Standard & Poor's Rates Proposed Bonds at BB+
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' senior
unsecured debt rating to proposed Russian ruble fixed-rate bonds
to be issued by VimpelCom-Invest (LLC) and fully guaranteed by
Vimpel-Communications (JSC) (BB+/Stable/--).

The bonds will be offered in two tranches of Russian ruble RUR10
billion (about US$430 million) and RUR5 billion, both for
periods of five years.  The issues will likely bear no financial
covenants.  The proceeds will be used to finance the company's
capital-expenditure program and refinance short-term debt.  The
rating on the bonds is subject to final documentation.

"Both bonds are rated at the same level as the 'BB+' long-term
corporate credit rating on VimpelCom, and at the same level as
the group's existing senior unsecured debt," said Standard &
Poor's credit analyst Alexander Griaznov. "We believe that
bondholders will not be materially disadvantaged relative to
existing senior unsecured debt at VimpelCom."

The rating on VimpelCom is constrained by the company's
ambitious growth strategy and intense competition in its key
markets. The increasing financial risk and uncertainty of the
evolving economic and administrative environments in Russia and
the Commonwealth of Independent States also constrain the
rating.

VimpelCom's continuing strong business performance and market
position in Russia and the CIS moderate these risks, as do the
company's sound profitability trend, robust cash flow
generation, and a track record of prudent financial policy
management.


WOOD PROCESSING: Court Names A. Brezhestovskiy to Manage Assets
---------------------------------------------------------------
The Arbitration Court of Chelyabinsk appointed A. Brezhestovskiy
as Insolvency Manager for LLC Wood Processing Factory.  He can
be reached at:

         A. Brezhestovskiy
         Post User Box 3537
         Magnitogorsk
         455037 Chelyabinsk
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A76-3782/2008-20-38.

The Court is located at:

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

The Debtor can be reached at:

         LLC Wood Processing Factory
         Kirova Str. 103
         Magnitogorsk
         Chelyabinsk
         Russia


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


CINDERELLA MODE: Proofs of Claim Filing Deadline July 13
--------------------------------------------------------
Creditors owed money by  LLC Cinderella Mode are requested to
file their proofs of claim by July 13, 2008, to:

         Monica Roth
         Liquidator
         Schauplatzgasse 11
         3011 Bern
         Switzerland

The company is currently undergoing liquidation in  Bern.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on May 21, 2008.


DELTACHEM JSC: Creditors' Proofs of Claim Due July 13
-----------------------------------------------------
Creditors owed money by JSC Deltachem are requested to file
their proofs of claim by July 13, 2008, to:

         JSC Deltachem
         Achereggstrasse 10
         6362 Stansstad
         Switzerland

The company is currently undergoing liquidation in Stansstad.  
The decision about liquidation was accepted at an extraordinary
general meeting held on May 27, 2008.


FMB AUTOSPORT:  Proofs of Claim Filing Deadline July 13
-------------------------------------------------------
Creditors owed money by FMB autosport are requested to file
their proofs of claim by July 13, 2008, to:

         Maurizio Baldelli
         Hinterdorf 19
         5619 Uezwil
         Switzerland

The company is currently undergoing liquidation in Schoftland
AG.  The decision about liquidation was accepted at an
extraordinary shareholders' meeting held on May 19, 2008.


FRIAG FRANK: Proofs of Claim Filing Period Ends July 14
-------------------------------------------------------
The Bankruptcy Service of Enge-Zurich commenced bankruptcy
proceedings against JSC FRIAG Frank Isolierungen on
April 3, 2008.

Creditors have until July 14, 2008, to file their proofs of
claim.

The Bankruptcy Service of Enge-Zurich can be reached at:

         Bankruptcy Service of Enge-Zurich
         8049 Zurich
         Switzerland

The Debtor can be reached at:

         JSC FRIAG Frank Isolierungen
         Soodring 3
         8134 Adliswil
         Switzerland


GRAFTECH INT'L: Buys 8.9% Minority Interest in Seadrift Coke
------------------------------------------------------------
GrafTech International Ltd. acquired an 18.9% minority interest
in Seadrift Coke L.P. from Falcon Mezzanine Partners L.P. for
US$135 million.

The company said that Seadrift is the world's second largest
needle coke producer which  is the primary raw material used to
manufacture graphite electrodes and represents approximately 40%
of GrafTech's total cost to produce a graphite electrode.

GrafTech will utilize approximately US$35 million of cash on
hand to
fund the purchase price with the remainder to be financed
utilizing our revolving credit facility.  GrafTech expects to
repay the amount drawn on the revolver with operating cash flow
within the next 12 months.

"The transaction is expected to be accretive to earnings in 2008
and underscores our belief in the strong graphite electrode
industry supply chain fundamentals,"  Craig Shular, GrafTech
Chief executive officer, said.  "Based on market conditions, we
expect the supply of needle coke to remain tight for the
foreseeable future and our strategic investment in Seadrift will
allow us to share in anticipated favorable economic returns."

The investment in Seadrift includes minority rights consisting
of one out of five board seats and a put provision, whereby
GrafTech can exercise its right to sell its stake in Seadrift
for fair market value, exercisable beginning in May 2011.  

Additional minority rights associated with the investment are
available for free at http://ResearchArchives.com/t/s?2f1d

GrafTech does not expect its minority interest in Seadrift to
affect its issued guidance for 2008, as its proportionate share
of Seadrift's earnings will be reported as Other Income, which
is excluded from the company's operational results and guidance.

                     About Seadrift Coke L.P.

Headquartered in Port Lavaca, Texas, Seadrift Coke L.P. --
http://www.seadriftcoke.com/-- is a producer of petroleum  
needle coke.  The Seadrift coker was built in 1983 and is a
petroleum needle coker.  The coker's capacity approaches 180,000
metric tons per year.  The Seadrift plant is self-sufficient,
requiring only supplies of feedstock and fresh water to run
continuously.  In addition to calcined needle coke, the
operation produces fuel gas, naphtha, gas oil and electricity as
by-products.

                  About Graftech International

Based in Parma, Ohio, GrafTech International Ltd. (NYSE: GTI) --  
http://www.graftech.com/-- manufactures graphite electrodes,   
products essential to the production of electric arc furnace
steel, and various other ferrous and non-ferrous metals.  The
company manufactures natural graphite products enabling thermal
management solutions for the electronics industry, and fuel cell
solutions for the transportation and power generation
industries.  GTI also manufactures and provides graphite and
carbon products, as well as related technical services,
including graphite and carbon materials for the semiconductor,
transportation, petrochemical and other metals markets.  GTI has
four major product categories: graphite electrodes, advanced
graphite materials, and carbon refractories and natural
graphite.  GTI has operations in Switzerland.

                          *     *     *

As reported in the Troubled Company Reporter on July 3, 2008,
Standard & Poor's Ratings Services said that its ratings and
outlook on GrafTech International Ltd. (BB- /Positive/--)
would not be affected by the company's statement that it has
acquired a 19% minority interest in Seadrift Coke L.P.
from Falcon Mezzanine Partners L.P.  


JOSEF FLUCK: Creditors Must File Proofs of Claim by July 14
-----------------------------------------------------------
The Bankruptcy Service of Hongg-Zurich commenced bankruptcy
proceedings against JSC Josef Fluck on March 11, 2008.

Creditors have until July 14, 2008, to file their proofs of
claim.

The Bankruptcy Service of Hongg-Zurich can be reached at:

         Bankruptcy Service of Hongg-Zurich
         8049 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Josef Fluck
         Weierwiesstrasse 5
         8104 Weiningen
         Switzerland


MAROSA BAU: Aargau Court Commences Bankruptcy Proceedings
---------------------------------------------------------
The Bankruptcy Service of Aargau commenced bankruptcy
proceedings against LLC Marosa Bau on June 2, 2008.

The Bankruptcy Service of Aargau can be reached at:

         Bankruptcy Service of Aargau
         Amtsstelle Brugg
         5201 Brugg
         Switzerland

The Debtor can be reached at:

         LLC Marosa Bau
         Habich-Dietschy-Strasse 13
         4310 Rheinfelden
         Switzerland


SMS SPECIAL: Creditors Must File Proofs of Claim by July 14
-----------------------------------------------------------
Creditors owed money by LLC SMS Special Medical Service are
requested to file their proofs of claim by July 13, 2008, to:

         Susanne Sommerfeld
         Liquidator
         Gartenstrasse 2
         6300 Zug
         Switzerland

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


SOCIAL REFORM: Proofs of Claim Filing Period Ends July 14
---------------------------------------------------------
The Bankruptcy Service of Altstetten-Zurich commenced bankruptcy
proceedings against LLC Social Reform on April 15, 2008.

Creditors have until July 14, 2008, to file their proofs of
claim.

The Bankruptcy Service of Altstetten-Zurich can be reached at:

         Bankruptcy Service of Altstetten-Zurich
         8048 Zurich
         Switzerland
       
The Debtor can be reached at:

         LLC Social Reform
         Bucheggstrasse 136
         8057 Zurich
         Switzerland


XL-GENERATION JSC: Zug Court Commences Bankruptcy Proceedings
-------------------------------------------------------------
The Bankruptcy Service of Zug commenced bankruptcy proceedings
against JSC XL-GENERATION on May 26, 2008.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6301 Zug
         Switzerland

The Debtor can be reached at:

         JSC XL-GENERATION
         6312 Steinhausen
         Switzerland


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


AGNI-SOUTH LLC: Creditors Must File Claims by July 17
-----------------------------------------------------
Creditors of LLC Agni-South (code EDRPOU 34851733) have until
July 17, 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 5/282/08.

The Debtor can be reached at:

         LLC Agni-South
         Apartment 16
         Dekabristov Str. 39/2
         Nikolaev
         Ukraine

AGRICULTURAL BREAD: Creditors Must File Claims by July 13
---------------------------------------------------------
Creditors of LLC Agricultural Bread Plus (code EDRPOU 32037576)
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 on April 22, 2008, after finding it
insolvent.  The case is docketed as 5/479/07.

The Debtor can be reached at:

         LLC AGRICULTURAL Bread Plus
         October revolution Str. 289-A
         Voznesensk
         56500 Nikolaev
         Ukraine


CONTOUR-STANDARD LLC: Creditors Must File Claims by July 13
-----------------------------------------------------------
Creditors of LLC Contour-Standard (code EDRPOU 33501581) 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 5, 2008.
The case is docketed as 43/457.

The Debtor can be reached at:

         LLC Contour-Standard
         B. Hmelnitsky/M. Kotsiubinsky Str. 66/2A
         01030 Kiev
         Ukraine


GAZPROM NEFT: Moody's Lifts Sr. Unsec. Ratings to Baa3 from Ba1
---------------------------------------------------------------
Moody's Investors Service upgraded the senior unsecured ratings
of Gazprom Neft JSC, including the rating of Gazprom Neft's
senior unsecured 10.75% US$500 million notes due 01/2009, to
Baa3 from Ba1 with a positive outlook.  

As part of the upgrade of the ratings into investment grade, the
Ba1 Corporate Family Rating and Probability of Default Rating
have been withdrawn.  The outlook is stable.

The upgrade of Gazprom Neft is a reflection of:

   (1) its strong financial metrics, high operating and capital
       efficiency when compared to Russian as well as
       international peers;

   (2) minimal reliance on financial support from its main
       shareholder Gazprom, while benefiting from being part of
       a larger and powerful group;

   (3) currently favorable oil price environment that is
       expected to prevail in the medium term,

   (4) the company's substantial oil and gas reserves base and
       its limited exposure to re-investment risks giving high
       reserves replacement ratio and relatively low 3-year all
       sources finding & development costs.

The upgrade is also supported by Gazprom Neft's improved
corporate and business risk profile, strengthened by the
establishment of the long- and medium-term strategy, which
provides a clear guidance into the company's operational
targets, as well as solidified relationship with its main
shareholder, Gazprom.  Moody's views positively the fact that
the company has adopted a clear financial policy, including
dividend distribution, financial metrics and capital expenditure
program, which is deemed adequate in the context of the
company's projected cash flow generation.

Gazprom Neft's stable outlook is based on the expectation that
the recently assigned investment grade rating is not expected to
move further over the short to medium term due to some
constraining factors, such as reserves concentration,
geopolitical environment and execution/transformational risk
related to the implementation of the company's ambitious organic
and M&A growth strategy.  To maintain the rating Moody's expect
the company to continue delivering robust operational and
financial performance, while adhering to its financial policies
and business plan targets.

For the rating to improve Moody's would expect to see:

   (1) a meaningful positive shift on the constraining factors
       described above; and

   (2) the company's continued strong operational and financial
       performance, production and reserves growth and
       successful execution of the capital expenditure
       program.

Should Gazprom Neft decide to raise substantial unsupported debt
pressure could be placed on group's financial flexibility and
possibly put pressure on ratings (although there is solid
financial headroom in the year end 2007 financial ratios).  Any
uncertainty related the shareholding structure, as well as a
major acquisition which could alter the company's business and
credit risk profile, may also trigger the rating downgrade.

Moody's last rating action on Gazprom Neft was on Jan. 31, 2006,
when the CFR was upgraded to Ba1 from Ba2 and the positive
outlook was assigned.

Gazprom Neft JSC, previously called OAO Siberian Oil Company,
based in Moscow, is fifth-largest vertically-integrated oil and
gas company by production.  In 2007 Gazprom Neft produced
874,000 barrels of oil equivalent per day on consolidated basis
and generated revenues of US$21.1 billion.


KUPICHVOLIA LLC: Creditors Must File Claims by July 13
------------------------------------------------------
Creditors of LLC Kupichvolia (code EDRPOU 13826836) have until
July 13, 2008, to submit proofs of claim to:

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

The Economic Court of Lvov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 29/79.

The Debtor can be reached at:

         LLC Kupichvolia
         Shevchenko Str. 14
         Kupichvolia
         Zhovkovsky District
         80341 Lvov
         Ukraine


NOLA-INVEST LLC: Creditors Must File Claims by July 17
------------------------------------------------------
Creditors of LLC Nola-Invest (code EDRPOU 34707415) have until
July 17, 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 5/285/08.

The Debtor can be reached at:

         LLC Nola-Invest
         Galina Petrova Str. 5/36
         Nikolaev
         Ukraine


PARK LLC Proofs of Claim Deadline Set July 13
---------------------------------------------
The Economic Court of Dnipropetrovsk commenced bankruptcy
supervision procedure on the company on May 12, 2008.  The case
is docketed as B 29/51-08.

Creditors of LLC Trading-Industrial Company Park (code EDRPOU
23647106) have until July 13, 2008, to submit proofs of claim
to:

         The Economic Court of Dnipropetrovsk
         Kujbishev Str. 1a
         49600 Dnipropetrovsk
         Ukraine

The Debtor can be reached at:

         LLC Trading-Industrial Company Park
         Parkovaya Str. 98
         Novoaleksandrovka
         52070 Dnipropetrovsk
         Ukraine


PERUN 06 LLC: Creditors Must File Claims by July 13
---------------------------------------------------
Creditors of LLC Perun 06 (code EDRPOU 34289305) 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 April 3, 2008.
The case is docketed as 28/91-b.

The Debtor can be reached at:

         LLC Perun 06
         Apartment 142
         M. Bazhan Avenue 28-A
         02140 Kiev
         Ukraine


PROMIN PLANT Proofs of Claim Deadline Set July 13
-------------------------------------------------
Creditors of LLC Promin Plant (code EDRPOU 20374100) have until
July 13, 2008, to submit proofs of claim to:

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

The Economic Court of Donetsk commenced bankruptcy supervision
procedure on the company on May 26, 2008.  The case is docketed
as 42/54B.

The Debtor can be reached at:

         LLC Promin Plant
         Nizhnevartovskaya Str. 18
         83111 Donetsk
         Ukraine


SIVA LLC: Creditors Must File Claims by July 13
-----------------------------------------------
Creditors of LLC Ukrainian Commodity Group Siva (code EDRPOU
33749119) 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 5, 2008.
The case is docketed as 43/458.

The Debtor can be reached at:

         LLC Ukrainian Commodity Group Siva
         Colonel Shutov Str. 16
         03067 Kiev
         Ukraine


SUDMACHPROM OJSC Proofs of Claim Deadline Set July 13
-----------------------------------------------------
The Economic Court of Nikolaev commenced bankruptcy supervision
procedure on the company on April 24, 2008.  The case is
docketed as 14/175/08.

Creditors of OJSC Sudmachprom (code EDRPOU 30083531) have until
July 13, 2008, to submit proofs of claim to:

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

The Debtor can be reached at:

         OJSC Sudmachprom
         Industrialnaya Str. 1
         54011 Nikolaev
         Ukraine


UKRAINIAN CAPSULATION: Creditors Must File Claims by July 13
------------------------------------------------------------
Creditors of OJSC Ukrainian Capsulation (code EDRPOU 14280486)
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 on April 14, 2008, after finding it
insolvent.  The case is docketed as B-39/112-05.

The Debtor can be reached at:

         OJSC Ukrainian Capsulation
         Kashtanov Str. 29
         Kharkov
         Ukraine


UKRAINIAN UNION: Proofs of Claim Deadline Set July 13
-----------------------------------------------------
Creditors of CJSC Ukrainian Union on Support of Associated
Development of Commodity Producers (code EDRPOU 31953499) 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 the bankruptcy supervision
procedure on the company on Jan. 25, 2008.  The case is docketed
as 23/73-b.

The Debtor can be reached at:

         CJSC Ukrainian Union on Support of Associated          
         Development of Commodity Producers
         02166 Kiev Ukraine
         Zhukov Str. 45
         Apartment 304


ZARIA LLC: Creditors Must File Claims by July 13
------------------------------------------------
Creditors of LLC Zaria (code EDRPOU 32094440) 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.  The case is
docketed as B-50/250-07.

The Debtor can be reached at:

         LLC Zaria
         Tsegelnaya Str. 4
         Balakleya
         Kharkov
         Ukraine


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


@CTIVE IT: M. H. Abdulali Leads Liquidation Procedure
-----------------------------------------------------
M. H. Abdulali of Moore Stephens was appointed liquidator of
@ctive IT Solutions Ltd. on June 19, 2008, for the creditors'
voluntary winding-up procedure.

The liquidator can be reached at:

         Moore Stephens
         6 Ridge House
         Ridgehouse Drive
         Festival Park
         Stoke on Trent
         Staffordshire
         ST1 5TL
         England


ALL TIME: Brings In Liquidators from Tenon Recovery
---------------------------------------------------
S. J. Parker and N. Simmonds of Tenon Recovery were appointed
joint liquidators of All Time Leisure Ltd. (t/a SW Nineteen) on
June 13 for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Tenon Recovery
         Sherlock House
         73 Baker Street
         London
         W1U 6RD
         England


BRITISH AIRWAYS: Sept. 26 Hearing Set for Antitrust Suit Deal
-------------------------------------------------------------
The U.S. District Court for the Northern District of California
will hold a fairness hearing on Sept. 26, 2008, at 10:00 a.m. to
consider final approval of a proposed settlement by British
Airways PLC and Virgin Atlantic Airways, Ltd., in the matter,
"In Re International Air Transportation Surcharge Antitrust
Litigation MDL-1793, Case No. 06-cv-01793-CRB."

The hearing will be held before U.S. District Court Judge
Charles Breyer, at 450 Golden Gate Avenue (Courtroom 8, 19th
Floor), in San Francisco, California.

Any objection to the settlement must be made by Sept. 12, 2008.  
Deadline for the submission of claim forms is on Dec. 31, 2012.

                        Case Background

In general, the lawsuit claims that the defendants unlawfully
conspired to fix prices of fuel surcharges imposed on "long-
haul" passenger fares.  

Long-haul flights include all Virgin Atlantic flights and most
British Airways flights between the U.K. and non-E.U.
destinations, including flights to and from the U.S.  All
flights on Virgin Atlantic qualify as long-haul flights.

The suit defines as a class member anyone who bought a ticket on
British Airways or Virgin Atlantic Airways in the U.S. or in the
United Kingdom between Aug. 11, 2004, and March 23, 2006.  These
class members are entitled to a partial refund of the fuel
surcharge.

Recently, a proposed settlement was reached by British Airways  
and Virgin Atlantic.  The settlement resolves the claims of U.S.
Classes and U.K. Classes.

In the U.S., the deal requires the companies to refund up to
$59,007,273 to members of the U.S. Settlement Classes who submit
valid claim forms, with any unclaimed funds being paid to a
charity, Miracle Flights for Kids.

In the U.K., the deal requires the companies to refund up to
GBP73,531,076 to U.K. Class Members who submit valid claim
forms.  In the U.K., British Airways and Virgin Atlantic will
keep refunds that are not claimed.

                    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.


BRITISH AIRWAYS: Blames Economy for Passenger Traffic Decline
-------------------------------------------------------------
British Airways Plc released its traffic and capacity statistics
for June 2008.

In June 2008, passenger capacity, measured in Available-Seat-
Kilometers, was 1.2% above June 2007.  Traffic, measured in
Revenue-Passenger-Kilometers, fell by 3.7%.  This resulted in a
passenger load factor decrease of 3.8 points versus last year,
to 76.7%.  Traffic comprised a 3.1% decrease in premium traffic
and a 3.8% fall in non-premium traffic.

Cargo, measured in Cargo-Ton-Kilometers, rose by 3.3%.   

                        Market Conditions

Brent crude oil prices have risen from US$110 per barrel at the
beginning of May to US$147.  Significant increases have been
made to prices including surcharges reflecting this rise in fuel
costs.

The U.K. consumer environment is difficult leading to reduced
traffic volumes.  Long-haul premium and short-haul non-premium
continue to be the better performing segments of the business.

                     Strategic Developments

British Airways' new subsidiary airline OpenSkies made its first
commercial flight on June 19, 2008, between Paris Orly and New
York JFK.  The company has added to the business with the
acquisition of L'Avion in July.

British Airways reached an agreement to sell its 10.5% share in
Air Mauritius for GBP3.2 million.

Following a further review in response to continuing rising oil
prices, the company restructured its fuel surcharge for tickets
sold in its First, Club World, World Traveller Plus and Club
Europe cabins from June 19, 2008.

The airline completed the first phase of its transfer of long-
haul services from Terminal 4 into Terminal 5 on June 5, 2008.  
The remaining services to operate from Terminal 5 will move in
two stages, on Sept. 17, 2008, and at the end of October 2008.  
T5 continues to work well with almost 1.7 million passengers
using the terminal in June.

The airline has completed its move out of the Compass Centre at
Heathrow Airport.  From June 25, 2008, all Heathrow based cabin
crew and flight crew report for their duties at a dedicated
center within Terminal 5.

                    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.


CARRS PAINTS: Brings In Joint Administrators from KPMG
------------------------------------------------------
Mark Jeremy Orton and Allan Watson Graham of KPMG LLP were
appointed joint administrators of Carrs Paints Ltd. (Company
Number 3283069) on June 27, 2008.

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

The company can be reached at:

         Carrs Paints Ltd.
         c/o KPMG LLP
         2 Cornwall Street
         Birmingham
         B3 2DL
         England


COMPANY 90: Creditors' Meeting Slated for July 15
-------------------------------------------------
Creditors of Company 90 Ltd. will meet at 10:30 a.m. on
July 15, 2008, at:

         KPMG LLP
         Saltire Court
         20 Castle Terrace
         Edinburgh
         EH12 5BY
         Scotland

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with debt
claims at noon on July 14, 2008, to:

         B. Nimmo
         Joint Administrator
         KPMG LLP
         Saltire Court
         20 Castle Terrace
         Edinburgh
         EH12 5BY
         Scotland

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


CONTROL AIR: Taps Vantis to Administer Assets
---------------------------------------------
Beverley Jayne Marsh and Jonathan Mark Birch of Vantis were
appointed joint administrators of Control Air Technology Ltd.
(Company Number 05687366) on June 24, 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:

         Control Air Technology Ltd.  
         c/o Vantis
         104/106 Colmore Row
         Birmingham  
         B3 3AG
         England


FERNDENE DEVELOPMENTS: Taps Joint Administrators from KPMG
----------------------------------------------------------
Howard Smith and Mark Granville Firmin of KPMG LLP were
appointed joint administrators of Ferndene Developments Ltd.
(Company Number 04511624) on June 27, 2008.

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

The company can be reached at:

         Ferndene Developments Ltd.
         c/o KPMG LLP
         1 The Embankment
         Neville Street
         Leeds  
         LS1 4DW
         England


FIRST MINIBUSES: Taps Liquidators from Deloitte & Touche
--------------------------------------------------------
Stephen Anthony John Ramsbottom and Richard Michael Hawes of
Deloitte & Touche LLP were appointed joint liquidators of First
Avenue Minibuses Ltd. on June 18 for the creditors' voluntary
winding-up proceeding.

The joint liquidators can be reached at:

         Deloitte & Touche LLP
         3 Rivergate
         Temple Quay
         Bristol
         BS1 6GD
         England


FIRST TAXIS: Calls In Liquidators from Deloitte & Touche
--------------------------------------------------------
Stephen Anthony John Ramsbottom and Richard Michael Hawes of
Deloitte & Touche LLP were appointed joint liquidators of First
Avenue Taxis Ltd. on June 18 for the creditors' voluntary
winding-up proceeding.

The joint liquidators can be reached at:

         Deloitte & Touche LLP
         3 Rivergate
         Temple Quay
         Bristol
         BS1 6GD
         England


FORD MOTOR: Eyes Dongfeng Motor as Partner for Volvo
----------------------------------------------------
(UK)
Ford Motor Company has held exploratory talks with China-based
Dongfeng Motor Group, as a potential partner for Volvo, a
Swedish Premier Automotive Group brand Ford bought in 1999,
various reports say.

As disclosed in the Troubled Company Reporter on July 17, 2007,
Ford was considering the sale of its Volvo unit for US$8 billion
in an effort to boost U.S. operations.  However, in November
2007, the automaker conducted a strategic review of Volvo and
developed a plan.  The first priority of the plan is to improve
financial performance at Volvo.

Reuters reports that a senior Dongfeng executive said the matter
had not been discussed by his company's senior management.  But
there could be possibilities that informal initial talks may
have taken place with Dongfeng's subsidiaries, he said.

Meanwhile, CCTV.com News notes that Ford also talked to French
car maker Renault SA about the sale of Volvo, but the talks
ended quickly due to price differences.  

According to Reuter's sources, although Ford said it has no
plans to sell Volvo, the automaker has been having informal
talks with interested parties.

Analysts, Reuters relates, have said that Ford, which is in the  
middle of a restructuring, could need additional cash in order
to sustain operations.

According to a separate TCR report, Ford disclosed plans to
further reduce its capacity and workforce, and ramp up new
product introductions as it accelerates its North America "Way
Forward" turnaround plan.  The automaker will cut its North
American salaried-related work force by about a third and offer
buyout packages to all Ford and Automotive Components Holdings
hourly employees in the United States.  Reuters recounts that
Ford has also mortgaged its assets in 2006 to secure about US$23
billion in financing to help fund its turnaround plan.

According to Reuters, the automaker has already sold Aston
Martin, Jaguar and Land Rover, disbanding the Premier Automotive
Group, whose only remaining brand is Volvo.

                   About Dongfeng Motor Group

Dongfeng Motor Group Company Limited is engaged in the
manufacture and sale of commercial vehicles, passenger vehicles,
engines and auto parts, and also the manufacture of vehicle
manufacturing equipment.  The Dongfeng Motor Group has also
engaged in vehicle and vehicle manufacturing equipment
import/export business, finance business, insurance agency
business and used car business.  The principal products of the
Company include commercial vehicles (comprising heavy duty
trucks, medium trucks and light trucks, buses and auto engines,
and auto parts and vehicle manufacturing equipment), and
passenger vehicles (comprising basic passenger cars, multi-
purpose vehicle (MPVs) and sport utility vehicle (SUVs) and auto
engines, other auto parts and vehicle manufacturing equipment).

                           About Ford

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

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

                          *     *     *

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

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


GREENSTONE MANAGEMENT: Appoints Liquidators from Vantis
-------------------------------------------------------
Mark Newman and Vincent John Green of Vantis Business Recovery
Services were appointed joint liquidators of Greenstone
Management Consulting Ltd. on June 23 for the creditors'
voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Vantis Business Recovery Services
         Judd House
         16 East Street
         Tonbridge
         Kent
         TN9 1HG
         England

HOLLY'S CONTRACTORS:  Appoints Joint Administrators from PwC
------------------------------------------------------------
Ross David Connock and Robert Nicholas Lewis of
PricewaterhouseCoopers LLP were appointed joint administrators
of Holly's Contractors Ltd. (Company Number 05236895) on
June 25, 2008.

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.  

The company can be reached at:

         Holly's Contractors Ltd.
         29 Foxes Bridge Road
         Forest Vale Industrial Estate
         Cinderford
         Gloucestershire  
         GL14 2PQ
         England


MERITMILL LTD: Appoints KPMG as Joint Administrators
----------------------------------------------------
Howard Smith and Richard Dixon Fleming of KPMG LLP were
appointed joint administrators of Meritmill Ltd. (Company Number
1356360) on June 27, 2008.

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

The company can be reached at:

         Meritmill Ltd.
         Unit 5 - 5B  
         New Ing Mills
         Field Lane
         Batley
         WF17 5AE  
         England


NORTHERN ROCK: S&P Sets Default Rating on GBP400-Mln Securities
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on
Northern Rock PLC's GBP400 million 6.8509% Tier 1 preference
shares to 'D' from 'C'.

The rating on the GBP400 million notes issued by Saphir Finance
PLC and secured over the Northern Rock preference shares was
similarly lowered to 'D' from 'C'.  These ratings were removed
from CreditWatch, where they had been placed with negative
implications on Feb. 18, 2008.

At the same time, the ratings on Northern Rock's GBP300 million
8.399% Reserve Capital Instruments and GBP200 million 7.053%
Tier One Notes were raised to 'BBB-' from 'BB'.  The ratings on
Northern Rock's upper Tier 2 debt issues were similarly raised
to 'BBB-' from 'BB'.  These ratings were removed from
CreditWatch, where they had been placed with developing
implications on Sept. 26, 2007.

Northern Rock issued the Tier 1 preference shares in June 2006
to Saphir, which in turn sold pass-through notes to investors.
The nationalization of Northern Rock in February 2008 involved
the enforced transfer of the bank's preference shares and common
equity to the U.K. government.  The preference shares and Saphir
notes both pay annual dividends/coupons on July 4, 2008.  As
Saphir no longer holds the preference shares, it will not
receive the related dividend, nor on future dividend payment
dates, and consequently will not pay the coupons due on the
notes.  

S&P has therefore lowered the rating on the Northern Rock
preference shares and Saphir notes to 'D'.  For rating purposes,
the amount of compensation ultimately paid by the government in
respect of the preference shares is immaterial because our
ratings reflect timely payment of coupons.  S&P continues to
believe that such compensation will be limited because it will
be based on the estimated worth of the preference shares if
Northern Rock had not been supported by the U.K. authorities.

As the current owner of the preference shares, the U.K.
government is entitled to receive the related dividends if
declared by the Board of Northern Rock.  However, Northern Rock
has announced that it will not declare or pay a dividend on the
preference shares until further notice.  The preference
share documentation includes a dividend stopper clause that
prevents payment on parity instruments (the RCIs and TONs) and
junior obligations (common equity) if the preference share
dividend is not paid in full.  In this announcement, Northern
Rock stated that the nonpayment of the preference share
dividends does not activate the dividend stopper clause, and
therefore does not prohibit payment of coupons on the RCIs and
TONs.  This is because the government has agreed that,
notwithstanding that preference share dividends will not be
declared or paid, Northern Rock will be permitted to make
payments in respect of the RCIs and TONs until further notice.
The coupon deferral clauses in the terms and conditions of the
RCIs and TONs continue to apply, however.

The upgrade of the RCIs and TONs to 'BBB-' reflects our view
that Northern Rock will service these Tier 1 instruments in line
with their terms and conditions.  The RCIs and TONs were not
included within the scope of the nationalization, save for a
technical change to their alternative coupon satisfaction
mechanisms, and they consequently remain with their original
owners.  The RCIs and TONs both pay annual coupons on Sept. 21.

In view of its current regulatory capital position, S&P expects
that the coupons due on Sept. 21, 2008, will be paid.  Northern
Rock's capital position on subsequent coupon payment dates will
depend on whether the decline in risk-weighted assets resulting
from its shrinking mortgage book will be fast enough to offset
its weak earnings prospects.  S&P is reasonably comfortable that
Northern Rock has sufficient capital to manage through most
scenarios.

However, there is a clear risk that reduced lending capacity
across the U.K. mortgage market will cause Northern Rock's loan
redemptions to fall materially short of expectations.  The
government's willingness to inject new capital into Northern
Rock, if required, is uncertain.  To reflect this restricted
visibility, the 'BBB-' rating on the RCIs and TONs is four
notches below the long-term counterparty credit rating on
Northern Rock, rather than the two notches that S&P generally
apply to Tier 1 hybrid instruments.  S&P will consider whether
to reduce this notching as further details emerge on Northern
Rock's progress against its restructuring plan.

The upgrade of Northern Rock's upper Tier 2 issues to 'BBB-' is
in line with the upgrade of the RCIs and TONs, which rank pari
passu.  S&P additionally note that Northern Rock has paid all
Tier 2 debt coupons on schedule since the nationalization.

Ratings List
                              To               From
Northern Rock PLC
  Junior subordinated debt
                              BBB-             BB/Watch Dev
  GBP400 million callable non-cum perp pref secs ser A
                              D                C/Watch Neg
  
Saphir Finance PLC
  GBP400 million variable rate callable non-cum perp secs ser
  2006-7
                              D                C/Watch Neg


PACEL ELECTRONICS: Appoints Joint Administrators from BDO Stoy
--------------------------------------------------------------
Andrew Howard Beckingham and Matthew Chadwick of BDO Stoy
Hayward LLP were appointed joint administrators of Pacel
Electronics Ltd. (Company Number 01933318) 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:

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


RYDERS AUTOSERVICE: Appoints Joint Administrators from BDO Stoy
---------------------------------------------------------------
Dermot Justin Power and Matthew Dunham BDO Stoy Hayward LLP were
appointed joint administrators of Ryders Autoservice (G.B.) Ltd.
(Company Number 00657489) on June 25, 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:

         Ryders Autoservice (G.B.) Ltd.  
         c/o BDO Stoy Hayward LLP
         Commercial Buildings
         11-15 Cross Street
         Manchester  
         M2 1BD
         England


SEFTON SERVICE: Brings In Joint Administrators from BDO Stoy
------------------------------------------------------------
Dermot Justin Power and Matthew Dunham of BDO Stoy Hayward LLP
were appointed joint administrators of Sefton Service Stations
Ltd. (Company Number 01593009) on June 25, 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:

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


SPA SOLUTIONS: Creditors' Meeting Slated for July 15
----------------------------------------------------
Creditors of Spa Solutions Ltd. will convene at 10:30 a.m. on
July 15, 2008, at:

         KPMG LLP
         Saltire Court
         20 Castle Terrace
         Edinburgh
         EH12 5BY
         Scotland

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 14, 2008, to:

         B. Nimmo  
         Joint Administrator  
         KPMG LLP
         Saltire Court
         20 Castle Terrace
         Edinburgh
         EH12 5BY
         Scotland

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


* Moody's Sees Unfavorable Credit State for Automotive Makers
-------------------------------------------------------------
Fundamental credit conditions for the global automotive
manufacturing sector will be negative over the next 12 to 18
months, but demand will remain strong in emerging markets,
according to a new report from Moody's Investors Service.

Declining demand is expected in most of the major developed
markets through 2008, including the U.S., Western Europe and
Japan, offsetting the strong growth expected in Brazil, India,
Russia and China.

"The sharp decline in demand in the U.S. and some other
developed markets is driving the negative outlook, even though
growth remains strong in key emerging markets like Brazil and
China," Bruce Clark, Moody's senior vice president, said.

Moody's expects 2008 sales to fall:

-- 9% or more year over year in the US
-- 15% in Spain
-- 10% in Italy
-- 0.4% in Japan

In contrast, relatively robust rates of growth are anticipated
in
other markets:

-- Brazil expected to be up 15%
-- Russia up 20%
-- India up 11%
-- China up 14%
-- Germany up 2.5%

The big three US-based manufacturers face the biggest challenge,
due to the rapid shift in consumer demand from trucks and SUVs
to more fuel efficient vehicles.

"The shift away from trucks and SUVs will pose a significant
burden to the three US-based manufacturers, and could result in
downgrades of their B3/Negative ratings," Mr. Clark said.

The outlook is more stable for most non-US automakers.  Of the
14 rated non-US-based automotive manufacturers, 11 have a degree
of product strength, geographic diversification, operating
efficiencies, and financial flexibility that will enable them to
adequately contend with near-term market stress and to maintain
their current rating levels, Mr. Clark said.

The three non-US manufactures with a negative outlook are
Renault (Baa1), Peugeot (Baa1) and Tata Motors (Ba2).

The continued rise in fuel and commodity costs is putting
downward pressure on the sector, as are the ongoing expenditures
to comply with government-mandated emissions requirements,
Moody's said.  Manufacturers exporting vehicles into the
historically profitable U.S. market will be burdened by the
weakening U.S dollar.

Moody's expects U.S.-based and European-based manufacturers will
likely continue to reduce capacity in their home markets due to
pressure on market share and high labor rates.  This is
particularly true for Ford, Chrysler and GM, Moody's said.

In an effort to reduce their exposure to fluctuations in
currency values or political backlash against imports, Moody's
expects nearly all manufacturers will continue to pursue an
aggressive strategy of locating assembly facilities in markets
in which they sell.  Consequently, capacity expansion will
continue in China, Eastern Europe and Latin America, Moody's
said.


* BOND PRICING: For the Week June 30 to July 4, 2008
----------------------------------------------------
Issuer                    Coupon   Maturity   Currency   Price
------                    ------   --------   --------   -----

AUSTRIA
-------
Kommunal Kredit
  Austria AG              0.500    03/15/19     CAD      64.24
                          0.250    10/14/26     CAD      40.25
HTM Sport Freize          8.500    02/01/14     EUR      62.88
Republic of Austria       0.000    10/10/25     EUR      63.25
                          1.000    06/22/22     EUR      66.42
                          5.000    10/24/35     EUR      65.06

BELGIUM

Fortis Bank               8.750    12/07/10     EUR      60.12

FINLAND
-------
M-Real Serla              7.250    04/01/13     EUR      72.52
Muni Finance Ltd          1.000    03/19/13     AUD      73.28
Muni Finance PLC          0.500    04/26/13     AUD      70.69
                          1.000    10/30/17     AUD      58.59
                          1.000    02/27/18     AUD      57.92
                          1.000    11/21/16     NZD      60.63
                          0.250    06/28/40     CAD      21.12
                          0.500    09/24/20     CAD      62.04

FRANCE
------
Alcatel S.A.              4.750    01/01/11     EUR      14.73
Altran Technologies S.A.  3.750    01/01/09     EUR      12.59
Calyon                    6.000    06/18/47     EUR      39.74
CAP Gemini S.A.           2.500    01/01/10     EUR      51.57
                          1.000    01/01/12     EUR      44.34
Club Mediterranee S.A.    3.000    11/01/08     EUR      66.86
                          4.375    11/01/10     EUR      45.78
FCC Rome Alliance
Funding                   2.26     01/08/21     EUR      69.20
Groupe Vial               2.5      01/01/14     EUR      34.86
Havas S.A.                4.000    01/01/09     EUR      10.81
Ingenico                  2.750    01/01/12     EUR      20.62
Maurel & Prom             3.500    01/01/10     EUR      21.33
Publicis Group            0.750    07/17/08     EUR      29.01
                          1.000    01/18/18     EUR      41.44
Rhodia S.A.               0.500    01/01/14     EUR      33.49
Scor S.A.                 4.125    01/01/10     EUR       2.06
Soc Air France            2.750    04/01/20     EUR      20.06
Theolia S.A.              2.000    01/01/14     EUR      20.10
Wavecom S.A.              1.750    01/01/14     EUR      18.97
Wendel Invest S.A.        2.000    06/19/09     EUR      42.42
                          4.380    08/09/17     EUR      79.99
                          4.880    09/21/15     EUR      70.25
                          4.880    11/04/14     EUR      88.31
                          4.880    05/26/16     EUR      85.41

GERMANY
-------
Callahan NRH             16.000    07/15/10     US$      45.15
Deutsche Schifbk          4.200    01/23/09     EUR      72.64
Grohe Holding             8.630    10/01/14     EUR      67.11
IKB Deutsche
   Industriebank AG       4.080    12/20/35     EUR      70.82
KfW Bankengruppe          0.500    10/30/13     AUD      64.35
                          0.500    12/19/17     EUR      66.78
                          1.250    05/23/20     EUR      59.15
                          1.250    07/29/20     EUR      00.01
                          5.000    07/21/25     EUR      68.51
                          5.000    08/10/30     EUR      57.37
                          5.000    10/17/35     EUR      99.45
Landeskreditbank Baden-
   Wuerttemberg Foerderbk 0.500    05/10/27     CDN      74.57
Landwirtschaftliche
   Rentenbank AG          1.000    03/29/17     NZD      75.35


GREECE
------
Fage Dairy Industries     7.500    01/15/15     EUR      60.42

ICELAND
-------
Glitnir Banki HF          6.000    03/05/12     GBP      78.17
Kaupthing Bank            6.500    02/03/45     EUR      41.08
                          7.130    05/19/16     US$      74.54
                          6.130    10/04/16     US$      99.24
IRELAND
-------
Banesto Finance Plc       6.120    11/07/37     EUR       6.12
Depfa ACS Bank            0.500    03/03/25     CDN      49.39
                          0.250    07/08/33     CDN      28.78
Irish Nationwide
  Building Society        5.500    01/10/18     GBP      63.86
Irish Perm Plc            2.500    02/15/35     EUR      49.28
Ono Finance II            8.000    05/16/14     EUR      69.06
UT2 Funding Plc           5.320    06/30/16     EUR      74.52

ITALY
-----
Alitalia SPA              7.500    07/22/10     EUR      68.58
IGD                       2.500    06/28/12     EUR      75.21
Telecom Italia            5.250    03/17/55     EUR      70.38

LUXEMBOURG
----------
Globus Capital Finance SA 8.500    03/05/12     US$      71.00
IT Holding Fin            9.880    11/15/12     EUR      68.04
Klöckner Fin. Intl        1.500    07/27/12     EUR      73.70
Lighthouse International  8.000    04/30/14     EUR      75.13
Nell AF S.A.              8.380    08/15/15     EUR      62.29
                          8.380    08/15/15     US$      62.81

NETHERLANDS
-----------
ABN Amo Bank B.V.         6.000    03/16/35     EUR      64.31
                          6.250    06/29/35     EUR      53.94
Air Berlin Finance B.V.   1.500    04/11/27     EUR      32.71
BK Ned Gemeenten          0.500    06/27/18     CDN      67.54
                          0.500    02/24/25     CDN      49.44
BLT Finance BV            7.500    04/17/74     US$      62.58
GMAC Intl Finance B.V.    5.750    05/21/10     EUR      72.17
Hypo Real ES Finance      5.500    08/20/08     EUR      37.75
Indah Kiat Intl          11.880    06/15/02     US$      53.00
ING Bank NV               4.200    12/19/35     EUR      73.47
IVG Finance B.V.          1.750    03/29/17     EUR      51.91
Kazkommerts Intl          6.880    02/13/17     EUR      74.45
Kazkommertsbank         8.500    06/13/17     US$      77.68
KBC Ifima NV              5.880    02/07/25     US$      72.27
Lehman Bros TSY B.V.      2.000    03/18/15     EUR      70.83
                          4.169    02/16/17     EUR      68.11               
           
                          6.000    02/15/35     EUR      53.98
                          2.000    03/16/35     EUR      41.92
                          7.000    05/17/35     EUR      48.45
                          7.250    10/05/35     EUR      37.55
                          6.000    11/02/35     EUR      40.51
Montell Finance B.V.      8.100    03/15/27     US$      60.38
Natl Invester Bank       25.982    05/07/29     EUR      29.92
Ned Waterschapbk          6.000    06/01/35     EUR      64.35
                          6.500    08/15/35     EUR      56.34
                          6.000    06/30/45     EUR      57.16
NXP BV/NXP FUNDI          8.630    10/15/15     EUR      76.01
Portugal Tel Fin          4.500    06/16/25     EUR      72.45
Rabobank Groep N.V.       2.500    02/22/35     EUR      59.17
                          5.000    02/28/35     EUR      64.50
                          2.000    03/23/35     EUR      58.00
                          6.000    05/09/35     EUR      65.32
                          0.440    04/08/20     EUR      71.52
Tjiwi Kimia Finance BV    13.25    08/01/01     US$       0.44

NORWAY
------

Eksportfinans            13.000    02/25/09     US$      69.25
Kommunalbanken A.S.       0.500    02/07/13     AUD      71.57
Norske Skogindustrier ASA 7.000    06/26/17     EUR      63.05

SPAIN
-----
General De Alqui          2.750    08/20/12     EUR      74.11

SWEDEN
------
AB Svensk Export          0.500    03/27/13     AUD      72.22
Swedish Exp Cred          1.000    03/27/13     NZD      74.54
                         10.500    09/30/15     TRY      69.66

SWITZERLAND
-----------
Swiss RE                  6.000    12/15/08     CHF      72.35
TURKEY
------
Turkey Govt Bond         16.000    03/07/12     TRY      86.19

UNITED KINGDOM
--------------
Allianc&Leic Bld          5.880    08/14/31     GBP      73.38
                          5.250    03/06/23     GBP      75.26
Anglian Water
   Finance Plc            2.400     04/20/35    GBP      50.69
Aspire Defence            4.670     03/31/40    GBP      68.79
Bank of Scotland          6.000     02/07/35    EUR      49.22
Bradford&Bin BLD          5.750     12/12/22    GBP      75.24
                          6.630     06/16/23    GBP      74.23
Britannia Building
   Society                5.880     03/28/33    GBP      69.03
                          5.750     12/02/24    GBP      72.89
Cattles Plc               7.130     07/05/17    GBP      75.22
F&C Asset Management plc  6.750     12/20/26    GBP      69.68
Globe Pub                 5.630     09/26/21    GBP      74.67
Grainer Plc               3.630     05/17/14    GBP      57.52
HBOS Plc                  4.500     03/18/30    EUR      70.96
Ineos Group Holdings Plc  7.880     02/15/16    EUR      62.67
                          7.880     02/15/16    EUR      62.50
                          8.500     02/15/16    US$      67.06
Louis No1 Plc            10.000     12/01/16    EUR      74.08
                          8.500     12/01/14    EUR      74.68
National Grid Gas Plc     1.750     10/17/36    GBP      41.64
                          1.770     03/30/37    GBP      41.63
ONO Finance PLC          10.500     05/15/14    EUR      72.04
Rexam Plc                 6.750     06/29/67    EUR      74.22
Royal BK Scotland         9.500     04/04/25    US$      66.97
                          2.780     06/29/30    EUR      47.15
Slough Estates plc        5.750     06/20/35    GBP      74.93
Taylor Woodrow            6.380     05/24/19    GBP      57.03
                          6.630     02/07/12    GBP      56.82
TXU Eastern Funding       6.450     05/15/05    US$       0.01

                            *********

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.

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